Document:

Exhibit

EXHIBIT 10.2

PERFORMANCE SHARE UNIT AWARD AGREEMENT
Helix Energy Solutions Group, Inc.
2005 Long-Term Incentive Plan
(As Amended and Restated Effective January 1, 2017)
 
This Performance Share Unit Award Agreement (the “Agreement”) is made by and between Helix Energy Solutions Group, Inc. (the “Company” or “Helix”) and ____________ (the “Employee”) effective as of January ___, 2017 (“Grant Date”), pursuant to the Helix Energy Solutions Group, Inc. 2005 Long-Term Incentive Plan (As Amended and Restated Effective May 9, 2012) (the “Plan”), which is incorporated by reference herein in its entirety. 
WHEREAS, the Company desires to grant to the Employee the performance share units specified herein (the “Units”), subject to the terms and conditions of the Plan and the terms and conditions of this Agreement; and 
WHEREAS, the Employee desires to be granted the Units subject to the terms and conditions of this Agreement and the Plan; 
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, intending to be legally bound hereby, agree as follows: 
1.    The Plan.  The Plan, a copy of which has been made available to the Employee, is incorporated by reference and made a part of this Agreement as if fully set forth herein. This Agreement uses a number of defined terms that are defined in the Plan or in the body of this Agreement. These defined terms are capitalized wherever they are used.
2.    Award.
(a)The Compensation Committee of the Board of Directors of the Company (the “Committee”) has awarded to the Employee, and on the Grant Date, the Company hereby grants to the Employee, _______ Units, which constitute Restricted Stock Units under the Plan and which are subject to the terms and conditions of this Agreement and the Plan.  The Employee has the opportunity to earn up to 200% of the ______ Units granted hereby based upon the performance criteria described in Section 2(c) and subject to satisfaction of the Threshold Goal described in Section 2(b).
(b)None of the Units granted hereby shall vest, and all such Units shall be cancelled and forfeited, unless the Company has positive EBITDA (as defined below) for one calendar quarter occurring during the Performance Period (as defined below), and with respect to the calendar quarter in which the Grant Date occurs, no more than 25% of such quarter has elapsed prior to the Grant Date (the “Threshold Goal”).  If the Committee, in its sole discretion, determines that the Company has attained the Threshold Goal, the Committee shall certify such achievement in writing as soon as reasonably practicable but no later than the March 15th immediately following the end of the Performance Period.  For purposes of this Agreement, “EBITDA” means, for the relevant period, net income from continuing operations plus income taxes, depreciation and amortization expense, and net interest expense and other.  Provided that the Threshold 

Goal has been attained, depending on the Company’s achievement of the performance goals specified in Section 2(c) during the three-year period beginning January 1, 2017 and ending December 31, 2019 (the “Performance Period”), the Employee shall be entitled to a payment equal to the value of the Units determined pursuant to Section 2(d) if, except as otherwise provided in Section 3, the Employee remains actively employed with the Company and/or its Affiliate(s) through the end of the Performance Period.
(c)    The amount paid with respect to the Units shall be based upon the Company’s Total Shareholder Return (“TSR”) relative to the TSR of the Company’s “Peer Group” listed on Schedule A attached hereto, and shall be equal to the product of the Units awarded (as described in Section 2(a)) multiplied by the Adjustment Factor. The TSR of the Company and of the Peer Group shall be calculated and certified by the Committee.  The percentile ranking of the Company’s TSR as compared to the TSR of each entity in the Peer Group shall determine the Adjustment Factor using the chart below.   The Adjustment Factor for performance rankings between points on this chart shall be determined by linear interpolation between the values listed.  In no event shall the Adjustment Factor exceed 200%.  If the performance ranking is below the 30th percentile, the Adjustment Factor shall be zero: 
	
		
	Helix’s Performance 
Ranking
	Adjustment Factor

	90th percentile or above
	200%

	70th percentile
	150%

	50th percentile (“Target”) 
	100%

	30th percentile
	50%

	Below 30th percentile
	0%

“Total Shareholder Return” or “TSR” = (Ending Stock Price - Beginning Stock Price + Dividends, if any, paid over the Performance Period)/Beginning Stock Price.
Ending and Beginning Stock Price = the average Stock Price for the 20 trading days prior to the ending and beginning dates of the Performance Period.
Stock Price = the closing price for the day as reported on the applicable exchange or market.
TSR of the Company or any member of the Peer Group shall be equitably adjusted to reflect any spin off, stock split, reverse stock split, stock dividend, recapitalization, or reclassification or other similar change in the number of outstanding shares of common stock.
(d)    The amount payable to the Employee pursuant to this Agreement, if any, in respect of the Units earned shall be paid in shares of Stock of the Company with one share of Stock to be issued for each Unit earned.  Any Units payable to the Employee shall be calculated by multiplying the number of Units awarded to the Employee by the Adjustment Factor set forth above for the level of achievement of the performance criteria set forth in Section 2(c).  By way of example, if the Company’s TSR was at the 80th percentile, 175% of the Units would be payable to the Employee. 

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(e)    Except as provided in Section 3(b), payment of amounts due shall be made on the March 15 immediately following the end of the Performance Period.
3.    Early Termination; Change of Control.
(a)    In the event of the Employee’s termination of employment prior to the end of the Performance Period due to (i) death, (ii) disability (within the meaning of Section 22(e)(3) of the Internal Revenue Code of 1986, as amended (the “Code”) (“Disability”), or (iii) Retirement (as hereinafter defined), the Employee shall vest in a number of Units determined by multiplying the number of Units granted by a fraction, the numerator of which is the number of full months between the beginning of the Performance Period and the date of termination due to death, Disability or Retirement and the denominator of which is thirty-six (36).  The Committee shall determine the number of Units vested and the amount to be paid to the Employee or his or her estate in accordance with Section 2(e) based on the TSR performance for the entire Performance Period.  As used herein, “Retirement” is defined as the voluntary termination of employment at or after age 55 with at least five years of service and the Employee not, at any time on or before the date that is two years following termination of employment, accepting employment with, acquiring a 5% or more equity or participation interest in, serving as a consultant, advisor, director or agent of, directly or indirectly soliciting or recruiting any employee of the Company who was employed at any time during Employee’s service with the Company, or otherwise assisting in any other capacity or manner any company or enterprise that is directly or indirectly in competition with or acting against the interests of the Company or any of its lines of business, except for any service or assistance that is provided at the request or with the written permission of the Company. Any accelerated vesting pursuant to this Section 3(a) (i) due to the Employee’s Retirement shall be contingent upon achievement of the Threshold Goal, and (ii) shall not affect the time of payment under this Agreement. 
(b)    In the event of a Change of Control during the Performance Period, the Employee shall vest in all of the Units granted to the Employee under this Agreement. The amount paid with respect to the Units will be determined based on the TSR performance criteria as set forth in Section 2(c); however, the Total Shareholder Return of the Company and the Peer Group will be determined over an adjusted performance period, defined as the period beginning on the original beginning date of the Performance Period and ending on the effective date of the Change of Control.  If the award is payable in cash, the cash value payable shall be determined by multiplying the number of Units payable by the Fair Market Value of a share of Stock on the date of the Change of Control.  Payment shall be made to the Employee upon the date of the Change of Control.  Notwithstanding the foregoing, if the Change of Control does not qualify as a “change in control event” under Department of Treasury Regulation section 1.409A-3(i)(5)(i), then payment shall be made at the time specified in Section 2(e).
(c)    The Units may also vest under circumstances provided in any employment agreement between the Employee and the Company or other severance arrangements established by the Company.  If the Employee is a party to an employment and/or severance agreement with the Company or a participant in a severance plan of the Company that provides for accelerated vesting of restricted stock units that were scheduled to vest within a specified period, the Units will remain subject to achievement of the Threshold Goal and will be treated as scheduled to vest within such specified period if the Performance Period for such Units is scheduled to end within such specified period and the Company’s TSR for the Performance Period results in a payout for the Units in 

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accordance with the criteria set forth in Section 2(c).  By way of example, if an Employee’s employment is terminated by the Company under circumstances that would entitle the Employee to the acceleration of vesting of restricted stock units that are scheduled to vest within the next twelve months and the Employee holds Units with a Performance Period ending within the next twelve months with respect to which the Threshold Goal (if any) has been achieved, the Employee would receive a payout for those Units in accordance with the terms of this Agreement based on the Company’s TSR for the Performance Period. Any accelerated vesting pursuant to this Section 3(c) shall not affect the time of payment under this Agreement.
4.    Tax Withholding.  To the extent that the receipt or payout of the Units results in income to the Employee for federal, state or local income or employment tax purposes with respect to which the Company or any of its Affiliates has a withholding obligation, if the payment is in cash the Company or the Affiliate, as applicable, shall withhold all applicable tax from any cash payable for the Units, or if payment is in shares of Stock of the Company, you shall deliver to the Company at the time of receipt such amount of money as the Company may require to meet its or its Affiliate’s obligation under applicable tax laws or regulations, and if you fail to do so, the Company is authorized to withhold from any shares issued under this Agreement sufficient to satisfy the withholding obligation based on the last per share sales price of the Company’s common stock for the trading day immediately preceding the date that the withholding obligation arises. 
5.    Employment Relationship.  For purposes of this Agreement, the Employee shall be considered to be in the employment of the Company and its Affiliates as long as the Employee has an employment relationship with the Company and its Affiliates. The Committee shall determine any questions as to whether and when there has been a termination of such employment relationship, and the cause of such termination, under the Plan and the Committee’s determination shall be final and binding on all persons. 
6.    Not an Employment Agreement.  This Agreement is not an employment agreement, and no provision of this Agreement shall be construed or interpreted to create an employment relationship between the Employee and the Company and its Affiliates or guarantee the right to remain employed by the Company and its Affiliates for any specified term. 
7.    Notices.  Any notice, instruction, authorization, request or demand required hereunder shall be in writing, and shall be delivered either by personal delivery, by telegram, telex, telecopy or similar facsimile means, by certified or registered mail, return receipt requested, or by courier or delivery service, addressed to the Company at the then current address of the Company’s Principal Corporate Office, and to the Employee at the Employee’s address indicated beneath the Employee’s signature on the execution page of this Agreement, or at such other address and number as a party shall have previously designated by written notice given to the other party in the manner hereinabove set forth. Notices shall be deemed given when received, if sent by facsimile means (confirmation of such receipt by confirmed facsimile transmission being deemed receipt of communications sent by facsimile means); and when delivered (or upon the date of attempted delivery where delivery is refused), if hand-delivered, sent by express courier or delivery service, or sent by certified or registered mail, return receipt requested. 

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8.    Amendment and Waiver.  This Agreement may be amended, modified or superseded only by written instrument executed by the Company and the Employee. Only a written instrument executed and delivered by the party waiving compliance hereof shall make any waiver of the terms or conditions. Any waiver granted by the Company shall be effective only if executed and delivered by a duly authorized executive officer of the Company other than the Employee. The failure of any party at any time or times to require performance of any provisions hereof shall in no manner effect the right to enforce the same. No waiver by any party of any term or condition, or the breach of any term or condition contained in this Agreement, in one or more instances, shall be construed as a continuing waiver of any such condition or breach, a waiver of any other condition, or the breach of any other term or condition. 
9.    Governing Law and Severability.  This Agreement shall be governed by the laws of the State of Texas, without regard to its conflicts of law provisions. The invalidity of any provision of this Agreement shall not affect any other provision of this Agreement, which shall remain in full force and effect. 
10.    Successors and Assigns.  This Agreement shall bind, be enforceable by and inure to the benefit of the Company and its successors and assigns, and subject to Section 3(a), to the Employee, the Employee’s permitted assigns, executors, administrators, agents, legal and personal representatives. 
11.    Counterparts.  This Agreement may be executed in multiple counterparts, each of which shall be an original for all purposes but all of which taken together shall constitute but one and the same instrument. 
12.    Section 409A.  This Agreement shall be construed and interpreted to be exempt from or to comply with Section 409A of the Internal Revenue Code of 1986, as amended, and any regulations or other guidance promulgated thereunder (“Section 409A”).  Neither the Company nor the members of the Committee shall be liable for any determination or action taken or made with respect to this Agreement or the Units granted thereunder.
13.    Non-Transferability.  Neither this Agreement nor the rights of Employee hereunder shall be transferable by the Employee during his or her life other than by will or pursuant to applicable laws of descent and distribution, subject to Section 3(a) herein. No rights or privileges of the Employee in connection herewith shall be transferred, assigned, pledged or hypothecated by Employee or by any other person in any way, whether by operation of law, or otherwise, and shall not be subject to execution, attachment, garnishment or similar process. In the event of any such occurrence, this Agreement shall automatically be terminated and shall thereafter be null and void.

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14.    Entire Agreement.  The Plan and this Agreement contain the entire agreement between the parties with respect to the subject matter contained herein and may not be modified, except as provided herein or in the Plan or as it may be amended from time to time by a written document signed by each of the parties hereto. Any oral or written agreements, representations, warranties, written inducements, or other communications with respect to the subject matter contained herein made prior to the execution of the Agreement shall be void and ineffective for all purposes.
15.    Unsecured Promise to Pay.  The Company’s obligation under the Plan and this Agreement is an unsecured and unfunded promise to pay benefits that may be earned in the future.  The Company shall have no obligation to set aside, earmark or invest any fund or money with which to pay its obligations under this Agreement. The Employee or any successor in interest shall be and remain a general creditor of the Company in the same manner as any other creditor having a general claim for matured and unpaid compensation.
IN WITNESS WHEREOF, the Company has caused this Agreement to be duly executed by its duly authorized representative, and the Employee has executed this Agreement, all effective as of the date first above written.

	
					
	 
	 
	 
	HELIX ENERGY SOLUTIONS GROUP, INC. 
 

	 
	 
	 
	By: 
	/s/ Owen Kratz                                   

	 
	 
	 
	 
	Owen Kratz
President and Chief Executive Officer 

	 
	 
	 
	 
	 

	 
	 
	 
	EMPLOYEE:

	 
	 
	 
	 

	 
	 
	 
	                                                                         

	 
	 
	 
	Name:
Address:

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Schedule A

PEER GROUP COMPANIES
Atwood Oceanics, Inc.
Diamond Offshore Drilling, Inc.
Forum Energy Technologies, Inc.
Frank’s International N.V.
GulfMark Offshore, Inc. 
Hornbeck Offshore Services, Inc.
McDermott International, Inc.
Oceaneering International, Inc.
Oil States International, Inc.
Rowan Companies plc
TETRA Technologies, Inc.
Tidewater Inc.
.

If any Peer Group company files for or is the subject of any bankruptcy, insolvency, or liquidation proceeding during the Performance Period, such Peer Group company will remain in the Peer Group positioned below the lowest performing member of the Peer Group in chronological order by bankruptcy, insolvency, or liquidation date. 
If a Peer Group company’s TSR shall cease to be available by reason of a business combination, acquisition, merger or similar transformative event, the Committee shall exclude that company from the Peer Group and select a substitute Peer Group company if required for the Peer Group to consist of 12 companies. 
Once a company is removed from the Peer Group as described above, that company shall be treated as having been removed from the Peer Group for the entire Performance Period and the substitute Peer Group company shall be treated as included in the Peer Group for the entire Performance Period.

7EX-10.1

 Exhibit 10.1 

FIRST AMENDED AND RESTATED 

LIMITED PARTNERSHIP AGREEMENT 

OF 
 STRATEGIC STORAGE
OPERATING PARTNERSHIP IV, L.P. 

 FIRST AMENDED AND RESTATED 

LIMITED PARTNERSHIP AGREEMENT 

OF 
 STRATEGIC STORAGE
OPERATING PARTNERSHIP IV, L.P. 
 TABLE OF CONTENTS 
  

							
	 	 	 	  	 Page
	 
		
	 ARTICLE 1         DEFINED
TERMS
	  	 	1	  
		
	 ARTICLE 2         PARTNERSHIP FORMATION AND
IDENTIFICATION
	  	 	10	  
	 2.1
	 	 Formation
	  	 	10	  
	 2.2
	 	 Name, Office and Registered Agent
	  	 	10	  
	 2.3
	 	 Partners
	  	 	10	  
	 2.4
	 	 Term and Dissolution
	  	 	11	  
	 2.5
	 	 Filing of Certificate and Perfection of Limited Partnership
	  	 	11	  
	 2.6
	 	 Certificates Describing Partnership Units
	  	 	11	  
		
	 ARTICLE 3         BUSINESS OF THE
PARTNERSHIP
	  	 	12	  
		
	 ARTICLE 4         CAPITAL CONTRIBUTIONS AND
ACCOUNTS
	  	 	12	  
	 4.1
	 	 Capital Contributions
	  	 	12	  
	 4.2
	 	 Additional Capital Contributions and Issuances of Additional Partnership Interests
	  	 	12	  
	 4.3
	 	 Additional Funding
	  	 	14	  
	 4.4
	 	 Capital Accounts
	  	 	14	  
	 4.5
	 	 Percentage Interests
	  	 	15	  
	 4.6
	 	 No Interest on Contributions
	  	 	15	  
	 4.7
	 	 Return of Capital Contributions
	  	 	15	  
	 4.8
	 	 No Third Party Beneficiary
	  	 	15	  
		
	 ARTICLE 5         PROFITS AND LOSSES;
DISTRIBUTIONS
	  	 	16	  
	 5.1
	 	 Allocation of Profit and Loss
	  	 	16	  
	 5.2
	 	 Distributions
	  	 	18	  
	 5.3
	 	 REIT Distribution Requirements
	  	 	21	  
	 5.4
	 	 No Right to Distributions In Kind
	  	 	21	  
	 5.5
	 	 Limitations of Return of Capital Contributions
	  	 	21	  
	 5.6
	 	 Distributions Upon Liquidation
	  	 	21	  
	 5.7
	 	 Substantial Economic Effect
	  	 	21	  
		
	 ARTICLE 6         RIGHTS, OBLIGATIONS AND
POWERS OF THE GENERAL PARTNER
	  	 	22	  
	 6.1
	 	 Management of the Partnership
	  	 	22	  
	 6.2
	 	 Delegation of Authority
	  	 	24	  
	 6.3
	 	 Indemnification and Exculpation of Indemnitees
	  	 	24	  
	 6.4
	 	 Liability of the General Partner
	  	 	26	  
	 6.5
	 	 Reimbursement of General Partner
	  	 	27	  
	 6.6
	 	 Outside Activities
	  	 	27	  
	 6.7
	 	 Employment or Retention of Affiliates
	  	 	27	  
	 6.8
	 	 General Partner Participation
	  	 	28	  
	 6.9
	 	 Title to Partnership Assets
	  	 	28	  
	 6.10
	 	 Miscellaneous
	  	 	28	  

  
 i 

							
	 ARTICLE 7         CHANGES IN GENERAL
PARTNER
	  	 	28	  
	 7.1
	 	 Transfer of the General Partner’s Partnership Interest
	  	 	28	  
	 7.2
	 	 Admission of a Substitute or Additional General Partner
	  	 	30	  
	 7.3
	 	 Effect of Bankruptcy, Withdrawal, Death or Dissolution of a General Partner
	  	 	31	  
	 7.4
	 	 Removal of a General Partner
	  	 	31	  
		
	 ARTICLE 8         RIGHTS AND OBLIGATIONS OF
THE LIMITED PARTNERS
	  	 	32	  
	 8.1
	 	 Management of the Partnership
	  	 	32	  
	 8.2
	 	 Power of Attorney
	  	 	32	  
	 8.3
	 	 Limitation on Liability of Limited Partners
	  	 	32	  
	 8.4
	 	 Exchange Right
	  	 	32	  
		
	 ARTICLE 9         TRANSFERS OF LIMITED
PARTNERSHIP INTERESTS
	  	 	34	  
	 9.1
	 	 Purchase for Investment
	  	 	34	  
	 9.2
	 	 Restrictions on Transfer of Limited Partnership Interests
	  	 	34	  
	 9.3
	 	 Admission of Substitute Limited Partner
	  	 	35	  
	 9.4
	 	 Rights of Assignees of Partnership Interests
	  	 	36	  
	 9.5
	 	 Effect of Bankruptcy, Death, Incompetence or Termination of a Limited Partner
	  	 	37	  
	 9.6
	 	 Joint Ownership of Interests
	  	 	37	  
	 9.7
	 	 Redemption of Partnership Units
	  	 	37	  
		
	 ARTICLE 10       BOOKS AND RECORDS; ACCOUNTING;
TAX MATTERS
	  	 	37	  
	 10.1
	 	 Books and Records
	  	 	37	  
	 10.2
	 	 Custody of Partnership Funds; Bank Accounts
	  	 	37	  
	 10.3
	 	 Fiscal and Taxable Year
	  	 	38	  
	 10.4
	 	 Annual Tax Information and Report
	  	 	38	  
	 10.5
	 	 Tax Matters Partner; Tax Elections; Special Basis Adjustments
	  	 	38	  
	 10.6
	 	 Reports Made Available to Limited Partners
	  	 	38	  
		
	 ARTICLE 11       AMENDMENT OF AGREEMENT;
MERGER
	  	 	39	  
		
	 ARTICLE 12       GENERAL PROVISIONS
	  	 	39	  
	 12.1
	 	 Notices
	  	 	39	  
	 12.2
	 	 Survival of Rights
	  	 	39	  
	 12.3
	 	 Additional Documents
	  	 	40	  
	 12.4
	 	 Severability
	  	 	40	  
	 12.5
	 	 Entire Agreement
	  	 	40	  
	 12.6
	 	 Pronouns and Plurals
	  	 	40	  
	 12.7
	 	 Headings
	  	 	40	  
	 12.8
	 	 Counterparts
	  	 	40	  
	 12.9
	 	 Governing Law
	  	 	40	  
			
	 EXHIBITA
	 	 GENERAL PARTNER AND ORIGINAL LIMITED PARTNER, CAPITAL CONTRIBUTIONS AND PERCENTAGE INTERESTS
	  	 	42	  
			
	 EXHIBIT B
	 	 NOTICE OF EXERCISE OF EXCHANGE RIGHT
	  	 	43	  

  
 ii 

 FIRST AMENDED AND RESTATED 

LIMITED PARTNERSHIP AGREEMENT 

OF 
 STRATEGIC STORAGE
OPERATING PARTNERSHIP IV, L.P. 
 Strategic Storage Operating Partnership IV, L.P. (the “Partnership”) was formed as a limited
partnership under the laws of the State of Delaware, pursuant to a Certificate of Limited Partnership filed with the Office of the Secretary of State of the State of Delaware on June 2, 2016. This First Amended and Restated Limited Partnership
Agreement (“Agreement”) is entered into effective as of             , 2017, among Strategic Storage Trust IV, Inc., a Maryland corporation (the “General Partner”), the
Original Limited Partner and the Special Limited Partner set forth on Exhibit A hereto, and the Limited Partners party hereto from time to time. Capitalized terms used herein but not otherwise defined shall have the meanings given them
in Article 1. 
 NOW, THEREFORE, in consideration of the foregoing, of mutual covenants between the parties hereto, and of other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 ARTICLE 1

 DEFINED TERMS 

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

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

Additional Funds has the meaning set forth in Section 4.3. 

Additional Securities means any additional REIT Shares (other than REIT Shares issued in connection with an exchange pursuant to
Section 8.4 hereof) or rights, options, warrants or convertible or exchangeable securities containing the right to subscribe for or purchase REIT Shares, as set forth in Section 4.2(a)(ii). 

Administrative Expenses means (i) all administrative and operating costs and expenses incurred by the Partnership, (ii) those
administrative costs and expenses of the General Partner, including any salaries or other payments to directors, officers or employees of the General Partner, and any accounting and legal expenses of the General Partner, which expenses, the Partners
have agreed, are expenses of the Partnership and not the General Partner, and (iii) to the extent not included in clause (ii) above, REIT Expenses; provided, however, that Administrative Expenses shall not include any administrative costs and
expenses incurred by the General Partner that are attributable to Properties or partnership interests in a Subsidiary Partnership (other than this Partnership) that are owned by the General Partner directly. 

Advisor or Advisors means the Person or Persons, if any, appointed, employed or contracted with by the General Partner and responsible
for directing or performing the day-to-day business affairs of the General Partner, including any Person to whom the Advisor subcontracts substantially all of such functions. 

Advisory Agreement means the agreement among the Partnership, the General Partner and the Advisor pursuant to which the Advisor will
direct or perform the day-to-day business affairs of the General Partner and the Partnership. 

  
 1 

 Affiliate or Affiliated means, as to any other Person, any of the following: 

(a)    any Person directly or indirectly owning, controlling or holding, with power to vote, 10% or more of the outstanding
voting securities of such other Person; 
 (b)    any Person 10% or more of whose outstanding voting securities are
directly or indirectly owned, controlled or held, with power to vote, by such other Person; 
 (c)    any Person
directly or indirectly controlling, controlled by or under common control with such other Person; 
 (d)    any
executive officer, director, trustee or general partner of such other Person; and 
 (e)    any legal entity for which
such Person acts as an executive officer, director, trustee or general partner. 
 Agreed Value means the fair market value of a
Partner’s non-cash Capital Contribution as of the date of contribution as agreed to by such Partner and the General Partner. The names and addresses of the General Partner, Original Limited Partner and Special Limited Partner, number of
Partnership Units issued to each of them, and their respective Capital Contributions as of the date of contribution is set forth on Exhibit A. 

Agreement means this First Amended and Restated Limited Partnership Agreement, as amended, modified supplemented or restated from time
to time, as the context requires. 
 Appraised Value means value according to an appraisal made by an Independent Appraiser. 

Articles of Incorporation means the General Partner’s Articles of Incorporation filed with the Maryland State Department of
Assessments and Taxation, as amended or restated from time to time. 
 Assets means the aggregate carrying value of GAAP assets
including but not limited to current, fixed, tangible and intangible assets, owned or held by, or for the account of, the General Partner, whether directly or indirectly through the Partnership or any Subsidiary, excluding Properties and net
deferred financing costs. 
 Book Value means, with respect to any Partnership asset, the asset’s adjusted basis for federal
income tax purposes, except that Book Values of all Partnership assets shall be adjusted in the event of a revaluation of Partnership property under Section 4.4 of this Agreement, in accordance with the rules set forth in Section
1.704-1(b)(2)(iv)(f) and (g) of the Regulations. 
 Capital Account has the meaning provided in Section 4.4 hereof. 

Capital Contribution means the total amount of cash, cash equivalents, and the Agreed Value of any Property or other asset (other than
cash) contributed or agreed to be contributed, as the context requires, to the Partnership by each Partner pursuant to the terms of this Agreement. Any reference to the Capital Contribution of a Partner shall include the Capital Contribution
made by a predecessor holder of the Partnership Interest of such Partner. 
 Cash Amount means an amount of cash equal to the product
of the Value of one REIT Share and the REIT Shares Amount on the date of receipt by the General Partner of a Notice of Exchange. 

  
 2 

 Certificate means any instrument or document that is required under the laws of the State
of Delaware, or any other jurisdiction in which the Partnership conducts business, to be signed and sworn to by the Partners of the Partnership (either by themselves or pursuant to the power-of-attorney granted to the General Partner in Section 8.2
hereof) and filed for recording in the appropriate public offices within the State of Delaware or such other jurisdiction to perfect or maintain the Partnership as a limited partnership, to effect the admission, withdrawal, or substitution of any
Partner of the Partnership, or to protect the limited liability of the Limited Partners as limited partners under the laws of the State of Delaware or such other jurisdiction. 

Class A REIT Shares means the REIT Shares classified as Class A common stock in the Charter. 

Class A Unit means a Partnership Unit entitling the holder thereof to the rights of a holder of a Class A Unit as provided in this
Agreement. 
 Class T REIT Shares means the REIT Shares classified as Class T common stock in the Charter. 

Class T Unit means a Partnership Unit entitling the holder thereof to the rights of a holder of a Class T Unit as provided in this
Agreement. 
 Class W REIT Shares means the REIT Shares classified as Class W common stock in the Charter. 

Class W Unit means a Partnership Unit entitling the holder thereof to the rights of a holder of a Class W Unit as provided in this
Agreement. 
 Code means the Internal Revenue Code of 1986, as amended, and as hereafter amended from time to time. Reference to
any particular provision of the Code shall mean that provision in the Code at the date hereof and any successor provision of the Code. 

Common Stockholders means holders of REIT Shares. 

Conversion Factor means 1.0, provided that in the event that the General Partner (i) declares or pays a dividend on its outstanding
REIT Shares in REIT Shares or makes a distribution to all holders of its outstanding REIT Shares in REIT Shares, (ii) subdivides its outstanding REIT Shares, or (iii) combines its outstanding REIT Shares into a smaller number of REIT Shares, the
Conversion Factor shall be adjusted by multiplying the Conversion Factor by a fraction, the numerator of which shall be the number of REIT Shares issued and outstanding on the record date for such dividend, distribution, subdivision or combination
(assuming for such purposes that such dividend, distribution, subdivision or combination has occurred as of such time), and the denominator of which shall be the actual number of REIT Shares (determined without the above assumption) issued and
outstanding on such date and, provided further, that in the event that an entity other than an Affiliate of the General Partner shall become General Partner pursuant to any merger, consolidation or combination of the General Partner with or into
another entity (the “Successor Entity”), the Conversion Factor shall be adjusted by multiplying the Conversion Factor by the number of shares of the Successor Entity into which one REIT Share is converted pursuant to such merger,
consolidation or combination, determined as of the date of such merger, consolidation or combination. Any adjustment to the Conversion Factor shall become effective immediately after the effective date of such event retroactive to the record
date, if any, for such event; provided, however, that if the General Partner receives a Notice of Exchange after the record date, but prior to the effective date of such dividend, distribution, subdivision or combination, the Conversion Factor shall
be determined as if the General Partner had received the Notice of Exchange immediately prior to the record date for such dividend, distribution, subdivision or combination. A separate Conversion Factor shall be determined for each class of
Partnership Units by taking into account only the outstanding REIT Shares having the same class designation as the applicable class of Partnership Units. 

  
 3 

 Dealer Manager Servicing Fee has the meaning set forth in the General Partner’s
prospectus. 
 Distributions means any dividends or other distributions of money or other property paid by the General Partner to the
holders of its REIT Shares or preferred stock, including dividends that may constitute a return of capital for federal income tax purposes. 

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

Exchange Amount means either the Cash Amount or the REIT Shares Amount, as selected by the General Partner in its sole and absolute
discretion pursuant to Section 8.4(b) hereof. 
 Exchange Right has the meaning provided in Section 8.4(a) hereof. 

Exchanged REIT Shares has the meaning set forth in Section 7.1(e) hereof. 

Exchanging Partner has the meaning provided in Section 8.4(a) hereof. 

Extraordinary Transaction means, whether in one or a series of transactions, the transfer or other disposition, directly or indirectly,
of all or substantially all of the business or securities of the General Partner, whether by way of a merger or consolidation, reorganization, recapitalization or restructuring, tender or exchange offer, negotiated purchase, leveraged buyout or
otherwise, or any other extraordinary corporate transaction involving the General Partner, excluding a Sale. 
 GAAP means generally
accepted accounting principles consistently applied as used in the United States. 
 General Partner means Strategic Storage Trust
IV, Inc., a Maryland corporation, and any Person who becomes a substitute or additional General Partner as provided herein, and any of their successors as General Partner. 

General Partnership Interest means a Partnership Interest held by the General Partner that is a general partnership interest. 

Indemnitee means (i) the General Partner or a director, officer or employee of the General Partner or Partnership, (ii) the Advisor or
a director, officer, manager, member, employee of the Advisor or another agent of the Advisor if such agent is an Affiliate of the Advisor and (iii) such other Persons (including Affiliates of the General Partner, the Advisor or the Partnership) as
the General Partner may designate from time to time, in its sole and absolute discretion. 

  
 4 

 Independent Appraiser means a person or entity, who is not an Affiliate of the Advisor or
the members of the board of directors of the General Partner, who is engaged to a substantial extent in the business of rendering opinions regarding the value of assets of the type held by the General Partner, and who is a qualified appraiser of
real estate as determined by the members of the board of directors of the General Partner. Membership in a nationally recognized appraisal society such as the American Institute of Real Estate Appraisers or the Society of Real Estate Appraisers
shall be conclusive evidence of such qualification. 
 Independent Director means a director of the General Partner who is not
an officer or employee of the General Partner and meets the requirements for independence as defined by the Articles of Incorporation. 

Invested Capital means the amount calculated by multiplying the total number of REIT Shares purchased by Stockholders by (a) the
offering price for the Stock paid by such Stockholders in an Offering or (b) for Stock not purchased in an Offering, the issue price for the Stock; in each case reduced by any Distributions attributable to Net Sale Proceeds, any Stockholder
Servicing Fee attributable to the Class T REIT Shares, any Dealer Manager Servicing Fee attributable to the Class W REIT Shares and any amounts paid by the General Partner to repurchase shares of Stock pursuant to a plan for repurchase of the
General Partner’s Stock. 
 Joint Venture or Joint Ventures means those joint venture or general partnership arrangements
in which the General Partner or the Partnership is a co-venturer or general partner which are established to acquire Properties. 

Liabilities means the aggregate carrying value of GAAP liabilities owned or incurred by, or for the account of, the General Partner,
whether directly or indirectly through the Partnership or any Subsidiary, including mortgage indebtedness. 
 Limited Partner means
any Person named as a Limited Partner on Exhibit A attached hereto, and any Person who becomes a Substitute Limited Partner, in such Person’s capacity as a Limited Partner in the Partnership. 

Limited Partnership Interest means the ownership interest of a Limited Partner in the Partnership at any particular time, including the
right of such Limited Partner to any and all benefits to which such Limited Partner may be entitled as provided in this Agreement and in the Act, together with the obligations of such Limited Partner to comply with all the provisions of this
Agreement and of such Act. 
 Listing means the approval of the REIT Shares, issued by the General Partner pursuant to an effective
registration statement, on a National Securities Exchange. Upon Listing, the shares shall be deemed Listed. 
 Loss has the
meaning provided in Section 5.1(f) hereof. 
 Market Value means the aggregate market value of all of the outstanding REIT Shares,
measured by taking the average closing price or average of bid and asked price, as the case may be, during a period of 30 trading days commencing after the first day of the 6th month, but no later
than the last date of the 18th month following Listing, the commencement date of which shall be chosen by the Advisor in its sole discretion. 

National Securities Exchange means any securities exchange registered with the SEC pursuant to Section 6 of the Securities Exchange Act
of 1934, as amended. 

  
 5 

 Net Sale Proceeds means in the case of a transaction described in clause (a) of the
definition of Sale, the net proceeds of any such transaction less the amount of all real estate commissions and closing costs paid by the Partnership. In the case of a transaction described in clause (b) of such definition, Net Sale Proceeds means
the net proceeds of any such transaction less the amount of any legal and other selling expenses incurred by the Partnership in connection with such transaction. In the case of a transaction described in clause (c) of such definition, Net Sale
Proceeds means the net proceeds of any such transaction actually distributed to the Partnership from the Joint Venture less any expenses incurred by the Partnership in connection with such transaction. In the case of a transaction or series of
transactions described in clause (d) of the definition of Sale, Net Sale Proceeds means the net proceeds of any such transaction less the amount of all commissions and closing costs paid by the Partnership. In the case of a transaction described in
clause (e) of such definition, Net Sale Proceeds means the net proceeds of any such transaction less the amount of all selling costs and other expenses incurred by the Partnership in connection with such transaction. Net Sale Proceeds shall also
include, in the case of any lease of a Property consisting of a building only, any amounts from tenants, borrowers or lessees that the General Partner, in its capacity as general partner of the Partnership determines, in its discretion, to be
economically equivalent to the proceeds of a Sale. Net Sale Proceeds shall be calculated after repayment of any outstanding indebtedness secured by the asset disposed of in the Sale. 

Notice of Exchange means the Notice of Exercise of Exchange Right substantially in the form attached as Exhibit B hereto. 

Offer has the meaning set forth in Section 7.1(b)(ii) hereof. 

Offering means an offering of Stock that is either (a) registered with the SEC, or (b) exempt from such registration, excluding Stock
offered under any employee benefit plan. 
 Original Limited Partner means the Limited Partner designated as “Original Limited
Partner” on Exhibit A hereto. 
 Partner means any General Partner, Limited Partner or Special Limited Partner. 

Partner Nonrecourse Debt Minimum Gain has the meaning set forth in Regulations Section 1.704-2(i). A Partner’s share of
Partner Nonrecourse Debt Minimum Gain shall be determined in accordance with Regulations Section 1.704-2(i)(5). 
 Partnership means
Strategic Storage Operating Partnership IV, L.P., a Delaware limited partnership. 
 Partnership Interest means an ownership interest
in the Partnership held by a Limited Partner, a Special Limited Partner or the General Partner and includes any and all benefits to which the holder of such a Partnership Interest may be entitled as provided in this Agreement, together with all
obligations of such Person to comply with the terms and provisions of this Agreement. 
 Partnership Minimum Gain has the meaning set
forth in Regulations Section 1.704-2(d). In accordance with Regulations Section 1.704-2(d), the amount of Partnership Minimum Gain is determined by first computing, for each Partnership nonrecourse liability, any gain the Partnership would
realize if it disposed of the property subject to that liability for no consideration other than full satisfaction of the liability, and then aggregating the separately computed gains. A Partner’s share of Partnership Minimum Gain shall be
determined in accordance with Regulations Section 1.704-2(g)(1). 

  
 6 

 Partnership Record Date means the record date established by the General Partner for the
distribution of cash pursuant to Section 5.2 hereof, which record date shall be the same as the record date established by the General Partner for a distribution to its stockholders of some or all of its portion of such distribution. 

Partnership Unit means a fractional, undivided share of the Partnership Interests of all Partners issued hereunder, including Class A
Units, Class T Units and Class W Units. Without limitation on the authority of the General Partner set forth in Section 4.2 hereof, the General Partner may designate any Partnership Units, and may designate one or more series of any class of
Partnership Units. The allocation of Partnership Units of each class among the Partners shall be as set forth on Exhibit A, as such Exhibit may be amended from time to time. 

Percentage Interest means the percentage ownership interest in the Partnership of each Partner, as determined by dividing the
Partnership Units owned by a Partner by the total number of Partnership Units then outstanding. 
 Person means any individual,
partnership, limited liability company, corporation, joint venture, trust or other entity. 
 Profit has the meaning provided in
Section 5.1(f) hereof. 
 Property or Properties means the real properties or real estate investments which are acquired by
the General Partner either directly or through the Partnership, Joint Ventures, partnerships or other entities. 
 Received REIT Shares
has the meaning set forth in Section 7.1(e) hereof. 
 Regulations means the Federal income tax regulations promulgated under the
Code, as amended and as hereafter amended from time to time. Reference to any particular provision of the Regulations shall mean that provision of the Regulations on the date hereof and any successor provision of the Regulations. 

Regulatory Allocations has the meaning set forth in Section 5.1(i) hereof. 

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

REIT Expenses means (i) costs and expenses relating to the formation and continuity of existence and operation of the General Partner
and any Subsidiaries thereof (which Subsidiaries shall, for purposes hereof, be included within the definition of General Partner), including taxes, fees and assessments associated therewith, any and all costs, expenses or fees payable to any
director, officer, or employee of the General Partner, (ii) costs and expenses relating to any Offering and registration of securities by the General Partner and all statements, reports, fees and expenses incidental thereto, including, without
limitation, underwriting discounts and sales commissions applicable to any such Offering of securities, and any costs and expenses associated with any claims made by any holders of such securities or any underwriters or placement agents thereof,
(iii) costs and expenses associated with any repurchase of any securities by the General Partner, (iv) costs and expenses associated with the preparation and filing of any periodic or other reports and communications by the General Partner under
federal, state or local laws or regulations, including filings with the SEC, (v) costs and expenses associated with compliance by the General Partner with laws, rules and regulations promulgated by any regulatory body, including the SEC and any
National Securities Exchange, (vi) costs and expenses associated with any 401(k) plan, incentive plan, bonus plan or other plan providing for compensation for the employees of the General Partner, (vii)

  
 7 

 
costs and expenses incurred by the General Partner relating to any issuing or redemption of Partnership Interests, and (viii) all other operating or administrative costs of the General Partner
incurred in the ordinary course of its business on behalf of or in connection with the Partnership. 
 REIT Share means a share of
common stock, par value $0.001 per share, in the General Partner (or successor entity, as the case may be), including Class A REIT Shares, Class T REIT Shares and Class W REIT Shares, the terms and conditions of which are set forth in the Articles
of Incorporation. 
 REIT Shares Amount means a number of REIT Shares equal to the product of the number of Partnership Units offered
for exchange by an Exchanging Partner, multiplied by the Conversion Factor as adjusted to and including the Specified Exchange Date; provided that in the event the General Partner issues to all holders of REIT Shares rights, options, warrants or
convertible or exchangeable securities entitling the stockholders to subscribe for or purchase REIT Shares, or any other securities or property (collectively, the “rights”), and the rights have not expired at the Specified Exchange Date,
then the REIT Shares Amount shall also include the rights issuable to a holder of the REIT Shares Amount of REIT Shares on the record date fixed for purposes of determining the holders of REIT Shares entitled to rights. 

Sale or Sales means any transaction or series of transactions whereby: (a) the Partnership sells, grants, transfers, conveys or
relinquishes its ownership of any Property or portion thereof, including the lease of any Property consisting of the building only, and including any event with respect to any Property which gives rise to a significant amount of insurance proceeds
or condemnation awards; (b) the Partnership sells, grants, transfers, conveys or relinquishes its ownership of all or substantially all of the interest of the Partnership in any Joint Venture in which it is a co-venturer or partner; (c) any Joint
Venture in which the Partnership is a co-venturer or partner sells, grants, transfers, conveys or relinquishes its ownership of any Property or portion thereof, including any event with respect to any Property which gives rise to insurance claims or
condemnation awards; (d) the Partnership sells, grants, conveys, or relinquishes its interest in any asset, or portion thereof, including any event with respect to any asset which gives rise to a significant amount of insurance proceeds or similar
awards; or (e) the Partnership sells or otherwise disposes of or distributes all of its assets in liquidation of the Partnership. 

SEC means the Securities and Exchange Commission. 

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

Service means the Internal Revenue Service. 

Special Limited Partner means the Person designated as “Special Limited Partner” on Exhibit A hereto. 

Special Limited Partner Interest means the interest of the Special Limited Partner in the Partnership representing its right as the
holder of an interest in distributions described in Section 5.2 hereof (and any corresponding allocations of income, gain, loss and deduction under this Agreement). 

Specified Exchange Date means the first business day of the month that is at least 60 business days after the receipt by the General
Partner of the Notice of Exchange. 
 Stock means shares of stock of the General Partner of any class or series, including REIT
Shares, preferred stock or shares-in-trust. 
 Stockholder Servicing Fee has the meaning set forth in the General Partner’s
prospectus. 

  
 8 

 Stockholders means the registered holders of the General Partner’s Stock. 

Stockholders’ 6% Return means, as of any date, an aggregate amount equal to a 6% cumulative, non-compounded, annual return on
Invested Capital; provided, however, that for purposes of calculating the Stockholders’ 6% Return, any non-taxable stock dividend shall not be included as a Distribution; and provided further that for purposes of determining the
Stockholders’ 6% Return, the return for each portion of the Invested Capital shall commence for purposes of the calculation upon the issuance of the Stock issued in connection with such capital. 

Subordinated Distribution Due Upon Extraordinary Transaction means (a) 15% of the amount by which (i) the Transaction Amount, plus the
total of all Distributions paid to Common Stockholders (excluding any stock dividends and Distributions paid on REIT Shares redeemed by the General Partner) from the General Partner’s inception until the date that Transaction Amount is
determined, exceeds (ii) the sum of (A) Invested Capital and (B) the total Distributions required to be paid to Common Stockholders in order to pay the Stockholders’ 6% Return from inception through the date Transaction Amount is determined.

 Subordinated Distribution Due Upon Termination means 15% of the amount, if any, by which (i) the Appraised Value of the
Properties, plus the Assets, less the Liabilities, at the Termination Date, plus total Distributions (excluding any stock dividend and Distributions paid on REIT Shares redeemed by the General Partner pursuant to its share redemption program)
through the Termination Date exceeds (ii) the sum of Invested Capital plus total Distributions required to be made to the Common Stockholders in order to pay the Stockholders’ 6% Return from inception through the Termination Date.

Subordinated Incentive Listing Distribution means 15% of the amount by which (i) the Market Value, plus the total of all Distributions
paid to Common Stockholders (excluding any stock dividends and Distributions paid on REIT Shares redeemed by the General Partner) from the General Partner’s inception until the date that Market Value is determined, exceeds (ii) the sum of (A)
Invested Capital and (B) the total Distributions required to be paid to Common Stockholders in order to pay the Stockholders’ 6% Return from inception through the date Market Value is determined.

Subsidiary means, with respect to any Person, any corporation or other entity of which a majority of (i) the voting power of the voting
equity securities or (ii) the outstanding equity interests is owned, directly or indirectly, by such Person. 
 Subsidiary
Partnership means any partnership of which the partnership interests therein are owned by the General Partner or a direct or indirect subsidiary of the General Partner. 

Substitute Limited Partner means any Person admitted to the Partnership as a Limited Partner pursuant to Section 9.3 hereof. 

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

Surviving General Partner has the meaning set forth in Section 7.1(c) hereof. 

Termination means the termination of the Advisory Agreement. 

Termination Date means the date of termination of the Advisory Agreement. 

Transaction has the meaning set forth in Section 7.1(b) hereof. 

  
 9 

 Transaction Amount means the aggregate value of all of the issued and outstanding REIT
Shares using a per share value equal to the per share value paid to the Stockholders in an Extraordinary Transaction. 
 Transfer has
the meaning set forth in Section 9.2(a) hereof. 
 Value means, with respect to REIT Shares, the average of the daily market price of
such REIT Share for the ten (10) consecutive trading days immediately preceding the date of such valuation. The market price for each such trading day shall be: (i) if the REIT Shares are Listed, the sale price, regular way, on such day, or if
no such sale takes place on such day, the average of the closing bid and asked prices, regular way, on such day; (ii) if the REIT Shares are not Listed, the last reported sale price on such day or, if no sale takes place on such day, the average of
the closing bid and asked prices on such day, as reported by a reliable quotation source designated by the General Partner; or (iii) if the REIT Shares are not Listed and no such last reported sale price or closing bid and asked prices are
available, the average of the reported high bid and low asked prices on such day, as reported by a reliable quotation source designated by the General Partner, or if there shall be no bid and asked prices on such day, the average of the high bid and
low asked prices, as so reported, on the most recent day (not more than ten (10) days prior to the date in question) for which prices have been so reported; provided that if there are no bid and asked prices reported during the ten
(10) days prior to the date in question, the value of the REIT Shares shall be determined by the General Partner acting in good faith on the basis of such quotations and other information as it considers, in its reasonable judgment,
appropriate. In the event the REIT Shares Amount includes rights that a holder of REIT Shares would be entitled to receive, then the value of such rights shall be determined by the General Partner acting in good faith on the basis of such
quotations and other information as it considers, in its reasonable judgment, appropriate. 
 ARTICLE 2 

PARTNERSHIP FORMATION AND IDENTIFICATION 

2.1    Formation. The Partnership was formed as a limited partnership pursuant to the Act for the purposes and
upon the terms and conditions set forth in this Agreement. 
 2.2    Name, Office and Registered Agent. The
name of the Partnership is Strategic Storage Operating Partnership IV, L.P. The specified office and place of business of the Partnership shall be 111 Corporate Drive, Suite 120, Ladera Ranch, California 92694. The General Partner may at
any time change the location of such office, provided the General Partner gives notice to the Partners of any such change. The name and address of the Partnership’s registered agent is The Corporation Trust Company, Corporation Trust
Center, 1209 Orange Street, Wilmington, Delaware 19801. The sole duty of the registered agent as such is to forward to the Partnership any notice that is served on him as registered agent. 

2.3    Partners. 

(a)    The General Partner of the Partnership is Strategic Storage Trust IV, Inc., a Maryland corporation. Its
principal place of business is the same as that of the Partnership. 
 (b)    The Limited Partners are those Persons
identified as Limited Partners on Exhibit A hereto, as amended from time to time. 

  
 10 

 2.4    Term and Dissolution. 

(a)    The Partnership shall have perpetual duration, except that the Partnership shall be dissolved upon the first to
occur of any of the following events: 
 (i)    The occurrence of an Event of Bankruptcy as to a General Partner or the
dissolution, death, removal or withdrawal of a General Partner unless the business of the Partnership is continued pursuant to Section 7.3(b) hereof; provided that if a General Partner is on the date of such occurrence a partnership, the dissolution
of such General Partner as a result of the dissolution, death, withdrawal, removal or Event of Bankruptcy of a partner in such partnership shall not be an event of dissolution of the Partnership if the business of such General Partner is continued
by the remaining partner or partners, either alone or with additional partners, and such General Partner and such partners comply with any other applicable requirements of this Agreement; 

(ii)    The passage of 90 days after the sale or other disposition of all or substantially all of the assets of the
Partnership (provided that if the Partnership receives an installment obligation as consideration for such sale or other disposition, the Partnership shall continue, unless sooner dissolved under the provisions of this Agreement, until such time as
such note or notes are paid in full); 
 (iii)    The exchange of all Limited Partnership Interests (other than any of
such interests held by the General Partner or Affiliates of the General Partner) for REIT Shares or the securities of any other entity; or 

(iv)    The election by the General Partner that the Partnership should be dissolved. 

(b)    Upon dissolution of the Partnership (unless the business of the Partnership is continued pursuant to Section 7.3(b)
hereof), the General Partner (or its trustee, receiver, successor or legal representative) shall amend or cancel the Certificate and liquidate the Partnership’s assets and apply and distribute the proceeds thereof in accordance with Section 5.6
hereof. Notwithstanding the foregoing, the liquidating General Partner may either (i) defer liquidation of, or withhold from distribution for a reasonable time, any assets of the Partnership (including those necessary to satisfy the
Partnership’s debts and obligations), or (ii) distribute the assets to the Partners in kind. 
 2.5    Filing of
Certificate and Perfection of Limited Partnership. The General Partner shall execute, acknowledge, record and file at the expense of the Partnership, the Certificate, any and all amendments thereto and all requisite fictitious name
statements and notices in such places and jurisdictions as may be necessary to cause the Partnership to be treated as a limited partnership under, and otherwise to comply with, the laws of each state or other jurisdiction in which the Partnership
conducts business. 
 2.6    Certificates Describing Partnership Units. At the request of a Limited Partner,
the General Partner, at its option, may issue a certificate summarizing the terms of such Limited Partner’s interest in the Partnership, including the number of Partnership Units owned and the Percentage Interest represented by such Partnership
Units as of the date of such certificate. Any such certificate (i) shall be in form and substance as approved by the General Partner, (ii) shall not be negotiable and (iii) shall bear a legend to the following effect: 

This certificate is not negotiable. The Partnership Units represented by this certificate are governed by and transferable
only in accordance with the provisions of the First Amended and Restated Limited Partnership Agreement of Strategic Storage Operating Partnership IV, L.P., as amended from time to time. 

  
 11 

 ARTICLE 3 

BUSINESS OF THE PARTNERSHIP 

The purpose and nature of the business to be conducted by the Partnership is (i) to conduct any business that may be lawfully conducted by a
limited partnership organized pursuant to the Act, provided, however, that such business shall be limited to and conducted in such a manner as to permit the General Partner at all times to qualify as a REIT, unless the General Partner otherwise
ceases to qualify as a REIT, (ii) to enter into any partnership, joint venture or other similar arrangement to engage in any of the foregoing or the ownership of interests in any entity engaged in any of the foregoing and (iii) to do anything
necessary or incidental to the foregoing. In connection with the foregoing, and without limiting the General Partner’s right in its sole and absolute discretion to cease qualifying as a REIT, the Partners acknowledge that the General
Partner’s current status as a REIT and the avoidance of income and excise taxes on the General Partner inures to the benefit of all the Partners and not solely to the General Partner. Notwithstanding the foregoing, the Limited Partners
agree that the General Partner may terminate its status as a REIT under the Code at any time to the full extent permitted under the Articles of Incorporation. The General Partner shall also be empowered to do any and all acts and things
necessary or prudent to ensure that the Partnership will not be classified as a “publicly traded partnership” for purposes of Section 7704 of the Code. 

ARTICLE 4 
 CAPITAL
CONTRIBUTIONS AND ACCOUNTS 
 4.1    Capital Contributions. The General Partner, Original Limited
Partner and Special Limited Partner have made Capital Contributions to the Partnership in exchange for the Partnership Interests set forth opposite their names on Exhibit A, as amended from time to time. 

4.2    Additional Capital Contributions and Issuances of Additional Partnership Interests. Except as provided
in this Section 4.2 or in Section 4.3, the Partners shall have no right or obligation to make any additional Capital Contributions or loans to the Partnership. The General Partner may contribute additional capital to the Partnership, from time
to time, and receive additional Partnership Interests in respect thereof, in the manner contemplated in this Section 4.2. 

(a)    Issuances of Additional Partnership Interests. 

(i)    General. The General Partner is hereby authorized to cause the Partnership to issue such additional
Partnership Interests in the form of Partnership Units for any Partnership purpose at any time or from time to time, to the Partners (including the General Partner) or to other Persons for such consideration and on such terms and conditions as shall
be established by the General Partner in its sole and absolute discretion, all without the approval of any Limited Partner. Any additional Partnership Interests issued thereby may be issued in one or more classes, or one or more series of any
of such classes, with such designations, preferences and relative, participating, optional or other special rights, powers and duties, including rights, powers and duties senior to Limited Partnership Interests, all as shall be determined by the
General Partner in its sole and absolute discretion and without the approval of any Limited Partner, subject to Delaware law, including, without limitation: (i) the allocations of items of Partnership income, gain, loss, deduction and credit to each
such class or series of Partnership Interests; (ii) the right of each such class or series of Partnership Interests to share in Partnership distributions; and (iii) the rights of each such class or series of Partnership Interests upon dissolution
and liquidation of the Partnership; provided, however, that no additional Partnership Interests shall be issued to the General Partner unless: 

  
 12 

 (A)    (1) the additional Partnership Interests are issued in connection
with an issuance of REIT Shares of or other interests in the General Partner, which shares or interests have designations, preferences and other rights, all such that the economic interests are substantially similar to the designations, preferences
and other rights of the additional Partnership Interests issued to the General Partner by the Partnership in accordance with this Section 4.2 (without limiting the foregoing, for example, the Partnership shall issue Partnership Interests consisting
of Class A Units to the General Partner in connection with the issuance of Class A REIT Shares, shall issue Partnership Interests consisting of Class T Units to the General Partner in connection with the issuance of Class T REIT Shares and shall
issue Partnership Interests consisting of Class W Units to the General Partner in connection with the issuance of Class W REIT Shares) and (2) the General Partner shall make a Capital Contribution to the Partnership in an amount equal to the
proceeds raised in connection with the issuance of such shares of stock of or other interests in the General Partner; 

(B)    the additional Partnership Interests are issued in exchange for property owned by the General Partner with a fair
market value, as determined by the General Partner, in good faith, equal to the value of the Partnership Interests; or 

(C)    additional Partnership Interests are issued to all Partners holding Partnership Units in proportion to their
respective Percentage Interests. 
 In addition, the General Partner may acquire Partnership Interests from other Partners pursuant to this
Agreement. In the event that the Partnership issues Partnership Interests pursuant to this Section 4.2(a), the General Partner shall make such revisions to this Agreement (without any requirement of receiving approval of the Limited Partners)
as it deems necessary to reflect the issuance of such additional Partnership Interests and any special rights, powers, and duties associated therewith. 

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

(ii)    Upon Issuance of Additional Securities. The General Partner shall not issue any Additional Securities
other than to all holders of REIT Shares, unless (A) the General Partner shall cause the Partnership to issue to the General Partner, as the General Partner may designate, Partnership Interests or rights, options, warrants or convertible or
exchangeable securities of the Partnership having designations, preferences and other rights, all such that the economic interests are substantially similar to those of the Additional Securities, and (B) the General Partner contributes the net
proceeds from the issuance of such Additional Securities and from any exercise of rights contained in such Additional Securities, directly through the General Partner, to the Partnership (without limiting the foregoing, for example, the Partnership
shall issue Limited Partnership Interests consisting of: (1) Class A Units to the General Partner in connection with the issuance of Class A REIT Shares; (2) Class T Units to the General Partner in connection with the issuance of Class T REIT
Shares; and (3) Class W Units to the General Partner in connection with the issuance of Class W REIT Shares); provided, however, that the General Partner is allowed to issue Additional Securities in connection with an acquisition of a property to be
held directly by the General Partner, but if and only if, such direct acquisition and issuance of Additional Securities have been approved and determined to be in the best interests of the General Partner and the Partnership by a majority of the
Independent Directors (as defined in the Articles of Incorporation). Without limiting the foregoing, the General Partner is expressly authorized to issue 

  
 13 

 
Additional Securities for less than fair market value, and to cause the Partnership to issue to the General Partner corresponding Partnership Interests, so long as (x) the General Partner
concludes in good faith that such issuance is in the best interests of the General Partner and the Partnership, including without limitation, the issuance of REIT Shares and corresponding Partnership Units pursuant to an employee share purchase plan
providing for employee purchases of REIT Shares at a discount from fair market value or employee stock options that have an exercise price that is less than the fair market value of the REIT Shares, either at the time of issuance or at the time of
exercise, and (y) the General Partner contributes all proceeds from such issuance to the Partnership. For example, in the event the General Partner issues REIT Shares for a cash purchase price and contributes all of the proceeds of such
issuance to the Partnership, the General Partner shall be issued a number of additional Partnership Units having the same class designation as the issued REIT Shares equal to the product of (A) the number of such REIT Shares of that class issued by
the General Partner, the proceeds of which were so contributed, multiplied by (B) a fraction, the numerator of which is 100%, and the denominator of which is the Conversion Factor in effect on the date of such contribution. 

(b)    Certain Deemed Contributions of Proceeds of Issuance of REIT Shares. In connection with any and all
issuances of REIT Shares, the General Partner shall make Capital Contributions to the Partnership of the proceeds therefrom, provided that if the proceeds actually received and contributed by the General Partner are less than the gross proceeds of
such issuance as a result of any underwriter’s discount or other expenses paid or incurred in connection with such issuance, then the General Partner shall be deemed to have made Capital Contributions to the Partnership in the aggregate amount
of the gross proceeds of such issuance and the Partnership shall be deemed simultaneously to have paid such offering expenses in accordance with Section 6.5 hereof and in connection with the required issuance of additional Partnership Units to the
General Partner for such Capital Contributions pursuant to Section 4.2(a) hereof, and any such expenses shall be allocable solely to the class of Partnership Units issued to the General Partner at such time. 

4.3    Additional Funding. If the General Partner determines that it is in the best interests of the
Partnership to provide for additional Partnership funds (“Additional Funds”) for any Partnership purpose, the General Partner may (i) cause the Partnership to obtain such funds from outside borrowings, or (ii) elect to have the General
Partner or any of its Affiliates provide such Additional Funds to the Partnership through loans or otherwise. 

4.4    Capital Accounts. A separate capital account (a “Capital Account”) shall be established and
maintained for each Partner in accordance with Regulations Section 1.704-1(b)(2)(iv). If (i) a new or existing Partner acquires an additional Partnership Interest in exchange for more than a de minimis Capital Contribution, (ii) the Partnership
distributes to a Partner more than a de minimis amount of Partnership property as consideration for a Partnership Interest, (iii) the Partnership is liquidated within the meaning of Regulation Section 1.704-1(b)(2)(ii)(g) or (iv) a Partnership
Interest (other than a de minimis interest) is granted as consideration for the provision of services to or for the benefit of the Partnership by an existing Partner acting in a partner capacity, or by a new Partner acting in a partner capacity in
anticipation of being a Partner, the General Partner shall revalue the property of the Partnership to its fair market value (as determined by the General Partner, in its sole and absolute discretion, and taking into account Section 7701(g) of the
Code) in accordance with Regulations Section 1.704-1(b)(2)(iv)(f). When the Partnership’s property is revalued by the General Partner, the Capital Accounts of the Partners shall be adjusted in accordance with Regulations Sections
1.704-1(b)(2)(iv)(f) and (g), which generally require such Capital Accounts to be adjusted to reflect the manner in which the unrealized gain or loss inherent in such property (that has not been reflected in the Capital Accounts previously) would be
allocated among the Partners pursuant to Section 5.1 if there were a taxable disposition of such property for its fair market value (as determined by the General Partner, in its sole and absolute discretion, and taking into account Section 7701(g)
of the Code) on the date of the revaluation. 

  
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 4.5    Percentage Interests. If the number of outstanding
Partnership Units increases or decreases during a taxable year, each Partner’s Percentage Interest shall be adjusted by the General Partner effective as of the effective date of each such increase or decrease to a percentage equal to the number
of Partnership Units held by such Partner divided by the aggregate number of Partnership Units outstanding after giving effect to such increase or decrease. If the Partners’ Percentage Interests are adjusted pursuant to this Section 4.5,
the Profits and Losses for the taxable year in which the adjustment occurs shall be allocated between the part of the year ending on the day when the Partnership’s property is revalued by the General Partner and the part of the year beginning
on the following day either (i) as if the taxable year had ended on the date of the adjustment or (ii) based on the number of days in each part. The General Partner, in its sole and absolute discretion, shall determine which method shall be
used to allocate Profits and Losses for the taxable year in which the adjustment occurs. The allocation of Profits and Losses for the earlier part of the year shall be based on the Percentage Interests before adjustment, and the allocation of
Profits and Losses for the later part shall be based on the adjusted Percentage Interests. 
 4.6    No Interest on
Contributions. No Partner shall be entitled to interest on its Capital Contribution. 
 4.7    Return of
Capital Contributions. No Partner shall be entitled to withdraw any part of its Capital Contribution or its Capital Account or to receive any distribution from the Partnership, except as specifically provided in this Agreement. Except
as otherwise provided herein, there shall be no obligation to return to any Partner or withdrawn Partner any part of such Partner’s Capital Contribution for so long as the Partnership continues in existence. 

4.8    No Third Party Beneficiary. No creditor or other third party having dealings with the Partnership shall
have the right to enforce the right or obligation of any Partner to make Capital Contributions or loans or to pursue any other right or remedy hereunder or at law or in equity, it being understood and agreed that the provisions of this Agreement
shall be solely for the benefit of, and may be enforced solely by, the parties hereto and their respective successors and assigns. None of the rights or obligations of the Partners herein set forth to make Capital Contributions or loans to the
Partnership shall be deemed an asset of the Partnership for any purpose by any creditor or other third party, nor may such rights or obligations be sold, transferred or assigned by the Partnership or pledged or encumbered by the Partnership to
secure any debt or other obligation of the Partnership or of any of the Partners. In addition, it is the intent of the parties hereto that no distribution to any Limited Partner shall be deemed a return of money or other property in violation
of the Act. However, if any court of competent jurisdiction holds that, notwithstanding the provisions of this Agreement, any Limited Partner is obligated to return such money or property, such obligation shall be the obligation of such Limited
Partner and not of the General Partner. Without limiting the generality of the foregoing, a deficit Capital Account of a Partner shall not be deemed to be a liability of such Partner nor an asset or property of the Partnership and upon a
liquidation within the meaning of Treas. Reg. Section 1.704-1(b)(2)(ii)(g), if any Partner has a deficit Capital Account (after giving effect to all contributions, distributions, allocations and other
Capital Account adjustments for all taxable years, including the year during which such liquidation occurs), such Partner shall have no obligation to make any Capital Contribution to reduce or eliminate the negative balance of such Partner’s
Capital Account. 

  
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 ARTICLE 5 

PROFITS AND LOSSES; DISTRIBUTIONS 

5.1    Allocation of Profit and Loss. 

(a)    General. Profit and Loss of the Partnership for each fiscal year or other applicable period of the
Partnership shall be allocated among the General Partner and the Limited Partners in accordance with their respective Percentage Interests provided that, subject to the next sentence of this Section 5.1(a), Profit, and to the extent necessary,
individual items of income or gain, shall be allocated to the Special Limited Partner until the Special Limited Partner has received aggregate allocations of Profit, income or gain for all fiscal years equal to the aggregate amount of distributions
the Special Limited Partner is entitled to receive or has received with respect to the Special Limited Partnership Interest for such year and for all prior fiscal years. Items of income, gain, loss, and deduction with respect to Sales shall first be
allocated among the Partners, including the Special Limited Partner, for each fiscal year in a manner that will as nearly as possible cause the Capital Account balance of each Partner at the end of such fiscal year or other applicable period to
equal the amount of distributions that would be made to such Partner if the Partnership were (i) dissolved and terminated, (ii) its affairs wound up and its assets sold for cash equal to their Book Value, (iii) all Partnership liabilities were
satisfied (limited with respect to each nonrecourse liability to the Book Value of the assets securing such liability); and (iv) the net assets of the Partnership were distributed in accordance with Sections 5.2 (a) and (b) hereof to the Partners
immediately after giving effect to such allocation. The General Partner may, in its reasonable discretion, make such other assumptions (whether or not consistent with the above assumptions) as it deems necessary or appropriate in order to
effectuate the intended economic arrangement of the Partners. 
 (b)    Minimum Gain
Chargeback. Notwithstanding any provision to the contrary, (i) any expense of the Partnership that is a “nonrecourse deduction” within the meaning of Regulations Section 1.704-2(b)(1) shall be allocated in accordance with the
Partners’ respective Percentage Interests, (ii) any expense of the Partnership that is a “partner nonrecourse deduction” within the meaning of Regulations Section 1.704-2(i)(2) shall be allocated to the Partner that bears the
“economic risk of loss” with respect to the “partner nonrecourse debt” within the meaning of Regulations Section 1.704-2(b)(4) to which such partner nonrecourse deduction is attributable in accordance with Regulations Section
1.704-2(i)(1), (iii) if there is a net decrease in Partnership Minimum Gain within the meaning of Regulations Section 1.704-2(f)(1) for any Partnership taxable year, then, subject to the exceptions set forth in Regulations Section 1.704-2(f)(2),(3),
(4) and (5), items of gain and income shall be allocated among the Partners in accordance with Regulations Section 1.704-2(f) and the ordering rules contained in Regulations Section 1.704-2(j), and (iv) if there is a net decrease in Partner
Nonrecourse Debt Minimum Gain within the meaning of Regulations Section 1.704-2(i)(4) for any Partnership taxable year, then, subject to the exceptions set forth in Regulations Section 1.704-(2)(g), items of gain and income shall be allocated among
the Partners in accordance with Regulations Section 1.704-2(i)(4) and the ordering rules contained in Regulations Section 1.704-2(j). A Partner’s “interest in partnership profits” for purposes of determining its share of the
nonrecourse liabilities of the Partnership within the meaning of Regulations Section 1.752-3(a)(3) shall be such Partner’s Percentage Interest. 

(c)    Qualified Income Offset. If a Partner unexpectedly receives in any taxable year an adjustment,
allocation, or distribution described in subparagraphs (4), (5), or (6) of Regulations Section 1.704-1(b)(2)(ii)(d) that causes or increases a deficit balance in such Partner’s Capital Account that exceeds the sum of such Partner’s shares
of Partnership Minimum Gain and Partner Nonrecourse Debt Minimum Gain, as determined in accordance with Regulations Sections 1.704-2(g) and 1.704-2(i), such Partner shall be allocated specially for such taxable year (and, if necessary, later taxable
years) items of income and gain in an amount and manner sufficient to eliminate such deficit Capital Account balance as quickly as possible as provided in Regulations Section 1.704-1(b)(2)(ii)(d);
provided, that an allocation pursuant to this Section 5.1(c) shall be made only if and to the extent that such Partner would have a deficit Capital Account balance after all other allocations provided for in Article 5 have been tentatively made as
if this Section 5.1(c) were not in this Agreement. This Section 5.1(c) is intended to constitute a “qualified income offset” under Section 1.704-1(b)(2)(ii)(d) of the Regulations and shall be interpreted consistently therewith.

  
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 (d)    Capital Account Deficits. Loss shall not be allocated to a
Limited Partner to the extent that such allocation would cause or increase a deficit in such Partner’s Capital Account at the end of any fiscal year (after reduction to reflect the items described in Regulations Section 1.704-1(b)(2)(ii)(d)(4),
(5) and (6)) in excess of the sum of such Partner’s shares of Partnership Minimum Gain and Partner Nonrecourse Debt Minimum Gain, as determined in accordance with Regulations Sections 1.704-2(g) and 1.704-2(i).

(e)    Allocations Between Transferor and Transferee. If a Partner transfers any part or all of its
Partnership Interest, the distributive shares of the various items of Profit and Loss allocable among the Partners during such fiscal year of the Partnership shall be allocated between the transferor and the transferee Partner either (i) as if the
Partnership’s fiscal year had ended on the date of the transfer, or (ii) based on the number of days of such fiscal year that each was a Partner without regard to the results of Partnership activities in the respective portions of such fiscal
year in which the transferor and the transferee were Partners. The General Partner, in its sole and absolute discretion, shall determine which method shall be used to allocate the distributive shares of the various items of Profit and Loss
between the transferor and the transferee Partner. 
 (f)    Definition of Profit and
Loss. “Profit” and “Loss” and any items of income, gain, expense, or loss referred to in this Agreement shall be determined in accordance with federal income tax accounting principles, as modified by Regulations Section
1.704-1(b)(2)(iv), except that Profit and Loss shall not include items of income, gain and expense that are specially allocated pursuant to Sections 5.1(b), 5.1(c) or 5.1(d). All allocations of income, Profit, gain, Loss and expense (and all
items contained therein) for federal income tax purposes shall be identical to all allocations of such items set forth in this Section 5.1, except as otherwise required by Section 704(c) of the Code and Regulations Section 1.704-1(b)(4). The
General Partner shall have the authority to elect the method to be used by the Partnership for allocating items of income, gain, and expense as required by Section 704(c) of the Code including a method that may result in a Partner receiving a
disproportionately larger share of the Partnership tax depreciation deductions, and such election shall be binding on all Partners. 

(g)    Curative Allocations. The allocations set forth in Section 5.1(b), (c) and (d) of this Agreement (the
“Regulatory Allocations”) are intended to comply with certain requirements of the Regulations. The General Partner is authorized to offset all Regulatory Allocations either with other Regulatory Allocations or with special allocations
of other items of Partnership income, gain, loss or deduction pursuant to this Section 5.1(g). Therefore, notwithstanding any other provision of this Section 5.1 (other than the Regulatory Allocations), the General Partner shall make such
offsetting special allocations of Partnership income, gain, loss or deduction in whatever manner it deems appropriate so that, after such offsetting allocations are made, each Partner’s Capital Account is, to the extent possible, equal to the
Capital Account balance such Partner would have had if the Regulatory Allocations were not part of this Agreement and all Partnership items were allocated pursuant to Section 5.1(a) and (e). 

(h)    Special Allocations of Class-Specific Items. To the extent that any items of income, gain, loss or
deduction of the General Partner are allocable to a specific class or classes of REIT Shares as provided in the General Partner’s prospectus, including, without limitation, Stockholder Servicing Fees and Dealer Manager Servicing Fees, such
items, or an amount equal thereto, shall be specially allocated to the class or classes of Partnership Units corresponding to such class or classes of REIT Shares. 

  
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 5.2    Distributions. 

(a)    Cash Available for Distribution. The Partnership shall distribute cash (other than Net Sale Proceeds) on
a quarterly (or, at the election of the General Partner, more frequent) basis, in an amount determined by the General Partner in its sole and absolute discretion, to the Partners (other than the Special Limited Partner) who are Partners on the
Partnership Record Date with respect to such quarter (or other distribution period) in accordance with their respective Percentage Interests on the Partnership Record Date; provided, however, that if a new or existing Partner acquires an additional
Partnership Interest in exchange for a Capital Contribution on any date other than the next day after a Partnership Record Date, the cash distribution attributable to such additional Partnership Interest relating to the Partnership Record Date next
following the issuance of such additional Partnership Interest (or relating to the Partnership Record Date if such Partnership Interest was acquired on a Partnership Record Date) shall be reduced in the proportion to (i) the number of days that such
additional Partnership Interest is held by such Partner bears to (ii) the number of days between such Partnership Record Date (including such Partnership Record Date) and the immediately preceding Partnership Record Date, provided that the aggregate
distributions made hereunder to the holders of Class T Units shall be reduced (but not below zero) by the aggregate Stockholder Servicing Fee payable by the General Partner with respect to the Class T REIT Shares with respect to such Record Date and
the aggregate distributions made hereunder to the holders of Class W Units shall be reduced (but not below zero) by the aggregate Dealer Manager Servicing Fee payable by the General Partner with respect to the Class W REIT Shares with respect to
such Record Date. 
 (b)    Net Sale Proceeds. Subject to Section 5.2(g), Net Sale Proceeds shall be
distributed as follows: 
 (i)    First, 100% to the Partners (other than the Special Limited Partner) who are
Partners on the Partnership Record Date in accordance with their respective Percentage Interests on the Partnership Record Date until the General Partner has received cumulative distributions under Section 5.2(a) and this Section 5.2(b), plus any
amounts received in redemption of Partnership Units under Section 9.7 of this Agreement or otherwise, equal to the sum of the Stockholders’ 6% Return and the aggregate Capital Contributions made by the General Partner to the Partnership,
determined by taking into account the dates on which all such Capital Contributions, distributions and redemptions were made; and 

(ii)    Second, (A) 85% to the Partners (other than the Special Limited Partner) who are Partners on the
Partnership Record Date in accordance with their respective Percentage Interests on the Partnership Record Date, and (B) 15% to the Special Limited Partner on the Partnership Record Date. 

(c)    Subordinated Incentive Listing Distribution. Upon Listing, and as soon as practicable following the
determination of Market Value, the General Partner shall cause the Partnership to distribute to the Special Limited Partner in complete redemption of the Special Limited Partner Interest the Subordinated Incentive Listing Distribution. The
Subordinated Incentive Listing Distribution shall be due and payable to the Special Limited Partner no earlier than seven months and no later than 19 months after Listing in either cash, Partnership Units or REIT Shares (or any combination thereof)
in the sole discretion of the Independent Directors. If the Subordinated Incentive Listing Distribution is paid in Partnership Units or REIT Shares (or any combination thereof) the value on such date shall be determined by the Value of the REIT
Shares. 
 (d)    Subordinated Distribution Due Upon Termination. Upon a Termination, unless such
Termination is a voluntary Termination by mutual assent of the General Partner and the Special Limited Partner (a “Voluntary Termination”) or such Termination is by the General Partner because of a material breach of the Advisory Agreement
by the Advisor as a result of willful or intentional misconduct or bad faith on behalf of the Advisor, the General Partner shall cause the Partnership to distribute to the Special Limited Partner in complete redemption of the Special Limited Partner
Interest the Subordinated 

  
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Distribution Due Upon Termination payable in the form of a non-interest bearing promissory note (the “Termination Note”). If the Termination Note has not been paid in full on the
earlier of (a) the date the REIT Shares are Listed, or (b) within three (3) years from the Termination Date, then the holder of the Termination Note, its successors or assigns, may elect to convert the balance of the distributions due under the
Termination Note into Partnership Units or REIT Shares at a price per share equal to the average closing price of the REIT Shares over the ten (10) trading days immediately preceding the date of such election if the REIT Shares are Listed at such
time. If the REIT Shares are not Listed within three (3) years from the Termination Date, the holder of the Termination Note, its successors or assigns, may elect to convert the balance of the distributions due under the Termination Note into
Partnership Units or REIT Shares at a price per share equal to the fair market value for such REIT Shares as determined by the board of directors of the General Partner based upon the Appraised Value of the Properties, plus the Assets, less the
Liabilities, on the date of election. If the General Partner consummates an Extraordinary Transaction and the Termination Note has not yet been paid in full, the Termination Note shall be paid in full on the closing date of the Extraordinary
Transaction. In accordance with Section 736 of the Code, the Termination Note shall be disregarded for applicable income tax purposes and the Special Limited Partner shall continue to be treated as a partner in the Partnership in respect of its
Special Limited Partner Interest for such purposes until the Partnership has satisfied all its obligations under the Termination Note. In the event of a Voluntary Termination, no Subordinated Distribution Due Upon Termination is payable to the
Special Limited Partner, and the Special Limited Partner will be entitled to a redemption of the Special Limited Partner Interest in accordance with either Section 5.2(b), (c) or (e) hereof, as applicable. In the event of a Termination by the
General Partner because of a material breach of the Advisory Agreement by the Advisor as a result of willful or intentional misconduct or bad faith on behalf of the Advisor, no Subordinated Distribution Due Upon Termination is payable to the Special
Limited Partner, and the Special Limited Partnership Interest shall be redeemed for no consideration. 

(e)    Subordinated Distribution Upon Extraordinary Transaction. Upon the occurrence of an Extraordinary
Transaction, the General Partner shall cause the Partnership to distribute to the Special Limited Partner in complete redemption of the Special Limited Partner Interest the Subordinated Distribution Due Upon Extraordinary Transaction. The
Subordinated Distribution Due Upon Extraordinary Transaction shall be paid to the Special Limited Partner on the closing date of the Extraordinary Transaction. The Special Limited Partner may elect to receive the Subordinated Distribution Due
Upon Extraordinary Transaction in cash, Partnership Units or REIT Shares (or any combination thereof) in its sole discretion. 

(f)    Distributions of Cash to Pay Taxes. Anything in Sections 5.2(c), (d) and (e) notwithstanding, in the
event that a distribution under Sections 5.2 (c), (d), or (e) is made other than in cash, a Special Limited Partner may elect, by written notice to the General Partner, to receive in cash a portion of such distribution equal to the amount the
Special Limited Partner has determined in good faith that it or its members will owe in federal or state income taxes on account of such distribution for the year in which the distribution is received. Furthermore, in the event that a Special
Limited Partner has determined in good faith, or a taxing authority has determined, that the Special Limited Partner or its members is subject to federal or state income tax immediately on any deferred portion of any distribution under Sections
5.2(c), (d) or (e), the Special Limited Partner shall notify the General Partner in writing of such determination and the General Partner shall cause the Partnership to distribute, prior to the due date for payment of any such income tax, cash, in
prepayment of such deferred distributions, in an amount at least equal to the amount of federal and state income tax reasonably estimated by the Special Limited Partner to be currently payable.

  
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 (g)    Coordination of Special Limited Partner Distributions. The
following provisions shall apply to the General Partner in connection with distributions made pursuant to Sections 5.2(b), (c), (d) or (e) herein: 

(i)    Any Net Sale Proceeds paid to the Special Limited Partner pursuant to Section 5.2(b) prior to Listing shall reduce
dollar for dollar the amount of the Subordinated Incentive Listing Distribution distributed pursuant to Section 5.2(c). If the Special Limited Partner receives the Subordinated Incentive Listing Distribution pursuant to Section 5.2(c), the
Special Limited Partner will no longer be entitled to receive distributions of Net Sale Proceeds pursuant to Section 5.2(b), a Termination Note pursuant to Section 5.2(d) or the Subordinated Distribution Due Upon Extraordinary Transaction pursuant
to Section 5.2(e). 
 (ii)    Any Net Sale Proceeds paid to the Special Limited Partner pursuant to Section 5.2(b)
prior to the Termination Date shall reduce dollar for dollar the amount of the Termination Note to be issued and distributed pursuant to Section 5.2(d). If the Special Limited Partner receives a Termination Note pursuant to Section 5.2(d), (A)
the Special Limited Partner will no longer be entitled to receive distributions of Net Sale Proceeds pursuant to Section 5.2(b), the Subordinated Incentive Listing Distribution pursuant to Section 5.2(c) or the Subordinated Distribution Due Upon
Extraordinary Transaction pursuant to Section 5.2(e), and (B) any Net Sale Proceeds received by the Partnership after the Termination Date shall be applied first to satisfy the Partnership’s obligation to make distributions pursuant to the
Termination Note. 
 (iii)    Any Net Sale Proceeds paid to the Special Limited Partner pursuant to Section 5.2(b)
prior to an Extraordinary Transaction shall reduce dollar for dollar the amount of the Subordinated Distribution Due Upon Extraordinary Transaction to be distributed pursuant to Section 5.2(e). If the Special Limited Partner receives the
Subordinated Distribution Due Upon Extraordinary Transaction pursuant to Section 5.2(e), the Special Limited Partner will no longer be entitled to receive distributions of Net Sale Proceeds pursuant to Section 5.2(b), the Subordinated Incentive
Listing Distribution pursuant to Section 5.2(c) or a Termination Note pursuant to Section 5.2(d). 
 (iv)    If the
priority distribution of Net Sale Proceeds to the Special Limited Partner pursuant to this Section 5.2(g) prevents the Partnership from being able to distribute sufficient amounts to the General Partner pursuant to Section 5.2(b) to enable the
General Partner to satisfy its REIT requirements under the Code, the General Partner may in its sole discretion cause the Partnership to distribute some or all of the Net Sale Proceeds otherwise subject to the priority distribution to the Special
Limited Partner pursuant to Section 5.2(g) to the General Partner in an amount sufficient to enable the General Partner to pay distributions to the Stockholders necessary to satisfy the REIT requirements under the Code. 

(h)    Withholding; Partnership Loans. Notwithstanding any other provision of this Agreement, the General
Partner is authorized to take any action that it determines to be necessary or appropriate to cause the Partnership to comply with any withholding requirements established under the Code or any other federal, state or local law including, without
limitation, pursuant to Sections 1441, 1442, 1445 and 1446 of the Code. To the extent that the Partnership is required to withhold and pay over to any taxing authority any amount resulting from the allocation or distribution of income to any
Partner or assignee (including by reason of Section 1446 of the Code), either (i) if the actual amount to be distributed to the Partner equals or exceeds the amount required to be withheld by the Partnership, the amount withheld shall be treated as
a distribution of cash in the amount of such withholding to such Partner, or (ii) if the actual amount to be distributed to the Partner is less than the amount required to be withheld by the Partnership, the excess of the amount required to be
withheld over the actual amount to be distributed shall be treated as a loan (a “Partnership Loan”) from the Partnership to the Partner on the day the Partnership pays over such amount to a taxing authority. A Partnership Loan shall
be repaid through withholding by the Partnership with respect to subsequent distributions to the applicable Partner or assignee. In the event that a Limited Partner (a “Defaulting Limited Partner”) fails to pay any amount owed to the
Partnership with respect to the Partnership Loan within 15 days after demand for payment 

  
 20 

 
thereof is made by the Partnership on the Limited Partner, the General Partner, in its sole and absolute discretion, may elect to make the payment to the Partnership on behalf of such Defaulting
Limited Partner. In such event, on the date of payment, the General Partner shall be deemed to have extended a loan (a “General Partner Loan”) to the Defaulting Limited Partner in the amount of the payment made by the General Partner
and shall succeed to all rights and remedies of the Partnership against the Defaulting Limited Partner as to that amount. Without limitation, the General Partner shall have the right to receive any distributions that otherwise would be made by
the Partnership to the Defaulting Limited Partner until such time as the General Partner Loan has been paid in full, and any such distributions so received by the General Partner shall be treated as having been received by the Defaulting Limited
Partner and immediately paid to the General Partner. 
 Any amounts treated as a Partnership Loan or a General Partner Loan pursuant to this
Section 5.2(b) shall bear interest at the lesser of (i) 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, or (ii) the maximum lawful rate of interest on
such obligation, such interest to accrue from the date the Partnership or the General Partner, as applicable, is deemed to extend the loan until such loan is repaid in full. 

(i)    Limitation on Distributions. In no event may a Partner receive a distribution of cash with respect to a
Partnership Unit if such Partner is entitled to receive a cash distribution as the holder of record of a REIT Share for which all or part of such Partnership Unit has been or will be exchanged. 

5.3    REIT Distribution Requirements. The General Partner shall use its commercially reasonable efforts to
cause the Partnership to distribute amounts sufficient to enable the General Partner to pay stockholder dividends that will allow the General Partner to (i) meet its distribution requirement for qualification as a REIT as set forth in Section 857 of
the Code and (ii) avoid any federal income or excise tax liability imposed by the Code. 
 5.4    No Right to
Distributions In Kind. No Partner shall be entitled to demand property other than cash in connection with any distributions by the Partnership. 

5.5    Limitations of Return of Capital Contributions. Notwithstanding any of the provisions of this Article
5, no Partner shall have the right to receive and the General Partner shall not have the right to make, a distribution that includes a return of all or part of a Partner’s Capital Contributions, unless after giving effect to the return of a
Capital Contribution, the sum of all Partnership liabilities, other than the liabilities to a Partner for the return of his Capital Contribution, does not exceed the fair market value of the Partnership’s assets. 

5.6    Distributions Upon Liquidation. Upon liquidation of the Partnership, after payment of, or adequate
provision for, debts and obligations of the Partnership, including any Partner loans, any remaining assets of the Partnership shall be distributed to all Partners with positive Capital Accounts in accordance with their respective positive Capital
Account balances. For purposes of the preceding sentence, the Capital Account of each Partner shall be determined after all adjustments have been made in accordance with Sections 4.4, 5.1 and 5.2 resulting from Partnership operations and from
all sales and dispositions of all or any part of the Partnership’s assets. To the extent deemed advisable by the General Partner, appropriate arrangements (including the use of a liquidating trust) may be made to assure that adequate funds
are available to pay any contingent debts or obligations. 
 5.7    Substantial Economic Effect. It is the
intent of the Partners that the allocations of Profit and Loss under this Agreement have substantial economic effect (or be consistent with the Partners’ interests in the Partnership in the case of the allocation of losses attributable to
nonrecourse debt) within 

  
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the meaning of Section 704(b) of the Code as interpreted by the Regulations promulgated pursuant thereto. Article 5 and other relevant provisions of this Agreement shall be interpreted in a
manner consistent with such intent. 
 ARTICLE 6 

RIGHTS, OBLIGATIONS AND 

POWERS OF THE GENERAL PARTNER 

6.1    Management of the Partnership. 

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

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

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

(iii)    to authorize, issue, sell, redeem or otherwise purchase any Partnership Interests or any securities (including
secured and unsecured debt obligations of the Partnership, debt obligations of the Partnership convertible into any class or series of Partnership Interests, or options, rights, warrants or appreciation rights relating to any Partnership Interests)
of the Partnership; 
 (iv)    to borrow or lend money for the Partnership, issue or receive evidences of indebtedness
in connection therewith, refinance, increase the amount of, modify, amend or change the terms of, or extend the time for the payment of, any such indebtedness, and secure such indebtedness by mortgage, deed of trust, pledge or other lien on the
Partnership’s assets; 
 (v)    to pay, either directly or by reimbursement, for all Administrative Expenses to
third parties or to the General Partner or its Affiliates as set forth in this Agreement; 
 (vi)    to guarantee or
become a co-maker of indebtedness of the General Partner or any Subsidiary thereof, refinance, increase the amount of, modify, amend or change the terms of, or extend the time for the payment of, any such guarantee or indebtedness, and secure such
guarantee or indebtedness by mortgage, deed of trust, pledge or other lien on the Partnership’s assets; 

(vii)    to use assets of the Partnership (including, without limitation, cash on hand) for any purpose consistent with
this Agreement, including, without limitation, payment, either directly or by reimbursement, of all Administrative Expenses of the General Partner, the Partnership or any Subsidiary of either, to third parties or to the General Partner as set forth
in this Agreement; 
 (viii)    to lease all or any portion of any of the Partnership’s assets, whether or not the
terms of such leases extend beyond the termination date of the Partnership and whether or not any portion of the Partnership’s assets so leased are to be occupied by the lessee, or, in turn, subleased in whole or in part to others, for such
consideration and on such terms as the General Partner may determine; 

  
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 (ix)    to prosecute, defend, arbitrate, or compromise any and all claims or
liabilities in favor of or against the Partnership, on such terms and in such manner as the General Partner may reasonably determine, and similarly to prosecute, settle or defend litigation with respect to the Partners, the Partnership, or the
Partnership’s assets; 
 (x)    to file applications, communicate, and otherwise deal with any and all
governmental agencies having jurisdiction over, or in any way affecting, the Partnership’s assets or any other aspect of the Partnership business; 

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

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

(xiii)    to determine whether or not to apply any insurance proceeds for any property to the restoration of such
property or to distribute the same; 
 (xiv)    to establish one or more divisions of the Partnership, to hire and
dismiss employees of the Partnership or any division of the Partnership, and to retain legal counsel, accountants, consultants, real estate brokers, and such other persons, as the General Partner may deem necessary or appropriate in connection with
the Partnership business and to pay therefor such reasonable remuneration as the General Partner may deem reasonable and proper; 

(xv)    to retain other services of any kind or nature in connection with the Partnership business, and to pay therefor
such remuneration as the General Partner may deem reasonable and proper; 
 (xvi)    to negotiate and conclude
agreements on behalf of the Partnership with respect to any of the rights, powers and authority conferred upon the General Partner; 

(xvii)    to maintain accurate accounting records and to file promptly all federal, state and local income tax returns on
behalf of the Partnership; 
 (xviii)    to distribute Partnership cash or other Partnership assets in accordance with
this Agreement; 
 (xix)    to form or acquire an interest in, and contribute property to, any further limited or
general partnerships, limited liability companies, joint ventures or other relationships that it deems desirable (including, without limitation, the acquisition of interests in, and the contributions of property to, its Subsidiaries and any other
Person in which it has an equity interest from time to time); 
 (xx)    to establish Partnership reserves for working
capital, capital expenditures, contingent liabilities, or any other valid Partnership purpose; 

  
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 (xxi)    to merge, consolidate or combine the Partnership with or into
another Person; 
 (xxii)    to do any and all acts and things necessary or prudent to ensure that the Partnership will
not be classified as a “publicly traded partnership” for purposes of Section 7704 of the Code; and 

(xxiii)    to take such other action, execute, acknowledge, swear to or deliver such other documents and instruments, and
perform any and all other acts that the General Partner deems necessary or appropriate for the formation, continuation and conduct of the business and affairs of the Partnership (including, without limitation, all actions consistent with allowing
the General Partner at all times to qualify as a REIT unless the General Partner voluntarily terminates its REIT status) and to possess and enjoy all of the rights and powers of a general partner as provided by the Act. 

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

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

 (a)    The Partnership shall indemnify an Indemnitee from and against any and all losses, claims, damages,
liabilities, joint or several, expenses (including reasonable legal fees and expenses), judgments, fines, settlements, and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or
investigative, that relate to the operations of the Partnership as set forth in this Agreement in which any Indemnitee may be involved, or is threatened to be involved, as a party or otherwise. 

Notwithstanding the foregoing, the Partnership shall not provide for indemnification for an Indemnitee for any liability or loss suffered by
any of them in contravention of Delaware law and unless all of the following conditions are met: 
 (i)    The
Indemnitee determined, in good faith, that the course of conduct that caused the loss or liability was in the best interests of the Partnership. 

(ii)    The Indemnitee was acting on behalf of or performing services for the Partnership. 

(iii)    Such liability or loss was not the result of: 

(A)    negligence or misconduct by the Indemnitee (excluding the Independent Directors); or 

  
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 (B)    gross negligence or willful misconduct by the Independent Directors.

 Any indemnification pursuant to this Section 6.3 shall be made only out of the assets of the Partnership. 

(b)    Notwithstanding the foregoing, the Partnership shall not indemnify an Indemnitee or any Person acting as a
broker-dealer for any loss, liability or expense arising from or out of an alleged violation of federal or state securities laws by such party unless one or more of the following conditions are met: (i) there has been a successful adjudication on
the merits of each count involving alleged material securities law violations as to the particular Indemnitee; (ii) such claims have been dismissed with prejudice on the merits by a court of competent jurisdiction as to the particular Indemnitee; or
(iii) a court of competent jurisdiction approves a settlement of the claims against a particular Indemnitee and finds that indemnification of the settlement and the related costs should be made, and the court considering the request for
indemnification has been advised of the position of the Securities and Exchange Commission and of the published position of any state securities regulatory authority in which securities were offered or sold as to indemnification for violations of
securities laws. 
 (c)    The Partnership shall pay or reimburse reasonable legal expenses and other costs incurred by
the Indemnitee in advance of the final disposition of a proceeding only if (in addition to the procedures required by the Act) all of the following are satisfied: (i) the proceeding relates to acts or omissions with respect to the performance of
duties or services on behalf of the Partnership, (ii) the legal proceeding was initiated by a third party who is not a Limited Partner or, if by a Limited Partner acting in his or her capacity as such, a court of competent jurisdiction approves such
advancement, and (iii) the Indemnitee undertakes to repay the amount paid or reimbursed by the Partnership, together with the applicable legal rate of interest thereon, if it is ultimately determined that the Indemnitee is not entitled to
indemnification. 
 (d)    The indemnification provided by this Section 6.3 shall be in addition to any other rights to
which an Indemnitee or any other Person may be entitled under any agreement, pursuant to any vote of the Partners, as a matter of law or otherwise, and shall continue as to an Indemnitee who has ceased to serve in such capacity. 

(e)    The Partnership may purchase and maintain insurance, on behalf of the Indemnitees and such other Persons as the
General Partner shall determine, against any liability that may be asserted against or expenses that may be incurred by such Person in connection with the Partnership’s activities, regardless of whether the Partnership would have the power to
indemnify such Person against such liability under the provisions of this Agreement. 
 (f)    For purposes of this
Section 6.3, the Partnership shall be deemed to have requested an Indemnitee to serve as fiduciary of an employee benefit plan whenever the performance by it of its duties to the Partnership also imposes duties on, or otherwise involves services by,
it to the plan or participants or beneficiaries of the plan; excise taxes assessed on an Indemnitee with respect to an employee benefit plan pursuant to applicable law shall constitute fines within the meaning of this Section 6.3; and actions taken
or omitted by the Indemnitee with respect to an employee benefit plan in the performance of its duties for a purpose reasonably believed by it to be in the interest of the participants and beneficiaries of the plan shall be deemed to be for a
purpose which is not opposed to the best interests of the Partnership. 
 (g)    In no event may an Indemnitee subject
the Limited Partners to personal liability by reason of the indemnification provisions set forth in this Agreement. 

  
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 (h)    An Indemnitee shall not be denied indemnification in whole or in part
under this Section 6.3 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. 

(i)    The provisions of this Section 6.3 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. 
 (j)    Neither the
amendment nor repeal of this Section 6.3, nor the adoption or amendment of any other provision of the Agreement inconsistent with Section 6.3, shall apply to or affect in any respect the applicability with respect to any act or failure to act which
occurred prior to such amendment, repeal or adoption. 
 6.4    Liability of the General Partner. 

(a)    Notwithstanding anything to the contrary set forth in this Agreement, the General Partner shall not be liable for
monetary damages to the Partnership or any Partners for losses sustained or liabilities incurred as a result of errors in judgment or of any act or omission if the General Partner acted in good faith. The General Partner shall not be in breach
of any duty that the General Partner may owe to the Limited Partners or the Partnership or any other Persons under this Agreement or of any duty stated or implied by law or equity provided the General Partner, acting in good faith, abides by the
terms of this Agreement. 
 (b)    The Limited Partners expressly acknowledge that the General Partner is acting on
behalf of the Partnership, itself and its stockholders collectively, that the General Partner is under no obligation to consider the separate interests of the Limited Partners (including, without limitation, the tax consequences to Limited Partners
or the tax consequences of some, but not all, of the Limited Partners) in deciding whether to cause the Partnership to take (or decline to take) any actions. In the event of a conflict between the interests of its stockholders on one hand and
the Limited Partners on the other, the General Partner shall endeavor in good faith to resolve the conflict in a manner not adverse to either its stockholders or the Limited Partners; provided, however, that for so long as the General Partner
directly owns a controlling interest in the Partnership, any such conflict that the General Partner, in its sole and absolute discretion, determines cannot be resolved in a manner not adverse to either its stockholders or the Limited Partner shall
be resolved in favor of the stockholders. The General Partner shall not be liable for monetary damages for losses sustained, liabilities incurred, or benefits not derived by Limited Partners in connection with such decisions, provided that the
General Partner has acted in good faith. 
 (c)    Subject to its obligations and duties as General Partner set forth in
Section 6.1 hereof, the General Partner may exercise any of the powers granted to it under this Agreement and perform any of the duties imposed upon it hereunder either directly or by or through its agents. The General Partner shall not be
responsible for any misconduct or negligence on the part of any such agent appointed by it in good faith. 

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

  
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 (e)    Any amendment, modification or repeal of this Section 6.4 or any
provision hereof shall be prospective only and shall not in any way affect the limitations on the General Partner’s liability to the Partnership and the Limited Partners under this Section 6.4 as in effect immediately prior to such amendment,
modification or repeal with respect to matters occurring, in whole or in part, prior to such amendment, modification or repeal, regardless of when claims relating to such matters may arise or be asserted. 

6.5    Reimbursement of General Partner. 

(a)    Except as provided in this Section 6.5 and elsewhere in this Agreement (including the provisions of Articles 5 and 6
regarding distributions, payments, and allocations to which it may be entitled), the General Partner shall not be compensated for its services as general partner of the Partnership. 

(b)    The General Partner shall be reimbursed on a monthly basis, or such other basis as the General Partner may
determine in its sole and absolute discretion, for all Administrative Expenses. 
 6.6    Outside
Activities. Subject to the Articles of Incorporation and any agreements entered into by the General Partner or its Affiliates with the Partnership or a Subsidiary, any officer, director, employee, agent, trustee, Affiliate or stockholder of
the General Partner shall be entitled to and may have business interests and engage in business activities in addition to those relating to the Partnership, including business interests and activities substantially similar or identical to those of
the Partnership. Neither the Partnership nor any of the Limited Partners shall have any rights by virtue of this Agreement in any such business ventures, interest or activities. None of the Limited Partners nor any other Person shall have
any rights by virtue of this Agreement or the partnership relationship established hereby in any such business ventures, interests or activities, and the General Partner shall have no obligation pursuant to this Agreement to offer any interest in
any such business ventures, interests and activities to the Partnership or any Limited Partner, even if such opportunity is of a character which, if presented to the Partnership or any Limited Partner, could be taken by such Person. 

6.7    Employment or Retention of Affiliates. 

(a)    Any Affiliate of the General Partner may be employed or retained by the Partnership and may otherwise deal with the
Partnership (whether as a buyer, lessor, lessee, manager, furnisher of goods or services, broker, agent, lender or otherwise) and may receive from the Partnership any compensation, price, or other payment therefor which the General Partner
determines to be fair and reasonable. 
 (b)    The Partnership may lend or contribute to its Subsidiaries or other
Persons in which it has an equity investment, and such Persons may borrow funds from the Partnership, on terms and conditions established in the sole and absolute discretion of the General Partner. The foregoing authority shall not create any
right or benefit in favor of any Subsidiary or any other Person. 
 (c)    The Partnership may transfer assets to joint
ventures, other partnerships, corporations or other business entities in which it is or thereby becomes a participant upon such terms and subject to such conditions as the General Partner deems are consistent with this Agreement and applicable law.

 (d)    Except as expressly permitted by this Agreement, neither the General Partner nor any of its Affiliates shall
sell, transfer or convey any property to, or purchase any property from, the Partnership, directly or indirectly, except pursuant to transactions that are on terms that are fair and reasonable to the Partnership. 

  
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 6.8    General Partner Participation. The General Partner agrees
that all business activities of the General Partner, including activities pertaining to the acquisition, development or ownership of self-storage properties or other properties, shall be conducted through the Partnership or one or more Subsidiary
Partnerships; provided, however, that the General Partner is allowed to make a direct acquisition, but if and only if, such acquisition is made in connection with the issuance of Additional Securities, which direct acquisition and issuance have been
approved and determined to be in the best interests of the General Partner and the Partnership by a majority of the Independent Directors. 

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

6.10    Miscellaneous. In the event the General Partner redeems any REIT Shares (other than REIT Shares
redeemed in accordance with the share redemption program of the General Partner through proceeds received from the General Partner’s distribution reinvestment plan), then the General Partner shall cause the Partnership to purchase from the
General Partner a number of Partnership Units as determined based on the application of the Conversion Factor on the same terms that the General Partner exchanged such REIT Shares (without limiting the foregoing, for example, the Partnership shall
purchase from the General Partner, Partnership Interests consisting of: (a) Class A Units in connection with the exchange of Class A REIT Shares; (b) Class T Units in connection with the exchange of Class T REIT Shares; and (c) Class W Units in
connection with the exchange of Class W REIT Shares). Moreover, if the General Partner makes a cash tender offer or other offer to acquire REIT Shares, then the General Partner shall cause the Partnership to make a corresponding offer to the
General Partner to acquire an equal number of Partnership Units held by the General Partner. In the event any REIT Shares are exchanged by the General Partner pursuant to such offer, the Partnership shall redeem an equivalent number of the
General Partner’s Partnership Units for an equivalent purchase price based on the application of the Conversion Factor (without limiting the foregoing, for example, the Partnership shall redeem from the General Partner, Partnership Interests
consisting of: (a) Class A Units in connection with the exchange of Class A REIT Shares; (b) Class T Units in connection with the exchange of Class T REIT Shares; and (c) Class W Units in connection with the exchange of Class W REIT Shares). 

ARTICLE 7 
 CHANGES IN
GENERAL PARTNER 
 7.1    Transfer of the General Partner’s Partnership Interest. 

(a)    The General Partner shall not transfer all or any portion of its General Partnership Interest or withdraw as General
Partner except as provided in or in connection with a transaction contemplated by Section 7.1(b), (c) or (d). 

  
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 (b)    Except as otherwise provided in Section 7.1(c) or (d) hereof, the
General Partner shall not engage in any merger, consolidation or other combination with or into another Person or sale of all or substantially all of its assets, (other than in connection with a change in the General Partner’s state of
incorporation or organizational form) in each case which results in a change of control of the General Partner (a “Transaction”), unless: 

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

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

(c)    Notwithstanding Section 7.1(b), the General Partner may merge with or into or consolidate with another entity if
immediately after such merger or consolidation (i) substantially all of the assets of the successor or surviving entity (the “Surviving General Partner”), other than Partnership Units held by the General Partner, are contributed, directly
or indirectly, to the Partnership as a Capital Contribution in exchange for Partnership Units with a fair market value equal to the value of the assets so contributed as determined by the Surviving General Partner in good faith and (ii) the
Surviving General Partner expressly agrees to assume all obligations of the General Partner, as appropriate, hereunder. Upon such contribution and assumption, the Surviving General Partner shall have the right and duty to amend this Agreement
as set forth in this Section 7.1(c). The Surviving General Partner shall in good faith arrive at a new method for the calculation of the Cash Amount, the REIT Shares Amount and Conversion Factor for a Partnership Unit after any such merger or
consolidation so as to approximate the existing method for such calculation as closely as reasonably possible. Such calculation shall take into account, among other things, the kind and amount of securities, cash and other property that was
receivable upon such merger or consolidation by a holder of REIT Shares or options, warrants or other rights relating thereto, and to which a holder of Partnership Units could have acquired had such Partnership Units been exchanged immediately prior
to such merger or consolidation. Such amendment to this Agreement shall provide for adjustment to such method of calculation, which shall be as nearly equivalent as may be practicable to the adjustments provided for with respect to the
Conversion Factor. The Surviving General Partner also shall in good faith modify the definition of REIT Shares and make such amendments to Section 8.4 hereof so as to approximate the existing rights and obligations set forth in Section 8.4 as
closely as reasonably possible. The above provisions of this Section 7.1(c) shall similarly apply to successive mergers or consolidations permitted hereunder. 

  
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 In respect of any transaction described in the preceding paragraph, the General Partner is
required to use its commercially reasonable efforts to structure such transaction to avoid causing the Limited Partners to recognize a gain for federal income tax purposes by virtue of the occurrence of or their participation in such transaction,
provided such efforts are consistent with the exercise of the General Partner’s board of directors’ fiduciary duties to the stockholders of the General Partner under applicable law. 

(d)    Notwithstanding Section 7.1(b), 

(i)    a General Partner may transfer all or any portion of its General Partnership Interest to (A) a wholly-owned
Subsidiary of such General Partner or (B) the owner of all of the ownership interests of such General Partner, and following a transfer of all of its General Partnership Interest, may withdraw as General Partner; and 

(ii)    the General Partner may engage in Transactions not required by law or by the rules of any National Securities
Exchange on which the REIT Shares are listed to be submitted to the vote of the holders of the REIT Shares. 
 (e)    If
the General Partner exchanges any REIT Shares of any class (“Exchanged REIT Shares”) for REIT Shares of a different class (“Received REIT Shares”), then the General Partner shall, and shall cause the Partnership to, exchange a
number of Partnership Units having the same class designation as the Exchanged REIT Shares, as determined based on the application of the Conversion Factor, for Partnership Units having the same class designation as the Received REIT Shares on the
same terms that the General Partner exchanged the Exchanged REIT Shares. The exchange of Units shall occur automatically after the close of business on the applicable date of the exchange of REIT Shares, as of which time the holder of class of
Units having the same designation as the Exchanged REIT Shares shall be credited on the books and records of the Partnership with the issuance, as of the opening of business on the next day, of the applicable number of Units having the same
designation as the Received REIT Shares. 
 7.2    Admission of a Substitute or Additional General
Partner. A Person shall be admitted as a substitute or additional General Partner of the Partnership only if the following terms and conditions are satisfied: 

(a)    the Person to be admitted as a substitute or additional General Partner shall have accepted and agreed to be bound
by all the terms and provisions of this Agreement by executing a counterpart thereof and such other documents or instruments as may be required or appropriate in order to effect the admission of such Person as a General Partner, and a certificate
evidencing the admission of such Person as a General Partner shall have been filed for recordation and all other actions required by Section 2.5 hereof in connection with such admission shall have been performed; 

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

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

  
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 7.3    Effect of Bankruptcy, Withdrawal, Death or Dissolution of a General
Partner. 
 (a)    Upon the occurrence of an Event of Bankruptcy as to a General Partner (and its removal pursuant to
Section 7.4(a) hereof) or the death, withdrawal, removal or dissolution of a General Partner (except that, if a General Partner is on the date of such occurrence a partnership, the withdrawal, death, dissolution, Event of Bankruptcy as to, or
removal of a partner in, such partnership shall be deemed not to be a dissolution of such General Partner if the business of such General Partner is continued by the remaining partner or partners), the Partnership shall be dissolved and terminated
unless the Partnership is continued pursuant to Section 7.3(b) hereof. The merger of the General Partner with or into any entity that is admitted as a substitute or successor General Partner pursuant to Section 7.2 hereof shall not be deemed to
be the withdrawal, dissolution or removal of the General Partner. 
 (b)    Following the occurrence of an Event of
Bankruptcy as to a General Partner (and its removal pursuant to Section 7.4(a) hereof) or the death, withdrawal, removal or dissolution of a General Partner (except that, if a General Partner is on the date of such occurrence a partnership, the
withdrawal, death, dissolution, Event of Bankruptcy as to, or removal of a partner in, such partnership shall be deemed not to be a dissolution of such General Partner if the business of such General Partner is continued by the remaining partner or
partners), the Limited Partners, within 90 days after such occurrence, may elect to continue the business of the Partnership for the balance of the term specified in Section 2.4 hereof by selecting, subject to Section 7.2 hereof and any other
provisions of this Agreement, a substitute General Partner by consent of a majority in interest of the Limited Partners. If the Limited Partners elect to continue the business of the Partnership and admit a substitute General Partner, the
relationship with the Partners and of any Person who has acquired an interest of a Partner in the Partnership shall be governed by this Agreement. 

7.4    Removal of a General Partner. 

(a)    Upon the occurrence of an Event of Bankruptcy as to, or the dissolution of, a General Partner, such General Partner
shall be deemed to be removed automatically; provided, however, that if a General Partner is on the date of such occurrence a partnership, the withdrawal, death, dissolution, Event of Bankruptcy as to or removal of a partner in such partnership
shall be deemed not to be a dissolution of the General Partner if the business of such General Partner is continued by the remaining partner or partners. The Limited Partners may not remove the General Partner, with or without cause. 

(b)    If a General Partner has been removed pursuant to this Section 7.4 and the Partnership is continued pursuant to
Section 7.3 hereof, such General Partner shall promptly transfer and assign its General Partnership Interest in the Partnership to the substitute General Partner approved by a majority in interest of the Limited Partners in accordance with Section
7.3(b) hereof and otherwise admitted to the Partnership in accordance with Section 7.2 hereof. At the time of assignment, the removed General Partner shall be entitled to receive from the substitute General Partner the fair market value of the
General Partnership Interest of such removed General Partner as reduced by any damages caused to the Partnership by such General Partner. Such fair market value shall be determined by an appraiser mutually agreed upon by the General Partner and
a majority in interest of the Limited Partners within 10 days following the removal of the General Partner. In the event that the parties are unable to agree upon an appraiser, the removed General Partner and a majority in interest of the
Limited Partners each shall select an appraiser. Each such appraiser shall complete an appraisal of the fair market value of the removed General Partner’s General Partnership Interest within 30 days of the General Partner’s

  
 31 

 
removal, and the fair market value of the removed General Partner’s General Partnership Interest shall be the average of the two appraisals; provided, however, that if the higher appraisal
exceeds the lower appraisal by more than 20% of the amount of the lower appraisal, the two appraisers, no later than 40 days after the removal of the General Partner, shall select a third appraiser who shall complete an appraisal of the fair market
value of the removed General Partner’s General Partnership Interest no later than 60 days after the removal of the General Partner. In such case, the fair market value of the removed General Partner’s General Partnership Interest
shall be the average of the two appraisals closest in value. 
 (c)    The General Partnership Interest of a removed
General Partner, during the time after default until transfer under Section 7.4(b), shall be converted to that of a special Limited Partner; provided, however, such removed General Partner shall not have any rights to participate in the management
and affairs of the Partnership, and shall not be entitled to any portion of the income, expense, profit, gain or loss allocations or cash distributions allocable or payable, as the case may be, to the Limited Partners. Instead, such removed
General Partner shall receive and be entitled only to retain distributions or allocations of such items that it would have been entitled to receive in its capacity as General Partner, until the transfer is effective pursuant to Section 7.4(b). 

(d)    All Partners shall have given and hereby do give such consents, shall take such actions and shall execute such
documents as shall be legally necessary and sufficient to effect all the foregoing provisions of this Section. 
 ARTICLE 8 

RIGHTS AND OBLIGATIONS OF THE LIMITED PARTNERS     

8.1    Management of the Partnership. The Limited Partners shall not participate in the management or control
of Partnership business nor shall they transact any business for the Partnership, nor shall they have the power to sign for or bind the Partnership, such powers being vested solely and exclusively in the General Partner. 

8.2    Power of Attorney. Each Limited Partner hereby irrevocably appoints the General Partner its true and
lawful attorney-in-fact, who may act for each Limited Partner and in its name, place and stead, and for its use and benefit, to sign, acknowledge, swear to, deliver, file or record, at the appropriate public offices, any and all documents,
certificates, and instruments as may be deemed necessary or desirable by the General Partner to carry out fully the provisions of this Agreement and the Act in accordance with their terms, which power of attorney is coupled with an interest and
shall survive the death, dissolution or legal incapacity of the Limited Partner, or the transfer by the Limited Partner of any part or all of its Partnership Interest. For the purposes of this Section 8.2, the term “Limited Partner”
shall be deemed to include the Special Limited Partner, unless the context otherwise requires. 
 8.3    Limitation
on Liability of Limited Partners. No Limited Partner shall be liable for any debts, liabilities, contracts or obligations of the Partnership. A Limited Partner shall be liable to the Partnership only to make payments of its Capital
Contribution, if any, as and when due hereunder. After its Capital Contribution is fully paid, no Limited Partner shall, except as otherwise required by the Act, be required to make any further Capital Contributions or other payments or lend
any funds to the Partnership. 
 8.4    Exchange Right. 

(a)    Subject to Sections 8.4(b), 8.4(c), 8.4(d), 8.4(e) and 8.4(f) and the provisions of any agreements between the
Partnership and one or more Limited Partners with respect to Partnership Units held by them, each Limited Partner shall have the right (the “Exchange Right”) to require the 

  
 32 

 
Partnership to redeem on a Specified Exchange Date all or a portion of the Partnership Units held by such Limited Partner at an exchange price equal to and in the form of the Cash Amount to be
paid by the Partnership, provided that such Partnership Units shall have been outstanding for at least one year. The Exchange Right shall be exercised pursuant to a Notice of Exchange delivered to the Partnership (with a copy to the General
Partner) by the Limited Partner who is exercising the Exchange Right (the “Exchanging Partner”); provided, however, that the Partnership shall not be obligated to satisfy such Exchange Right if the General Partner elects to purchase the
Partnership Units subject to the Notice of Exchange pursuant to Section 8.4(b); and provided, further, that no Limited Partner may deliver more than two Notices of Exchange during each calendar year. A Limited Partner may not exercise the
Exchange Right for less than 1,000 Partnership Units or, if such Limited Partner holds less than 1,000 Partnership Units, all of the Partnership Units held by such Partner. The Exchanging Partner shall have no right, with respect to any
Partnership Units so exchanged, to receive any distribution paid with respect to Partnership Units if the record date for such distribution is on or after the Specified Exchange Date. 

(b)    Notwithstanding the provisions of Section 8.4(a), a Limited Partner that exercises the Exchange Right shall be
deemed to have offered to sell the Partnership Units described in the Notice of Exchange to the General Partner, and the General Partner may, in its sole and absolute discretion, elect to purchase directly and acquire such Partnership Units by
paying to the Exchanging Partner either the Cash Amount or the REIT Shares Amount, as elected by the General Partner (in its sole and absolute discretion), on the Specified Exchange Date, whereupon the General Partner shall acquire the Partnership
Units offered for exchange by the Exchanging Partner and shall be treated for all purposes of this Agreement as the owner of such Partnership Units. If the General Partner shall elect to exercise its right to purchase Partnership Units under
this Section 8.4(b) with respect to a Notice of Exchange, it shall so notify the Exchanging Partner within five Business Days after the receipt by the General Partner of such Notice of Exchange. Unless the General Partner (in its sole and
absolute discretion) shall exercise its right to purchase Partnership Units from the Exchanging Partner pursuant to this Section 8.4(b), the General Partner shall have no obligation to the Exchanging Partner or the Partnership with respect to the
Exchanging Partner’s exercise of the Exchange Right. In the event the General Partner shall exercise its right to purchase Partnership Units with respect to the exercise of an Exchange Right in the manner described in the first sentence of
this Section 8.4(b), the Partnership shall have no obligation to pay any amount to the Exchanging Partner with respect to such Exchanging Partner’s exercise of such Exchange Right, and each of the Exchanging Partner, the Partnership, and the
General Partner, as the case may be, shall treat the transaction between the General Partner, as the case may be, and the Exchanging Partner for federal income tax purposes as a sale of the Exchanging Partner’s Partnership Units to the General
Partner, as the case may be. Each Exchanging Partner agrees to execute such documents as the General Partner may reasonably require in connection with the issuance of REIT Shares upon exercise of the Exchange Right. 

(c)    Notwithstanding the provisions of Section 8.4(a) and 8.4(b), a Limited Partner shall not be entitled to exercise
the Exchange Right if the delivery of REIT Shares to such Partner on the Specified Exchange Date by the General Partner pursuant to Section 8.4(b) (regardless of whether or not the General Partner would in fact exercise its rights under Section
8.4(b)) would (i) result in such Partner or any other person owning, directly or indirectly, REIT Shares in excess of the Ownership Limit (as defined in the Articles of Incorporation and calculated in accordance therewith), except as provided in the
Articles of Incorporation, (ii) result in REIT Shares being owned by fewer than 100 persons (determined without reference to any rules of attribution), except as provided in the Articles of Incorporation, (iii) result in the General Partner being
“closely held” within the meaning of Section 856(h) of the Code, or (iv) cause the General Partner to own, directly or constructively, 9.9% or more of the ownership interests in a tenant within the meaning of Section 856(d)(2)(B) of the
Code. The General Partner, in its sole and absolute discretion, may waive the restriction on exchange set forth in this Section 8.4(c). 

  
 33 

 (d)    Any Cash Amount to be paid to an Exchanging Partner pursuant to this
Section 8.4 shall be paid on the Specified Exchange Date; provided, however, that the General Partner may elect to cause the Specified Exchange Date to be delayed for up to an additional 180 days to the extent required for the General Partner to
cause additional REIT Shares to be issued to provide financing to be used to make such payment of the Cash Amount. Notwithstanding the foregoing, the General Partner agrees to use its best efforts to cause the closing of the acquisition of
exchanged Partnership Units hereunder to occur as quickly as reasonably possible. 
 (e)    Notwithstanding any other
provision of this Agreement, the General Partner shall place appropriate restrictions on the ability of the Limited Partners to exercise their Exchange Rights as and if deemed necessary to ensure that the Partnership does not constitute a
“publicly traded partnership” under section 7704 of the Code. If and when the General Partner determines that imposing such restrictions is necessary, the General Partner shall give prompt written notice thereof (a “Restriction
Notice”) to each of the Limited Partners, which notice shall be accompanied by a copy of an opinion of counsel to the Partnership which states that, in the opinion of such counsel, restrictions are necessary in order to avoid the Partnership
being treated as a “publicly traded partnership” under section 7704 of the Code. 
 (f)    Notwithstanding
anything else in this Agreement to the contrary, Strategic Storage Advisor IV, LLC is prohibited from exchanging or otherwise transferring the Partnership Units purchased by it for $200,000 cash, so long as it continues acting as the Advisor
pursuant to the Advisory Agreement. 
 ARTICLE 9 

TRANSFERS OF LIMITED PARTNERSHIP INTERESTS 

9.1    Purchase for Investment. 

(a)    Each Limited Partner hereby represents and warrants to the General Partner and to the Partnership that the
acquisition of its Partnership Interests is made as a principal for its account for investment purposes only and not with a view to the resale or distribution of such Partnership Interest. 

(b)    Each Limited Partner agrees that it will not sell, assign or otherwise transfer its Partnership Interest or any
fraction thereof, whether voluntarily or by operation of law or at judicial sale or otherwise, to any Person who does not make the representations and warranties to the General Partner set forth in Section 9.1(a) above and similarly agree not to
sell, assign or transfer such Partnership Interest or fraction thereof to any Person who does not similarly represent, warrant and agree. 

9.2    Restrictions on Transfer of Limited Partnership Interests. 

(a)    Subject to the provisions of 9.2(b), (c) and (d), no Limited Partner may offer, sell, assign, hypothecate, pledge or
otherwise transfer all or any portion of its Limited Partnership Interest, or any of such Limited Partner’s economic rights as a Limited Partner, whether voluntarily or by operation of law or at judicial sale or otherwise (collectively, a
“Transfer”) without the consent of the General Partner, which consent may be granted or withheld in its sole and absolute discretion. Any such purported transfer undertaken without such consent shall be considered to be null and void
ab initio and shall not be given effect. The General Partner may require, as a condition of any Transfer to which it consents, that the transferor assume all costs incurred by the Partnership in connection therewith. 

(b)    No Limited Partner may withdraw from the Partnership other than as a result of a permitted Transfer (i.e., a
Transfer consented to as contemplated by clause (a) above or clause (c) below 

  
 34 

 
or a Transfer pursuant to Section 9.5 below) of all of its Partnership Units pursuant to this Article 9 or pursuant to an exchange of all of its Partnership Units pursuant to Section
8.4. Upon the permitted Transfer or redemption of all of a Limited Partner’s Partnership Interest, such Limited Partner shall cease to be a Limited Partner. 

(c)    Subject to 9.2(d), (e) and (f) below, a Limited Partner may Transfer, with the consent of the General Partner, all
or a portion of its Partnership Units to (i) a parent or parent’s spouse, natural or adopted descendant or descendants, spouse of such descendant, or brother or sister, or a trust created by such Limited Partner for the benefit of such Limited
Partner and/or any such Person(s), of which trust such Limited Partner or any such Person(s) is a trustee, (ii) a corporation controlled by a Person or Persons named in (i) above, or (iii) if the Limited Partner is an entity, its beneficial owners.

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

(e)    No Transfer by a Limited Partner of its Partnership Units, in whole or in part, may be made to any Person if (i) in
the opinion of legal counsel for the Partnership, the transfer would result in the Partnership’s being treated as an association taxable as a corporation (other than a qualified REIT subsidiary within the meaning of Section 856(i) of the Code),
(ii) in the opinion of legal counsel for the Partnership, it would adversely affect the ability of the General Partner to continue to qualify as a REIT or subject the General Partner to any additional taxes under Section 857 or Section 4981 of the
Code, or (iii) such transfer is effectuated through an “established securities market” or a “secondary market (or the substantial equivalent thereof)” within the meaning of Section 7704 of the Code. 

(f)    No transfer of any Partnership Units may be made to a lender to the Partnership or any Person who is related
(within the meaning of Regulations Section 1.752-4(b)) to any lender to the Partnership whose loan constitutes a nonrecourse liability (within the meaning of Regulations Section 1.752-1(a)(2)), without the consent of the General Partner, which may
be withheld in its sole and absolute discretion, provided that as a condition to such consent the lender will be required to enter into an arrangement with the Partnership and the General Partner to exchange or redeem for the Cash Amount any
Partnership Units in which a security interest is held simultaneously with the time at which such lender would be deemed to be a partner in the Partnership for purposes of allocating liabilities to such lender under Section 752 of the Code. 

(g)    Any Transfer in contravention of any of the provisions of this Article 9 shall be void and ineffectual and shall
not be binding upon, or recognized by, the Partnership. 
 (h)    Prior to the consummation of any Transfer under this
Article 9, the transferor and/or the transferee shall deliver to the General Partner such opinions, certificates and other documents as the General Partner shall request in connection with such Transfer. 

9.3    Admission of Substitute Limited Partner. 

(a)    Subject to the other provisions of this Article 9, an assignee of the Limited Partnership Interest of a Limited
Partner (which shall be understood to include any purchaser, transferee, donee, or other recipient of any disposition of such Limited Partnership Interest) shall be deemed 

  
 35 

 
admitted as a Limited Partner of the Partnership only with the consent of the General Partner and upon the satisfactory completion of the following: 

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

(ii)    To the extent required, an amended Certificate evidencing the admission of such Person as a Limited Partner shall
have been signed, acknowledged and filed for record in accordance with the Act. 
 (iii)    The assignee shall have
delivered a letter containing the representation set forth in Section 9.1(a) hereof and the agreement set forth in Section 9.1(b) hereof. 

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

(v)    The assignee shall have executed a power of attorney containing the terms and provisions set forth in
Section 8.2 hereof. 
 (vi)    The assignee shall have paid all legal fees and other expenses of the Partnership
and the General Partner and filing and publication costs in connection with its substitution as a Limited Partner. 

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

(b)    For the purpose of allocating Profits and Losses and distributing cash received by the Partnership, a Substitute
Limited Partner shall be treated as having become, and appearing in the records of the Partnership as, a Partner upon the filing of the Certificate described in Section 9.3(a)(ii) hereof or, if no such filing is required, the later of the date
specified in the transfer documents or the date on which the General Partner has received all necessary instruments of transfer and substitution. 

(c)    The General Partner shall cooperate with the Person seeking to become a Substitute Limited Partner by preparing the
documentation required by this Section and making all official filings and publications. The Partnership shall take all such action as promptly as practicable after the satisfaction of the conditions in this Article 9 to the admission of such
Person as a Limited Partner of the Partnership. 
 9.4    Rights of Assignees of Partnership Interests. 

(a)    Subject to the provisions of Sections 9.1 and 9.2 hereof, except as required by operation of law, the Partnership
shall not be obligated for any purposes whatsoever to recognize the assignment by any Limited Partner of its Partnership Interest until the Partnership has received notice thereof. 

(b)    Any Person who is the assignee of all or any portion of a Limited Partner’s Limited Partnership Interest, but
does not become a Substitute Limited Partner and desires to make a further assignment of such Limited Partnership Interest, shall be subject to all the provisions of this Article 9 to the same extent and in the same manner as any Limited Partner
desiring to make an assignment of its Limited Partnership Interest. 

  
 36 

 9.5    Effect of Bankruptcy, Death, Incompetence or Termination of a
Limited Partner. The occurrence of an Event of Bankruptcy as to a Limited Partner, the death of a Limited Partner or a final adjudication that a Limited Partner is incompetent (which term shall include, but not be limited to, insanity)
shall not cause the termination or dissolution of the Partnership, and the business of the Partnership shall continue if an order for relief in a bankruptcy proceeding is entered against a Limited Partner, the trustee or receiver of his estate or,
if he dies, his executor, administrator or trustee, or, if he is finally adjudicated incompetent, his committee, guardian or conservator, shall have the rights of such Limited Partner for the purpose of settling or managing his estate property and
such power as the bankrupt, deceased or incompetent Limited Partner possessed to assign all or any part of his Partnership Interest and to join with the assignee in satisfying conditions precedent to the admission of the assignee as a Substitute
Limited Partner. 
 9.6    Joint Ownership of Interests. A Partnership Interest may be acquired by two
individuals as joint tenants with right of survivorship, provided that such individuals either are married or are related and share the same home as tenants in common. The written consent or vote of both owners of any such jointly held
Partnership Interest shall be required to constitute the action of the owners of such Partnership Interest; provided, however, that the written consent of only one joint owner will be required if the Partnership has been provided with evidence
satisfactory to the counsel for the Partnership that the actions of a single joint owner can bind both owners under the applicable laws of the state of residence of such joint owners. Upon the death of one owner of a Partnership Interest held
in a joint tenancy with a right of survivorship, the Partnership Interest shall become owned solely by the survivor as a Limited Partner and not as an assignee. The Partnership need not recognize the death of one of the owners of a jointly-held
Partnership Interest until it shall have received notice of such death. Upon notice to the General Partner from either owner, the General Partner shall cause the Partnership Interest to be divided into two equal Partnership Interests, which
shall thereafter be owned separately by each of the former owners. 
 9.7    Redemption of Partnership
Units. The General Partner will cause the Partnership to redeem Partnership Units, to the extent it shall have legally available funds therefor, at any time the General Partner redeems shares of capital stock in itself. The number and
class or series of Partnership Units redeemed and the redemption price shall equal the number (multiplied by the Conversion Factor) of shares of capital stock the General Partner redeems and the redemption price at which the General Partner redeems
such shares, respectively. 
 ARTICLE 10 

BOOKS AND RECORDS; ACCOUNTING; TAX MATTERS 

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

10.2    Custody of Partnership Funds; Bank Accounts. 

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

  
 37 

 (b)    All deposits and other funds not needed in the operation of the
business of the Partnership may be invested by the General Partner in investment grade instruments (or investment companies whose portfolio consists primarily thereof), government obligations, certificates of deposit, bankers’ acceptances and
municipal notes and bonds. The funds of the Partnership shall not be commingled with the funds of any other Person except for such commingling as may necessarily result from an investment in those investment companies permitted by this Section
10.2(b). 
 10.3    Fiscal and Taxable Year. The fiscal and taxable year of the Partnership shall be the
calendar year. 
 10.4    Annual Tax Information and Report. Within 90 days after the end of each fiscal
year of the Partnership, the General Partner shall furnish to each person who was a Limited Partner at any time during such year the tax information necessary to file such Limited Partner’s individual tax returns as shall be reasonably required
by law. 
 10.5    Tax Matters Partner; Tax Elections; Special Basis Adjustments. 

(a)    The General Partner shall be the Tax Matters Partner of the Partnership within the meaning of Section 6231(a)(7) of
the Code. As Tax Matters Partner, the General Partner shall have the right and obligation to take all actions authorized and required, respectively, by the Code for the Tax Matters Partner. The General Partner shall have the right to
retain professional assistance in respect of any audit of the Partnership by the Service and all out-of-pocket expenses and fees incurred by the General Partner on behalf of the Partnership as Tax Matters Partner shall constitute Partnership
expenses. In the event the General Partner receives notice of a final Partnership adjustment under Section 6223(a)(2) of the Code, the General Partner shall either (i) file a court petition for judicial review of such final adjustment within
the period provided under Section 6226(a) of the Code, a copy of which petition shall be mailed to all Limited Partners on the date such petition is filed, or (ii) mail a written notice to all Limited Partners, within such period, that describes the
General Partner’s reasons for determining not to file such a petition. 
 (b)    All elections required or
permitted to be made by the Partnership under the Code or any applicable state or local tax law shall be made by the General Partner in its sole and absolute discretion. 

(c)    In the event of a transfer of all or any part of the Partnership Interest of any Partner, the Partnership, at the
option of the General Partner, may elect pursuant to Section 754 of the Code to adjust the basis of the Partnership’s assets. Notwithstanding anything contained in Article 5 of this Agreement, any adjustments made pursuant to Section 754
of the Code shall affect only the successor in interest to the transferring Partner and in no event shall be taken into account in establishing, maintaining or computing Capital Accounts for the other Partners for any purpose under this
Agreement. Each Partner will furnish the Partnership with all information necessary to give effect to such election. 

10.6    Reports Made Available to Limited Partners. 

(a)    As soon as practicable after the close of each fiscal quarter (other than the last quarter of the fiscal year), upon
written request by a Limited Partner to the General Partner, the General Partner will make available, without cost, to each Limited Partner a quarterly report containing financial statements of the Partnership, or of the General Partner if such
statements are prepared solely on a 

  
 38 

 
consolidated basis with the General Partner, for such fiscal quarter, presented in accordance with generally accepted accounting principles. As soon as practicable after the close of each
fiscal year, upon written request by a Limited Partner to the General Partner, the General Partner will make available, without cost, to each Limited Partner an annual report containing financial statements of the Partnership, or of the General
Partner if such statements are prepared solely on a consolidated basis with the General Partner, for such fiscal year, presented in accordance with generally accepted accounting principles. 

(b)    Any Partner shall further have the right to a private audit of the books and records of the Partnership at the
expense of such Partner, provided such audit is made for Partnership purposes and is made during normal business hours. 
 ARTICLE 11

 AMENDMENT OF AGREEMENT; MERGER 

The General Partner’s consent shall be required for any amendment to this Agreement. The General Partner, without the consent of the
Limited Partners, may amend this Agreement in any respect or merge or consolidate the Partnership with or into any other partnership or business entity (as defined in Section 17-211 of the Act) in a transaction pursuant to Section 7.1(b), (c) or (d)
hereof; provided, however, that the following amendments and any other merger or consolidation of the Partnership shall require the consent of the holders of a majority of the Partnership Units (excluding the Partnership Units held by the General
Partner or an Affiliate thereof): 
 (a)    any amendment affecting the operation of the Conversion Factor or the
Exchange Right (except as provided in Section 8.4(d) or 7.1(c) hereof) in a manner adverse to the Limited Partners; 

(b)    any amendment that would adversely affect the rights of the Limited Partners to receive the distributions payable
to them hereunder, other than with respect to the issuance of additional Partnership Interests pursuant to Section 4.2 hereof; 

(c)    any amendment that would alter the Partnership’s allocations of Profit and Loss to the Limited Partners, other
than with respect to the issuance of additional Partnership Interests pursuant to Section 4.2 hereof; or 
 (d)    any
amendment that would impose on the Limited Partners any obligation to make additional Capital Contributions to the Partnership. 
 ARTICLE
12 
 GENERAL PROVISIONS 

12.1    Notices. All communications required or permitted under this Agreement shall be in writing and shall
be deemed to have been given when delivered personally or upon deposit in the United States mail, registered, postage prepaid return receipt requested, to the Partners at the addresses set forth in Exhibit A attached hereto; provided,
however, that any Partner may specify a different address by notifying the General Partner in writing of such different address. Notices to the Partnership shall be delivered at or mailed to its specified office. 

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

  
 39 

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

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

12.5    Entire Agreement. This Agreement and exhibits attached hereto constitute the entire Agreement of the
Partners and supersede all prior written agreements and prior and contemporaneous oral agreements, understandings and negotiations with respect to the subject matter hereof. 

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

12.7    Headings. The Article headings or sections in this Agreement are for convenience only and shall not be
used in construing the scope of this Agreement or any particular Article. 
 12.8    Counterparts. This
Agreement may be executed in several counterparts, each of which shall be deemed to be an original copy and all of which together shall constitute one and the same instrument binding on all parties hereto, notwithstanding that all parties shall not
have signed the same counterpart. 
 12.9    Governing Law. This Agreement shall be governed by and
construed in accordance with the laws of the State of Delaware; provided, however, that causes of action for violations of federal or state securities laws shall not be governed by this Section 12.9. 

[Signatures appear on next page.] 

  
 40 

 IN WITNESS WHEREOF, the parties hereto have hereunder affixed their signatures to this Amended
and Restated Limited Partnership Agreement, all as of the      day of             , 2017. 

 

			
	GENERAL PARTNER:
	
	STRATEGIC STORAGE TRUST IV, INC.
		
	By:	 	  

		 	H. Michael Schwartz, President
	
	ORIGINAL LIMITED PARTNER:
	
	STRATEGIC STORAGE ADVISOR IV, LLC
		
	By:	 	  

		 	H. Michael Schwartz, President
	
	SPECIAL LIMITED PARTNER:
	
	STRATEGIC STORAGE ADVISOR IV, LLC
		
	By:	 	  

		 	H. Michael Schwartz, President

  
 41 

 EXHIBIT A 
  

													
	Percentage Partner Interest	  	Cash
Contribution	 	  	Agreed Value of
Capital
Contribution	 	  	Partnership Units	 
	 GENERAL PARTNER: (1)

 
 Strategic Storage Trust IV, Inc.

111 Corporate Drive

Suite 120

Ladera Ranch, California 92694
	  	$	1,000	  	  	$	1,000	  	  	 	44.44	  
				
	 ORIGINAL LIMITED PARTNER: (1)

 
 Strategic Storage Advisor IV, LLC

111 Corporate Drive
 Suite 120

Ladera Ranch, California 92694
	  	$	200,000	  	  	$	200,000	  	  	 	8,888.89	  
				
	 SPECIAL LIMITED PARTNER:

 
 Strategic Storage Advisor IV, LLC

111 Corporate Drive

Suite 120

Ladera Ranch, California 92694
	  	 	None	  	  	 	Not applicable	  	  	 	None	  
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
	 Totals
	  	$	201,000	  	  	$	201,000	  	  	 	8,933.33	  

  

	(1)	The initial cash contributions of the General Partner in the amount of $1,000 and the Original Limited Partner in the amount of $200,000 were made on June 15, 2016. 

  
 42 

 EXHIBIT B 

NOTICE OF EXERCISE OF EXCHANGE RIGHT 

In accordance with Section 8.4 of the Amended and Restated Limited Partnership Agreement (the “Agreement”) of Strategic Storage
Operating Partnership IV, L.P., the undersigned hereby irrevocably (i) presents for exchange              Partnership Units in Strategic Storage Operating Partnership IV, L.P. in
accordance with the terms of the Agreement and the Exchange Right referred to in Section 8.4 thereof, (ii) surrenders such Partnership Units and all right, title and interest therein, and (iii) directs that the Cash Amount or REIT Shares Amount (as
defined in the Agreement) as determined by the General Partner deliverable upon exercise of the Exchange Right be delivered to the address specified below, and if REIT Shares (as defined in the Agreement) are to be delivered, such REIT Shares be
registered or placed in the name(s) and at the address(es) specified below. 
  

	
	Dated:             ,         
	
	  

	(Name of Limited Partner)
	
	  

	(Signature of Limited Partner)
	
	  

	(Mailing Address)
	
	  

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

	
	If REIT Shares are to be issued, issue to:
	
	Name:
	
	  

	
	Social Security or Tax I.D. Number:
	
	  

  
 43

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