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Class E common stock. The holders of our Class E common stock have no voting rights with respect to 
matters submitted to stockholders, except as set forth within our amended and restated certificate of 
incorporation  with  respect  to  the  proposed  nomination,  removal,  or  change  in  designation  of  the 
Specified Class T Director (in circumstances where our NGC does not concur with the LTBT’s proposed 
action),  certain  changes  to  the  terms  of  the  LTBT,  the  rights  of  our  Class  T  common  stock,  the 
redemption of our Class T common stock, or as otherwise required by law, such as certain amendments 
to  our  amended  and  restated  certificate  of  incorporation  that  would  adversely  affect  the  powers, 
preferences, or special rights of our Class E common stock, on which the DGCL entitles such holders to 
vote separately as a class. 

Conversion and Transferability 

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Class A common stock. Our Class A common stock will not be convertible into any other class or series 
of capital stock. Subject to compliance with applicable law and the restrictions described in the section 
titled  “Shares  Eligible  for  Future  Sale—Lock-Up  and  Market  Standoff  Agreements,”  our  Class  A 
common stock can be transferred.

Class  N  common  stock.  The  holders  of  our  Class  N  common  stock  are  primarily  strategic  business 
partners. Subject to compliance with applicable law and the restrictions described in the section titled 
“Shares  Eligible  for  Future  Sale—Lock-Up  and  Market  Standoff  Agreements,”  our  Class  N  common 
stock can be transferred. The shares of Class N common stock will automatically convert into an equal 
number of shares of Class A common stock upon a transfer effected through: (i) a registered offering or 
an open market sale of such shares or (ii) a transfer to a third party (A) that is not a holder of Class N 
common stock (or an affiliate of a holder of Class N common stock) and (B) that will not beneficially 
own or control more than 9.99% of the shares of any class or series of our equity securities after giving 
effect to the transfer.

Class T common stock. Our Class T common stock will not be convertible into any other class or series 
of  capital  stock.  Our  Class  T  common  stock  is  transferable  only  upon  the  approval  of  persons 
comprising the Trust Amendment Threshold. Because the persons comprising the Trust Amendment 
Threshold have the power to modify or terminate the LTBT and the rights of our Class T common stock 
entirely,  there  is  no  separate  restriction  on  the  identity  of  a  permissible  transferee  of  our  Class  T 
common stock. 

Class F common stock. Our Class F common stock will not be convertible into any other class or series 
of capital stock. Our Class F common stock is not transferable except in the case of a reorganization or 
redomiciliation of the Founder LLC that is approved by our board of directors and does not result in a 
change to the members of the Founder LLC.

Class E common stock. Our Class E common stock will not be convertible into any other class or series 
of capital stock and is not transferable.

Redemption

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Class  A  common  stock.  Our  Class  A  common  stock  will  not  be  redeemable  at  our  option  or  at  the 
option of the holder. 

Class  N  common  stock.  Our  Class  N  common  stock  will  not  be  redeemable  at  our  option  or  at  the 
option of the holder. 

Class T common stock. Our Class T common stock will be redeemable for no consideration: 

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if  the  Trustees  are  voting  in  favor  of  such  redemption,  upon  approval  of  80%  of  the  authorized 
members of our board of directors and 80% of the Trustees then in office (in each case, rounded 
up or down to the nearest whole number (any exact 0.5 rounding up));

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