Document:

EX-10.2

 Exhibit 10.2 
  

 
  

SECOND AMENDED AND RESTATED 

OPERATING AGREEMENT 
 OF 

THE SHIPYARD COMMUNITIES, LLC 
 a
Delaware limited liability company 
  
  

THE SECURITIES EVIDENCED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE
SECURITIES LAWS OF ANY STATE AND MAY NOT BE SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION, UNLESS THE TRANSFEROR DELIVERS TO THE COMPANY AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY, TO THE EFFECT THAT THE
PROPOSED SALE, TRANSFER OR OTHER DISPOSITION MAY BE EFFECTED WITHOUT REGISTRATION UNDER THE SECURITIES ACT AND UNDER APPLICABLE STATE SECURITIES OR “BLUE SKY” LAWS AND IS IN COMPLIANCE WITH THE OTHER RESTRICTIONS ON TRANSFERABILITY SET
FORTH HEREIN. 
 dated as of May 2, 2016 
  

 
  

 TABLE OF CONTENTS 
  

							
	 	  	 	  	Page	 
		
	 ARTICLE 1 DEFINED TERMS
	  	 	1	 
		
	 ARTICLE 2 ORGANIZATIONAL MATTERS
	  	 	12	 
	 Section 2.1
	  	 Formation
	  	 	12	 
	 Section 2.2
	  	 Name
	  	 	12	 
	 Section 2.3
	  	 Principal Office and Resident Agent
	  	 	12	 
	 Section 2.4
	  	 Power of Attorney
	  	 	12	 
	 Section 2.5
	  	 Term
	  	 	13	 
		
	 ARTICLE 3 PURPOSE
	  	 	13	 
	 Section 3.1
	  	 Purpose and Business
	  	 	13	 
	 Section 3.2
	  	 Powers
	  	 	13	 
	 Section 3.3
	  	 Limits on Member Relationship
	  	 	14	 
	 Section 3.4
	  	 Representations and Warranties by the Members
	  	 	14	 
		
	 ARTICLE 4 CAPITAL CONTRIBUTIONS; UNITS; LOANS
	  	 	15	 
	 Section 4.1
	  	 Capital Contributions of the Members
	  	 	15	 
	 Section 4.2
	  	 Units
	  	 	15	 
	 Section 4.3
	  	 Additional Funds and Capital Contributions
	  	 	16	 
	 Section 4.4
	  	 No Interest; No Return
	  	 	17	 
		
	 ARTICLE 5 DISTRIBUTIONS
	  	 	17	 
	 Section 5.1
	  	 Distributions of Available Cash
	  	 	17	 
	 Section 5.2
	  	 Special Advance Distributions
	  	 	18	 
	 Section 5.3
	  	 Distributions in Kind
	  	 	18	 
	 Section 5.4
	  	 Amounts Withheld
	  	 	18	 
	 Section 5.5
	  	 Distributions upon Liquidation
	  	 	18	 
	 Section 5.6
	  	 Calculation of Distributions
	  	 	18	 
	 Section 5.7
	  	 Restricted Distributions
	  	 	18	 
	 Section 5.8
	  	 Limitation
	  	 	18	 
		
	 ARTICLE 6 ALLOCATIONS
	  	 	18	 
	 Section 6.1
	  	 Timing and Amount of Allocations of Net Income and Net Loss
	  	 	18	 
	 Section 6.2
	  	 General Allocations
	  	 	18	 
	 Section 6.3
	  	 Additional Allocation Provisions
	  	 	19	 
	 Section 6.4
	  	 Tax Allocations
	  	 	20	 
		
	 ARTICLE 7 MANAGEMENT AND OPERATIONS OF BUSINESS
	  	 	21	 
	 Section 7.1
	  	 Management
	  	 	21	 
	 Section 7.2
	  	 Certificate of Formation
	  	 	22	 
	 Section 7.3
	  	 Restrictions on Manager’s Authority
	  	 	22	 
	 Section 7.4
	  	 Reimbursement of the Manager
	  	 	24	 
	 Section 7.5
	  	 Outside Activities of the Manager and its Affiliates
	  	 	24	 
	 Section 7.6
	  	 Transactions with Affiliates
	  	 	24	 
	 Section 7.7
	  	 Indemnification
	  	 	24	 
	 Section 7.8
	  	 Liability of the Manager
	  	 	26	 
	 Section 7.9
	  	 Reliance by Third Parties
	  	 	27	 
	 Section 7.10
	  	 Replacement of the Manager
	  	 	27	 
		
	 ARTICLE 8 RIGHTS AND OBLIGATIONS OF MEMBERS
	  	 	27	 
	 Section 8.1
	  	 Limitation of Liability
	  	 	27	 
	 Section 8.2
	  	 Management of Business
	  	 	28	 

							
	 Section 8.3
	  	 Outside Activities of Members
	  	 	28	 
	 Section 8.4
	  	 Return of Capital
	  	 	28	 
	 Section 8.5
	  	 Confidential Information
	  	 	28	 
	 Section 8.6
	  	 Company Right to Call Membership Interests
	  	 	29	 
	 Section 8.7
	  	 Uniform Commercial Code Article 8 (Opt-In)
	  	 	29	 
	 Section 8.8
	  	 Certificates Evidencing Units
	  	 	29	 
		
	 ARTICLE 9 BOOKS, RECORDS, ACCOUNTING AND REPORTS
	  	 	30	 
	 Section 9.1
	  	 Records and Accounting
	  	 	30	 
	 Section 9.2
	  	 Company Year
	  	 	30	 
	 Section 9.3
	  	 Reports
	  	 	30	 
		
	ARTICLE 10 TAX MATTERS	  	 	30	 
	 Section 10.1
	  	 Preparation of Tax Returns
	  	 	30	 
	 Section 10.2
	  	 Tax Elections
	  	 	30	 
	 Section 10.3
	  	 Tax Matters Member
	  	 	31	 
	 Section 10.4
	  	 Withholding
	  	 	32	 
		
	 ARTICLE 11 MEMBER TRANSFERS AND WITHDRAWALS
	  	 	32	 
	 Section 11.1
	  	 Transfer
	  	 	32	 
	 Section 11.2
	  	 Members’ Rights to Transfer
	  	 	33	 
	 Section 11.3
	  	 Substituted Members
	  	 	34	 
	 Section 11.4
	  	 Assignees
	  	 	34	 
	 Section 11.5
	  	 General Provisions
	  	 	34	 
	 Section 11.6
	  	 Termination Transactions
	  	 	35	 
		
	 ARTICLE 12 ADMISSION OF MEMBERS
	  	 	36	 
	 Section 12.1
	  	 Admission of Additional Members
	  	 	36	 
	 Section 12.2
	  	 Amendment of Agreement and Certificate of Formation
	  	 	37	 
	 Section 12.3
	  	 Limit on Number of Members
	  	 	37	 
	 Section 12.4
	  	 Admission
	  	 	37	 
		
	 ARTICLE 13 DISSOLUTION, LIQUIDATION AND TERMINATION
	  	 	37	 
	 Section 13.1
	  	 Dissolution
	  	 	37	 
	 Section 13.2
	  	 Winding Up
	  	 	37	 
	 Section 13.3
	  	 Deemed Contribution and Distribution
	  	 	38	 
	 Section 13.4
	  	 Rights of Holders
	  	 	38	 
	 Section 13.5
	  	 Notice of Dissolution
	  	 	38	 
	 Section 13.6
	  	 Reasonable Time for Winding-Up
	  	 	38	 
	 Section 13.7
	  	 Cancellation of Certificate of Formation
	  	 	39	 
		
	 ARTICLE 14 PROCEDURES FOR ACTIONS AND CONSENTS OF MEMBERS; AMENDMENTS;
MEETINGS
	  	 	39	 
	 Section 14.1
	  	 Amendments
	  	 	39	 
	 Section 14.2
	  	 Meetings and Consents of the Members
	  	 	39	 
	 Section 14.3
	  	 Merger, Consolidation or Conversion
	  	 	40	 
		
	ARTICLE 15 REDEMPTION RIGHT	  	 	41	 
	 Section 15.1
	  	 Redemption Rights of Qualifying Parties
	  	 	41	 
		
	ARTICLE 16 GENERAL PROVISIONS	  	 	43	 
	 Section 16.1
	  	 Addresses and Notice
	  	 	43	 
	 Section 16.2
	  	 Titles and Captions
	  	 	43	 
	 Section 16.3
	  	 Pronouns and Plurals
	  	 	43	 
	 Section 16.4
	  	 Further Action
	  	 	43	 
	 Section 16.5
	  	 Binding Effect
	  	 	43	 

  
 ii 

							
	 Section 16.6
	  	 Waiver
	  	 	43	 
	 Section 16.7
	  	 Counterparts
	  	 	43	 
	 Section 16.8
	  	 Applicable Law; Consent to Jurisdiction; Jury Trial
	  	 	44	 
	 Section 16.9
	  	 Entire Agreement
	  	 	44	 
	 Section 16.10
	  	 Invalidity of Provisions
	  	 	44	 
	 Section 16.11
	  	 No Partition
	  	 	44	 
	 Section 16.12
	  	 No Third-Party Rights Created Hereby
	  	 	44	 
	 Section 16.13
	  	 Specific Performance; Equitable Remedies
	  	 	44	 
	 Section 16.14
	  	 Delivery by Electronic Transmission
	  	 	45	 
	 Section 16.15
	  	 No Rights as Members of the Operating Company or Shareholders of the Parent
	  	 	45	 

							
			
	 Schedule I
	    	 Members and Units (before the Lennar Transfer)
	  			
	 Schedule II
	    	 Members and Units (after the Lennar Transfer)
	  			
			
	 Exhibit A
	    	 NOTICE OF REDEMPTION
	  	 	A-1	 

  
 iii 

 SECOND AMENDED AND RESTATED 

OPERATING AGREEMENT OF 

THE SHIPYARD COMMUNITIES, LLC 

THIS SECOND AMENDED AND RESTATED OPERATING AGREEMENT (THIS “AGREEMENT”) OF THE SHIPYARD COMMUNITIES, LLC, dated as of
May 2, 2016 (the “Effective Date”), is entered into by and among FIVE POINT OPERATING COMPANY, LLC, a Delaware limited liability company f/k/a Newhall Intermediary Holding Company, LLC (the “Operating
Company”), FIVE POINT HOLDINGS, LLC, a Delaware limited liability company f/k/a Newhall Holding Company, LLC (the “Parent”), UST LENNAR HW SCALA SF JOINT VENTURE, a Delaware general partnership (“Lennar”), and
HPSCP OPPORTUNITIES, L.P., a Delaware limited partnership (“HPSCP” and, together with the Operating Company and Lennar, each a “Member” and collectively, the “Members”). 

WHEREAS, a certificate of formation (as amended from time to time, the “Certificate”) was filed in the office of the Delaware
Secretary of State on May 23, 2013, relating to the formation of a Delaware limited liability company pursuant to the Delaware Limited Liability Company Act and any successor statute, as amended from time to time (the “Act”), known as
“The Shipyard Communities, LLC” (the “Company”); 
 WHEREAS, Lennar and HPSCP (together, the “Existing
Members”) previously entered into an Amended and Restated Operating Agreement of the Company, dated as of May 31, 2013, as amended by a First Amendment to Amended and Restated Operating and Waiver, dated as of June 28, 2013, a
Second Amendment to Amended and Restated Operating Agreement, dated as of October 1, 2013, and a Third Amendment to Amended and Restated Operating, dated as of November 13, 2014 (as so amended, the “Existing LLC
Agreement”); and 
 WHEREAS, each of the Company, the Operating Company, Parent, Lennar and HPSCP has entered into the Second
Amended and Restated Contribution and Sale Agreement, dated as of July 2, 2015, and amended and restated as of May 2, 2016 (the “Contribution Agreement”), with Five Point Holdings, Inc., Newhall Land Development, LLC,
Heritage Fields LLC, LenFive, LLC, MSD Heritage Fields, LLC, FPC-HF Venture I, LLC, Heritage Fields Capital Co-Investor Member, LLC, LNR HF II, LLC, Five Point
Communities Management, Inc., Five Point Communities, LP, Lennar Homes of California, Inc. and Emile Haddad, pursuant to which, among other things, (i) Lennar, HPSCP and the Operating Company agreed to amend and restate the Existing LLC
Agreement as set forth herein to, among other things, (a) convert the membership interests of Lennar and HPSCP into Class A Units in the respective amounts indicated on Schedule I hereto, and (b) designate the Operating Company
as Manager of the Company, and (ii) Lennar agreed to contribute a portion of its Class A Units to the Operating Company (the “Lennar Transfer”), which Class A Units shall immediately convert into an equal number of
Class B Units, so that the ownership of Units is as set forth on Schedule II hereto. 
 NOW, THEREFORE, in consideration of the
mutual covenants and agreements contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

ARTICLE 1 
 DEFINED TERMS 

The following definitions shall be for all purposes, unless otherwise clearly indicated to the contrary, applied to the terms used in this
Agreement: 
 “Accountants” means KPMG LLP, or such other nationally recognized firm of certified public accountants agreed
to by the Manager and the Members. 
 “Act” means the Delaware Limited Liability Company Act, Del. Code Ann., tit. 6, ch.
18, as it may be amended from time to time, and any successor to such statute. 
 “Actions” has the meaning set forth in
Section 7.7 hereof. 
 “Additional Funds” has the meaning set forth in Section 4.3(a)
hereof. 

 “Additional Member” means a Person who is admitted to the Company
as a Member pursuant to the Act and Section 12.1 hereof, who is shown as such on the books and records of the Company, and who has not ceased to be a Member pursuant to the Act and this Agreement. 

“Adjusted Capital Account Deficit” means, with respect to any Member, the deficit balance, if any, in such Member’s
Capital Account as of the end of the relevant Company Year, after giving effect to the following adjustments: 
 (i) decrease
such deficit by any amounts that such Member is obligated to restore pursuant to this Agreement or by operation of law upon liquidation of such Member’s Membership Interest or that such Member is deemed to be obligated to restore pursuant to
the penultimate sentence of each of Regulations Sections 1.704-2(g)(1) and 1.704-2(i)(5); 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. 

“Adjustment Factor” has the meaning set forth in the Amended and Restated Limited Liability Company Agreement of the
Operating Company, as the same may be amended from time to time hereafter. 
 “Affiliate” means, with respect to any
Person, (i) any Person directly or indirectly owning or holding ten percent (10%) or more of the outstanding voting securities or other equity ownership interests of such Person; (ii) any Person ten percent (10%) or more of whose
outstanding securities or other equity ownership interests are directly or indirectly owned or held by such Person; or (iii) any Person directly or indirectly Controlling or Controlled by or under common Control with such Person.
Notwithstanding the foregoing, no Member shall be deemed an Affiliate of the Company, any Subsidiary of the Company, the Manager or another Member solely by reason of being a Member of the Company with rights as provided in this Agreement. 

“Agreement” means this Second Amended and Restated Operating Agreement of The Shipyard Communities, LLC, as now or hereafter
amended, restated, modified, supplemented or replaced in accordance with the terms of this Agreement. 
 “Allocable Net
Income” has the meaning set forth in Section 6.2 hereof. 
 “Annual Income Tax
Liability” means, for each Member, such Member’s annual federal and state tax obligations for the applicable calendar year (and reasonably estimated for each quarter for purposes of any quarterly estimated income tax obligations)
arising from the allocation to such Member of income recognized by the Company based on the assumption that such Member is a California corporation subject to the maximum federal and California state income tax rates applicable to corporations and
assuming state taxes are fully deductible for federal income tax purposes. The computation of Annual Income Tax Liability shall not take into account either (i) any allocation of taxable income, gain, deduction, or loss pursuant to Code Section
704(c), or (ii) any deductions accruing to any Member as a result of the recovery of a basis adjustment pursuant to Code Section 743. For the avoidance of doubt, the computation of Annual Income Tax Liability is hypothetical and does not
take into account any Member’s tax attributes or status. 
 “Applicable Class A Percentage” means a
percentage equal to 1%, multiplied by a fraction (i) the numerator of which is the number of Class A Units issued and outstanding on the applicable record date or date of determination, and (ii) the denominator of which is the number
of Class A Units issued and outstanding on the date hereof immediately after giving effect to the closing under the Contribution Agreement. 

“Applicable Class B Percentage” means a percentage equal to 100%, minus the Applicable Class A
Percentage. 
 “Assets” means any assets and property of the Company such as, but not limited to, interests in real
property and personal property, including, without limitation, fee interests, interests in ground leases, easements and rights of way, interests in limited liability companies, joint ventures or partnerships, interests in mortgages, and Debt
instruments as the Company may hold from time to time and “Asset” means any one such asset or property. 

  
 2 

 “Assignee” means a Person to whom a Membership Interest has been
Transferred but who has not become a Substituted Member, and who has the rights set forth in Section 11.4 hereof. 

“Available Cash” means, with respect to any period for which such calculation is being made, (i) the sum of (a) all
distributions and other payments and amounts of any kind received by the Company from any and all sources, including contributions of capital, and cash available from previously contributed but unused and unallocated Capital Contributions and unused
and unallocated proceeds from any loans to the Company (without deduction for depreciation or other noncash expenses or items), and (b) the amount of any net reduction in the aggregate amount of all reserves as compared to the previous period,
all as determined in good faith by the Manager, less (ii) the sum of (a) without duplication, amounts used or necessary to pay all current liabilities of the Company and all other cash expenditures or payments or commitments to make
cash expenditures or payments made by the Company during such period, directly or indirectly in connection with the Company’s business or operations, (b) amounts to be paid as capital contributions or loans to any Subsidiary and
(c) any net increase in the aggregate amount of all reserves as compared to the previous period, all as determined in good faith by the Manager. Notwithstanding the foregoing, “Available Cash” shall not include (A) the proceeds
of any Manager Loans or other funds obtained by the Company from third parties in order to make any Special Advance Distributions or (B) any cash received or reductions in reserves, or take into account any disbursements made, or reserves
established, after dissolution and the commencement of the liquidation and winding up of the Company. 
 “Business Day”
means any day except a Saturday, Sunday or other day on which commercial banks in New York, New York are authorized or required by law to close. 

“Capital Account” means, with respect to any Member, the Capital Account maintained by the Manager for such Member on the
Company’s books and records in accordance with the provisions of Regulations Section 1.704-1(b)(2)(iv) and, to the extent consistent with such provisions, the following provisions: 

(i) To each Member’s Capital Account, there shall be added such Member’s Capital Contributions, such Member’s
distributive share of Net Income and any items in the nature of income or gain that are specially allocated pursuant to Section 6.3 hereof, and the amount of any Company liabilities assumed by such Member or that are
secured by any property distributed to such Member. 
 (ii) From each Member’s Capital Account, there shall be
subtracted the amount of cash and the Gross Asset Value of any property distributed to such Member pursuant to any provision of this Agreement, such Member’s distributive share of Net Losses and any items in the nature of expenses or losses
that are specially allocated pursuant to Section 6.3 hereof, and the amount of any liabilities of such Member assumed by the Company or that are secured by any property contributed by such Member to the Company (except to
the extent already reflected in the amount of such Member’s Capital Contribution). 
 (iii) In the event any interest in
the Company is Transferred in accordance with the terms of this Agreement, the transferee shall succeed to the Member’s Capital Account of the transferor to the extent that it relates to the Transferred interest. 

(iv) 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. 
 (v) The provisions of this
Agreement relating to the maintenance of Capital Accounts are intended to comply with Regulations promulgated under Code Section 704, and shall be interpreted and applied in a manner consistent with such Regulations. The Manager may modify the
manner in which the Capital Accounts are maintained in order to comply with such Regulations, provided that the Manager determines that such modification is not reasonably likely to have a material effect on the amounts distributable to any
Member without such Person’s consent. 
 “Capital Contribution” means, with respect to any Member, the amount of money
and the initial Gross Asset Value of any Contributed Property that such Member contributes, or is deemed to have contributed, to the Company pursuant to Article 4 hereof. 

“Certificate” has the meaning set forth in the recitals hereto. 

  
 3 

 “Class A Common Shares” means the
Parent’s Class A common shares. 
 “Class A Member” means any Member that holds a Class A
Unit. 
 “Class A Unit” means a unit of Membership Interest designated as a
“Class A Unit.” 
 “Class B Member” means any Member that holds a
Class B Unit. 
 “Class B Unit” means a unit of Membership Interest designated as a
“Class B Unit.” 
 “Closely Controlled Affiliate” means, with respect to the Person in
question, (i) any other Person that directly or indirectly Controls, is Controlled by or is under common Control, with the Person in question and (ii) if such Person in question is a Member, a Permitted Transferee of such Member (to the
extent, if any, that such Permitted Transferee does not qualify under clause (i)). Notwithstanding the foregoing, no Member shall be deemed a Closely Controlled Affiliate of the Company, any Subsidiary or another Member solely by reason of
being a Member of the Company with rights as provided in this Agreement. 
 “Code” means the Internal Revenue Code of 1986,
as amended and in effect from time to time or any successor statute thereto, as interpreted by the applicable Regulations thereunder. Any reference herein to a specific Section or sections of the Code shall be deemed to include a reference to any
corresponding provision of future law. 
 “Company” has the meaning set forth in the recitals hereto. 

“Company Acquired Percentage” has the meaning set forth in Section 15.1(b). 

“Company Minimum Gain” has the meaning set forth in Regulations Section
1.704-2(b)(2), and the amount of Company Minimum Gain, as well as any net increase or decrease in Company Minimum Gain, for a Company Year shall be determined in accordance with the rules of Regulations
Section 1.704-2(d). 
 “Company Record Date” means the record date established by
the Manager for the purpose of determining the Members entitled to notice of or to vote at any meeting of Members or to consent to any matter, or to receive any distribution or the allotment of any other rights, or in order to make a determination
of Members for any other proper purpose, which, in the case of a record date fixed for the determination of Members entitled to receive any distribution pursuant to Section 5.1, shall (unless otherwise determined by the
Manager) generally be the same as the record date established by the Operating Company for a distribution to its members if the Operating Company makes a distribution to its members in the applicable quarter. Notwithstanding anything to the contrary
in this Agreement, the Company Record Date for any distributions must be within sixty (60) days prior to the date of the distribution. 

“Company Year” means the fiscal year of the Company, which shall be the calendar year. 

“Consent” means the consent to, approval of, or vote in favor of a proposed action by a Member given in accordance with
Article 14 hereof. 
 “Consent of the Class A Members” means the Consent of Members holding more
than fifty percent (50%) of all outstanding Class A Units held by all Members, with all of such Members voting together as a single class, which Consent shall be obtained before the taking of any action for which it is required by this
Agreement and, except as otherwise provided in this Agreement, may be given or withheld by Members in their discretion. 

“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 Company (or deemed contributed by the Company to a “new” partnership pursuant to Code Section 708). 

“Contribution Agreement” has the meaning set forth in the recitals hereto. 

“Control” when used with respect to any Person means the possession, directly or indirectly, of the power to direct or cause
the direction of the management and policies of such Person, whether through the ownership of voting securities, by contract or otherwise, and the terms “controlling” and “controlled” have meanings correlative to the foregoing.

  
 4 

 “Controlled Entity” means, as to any Person, (a) any
corporation more than fifty percent (50%) of the outstanding voting stock of which is owned by such Person or such Person’s Family Members or Affiliates, (b) any trust, whether or not revocable, of which such Person or such Person’s
Family Members or Affiliates are the sole beneficiaries, (c) any partnership of which such Person or an Affiliate of such Person is the managing partner and in which such Person or such Person’s Family Members or Affiliates hold
partnership interests representing at least fifty percent (50%) of such partnership’s capital and profits or (d) any limited liability company of which such Person or an Affiliate of such Person is the manager or managing member and in
which such Person or such Person’s Family Members or Affiliates hold membership interests representing at least fifty percent (50%) of such limited liability company’s capital and profits. 

“Cut-Off Date” means the tenth
(10th) Business Day after the Company’s receipt of a Notice of Redemption. 

“Debt” means, as to any Person, as of any date of determination, (i) all indebtedness of such Person for borrowed money
or for the deferred purchase price of property or services; (ii) all amounts owed by such Person to banks or other Persons in respect of reimbursement obligations under letters of credit, surety bonds and other similar instruments guaranteeing
payment or other performance of obligations by such Person; (iii) all indebtedness for borrowed money or for the deferred purchase price of property or services secured by any lien on any property owned by such Person, to the extent
attributable to such Person’s interest in such property, even though such Person has not assumed or become liable for the payment thereof; and (iv) lease obligations of such Person that, in accordance with generally accepted accounting
principles, should be capitalized. 
 “Declination” has the meaning set forth in Section 15.1(c). 

“Delaware Courts” has the meaning set forth in Section 16.8(b) hereof. 

“Depreciation” means, for each Company Year or other applicable period, an amount equal to the federal income tax
depreciation, amortization or other cost recovery deduction allowable with respect to an asset for such year or other period, except that if the Gross Asset Value of an asset differs from its adjusted basis for federal income tax purposes at the
beginning of such year or period, Depreciation shall be in an amount that bears the same ratio to such beginning Gross Asset Value as the federal income tax depreciation, amortization or other cost recovery deduction for such year or other period
bears to such beginning adjusted tax basis; provided, however, that if the federal income tax depreciation, amortization or other cost recovery deduction for such year or period is zero, Depreciation shall be determined with reference to such
beginning Gross Asset Value using any reasonable method selected by the Manager. 
 “Disposition” means the act of selling,
conveying, exchanging, abandoning, assigning, transferring, hypothecating, pledging, granting a security interest in or otherwise disposing of or encumbering property, whether by operation of law or otherwise, and “Dispose,”
“Disposing” and “Disposed” have the meanings correlative to such definition. 
 “Distribution Date”
means any date established by the Manager for the payment of distributions of Available Cash pursuant to Section 5.1; provided that a Distribution Date shall occur at least once each calendar quarter. 

“Effective Date” has the meaning set forth in the preamble. 

“Entity” means any general partnership, limited partnership, limited liability company, limited liability partnership,
corporation, professional association, joint venture, trust, business trust, cooperative, association or other entity. 

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and any successor statute thereto, and the rules and
regulations of the SEC promulgated thereunder. 
 “Existing LLC Agreement” has the meaning set forth in the recitals
hereto. 
 “Existing Members” has the meaning set forth in the recitals hereto. 

  
 5 

 “Family Members” means, as to a Person that is an individual, such
Person’s spouse, ancestors, descendants (whether by blood or by adoption), brothers and sisters and inter vivos or testamentary trusts of which only such Person and his spouse, ancestors, descendants (whether by blood or by
adoption), brothers and sisters are beneficiaries. 
 “Gross Asset Value” means, with respect to any asset, the
asset’s adjusted basis for Federal income tax purposes, except as follows: 
 (i) The initial Gross Asset Value of any
asset contributed by a Member to the Company shall be the gross fair market value of such asset as determined by the Manager using such reasonable method of valuation as it may adopt. 

(ii) The Gross Asset Values of all Company assets immediately prior to the occurrence of any event described below shall be
adjusted to equal their respective gross fair market values, as determined by the Manager using such reasonable method of valuation as it may adopt, as of the following times: 

(1) the acquisition of an additional interest in the Company (other than in connection with the execution of this Agreement but
including, without limitation, acquisitions pursuant to Section 15.1 hereof or contributions or deemed contributions by the Manager pursuant to Section 4.2 hereof) by a new or existing Member in
exchange for more than a de minimis Capital Contribution, if the Manager reasonably determines that such adjustment is necessary or appropriate to reflect the relative economic interests of the Members in the Company; 

(2) the distribution by the Company to a Member of more than a de minimis amount of Company property as
consideration for an interest in the Company if the Manager reasonably determines that such adjustment is necessary or appropriate to reflect the relative economic interests of the Members in the Company; 

(3) the liquidation of the Company within the meaning of Regulations Section
1.704-1(b)(2)(ii)(g) (other than a liquidation caused by a termination of the Company under Code Section 708(b)(1)(B)); 

(4) upon the admission of a successor Manager pursuant to Section 7.10 hereof; and 

(5) at such other times as the Manager shall reasonably determine necessary or advisable in accordance with Regulations
Sections 1.704-1(b) and 1.704-2. 
 (iii) The
Gross Asset Value of any Company asset distributed to a Member shall be the gross fair market value of such asset on the date of distribution as determined by the Manager using such reasonable method of valuation as it may adopt. 

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

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

“Holder” means either (a) a Member or (b) an Assignee that owns a Unit. 

“HPSCP” has the meaning set forth in the preamble. 

“Imputed Underpayment Amount” has the meaning set forth in Section 10.4 hereof. 

  
 6 

 “Incapacity” or “Incapacitated”
means, (i) as to any Member who is an individual, death, total physical disability or entry by a court of competent jurisdiction adjudicating such Member incompetent to manage his or her person or his or her estate; (ii) as to any Member
that is a corporation or limited liability company, the filing of a certificate of dissolution, or its equivalent, or the revocation of its certificate of incorporation or certificate of formation; (iii) as to any Member that is a partnership,
the dissolution and commencement of winding up of the partnership; (iv) as to any Member that is an estate, the distribution by the fiduciary of the estate’s entire interest in the Company; (v) as to any trustee of a trust that is a
Member, the termination of the trust (but not the substitution of a new trustee); or (vi) as to any Member, the bankruptcy of such Member. For purposes of this definition, bankruptcy of a Member shall be deemed to have occurred when
(a) the Member commences a voluntary proceeding seeking liquidation, reorganization or other relief of or against such Member under any bankruptcy, insolvency or other similar law now or hereafter in effect, (b) the Member 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 Member, (c) the Member executes and delivers a general assignment for
the benefit of the Member’s creditors, (d) the Member files an answer or other pleading admitting or failing to contest the material allegations of a petition filed against the Member in any proceeding of the nature described in clause
(b) above, (e) the Member seeks, consents to or acquiesces in the appointment of a trustee, receiver or liquidator for the Member or for all or any substantial part of the Member’s properties, (f) any proceeding seeking liquidation,
reorganization or other relief under any bankruptcy, insolvency or other similar law now or hereafter in effect has not been dismissed within one hundred twenty (120) days after the commencement thereof, (g) the appointment without the
Member’s consent or acquiescence of a trustee, receiver or liquidator has not been vacated or stayed within ninety (90) days of such appointment, or (h) an appointment referred to in clause (g) above is not vacated within ninety
(90) days after the expiration of any such stay. 
 “Indemnitee” means any Person made, or threatened to be made, a
party to a proceeding by reason of its status as (i) the Manager, the Parent or a current or former Member, or (ii) a current or former manager, member, director, officer, employee, agent or representative of the Manager, the Parent, any
Member or the Company. Indemnitee shall also mean, with respect to indemnification pursuant to Section 7.7 for any liability for any indebtedness of the Company or any Subsidiary of the Company (whether pursuant to a
guaranty or otherwise), any current or former Member or any of their respective current or former Affiliates who suffers or incurs any liability for any indebtedness of the Company or any Subsidiary of the Company. 

“IRS” means the United States Internal Revenue Service.  

“Lennar” has the meaning set forth in the preamble. 

“Lennar Transfer” has the meaning set forth in the recitals. 

“LIBOR” means, with respect to any interest period, the London interbank offered rate as administered by the ICE Benchmark
Administration (or any other Person that takes over the administration of such rate) for Dollars for a period equal in length to such interest period as displayed on page LIBOR01 or LIBOR02 of the Reuters Screen that displays such rate at
approximately 11:00 a.m., London time, two Business Days prior to the commencement of such interest period. 
 “Liquidating
Event” has the meaning set forth in Section 13.1 hereof. 
 “Liquidator” has the meaning
set forth in Section 13.2(a) hereof. 
 “Lists” has the meaning set forth in Section 3.4(d) hereof. 

“Manager” means the Operating Company or any other Person that is, from time to time, admitted to the Company as a manager
pursuant to the Act and this Agreement, and, in each case, that has not ceased to be a manager pursuant to the Act and this Agreement, in such Person’s capacity as a manager of the Company. 

“Manager Loan” has the meaning set forth in Section 4.3(d) hereof. 

“Member” means any Person that is, from time to time, admitted to the Company as a member in accordance with the terms of
this Agreement and the Act, including any Substituted Member or Additional Member, each shown as such in the Register, in each case, that has not ceased to be a member of the Company pursuant to the Act and this Agreement, in such Person’s
capacity as a member of the Company. The Members shall constitute the “members” (as such term is defined in the Act) of the Company. Except as otherwise set forth herein, the Members shall constitute a single class or group of members of
the Company for all purposes of the Act. 

  
 7 

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

“Member Nonrecourse Debt” has the meaning set forth in Regulations Section
1.704-2(b)(4). 
 “Member Nonrecourse Deductions” has the meaning set forth in
Regulations Section 1.704-2(i)(1), and the amount of Member Nonrecourse Deductions with respect to a Member Nonrecourse Debt for a Company Year shall be determined in accordance with the rules of Regulations
Section 1.704-2(i)(1). 
 “Membership Interest” means an ownership interest in the
Company held by a Member and includes any and all benefits to which the holder of such a Membership 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 Membership Interests; however, notwithstanding that any Special Member and any other Member may have different rights and privileges as specified in this Agreement (including differences in
rights and privileges with respect to their Membership Interests), the Membership Interest held by any Special Member or any other Member and designated as being of a particular class or series shall not be deemed to be a separate class or series of
Membership Interest from a Membership Interest having the same designation as to class and series that is held by any other Member solely because such Membership Interest is held by any Special Member or any other Member having different rights and
privileges as specified under this Agreement. A Membership Interest may be expressed as a number of Class A Units, Class B Units or other Units. 

“Merger Agreement” has the meaning set forth in Section 14.3(a) hereof. 

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

(ii) any expenditure of the Company described in Code Section 705(a)(2)(B) or treated as a Code Section 705(a)(2)(B)
expenditure pursuant to Regulations Section 1.704-1(b)(2)(iv)(i), and not otherwise taken into account in computing Net Income (or Net Loss) pursuant to this definition of “Net Income” or “Net
Loss,” shall be subtracted from (or added to, as the case may be) such taxable income (or loss); 
 (iii) in the event
the Gross Asset Value of any Company asset is adjusted pursuant to subsection (ii) or subsection (iii) 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; 
 (iv) 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; 
 (v) in lieu of the depreciation, amortization and other cost recovery
deductions that would otherwise be taken into account in computing such taxable income or loss, there shall be taken into account Depreciation for such Company Year; 

(vi) to the extent that an adjustment to the adjusted tax basis of any Company 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 Accounts as a result of a distribution other than in liquidation of a
Member’s interest in the Company, the amount of such adjustment shall be treated as 

  
 8 

 
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 
 (vii) notwithstanding any other provision of this definition of
“Net Income” or “Net Loss,” any item that is specially allocated pursuant to Section 6.3 hereof shall not be taken into account in computing Net Income or Net Loss. The amounts of the items of Company
income, gain, loss or deduction available to be specially allocated pursuant to Section 6.3 hereof shall be determined by applying rules analogous to those set forth in this definition of “Net Income” or “Net
Loss.” 
 “New Partnership Audit Procedures” means Subchapter C of Chapter 63 of Subtitle F of the Code, as modified
by Section 1101 of the Bipartisan Budget Act of 2015, Pub. L. No. 114-74, and any successor statutes thereto or Regulations promulgated or official guidance issued thereunder. 

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

“Nonrecourse Liability” has the meaning set forth in Regulations Section
1.752-1(a)(2). 
 “Notice of Redemption” means a Notice of Redemption substantially
in the form of Exhibit A attached to this Agreement. 
 “OFAC” has the meaning set forth in Section 3.4(d)
hereof. 
 “Opco Acquired Percentage” has the meaning set forth in Section 15.1(b). 

“OP Unit” means a Class A Common Unit of membership interest in the Operating Company. 

“OP Unit Amount” means a number of OP Units equal to the sum of (i) the number of Tendered Units, plus (ii) the
quotient of (a) the product of (x) the number of Tendered Units and (y) the Preferred Return Shortfall Per Unit minus the Unrecovered Special Advance Distributions, divided by (b) the Value of a Class A Common Share as of
the applicable Valuation Date. 
 “Operating Company” has the meaning set forth in the preamble. 

“Order” and “Orders” have the meaning set forth in Section 3.4(d) hereof.  

“Parent” has the meaning set forth in the preamble. 

“Percentage Interest” means, with respect to each Member, as to any class or series of Membership Interests, the fraction,
expressed as a percentage, the numerator of which is the aggregate number of Units of such class or series held by such Member and the denominator of which is the total number of Units of such class or series held by all Members. 

“Permitted Lender Transferee” has the meaning set forth in the definition of Permitted Transferee. 

“Permitted Transfer” means (i) a Transfer by a Member of all or part of its Membership Interest to any Family Member,
Controlled Entity or Affiliate of such Member (or, if such Member is a Controlled Entity of the Parent, to any other Controlled Entity of the Parent), (ii) a Transfer by a Member of all or part of its Membership Interest to the Company (to the
extent not otherwise prohibited under this Agreement), (iii) in the case of a Special Member only, a Pledge and any Transfer of a Membership Interest to a Permitted Transferee pursuant to the exercise of remedies under a Pledge, (iv) any
Transfer pursuant to the Contribution Agreement, (v) any Transfer pursuant to Section 15.1, (vi) any Transfer of Class A Units to a Controlled Entity of the Parent, or (vii) a Transfer by a Member of all or
part of its Membership Interest to another Member. 
 “Permitted Transferee” means (i) any transferee of a
Member’s Membership Interest in a Permitted Transfer, (ii) any lender or lenders secured by a Pledge, or agents acting on their behalf, to whom any Membership Interest is transferred pursuant to the exercise of remedies under a Pledge and
any special purpose entities owned and used by such 

  
 9 

 
lenders or agents for the purpose of holding any such Membership Interest (each a “Permitted Lender Transferee”), and (iii) any Person, including any
Third-Party Pledge Transferee designated by any lender or lenders secured by a Pledge, or agents acting on their behalf, to whom a Membership Interest is transferred pursuant to the exercise of remedies under a Pledge, whether before or after one or
more Permitted Lender Transferees take title to such Membership Interest. 
 “Person” means an individual or a corporation,
partnership, trust, unincorporated organization, association, limited liability company or other entity. 
 “Plan of
Conversion” has the meaning set forth in Section 14.3(a) hereof. 
 “Pledge” means a pledge by a Special
Member of all or any portion of its Membership Interest to one or more banks or lending institutions, or agents acting on their behalf, which are not Affiliates of such Member, as collateral or security for a bona fide loan or other extension of
credit. 
 “Preferred Return Per Unit” means, with respect to each Class A Unit and each Class B Unit outstanding
on a specified Company Record Date, an amount initially equal to zero, and increased cumulatively on each Company Record Date by an amount equal to the cash distributions (including tax distributions) per OP Unit, if any, paid by the Operating
Company to holders of OP Units (i) on such Company Record Date, and (ii) any date subsequent to the immediately preceding Company Record Date; provided, however, that for each Unit, the increase that shall occur in accordance with
the foregoing on the first Company Record Date that occurs on or after the date on which such Unit was first issued shall be the foregoing amount, multiplied by a fraction, the numerator of which shall be the number of days that such Class A
Unit was outstanding up to and including such first Company Record Date, and the denominator of which shall be the total number of days in the period from but excluding the immediately preceding Company Record Date to and including such first
Company Record Date. 
 “Preferred Return Shortfall” means, for any holder of Class A Units or Class B Units, and
as of any date, the amount (if any) by which (i) the Preferred Return Per Unit with respect to all Class A Units or Class B Units held by such holder exceeds (ii) the aggregate amount previously distributed with respect to such
Class A Units pursuant to Section 5.1(a) (in the case of Class A Units) or Section 5.1(b) (in the case of Class B Units), or pursuant to Section 13.2(a) (in the case of Class A Units or Class B Units).

 “Preferred Return Shortfall Per Unit” means, for any holder of Class A Units, and as of any date, an amount equal
to the quotient of (i) such holder’s Preferred Return Shortfall, divided by (ii) the number of Class A Units then held by such holder immediately prior to the date on which such holder delivers a Notice of Redemption pursuant to
Section 15.1. 
 “Qualified Transferee” means an “accredited investor,” as defined in Rule 501 promulgated
under the Securities Act. 
 “Qualifying Party” means (a) a Member, (b) an Additional Member, (c) an
Assignee who is the transferee of a Member’s Membership Interest in a Permitted Transfer, or (d) a Person, including a lending institution as the pledgee of a Pledge, who is the transferee of a Member’s Membership Interest in a
Permitted Transfer; provided, however, that a Qualifying Party shall not include the Manager or any Special Member. 

“Redemption” has the meaning set forth in Section 15.1(a) hereof. 

“Register” has the meaning set forth in Section 4.1 hereof. 

“Regulations” means the income tax regulations under the Code, whether such regulations are in proposed, temporary or final
form, as such regulations may be amended from time to time (including corresponding provisions of succeeding regulations). 

“Regulatory Allocations” has the meaning set forth in Section 6.3(a)(viii) hereof. 

“Remaining Mandatory Capital Contribution Amount” has the meaning set forth in Section 4.3(b) hereof. 

“SEC” means the Securities and Exchange Commission. 

  
 10 

 “Securities Act” means the Securities Act of 1933, as amended, and
the rules and regulations of the SEC promulgated thereunder. 
 “Significant Member” means any Member holding more than
fifteen percent (15%) in number of all outstanding Class A Units and Class B Units held by all Members (including the Manager, the Parent and all Controlled Entities of either of them). 

“Special Advance Distributions” means the distribution of the Special Class A Distribution Amount. 

“Special Class A Distribution Amount” has the meaning set forth in Section 5.2
hereof. 
 “Special Member” means the Manager and any other Member that is a wholly owned Subsidiary of the Parent or the
Manager. 
 “Specified Redemption Date” means the tenth (10th) Business Day after the receipt by the Manager of a Notice of
Redemption; provided that in the case of a Redemption effected in connection with a Liquidating Event pursuant to Section 13.2(a)(ii), the “Specified Redemption Date” means the date of such Liquidating Event. 

“Subsidiary” means, with respect to any Person, any corporation, partnership, limited liability company, joint venture, trust
or other legal entity of which such Person (either directly or through or together with another direct or indirect Subsidiary of such Person) (i) owns a majority of the equity interests having ordinary voting power for the election of directors
or trustees or other governing body, or (ii) otherwise controls the management, including through a Person’s status as general partner, manager or managing member of the entity. 

“Substituted Member” means a Person who is admitted as a Member to the Company pursuant to Section 11.3
hereof. 
 “Tax Items” has the meaning set forth in Section 6.4(a) hereof. 

“Tax Matters Member” has the meaning set forth in Section 10.3(a) hereof. 

“Tendered Units” has the meaning set forth in Section 15.1(a) hereof. 

“Tendering Party” has the meaning set forth in Section 15.1(a) hereof. 

“Termination Transaction” means (i) a merger, consolidation or other combination involving the Parent or any Special
Member, on the one hand, and any other Person, on the other, (ii) a sale, lease, exchange or other transfer of all or substantially all of the assets of the Parent not in the ordinary course of its business, whether in a single transaction or a
series of related transactions, (iii) a reclassification, recapitalization or change of the outstanding Class A Common Shares (other than as a result of a share split, share dividend or similar subdivision), or (iv) the adoption of
any plan of liquidation or dissolution of the Parent. 
 “Third-Party Pledge Transferee” means a Qualified Transferee,
other than a Permitted Lender Transferee, that acquires a Membership Interest pursuant to the exercise of remedies by Permitted Lender Transferees under a Pledge and that agrees to be bound by the terms and conditions of this Agreement. 

“Transfer” means any sale, assignment, bequest, conveyance, devise, gift (outright or in trust), Pledge, encumbrance,
hypothecation, mortgage, exchange, transfer, Disposition or act of alienation, whether voluntary or involuntary or by operation of law; provided, however, that when the term is used in Article 11 hereof, “Transfer”
does not include any Redemption of Class A Units by the Company, or any acquisition of Class A Units by the Operating Company or the Parent, in either case, pursuant to Section 15.1 hereof. The terms
“Transferred” and “Transferring” have correlative meanings. 
 “Unit” means a
Class A Unit, a Class B Unit or any other fractional share of the Membership Interests that the Manager has authorized pursuant to and in accordance with Section 4.2 hereof. 

“Unit Designation” has the meaning set forth in Section 4.2(b) hereof. 

  
 11 

 “Unrecovered Special Advance Distributions” means, as of the
applicable date of determination, the amount per Class A Unit by which future distributions pursuant to Section 5.1 in respect of such Class A Unit would be reduced by Special Advance Distributions. 

“Valuation Date” means the date of receipt by Operating Company of a Notice of Redemption pursuant to
Section 15.1 herein, or such other date as specified herein, or, if such date is not a Business Day, the immediately preceding Business Day. 

“Value” means, on any Valuation Date, the average of the daily Market Prices of a Class A Common Share for ten
(10) consecutive trading days immediately preceding the Valuation Date. The term “Market Price” on any date means, with respect to the Class A Common Shares, the last sale price for Class A Common Shares, regular way,
or, in case no such sale takes place on such day, the average of the closing bid and asked prices, regular way, for the Class A Common Shares, in either case, as reported in the principal consolidated transaction reporting system with respect
to securities listed or admitted to trading on the New York Stock Exchange or, if the Class A Common Shares are not listed or admitted to trading on the New York Stock Exchange, as reported on the principal consolidated transaction reporting
system with respect to securities listed on the principal national securities exchange on which the Class A Common Shares are listed or admitted to trading or, if the Class A Common Shares are not listed or admitted to trading on any
national securities exchange, the last quoted price, or, if not so quoted, the average of the high bid and low asked prices in the over-the-counter market, as reported
by the principal automated quotation system that may then be in use or, if the Class A Common Shares are not quoted by any such system, the average of the closing bid and asked prices as furnished by a professional market maker making a market
in the Class A Common Shares selected by the Manager or, in the event that no trading price is available for the Class A Common Shares, the fair market value of the Class A Common Shares, as determined in good faith by the Manager.

 ARTICLE 2 
 ORGANIZATIONAL
MATTERS 
 Section 2.1 Formation. The Company is a limited liability company previously formed, and continued pursuant to the
provisions of the Act and upon the terms and subject to the conditions set forth in this Agreement. Except as expressly provided herein to the contrary, the rights and obligations of the Members and the administration and termination of the Company
shall be governed by the Act. The Membership Interest of each Member shall be personal property for all purposes. 
 Section 2.2
Name. The name of the Company is “The Shipyard Communities, LLC.” The Company’s business may be conducted under any other name or names deemed advisable by the Manager, including the name of the Manager or any Affiliate thereof
(but not the name of any other Member or its sponsors). The words “Limited Liability Company,” “L.L.C.,” “LLC” or similar words or letters shall be included in the Company’s name where necessary for the purposes of
complying with the laws of any jurisdiction that so requires or of ensuring the limited liability of the Members. The Manager may change the name of the Company at any time and from time to time to a name not otherwise prohibited by this
Section 2.2 or applicable law. 
 Section 2.3 Principal Office and Resident Agent. The address of the
principal office of the Company in the State of Delaware is located at 1209 Orange Street, Wilmington, County of New Castle, Delaware 19801, and the name and address of the resident agent of the Company in the State of Delaware are The Corporation
Trust Company, 1209 Orange Street, Wilmington, County of New Castle, Delaware 19801, or such other principal office and resident agent as the Manager may from time to time designate. The Company may maintain offices at such other place or places
within or outside the State of Delaware as the Manager may approve. 
 Section 2.4 Power of Attorney. 

(a) Each Member and Assignee hereby irrevocably constitutes and appoints the Manager, any Liquidator, and authorized officers and attorneys-in-fact of each, and each of those acting singly, in each case with full power of substitution, as its true and lawful agent and attorney-in-fact, with full power and authority in its name, place and stead to: 
 (i) execute,
swear to, seal, acknowledge, deliver, file and record in the appropriate public offices (A) all certificates, documents and other instruments (including, without limitation, this 

  
 12 

 
Agreement and the Certificate and all amendments, supplements or restatements thereof) that the Manager or the Liquidator deems appropriate or necessary to form, qualify or continue the existence
or qualification of the Company as a limited liability company in the State of Delaware and in all other jurisdictions in which the Company may conduct business or own property; (B) all instruments that the Manager or any Liquidator deems
appropriate or necessary to reflect any amendment, change, modification or restatement of this Agreement approved in accordance with the terms of this Agreement; (C) all conveyances and other instruments or documents that the Manager or the
Liquidator deems appropriate or necessary to reflect the dissolution and liquidation of the Company pursuant to and in accordance with the terms of this Agreement, including, without limitation, a certificate of cancellation; (D) all
conveyances and other instruments or documents that the Manager or the Liquidator deems appropriate or necessary to reflect the distribution or exchange of assets of the Company pursuant to and in accordance with the terms of this Agreement; and
(E) all instruments relating to the admission, acceptance, withdrawal, removal or substitution of any Member pursuant to the terms of this Agreement or the Capital Contribution of any Member pursuant to and in accordance with the terms of this
Agreement; and 
 (ii) execute, swear to, acknowledge and file all ballots, consents, approvals, waivers, certificates and
other instruments the Manager or any Liquidator determines are necessary or desirable to evidence or confirm any vote, consent, approval, agreement or other action that is made or given by the Members under this Agreement in accordance with the
terms of this Agreement. 
 Nothing contained in this Section 2.4 shall be construed as authorizing the Manager or any Liquidator
to amend this Agreement except in accordance with the other provisions of this Agreement, including Section 7.3 and Section 14.1. 

(b) The foregoing power of attorney is hereby declared to be irrevocable and a special power coupled with an interest, in recognition of the
fact that each of the Members and Assignees will be relying upon the power of the Manager or the Liquidator to act as contemplated by this Agreement in any filing or other action by it on behalf of the Company, and it shall survive and not be
affected by the subsequent Incapacity of any Member or Assignee and the Transfer of all or any portion of such Person’s Membership Interest and shall extend to such Person’s heirs, successors, assigns and personal representatives;
provided, however, that in the event of the assignment by a Member of all of its Membership Interest, the foregoing power of attorney of an assignor Member shall survive such assignment only until such time as the Assignee shall have been
admitted to the Company as a Substituted Member and all documents and instruments required by Section 11.3 shall have been furnished to the Manager. Notwithstanding anything else set forth in this Section 2.4(b), no
Member shall incur any personal liability for any action of the Manager or the Liquidator taken under such power of attorney. 

Section 2.5 Term. The term of the Company commenced on May 23, 2013, the date that the original Certificate was filed with
the office of the Secretary of State of the State of Delaware in accordance with the Act, and shall continue indefinitely unless the Company is dissolved sooner pursuant to the provisions of Article 13 hereof or as otherwise provided by law.

 ARTICLE 3 
 PURPOSE 

Section 3.1 Purpose and Business. The purpose and nature of the Company is to conduct any business, enterprise or activity
permitted by or under the Act, including, but not limited to, (i) to conduct the business of ownership, construction, reconstruction, development, redevelopment, alteration, improvement, maintenance, operation, sale, leasing, transfer,
encumbrance, conveyance and exchange of any assets and property of the Company, (ii) to acquire and invest in any securities and/or loans relating to any assets and property of the Company, (iii) to enter into any partnership, joint
venture, business trust arrangement, limited liability company or other similar arrangement to engage in any business permitted by or under the Act, or to own interests in any entity engaged in any business permitted by or under the Act,
(iv) to conduct the business of providing property and asset management and brokerage services, whether directly or through one or more partnerships, joint ventures, subsidiaries, business trusts, limited liability companies or similar
arrangements, and (v) to do anything necessary or incidental to the foregoing. 
 Section 3.2 Powers. The Company shall
have the power to do any and all acts and things necessary, appropriate, proper, advisable, incidental to or convenient for the furtherance and accomplishment of the purposes described in Section 3.1 above and for the
protection of the Company, including, without limitation (but 

  
 13 

 
subject to the express limitations set forth in this Agreement), full power and authority, directly or through its ownership interest in other entities, to enter into, perform and carry out
contracts of any kind, to borrow and lend money and to issue evidence of indebtedness, whether or not secured by mortgage, deed of trust, pledge or other lien, to acquire, own, manage, improve and develop real property and lease, sell, transfer and
dispose of real property. 
 Section 3.3 Limits on Member Relationship. Except as otherwise provided in this Agreement, no
Member shall have any authority to act for, bind, commit or assume any obligation or responsibility on behalf of the Company, its properties or any other Member. No Member, in its capacity as a Member under this Agreement, shall be responsible or
liable for any indebtedness or obligation of another Member, nor shall the Company be responsible or liable for any indebtedness or obligation of any Member, incurred either before or after the execution and delivery of this Agreement by such
Member, 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 Members. 

(a) Each Member that is an individual (including, without limitation, each Additional Member or Substituted Member as a condition to becoming
an Additional Member or a Substituted Member) represents and warrants to, and covenants with, each other Member that (i) the consummation of the transactions contemplated by this Agreement to be performed by such Member will not result in a
breach or violation of, or a default under, any material agreement by which such Member or any of such Member’s property is bound, or any statute, regulation, order or other law to which such Member is subject, (ii) such Member is neither
a “foreign person,” within the meaning of Code Section 1445(f) nor a “foreign partner,” within the meaning of Code Section 1446(e), and (iii) assuming due execution by each other party thereto, this Agreement is binding
upon, and enforceable against, such Member in accordance with its terms. 
 (b) Each Member that is not an individual (including, without
limitation, each Additional Member or Substituted Member as a condition to becoming an Additional Member or a Substituted Member) represents and warrants to, and covenants with, each other Member that (i) 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 partner(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 partnership or operating agreement, trust agreement, certificate of incorporation or bylaws (as the case may be), any material
agreement by which such Member or any of such Member’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 Member
or any of its partners, members, trustees, beneficiaries or stockholders (as the case may be) is or are subject, (iii) such Member is neither a “foreign person,” within the meaning of Code Section 1445(f), nor a “foreign
partner,” within the meaning of Code Section 1446(e), and (iv) assuming due execution by each other party thereto, this Agreement is binding upon, and enforceable against, such Member in accordance with its terms. 

(c) Each Member (including, without limitation, each Substituted Member or Additional Member, as a condition to becoming a Substituted Member
or Additional Member) represents and warrants that it is an “accredited investor,” as defined in Rule 501 promulgated under the Securities Act, and represents, warrants and agrees that it has acquired and continues to hold its interest in
the Company for its own account for investment purposes only and not for the purpose of, or with a view toward, the resale or distribution of all or any part thereof, and not with a view toward selling or otherwise distributing such interest or any
part thereof at any particular time or under any predetermined circumstances. Each Member 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 that it has invested in the Company in what it understands to be a highly speculative and illiquid investment. Notwithstanding
the foregoing, the representations and warranties contained in the first sentence of this Section 3.4(c) shall not apply to any Permitted Lender Transferee, it being understood that a Permitted Lender Transferee may be subject to a legal
obligation to sell, distribute or otherwise dispose of any Membership Interest acquired pursuant to the exercise of remedies under a Pledge; provided, however, that any such Permitted Lender Transferee must be a Qualified Transferee. 

(d) Each Member (including, without limitation, each Additional Member or Substituted Member as a condition to becoming an Additional Member
or a Substituted Member) represents and warrants to the Company, the Manager and each Member that (i) to its knowledge, it is in compliance with the requirements of the 

  
 14 

 
Executive Order No. 13224, 66 Fed. Reg. 49079 (Sept. 25, 2001) (the “Order”) and other similar requirements contained in the rules and regulations of
the Office of Foreign Assets Control, Department of the Treasury (“OFAC”) and in any enabling legislation or other Executive Orders or regulations in respect thereof (the Order and such other rules, regulations, legislation or orders are
collectively called the “Orders”); and (ii) neither such Member nor, to the best of such Member’s knowledge, any of its Affiliates (A) is listed on the Specially Designated Nationals and Blocked
Persons List maintained by OFAC pursuant to the Order and/or on any other list of terrorists or terrorist organizations maintained pursuant to any of the rules and regulations of OFAC or pursuant to any other applicable Orders (such lists are
collectively referred to as the “Lists”), (B) is a Person (as defined in the Order) who has been determined by competent authority to be subject to the prohibitions contained in the Orders; or (C) is owned
or controlled by (including without limitation by virtue of such Person being a director or owning voting shares or interests), or acts for or on behalf of, any person on the Lists or any other Person who has been determined by competent authority
to be subject to the prohibitions contained in the Orders. 
 (e) The representations and warranties contained in Sections 3.4(a),
3.4(b), 3.4(c) and 3.4(d) hereof shall survive the execution and delivery of this Agreement by each Member (and, in the case of an Additional Member or a Substituted Member, the admission of such Additional Member or Substituted Member as
a Member in the Company) and the dissolution, liquidation and termination of the Company. 
 (f) Each Member (including, without limitation,
each Substituted Member or Additional Member as a condition to becoming a Substituted Member or Additional Member) hereby acknowledges that no representations as to potential profit, cash flows, funds from operations or yield, if any, in respect of
the Company, the Manager or the Parent have been made by the Company, the Manager, the Parent, any Member or any employee or representative or Affiliate of any of them, and that projections and any other information, including, without limitation,
financial and descriptive information and documentation, that may have been in any manner submitted to such Member shall not constitute any representation or warranty of any kind or nature, express or implied. 

(g) Notwithstanding the foregoing, the Manager may permit the modification of any of the representations and warranties contained in
Sections 3.4(a), 3.4(b), 3.4(c) and 3.4(d) above as applicable to any Member (including, without limitation any Additional Member or Substituted Member or any transferee of either) provided that the change of facts reflected in
such representations and warranties, as modified, shall not have a material adverse effect on any Member or the Company, and such modified representations and warranties shall be set forth in either (i) a Unit Designation applicable to the
Units held by such Member, or (ii) a separate writing addressed to the Company and the Manager. 
 ARTICLE 4 

CAPITAL CONTRIBUTIONS; UNITS; LOANS 

Section 4.1 Capital Contributions of the Members. The Existing Members (or their predecessors in interest) have previously made
Capital Contributions to the Company. Except as provided by law or in Section 4.2, Section 4.3 or Section 10.4 hereof, the Members shall have no obligation or right to make any
Capital Contributions or loans to the Company. The Manager shall cause to be maintained in the principal business office of the Company, or such other place as may be determined by the Manager, the books and records of the Company, which shall
include, among other things, a register containing the name, address, and number of Units of each Member, and such other information as the Manager may deem necessary or desirable (the “Register”). The Register shall not be deemed
part of this Agreement. The Manager shall from time to time update the Register as necessary to accurately reflect the information therein, including as a result of any sales, exchanges or other Transfers, or any redemptions, issuances or similar
events involving Units, in each case, made in accordance with the terms of this Agreement. Any reference in this Agreement to the Register shall be deemed a reference to the Register as in effect from time to time. Subject to the terms of this
Agreement, the Manager may take any action authorized hereunder in respect of the Register without any need to obtain the consent of any other Member. No action of any Member shall be required to amend or update the Register to the extent necessary
to reflect actions taken in accordance with the terms of this Agreement. 
 Section 4.2 Units. 

(a) Generally. Membership Interests shall be represented by Units. Initially, all Units shall be designated as either
“Class A Units” or “Class B Units.” Upon the effectiveness of this Agreement, (i) the existing 

  
 15 

 
membership interests shall be automatically converted into Class A Units, allocated among the Existing Members in the amounts set forth on Schedule I hereto, (ii) pursuant to the
Contribution Agreement, Lennar shall contribute to the Operating Company 2,396,398 of its Class A Units, and (iii) the Class A Units contributed by Lennar to the Operating Company shall automatically convert into Class B Units.
Immediately after giving effect to such transactions, the issued and outstanding Units shall be owned by the Persons and in the amounts as set forth on Schedule II hereto. Each of the Existing Members hereby agrees to the admission of the
Operating Company as the Manager and as a Member as of the Effective Date. Notwithstanding anything to the contrary in this Agreement, any additional Units issued to the Manager, the Parent or any Controlled Entity of either of them shall be only
Class B Units, and any Class A Units acquired by the Manager, the Parent or any Controlled Entity of either of them from any Person, pursuant to the Contribution Agreement, a Redemption or other acquisition pursuant to
Section 15.1 hereof or otherwise, shall automatically convert from a Class A Unit to a Class B Unit when it is acquired by the Manager, the Parent or a Controlled Entity of either or both of them. If the Operating
Company (a) declares or pays a distribution on its outstanding OP Units wholly or partly in OP Units or makes a distribution to all holders of its outstanding OP Units wholly or partly in OP Units, (b) splits or subdivides its outstanding
OP Units or (c) effects a reverse split or otherwise combines its outstanding OP Units into a smaller number of OP Units, then the Manager shall cause the Company to concurrently make or effect a correlative distribution or payment of
Class A Units and Class B Units to all of the Members holding Class A Units or Class B Units, or effect a correlative split, subdivision, reverse split or combination in respect of the Class A Units and Class B Units.

 (b) Additional Units. Subject to this Section 4.2 and Section 4.3 and
the other provisions of this Agreement, the Manager is hereby authorized to cause the Company from time to time to issue to the Members (including the Manager) or other Persons (i) additional Class A Units or Class B Units or
(ii) additional Units in one or more new classes or series, with such designations, preferences, participation, optional or other rights, powers and duties, including rights, powers, and duties senior to the Class A Units or Class B
Units, as shall be determined by the Manager and set forth in a written document thereafter attached to and made an exhibit to this Agreement, which exhibit shall be an amendment to this Agreement and shall be incorporated herein by this reference
(each, a “Unit Designation”). 
 (c) Manager as Member. So long as the Manager holds Units, the Manager shall
be a Member, and have all of the rights of a Member holding the same class or series of Units hereunder with respect to the Units held by the Manager. 

(d) No Preemptive Rights. Except as expressly provided in this Agreement, no Person, including, without limitation, any Member
or Assignee, shall have any preemptive, preferential, participation or similar right or rights to subscribe for or acquire any Membership Interest. 

(e) Additional Members. The Manager is authorized to admit one or more Additional Members to the Company from time to time, in
accordance with and subject to the other terms and conditions of this Agreement (including Sections 4.2(b), 4.3, 7.3 and 12.1), on terms and conditions and for such Capital Contributions as may be established by the Manager in its good
faith discretion. The Consent of the Class A Members shall not be required in connection with the admission of any Additional Member. The provisions of Section 12.1 shall also govern the acquisition by the Company in
the future of additional Assets by means of Capital Contributions by other Persons, which Capital Contributions shall be set forth in the books and records of the Company. As a condition to being admitted to the Company, each Additional Member shall
execute an agreement to be bound by the terms and conditions of this Agreement in form and substance reasonably acceptable to the Manager. A transferee of all or a portion of a Member’s interest may be admitted as a Substituted Member pursuant
to Section 11.3. 
 Section 4.3 Additional Funds and Capital Contributions. 

(a) Generally. The Manager may, at any time and from time to time, if it determines in good faith that the Company requires
additional funds (“Additional Funds”) to refinance any Debt, for the acquisition of any Assets, the development of any Assets, to pay any operating, capital or other expenses, or for such other purposes as the Manager may determine,
in each such case, that are not otherwise prohibited under this Agreement, and cause the Company to obtain such Additional Funds pursuant to and in accordance with this Section 4.3. 

(b) Capital Contributions. The Manager, on behalf of the Company, may obtain any Additional Funds by requiring cash Capital
Contributions only from the Members holding Class B Units. In connection with any such Capital Contribution, the Manager is authorized to cause the Company to issue additional Class B Units in consideration therefor pursuant to
Section 4.2. 

  
 16 

 (c) Loans by Third Parties. The Manager, on behalf of the Company, may obtain any
Additional Funds for the Company by causing the Company to incur Debt to any Person (other than, except as permitted by Section 4.3(d), the Manager, the Parent, any Member or any of their respective Affiliates) upon such terms as the Manager
determines in good faith are appropriate; provided, however, that the Company shall not incur any such Debt if any Member would be personally liable for the repayment of such Debt or would require an Affiliate thereof to provide a guaranty or
other credit enhancement (unless such Member otherwise agrees in writing). 
 (d) Manager Loans. Subject to
Section 7.3 hereof, the Manager, on behalf of the Company, may obtain any Additional Funds for the Company by causing the Company to incur Debt with the Manager, any Special Member or any of their Affiliates (each, a
“Manager Loan”). Subject to Section 7.3, a Manager Loan may be secured or unsecured, and the Manager, Special Member or Affiliate that makes a Manager Loan shall be treated as a third party lender to the
Company (with all attendant rights, privileges, and remedies) to the extent that it does so. Each Manager Loan shall be on such terms as the Manager determines in good faith to be fair and reasonable and comparable to terms that could be obtained
from an unaffiliated party in an arm’s length transaction. At the election of the Manager, in lieu of any Manager Loan, the Manager or any Special Member or any of their Affiliates may make a Capital Contribution to the Company and receive, in
exchange therefor, an interest in the Company that entitles it to receive distributions of Available Cash before the payment of distributions pursuant to Section 5.1, in an aggregate amount equal to the amount of such
Capital Contribution, plus a return equal to the amount of interest that would have accrued in respect of such Capital Contribution if it was a Manager Loan. No Manager Loan or equity interest issued pursuant to this Section 4.3(d) shall
require any fixed payment schedule or maturity and any such Manager Loan or equity interest shall only be entitled to be paid out of Available Cash (before deducting any payment in respect of the Manager Loan). Notwithstanding anything to the
contrary in this Agreement, the Company shall not enter into any Manager Loan if any Member would be personally liable for the repayment of such Debt or would require an Affiliate thereof to provide a guaranty or other credit enhancement (unless
such Member otherwise agrees in writing). 
 Section 4.4 No Interest; No Return. Except as expressly provided in Section
4.3(d), no Member shall be entitled to interest on its Capital Contribution or on such Member’s Capital Account. Except as provided herein or by law, no Member shall have any right to demand or receive the return of its Capital Contribution
from the Company. 
 ARTICLE 5 

DISTRIBUTIONS 
 Section 5.1
Distributions of Available Cash. Subject to the terms of any Unit Designation, on each Distribution Date, the Manager shall cause the Company to distribute to the Persons who held Units on the relevant Company Record Date an amount equal to
the Available Cash (if any) generated by the Company during the calendar quarter that ended immediately prior to such Company Record Date, as follows: 

(a) first, to the Holders of Class A Units in accordance with their relative Preferred Return Shortfalls, until the Preferred Return
Shortfall for each such holder is zero; 
 (b) second, to the Holders of Class B Units in accordance with their relative Preferred
Return Shortfalls, until the Preferred Return Shortfall for each such holder is zero; and 
 (c) third, from the Available Cash remaining
after the distributions pursuant to clauses (a) and (b) of this Section 5.1, the Applicable Class A Percentage of such Available Cash shall be distributed to the Holders of Class A Units in
accordance with their respective Percentage Interests of the Class A Units, and the remainder of such Available Cash shall be distributed to the Holders of Class B Units in accordance with their respective Percentage Interests of the
Class B Units; 
 provided, however, that the Manager may, in its discretion, elect to defer (other than in the case of a distribution pursuant
to Section 13.2(a)(ii)) any or all of the distributions of Available Cash otherwise required pursuant to clause (b) or (c) of this Section 5.1. 

  
 17 

 Section 5.2 Special Advance Distributions. For each Company Year, the Manager shall
make quarterly cash distributions to the Class A Members (in an equal amount per Class A Unit owned) in an aggregate amount (the “Special Class A Distribution Amount”) so that each
Class A Member receives an aggregate amount (after taking into account all distributions previously received by such Class A Member during the Company Year pursuant to Section 5.1 and this
Section 5.2) that is at least equal to its Annual Income Tax Liability (as reasonably estimated each quarter). All distributions made to Members pursuant to this Section 5.2 shall be treated as
advance distributions and shall be taken into account in determining the amount subsequently distributable to Members under Section 5.1 or Section 13.2(a)(ii). If, on a Distribution Date, the Available
Cash generated by the Company during the calendar quarter that ended immediately prior to the related Record Date in which Special Advance Distributions are payable is not enough to enable the Company to make the Special Advance Distributions
required by this Section 5.2, then the Manager shall make Manager Loans (structured to qualify as debt for U.S. federal income tax purposes) to the Company, arrange for Capital Contributions from Members holding
Class B Units, or arrange for the Company to obtain funds from third parties that, in the aggregate, is sufficient to enable the Company to make the required Special Advance Distributions, and shall cause the Company to make the required
Special Advance Distributions to the Members with the proceeds of such Manager Loans, Capital Contributions or other funds obtained by the Company from third parties. When payable, the Special Advance Distributions shall be made on a quarterly
basis. 
 Section 5.3 Distributions in Kind. No Holder may demand to receive property other than cash as provided in this
Agreement. The Manager may cause the Company to make a distribution in kind of Company assets or Units to the Holders, and such assets or Units 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, 10 and 13 hereof. 
 Section 5.4 Amounts Withheld. All amounts
withheld pursuant to the Code or any provisions of any state or local tax law and Section 10.4 hereof with respect to any allocation, payment or distribution to any Holder shall be treated as amounts paid or distributed to
such Holder pursuant to Section 5.1 hereof for all purposes under this Agreement. 
 Section 5.5
Distributions upon Liquidation. Notwithstanding the other provisions of this Article 5, upon the occurrence of a Liquidating Event, the assets of the Company shall be distributed to the Holders in accordance with
Section 13.2 hereof. 
 Section 5.6 Calculation of Distributions. In calculating all distributions
payable to any holders of Units, the Manager shall round the amount per unit to the nearest whole cent ($0.01), with one-half cent rounded upward. 

Section 5.7 Restricted Distributions. Notwithstanding any provision to the contrary contained in this Agreement, neither the
Company nor the Manager, on behalf of the Company, shall make a distribution to any Holder if such distribution would violate the Act or other applicable law. 

Section 5.8 Limitation. No distributions from the Company to any Member shall be made other than pursuant to the provision of this
Article 5 and Section 13.2 hereof. 
 ARTICLE 6 

ALLOCATIONS 
 Section 6.1
Timing and Amount of Allocations of Net Income and Net Loss. Net Income and Net Loss of the Company shall be determined and allocated with respect to each Company Year as of the end of each such year. Except as otherwise provided in this
Article 6, and subject to Section 11.5(c) and Section 12.1(c) hereof, an allocation to a Holder of a share of Net Income or Net Loss shall be treated as an allocation of the same share of each item of income, gain, loss or
deduction that is taken into account in computing Net Income or Net Loss. 
 Section 6.2 General Allocations. Subject to the
other provisions of this Article 6, and any Unit Designation, the Net Income and Net Loss and, to the extent necessary, individual items of income, gain, loss, credit and deduction, for any Company Year shall be allocated among the Members in
a manner such that the Capital Account balance of each Member immediately after making such allocation is, as nearly as possible, equal to the distributions that would be made to such Member pursuant to Section 13.2(a)(ii) if the Company were
dissolved, its affairs wound up and its assets sold for cash equal to their Gross Asset Value, all Company liabilities were satisfied (limited with respect 

  
 18 

 
to each nonrecourse liability to the Gross Asset Value of the asset securing such liability), and the net assets of the Company were distributed in accordance with Section 13.2(a)(ii) to
the Members immediately after making such allocation; provided, however, that notwithstanding the foregoing, the Net Income and Net Loss (and, to the extent necessary, individual items thereof) that otherwise would be allocated to the
Class A Units and/or Class B Units, collectively, in accordance with the foregoing shall be allocated as follows: (i) first, to the Holders of Class A Units, an amount of Net Income or Net Loss (or, if necessary, individual items
thereof) in an amount equal to the amount that would have been allocated to them by the Operating Company had they effected a Redemption of their Class A Units in exchange for OP Units, with such amount allocated pro rata among the Holders of
Class A Units in proportion to their Class A Units, and (ii) the balance, if any, to Holders of Class A Units, pro rata in proportion to their ownership of Class A Units, in an amount equal to the Applicable Class A
Percentage of such balance and the remainder to Holders of Class B Units, pro rata in proportion to their ownership of Class B Units. It is intended that the provisions of this Article 6 will result in allocations to the Holders of
Class A Units that are (except to the extent attributable to allocations with respect to the Applicable Class A Percentage under clause (ii)), as nearly as possible, the same as the allocations that would be made by the Operating Company
with respect to an equivalent amount of OP Units (and assuming such OP Units were received in a Redemption of such Class A Units). Notwithstanding anything to the contrary in this Agreement, in the event the Manager shall determine, in its
reasonable discretion, that it is prudent to modify the manner in which any allocations to and among the Holders of Class A Units and the Holders of Class B Units are made under this Agreement in order to effectuate such intention, the
Manager may make such modification. 
 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 hereof, or any other provision of this Article 6, if there is a net decrease in Company Minimum Gain during any
Company Year, each Holder shall be specially allocated items of Company 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 Company 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 Regulations Section 1.704-2(f) and shall be interpreted consistently therewith. 

(ii) Member Minimum Gain Chargeback. Except as otherwise provided in Regulations Section 1.704-2(i)(4) or in Section 6.3(a)(i) hereof, if there is a net decrease in Member Minimum Gain attributable to a Member Nonrecourse Debt during any Company Year, each Holder who has a share of the Member
Minimum Gain attributable to such Member Nonrecourse Debt, determined in accordance with Regulations Section 1.704-2(i)(5), shall be specially allocated items of Company income and gain for such year (and, if
necessary, subsequent years) in an amount equal to such Holder’s respective share of the net decrease in Member Minimum Gain attributable to such Member 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 Regulations Section 1.704-2(i), and shall be interpreted consistently therewith. 

(iii) Nonrecourse Deductions and Member Nonrecourse Deductions. Any Nonrecourse Deductions for any Company Year
shall be specially allocated to the Class A Members and Class B Members in accordance with the Applicable Class A Percentage and the Applicable Class B Percentage, respectively, and within each such class, to the Holders of Units
of such class in accordance with their Percentage Interests in such class. Any Member Nonrecourse Deductions for any Company Year shall be specially allocated to the Holder(s) who bears the economic risk of loss with respect to the Member
Nonrecourse Debt to which such Member Nonrecourse Deductions are attributable, in accordance with Regulations Section 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 Company 

  
 19 

 
income and gain shall be allocated, in accordance with Regulations Section 1.704-1(b)(2)(ii)(d), to such Holder in an amount and manner sufficient to
eliminate, to the extent required by such Regulations, the Adjusted Capital Account Deficit of such Holder as quickly as possible, 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 the 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 Section 1.704-1(b)(2)(ii)(d), and shall be interpreted consistently
therewith. 
 (v) Gross Income Allocation. If any Holder has a deficit Capital Account at the end of any
Company Year that is in excess of the sum of (1) the amount (if any) that such Holder is obligated to restore to the Company upon complete liquidation of such Holder’s Membership Interest, and (2) the amount that such Holder is deemed
to be obligated to restore pursuant to the penultimate sentences of Regulations Sections 1.704-2(g)(1) and 1.704-2(i)(5), each such Holder shall be specially allocated
items of Company income and gain in the amount of such excess to eliminate such deficit 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) hereof were not in the Agreement.

 (vi) Limitation on Allocation of Net Loss. To the extent that any allocation of Net Loss would cause or
increase an Adjusted Capital Account Deficit as to the Holder of Units of any class, such allocation of Net Loss shall be reallocated among the other Holders of Units of that same class, in accordance with their Percentage Interests in such class of
Units, and thereafter in the discretion of the Manager, in each case, subject to the limitations of this Section 6.3(a)(vi). 

(vii) Section 754 Adjustment. To the extent that an adjustment to the adjusted tax basis of any Company 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 a result of a distribution to a Holder of Units in complete liquidation of its interest in the Company, 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 (A) the Holders,
in the event that Regulations Section 1.704-1(b)(2)(iv)(m)(2) applies, in the same manner in which the unrealized gain or loss that is displaced by such adjustment would have been allocated if the property the
basis of which is adjusted were sold immediately prior to such adjustment for its recomputed adjusted tax basis or (B) to the Holder(s) to whom such distribution was made in the event that Regulations Section
1.704-1(b)(2)(iv)(m)(4) applies. 
 (viii) Curative Allocations. The
allocations set forth in Section 6.3(a)(i), (ii), (iii), (iv), (v), (vi) and (vii) hereof (the “Regulatory Allocations”) are intended to comply with certain regulatory requirements, including the requirements of
Regulations Sections 1.704-1(b) and 1.704-2. Notwithstanding the provisions of Section 6.1 hereof, the Regulatory Allocations shall be taken
into account in allocating other items of income, gain, loss and deduction among the Holders of Units so that, to the extent possible without violating the requirements giving rise to the Regulatory Allocations, the net amount of such allocations of
other items and the Regulatory Allocations to each Holder shall be equal to the net amount that would have been allocated to each such Holder of a Unit if the Regulatory Allocations had not occurred. 

(b) Allocation of Excess Nonrecourse Liabilities. All “excess nonrecourse liabilities” of the Company (other than in respect
of Legacy Assets) within the meaning of Regulations Section 1.752-3(a)(3) shall be allocated to the Holders of Class A Units and Holders of Class B Units in accordance with the Applicable
Class A Percentage and the Applicable Class B Percentage, respectively, and within each such class of Units, to the Holders of such class of Units in accordance with their Percentage Interests in such class. 

Section 6.4 Tax Allocations. 

(a) In General. Except as otherwise provided in this Section 6.4, for income tax purposes under the Code and
the Regulations, each Company 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 hereof. 
 (b) Section 704(c) Allocations. Notwithstanding Section
6.4(a) hereof, Tax Items with respect to an Asset that is contributed to the Company with a Gross Asset Value that varies from its basis in the hands of the contributing Member immediately preceding the date of contribution shall be allocated
among the Holders for income tax purposes pursuant to Regulations promulgated under Code Section 704(c) so as to take into account such variation. The Company shall account for such variation under the traditional method, as described in Regulations
Section 1.7043(b). If the Gross Asset Value of any Company asset is adjusted pursuant to subsection (ii) of the definition of “Gross Asset Value,” 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 Code Section 704(c) and the applicable Regulations and using the traditional method, as described in Regulations Section 1.704-3(b). 

  
 20 

 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 Company are and shall
be exclusively vested in the Manager, and no Member shall have any right to participate in or exercise control or management power over the business and affairs of the Company. No Manager may be removed by the Members, with or without cause, except
with the consent of the Manager. In addition to the powers now or hereafter granted a manager of a limited liability company under applicable law or that are granted to the Manager under any other provision of this Agreement, the Manager, subject to
the other provisions hereof, including Section 7.3, shall have full and exclusive power and authority to conduct or authorize the conduct of the business of the Company, to exercise or direct the exercise of all powers of
the Company and the Manager under the Act and this Agreement and to effectuate the purposes of the Company, including, without limitation, to cause the Company to enter into agreements or engage in transactions with affiliates of the Company or the
Manager, issue additional Membership Interests, make distributions, sell, pledge, lease, mortgage or otherwise dispose of its assets, form and conduct all or any portion of its business and affairs through subsidiaries or joint ventures of any form,
incur or guarantee debt for any purpose and obtain and maintain casualty, liability and other insurance on the Property and liability insurance for the Indemnitees hereunder. The Manager is authorized to cause or effect a merger, consolidation or
conversion of the Company in accordance with Section 14.3. 
 (b) Except as provided in
Section 7.3 hereof, the Manager is authorized to execute and deliver any affidavit, agreement, certificate, consent, instrument, notice, power of attorney, waiver or other writing or document in the name and on behalf of
the Company and to otherwise exercise any power of the Manager under this Agreement and the Act without any further act, approval or vote of the Members or any other Persons and, in the absence of any specific action on the part of the Manager to
the contrary, the taking of any action or the execution of any such document or writing by a manager, member, director or officer of the Manager, in the name and on behalf of the Manager, in its capacity as the manager of the Company, shall
conclusively evidence (i) the approval thereof by the Manager, in its capacity as the manager of the Company, (ii) the Manager’s determination that such action, document or writing is necessary or desirable to conduct the business and
affairs of the Company, exercise the powers of the Company under the Act and this Agreement or effectuate the purposes of the Company, or any other determination by the Manager required by this Agreement in connection with the taking of such action
or execution of such document or writing, and (iii) the authority of such manager, member, director or officer with respect thereto. 

(c) The Manager may, from time to time as it deems advisable, appoint officers of the Company and assign titles (including, without
limitation, President, Vice President, Secretary, and Treasurer) to any such person. The Manager may delegate to such officers such power and authority as the Manager deems advisable, including the power, acting individually or jointly, to represent
and bind the Company in all matters, in accordance with the scope of their respective duties. Each officer shall hold office until his successor is designated by the Manager or until his earlier death, resignation or removal. Any officer may resign
at any time upon written notice to the Manager. Any officer may be removed by the Manager with or without cause at any time. A vacancy in any office occurring because of death, resignation, removal or otherwise, may, but need not, be filled by the
Manager. 
 (d) At all times from and after the date hereof, the Manager may (subject to the proviso at the end of the first sentence in the
definition of “Available Cash”) cause the Company to establish and maintain working capital and other reserves in such amounts as the Manager, in its sole and absolute discretion, deems appropriate and reasonable from time to time. 

  
 21 

 Section 7.2 Certificate of Formation. To the extent that such action is determined by
the Manager to be reasonable and necessary or appropriate, the Manager shall file amendments to and restatements of the Certificate and do all the things to maintain the Company as a limited liability company under the laws of the State of Delaware
and each other state, the District of Columbia or any other jurisdiction, in which the Company may elect to do business or own property. The Manager shall deliver or mail a copy of the Certificate or any amendment thereto to each Member. The Manager
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 liability company in the State of
Delaware and any other state, or the District of Columbia or other jurisdiction, in which the Company may elect to do business or own property. 

Section 7.3 Restrictions on Manager’s Authority. 

(a) The Manager may not take any action in contravention of this Agreement, including, without limitation: 

(i) any action that would make it impossible to carry on the ordinary business of the Company (including through its
Subsidiaries), except as otherwise provided in this Agreement; 
 (ii) admitting a Person as a Member, except as otherwise
provided in this Agreement; 
 (iii) performing any act that would subject a Member to liability, except as provided herein
or under the Act; or 
 (iv) entering into any contract, mortgage, loan or other agreement that expressly prohibits or
restricts (a) the Operating Company or the Company from performing its specific obligations under Section 15.1 hereof, or (b) a Member from exercising its rights under Section 15.1 hereof
to effect a Redemption, except, in either case, with the written consent of such Member affected by the prohibition or restriction. 
 (b)
The Manager shall not, without the Consent of the Class A Members, undertake on behalf of the Company, or enter into any transaction that would have the effect of, any of the following actions: 

(i) except as provided in Section 7.3(c) hereof, amend, modify or terminate this Agreement; 

(ii) except as otherwise permitted by this Agreement, including Section 7.10 or Section
14.3(b), voluntarily withdraw as a manager of the Company or admit into the Company any additional or successor Manager; 

(iii) make a general assignment for the benefit of creditors or appoint or acquiesce in the appointment of a custodian,
receiver or trustee for all or any part of the assets of the Company; 
 (iv) institute any proceeding for bankruptcy on
behalf of the Company; 
 (v) effect a merger or consolidation of the Company with or into any corporation, limited liability
company, partnership or other Person, or a conversion of the Company into a corporation, partnership or any other entity, other than as permitted in Section 14.3; or 

(vi) effect a sale, lease, exchange or other transfer of all or substantially all of the assets of the Company not in the
ordinary course of business, whether in a single transaction or a series of related transactions, other than as permitted in Section 14.3(b); provided, however, that the foregoing will not limit the ability of the Manager to authorize the
Company to mortgage, pledge, hypothecate or grant a security interest in all or substantially all of the assets of the Company without the approval of any Member. 

  
 22 

 (c) Notwithstanding Section 7.3(b) hereof but subject to Section 7.3(d), the
Manager shall have the power, without the Consent of any Members, to amend this Agreement as may be required to facilitate or implement any of the following purposes: 

(i) to add to the obligations of the Manager or surrender any right or power granted to the Manager or any Affiliate of the
Manager for the benefit of the Members; 
 (ii) to reflect the admission, substitution or withdrawal of Members, the Transfer
of any Membership Interest or the termination of the Company in accordance with this Agreement, and to amend the Register in connection with such admission, substitution, withdrawal or Transfer; 

(iii) to reflect a change that is of an inconsequential nature or does not adversely affect the Members 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; 
 (iv) 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; 
 (v)
to modify either or both of the manner in which items of Net Income or Net Loss are allocated pursuant to Article 6 or the manner in which Capital Accounts are adjusted, computed or maintained (but in each case only to the extent set
forth in the definition of “Capital Account” or as contemplated by the Code or the Regulations); 
 (vi) to reflect
the issuance of additional Membership Interests pursuant to and in accordance with Article 4; 
 (vii) to set forth or
amend (to the extent permitted by Section 7.3(d)) any designations, preferences, conversion, participation, redemption, optional or other rights, powers or duties of any Units issued pursuant to Article 4; 

(viii) if the Company is the Surviving Company in any Termination Transaction, to modify Section 15.1
or any related definitions to provide the holders of interests in such Surviving Company rights that are consistent with Section 11.6(c)(v); 

(ix) to modify Section 4.4 as the Manager, in its sole discretion, deems necessary or desirable as a
result of the Parent, the Operating Company or the Company adopting, modifying or terminating any equity incentive plan for the benefit of employees, directors or other business associates of the Parent, the Operating Company, the Company or any of
their Affiliates; 
 (x) to reflect any other modification to this Agreement that is reasonably necessary for the business or
operations of the Company, the Operating Company or the Parent and that does not violate Section 7.3(d); and 
 (xi)
to implement the New Partnership Audit Procedures and make additional changes that the Manager, in its reasonable discretion (taking into account the interests of all of the Members), deems necessary or desirable as a result of the New Partnership
Audit Procedures; provided that (A) the Manager has consulted with the Significant Members in accordance with Section 10.2(b) and (B) the changes do not modify clauses (ii) or (iii) of the proviso in Section
10.2(a). The Members hereby acknowledge that any such amendment may have a disproportionate impact on some Members or an adverse impact on some Members but not other Members. 

(d) Notwithstanding Sections 7.3(b), 7.3(c) and Article 14 hereof, this Agreement shall not be amended, and no action may be
taken by the Manager, without the consent of each Member, if any, adversely affected thereby, if such amendment or action would (i) modify the limited liability of a Member, (ii) adversely alter the rights of any Member to receive the
distributions to which such Member is entitled pursuant to Article 5 or Section 13.2(a) hereof, or alter the allocations specified in Article 6 hereof (except, in any case, as permitted pursuant to
Section 4.2, Section 4.3(d) or Section 7.3(c) hereof), (iii) alter or modify in a manner that adversely affects any Member the 

  
 23 

 
Redemption rights set forth in Section 15.1 hereof, or amend or modify any related definitions, or (iv) amend this Section 7.3(d); provided, however, that
(x) the consent of any individual Member adversely affected shall not be required for any amendment or action that affects all Members holding the same class or series of Units on a uniform or pro rata basis, if approved by Members holding a
majority of the outstanding Units of such class or series and (y) notwithstanding anything in the foregoing clause (x) to the contrary, any amendment of Article 6 or Article 10 that would adversely affect a Member shall
require the consent of such Member. Further, no amendment may alter the restrictions on the Manager’s authority set forth elsewhere in this Section 7.3 without the consent specified therein. Any such amendment or
action consented to by any Member shall be effective as to that Member, notwithstanding the absence of such consent by any other Member. 

Section 7.4 Reimbursement of the Manager. The Manager shall not be compensated for its services as manager of the Company except
as provided in this Agreement (including the provisions of Articles 5 and 6 hereof regarding distributions, payments and allocations to which it may be entitled in its capacity as a Member). Subject to Section 16.12,
the Company shall be liable for, and shall reimburse the Manager on a monthly basis, or such other basis as the Manager may determine, for all sums expended in connection with the Company’s business. Such reimbursements shall be in addition to
any reimbursement of the Manager as a result of indemnification pursuant to Section 7.7 hereof. To the extent practicable, Company expenses shall be billed directly to and paid by the Company and, subject to
Section 16.12 hereof, reimbursements to the Manager by the Company pursuant to this Section 7.4 shall be treated as “guaranteed payments,” within the meaning of Code Section 707(c)
(unless otherwise required by the Code and the Regulations) and shall not be treated as distributions hereunder. 
 Section 7.5
Outside Activities of the Manager and its Affiliates. The Manager shall devote to the Company such time as it reasonably deems necessary for the performance of the Manager’s duties hereunder. The Manager and its Affiliates shall be
permitted to purchase, own, operate, manage and otherwise deal with and profit from any property, real, personal or mixed, not owned by the Company for their own account and benefit, whether or not competitive with the business and affairs of the
Company, and neither the Company, any Member, or any other Person shall have any right, claim, interest or cause of action therein or as a result thereof. Without limiting the generality of the above, nothing in this Agreement shall obligate the
Manager or its Affiliates to first offer the Company an opportunity to invest in any investment that has been offered to or found by the Manager or its Affiliates, whether or not such investment is of a nature that may be invested in by the Company
or would compete directly or indirectly with the business of the Company. The Members hereby acknowledge that Affiliates of the Manager currently own a variety of real estate investments and may in the future acquire additional real estate
investments that may be competitive with the business of the Company. 
 Section 7.6 Transactions with Affiliates. The Company
may lend or contribute funds or other assets to the Parent, the Manager and their Subsidiaries or other Persons in which the Parent or the Manager has an equity investment, and such Persons may borrow funds from the Company, on terms and conditions
no less favorable to the Company in the aggregate than would be available from unaffiliated third parties, as determined by the Manager. The foregoing authority shall not create any right or benefit in favor of any Subsidiary or any other Person. It
is expressly acknowledged and agreed by each Member that the Parent may (i) borrow funds from the Company in order to redeem, at any time or from time to time, options or warrants previously or hereafter issued by the Parent, (ii) put to
the Company, for cash, any rights, options, warrants or convertible or exchangeable securities that the Parent may desire or be required to purchase or redeem, or (iii) borrow funds from the Company to acquire assets that will be contributed to
the Company for Units. Except as provided in Section 7.5 hereof, the Company may transfer assets to joint ventures, limited liability companies, partnerships, corporations, business trusts or other business entities in
which it is or thereby becomes a participant upon such terms and subject to such conditions consistent with this Agreement and applicable law. The Parent, the Manager and their respective Affiliates may sell, transfer or convey any property to the
Company, directly or indirectly, on terms and conditions no less favorable to the Company, in the aggregate, than would be available from unaffiliated third parties, as determined by the Manager. 

Section 7.7 Indemnification. 

(a) To the fullest extent permitted by applicable law, the Company shall indemnify each Indemnitee from and against any and all losses,
claims, damages, liabilities, joint or several, expenses (including, without limitation, attorney’s fees and other legal fees and expenses), judgments, fines, settlements and other amounts arising from any and all claims, demands, actions,
suits or proceedings, civil, criminal, administrative or investigative, that relate to the operations of the Company (“Actions”), as set forth in this Agreement, in which such Indemnitee may be involved, or is threatened to be
involved, as a party or otherwise; provided, however, that the Company shall not 

  
 24 

 
indemnify an Indemnitee for any Action initiated by the Indemnitee (other than an Action to enforce such Indemnitee’s rights to indemnification or advance of expenses under this
Section 7.7). 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 Company or any Subsidiary of the Company
(including, without limitation, any indebtedness which the Company or any Subsidiary of the Company has assumed or taken subject to), and the Manager is hereby authorized and empowered, on behalf of the Company, 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. It is the intention of this Section 7.7(a) that, except as
specifically provided in this Section 7.7, the Company indemnify each Indemnitee to the fullest extent permitted by law. 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) unless such judgment, order or settlement specifically addresses whether the Indemnitee met the requisite standard of conduct. The termination of
any proceeding by conviction of an Indemnitee or upon a plea of nolo contendere or its equivalent by an Indemnitee, or an entry of an order of probation against an Indemnitee prior to judgment, does not create a presumption that such Indemnitee
acted in a manner contrary to that specified in this Section 7.7(a) with respect to the subject matter of such proceeding. Any indemnification pursuant to this Section 7.7 shall be made only out of the assets of the
Company, and neither the Manager nor any other Holder shall have any obligation to contribute to the capital of the Company or otherwise provide funds to enable the Company to fund its obligations under this Section 7.7.

 (b) To the fullest extent permitted by law, expenses incurred by an Indemnitee who is a party to a proceeding or otherwise subject to or
the focus of or is involved in any Action shall be paid or reimbursed by the Company as incurred by the Indemnitee in advance of the final disposition of the Action upon receipt by the Company 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 Company, as authorized in Section 7.7(a), 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, provided that such undertaking need not be secured and shall be without reference to the financial ability for repayment. 

(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 or as a matter of law, and shall continue as to an Indemnitee who has ceased to serve in such capacity and shall inure to the benefit of the heirs, successors, assigns and administrators of the
Indemnitee unless otherwise provided in a written agreement with such Indemnitee or in the writing pursuant to which such Indemnitee is indemnified. 

(d) The Company may, but shall not be obligated to, purchase and maintain insurance, on behalf of any of the Indemnitees and such other
Persons as the Manager shall determine, against any liability that may be asserted against or expenses that may be incurred by such Person in connection with the Company’s activities, regardless of whether the Company would have the power to
indemnify such Person against such liability under the provisions of this Agreement. 
 (e) Any liabilities which an Indemnitee incurs as a
result of acting on behalf of the Company, the Manager or the Parent (whether as a fiduciary or otherwise) in connection with the operation, administration or maintenance of an employee benefit plan or any related trust or funding mechanism (whether
such liabilities are in the form of excise taxes assessed by the IRS, penalties assessed by the Department of Labor, restitutions to such a plan or trust or other funding mechanism or to a participant or beneficiary of such plan, trust or other
funding mechanism, or otherwise) shall be treated as liabilities or judgments or fines under this Section 7.7. 

(f) In no event may an Indemnitee subject any of the Holders 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

  
 25 

 
not in any way affect the Company’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) It is the intent of the parties that any amounts paid by the Company to the Manager or any Special Member pursuant to this
Section 7.7 shall be treated as “guaranteed payments,” within the meaning of Code Section 707(c). 

Section 7.8 Liability of the Manager. 

(a) To the maximum extent permitted under the Act, the only duties that the Manager owes to the Company, any Member or any other Person
(including any creditor of any Member or assignee of any Membership Interest) are to perform its contractual obligations as expressly set forth in this Agreement. The Manager, in its capacity as such, shall have no other duty, fiduciary or
otherwise, to the Company, any Member or any other Person (including any creditor of any Member or any assignee of a Membership Interest). The provisions of this Agreement shall create contractual obligations of the Manager only, and no such
provisions shall be interpreted to create any fiduciary duties of the Manager. 
 (b) The Members agree that the Manager is acting for the
benefit of the Company and the Members. 
 (c) In exercising its authority under this Agreement, the Manager may, but shall be under no
obligation to, take into account the tax consequences to any Member of any action taken (or not taken) by it. Except as otherwise agreed by the Company, the Manager and the Company shall not have liability to a Member under any circumstances as a
result of any income tax liability incurred by such Member as a result of an action (or inaction) by the Manager or the Company pursuant to the Manager’s authority under this Agreement. 

(d) Subject to its obligations and duties as Manager set forth in this Agreement and applicable law, the Manager may exercise any of the
powers granted to it by this Agreement and perform any of the duties imposed upon it hereunder either directly or by or through its employees or agents, including the Development Manager pursuant to the Development Management Agreement. The Manager
shall not be responsible to the Company or any Member for any misconduct or negligence on the part of any such employee or agent appointed by it in good faith. 

(e) In performing its duties under this Agreement and the Act, the Manager shall be entitled to rely on the provisions of this Agreement and
on any information, opinion, report or statement, including any financial statement or other financial data or the records or books of account of the Company or any subsidiary of the Company, prepared or presented by an officer, employee or agent of
the Manager or any agent of the Company or any such subsidiary, or by a lawyer, certified public accountant, appraiser or other person engaged by the Company as to any matter within such person’s professional or expert competence, and any act
taken or omitted to be taken in reliance upon any such information, opinion, report or statement as to matters that the Manager 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. The Manager shall be entitled to rely on the advice of legal counsel, independent public accountants and other experts, including financial advisors, and any act of or
failure to act by the Manager in reliance on such advice shall not subject the Manager to liability to the Company or any Member. The Manager 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. 

(f) Notwithstanding anything herein to the contrary, except pursuant to any express indemnities given to the Company by the Manager pursuant
to any other written instrument, the Manager shall not have any personal liability whatsoever, to the Company or to the other Members, for any action or omission taken in good faith by the Manager in its capacity as the Manager or for the debts or
liabilities of the Company or the Company’s obligations hereunder. Without limitation of the foregoing, and except pursuant to any such express indemnity, no property or assets of the Manager, other than its interest in the Company, shall be
subject to levy, execution or other enforcement procedures for the satisfaction of any judgment (or other judicial process) in favor of any other Member(s) and arising out of, or in connection with, this Agreement. The foregoing is not intended to
limit any liability or obligation of the Operating Company pursuant to Section 15.1. 

  
 26 

 (g) No manager, member, director, officer, employee, agent or representative of the Manager or
the Parent (in their respective capacities as such) shall have any duties to the Company or any Member. No manager, member, director, officer or agent of the Manager or the Parent shall be liable to the Company or any Member for money damages by
reason of their service as such. 
 (h) Subject to Section 7.8(a), but notwithstanding any other provision of this Agreement or
otherwise applicable provision of law or equity, whenever in this Agreement the Manager is permitted or required to make a decision or take an action (i) in its “sole discretion” or “discretion” or under a similar grant of
authority or latitude, or without any express standard, in making such decisions, the Manager shall be entitled to take into account such interests and factors as it desires (including its own interests) or (ii) in its “good faith” or
under another expressed standard, the Manager shall act under such express standard and shall not be subject to any other or different standards. 

(i) 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 Manager, or its managers, members, directors, officers or agents, to the Company and the Members 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. 

Section 7.9 Reliance by Third Parties. Notwithstanding anything to the contrary in this Agreement, any Person dealing with the
Company shall be entitled to assume that the Manager has full power and authority, without the consent or approval of any other Member, or Person, to encumber, sell or otherwise use in any manner any and all assets of the Company and to enter into
any contracts on behalf of the Company, and take any and all actions on behalf of the Company, and such Person shall be entitled to deal with the Manager as if it were the Company’s sole party in interest, both legally and beneficially. Each
Member hereby waives any and all defenses or other remedies that may be available against such Person to contest, negate or disaffirm any action of the Manager in connection with any such dealing. In no event shall any Person dealing with the
Manager or its representatives be obligated to ascertain that the terms of this Agreement have been complied with or to inquire into the necessity or expediency of any act or action of the Manager or its representatives. Each and every certificate,
document or other instrument executed on behalf of the Company by the Manager 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 Company, 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 Company. 

Section 7.10 Replacement of the Manager. At any time, the Manager or the Parent may designate the Parent or any Controlled Entity
of the Parent to replace the incumbent Manager as manager of the Company. The Person so designated to become a successor Manager shall be admitted to the Company as the Manager, effective immediately upon the successor Manager executing and
delivering to the Company a counterpart signature page to this Agreement or other written evidence of such successor Manager’s acceptance of all of the terms and conditions of this Agreement. Upon any such admission of any such successor
Manager in accordance with this Section 7.10, (a) the predecessor Manager shall be relieved of its obligations under this Agreement and shall cease to be a manager of the Company without any separate Consent of any Members
or the consent or approval of any Member, and (b) the successor Manager shall promptly notify the Members in writing of such replacement. Any such successor shall carry on the business of the Company without dissolution. If the Manager resigns
from the Company in violation of this Agreement, or otherwise dissolves or terminates or ceases to be the manager of the Company, and the Parent does not replace the Manager within thirty (30) days, then the Parent shall cause the Company to
promptly notify the Members in writing of the same, and Members holding a majority of the outstanding Class A Units may select a successor Manager. 

ARTICLE 8 
 RIGHTS AND OBLIGATIONS
OF MEMBERS 
 Section 8.1 Limitation of Liability. No Member, in its capacity as such, shall have any duties or liability under
this Agreement except as expressly provided in this Agreement (including, without limitation, 

  
 27 

 
Section 10.4 hereof) or under the Act. To the maximum extent permitted by law, no Member, including the Manager, in its capacity as such, shall have any personal
liability whatsoever, to the Company or to the other Members, for any action or omission taken in its capacity as a member or for the debts or liabilities of the Company or the Company’s obligations except pursuant to any express indemnities
given to the Company by such Member pursuant to any other written instrument and except for liabilities of the Manager pursuant to Section 15.1 hereof. Without limitation of the foregoing, and except pursuant to any such express
indemnity (and, in the case of the Manager, pursuant to Section 15.1 hereof), no property or assets of a Member, other than its interest in the Company, shall be subject to levy, execution or other enforcement procedures
for the satisfaction of any judgment (or other judicial process) in favor of any other Member(s) and arising out of, or in connection with, this Agreement. 

Section 8.2 Management of Business. No Member or Assignee (other than the Manager in its separate capacity as the Manager, any of
its Affiliates or any officer, director, manager, member, employee, partner, agent, representative or trustee of the Manager, the Company 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 Company’s business, transact any business in the Company’s name or have the power to sign documents for or otherwise bind the Company. The transaction of any such business by the Manager, any of its
Affiliates or any officer, director, manager, member, employee, partner, agent, representative or trustee of the Manager, the Company or any of their Affiliates, in their capacity as such, shall not affect, impair or eliminate the limitations on the
liability of the Members or Assignees under this Agreement. 
 Section 8.3 Outside Activities of Members. 

(a) Business Activities of Members. Subject to any agreements entered into pursuant to Section 7.6
hereof and any other agreements entered into by a Member or any of its Affiliates with the Manager, the Company or a Subsidiary (including, without limitation, any employment agreement), any Member and any Assignee, officer, director, employee,
agent, representative, trustee, Affiliate, manager, member or stockholder of any Member shall be entitled to have business interests and engage in business activities in addition to those relating to the Company, including business interests and
activities that are in direct or indirect competition with the Company or that are enhanced by the activities of the Company. Neither the Company nor any Member shall have any rights by virtue of this Agreement in any business ventures of any Member
or Assignee. Subject to such agreements, none of the Members nor any other Person shall have any rights by virtue of this Agreement in any business ventures of any other Person (other than the Manager to the extent expressly provided herein), and
such Person shall have no obligation pursuant to this Agreement, subject to Section 7.6 hereof and any other agreements entered into by a Member or its Affiliates with the Manager, the Company or a Subsidiary, to offer any
interest in any such business ventures to the Company, any Member, or any such other Person, even if such opportunity is of a character that, if presented to the Company, any Member or such other Person, could be taken by such Person. 

(b) Member Transactions with Company. Any Member, in its separate capacity, may lend money to the Company or a Subsidiary and
may enter into transactions and other business arrangements of any type with the Company or a Subsidiary on any terms that are agreed to by the Manager. If a Member, in its separate capacity, lends money to the Company or a Subsidiary or enters into
a transaction or other business arrangement with the Company or a Subsidiary, the Member will, for all purposes relating to that loan, transaction or other business arrangement, be treated as an unrelated person and will have the same rights and
priorities the Member would have if it were not a Member. 
 Section 8.4 Return of Capital. Except pursuant to the rights of
Redemption set forth in Section 15.1 hereof, no Member shall be entitled to the withdrawal or return of its Capital Contribution, except to the extent of distributions made pursuant to this Agreement or upon dissolution of
the Company as provided herein. Except to the extent provided in Article 5 or Article 6 hereof or otherwise expressly provided in this Agreement, no Member or Assignee shall have priority over any other Member or Assignee either as to
the return of Capital Contributions or as to profits, losses or distributions. 
 Section 8.5 Confidential Information. The
Manager may keep confidential from the Members (or any of them), for such period of time as the Manager determines to be reasonable, any information the Manager is required by law or by agreement to keep confidential. The Members hereby agree to
keep confidential any information provided by the Manager that the Manager requests. Each Member agrees that, except as otherwise consented to by the Manager, all information furnished to it pursuant to this Agreement or otherwise in its capacity as
a Member, relating to the Company or any of its Subsidiaries or the business of any of them will be kept confidential, will not be used by such 

  
 28 

 
Member, or by any of its agents, representatives, or employees, for any purpose other than evaluating and monitoring the investment in the Company and enforcing rights hereunder, and will not be
disclosed by such Member, or by any of its agents, representatives or employees, in any manner whatsoever, in whole or in part; provided, however, that such obligation to maintain confidentiality shall not apply to (i) any information
that the Parent discloses publicly, including in any press release or report or other filing with the SEC, (ii) any information that becomes generally known after such disclosure through no act of such Member or its employees or agents,
(iii) the disclosure by a Member of information to another Member or such Member’s partners, members, shareholders, officers, agents, board members, trustees, attorneys, employees, prospective transferees permitted hereunder, financial
advisors and other professional advisors (provided that such Persons agree to hold confidential such information), or (iv) the disclosure to any Person of information to the extent such disclosure is required by applicable law, regulations or
legal process. 
 Section 8.6 Company Right to Call Membership Interests. Notwithstanding any other provision of this Agreement,
the Company shall have the right, but not the obligation, at any time, to treat each Holder of a Class A Unit as a Tendering Party who has delivered a Notice of Redemption pursuant to Section 15.1 hereof for all of
such Holder’s Class A Units by notice to each Member that the Company has elected to exercise its rights under this Section 8.6. Such notice given by the Manager to a Member pursuant to this
Section 8.6 shall be treated as if it were a Notice of Redemption delivered to the Manager by such Member. For purposes of this Section 8.6, (a) any Holder (whether or not otherwise a Qualifying
Party) may be treated as a Qualifying Party that is a Tendering Party and (b) no Holder shall be required to provide any written representations (other than the representations set forth in paragraph (c) of Exhibit A hereto), investment
letters, legal opinions or other instruments pursuant to Sections 15.1(b) or 15.1(c)(iii) in connection with such Redemption, and the provisions of Sections 15.1(d)(i), 15.1(d)(ii) and 15.1(e) hereof shall not apply, but
the remainder of Section 15.1 hereof shall apply, mutatis mutandis. 
 Section 8.7 Uniform
Commercial Code Article 8 (Opt-In). All Units issued by the Company shall be securities governed by Article 8 of the Uniform Commercial Code as in effect from time to time in the State of Delaware and
Article 8 of the Uniform Commercial Code as in effect from time to time in any other applicable jurisdiction. If Units are evidenced by certificates, each certificate evidencing Units shall bear the following legend: “This certificate evidences
Units in the Company, which shall be securities governed by Article 8 of the Uniform Commercial Code as in effect from time to time in the State of Delaware and Article 8 of the Uniform Commercial Code as in effect from time to time in any other
applicable jurisdiction.” Any purported amendment to this provision, shall not take effect until all outstanding certificates have been surrendered to the Company for cancellation. 

Section 8.8 Certificates Evidencing Units. The Manager may, at any time, determine that ownership of any class of Units shall be
evidenced by a certificate in such form as the Manager adopts from time to time, which certificate may be imprinted with a legend setting forth such restrictions placed on the Units as specified in this Agreement and such restrictions will be
binding upon all holders of the certificate along with the terms and conditions set forth in this Agreement. If the Manager elects to issue certificates to evidence any class of Units, the following provisions shall apply: (a) the certificate
shall state that the Company is a limited liability company formed under the laws of the State of Delaware, the name of the Member to whom such certificate is issued and that the certificate represents a Membership Interest, within the meaning of
Section 18-702(c) of the Act; (b) each certificate shall be signed by the Manager of the Company by either manual or facsimile signature; (c) the certificates shall be numbered and registered in the
Register as they are issued; (d) when certificates are presented to the Company with a request to register a transfer, if the transfer is permitted by this Agreement, the Company shall register the transfer or make the exchange on the Register
or transfer books of the Company; provided, that any certificates presented or surrendered for registration of transfer or exchange must be duly endorsed or accompanied by a written instrument of transfer in form satisfactory to the Company,
duly executed by the holder thereof or his attorney duly authorized in writing; (e) before due presentment for registration of transfer of a certificate in compliance with and in accordance with this Agreement, the Company shall be entitled to
treat the individual or entity in whose name any certificates issued by the Company stand on the books of the Company as the absolute owner of the Units evidenced thereby, and shall not be bound to recognize any equitable or other claim to, or
interest in, such Units on the part of any other individual or entity; (f) if any mutilated certificate is surrendered to the Company, or the Company receives evidence to its satisfaction of the destruction, loss or theft of any certificate,
the Company shall issue a replacement certificate if the requirements of Section 8-405 of the Uniform Commercial Code are met. If required by the Manager, an indemnity and/or the deposit of a bond in such
form and in such sum, and with such surety or sureties as the Manager may direct, must be supplied by the holder of such lost, destroyed or stolen certificate that is sufficient in the judgment of the Manager to protect the Company from any loss
that it may suffer if a certificate is replaced. The Company may charge for its expenses incurred in connection with replacing a certificate. 

  
 29 

 ARTICLE 9 

BOOKS, RECORDS, ACCOUNTING AND REPORTS 

Section 9.1 Records and Accounting. 

(a) The Manager shall keep or cause to be kept at the principal business office of the Company those records and documents, if any, required
to be maintained by the Act and other books and records deemed by the Manager to be appropriate with respect to the Company’s business, including, without limitation, all books and records necessary to provide to the Members any information,
lists and copies of documents required to be provided pursuant to Section 8.5 or Article 13 hereof. Any records maintained by or on behalf of the Company in the regular course of its business may be kept on any
information storage device, provided that the records so maintained are convertible into clearly legible written form within a reasonable period of time. 

(b) The books of the Company shall be maintained, for financial and tax reporting purposes, on an accrual basis in accordance with generally
accepted accounting principles, or on such other basis as the Manager determines to be necessary or appropriate. To the extent permitted by sound accounting practices and principles, the Company and the Manager may operate with integrated or
consolidated accounting records, operations and principles. 
 Section 9.2 Company Year. The Company Year shall be the calendar
year. 
 Section 9.3 Reports. 

(a) As soon as practicable, but in no event later than thirty (30) days after the close of each month or thirty (30) days after the
close of each calendar quarter, the Manager shall cause to be delivered to each Member of record as of the last day of the month, a report containing unaudited financial statements of the Company. The unaudited financial statements shall consist of
a balance sheet as of the end of each month or quarter as well as a profit and loss statement and cash flow statement for the current month or quarter ended, inclusive of the corresponding year-to-date periods then ended, and such other information as may be required by applicable law or regulation or as the Manager determines to be appropriate. 

(b) The Manager may satisfy its obligations under Section 9.3(a) by posting or making available the reports specified in such sections
on a website maintained by the Manager or the Parent, or through the Parent’s filing of annual and quarterly reports with the SEC. 

(c) The Manager will provide each Member with any additional financial information reasonably requested by such Member in connection with the
preparation of financial statements or reports for the Member or its parent corporation. 
 ARTICLE 10 

TAX MATTERS 
 Section 10.1
Preparation of Tax Returns. The Manager shall arrange for the preparation and timely filing of all returns with respect to Company income, gains, deductions, losses and other items required of the Company for federal and state income tax
purposes and shall use all reasonable effort to furnish, within one hundred and twenty (120) days of the close of each taxable year, the tax information reasonably required by Members for federal and state income tax and any other tax reporting
purposes. The Members shall promptly provide the Manager with such information relating to the Contributed Properties, including tax basis and other relevant information, and any other information relevant to tax status or tax reporting of the
Company or its Subsidiaries, as may be reasonably requested by the Manager from time to time. 
 Section 10.2 Tax Elections.

 (a) Except as otherwise provided herein, the Manager shall determine whether to make any available election pursuant to the Code,
provided, however, that (i) the Manager shall make the election under Code Section 754 for the first Company Year ending after the date of this Agreement, (ii) the Manager shall not make an election to apply the New Partnership
Audit Procedures prior to the effective date of the New Partnership Audit Procedures and (iii) the Manager shall make an election to not apply the New Partnership Audit Procedures to the extent the Company is eligible to make such an election.

 (b) The Manager agrees to consult with the Significant Members prior to making any amendment to this Agreement pursuant to Section
7.3(c)(xi). 

  
 30 

 Section 10.3 Tax Matters Member. 

(a) The Manager shall be the “tax matters partner” and “partnership representative” of the Company for federal income tax
purposes (collectively, the “Tax Matters Member”). The Tax Matters Member shall receive no compensation for its services. All third-party costs and expenses incurred by the Tax Matters Member in performing its duties as such
(including legal and accounting fees and expenses) shall be borne by the Company. Nothing herein shall be construed to restrict the Company from engaging an accounting firm or other qualified tax advisor to assist the Tax Matters Member in
discharging its duties hereunder. Prompt notice shall be given to each of the Members upon the receipt of advice that the Internal Revenue Service or other taxing authority intends to examine any income tax return or records or books of the Company
and/or initiate any litigation or administrative proceedings relating thereto. At the request of any Member, the Manager agrees to inform such Member regarding the preparation and filing of any returns and with respect to any subsequent audit or
litigation relating to such returns including, without limitation, keeping such Member informed as to the status of any such audit and/or litigation or administrative proceedings and any settlement negotiations relating thereto; provided,
however, that the Manager shall have the exclusive power to determine whether to file, and the content of, such returns. 
 (b) The Tax
Matters Member is authorized, but not required: 
 (i) to enter into any settlement with the Internal Revenue Service with
respect to any administrative or judicial proceedings for the adjustment of Company items required to be taken into account by the Company or a Member 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 Member may expressly state that such agreement shall bind all Members, except that such
settlement agreement shall not bind any Member (A) who (within the time prescribed pursuant to the Code and Regulations) files a statement with the Internal Revenue Service providing that the Tax Matters Member shall not have the authority to
enter into a settlement agreement on behalf of such Member (as the case may be) or (B) who is a “notice partner” (as defined in Code Section 6231) or a member of a “notice group” (as defined in Code Section 6223(b)(2))
in each case to the extent permitted by law; 
 (ii) in the event that a notice of a final administrative adjustment at the
Company level of any item required to be taken into account by the Company or a Member for tax purposes (a “final adjustment”) is mailed to the Tax Matters Member, to seek judicial review of such final adjustment, including the
filing of a petition for readjustment with the United States Tax Court or the United States Claims Court, or the filing of a complaint for refund with the District Court of the United States for the district in which the Company’s principal
place of business is located; 
 (iii) to intervene in any action brought by any other Member for judicial review of a final
adjustment; 
 (iv) to file a request for an administrative adjustment with the Internal Revenue Service at any time and, if
any part of such request is not allowed by the Internal Revenue Service, to file an appropriate pleading (petition or complaint) for judicial review with respect to such request; 

(v) to enter into an agreement with the Internal Revenue Service to extend the period for assessing any tax that is
attributable to any item required to be taken into account by the Company or a Member for tax purposes, or an item affected by such item; and 

(vi) to take any other action on behalf of the Company or the Members or any of them in connection with any tax audit or
judicial review proceeding to the extent permitted by applicable law or regulations. 

  
 31 

 The taking of any action and the incurring of any expense by the Tax Matters Member 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 Member and the provisions relating to indemnification of the Manager set forth in Section 7.7 hereof shall
be fully applicable to the Tax Matters Member in its capacity as such. 
 Section 10.4 Withholding. Each Member hereby
authorizes the Company to withhold from or pay on behalf of or with respect to such Member any amount of federal, state, local or foreign taxes that the Manager determines in good faith that the Company is required to withhold or pay with respect to
(a) any amount distributable or allocable to such Member pursuant to this Agreement and (b) any “imputed underpayment” within the meaning of the New Partnership Audit Procedures attributable to such Member and paid by the Company
(or by any Subsidiary of the Company but only to the extent such payment is allocated to the Company) as a result of an adjustment with respect to any item of the Company or such Subsidiary, including any interest or penalties with respect to any
such adjustment (collectively, an “Imputed Underpayment Amount”). Any Imputed Underpayment Amount that the Manager cannot attribute to a Member shall be treated as an expense of the Company. Any amount paid on behalf of or with
respect to a Member shall constitute a loan by the Company to such Member, which loan shall be repaid by such Member within fifteen (15) days after notice from the Manager that such payment must be made unless (a) the Company withholds
such payment from a distribution that would otherwise be made to the Member, or (b) the Manager determines that such payment may be satisfied out of the Available Cash of the Company that would, but for such payment, be distributed to the
Member. Each Member hereby unconditionally and irrevocably grants to the Company a security interest in such Member’s Membership Interest to secure such Member’s obligation to pay to the Company any amounts required to be paid pursuant to
this Section 10.4. In the event that a Member fails to pay any amounts owed to the Company pursuant to this Section 10.4 when due, the Manager may elect to make the payment to the Company on behalf
of such defaulting Member, and in such event shall be deemed to have loaned such amount to such defaulting Member and shall succeed to all rights and remedies of the Company as against such defaulting Member (including, without limitation, the right
to receive distributions). Any amounts payable by a Member hereunder shall bear interest at the base rate on corporate loans at large United States money center commercial banks, as published from time to time in the Wall Street Journal, plus
four (4) percentage points (but not higher than the maximum lawful rate) from the date such amount is due (i.e., fifteen (15) days after demand) until such amount is paid in full. Each Member shall take such actions as the Company or the
Manager shall request in order to perfect or enforce the security interest created hereunder. 
 ARTICLE 11 

MEMBER TRANSFERS AND WITHDRAWALS 

Section 11.1 Transfer. 

(a) No part of the interest of a Member shall be subject to the claims of any creditor, to any spouse for alimony or support, or to legal
process, and may not be voluntarily or involuntarily alienated or encumbered except as may be specifically provided for in this Agreement. 

(b) No Membership Interest shall be Transferred, in whole or in part, except in accordance with the terms and conditions set forth in this
Article 11 or Section 15.1. Any Transfer or purported Transfer of a Membership Interest not made in accordance with this Article 11 or Section 15.1 shall be null and void
ab initio. 
 (c) No Transfer of any Membership Interest may be made to a lender to the Company or any Person who is related
(within the meaning of Section 1.752-4(b) of the Regulations) to any lender to the Company whose loan constitutes a Nonrecourse Liability, except the Manager, the Operating Company, the Parent or any
Controlled Entity of any of them. 

  
 32 

 Section 11.2 Members’ Rights to Transfer. 

(a) General. Except as provided below, no Member shall Transfer all or any portion of such Member’s Membership Interest to any
transferee without the consent of the Manager. Notwithstanding the foregoing, any Member may, at any time, without the consent of the Manager, Transfer all or any portion of its Membership Interest pursuant to a Permitted Transfer (including, in the
case of a Member that is a Permitted Lender Transferee, any Transfer of a Membership Interest to a Third-Party Pledge Transferee). Any Transfer of a Membership Interest by a Member or an Assignee is subject to Section 11.3
and to the satisfaction of the following conditions: 
 (i) Manager Right of First Refusal. The
transferring Member (or the Member’s estate in the event of the Member’s death) shall give written notice of the proposed Transfer to the Manager, which notice shall state (i) the identity and address of the proposed transferee and
(ii) the amount and type of consideration proposed to be received for the Transferred Units. The Manager shall have ten (10) Business Days upon which to give the Transferring Member notice of its election to acquire the Units on the terms
set forth in such notice (or, if the terms provide for non-cash consideration, for cash equal to the Value, or if other than Class A Shares, the fair market value, as determined in good faith by the
Manager, of such non-cash consideration). If it so elects, it shall purchase the Units on such terms within ten (10) Business Days after giving notice of such election; provided, however, that in
the event that the proposed terms involve a purchase for cash (including cash in lieu of non-cash consideration), the Manager may at its election deliver in lieu of all or any portion of such cash a note from
the Manager payable to the Transferring Member at a date as soon as reasonably practicable, but in no event later than one hundred eighty (180) days after such purchase, and bearing interest at an annual rate equal to the Applicable Federal
Short-Term Rate, as published monthly by the IRS, as of the closing of such purchase; provided, further, that such closing may be deferred to the extent necessary to effect compliance with the Hart-Scott-Rodino Antitrust Improvements Act of
1976, if applicable, and any other applicable requirements of law. If the Manager does not elect to acquire the Units, the Transferring Member may Transfer such Units to a third party, on terms no more favorable to the transferee than the originally
proposed terms, subject to the other conditions of this Section 11.2. 
 (ii) Qualified
Transferee. Any Transfer of a Membership Interest shall be made only to a single Qualified Transferee; provided, however, that, (A) for such purposes, all Qualified Transferees that are Affiliates, or that comprise investment
accounts or funds managed by a single Qualified Transferee and its Affiliates, shall be considered together to be a single Qualified Transferee; (B) each Transfer meeting the minimum Transfer restriction of Section 11.2(a)(iv) hereof may
be to a separate Qualified Transferee; and (C) each Permitted Transfer may be made to one or more Qualified Transferees. 

(iii) Opinion of Counsel. The Transferor shall deliver or cause to be delivered to the Manager an opinion of
counsel reasonably satisfactory to it to the effect that the proposed Transfer may be effected without registration under the Securities Act and will not otherwise violate the registration provisions of the Securities Act and the regulations
promulgated thereunder or violate any applicable state securities laws or regulations; provided, however, that the Manager may waive this condition upon the request of the Transferor. If, in the opinion of such counsel, a Transfer would
require the filing of a registration statement under the Securities Act or would otherwise violate any applicable Federal or state securities laws or regulations, the Manager may prohibit such Transfer by a Member of Membership Interests even if it
is otherwise permitted under this Section 11.2. 
 (iv) No Partial Transfers. A
Transferring Member or Assignee, other than a Special Member, must Transfer its entire Membership Interest (all of the remaining Units of all classes owned by such Transferring Member or Assignee); provided, however, that, for purposes of
determining compliance with the foregoing restriction, all Units owned by Affiliates of a Member shall be considered to be owned by such Member. 

(v) No Further Transfers. The transferee shall not be permitted to effect any further Transfer of the Units,
other than to the Parent, the Operating Company or the Company. 
 (vi) Exception for Permitted Transfers. The
conditions of Section 11.2(a) hereof shall not apply in the case of a Permitted Transfer to a Qualified Transferee, or a Transfer to the Parent, the Operating Company or the Company. 

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 Member under this Agreement with respect to such Transferred Membership Interest, and no such Transfer (other than pursuant to a statutory merger or consolidation wherein all obligations and liabilities of the transferor Member are
assumed by a successor corporation by operation of law) shall relieve the transferor Member of its obligations under this Agreement without the approval of the Manager. Any transferee, whether or not admitted as a Substituted Member, shall take
subject to the obligations of the transferor hereunder. Unless admitted as a Substituted Member, 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 Section 11.4 hereof. 

  
 33 

 (b) Incapacity. If a Member is subject to Incapacity, the executor, administrator,
trustee, committee, guardian, conservator or receiver of such Member’s estate shall have all the rights of a Member, but not more rights than those enjoyed by other Members, for the purpose of settling or managing the estate, and such power as
the Incapacitated Member possessed to Transfer all or any part of its interest in the Company. The Incapacity of a Member, in and of itself, shall not dissolve or terminate the Company. 

(c) Adverse Tax Consequences. No Transfer by a Member of its Membership Interests (including any Redemption, any other
acquisition of Units by the Operating Company, the Company or the Parent, and including any Permitted Transfer) may be made to or by any Person if in the opinion of legal counsel or other qualified tax advisor for the Company, such Transfer would
create a material risk of the Company being treated as an association taxable as a corporation or would result in a termination of the Company under Code Section 708. 

Section 11.3 Substituted Members. 

(a) No Member shall have the right to substitute a transferee other than a Permitted Transferee as a Member in its place. A transferee of all
or a portion of the interest of a Member will be admitted as a Substituted Member only with the consent of the Manager; provided, however, that a Permitted Transferee may be admitted as a Substituted Member pursuant to a Permitted Transfer
without the consent of the Manager. The failure or refusal by the Manager to permit a transferee of any such interests (other than a Permitted Transferee pursuant to a Permitted Transfer) to become a Substituted Member shall not give rise to any
cause of action against the Company or the Manager. Subject to the foregoing, an Assignee shall not be admitted as a Substituted Member until and unless it furnishes to the Manager (i) evidence of acceptance, in form and substance satisfactory
to the Manager, of all the terms, conditions and applicable obligations of this Agreement, (ii) a counterpart signature page to this Agreement executed by such Assignee and (iii) such other documents and instruments as the Manager may
reasonably require to effect such Assignee’s admission as a Substituted Member. 
 (b) Concurrently with, and as evidence of, the
admission of a Substituted Member, the Manager shall amend the Register and the books and records of the Company to reflect the name, address and number of Units of such Substituted Member and to eliminate or adjust, if necessary, the name, address
and number of Units of the predecessor of such Substituted Member. 
 (c) A transferee who has been admitted as a Substituted Member in
accordance with this Article 11 shall have all the rights and powers and be subject to all the restrictions and liabilities of a Member under this Agreement. 

Section 11.4 Assignees. If the Manager’s consent is required for the admission of any transferee under
Section 11.2 hereof as a Substituted Member, as described in Section 11.3 hereof, and the Manager withholds such consent, 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 membership interest under the Act, including the right to receive distributions from the Company and the share of Net Income, Net Losses and other items of income, gain,
loss, deduction and credit of the Company attributable to the Units assigned to such transferee and the rights to Transfer the Units provided in this Article 11, but shall not be deemed to be a holder of Units for any other purpose under
this Agreement, (other than as expressly provided in Section 15.1 hereof with respect to a Qualifying Party that becomes a Tendering Party), and shall not be entitled to effect a Consent or vote with respect to such Units
on any matter presented to the Members for approval (such right to Consent or vote, to the extent provided in this Agreement or under the Act, fully remaining with the transferor Member). In the event that any such transferee desires to make a
further assignment of any such 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 Member desiring to make an assignment of Units. 

Section 11.5 General Provisions. 

(a) No Member may resign from the Company other than: (i) as a result of a Transfer of all of such Member’s Membership Interest in
accordance with this Article 11 with respect to which the transferee becomes a Substituted Member; (ii) pursuant to a redemption (or acquisition by the Parent, the Operating Company or the Company) of all of its Membership Interest
pursuant to a Redemption under Section 15.1 hereof and/or pursuant to any Unit Designation; or (iii) as a result of the acquisition of all of such Member’s Membership Interest by the Company, the Operating
Company, the Manager, the Parent or any Controlled Entity of the Parent, in accordance with this Agreement. 

  
 34 

 (b) A Member shall cease to be a Member upon the Transfer all of such Member’s Units in a
Transfer (i) permitted pursuant to this Article 11 where such transferee was admitted as a Substituted Member, or (ii) to the Company, the Operating Company, the Manager, the Parent or any Controlled Entity of the Parent, in
accordance with this Agreement. 
 (c) If any Unit is Transferred in compliance with the provisions of this Article 11, or is
redeemed by the Company, or acquired by the Operating Company or the Parent pursuant to Section 15.1 hereof, on any day other than the first day of a Company Year, then Net Income, Net Losses, each item thereof and all
other items of income, gain, loss, deduction and credit attributable to such Unit for such Company Year shall be allocated to the transferor Member or the Tendering Party (as the case may be) and, in the case of a Transfer or assignment other than a
Redemption, to the transferee Member, by taking into account their varying interests during the Company Year in accordance with Code Section 706(d), using the “interim closing of the books” method or another permissible method selected by
the Manager. Solely for purposes of making such allocations, each of such items for the calendar month in which a Transfer, Redemption or other acquisition pursuant to Section 15.1 occurs shall be allocated to the
transferee Member and none of such items for the calendar month in which a Transfer, Redemption or other acquisition occurs shall be allocated to the transferor Member or the Tendering Party (as the case may be) if such Transfer, Redemption or other
acquisition occurs on or before the fifteenth (15th) day of the month, otherwise such items shall be allocated to the transferor Member or the Tendering Party (as the case may be). All distributions of Available Cash attributable to such Unit with
respect to which the Company Record Date is before the date of such Transfer, Redemption or assignment shall be made to the transferor Member or the Tendering Party (as the case may be) and, in the case of a Transfer other than a Redemption or other
Transfer to the Company, all distributions of Available Cash thereafter attributable to such Unit shall be made to the transferee Member. 

(d) In addition to any other restrictions on Transfer herein contained, and notwithstanding any provision to the contrary herein, in no event
may any Transfer or assignment of a Membership Interest by any Member (including any Redemption, any acquisition of Units by the Manager or any other Special Member, or any other acquisition of Units by the Company) be made (i) to any person or
entity who lacks the legal right, power or capacity to own a Membership Interest; (ii) in violation of applicable law; (iii) of any component portion of a Membership Interest, such as the Capital Account, or rights to distributions,
separate and apart from all other components of a Membership Interest (other than as provided in Section 11.4 with regard to transfers to Assignees); (iv) if such Transfer would, in the opinion of a qualified tax advisor to
the Company or the Manager, cause a termination of the Company for federal or state income tax purposes; (v) if such Transfer would, in the opinion of counsel or other qualified tax advisor to the Company, cause the Company to cease to be
classified as a partnership for federal income tax purposes (except as a result of the Redemption (or other acquisition by the Company, the Operating Company or the Parent) of all Units held by all Members (other than the Manager and any other
Special Member)); (vi) if such Transfer would cause the Company to become, with respect to any employee benefit plan subject to Title I of ERISA, a
“party-in-interest” (as defined in ERISA Section 2(b)(14)) or a “disqualified person” (as defined in Code Section 4975(c)); (vii) if such Transfer
would, in the opinion of legal counsel to the Company, cause any portion of the assets of the Company 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 Membership Interest pursuant to any applicable Federal or state securities laws; (ix) if such Transfer would create a
material risk that the Company would become a “publicly traded partnership,” as such term is defined in Code Section 469(k)(2) or Code 7704(b); (x) if such Transfer would cause the Company to have more than one hundred (100) partners
(within the meaning of Regulations Section 1.7704-1(h), including the look-through rule in Regulations Section 1.7704-1(h)(3)); (xi) if such Transfer causes the Company
to become a reporting company under the Exchange Act; or (xii) if such Transfer subjects the Company to regulation under the Investment Company Act of 1940, the Investment Advisors Act of 1940 or ERISA, each as amended; provided, that
the Manager may waive any of the foregoing restrictions in its sole discretion. 
 (e) Transfers pursuant to this Article 11, other
than a Permitted Transfer to a Permitted Transferee pursuant to the exercise of remedies under a Pledge, may only be made on the first day of a fiscal quarter of the Company, unless the Manager otherwise agrees. 

Section 11.6 Termination Transactions. The Parent shall not engage in, or cause or permit, a Termination Transaction, unless: 

(a) the Consent of the Class A Members is obtained; 

  
 35 

 (b) in connection with any such Termination Transaction, each holder of Class A Units (other
than the Parent, the Operating Company and their respective wholly owned Subsidiaries) will receive, or will have the right to elect to receive, for each Class A Unit, an amount of cash, securities or other property equal to the product of the
Adjustment Factor and the greatest amount of cash, securities or other property paid to a holder of one Class A Common Share in consideration of one Class A Common Share pursuant to the terms of such Termination Transaction;
provided, that if, in connection with such Termination Transaction, a purchase, tender or exchange offer shall have been made to and accepted by the holders of a majority of the outstanding Class A Common Shares, each holder of
Class A Units (other than the Parent, the Operating Company and their respective wholly owned subsidiaries) will receive, or will have the right to elect to receive, the greatest amount of cash, securities or other property which such holder of
Class A Units would have received had it exercised its right to effect a Redemption pursuant to Article 15 hereof and received Class A Common Shares (rather than OP Units) in exchange for its Class A 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 (the Value, at the time of the Termination Transaction, of
the amount specified herein with respect to each Class A Unit is referred to as the “Transaction Consideration”); or 

(c) all of the following conditions are met: (i) substantially all of the assets directly or indirectly owned by the Company prior to the
announcement of the Termination Transaction are, immediately after the Termination Transaction, owned directly or indirectly by the Company or another limited partnership or limited liability company which is the survivor of a merger, consolidation
or combination of assets with the Company (in each case, the “Surviving Company”); (ii) the Surviving Company is classified as a partnership for U.S. federal income tax purposes; (iii) the Members (other than the Parent, the
Operating Company and their wholly owned Subsidiaries) that held Class A Units immediately prior to the consummation of such Termination Transaction own a percentage interest of the Surviving Company based on the relative fair market value of
the net assets of the Company and the other net assets of the Surviving Company immediately prior to the consummation of such transaction; (iv) the Members will have the right to redeem their interests in the Surviving Company at any time for
cash in an amount equal to the Transaction Consideration; and (v) the Manager determines, in good faith, that the other rights of such Members with respect to the Surviving Company, in the aggregate, are not materially less favorable than those
of Members holding Class A Units immediately prior to the consummation of such transaction. 
 ARTICLE 12 

ADMISSION OF MEMBERS 

Section 12.1 Admission of Additional Members. 

(a) A Person (other than an existing Member) who makes a Capital Contribution to the Company in exchange for Units permitted under this
Agreement shall be admitted to the Company as an Additional Member only upon furnishing to the Manager (i) evidence of acceptance, in form and substance satisfactory to the Manager, of all of the terms and conditions of this Agreement,
including, without limitation, the power of attorney granted in Section 2.4 hereof, (ii) a counterpart signature page to this Agreement executed by such Person, and (iii) such other documents or instruments as may
be required by the Manager in order to effect such Person’s admission as an Additional Member. Concurrently with, and as evidence of, the admission of an Additional Member in accordance with the terms and conditions of this Agreement, the
Manager shall amend the Register and the books and records of the Company to reflect the name, address, number and type of Units of such Additional Member. 

(b) Notwithstanding anything to the contrary in this Section 12.1, no Person shall be admitted as an Additional
Member (i) without the consent of the Manager, or (ii) in connection with the issuance of any Units or other equity or ownership interest in the Company in violation of this Agreement. The admission of any Person as an Additional Member in
accordance with the terms of this Agreement shall become effective on the date upon which the name of such Person is recorded on the books and records of the Company, following the consent of the Manager and the satisfaction of all the conditions
set forth in Section 12.1(a). 
 (c) If any Additional Member is admitted to the Company on any day other than the first day of a
Company Year, then Net Income, Net Losses, each item thereof and all other items of income, gain, loss, deduction 

  
 36 

 
and credit allocable among Holders for such Company Year shall be allocated among such Additional Member and all other Holders by taking into account their varying interests during the Company
Year in accordance with Code Section 706(d), using the “interim closing of the books” method or another permissible method selected by the Manager. Solely for purposes of making such allocations, each of such items for the calendar month
in which an admission of any Additional Member occurs shall be allocated among all the Holders including such Additional Member, in accordance with the principles described in Section 11.5(c) hereof. All distributions of Available Cash with
respect to which the Company Record Date is before the date of such admission shall be made solely to Members and Assignees other than the Additional Member, and all distributions of Available Cash thereafter shall be made to all the Members and
Assignees including such Additional Member. 
 Section 12.2 Amendment of Agreement and Certificate of Formation. For the
admission to the Company of any Member, the Manager shall take all steps necessary and appropriate under the Act to amend the Register and the books and records of the Company and, if necessary, to prepare as soon as practical an amendment of this
Agreement and, if required by law, shall prepare and file an amendment to the Certificate and may for this purpose exercise the power of attorney granted pursuant to Section 2.4 hereof. 

Section 12.3 Limit on Number of Members. Notwithstanding any other provision in this Agreement to the contrary, unless otherwise
permitted by the Manager, no Person shall be admitted to the Company as an Additional Member if the effect of such admission would be to cause the Company to have a number of Members (including as Members for this purpose those Persons indirectly
owning an interest in the Company through another company, a limited liability company, a subchapter S corporation or a grantor trust) that would cause the Company to become a reporting company under the Exchange Act. 

Section 12.4 Admission. A Person shall be admitted as a member of the Company only upon strict compliance, and not upon
substantial compliance, with the requirements set forth in this Agreement for admission to the Company as a Member. 
 ARTICLE 13 

DISSOLUTION, LIQUIDATION AND TERMINATION 

Section 13.1 Dissolution. The Company shall not be dissolved by the admission of Substituted Members or Additional Members, or by
the admission of a successor Manager in accordance with the terms of this Agreement. The Manager may not resign unless and until a successor Manager has been appointed, and agreed to assume the duties and obligations of the Manager, in accordance
with this Agreement. Upon the resignation of the Manager in accordance with this Agreement, the successor Manager shall continue the business of the Company without dissolution. The Company shall dissolve, and its affairs shall be wound up, upon the
earlier of: (a) a unanimous determination by the Members to dissolve the Company; (b) a determination by the Manager to dissolve the Company; or (c) the entry of a decree of judicial dissolution under
Section 18-802 of the Act (each, a “Liquidating Event”). If the Manager determines to dissolve the Company pursuant to clause (b) of the immediately preceding sentence, the Manager
shall give prompt written notice thereof to all Members. Members shall be entitled to exercise their Redemption rights pursuant to Section 15.1 at any time within ten (10) Business Days after a Liquidating Event (or,
as to a determination to dissolve the Company, within ten (10) business days after notice of the determination). The Members hereby waive their right to seek a judicial dissolution of the Company pursuant to the provisions of the Act. 

Section 13.2 Winding Up. 

(a) Upon the occurrence of a Liquidating Event, (i) the Company 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 the Holders and (ii) all of the outstanding Class A Units shall automatically be deemed Tendered Units, and a Redemption of all of the Tendered Units
shall be made for the respective OP Unit Amount in accordance with Section 15.1. After the occurrence of a Liquidating Event, no Holder shall take any action that is inconsistent with, or not necessary to or appropriate
for, the winding up of the Company’s business and affairs. The Manager (or, in the event that there is no remaining Manager or the Manager has dissolved, become bankrupt or ceased to operate, any Person elected by Members holding a majority of
the outstanding Class A Units (the Manager or such other Person being referred to herein as the “Liquidator”)) shall be responsible for overseeing the winding up and dissolution of the Company and shall take full account of the
Company’s liabilities and property, and the Company property shall be liquidated as promptly as is consistent with obtaining the fair value thereof, and the proceeds therefrom shall be applied and distributed in the following order: 

(i) First, to the satisfaction of all of the Company’s debts and liabilities to creditors (whether by payment or the
making of reasonable provision for payment thereof); and 
 (ii) Second, subject to the terms of any Unit Designation, the
balance, if any, to the Holders in accordance with the priority set forth in Section 5.1. 

  
 37 

 The Manager shall not receive any compensation for any services performed pursuant to this Article 13.

 (b) Notwithstanding the provisions of Section 13.2(a) hereof that require liquidation of the assets of the Company, but subject to
the order of priorities set forth therein, if prior to or upon dissolution of the Company, the Liquidator determines that an immediate sale of part or all of the Company’s assets would be impractical or would cause undue loss to the Holders,
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 Company (including to those Holders as creditors). 

(c) In the sole and absolute discretion of the Manager or the Liquidator, a pro rata portion of the distributions that would otherwise be made
to the Holders pursuant to this Article 13 may be: 
 (i) distributed to a trust established for the benefit of the
Manager and the Holders for the purpose of liquidating Company assets, collecting amounts owed to the Company, and paying any contingent or unforeseen liabilities or obligations of the Company or of the Manager arising out of or in connection with
the Company and/or Company activities. The assets of any such trust shall be distributed to the Holders, from time to time, in the reasonable discretion of the Manager, in the same proportions and amounts as would otherwise have been distributed to
the Holders pursuant to this Agreement; or 
 (ii) withheld or escrowed to provide a reasonable reserve for Company
liabilities (contingent or otherwise) and to reflect the unrealized portion of any installment obligations owed to the Company, provided that such withheld or escrowed amounts shall be distributed to the Holders in the manner and order of
priority set forth in Section 13.2(a) hereof as soon as practicable. 
 Section 13.3 Deemed Contribution and
Distribution. Notwithstanding any other provision of this Article 13, in the event that the Company is liquidated within the meaning of Regulations Section 1.704-1(b)(2)(ii)(g), but no Liquidating
Event has occurred, the Company’s Assets shall not be liquidated, the Company’s liabilities shall not be paid or discharged and the Company’s affairs shall not be wound up. Instead, for federal income tax purposes, the Company shall
be deemed to have contributed all of its assets and liabilities to a new limited liability company in exchange for an interest in the new limited liability company; and immediately thereafter, distributed Units to the Members in the new limited
liability company in accordance with their respective Capital Accounts in liquidation of the Company, and the new limited liability company is deemed to continue the business of the Company. Nothing in this Section 13.3
shall be deemed to have constituted any Assignee as a Substituted Member without compliance with the provisions of Section 11.3 hereof. 

Section 13.4 Rights of Holders. Except as otherwise provided in this Agreement, (a) each Holder shall look solely to the
assets of the Company for the return of its Capital Contribution, (b) no Holder shall have the right or power to demand or receive property other than cash from the Company, and (c) no Holder shall have priority over any other Holder as to
the return of its Capital Contributions, distributions or allocations. 
 Section 13.5 Notice of Dissolution. In the event that
a Liquidating Event occurs, the Liquidator shall, within thirty (30) days thereafter, provide written notice thereof to each of the Holders and, in the sole and absolute discretion of the Liquidator, or as required by the Act, to all other
parties with whom the Company regularly conducts business (as determined in the sole and absolute discretion of the Liquidator), and the Liquidator may, or, if required by the Act, shall, publish notice thereof in a newspaper of general circulation
in each place in which the Company regularly conducts business (as determined in the sole and absolute discretion of the Liquidator). 

Section 13.6 Reasonable Time for Winding-Up. A reasonable time shall be allowed for the
orderly winding-up of the business and affairs of the Company and the liquidation of its assets pursuant to Section 13.2 hereof, in order to minimize any losses otherwise attendant
upon such winding-up, and the provisions of this Agreement shall remain in effect between and among the Members during the period of liquidation. 

  
 38 

 Section 13.7 Cancellation of Certificate of Formation. Upon the dissolution and
completion of the winding up of the Company, the Company shall be terminated, a certificate of cancellation shall be filed with the State of Delaware, all qualifications of the Company as a foreign limited liability company or association in
jurisdictions other than the State of Delaware shall be cancelled, and such other actions as may be necessary to terminate the Company shall be taken. 

ARTICLE 14 
 PROCEDURES FOR
ACTIONS AND CONSENTS 
 OF MEMBERS; AMENDMENTS; MEETINGS 

Section 14.1 Amendments. Except as otherwise required or permitted by Section 7.3, amendments to this Agreement must
be approved by the Consent of the Manager and the Consent of Class A Members, and may be proposed only by the Manager. The Manager shall submit to the Members any proposed amendment that, pursuant to the terms of this Agreement, requires the
consent of the Members. The Manager shall seek the Consent of the Class A Members, on any such proposed amendment in accordance with Section 14.2 hereof. Upon obtaining all Consents required by this Agreement, and
without further action or execution by any other Person, including any Member, (i) any amendment to this Agreement may be implemented and reflected in a writing executed solely by the Manager, and (ii) the Members shall be deemed a party
to and bound by such amendment of this Agreement. Promptly, but in any event within fifteen days after the effectiveness of any amendment to this Agreement that does not receive the Consent of all Members, the Manager shall deliver a copy of such
amendment to all Members that did not Consent to such amendment. For the avoidance of doubt, notwithstanding anything to the contrary in this Agreement, this Agreement may not be amended without the Consent of the Manager. 

Section 14.2 Meetings and Consents of the Members. 

(a) The actions requiring Consent of any Member pursuant to this Agreement, including Section 7.3 and
Section 14.3 hereof, or otherwise pursuant to applicable law, are subject to the procedures set forth in this Section 14.2. 

(b) Meetings of the Members may be called only by the Manager. The call shall state the nature of the business to be transacted. Notice of any
such meeting shall be given to all Members entitled to act at the meeting not less than ten (10) days nor more than ninety (90) days prior to the date of such meeting. Members may vote in person or by proxy at such meeting. Unless approval
by a different number or proportion of the Members is required by this Agreement, the affirmative vote of Members holding a majority of the outstanding Class A Units shall be sufficient to approve such proposal at a meeting of the Members.
Whenever the Consent of any Members is permitted or required under this Agreement, such Consent may be given at a meeting of Members or in accordance with the procedure prescribed in Section 14.2(f) hereof. 

(c) Each Member entitled to act at a meeting of Members may authorize any Person or Persons to act for it by proxy on all matters in which a
Member is entitled to participate, including waiving notice of any meeting, or voting or participating at a meeting. Each proxy must be signed by the Member or its
attorney-in-fact. No proxy shall be valid after the expiration of eleven (11) months from the date thereof unless otherwise provided in the proxy (or there is
receipt of a proxy authorizing a later date). Every proxy shall be revocable at the pleasure of the Member executing it, such revocation to be effective upon the Company’s receipt of written notice of such revocation from the Member executing
such proxy, unless such proxy states that it is irrevocable and is coupled with an interest. 
 (d) The Manager may set, in advance, a
record date for the purpose of determining the Members (i) entitled to Consent to any action, (ii) entitled to receive notice of or vote at any meeting of the Members or (iii) in order to make a determination of Members for any other
proper purpose. Such date, in any case, shall not be prior to the close of business on the day the record date is fixed and shall be not more than ninety (90) days and, in the case of a meeting of the Members, not less than ten (10) days,
before the date on which the meeting is to be held. If no record date is fixed, the record date for the determination of Members entitled to notice of or to vote at a meeting of the Members shall be at the close of business on the day on which the
notice of the meeting is sent, and the record date for any other determination of Members shall be the effective date of such Member action, distribution or other event. 

  
 39 

 When a determination of the Members entitled to vote at any meeting of the Members has been made as provided in
this section, such determination shall apply to any adjournment thereof. 
 (e) Each meeting of Members shall be conducted by the Manager or
such other Person as the Manager may appoint pursuant to such rules for the conduct of the meeting as the Manager or such other Person deems appropriate in its sole and absolute discretion. 

(f) Any action requiring the Consent of any Member or a group of Members pursuant to this Agreement, or that is required or permitted to be
taken at a meeting of the Members may be taken without a meeting if a Consent in writing or by electronic transmission setting forth the action so taken or consented to is given by Members whose affirmative vote would be sufficient to approve such
action or provide such Consent at a meeting of the Members. Such Consent may be in one instrument or in several instruments, and shall have the same force and effect as the affirmative vote of such Member at a meeting of the Members. Such Consent
shall be filed with the Manager. An action so taken shall be deemed to have been taken at a meeting held on the effective date so certified. For purposes of obtaining a Consent in writing or by electronic transmission, the Manager may require a
response within a reasonable specified time, but not less than fifteen (15) days, and failure to respond in such time period shall constitute a Consent that is consistent with the Manager’s recommendation with respect to the proposal;
provided, however, that an action shall become effective at such time as requisite Consents are received even if prior to such specified time. Unless a Consent is unanimously approved by all Members, the Manager shall give the Members at
least five (5) Business Days written notice prior to the effective date of any action by Consent of Members. 
 Section 14.3
Merger, Consolidation or Conversion. 
 (a) The Company may merge or consolidate with or into another limited liability company, a
corporation, a partnership or any “other business entity,” as defined in Section 18-209 of the Delaware Act, or convert into a corporation, a partnership or other business entity, whether such
entity is formed under the laws of the State of Delaware or any other state of the United States of America, pursuant to a written agreement of merger or consolidation (“Merger Agreement”) or a written plan of conversion
(“Plan of Conversion”), as the case may be, that has been approved by the Manager after obtaining the Consent of the Class A Members and the Consent of the Class B Members (except as provided in Section 14.3(b)).
Any such Merger Agreement or Plan of Conversion shall provide that (i) all holders of Class A Units shall be entitled to receive the same consideration pursuant to such transaction with respect to each of their Class A Units and
(ii) all holders of Class B Units shall be entitled to receive the same consideration pursuant to such transaction with respect to their Class B Units. Notwithstanding any receipt of the requisite Consent of Class A Members or
Consent of the Class B Members, at any time prior to the effectiveness of such merger, consolidation or conversion, the Manager may terminate or abandon such transaction subject to any provisions therefor set forth in such Merger Agreement or
the Plan of Conversion. 
 (b) Notwithstanding anything else contained in this Section 14.3 or in this Agreement,
the Manager is authorized to effect a merger, consolidation or conversion of the Company without the Consent of any Members, if: (i) such transaction is effected in connection with a Termination Transaction in accordance with
Section 11.6; or (ii) such transaction is either a conversion or is effected with another entity that is newly formed and has no assets, liabilities or operations prior to such merger, consolidation, sale or transfer
and: (A) the Manager has received an opinion of counsel that the merger, consolidation or conversion would not result in the loss of the limited liability of any Member; (B) the Manager has received an opinion of counsel or other qualified
tax advisor that the merger, consolidation or conversion would neither be taxable to any Member nor cause the Company to be treated as an association taxable as a corporation or otherwise to be taxed as an entity for federal income tax purposes (to
the extent not previously treated as such); (C) the sole purpose of such merger, consolidation or conversion is to effect a mere change in the legal form or jurisdiction of organization of the Company; (D) the governing instruments of the new
entity provide the Members and the Manager (or other governing body) with substantially the similar rights and obligations as are herein contained; and (E) such transaction would not effect any other change to the rights of any Member(s) that,
if effected as an amendment to this Agreement, would require the consent of each Member adversely affected pursuant to Section 7.3(d). 

(c) If a merger, consolidation or conversion of the Company has been approved as set forth in this Section 14.3, and
such transaction has not been terminated or abandoned, the Manager is authorized to execute and file any and all documents to effect such transaction, including a certificate of merger or certificate of conversion, as applicable, in conformity with
the requirements of the Act and any other applicable law. 

  
 40 

 (d) Members are not entitled to dissenters’ rights of appraisal in the event of a merger,
consolidation or conversion of the Company, or a sale or transfer of all or substantially all of the assets of the Company or the Company’s Subsidiaries, or any other similar transaction or event. 

(e) It is the intent of the parties hereto that a merger, consolidation or conversion effected pursuant to this
Section 14.3 shall not be deemed to result in a transfer or assignment of assets or liabilities from one entity to another. 

ARTICLE 15 
 REDEMPTION RIGHT 

Section 15.1 Redemption Rights of Qualifying Parties. 

(a) A Qualifying Party shall have the right (subject to the terms and conditions set forth herein) to require the Company to redeem (a
“Redemption”) all or a portion of the Class A Units held by such Qualifying Party (Class A Units that have in fact been tendered for redemption being hereafter referred to as “Tendered Units”) in exchange for
the applicable OP Unit Amount on the applicable Specified Redemption Date. The right to require a Redemption shall be exercised pursuant to a Notice of Redemption delivered to the Company by the Qualifying Party when exercising the Redemption right
(the “Tendering Party”). The Company’s obligation to effect a Redemption, however, shall not arise or be binding against the Company (i) with respect to any Tendered Units as to which the Operating Company has exercised
its purchase rights pursuant to Section 15.1(b) hereof following receipt of a Notice of Redemption, and (ii) until the Business Day following the Cut-Off Date. In the event of a Redemption, the OP
Unit Amount shall be delivered on or before the Specified Redemption Date. 
 (b) Notwithstanding the provisions of Section 15.1(a) hereof,
on or before the close of business on the Cut-Off Date, the Operating Company may, in its sole and absolute discretion, elect to acquire some or all of the Tendered Units from the Tendering Party in exchange
for the OP Unit Amount calculated based on the portion of Tendered Units it elects to acquire in exchange for OP Units. The percentage of Tendered Units that the Operating Company elects to acquire pursuant to this Section 15.1(b) is
referred to as the “Opco Acquired Percentage,” and the percentage of Tendered Units that the Operating Company does not elect to acquire is referred to as the “Company Acquired Percentage.” If the Operating Company
elects to acquire any of the Tendered Units, then on the Specified Redemption Date, the Tendering Party shall sell the Opco Acquired Percentage of the Tendered Units to the Operating Company in exchange for a number of OP Units equal to the product
of the OP Unit Amount and the Opco Acquired Percentage. The Tendering Party shall submit such written representations, investment letters, legal opinions or other instruments necessary, in the Operating Company’s view, to effect compliance with
the Securities Act. In the event of a purchase of the Tendered Units by the Operating Company pursuant to this Section 15.1(b), the Tendering Party shall no longer have the right to cause the Company to effect a Redemption of the Opco
Acquired Percentage of Tendered Units, and, upon notice to the Tendering Party by the Operating Company, given on or before the close of business on the Cut-Off Date, that the Operating Company has elected to
acquire some or all of the Tendered Units pursuant to this Section 15.1(b), the obligation of the Company to effect a Redemption of the Opco Acquired Percentage of Tendered Units shall not accrue or arise. 

(c) If the Operating Company declines to purchase all of the Tendered Units pursuant to Section 15.1(b) (a
“Declination”): 
 (i) The Operating Company shall give notice of such Declination to the Tendering Party on
or before the close of business on the Cut-Off Date. The failure of the Operating Company to give notice of such Declination by the close of business on the Cut-Off Date
shall be deemed to be an election by the Operating Company to acquire all of the Tendered Units in exchange for OP Units. 

(ii) In order to enable the Company to satisfy its Redemption obligation, prior to the Specified Redemption Date, the Operating
Company shall contribute to the Company a number of OP Units (which the Company shall deliver, or direct that the Operating Company deliver, to the Tendering Party) equal to the product of the OP Unit Amount and the Company Acquired Percentage. 

(iii) On the Specified Redemption Date, the Tendering Party shall Transfer to the Company the Company Acquired Percentage of
the Tendered Units, in exchange for a number of OP Units equal to the product of the OP Unit Amount and the Company Acquired Percentage. The Tendering Party shall submit such written representations, investment letters, legal opinions or other
instruments necessary, in the Company’s view, to effect compliance with the Securities Act. 

  
 41 

 (d) Notwithstanding anything herein to the contrary, with respect to any Redemption (or any
tender of Class A Units for Redemption if the Tendered Units are acquired by Operating Company pursuant to Section 15.1(b) hereof) pursuant to this Section 15.1: 

(i) Without the consent of the Operating Company, no Tendering Party may effect a Redemption for less than 200,000 Class A
Units or, if such Tendering Party holds less than 200,000 Class A Units, all of the Class A Units held by such Tendering Party. 

(ii) If a Tendering Party surrenders Tendered Units during the period after the Company Record Date with respect to a
distribution payable to Holders of Class A Units, and before the record date established by the Operating Company for a distribution to its members of some or all of its portion of such Company distribution, then such Tendering Party shall pay
to the Operating Company on the Specified Redemption Date an amount in cash equal to the Company distribution paid or payable in respect of such Tendered Units. 

(iii) The consummation of each Redemption hereunder 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. 
 (iv) The Tendering Party shall
continue to own (subject, in the case of an Assignee, to the provisions of Section 11.4 hereof) all Class A Units subject to any Redemption, and be treated as a Member or an Assignee, as applicable, with respect to
such Class A Units for all purposes of this Agreement, until the Specified Redemption Date and until such Tendered Units are transferred to the Operating Company or the Company, as the case may be. Until a Specified Redemption Date and an
acquisition of the Tendered Units by the Operating Company or the Company, as the case may be, the Tendering Party shall have no rights as a member of the Operating Company with respect to the OP Units issuable in connection with such acquisition.

 (v) All OP Units delivered by the Operating Company pursuant to Section 15.1(a) or Section 15.1(b), or
delivered by the Company to a Tendering Party pursuant to Section 15.1(b), shall be validly issued OP Units, free of any pledge, lien, encumbrance or restriction, other than any restrictions provided in the limited liability company agreement
of the Operating Company, the Securities Act and relevant state securities or “blue sky” laws. 
 (vi) Neither any
Tendering Party whose Tendered Units are acquired by the Company or the Operating Company pursuant to this Section 15.1, any Member, any Assignee nor any other interested Person shall have any right under this Agreement to
require or cause the Operating Company or the Company to register, qualify or list any OP Units owned or held by such Person, whether or not such OP Units are issued pursuant to this Section 15.1, with the SEC, with any
state securities commissioner, department or agency, under the Securities Act or the Exchange Act or with any stock exchange; provided, however, that this limitation shall not be in derogation of any registration or similar rights granted
pursuant to any other written agreement between the Operating Company or the Parent and any such Person. 
 (vii)
Notwithstanding any delay in delivery of OP Units, the Tendering Party shall be deemed the owner of such OP Units for all purposes, including, without limitation, rights to vote or consent, receive distributions, and exercise rights, as of the
Redemption Exchange Date. 
 (viii) OP Units issued upon an acquisition of Tendered Units by the Company or the Operating
Company pursuant to this Section 15.1 may contain such legends regarding restrictions under the Securities Act and applicable state securities laws as the Operating Company in good faith determines to be necessary or
advisable in order to ensure compliance with such laws. 

  
 42 

 (e) If any Redemption of Tendered Units would cause the aggregate number of OP Units owned by the
Parent and its wholly owned Subsidiaries to be less than 50.1% of the total number of OP Units outstanding after giving effect to such Redemption, then the Parent shall have the right to acquire any or all of such Tendered Units in exchange for a
number of Class A Common Shares equal to the OP Unit Amount for such Tendered Units, multiplied by the Adjustment Factor then in effect; provided, however, that the Parent shall not have such right if (i) the Company has issued any
equity securities that rank senior to the Class A Units, (ii) there is a Preferred Return Shortfall with respect to such Tendered Units, (iii) the Company is insolvent at the time such Tendered Units are tendered for Redemption, or
(iv) a Liquidating Event occurs. If Parent exercises such right, all references herein to “Redemption” shall be deemed to refer to such exchange of Tendered Units for Class A Common Shares, and all terms and provisions applicable
to a Redemption shall apply to such transaction mutatis mutandis. 
 ARTICLE 16 

GENERAL PROVISIONS 

Section 16.1 Addresses and Notice. Any notice, demand, request or report required or permitted to be given or made to a Member 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 or electronic communication (including by telecopy, facsimile,
electronic mail or commercial courier service) to the Member, or Assignee at the address for such Member set forth in the Register, or such other address of which the Member shall notify the Operating Company in accordance with this
Section 16.1. 
 Section 16.2 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” or “Sections” are to Articles and Sections of this Agreement. 
 Section 16.3 Pronouns and
Plurals. Whenever the context may require, any pronouns used in this Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular form of nouns, pronouns and verbs shall include the plural and vice versa. 

Section 16.4 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. 
 Section 16.5 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 16.6 Waiver. 

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

(b) The restrictions, conditions and other limitations on the rights and benefits of the Members contained in this Agreement, and the duties,
covenants and other requirements of performance or notice by the Members, are for the benefit of the Company and, except for an obligation to pay money to the Company, may be waived or relinquished by the Manager, in its sole and absolute
discretion, on behalf of the Company in one or more instances from time to time and at any time; provided, however, that any such waiver or relinquishment may not be made if it would have the effect of (i) creating liability for any
other Members, (ii) causing the Company to cease to qualify as a limited liability company, (iii) reducing the amount of cash otherwise distributable to the Members (other than any such reduction that affects all of the Members holding the
same class or series of Units on a uniform or pro rata basis, if approved by Members holding a majority of the outstanding Units of such class or series), (iv) resulting in the classification of the Company as an association or publicly traded
partnership taxable as a corporation or (v) violating the Securities Act, the Exchange Act or any state “blue sky” or other securities laws. 

Section 16.7 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. 

  
 43 

 Section 16.8 Applicable Law; Consent to Jurisdiction; Jury Trial. 

(a) This Agreement shall be construed and enforced in accordance with and governed by the laws of the State of Delaware, without regard to any
principles of conflicts of law that would apply the laws of any other jurisdiction. In the event of a conflict between any provision of this Agreement and any non-mandatory provision of the Act, the provisions
of this Agreement shall control and take precedence. 
 (b) Each Member hereby (i) submits to the
non-exclusive jurisdiction of any state or federal court sitting in the State of Delaware (collectively, the “Delaware Courts”), with respect to any dispute arising out of this Agreement or
any transaction contemplated hereby to the extent such courts would have subject matter jurisdiction with respect to such dispute, (ii) irrevocably waives, and agrees not to assert by way of motion, defense, or otherwise, in any such action,
any claim that it is not subject personally to the jurisdiction of any of the Delaware Courts, that its property is exempt or immune from attachment or execution, that the action is brought in an inconvenient forum, or that the venue of the action
is improper, (iii) agrees that notice or the service of process in any action, suit or proceeding arising out of or relating to this Agreement or the transactions contemplated hereby shall be properly served or delivered if delivered to such
Member at such Member’s last known address as set forth in the Company’s books and records, and (iv) IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE
TRANSACTIONS CONTEMPLATED HEREBY. 
 Section 16.9 Entire Agreement. This Agreement contains all of the understandings and
agreements between and among the Members with respect to the subject matter of this Agreement and the rights, interests and obligations of the Members with respect to the Company. 

Section 16.10 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 16.11 No Partition. No Member nor any
successor-in-interest to a Member shall have the right while this Agreement remains in effect to have any property of the Company partitioned, or to file a complaint or
institute any proceeding at law or in equity to have such property of the Company partitioned, and each Member, on behalf of itself and its successors and assigns hereby waives any such right. It is the intention of the Members that the rights of
the parties hereto and their successors-in-interest to Company property, as among themselves, shall be governed by the terms of this Agreement, and that the rights of
the Members and their respective successors-in-interest shall be subject to the limitations and restrictions as set forth in this Agreement. 

Section 16.12 No Third-Party Rights Created Hereby. The provisions of this Agreement are solely for the purpose of defining the
interests of the Holders and the Manager, inter se; and, except as set forth in Section 7.7, no other person, firm or entity (i.e., a party who is not a signatory hereto or a permitted successor to such
signatory hereto) shall have any right, power, title or interest by way of subrogation or otherwise, in and to the rights, powers, title and provisions of this Agreement. No creditor or other third party having dealings with the Company (other than
as expressly set forth herein with respect to Indemnitees) shall have the right to enforce the right or obligation of any Member to make Capital Contributions or loans to the Company or to pursue any other right or remedy hereunder or at law or in
equity. None of the rights or obligations of the Members herein set forth to make Capital Contributions or loans to the Company shall be deemed an asset of the Company for any purpose by any creditor or other third party, nor may any such rights or
obligations be sold, Transferred or assigned by the Company or pledged or encumbered by the Company to secure any debt or other obligation of the Company or any of the Members. 

Section 16.13 Specific Performance; Equitable Remedies. The parties hereto agree that irreparable damage, for which monetary
damages (even if available) would not be an adequate remedy, would occur in the event that the parties hereto do not perform the provisions of this Agreement in accordance with its specified terms or otherwise breach such provisions. Accordingly,
the parties acknowledge and agree that the parties shall be entitled to an injunction, specific performance and other equitable relief to prevent breaches of this Agreement and to enforce specifically the terms and provisions hereof (including,
without limitation, with respect to the obligations of the Members set forth in Article 11), in addition to any other remedy to which they are entitled at law or in equity. Each of 

  
 44 

 
the parties agrees that it will not oppose the granting of an injunction, specific performance and other equitable relief, or a court order enforcing such an award, on the basis that any other
party has an adequate remedy at law or that any award of specific performance is not an appropriate remedy for any reason at law or in equity. Any party seeking an injunction or injunctions to prevent breaches of this Agreement and to enforce
specifically the terms and provisions of this Agreement shall not be required to provide any bond or other security in connection with any such order or injunction. 

Section 16.14 Delivery by Electronic Transmission. This Agreement and any signed agreement or instrument entered into in
connection with this Agreement or contemplated hereby, and any amendments hereto or thereto, to the extent signed and delivered by means of an electronic transmission, including by a facsimile machine or via email, shall be treated in all manner and
respects as an original agreement or instrument and shall be considered to have the same binding legal effect as if it were the original signed version thereof delivered in person. At the request of any party hereto or to any such agreement or
instrument, each other party hereto or thereto shall re-execute original forms thereof and deliver them to all other parties. No party hereto or to any such agreement or instrument shall raise the use of
electronic transmission by a facsimile machine or via email to deliver a signature or the fact that any signature or agreement or instrument was transmitted or communicated through such electronic transmission as a defense to the formation of a
contract and each such party forever waives any such defense. 
 Section 16.15 No Rights as Members of the Operating Company or
Shareholders of the Parent. Nothing contained in this Agreement shall be construed as conferring upon the Holders of Units any rights whatsoever as members of the Operating Company or shareholders of the Parent, including without limitation any
right to receive dividends or other distributions made to members of the Operating Company or shareholders of the Parent or to vote or to consent or receive notice as members in respect of any meeting of members of the Operating Company or any other
matter, or as shareholders in respect of any meeting of shareholders for the election of directors of the Parent or any other matter. 

  
 45 

 IN WITNESS WHEREOF, this Agreement has been executed as of the date first written above. 

 

			
	MANAGER:
	FIVE POINT OPERATING COMPANY, LLC
		
	By:	 	Five Point Holdings, LLC,
		 	its Operating Managing Member
		
	By:	 	/s/ Emile Haddad
		 	Name: Emile Haddad
		 	Title:
	
	PARENT:
	
	FIVE POINT HOLDINGS, LLC
		
	By:	 	/s/ Emile Haddad
		 	Name: Emile Haddad
		 	Title:
	
	MEMBERS:
	
	UST LENNAR HW SCALA SF JOINT VENTURE
		
	By:	 	/s/ Jonathan Jaffe
		 	Name: Jonathan Jaffe
		 	Title: Vice President
	
	HPSCP OPPORTUNITIES, L.P.
		
	By:	 	TPG Credit Strategies II GP, L.P.,
its General Partner
		
	By:	 	/s/ Judd Gilats
		 	Name: Judd Gilats
		 	Title: Vice President

 EXHIBIT A 

NOTICE OF REDEMPTION 
 [Manager]

 [Address] 
 The undersigned Member or
Assignee hereby irrevocably tenders for Redemption Class A Units in The Shipyard Communities, LLC in accordance with the terms of the Second Amended and Restated Operating Agreement of The Shipyard Communities, LLC, dated as of May 2,
2016, as amended (the “Agreement”), and the Redemption rights referred to therein. All capitalized terms used and not otherwise defined herein shall have the respective meanings ascribed to them in the Agreement. The undersigned
Member or Assignee: 
 (a) undertakes (i) to surrender such Class A Units at the closing of the Redemption and (ii) to
furnish to the Manager, prior to the Specified Redemption Date, the documentation, instruments and information required under Section 15.1 of the Agreement; 

(b) directs that the OP Unit Amount deliverable upon the closing of such Redemption be delivered to the address specified below; 

(c) represents, warrants, certifies and agrees that: (i) the undersigned Member or Assignee is a Qualifying Party; (ii) the
undersigned Member or Assignee has, and at the closing of the Redemption will have, good, marketable and unencumbered title to such Class A Units, free and clear of the rights or interests of any other person or entity; (iii) the
undersigned Member or Assignee has, and at the closing of the Redemption will have, the full right, power and authority to tender and surrender such Class A Units as provided herein; (iv) the undersigned Member or Assignee, and the tender
and surrender of such Class A Units for Redemption as provided herein complies with all conditions and requirements for Redemption of Class A Units set forth in the Agreement; and (v) the undersigned Member or Assignee has obtained
the consent or approval of all persons and entities, if any, having the right to consent to or approve such tender and surrender; and 
 (d)
acknowledges that the undersigned will continue to own such Class A Units unless and until such Class A Units are acquired by the Company or the Operating Company on the Specified Redemption Date pursuant to
Section 15.1 of the Agreement. 
  

			
	Dated:	 	  

  

	
	  

	
	Name of Member or Assignee:
	
	  

	
	Signature of Member or Assignee
	
	  

	
	Street Address
	
	  

	
	City, State and Zip Code
	
	  

	
	Social security or identifying number
	
	Signature Medallion Guaranteed by:
	
	  

	
	Issue Check Payable to (or shares in the name of):
	
	  

  
 A-1EX-10.3

 Exhibit 10.3 

REGISTRATION RIGHTS AGREEMENT 

BY AND AMONG 
 FIVE
POINT HOLDINGS, LLC 
 AND 

THE HOLDERS NAMED HEREIN 

DATED: May 2, 2016 
  

 REGISTRATION RIGHTS AGREEMENT 

This Registration Rights Agreement (this “Agreement”) is entered into as of May 2, 2016, and effective as of the
Effective Date (as defined below), by and among Five Point Holdings, LLC, a Delaware limited liability company f/k/a Newhall Holding Company, LLC (the “Company”), and the persons named on Exhibit A hereto (collectively with any
Assignee pursuant to Section 15 hereof, the “Holders”). Capitalized terms used but not otherwise defined herein shall have the respective meanings ascribed thereto in Section 1.

 WHEREAS, the Company has entered into a Second Amended and Restated Contribution and Sale Agreement, dated as of July 2, 2015, and
amended and restated as of May 2, 2016 (the “Contribution and Sale Agreement”), with Five Point Holdings, Inc., the Operating Company, Five Point Land, the Contributing Investors, HPSCP Opportunities, L.P., Heritage Fields
Capital Co-Investor Member LLC, MSD Heritage Fields, LLC, LNR HF II, LLC, The Shipyard Communities, LLC, Heritage Fields LLC, Five Point Communities Management, Inc. and Five Point Communities, LP, pursuant to
which the Contributing Investors have agreed to contribute their interests in certain entities to the Operating Company in exchange for OP Units; and 

WHEREAS, in connection with the Contribution and Sale Agreement, the Company desires to grant certain registration rights to the Holders with
respect to (i) Class A Common Shares that they may receive in exchange for OP Units pursuant to the Operating Agreement, (ii) Class A Common Shares that they may receive pursuant to the Securities Purchase Agreement,
(iii) Class A Common Shares that they may receive in exchange for Hunters Point Units pursuant to the Hunters Point LLC Agreement and (iv) Class A Common Shares that they hold as of the date hereof, in each case, following an
initial public offering of Class A Common Shares (the “IPO”). 
 NOW, THEREFORE, in consideration of the foregoing, the
mutual promises and agreements set forth herein, and other valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 

SECTION 1. CERTAIN DEFINITIONS. 

As used in this Agreement, in addition to the other terms defined herein, the following capitalized defined terms, as used herein, have the
following meanings: 
 “Affiliate” of any Person means any other Person directly or indirectly controlling or controlled by
or under common control with such Person. For the purposes of this definition, “control,” when used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management
and policies of such Person, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. 

“Agreement” has the meaning set forth in the preamble to this Agreement.  

“Assignee” has the meaning set forth in Section 15 hereof. 

“Business Day” means any day except a Saturday, Sunday or other day on which commercial banks in New York, New York are
authorized or required by law to be closed. 
 “Class A Common Shares” means Class A Common Shares
of the Company (or any other interests issued in respect of those shares as a result of a unit split, combination, distribution or other recapitalization event applying to all such shares). 

 “Closing Price” means the last reported sale price of a
Class A Common Share regular way on a given day or, in case no such sale takes place on such day, the average of the reported closing bid and asked prices regular way, in each case on the NYSE or such other principal national securities
exchange on which the Class A Common Shares are then listed or admitted to trading, or, if the Class A Common Shares are not listed or admitted to trading on any national securities exchange, the average of the closing bid and asked prices
as furnished by any nationally recognized member of FINRA selected from time to time by the Company, reasonably and in good faith, for that purpose, or, if no such prices are furnished, the fair market value of a Class A Common Share, as
determined in good faith by the Company’s board of directors. 
 “Commission” means the Securities and Exchange
Commission. “Company” has the meaning set forth in the preamble to this Agreement. 
 “Contributing
Investors” means UST Lennar HW Scala SF Joint Venture, LenFive, LLC, FPC-HF Venture I, LLC, Lennar Homes of California, Inc. and Emile Haddad. 

“Contribution and Sale Agreement” has the meaning set forth in the recitals to this Agreement. 

“Demand Registration Notice” has the meaning set forth in Section 3(b) hereof. 

“Demand Registration Statement” has the meaning set forth in Section 3(b) hereof. 

“Effective Date” means the first trading day following the date on which the Company’s Registration Statement on Form S-11 with respect to its IPO is declared effective by the Commission. 
 “Exchange Act”
means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder. 
 “Existing
Holder” means any Holder of Class A Common Shares as of the date hereof. 
 “Five Point Land” means Five
Point Land, LLC, a Delaware limited liability company f/k/a Newhall Land Development, LLC. 
 “Holders” has the meaning set
forth in the preamble to this Agreement. For purposes of this Agreement, (i) any Holder of OP Units shall be deemed to hold a number of Registrable Shares equal to the number of Class A Common Shares issuable in exchange for such OP Units,
and (ii) any Holder of Hunters Point Units shall be deemed to hold a number of Registrable Shares equal to the number of Class A Common Shares issuable in exchange for the number of OP Units for which such Hunters Point Units are
exchangeable pursuant to the Hunters Point LLC Agreement. 
 “Hunters Point Units” means Class A units of membership
interest in the Hunters Point Venture (or any other interests issued in respect of those units as a result of a unit split, combination, distribution or other recapitalization event applying to all such units). 

“Hunters Point Venture” means The Shipyard Communities, LLC, a Delaware limited liability company. 

“Hunters Point LLC Agreement” means the Second Amended and Restated Operating Agreement of The Shipyard Communities, LLC, to
be entered into at the closing under the Contribution and Sale Agreement, as the same may be amended, modified or restated from time to time. 

“Indemnified Party” has the meaning set forth in Section 8 hereof. 

  
 2 

 “Indemnifying Party” has the meaning set forth in
Section 8 hereof. 
 “IPO” has the meaning set forth in the recitals to this Agreement. 

“Minimum Offering Condition” means (i) with respect to any Demand Registration Notice, that the Holder or Holders
delivering the Demand Registration Notice are requesting in such notice that the Company include in the Demand Registration Statement Shares of such Holders (or in the case of Holders of Units, that such Holders desire to sell Units to the Company
as described in Section 3(b)) that, in the aggregate, have a value equal to or greater than Fifty Million Dollars ($50,000,000), based upon the Closing Price as of the last trading day immediately prior to the date of the Demand Registration
Notice, and (ii) in the case of any other proposed underwritten offering hereunder, that the Company has received a written request from one or more Holders for inclusion therein of Shares that, in the aggregate, have a value equal to or
greater than Fifty Million Dollars ($50,000,000), based upon the Closing Price as of the last trading day immediately prior to the date of such request. 

“Notice of Demand Registration” has the meaning set forth in Section 3(b) hereof.  

“NYSE” means the New York Stock Exchange. 

“Operating Agreement” means the Amended and Restated Limited Liability Company Agreement of the Operating Company, to be
entered into at the closing under the Contribution and Sale Agreement, as the same may be amended, modified or restated from time to time. 

“Operating Company” means Five Point Operating Company, LLC, a Delaware limited liability company f/k/a Newhall Intermediary
Holding Company, LLC. 
 “OP Unit” means a Class A unit of membership interest in the Operating Company that is issued
by the Operating Company pursuant to the Contribution and Sale Agreement or in exchange for Hunters Point Units (or any other interests issued in respect of those units as a result of a unit split, combination, distribution or other recapitalization
event applying to all such units). 
 “Permitted Free Writing Prospectus” has the meaning set forth in Section 3(a)
hereof. 
 “Person” means an individual or a corporation, partnership, limited liability company, association, trust, or
any other entity or organization, including a government or political subdivision or an agency or instrumentality thereof. 

“Prospectus” means the prospectus included in a Registration Statement, including any preliminary prospectus (including any
Permitted Free Writing Prospectus), as amended or supplemented by any prospectus supplement with respect to the terms of the offering of any portion of the Registrable Shares covered by such Registration Statement, and by all other amendments and
supplements to such prospectus, including post-effective amendments, and in each case including all material incorporated by reference therein. 

“Registrable Shares” means the Shares; provided, however, that Registrable Shares shall not include (i) Shares
for which a Registration Statement relating to the sale thereof has become effective under the Securities Act and which have been disposed of under such Registration Statement or (ii) Shares sold pursuant to Rule 144. 

“Registration Expenses” means any and all expenses incident to the performance of or compliance by the Company with this
Agreement, which shall be borne by the Company as provided below, including without limitation: (i) all registration and filing fees, (ii) printing expenses, (iii) internal 

  
 3 

 
expenses of the Company (including, without limitation, all salaries and expenses of its officers and employees performing legal or accounting duties), (iv) the fees and expenses incurred in
connection with the listing of the Registrable Shares, (v) the fees and disbursements of legal counsel for the Company and customary fees and expenses for independent certified public accountants retained by the Company, and any transfer agent
and registrar fees and (vi) the reasonable fees and expenses of any special experts retained by the Company; provided, however, that Registration Expenses shall not include, and the Company shall not have any obligation to pay, any taxes
(including transfer taxes) attributable to the sale of securities by the Holders or underwriting, brokerage or other similar fees, discounts, or commissions attributable to the sale of such Registrable Shares or any legal fees and expenses of
counsel to any Holder and any underwriter engaged by any Holder or any other expenses incurred in connection with the performance by the Holders of their obligations under the terms of this Agreement. 

“Registration Statement” means any registration statement of the Company which covers the resale of any of the Registrable
Shares under the Securities Act on an appropriate form, and all amendments and supplements to such registration statement, including post-effective amendments, in each case, including the Prospectus contained therein, all exhibits thereto and all
materials incorporated by reference therein. 
 “Requisite Holders” means, in the case of any underwritten offering
hereunder, Holders of a majority of the Registrable Shares to be included in such offering; provided, however, that, for purposes of this definition, if any of the Registrable Shares are to be sold by the Company pursuant to Section 3(b),
such Registrable Shares shall be deemed to include Shares issuable in exchange for Units that will be purchased with the proceeds of such Registrable Shares. 

“Rule 144” means Rule 144 promulgated under the Securities Act, as amended from time to time, or any similar successor rule
thereto that may be promulgated by the Commission. 
 “Rule 144 Eligible Shares” means Shares eligible for sale in a single
sale pursuant to Rule 144 without any limitation as to volume or manner of sale requirements pursuant to Rule 144. 
 “Rule
415” means Rule 415 promulgated under the Securities Act, as amended from time to time, or any similar successor rule thereto that may be promulgated by the Commission. 

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

“Securities Purchase Agreement” means the Securities Purchase Agreement, dated as of the date hereof, by and among the
Company, LenFive, LLC and Lennar Homes of California, Inc. 
 “Shares” means (i) Class A Common Shares issued or
issuable to a Holder in exchange for OP Units pursuant to the Operating Agreement, including OP Units that may be issued in exchange for Hunters Point Units pursuant to the Hunters Point LLC Agreement, (ii) Class A Common Shares issued or
issuable to a Holder in exchange for Hunters Point Units pursuant to the Hunters Point LLC Agreement, (iii) Class A Common Shares held by any Holder as of the date hereof, (iv) Class A Common Shares issued or issuable to a Holder
pursuant to the Securities Purchase Agreement, (v) Class A Common Shares to be sold by the Company to fund the purchase of Units hereunder and pay related offering expenses, and (vi) any other Class A Common Shares or other
securities which may be issued in respect of, in exchange for, or in substitution for, such Class A Common Shares, whether by reason of any share split, share distribution, reverse share split, recapitalization, merger, consolidation,
combination or otherwise. 
 “Shelf Registration Statement” has the meaning set forth in Section 3(a) hereof. 

  
 4 

 “Suspension Event” has the meaning set forth in Section
9(b) hereof. 
 “Suspension Notice” has the meaning set forth in Section 9(c) hereof. 

“Termination Date” has the meaning set forth in Section 3(a) hereof. 

“Unit” means an OP Unit or a Hunters Point Unit. 

SECTION 2. TERM OF AGREEMENT. 

The obligations and rights of the parties hereunder shall commence on the Effective Date and terminate (i) with respect to each Holder,
upon the earlier of (A) the date that such Holder ceases to hold any Registrable Shares and (B) the date on which the Company’s obligations terminate under clause (ii) below, and (ii) with respect to the Company, when there
are no longer any Registrable Shares other than Rule 144 Eligible Shares; provided that Sections 5 through 8, and 12 through 21 of this Agreement shall not terminate and shall survive and remain in full force and effect
following such termination. 
 SECTION 3. REGISTRATION. 

(a) Shelf Registration Statement. Prior to the earlier of (i) fourteen (14) months after the Effective Date and
(ii) fourteen (14) days after the Company becomes eligible to file a Registration Statement on Form S-3, the Company will file with the Commission a Registration Statement on Form S3, or such other form
as may be appropriate and available, under Rule 415 relating to the resale by the Holders of their Registrable Shares (the “Shelf Registration Statement”). At the option of the Company, the Shelf Registration Statement may also
cover the issuance of Registrable Shares in exchange for Units. The Company shall use its reasonable efforts to cause such Registration Statement to be declared effective by the Commission for all of the Registrable Shares covered thereby as soon as
practicable. The Company agrees to use its reasonable efforts to keep the Registration Statement (or a successor Registration Statement filed with respect to the Registrable Shares), after its date of effectiveness, continuously effective until the
date (the “Termination Date”) on which there are no longer any Registrable Shares other than Rule 144 Eligible Shares. To satisfy its obligations hereunder, the Company may, at its option, in lieu of the Registration Statement
described above, if the Company is a well-known seasoned issuer (as defined in Rule 405 under the Securities Act) at the time that a Registration Statement is to be filed, (A) file an automatic shelf registration statement which covers such
Registrable Shares or (B) in lieu of filing a new Registration Statement, file a Prospectus pursuant to Rule 424(b) under the Securities Act (or any successor provision) or post-effective amendment, as applicable, to include, in accordance with
Rule 430B under the Securities Act (or any successor provision), the registration of the resale of such Registrable Shares by the Holders in an automatic shelf registration statement previously filed by the Company (in each case, such Registration
Statement or Prospectus, together with such previously filed Registration Statement, as the case may be, will be considered the Shelf Registration Statement). The Holders agree not to offer or sell, without the Company’s consent, any
Registrable Shares by means of any “free writing prospectus” (as defined in Rule 405 under the Securities Act) that is required to be filed by the Holders with the Commission pursuant to Rule 433 under the Securities Act (any free writing
prospectus consented to by the Company, a “Permitted Free Writing Prospectus”). 
 (b) Demand Registration.
At any time during the period commencing on the date that is six (6) months after the Effective Date and ending on the date that is nine (9) months after the Effective Date, if the Minimum Offering Condition is satisfied, any Holder or
Holders may deliver to the Company a written notice (“Demand Registration Notice”) requesting that the Company file a Registration Statement (a “Demand Registration Statement”) to register in an underwritten
offering (i) the sale of Registrable Shares by Holders, and/or (ii) the sale of Class A Common Shares by the Company, the proceeds of 

  
 5 

 
which will be used to purchase Units and pay related offering expenses. Within seven (7) Business Days of receipt of a Demand Registration Notice, the Company shall send a written notice (a
“Notice of Demand Registration”) to all other Holders notifying them of such Demand Registration Notice, and requesting that they respond if they want to participate in such offering. An Existing Holder may
elect to participate in such offering as a selling shareholder of Registrable Shares. A Holder of Units may elect to participate in such offering by requesting that the Company purchase a number of such Holder’s Units at the closing of the
offering at a price per Unit equal to the price per Class A Common Share received by the Company (net of all underwriting discounts and commissions) in such offering. Any Holder electing to sell Units in connection with an offering undertaken
pursuant to a Demand Registration Notice shall execute and deliver a purchase agreement in such form as is reasonably requested by the Company (a “Unit Purchase Agreement”). The Notice of Demand Registration
shall request that Holders respond in writing within ten (10) Business Days if they want to participate in such offering, and indicate in such response the number of their Registrable Shares requested to be included (or Units requested to be
sold). The Company may elect to include a Unit Purchase Agreement with such Notice of Demand Registration, and require that any Holder electing to sell Units in connection with such offering must deliver a Unit Purchase Agreement that has been duly
executed by such Holder, together with such Holder’s written response indicating its intention to participate in such offering. Any Holder that fails to respond in writing within ten (10) Business Days shall be deemed to have elected not
to participate in such offering. As promptly as practicable following receipt of a Demand Registration Notice, and after other Holders have had an opportunity to respond to the Notice of Demand Registration, the Company shall prepare and file with
the Commission a Demand Registration Statement that registers all of the Registrable Shares, with respect to which the Company has received written requests for participation therein from the Holders, and use its reasonable efforts to cause such
Registration Statement to be declared effective by the Commission as soon as practicable. For the avoidance of doubt, the Company shall only be required to file one (1) Demand Registration Statement pursuant to this Section 3(b). All of
the provisions of clauses (ii) – (vii) of Section 3(c) shall apply to the offering undertaken pursuant to the Demand Registration Notice. 

(c) Underwritten Offerings. 

(i) One or more Holders may request, by written notice to the Company, that the Company effect an underwritten offering under the Shelf
Registration Statement of Registrable Shares held by such Holder or Holders in an amount sufficient to satisfy the Minimum Offering Condition as of the date of such request. Within seven (7) Business Days of receipt of such request, the Company
shall send a written notice to all other Holders notifying them of such request. The Company agrees to cooperate with any such request for an underwritten offering and to take all such other reasonable actions in connection therewith as provided in
clauses (ii) – (vi) of this Section 3(c). Except as provided in clause (v) below, Holders who respond within ten (10) Business Days of the Company’s notice may include in such offering all Registrable Shares that they
request to be included therein. Any Holder that fails to respond in writing within ten (10) Business Days shall be deemed to have elected not to participate in such offering. 

(ii) In connection with any underwritten offering hereunder, the Company shall enter into such agreements (including an underwriting agreement
in form, scope and substance as is customary for similar underwritten offerings) and take all such other reasonable actions in connection therewith in order to expedite or facilitate the disposition of securities included in such offering, including
(A) making such representations and warranties to the underwriters with respect to the business of the Company and the Shelf Registration Statement, Prospectus and documents, if any, incorporated or deemed to be incorporated by reference
therein, in each case, in form, substance and scope as are customarily made by issuers to underwriters in underwritten offerings; (B) obtaining customary opinions of counsel to the Company; and (C) obtaining customary “cold
comfort” letters and updates thereof from the independent registered public accountants of the Company (to the extent permitted by applicable accounting rules and guidelines). 

  
 6 

 (iii) No Holder may participate in any underwritten offering hereunder unless such Holder
(A) agrees to sell such Holder’s securities on the basis provided in any underwriting arrangements approved by the Requisite Holders, and (B) completes and executes all questionnaires, powers of attorney, indemnities, underwriting
agreements and other documents reasonably required under the terms of such underwriting arrangements and this Agreement. 
 (iv) In
connection with any underwritten offering hereunder, all underwriting arrangements shall be approved by the Requisite Holders (or persons designated by them for such purpose), including the timing and pricing of the offering, and the managing
underwriter or underwriters for such offering; provided that any such underwriter must be reasonably acceptable to the Company; and provided, further, that, for the underwritten offering undertaken pursuant to a Demand Registration Notice, unless
the Requisite Holders and the Company agree otherwise, the managing underwriter or underwriters shall be the same as those in the IPO. 

(v) In the case of any firm commitment underwritten offering hereunder, if the managing underwriter or underwriters advise the Company in
writing that, in their opinion, the number of securities requested to be included in such offering exceeds the number of securities that can be sold in an orderly manner in such offering within a price range acceptable to the Requisite Holders, then
the number of securities to be offered for the account of each Holder requesting to include Registrable Shares, and for the account of the Company in order to raise funds to be used in connection with the purchase of Units from Holders, in such
offering shall be reduced pro rata based on the number of securities requested to be sold in such offering, to the extent necessary to reduce the total number of securities to be included in such offering to the maximum number recommended by such
managing underwriter or underwriters. 
 (vi) The Company shall not be required to effect an underwritten offering hereunder: (A) more than
once in any twelve (12) month period; provided, however, that if the number of securities to be offered for the account of any Holder in a firm commitment underwritten offering is reduced pursuant to Section 3(c)(v), subject to
clauses (B) and (C) of this Section 3(c)(vi), the Company may be required to effect one (1) additional underwritten offering within such twelve (12) month period; (B) within ninety (90) days following the last date on
which an underwritten offering was effected pursuant to this Agreement or, if longer, the length of any lock-up required by the underwriters in the prior underwritten offering; or (C) if it shall have
already made three (3) underwritten offerings at the request of Holders pursuant to Section 3(c)(i). 
 (vii) In connection with
any underwritten offering hereunder, each Holder of Registrable Shares agrees, if requested by the managing underwriter or underwriters, to execute a customary “lock-up” agreement for a period of no
more than ninety (90) days, in the form requested by the managing underwriter or underwriters. 
 (d) Notification and
Distribution of Materials. The Company shall notify the Holders of the effectiveness of any Registration Statement, and shall furnish to the Holders such number of copies of such Registration Statement (including any amendments, supplements and
exhibits), the Prospectus contained therein (including each preliminary prospectus and all related amendments and supplements, if any) and any documents incorporated by reference in such Registration Statement or such other documents as the Holders
may reasonably request in order to facilitate the sale of the Registrable Shares in the manner described in such Registration Statement. 

(e) Amendments and Supplements. The Company shall prepare and file with the Commission from time to time such amendments and
supplements to each Registration Statement and 

  
 7 

 
Prospectus used in connection therewith as may be necessary to keep such Registration Statement (or a successor Registration Statement filed with respect to the same Registrable Shares) effective
and shall comply with the provisions of the Securities Act with respect to resales of the Registrable Shares covered thereby until the Termination Date. As expeditiously as possible, upon notice (and in any event within ten (10) Business
Days’ notice), the Company shall file any supplement or post-effective amendment to a Registration Statement with respect to the plan of distribution or a Holder’s ownership interests in its Registrable Shares (including an Assignee
becoming a Holder hereunder) that is reasonably necessary to permit the sale of such Holder’s Registrable Shares pursuant to such Registration Statement. The Company shall file any necessary listing applications or amendments to the existing
applications to cause the Shares registered under any Registration Statement to be then listed or quoted on the NYSE or such other primary exchange or quotation system on which the Class A Common Shares are then listed or quoted. 

(f) Notice of Certain Events. The Company shall promptly notify each Holder in writing of the filing of any Registration
Statement or Prospectus, amendment or supplement related thereto or any post-effective amendment to a Registration Statement and the effectiveness of any post-effective amendment, provided, however, that this Section 3(f) shall not
apply to (i) an amendment or supplement relating solely to securities other than Registrable Shares, or (ii) an amendment or supplement by means of an Annual Report on Form 10-K, a Quarterly Report
on Form 10-Q, a Proxy Statement on Schedule 14A, a Current Report on Form 8-K or a Registration Statement on Form 8-A or any
amendments thereto filed with the Commission under the Exchange Act and incorporated or deemed to be incorporated by reference into a Registration Statement or Prospectus. At any time when a Prospectus included in a Registration Statement is
required to be delivered under the Securities Act by a Holder to an offeree, the Company shall promptly notify the Holders of the happening of any event as a result of which the Company believes the Prospectus included in such Registration
Statement, as then in effect, includes an untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were
made, not misleading; provided that the Holders shall promptly notify the Company of any such delivery to an offeree. In such event, the Company shall promptly prepare and, if applicable, furnish to the Holders a reasonable number of copies
of a supplement to or an amendment of such Prospectus as may be necessary so that, as thereafter delivered to the purchasers of Registrable Shares sold under the Prospectus, such Prospectus shall not include an untrue statement of a material fact or
omit to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they are made, not misleading. The Company shall, if necessary, promptly amend the Registration
Statement of which such Prospectus is a part to reflect such amendment or supplement. Each Holder agrees that, upon receipt of any notice from the Company of the occurrence of an event as set forth above, such Holder will forthwith discontinue
disposition of Registrable Shares pursuant to any Registration Statement covering such Registrable Shares until such Holder’s receipt of written notice from the Company that the use of the Registration Statement may be resumed. 

(g) Covenants of Holders. Each of the Holders hereby agrees to (i) cooperate with the Company and to furnish to the Company
all such information concerning its plan of distribution and ownership interests with respect to its Registrable Shares in connection with the preparation of a Registration Statement with respect to such Holder’s Registrable Shares and any
filings pursuant to state securities laws as the Company may reasonably request, (ii) deliver or cause delivery of the Prospectus contained in such Registration Statement to any offeree of the Class A Common Shares covered by such
Registration Statement from such Holder and (iii) treat as confidential the receipt of any notice from the Company pursuant to this Section 3 and not disclose or use the information contained in such notice unless
(A) otherwise required by law or subpoena, (B) the Company has provided its prior written consent, or (C) such information is or becomes available to the public generally, other than as a result of disclosure by such Holder in breach
of the terms of this Agreement. 

  
 8 

 SECTION 4. STATE SECURITIES LAWS. 

The parties hereto hereby acknowledge that, generally, pursuant to Section 18 of the Securities Act, no state securities laws requiring,
or with respect to, registration or qualification of securities or securities transactions will apply to a security that is a “covered security” (as defined therein). “Covered securities,” for purposes of Section 18 of the
Securities Act, includes securities listed or authorized for listing on the NYSE (or certain other national securities exchanges) and securities of the same issuer that are equal in seniority or senior to such securities. The Company will use its
reasonable efforts to cause the Shares to constitute covered securities by maintaining the listing of the Class A Common Shares on the NYSE or another qualifying national securities exchange. In the event that the Shares cease to constitute
covered securities, subject to the conditions set forth in this Agreement, the Company shall, at the expense of the Holders, file such documents as may be necessary to register or qualify the Registrable Shares under the securities or “blue
sky” laws of such states as the Holders may reasonably request, and use its reasonable efforts to cause such filings to become effective in a timely manner; provided, however, that the Company shall not be obligated
to qualify as a foreign corporation to do business under the laws of any such state in which it is not then qualified or to file any general consent to service of process in any such state or to subject itself to taxation in such state. Once such
filings are effective, the Company shall use its reasonable efforts, at the expense of the Holders, to keep such filings effective until the earlier of (i) such time as all of the Registrable Shares (other than Rule 144 Eligible Shares) have
been disposed of by the Holders, (ii) in the case of a particular state, the Holders have notified the Company that the Company no longer requires an effective filing in such state in accordance with the Company’s original request for
filing or (iii) the date on which there are no longer any Registrable Shares covered by such filing, other than Rule 144 Eligible Shares. 
 SECTION
5. EXPENSES. 
 The Company shall bear all Registration Expenses incurred in connection with the registration
of the Registrable Shares pursuant to this Agreement and the Company’s performance of its other obligations under the terms of this Agreement. The Holders shall bear all underwriting, brokerage or similar fees, discounts, commissions, or taxes
(including transfer taxes) attributable to the sale of securities by the Holders, or any legal fees and expenses of counsel to the Holders and any underwriter engaged by Holders and all other expenses incurred in connection with the performance by
the Holders of their obligations under the terms of this Agreement. 
 SECTION 6. INDEMNIFICATION BY THE COMPANY. 

The Company agrees to indemnify and hold harmless, to the fullest extent permitted by law, each Holder of Registrable Shares, its officers,
directors, agents, partners, members, employees, managers, advisors, attorneys, representatives and Affiliates, and each Person, if any, who controls such Holder within the meaning of Section 15 of the Securities Act or Section 20 of the
Exchange Act from and against, as incurred, any and all losses, claims, damages and liabilities (or actions in respect thereof), together with reasonable costs and expenses (including reasonable attorneys fees), that arise out of or are based upon
any untrue statement or alleged untrue statement of a material fact contained in any registration statement, preliminary prospectus, prospectus, or free writing prospectus relating to the Registrable Shares (in each case, as amended or supplemented
if the Company shall have furnished any amendments or supplements thereto), or that arise out of or are based upon any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements
therein, (with respect to any preliminary prospectus, prospectus or free writing prospectus, in the light of the circumstances under which they were made), not misleading, except insofar as such losses, claims, damages or liabilities arise out of or
are based upon (i) any untrue statement or omission or alleged untrue statement or omission included in reliance upon and in conformity with information furnished in writing 

  
 9 

 
to the Company by such Holder or on such Holder’s behalf expressly for inclusion therein or (ii) such Holder’s failure to deliver a copy of the Registration Statement or Prospectus
or any amendments or supplements thereto after the Company has furnished such Holder with a sufficient number of copies of the same. 
 SECTION 7.
INDEMNIFICATION BY THE HOLDERS. 
 Each of the Holders hereby agrees severally but not jointly and not
jointly and severally, to indemnify and hold harmless, to the fullest extent permitted by law, the Company, its officers, directors, agents, partners, members, employees, managers, advisors, attorneys, representatives and Affiliates, and each
Person, if any, who controls the Company, within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act, to the same extent as the foregoing indemnity from the Company to such Holder, but only with respect
to information relating to such Holder included in reliance upon and in conformity with information furnished in writing by such Holder or on such Holder’s behalf expressly for inclusion in any Registration Statement, preliminary prospectus,
prospectus or free writing prospectus relating to the Registrable Shares, or any amendment or supplement thereto; provided that the liability of each Holder shall be limited to the gross proceeds received by such Holder from the sale of
Registrable Shares pursuant to any such registration statement. In case any action or proceeding shall be brought against the Company or its officers, directors, agents, employees, advisors, attorneys, representatives or Affiliates or any such
controlling person, in respect of which indemnity may be sought against such Holder, such Holder shall have the rights and duties given to the Company, and the Company or its officers, directors, agents, employees, advisors, attorneys,
representatives or Affiliates or such controlling person shall have the rights and duties given to such Holder, by Section 8 hereof. 

SECTION 8. INDEMNIFICATION PROCEDURES. 

In case any proceeding (including any governmental investigation) shall be instituted involving any Person in respect of which indemnity may be
sought pursuant to Section 6 or Section 7 hereof, such Person (an “Indemnified Party”) shall promptly notify the Person against whom such indemnity may be sought (an
“Indemnifying Party”) in writing and the Indemnifying Party shall assume the defense thereof, including the employment of counsel reasonably satisfactory to such Indemnified Party, and shall assume the payment of all fees and
expenses; provided that the failure of any Indemnified Party to give such notice will not relieve such Indemnifying Party of any obligations under Section 6 or Section 7, except to the
extent such Indemnifying Party is materially prejudiced by such failure; provided, further, that the failure to notify an Indemnifying Party shall not relieve it from any liability that it may have to an Indemnified Party otherwise under
Section 6 or Section 7. In any such proceeding, any Indemnified Party shall have the right to retain its own counsel, but the fees and expenses of such counsel shall be at the expense of such
Indemnified Party unless (i) the Indemnifying Party and the Indemnified Party shall have mutually agreed to the retention of such counsel, (ii) representation of the Indemnified Party by the counsel retained by the Indemnifying Party would
be inappropriate due to actual or potential differing interests between the Indemnifying Party and the Indemnified Party, or (iii) the Indemnifying Party fails to assume the defense of the proceeding within a reasonable period of time (whether
because it denies it is an Indemnifying Party with regard to the proceeding or otherwise). It is understood that the Indemnifying Party shall not, in connection with any proceeding or related proceedings in the same jurisdiction, be liable for the
reasonable fees and expenses of more than one separate firm of attorneys (in addition to any local counsel) at any time for all such Indemnified Parties, and that all such fees and expenses shall be reimbursed as they are incurred. In the case of
any such separate firm for the Indemnified Parties, such firm shall be designated in writing by (a) in the case of Persons indemnified pursuant to Section 6 hereof, the Requisite Holders of Registrable Shares sold
under the applicable Registration Statement, and (b) in the case of Persons indemnified pursuant to Section 7, the Company. The Indemnifying Party shall not be liable for any settlement of any proceeding effected
without its written consent, but if settled with such 

  
 10 

 
consent, or if there be a final judgment for the plaintiff, the Indemnifying Party shall indemnify and hold harmless such Indemnified Parties from and against any loss or liability (to the extent
stated above) by reason of such settlement or judgment. No Indemnifying Party shall, without the prior written consent of the Indemnified Party, effect any settlement of any pending or threatened proceeding in respect of which any Indemnified Party
is or could have been a party and indemnity could have been sought hereunder by such Indemnified Party, unless such settlement includes an unconditional release of such Indemnified Party from all liability arising out of such proceeding without any
admission of liability by such Indemnified Party. 
 SECTION 9. SUSPENSION OF REGISTRATION REQUIREMENTS. 

(a) The Company shall promptly notify each Holder in writing of the issuance by the Commission of any stop order suspending the effectiveness
of a Registration Statement with respect to such Holder’s Registrable Shares or the Company becoming aware of the initiation of any proceedings for that purpose. The Company shall use its reasonable efforts to obtain the withdrawal of any order
suspending the effectiveness of such a Registration Statement as promptly as practicable after the issuance thereof. 
 (b) Notwithstanding
anything to the contrary set forth in this Agreement, the Company’s obligation under this Agreement to file, amend or supplement a Registration Statement, or to cause a Registration Statement, or any filings under any state securities laws, to
become or remain effective shall be suspended, for such time as the Company reasonably may determine is necessary and advisable (but in no event shall the Company be entitled to exercise such right more than two (2) times in any twelve
(12) month period, for more than ninety (90) days in the aggregate in any twelve (12) month period, if any of the following events shall occur (each such circumstance a “Suspension Event”): (i) the board of directors
of the Company determines in good faith that the offer or sale of any Registrable Shares would materially impede, delay or interfere with any proposed financing, offer or sale of securities, acquisition, corporate reorganization or other material
transaction involving the Company; (ii) the negotiation or consummation of a transaction by the Company or any of its subsidiaries is pending, or an event has occurred, which negotiation, consummation or event would require additional
disclosure by the Company in the Registration Statement of material information that the Company has a bona fide business purpose for keeping confidential, and the nondisclosure of which in the Registration Statement would be expected, in the
Company’s reasonable determination, to cause the Registration Statement to fail to comply with applicable disclosure requirements; or (iii) the board of directors of the Company determines in good faith, upon the advice of counsel, that it
is in the Company’s best interest or it is required by law, rule or regulation to supplement the Registration Statement or file a post-effective amendment to such Registration Statement in order to ensure that the prospectus included in the
Registration Statement (A) contains the information required by the form on which such Registration Statement was filed or (B) discloses any facts or events arising after the effective date of the Registration Statement (or of the most recent
post-effective amendment) that, individually or in the aggregate, represents a fundamental change in the information set forth therein. Upon the occurrence of any such suspension, the Company shall use its commercially reasonable efforts to cause
the Registration Statement to become effective or to amend or supplement the Registration Statement on a post-effective basis or to take such other action as is necessary to permit resumed use of the Registration Statement or filing thereof as soon
as reasonably practicable following the conclusion of the applicable Suspension Event and its effect. 
 (c) The Company will provide
written notice (a “Suspension Notice”) to the Holders of the occurrence of any Suspension Event. Upon receipt of a Suspension Notice, each Holder agrees that it will (i) immediately discontinue offers and sales of Registrable
Shares under the Registration Statement and (ii) maintain the confidentiality of any information included in the Suspension Notice (including the fact that the Company has exercised its rights hereunder) unless otherwise required by law or
subpoena. The 

  
 11 

 
Holders may recommence effecting offers and sales of the Registrable Shares pursuant to the Registration Statement (or such filings) following further written notice to such effect from the
Company, which notice shall be given by the Company to the Holders promptly following the conclusion of any Suspension Event and its effect; provided, however, that the Holders agree that they will only effect such offers and sales pursuant to any
supplemental or amended prospectus that has been provided to them by the Company. If so directed by the Company, Holders will deliver to the Company any copies of the prospectus covering the Registrable Shares in their possession at the time of
receipt of such notice. 
 SECTION 10. ADDITIONAL SHARES. 

The Company, at its option, may register, under any Registration Statement and any filings under any state securities laws filed pursuant to
this Agreement, any number of unissued, treasury or other Class A Common Shares to be sold by the Company or any of its subsidiaries or any Class A Common Shares or other securities of the Company owned by any other security holder or
security holders of the Company. 
 SECTION 11. CESSATION OF OBLIGATION TO
REGISTER. 
 The Holders acknowledge and agree that (i) the Company’s obligations under
this Agreement to register Shares issued or issuable to a Holder in exchange for OP Units pursuant to the Operating Agreement (but not Shares held by a Holder as of the date hereof) shall only apply to the extent that the Company elects to issue
Class A Common Shares in exchange for OP Units tendered for redemption pursuant to the Operating Agreement and (ii) the Company shall have no such obligations with respect to such Shares at any time that it agrees that it will cause or
permit the Operating Company to redeem for cash any OP Units tendered for redemption pursuant to the Operating Agreement. 
 SECTION 12.
CONTRIBUTION. 
 (a) If the indemnification provided for in Section 6 or
Section 7 hereof is unavailable to an Indemnified Party with respect to any losses, claims, damages, actions, liabilities, costs or expenses referred to therein or is insufficient to hold the Indemnified Party harmless as
contemplated therein, then the Indemnifying Party, in lieu of indemnifying such Indemnified Party, shall contribute to the amount paid or payable by such Indemnified Party as a result of such losses, claims, damages, actions, liabilities, costs or
expenses in such proportion as is appropriate to reflect the relative fault of the Company, on the one hand, and the Indemnified Party, on the other hand, in connection with the statements or omissions which resulted in such losses, claims, damages,
actions, liabilities, costs or expenses as well as any other relevant equitable considerations. The relative fault of the Company, on the one hand, and of the Indemnified Party, on the other hand, shall be determined by reference to, among other
factors, whether the untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact relates to information supplied by the Company or by the Indemnified Party and the parties’ relative intent,
knowledge, access to information and opportunity to correct or prevent such statement or omission; provided, however, that in no event shall the obligation of any Indemnifying Party to contribute under this
Section 12 exceed the amount that such Indemnifying Party would have been obligated to pay by way of indemnification if the indemnification provided for under Section 6 or
Section 7 hereof had been available under the circumstances. 
 (b) The Company and the Holders agree that it
would not be just and equitable if contribution pursuant to this Section 12 were determined by pro rata allocation or by any other method of allocation that does not take account of the equitable considerations
referred to in the immediately preceding paragraph. The aggregate amount of any losses, claims, damages, actions, liabilities, costs or expenses incurred by an Indemnified Party and referred to above shall be deemed to include any such

  
 12 

 
legal or other expenses reasonably incurred by such Indemnified Party in investigating, preparing or defending against any litigation, or any investigation or proceeding by any governmental
agency or body, commenced or threatened, or any claim whatsoever based upon any such untrue or alleged untrue statement or omission or alleged omission. 

(c) Notwithstanding the provisions of this Section 12, no Holder shall be required to contribute any amount in
excess of the amount by which the gross proceeds from the sale of Shares exceeds the amount of any damages that such Holder has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission. No Indemnified Party
guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Indemnifying Party who was not guilty of such fraudulent misrepresentation. The obligations of a Holder to
contribute pursuant to this Section 12, if any, are several in proportion to the amount of the proceeds actually received by such Holder bears to the total proceeds received by all holders and not joint. 

SECTION 13. AMENDMENTS AND WAIVERS. 

The provisions of this Agreement, including the provisions of this sentence, may not be amended, modified or supplemented, and waivers or
consents to departures from the provisions hereof may not be given, in each case, without the prior written consent of the Company and the Holders (including Assignees) that are parties to this Agreement and hold a majority of the aggregate of the
outstanding Registrable Shares held by such Holders; provided that, for the purpose of this Section 13, Units are to be counted as if all such Units were exchanged for Class A Common Shares; provided
further that no amendment may materially and adversely affect the rights of a Holder of Registrable Shares disproportionately to the rights of the other Holders without the consent of such Holder. Any amendment or waiver effected in accordance
with this paragraph shall be binding upon each Holder of Registrable Shares and the Company. 
 SECTION 14. NOTICES.

 Except as set forth below, all notices and other communications under this Agreement shall be in writing and shall be deemed given
when (a) delivered personally, (b) five (5) Business Days after being mailed by certified mail, return receipt requested and postage prepaid, or (c) one (1) Business Day after being sent by a nationally recognized overnight courier,
to the parties at the respective addresses set forth below (or at such other address for a party as shall be specified by like notice from such party); provided that in case of a change of address or directions to amend the Registration
Statement pursuant to Section 3(f) hereof, the Holder must confirm such notice in writing by overnight express delivery with confirmation of receipt: 

If to the Company: 
 Five Point
Holdings, LLC 
 25 Enterprise, Suite 300 

Aliso Viejo, California 92656 

Attn: Legal Notices 
 If to the
Holders: 
 At the respective addresses set forth on Exhibit A. 

  
 13 

 SECTION 15. SUCCESSORS AND ASSIGNS. 

This Agreement shall be binding upon, and shall be enforceable by and inure to the benefit of, the parties hereto and their respective heirs,
legal representatives, successors and permitted assigns. If a Holder transfers any of its Registrable Shares or Units to a Person (an “Assignee”), then such Holder may transfer or assign its rights under this Agreement with respect
to such Registrable Shares or Units to such Assignee, provided, however, that no such transfer or assignment to an Assignee shall be binding upon or obligate the Company to any such Assignee unless and until the Company shall have received
written notice of such transfer or assignment as herein provided, and a written agreement of the Assignee to be bound by the provisions of this Agreement (and execute a counterpart signature page or joinder agreement hereto setting forth such
obligations). Except as set forth in this Section 15, the rights under this Agreement are not transferable. 
 SECTION 16.
COUNTERPARTS. 
 This Agreement may be executed in counterparts, all of which shall be considered one
and the same agreement and shall become effective when one or more counterparts have been signed by each party and delivered to each other party. All counterparts shall collectively constitute one agreement (or amendment, as applicable). The
exchange of counterparts of this Agreement among the parties by means of facsimile transmission or by electronic transmission (pdf) which shall contain authentic reproductions shall constitute a valid exchange of this Agreement and shall be binding
upon the parties hereto. 
 SECTION 17. HEADINGS. 

The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof. 

SECTION 18. GOVERNING LAW. 

This Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware, regardless of any laws that might
otherwise govern under applicable principles of conflicts of laws thereof. 
 SECTION 19. SEVERABILITY. 

In the event that any one or more of the provisions contained herein, or the application thereof in any circumstances, is held invalid, illegal
or unenforceable in any respect for any reason, the validity, legality and enforceability of any such provision in every other respect and of the remaining provisions contained herein shall not be in any way impaired thereby, it being intended that
all of the rights and privileges of the parties hereto shall be enforceable to the fullest extent permitted by law. 
 SECTION 20. ENTIRE
AGREEMENT. 
 This Agreement, including Exhibit A, constitutes the entire agreement and
supersedes all prior agreements and understandings, whether written or oral, among the parties regarding the subject matter of this Agreement. 
 SECTION
21. WAIVER OF JURY TRIAL. 
 THE PARTIES HERETO (INCLUDING
ANY SUBSEQUENT HOLDER) IRREVOCABLY WAIVE ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING 

  
 14 

 OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

[SIGNATURE PAGES FOLLOW] 

  
 15 

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

					
	FIVE POINT HOLDINGS, LLC
		
	By:	 	 /s/ Emile Haddad

		 	Name:	 	
		 	Title:	 	
	
	UST LENNAR HW SCALA SF JOINT VENTURE
		
	By:	 	Lennar Southland I, Inc., its Managing General Partner
		
	By:	 	 /s/ Jonathan Jaffe

		 	Name:	 	Jonathan Jaffe
		 	Title:	 	Vice President
	
	UST LENNAR COLLATERAL SUB, LLC
		
	By:	 	UST Lennar HW Scala SF Joint Venture, its Sole Member
		
	By:	 	Lennar Southland I, Inc., its Managing General Partner
		
	By:	 	 /s/ Jonathan Jaffe

	Name:	 	Jonathan Jaffe
	Title:	 	Vice President
	
	HPSCP OPPORTUNITIES, L.P.
		
	By:	 	Castlelake II GP, L.P.,
		 	a Delaware limited partnership formerly known as TPG Credit Strategies II GP, L.P., its General Partner
		
	By:	 	 /s/ Judd Gilats

		 	Name:	 	Judd Gilats
		 	Title:	 	Vice President

  
 [Signature Page to
Registration Rights Agreement] 

 
					
	LENFIVE, LLC
		
	By:	 	Lennar Homes of California, Inc., its Sole Member
		
	By:	 	 /s/ Jonathan Jaffe

		 	Name:	 	Jonathan Jaffe
		 	Title:	 	Chief Operating Officer and Vice President
	
	DONI, INC., a California corporation
		
	By:	 	 /s/ Emile Haddad

	Name:	 	Emile Haddad
	Title:	 	President
	
	THE MICHAEL A. AND JULIE S. ALVARADO FAMILY TRUST CREATED U/T/D DATED JULY 9, 2002
	
	/s/ Michael A. Alvarado
	Michael A. Alvarado, as Trustee of the Michael A. and Julie S. Alvarado Family Trust created u/t/d dated July 9, 2002
	
	THE 2002 JOCHIM FAMILY TRUST
	
	/s/ Lynn Jochim
	Lynn Jochim, as Co-Trustee of the 2002 Jochim
	Family Trust
	
	THE MICHAEL P. AND PATRICIA A. WHITE FAMILY TRUST ESTABLISHED NOVEMBER 20, 2014
	
	/s/ Michael P. White
	Michael P. White, as trustee of The Michael P. and Patricia A. White Family Trust established
	November 20, 2014

  
 [Signature Page to
Registration Rights Agreement] 

 
			
	HFET OPPORTUNITIES, LLC
		
	By:	 	/s/ Judd Gilats
	Name:	 	Judd Gilats
	Title:	 	Vice President

  
 [Signature Page to
Registration Rights Agreement] 

 
			
	OZ DOMESTIC PARTNERS, L.P.
		
	By:	 	OZ Advisors LP, its General Partner
		
	By:	 	Och-Ziff Holding Corporation, as General Partner
		
	By:	 	/s/ Joel Frank
	Name:	 	Joel Frank
	Title:	 	Chief Financial Officer
	
	OZ DOMESTIC PARTNERS II, L.P.
		
	By:	 	OZ Advisors, LP, its General Partner
		
	By:	 	Och-Ziff Holding Corporation, as General Partner
		
	By:	 	/s/ Joel Frank
	Name:	 	Joel Frank
	Title:	 	Chief Financial Officer
	
	OZ OVERSEAS INTERMEDIATE FUND, L.P.
		
	By:	 	OZ Advisors II LP, its General Partner
		
	By:	 	Och-Ziff Holding LLC, its General Partner
		
	By:	 	/s/ Joel Frank
	Name:	 	Joel Frank
	Title:	 	Chief Financial Officer
	
	OZ OVERSEAS INTERMEDIATE FUND II, L.P.
		
	By:	 	OZ Advisors II LP, its General Partner
		
	By:	 	Och-Ziff Holding LLC, its General Partner
		
	By:	 	/s/ Joel Frank
	Name:	 	Joel Frank
	Title:	 	Chief Financial Officer

  
 [Signature Page to
Registration Rights Agreement] 

 
					
	ANCHORAGE CAPITAL MASTER OFFSHORE, LTD.
		
	By:	 	Anchorage Capital Group, L.L.C., its Investment Manager
		
	By:	 	/s/ Natalie A. Birrell
		 	Name:	 	Natalie A. Birrell
		 	Title:	 	Chief Operating Officer
	
	 THIRD AVENUE TRUST,
 on
behalf of the Third Avenue Real Estate Value Fund

		
	By:	 	/s/ W. James Hall
	Name:	 	W. James Hall
	Title:	 	President	 	
	
	THIRD AVENUE SPECIAL SITUATIONS (MASTER) FUND, L.P.,
		
	By:	 	Third Avenue Management LLC, as Investment Advisor
		
	By:	 	/s/ W. James Hall
		 	Name:	 	W. James Hall
		 	Title:	 	General Counsel
	
	MARATHON ASSET MANAGEMENT, LP, solely on behalf of certain of its affiliated funds and managed accounts
		
	By:	 	 /s/ Peter F. Coppa

		 	Name:	 	Peter F. Coppa
		 	Title:	 	Authorized Signatory
	
	TCS II REO USA, LLC, a Delaware limited liability company
		
	By:	 	/s/ Judd Gilats
	Name:	 	Judd Gilats
	Title:	 	Vice President

 [Signature Page to Registration Rights Agreement] 

 
			
	TCS DIAMOND SOLUTIONS, LLC, a Delaware limited liability company
		
	By:	 	/s/ Judd Gilats
	Name:	 	Judd Gilats
	Title:	 	Vice President
	
	TCO FUND, L.P., a Delaware limited partnership
		
	By:	 	/s/ Judd Gilats
	Name:	 	Judd Gilats
	Title:	 	Vice President
	
	TCO INVESTORS, L.P., a Delaware limited partnership
		
	By:	 	/s/ Judd Gilats
	Name:	 	Judd Gilats
	Title:	 	Vice President
	
	CASTLELAKE I, L.P., a Delaware limited partnership
		
	By:	 	/s/ Judd Gilats
	Name:	 	Judd Gilats
	Title:	 	Vice President
	
	SERENGETI OPPORTUNITIES PARTNERS LP (F/K/A SERENGETI PARTNERS LP)
		
	By:	 	 /s/ Marc Baum

	Name:	 	Marc Baum
	Title:	 	Director
	
	SERENGETI LOXODON ONSHORE I LTD.
		
	By:	 	 /s/ Marc Baum

	Name:	 	Marc Baum
	Title:	 	Director

 [Signature Page to Registration Rights Agreement] 

 
			
	SERENGETI LOXODON OVERSEAS I LTD.
		
	By:	 	 /s/ Marc Baum

	Name:	 	Marc Baum
	Title:	 	Director

 [Signature Page to Registration Rights Agreement] 

 Exhibit A 

Holders and Addresses for Notices 
 Doni, Inc.

 The 2002 Jochim Family Trust 
 The Michael A. and Julie S.
Alvarado Family Trust created u/t/d dated July 9, 2002 
 The Michael P. and Patricia A. White Family Trust established November 20, 2014 

c/o Five Point Communities 
 25
Enterprise, Suite 300 
 Aliso Viejo, CA 92656 

Attention: Mike Alvarado 
 UST Lennar HW Scala SF
Joint Venture 
 UST Lennar Collateral Sub, LLC 
 LenFive, LLC

 c/o Lennar Corporation 
 700
NW 107 Avenue 
 Miami, FL 33172 

Attn: Mark Sustana, General Counsel 
 HPSCP
Opportunities, L.P. 
 TCS II REO USA, LLC 
 TCS Diamond
Solutions LLC 
 TCO Fund, L.P. 
 TCO Investors, L.P. 

HFET Opportunities, LLC 
 Castlelake I, L.P. 

c/o Castlelake, LP 
 4600 Wells Fargo Center 

90 South Seventh Street 

Minneapolis, MN 55402 
 Attention:
General Counsel 
 Balder Masan Fund, Inc. 
 Corporate Debt
Opportunities Fund LP 
 KTRS Credit Fund L.P. 
 Marathon Credit
Dislocation Fund LP 
 Marathon Special Opportunity Fund LP 

Marathon Special Opportunity Fund Ltd. 
 Marathon Special
Opportunity Master Fund Ltd. 
 Master SIF SICAV – SIF 
 MV
Credit Opportunity Fund L.P. 
 Penteli Master Fund Ltd. 

Sirius Investment Fund SICAV – SIF 
 c/o
Marathon Asset Management 
 One Bryant Park, 38th Floor 

New York, NY 10036 
 OZ Domestic Partners II, LP

 OZ Domestic Partners, LP 

  
 A-1 

 OZ Overseas Intermediate Fund II LP 

OZ Overseas Intermediate Fund LP 
 c/o Och Ziff
Capital Management Group 
 9 West 57th Street 

New York, NY 10019 
 Anchorage Capital Master
Offshore, Ltd. 
 c/o Anchorage Capital Group, L.L.C. 

610 Broadway, 6th Floor 

New York, NY 10012 
 Attention:
Operations/Legal 
 Third Avenue Special Situations (Master) Fund, L.P. 

Third Avenue Real Estate Value Fund 
 c/o Third
Avenue Funds 
 622 3rd Ave, 32nd Fl. 

New York, NY 10017 

  
 A-2

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00269-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00269-of-00352.parquet"}]]