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if our Class F common stock remains outstanding and the Trustees are not voting in favor of such 
redemption:

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until the third anniversary of the completion of this offering, upon approval by (i) our Class F 
common stock acting pursuant to the unanimous approval of the Continuing Founders, (ii) a 
majority  of  the  votes  cast  by  our  Class  E  common  stock  (subject  to  a  quorum  of  40%  of  the 
outstanding Class E common stock), and (iii) a majority of the votes cast by our outstanding 
Class  A  common  stock  (subject  to  a  quorum  of  a  majority  of  outstanding  Class  A  common 
stock); or

at any time, upon approval by (i) our Class F common stock acting by decision of 66 2/3% of 
the Continuing Founders (rounded up to the nearest whole number), (ii) 75% of the votes cast 
by  our  Class  E  common  stock  (subject  to  a  quorum  of  a  majority  of  outstanding  Class  E 
common stock), and (iii) a majority of the votes cast by our Class A common stock (subject to a 
quorum of a majority of outstanding Class A common stock); or

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if no Class F common stock remains outstanding and the Trustees are not voting in favor of such 
redemption, upon approval of 85% of the outstanding shares of Class A common stock. 

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Class F common stock. Our Class F common stock will be redeemable for no consideration (i) at the 
option of the Founder LLC, acting upon Supermajority approval of the Continuing Founders, (ii) upon 
the  dissolution  of  the  Founder  LLC,  or  (iii)  upon  completion  of  the  Class  F  Transition  Period,  which 
will  commence  when  there  have  been  fewer  than  three  Continuing  Founders  (not  including  any 
successor member who is a “Non-Qualifying Member” as defined in the Founder LLC Agreement) for 
90 consecutive calendar days. 

Class E common stock. Our Class E common stock will not be redeemable at the option of the holder. 
Following  an  employee’s  separation  from  employment  with  us  other  than  for  cause,  one-half  of  such 
employee’s then-outstanding shares of Class E common stock will be automatically redeemed by us for 
no  consideration  annually,  except  that  all  shares  of  Class  E  common  stock  held  by  an  employee  will 
also  be  automatically  redeemed  by  us  for  no  consideration  upon  such  employee’s  death,  incapacity, 
termination  for  cause,  or  commencement  of  service  with  a  direct  competitor.  All  shares  of  Class  E 
common  stock  will  also  be  automatically  redeemed  by  us  for  no  consideration  (i)  at  such  time  as  no 
Class  F  common  stock  remains  outstanding,  or  (ii)  upon  the  approval  of  (A)  80%  of  authorized 
members of our board of directors (rounded up or down to the nearest whole number (any exact 0.5 
rounding up)), (B) the holder of our Class F common stock, and (C) the holder of our Class T common 
stock.

Dividend Rights 

Subject to preferences that may apply to any shares of preferred stock outstanding at the time, the holders of 
our  Class  A  common  stock  and  Class  N  common  stock  are  entitled  to  receive  dividends  out  of  funds  legally 
available if our board of directors, in its discretion, determines to issue dividends and then only at the times and 
in the amounts that our board of directors may determine. Our Class T common stock, Class F common stock, 
and  Class  E  common  stock  are  not  entitled  to  receive  dividends.  See  the  section  titled  “Dividend  Policy”  for 
more information. 

No Preemptive or Similar Rights 

Our  common  stock  is  not  entitled  to  preemptive  rights  and  is  not  subject  to  redemption  or  sinking  fund 
provisions (other than those providing for the redemption of our Class T common stock, Class F common stock, 
and Class E common stock for no consideration described above). 

Right to Receive Liquidation Distributions 

If we become subject to a liquidation, dissolution, or winding-up, the assets legally available for distribution to 
our stockholders would be distributable ratably among the holders of our Class A common stock and Class N 
common stock and any participating preferred stock outstanding at that time, subject to prior satisfaction of all 
outstanding debt and liabilities and the preferential rights of and the payment of liquidation preferences, if any, 

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