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Class T Sunset Time

Class F Sunset Time

• if no Class F common stock remains 

outstanding and the Trustees are not voting in 
favor of such amendments, upon approval of 
85% of the outstanding shares of Class A 
common stock.

The Class T Sunset Time does not occur 
automatically upon the lapse of time or the 
occurrence of specific events. Any action resulting 
in the occurrence of the Class T Sunset Time 
requires approval of persons comprising the Trust 
Amendment Threshold.

The Class T Sunset Time, once triggered, is not 
subject to extension, delay or waiver.

Removals due to resignation, death, or the 
occurrence of the tenth anniversary of the 
completion of this offering occur 
automatically without any determination by 
any other person. Removals due to incapacity 
require determination by a qualified 
physician jointly selected by the affected 
Continuing Founder and a majority of the 
other Continuing Founders (in the case of 
physical or mental impairment) or 
determination by a Supermajority of the 
other Continuing Founders (in the case of 
wrongful imprisonment, unlawful detention, 
or captivity or restraint), subject to the 
affected Continuing Founder’s right to 
contest such determination. Removals due to 
cause require an affirmative determination 
by a Supermajority of the other Continuing 
Founders, subject to the affected Continuing 
Founder’s right to contest such 
determination or, in the case of specified 
categories of cause, to cure the basis for such 
removal.

Removals due to incapacity, cause or the 
failure to maintain the minimum ownership 
threshold require prior written notice from 
the Founder LLC by action of a majority of 
the other Continuing Founders.

If a Continuing Founder is removed due to 
death or incapacity during the first ten years 
following the completion of this offering, a 
successor member may be admitted to the 
Founder LLC and will count toward the three 
Continuing Founders required to avoid 
triggering the Class F Transition Period until 
the tenth anniversary of the completion of 
this offering.

The Class F Sunset Time, once triggered, is 
not subject to extension, delay or waiver.

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