EX-10.1




 Exhibit 10.1 

THIRD AMENDED AND RESTATED ADVISORY AGREEMENT 

This Third Amended and Restated Advisory Agreement (this “Agreement”) is entered into on this the 11th day of April, 2019,
and which shall be effective as the Merger (as defined below), by and among CARTER VALIDUS MISSION CRITICAL REIT II, INC., a Maryland corporation (the “Company”), CARTER VALIDUS OPERATING PARTNERSHIP II, LP, a Delaware limited
partnership (the “Partnership”), CARTER/VALIDUS OPERATING PARTNERSHIP, LP, a Delaware limited partnership (“OP I”) and CARTER VALIDUS ADVISORS II, LLC, a Delaware limited liability company (the
“Advisor”). 
 W I T N E S S E T H 

WHEREAS, the Company intends to qualify as a real estate investment trust and to invest its funds in investments permitted by the terms
of the Company’s Articles of Incorporation and Sections 856 through 860 of the Internal Revenue Code; 
 WHEREAS, the Company
will be the owner of the general partner of OP I and is the general partner of the Partnership and intends to conduct all of its business and make all of its investments in Properties and other Assets through the Partnership and OP I; 

WHEREAS, the Company, OP I and the Partnership desire to avail themselves of the experience, sources of information, advice, assistance
and certain facilities available to the Advisor and to have the Advisor undertake the duties and responsibilities hereinafter set forth, on behalf of, and subject to the supervision of, the Board of Directors (the “Board”) of the
Company, all as provided herein; and 
 WHEREAS, the Advisor is willing to undertake to render such services, subject to the
supervision of the Board, on the terms and conditions hereinafter set forth. 
 NOW, THEREFORE, in consideration of the foregoing and
of the mutual covenants and agreements contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

ARTICLE I  

DEFINITIONS 
 The
following defined terms used in this Agreement shall have the meanings specified below: 
 Acquisition Expenses. Any and all expenses incurred
by the Company, OP I, the Partnership, the Advisor, or any Affiliate of either in connection with the selection, evaluation, acquisition or development of any Asset, whether or not acquired, including, without limitation, legal fees and expenses,
travel and communications expenses, costs of appraisals, nonrefundable option payments on property not acquired, accounting fees and expenses, and title insurance premiums. 

Acquisition Fees. Any and all fees and commissions, exclusive of Acquisition Expenses but including the Acquisition and Advisory Fees, paid by
any Person to any other Person (including any fees or commissions paid by or to any Affiliate of the Company or the Advisor) in connection with making or investing in Mortgages or the purchase, development or construction of an Asset, including,
without limitation, Disposition Fees, selection fees, Development Fees, Construction Fees, non-recurring management fees, loan fees, points or any other fees of a similar nature. Excluded shall be Development
Fees and Construction Fees paid to any Person not affiliated with the Sponsor in connection with the actual development and construction of any Property. 

Acquisition and Advisory Fees. The fees payable to the Advisor pursuant to Section 3.01(b) of this Agreement. 

Advisor. Carter Validus Advisors II, LLC, a Delaware limited liability company, any successor advisor to the Company, OP I and the Partnership,
or any Person to which Carter Validus Advisors II, LLC, or any successor advisor subcontracts all or substantially all of its functions. 
 Affiliate
or Affiliated. As to any Person, (i) any Person directly or indirectly owning, controlling, or holding, with the power to vote, 10% or more of the outstanding voting securities of such Person; (ii) 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; (iii) any Person, directly or indirectly, controlling, controlled by, or under common control with such Person;
(iv) any executive officer, director, trustee or general partner of such Person; and (v) any legal entity for which such Person acts as an executive officer, director, trustee or general partner. 

Appraised Value. Value according to an appraisal made by an Independent Appraiser, which may take into consideration any factor deemed
appropriate by such Independent Appraiser, including, but not limited to, current market and property conditions, any unique attributes of the investment operations, current and anticipated income and expense trends, the terms and conditions of any
lease of a relevant property, the quality of any lessee’s, borrower’s or other counter–party’s credit and the conditions of the credit markets. The Appraised Value of a Property may be greater than the construction cost or the
replacement cost of the Property. 
 Articles of Incorporation. The Articles of Incorporation of the Company filed with the Maryland State
Department of Assessments and Taxation in accordance with the Maryland General Corporation Law, as amended from time to time. 
 Assets.
Properties, Mortgages and other direct or indirect investments in equity interests in, or loans secured by, Real Property (other than investments in bank accounts, money market funds or other current assets, whether with the proceeds from an
Offering or the sale of an Asset or otherwise) owned by the Company, OP I or the Partnership, directly or indirectly through one or more of its Affiliates. 

Asset Management Fee. The fee payable to the Advisor for
day-to-day professional management services in connection with the Company and its investments in Assets pursuant to this Agreement. 











 Average Invested Assets. For a specified period, the average of the aggregate book value of
the Assets, before deducting depreciation, bad debts or other similar non-cash reserves, computed by taking the average of such values at the end of each month during such period; provided, however, that
during such periods in which the Board is determining on a regular basis the current value of the Company’s net assets for purposes of enabling fiduciaries of employee benefit plan stockholders to comply with applicable Department of Labor
reporting requirements, and solely for such purpose, “Average Invested Assets” will equal the greater of (i) the amount determined pursuant to the foregoing or (ii) the most recent Assets’ aggregate valuation established by
the Board without reduction for depreciation, bad debts or other non-cash reserves. 
 Board. The
Board of Directors of the Company. 
 Bylaws. The bylaws of the Company, as the same are in effect as amended from time to time. 

Change of Control. Any event (including, without limitation, issue, transfer or other disposition of Shares of capital stock of the Company or
equity interests in OP I or the Partnership, merger, share exchange or consolidation) after which any “person” (as that term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended) is or becomes the
“beneficial owner” (as defined in Rule 13d-j of the Securities Exchange Act of 1934, as amended), directly or indirectly, of securities of the Company, OP I or the Partnership representing greater
than 50% or more of the combined voting power of the Company’s, OP I’s or the Partnership’s then outstanding securities, respectively; provided, that, a Change of Control shall not be deemed to occur as a result of any widely
distributed public offering of the Shares. 
 Class B Units. Subordinated profit interests in the Partnership
designated as Class B units in accordance with the terms of the Limited Partnership Agreement of the Partnership, as may be amended from time to time. 

Code. Internal Revenue Code of 1986, as amended from time to time, or any successor statute thereto. Reference to any provision of the Code
shall mean such provision as in effect from time to time, as the same may be amended, and any successor provision thereto, as interpreted by any applicable regulations as in effect from time to time. 

Company. Carter Validus Mission Critical REIT II, Inc., a corporation organized under the laws of the State of Maryland. 

Competitive Disposition Fee. A real estate or brokerage commission paid or, if no such commission is paid, the amount that customarily would be
paid, for the purchase or sale of a Property which is reasonable, customary, and competitive in light of the size, type and location of the Property. 

Construction Fee. A fee or other remuneration for acting as general contractor and/or construction manager to construct improvements, supervise
and coordinate projects or to provide major repairs or rehabilitations on a Property. 
 Contract Purchase Price. The amount actually paid or
allocated in respect of the purchase, development, construction or improvement of an Asset, or the amount of funds advanced with respect to a Mortgage, exclusive of Acquisition Fees and Acquisition Expenses. 

Contract Sales Price. The total consideration provided for in the sales contract for the sale of a Property. 

CV I. Carter Validus Mission Critical REIT, Inc., a Maryland corporation, which will merge with and into Lightning Merger Sub, LLC and cease to
exist upon consummation of the Merger. 
 Dealer Manager. SC Distributors, LLC, an Affiliate of the Advisor, or such Person selected by the
Board to act as the dealer manager for an Offering. 
 Development Fee. A fee for the packaging of a Property or Mortgage, including the
negotiation and approval of plans, and any assistance in obtaining zoning and necessary variances and financing for a specific Property, either initially or at a later date. 

Director. A member of the Board. 

Distributions. Any dividends or other distributions of money or other property paid by the Company to owners of Shares, including distributions
that may constitute a return of capital for federal income tax purposes. 
 Disposition Fee. The fee payable to the Advisor for services
provided in connection with the Sale of one or more Properties pursuant to Section 3.01(c). 
 Gross Proceeds. The aggregate purchase
price of all Shares sold for the account of the Company through an Offering, without deduction for Selling Commissions, volume discounts, dealer manager fees, or Organization and Offering Expenses. For the purpose of computing Gross Proceeds, the
purchase price of any Share for which reduced Selling Commissions or dealer manager fees are paid to the Dealer Manager or a Soliciting Dealer (where net proceeds to the Company are not reduced) shall be deemed to be the full amount of the Offering
price per Share pursuant to the Prospectus for such Offering without reduction. 
 Independent Appraiser. A Person with no material current or
prior business or personal relationship with the Advisor or the Directors and who is a qualified appraiser of Real Property of the type held by the Company, OP I or the Partnership or of other Assets as determined by the Board. 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 as to Real Property. 

Independent Director. A Director who is not, and within the last two years has not been, directly or indirectly associated with the Sponsor or
the Advisor by virtue of (i) ownership of an interest in the Sponsor, the Advisor or any of their Affiliates, other than the Company, (ii) employment by the Sponsor, the Advisor or any of their Affiliates, (iii) service as an officer
or director of the Sponsor, the Advisor or any of their Affiliates, other than as a Director of the Company or as a director of any other real estate investment trust organized by the Sponsor or advised by the Advisor, (iv) performance of services,
other than as a Director, for the Company, (v) service as a director or trustee of more than three real estate investment 

  
 2 












 
trusts organized by the Sponsor or advised by the Advisor or (vi) maintenance of a material business or professional relationship with the Sponsor, the Advisor or any of their Affiliates. A
business or professional relationship is considered “material” per se if the aggregate gross revenue derived by the Director from the Sponsor, the Advisor and their Affiliates exceeds 5.0% of either the Director’s annual gross revenue
during either of the last two years or the Director’s net worth on a fair market value basis. An indirect association with the Sponsor or the Advisor shall include circumstances in which a Director’s spouse, parent, child, sibling, mother-
or father-in-law, son- or daughter-in-law, or brother- or
sister-in-law is or has been associated with the Sponsor, the Advisor, any of their Affiliates or the Company. 

Invested Capital. The amount calculated by multiplying the total number of Shares purchased by Stockholders by the issue price at the time of
such purchase, reduced by the portion of any Distribution that is attributable to Net Sales Proceeds and by any amounts paid by the Company to repurchase Shares pursuant to the Company’s plan for repurchase of Shares. For purposes of this
definition, any Shares issued to stockholders of CV I in connection with the Merger shall be deemed to have been issued at the times and at the issue prices that the original CV I stockholders acquired their related CV I shares of common stock from
CV I. Similarly, for purposes of this definition (a) “Distributions” shall be deemed to include any dividends or other distributions of money or other property paid by CV I to owners of CV I shares of common stock, including distributions
that may constitute a return of capital for federal income tax purposes, prior to the Merger, (b) “Net Sales Proceeds” shall include Net Sales Proceeds arising in CV I prior to the Merger, and (c) “any amounts paid by the Company to
repurchase Shares pursuant to the Company’s plan for repurchase of Shares” shall include any amounts paid by CV I to repurchase its shares of common stock pursuant to its plan for repurchase of such shares, prior to the Merger. For
clarification purposes, all calculations determined under “Invested Capital,” including all terms referenced herein, shall be determined inclusive of CV I, its stockholders and its advisor, and all relevant actions prior to the Merger, and
in all definitions used to calculate “Invested Capital” all references to the Company shall be deemed also to be references to CV I, all references to the Partnership shall be deemed also to be references to OP I, all references to the
Advisor shall be deemed also to be references to Carter/Validus Advisors, LLC, all references to Disposition Fees shall be deemed also to be disposition fees paid by CV I to Carter/Validus Advisors, LLC. For example, and without limitation, all
distributions paid by CV I shall be included in the calculation of “Distributions” and any disposition fees paid by CV I shall be included in the definition of “Net Sales Proceeds.” 

Joint Ventures. The joint venture or partnership arrangements in which the Company, OP I or the Partnership is a
co-venturer or general partner which are established to acquire or hold Assets. 
 Listing or Listed.
The approval of the Company’s application to list the Shares by a national securities exchange and the commencement of trading in the Shares on the respective national securities exchange. Upon such Listing, the Shares shall be deemed Listed.

 Market Value. Upon Listing, the market value of the outstanding Shares, measured by taking the average closing price for a single Share
over a period of 30 consecutive trading days, with such period beginning 180 days after Listing, multiplying that number by the number of Shares outstanding on the date of measurement. 

Merger. The merger of CV I with and into a subsidiary of the Company pursuant to that certain Agreement and Plan of Merger, dated April 11,
2019, among Carter Validus Mission Critical REIT, Inc., Carter/Validus Operating Partnership, LP, Carter Validus Mission Critical REIT II, Inc., Carter Validus Operating Partnership II, LP, and Lightning Merger Sub, LLC. 

Mortgages. In connection with mortgage financing provided, invested in or purchased by the Company, all of the notes, deeds of trust, security
interests or other evidences of indebtedness or obligations, which are secured or collateralized by Real Property owned by the borrowers under such notes, deeds of trust, security interests or other evidences of indebtedness or obligations. 

NASAA Guidelines. The Statement of Policy Regarding Real Estate Investment Trusts published by the North American Securities Administrators
Association, Inc. on May 7, 2007, and in effect on the date hereof. 
 NAV. Net asset value, as calculated in accordance with the
procedures described in the Prospectus, or other public filings made by the Company. 
 Net Income. For any period, the Company’s total
revenues applicable to such period, less the total expenses applicable to such period other than additions to reserves for depreciation, bad debts or other similar non-cash reserves and excluding any gain from
the sale of the Assets. If the Advisor is paid a Subordinated Incentive Listing Fee, “Net Income” for purposes of calculating Total Operating Expenses, shall exclude the gain from the Sale of any Assets. 

Net Sales Proceeds. In the case of a transaction described in clause (A) of the definition of Sale, the proceeds of any such transaction
less the amount of selling expenses incurred by or on behalf of the Company, OP I or the Partnership, including all Disposition Fees, closing costs and legal fees and expenses. In the case of a transaction described in clause (B) of such
definition, Net Sales Proceeds means the proceeds of any such transaction less the amount of selling expenses incurred by or on behalf of the Company, OP I or the Partnership, including any legal fees and expenses and other selling expenses incurred
in connection with such transaction. In the case of a transaction described in clause (C) of such definition, Net Sales Proceeds means the proceeds of any such transaction actually distributed to the Company, OP I or the Partnership from the
Joint Venture less the amount of any selling expenses, including legal fees and expenses incurred by or on behalf of the Company, OP I or the Partnership (other than those paid by the Joint Venture). In the case of a transaction or series of
transactions described in clause (D) of the definition of Sale, Net Sales Proceeds means the proceeds of any such transaction (including the aggregate of all payments under a Mortgage or in satisfaction thereof other than regularly scheduled
interest payments) less the amount of selling expenses incurred by or on behalf of the Company, OP I or the Partnership, including all commissions, closing costs and legal fees and expenses. In the case of a transaction described in clause
(E) of such definition, Net Sales Proceeds means the proceeds of any such transaction less the amount of selling expenses incurred by or on behalf of the Company, OP I or the Partnership, including any legal fees and expenses and other selling
expenses incurred in connection with such transaction. In the case of a transaction described in the last sentence of the definition of Sale, Net Sales Proceeds means the proceeds of such transaction or series of transactions less all amounts
generated thereby which are reinvested in one or more Assets within 180 days thereafter and less the amount of any Disposition Fees, closing costs, and legal fees and expenses and other selling expenses incurred by or allocated to the Company in
connection with such transaction or series of transactions. Net Sales Proceeds shall also include any consideration (including non-cash consideration such as stock, notes, or other property or securities) that
the Company determines, in its discretion, to be economically equivalent to proceeds of a Sale, valued in the reasonable determination of the Company. Net Sales Proceeds shall not include any reserves established by the Company in its sole
discretion. 

  
 3 












 Offering. Any public offering and sale of Shares pursuant to an effective registration
statement filed under the Securities Act, other than a public offering of Shares under a distribution reinvestment plan and Shares offered under any employee benefit plan. 

Operating Expenses. All costs and expenses paid or incurred by the Company, as determined under generally accepted accounting principles, which
are in any way related to the operation of the Company 
 or to Company business, including the Asset Management Fee, but excluding (i) the expenses of
raising capital such as Organization and Offering Expenses, legal, audit, accounting, underwriting, brokerage, listing, registration, and other fees, printing and other such expenses and tax incurred in connection with the issuance, distribution,
transfer, registration and Listing of the Shares, (ii) interest payments, (iii) taxes, (iv) non-cash expenditures such as depreciation, amortization and bad debt reserves, (v) the Subordinated
Share of Net Sales Proceeds, (vi) the Performance Fee, (vii) the Subordinated Incentive Listing Fee, (viii) Acquisition Fees and Acquisition Expenses, (ix) Disposition Fees on the Sale of Property, and (vii) other fees and
expenses connected with the acquisition, disposition, management and ownership of real estate interests, mortgage loans or other property (including the costs of foreclosure, insurance premiums, legal services, maintenance, repair and improvement of
property). 
 OP I. Shall have the meaning set forth above. 

Organization and Offering Expenses. All expenses incurred by, and to be paid from, the assets of the Company in connection with and in preparing
the Company for registration of and subsequently offering and distributing its Shares to the public, which may include, but are not limited to, total underwriting and brokerage discounts and commissions (including fees of the underwriters’
attorneys); expenses for printing, engraving and mailing; salaries of employees while engaged in sales activities; charges of transfer agents, registrars, trustees, escrow holders, depositaries and experts; and expenses of qualification of the sale
of the securities under federal and state laws, including taxes and fees; and accountants’ and attorneys’ fees. 
 Partnership.
Shall have the meaning set forth above. 
 Performance Fee. The fee payable to the Advisor upon termination of this Agreement under certain
circumstances if certain performance standards have been met pursuant to Section 4.03(b) or (c) of this Agreement. 
 Person. An
individual, corporation, business trust, estate, trust, partnership, limited liability company or other legal entity. 
 Property or
Properties. As the context requires, any, or all, respectively, of the Real Property acquired by the Company, OP I or the Partnership, either directly or indirectly (whether through joint venture arrangements or other partnership or
investment interests). 
 Prospectus. Prospectus has the meaning set forth in Section 2(10) of the Securities Act, including a
preliminary prospectus, an offering circular as described in Rule 253 of the General Rules and Regulations under the Securities Act or, in the case of an intrastate offering, any document by whatever name known, utilized for the purpose of offering
and selling securities of the Company to the public. 
 Real Property. Land, rights in land (including leasehold interests), and any
buildings, structures, improvements, furnishings, fixtures and equipment located on or used in connection with land and rights or interests in land. 

REIT. A corporation, trust, association or other legal entity (other than a real estate syndication) that is engaged primarily in investing in
equity interests in real estate (including fee ownership and leasehold interests) or in loans secured by real estate or both in accordance with Sections 856 through 860 of the Code. 

Sale or Sales. Any transaction or series of transactions whereby: (A) the Company, OP I or the Partnership directly or indirectly (except
as described in other subsections of this definition) sells, grants, transfers, conveys, or relinquishes its ownership of any Property or portion thereof, including the lease of any Property consisting of a 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 Company, OP I or the Partnership directly or indirectly (except as described in other subsections of this definition)
sells, grants, transfers, conveys, or relinquishes its ownership of all or substantially all of the interest of the Company, OP I or the Partnership in any Joint Venture in which it is a co-venturer or
partner; (C) any Joint Venture directly or indirectly (except as described in other subsections of this definition) in which the Company, OP I or the Partnership as 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 Company, OP I or the Partnership
directly or indirectly (except as described in other subsections of this definition) sells, grants, conveys or relinquishes its interest in any Mortgage or portion thereof (including with respect to any Mortgage, all repayments thereunder or in
satisfaction thereof other than regularly scheduled interest payments) and any event with respect to a Mortgage which gives rise to a significant amount of insurance proceeds or similar awards; or (E) the Company, OP I or the Partnership
directly or indirectly (except as described in other subsections of this definition) sells, grants, transfers, conveys, or relinquishes its ownership of any other Asset not previously described in this definition or any portion thereof.
Notwithstanding the foregoing, “Sale” or “Sales” shall not include any transaction or series of transactions specified in clause (A) through (E) above in which the proceeds of such transaction or series of transactions are
reinvested in one or more Assets within 180 days thereafter. 
 Securities Act. The Securities Act of 1933, as amended from time to time, or
any successor statute thereto. Reference to any provision of the Securities Act shall mean such provision as in effect from time to time, as the same may be amended, and any successor provision thereto, as interpreted by any applicable regulations
as in effect from time to time. 
 Selling Commissions. Any and all commissions payable to underwriters, dealer managers or other
broker-dealers in connection with the sale of the Shares, including, without limitation, commissions payable to SC Distributors, LLC. 

Shares. Any shares of the Company’s common stock, par value $.01 per share. 

Soliciting Dealer. A broker-dealer that is a member of the Financial Industry Regulatory Authority, Inc., or that is exempt from broker-dealer
registration, and who, in either case, has executed participating broker or other agreements with the Dealer Manager to sell Shares. 

  
 4 












 Sponsor. Carter Validus REIT Investment Management Company II, LLC, a Florida limited
liability company, which is directly or indirectly controlled by John Carter, Michael Seton, Todd Sakow, Mark Levey, Robert Peterson, Robert Winslow, Mario Garcia, Jr. and Lisa Drummond. 

Stockholders. The record holders of the Shares as maintained in the books and records of the Company or its transfer agent. 

Stockholders’ 8.0% Return. As of any date, an aggregate amount equal to an 8.0% cumulative,
non-compounded, annual return on Invested Capital. 
 Subordinated Incentive Listing Fee. The fee
payable to the Advisor under certain circumstances if the Shares are Listed pursuant to Section 3.01(e). 
 Subordinated Share of Net Sales
Proceeds. The fee payable to the Advisor under certain circumstances following receipt of Net Sales Proceeds pursuant to Section 3.01(d). 

Termination Date. The date of termination of this Agreement. 

2%/25% Guidelines. The requirement pursuant to the NASAA Guidelines that, in any four consecutive fiscal quarters, total Operating Expenses not
exceed the greater of 2% of Average Invested Assets during such period or 25% of Net Income over the same period. 
 ARTICLE II 

 THE ADVISOR 
 2.01
Appointment. The Company, OP I and the Partnership hereby appoint the Advisor to serve as its advisor on the terms and conditions set forth in this Agreement, and the Advisor hereby accepts such appointment. 

2.02 Duties of the Advisor. Subject to Section 2.07, the Advisor undertakes to use its commercially reasonable best efforts to present to
the Company, OP I and the Partnership investment opportunities consistent with the investment objectives and policies of the Company as determined and adopted from time to time by the Board. In performance of this undertaking, subject to the
supervision of the Board and consistent with the provisions of the Company’s most recent Prospectus for Shares, other public filings made by the Company, Articles of Incorporation and Bylaws, the Advisor shall, either directly or by engaging a
duly qualified and licensed Affiliate of the Advisor or other duly qualified and licensed Person: 
 (a) find, evaluate, present and
recommend to the Company investment opportunities consistent with the Company’s investment policies and objectives; 
 (b) serve as the
Company’s, OP I’s and Partnership’s investment and financial advisor and provide research and economic and statistical data in connection with the Assets and the Company’s investment policies; 

(c) provide the daily management of the Company, OP I and Partnership and perform and supervise the various administrative functions
reasonably necessary for the management and operations of the Company, OP I and the Partnership; 
 (d) maintain and preserve the books and
records of the Company, OP I and the Partnership, including stock books and records reflecting a record of the Stockholders and their ownership of the Shares; 

(e) investigate, select, and, on behalf of the Company, OP I and the Partnership, engage and conduct business with such Persons as the Advisor
deems necessary to the proper performance of its obligations hereunder, including but not limited to consultants, accountants, correspondents, lenders, technical advisors, attorneys, brokers, underwriters, corporate fiduciaries, escrow agents,
depositaries, custodians, agents for collection, insurers, insurance agents, banks, builders, developers, property owners, mortgagors, property management companies, transfer agents and any and all agents for any of the foregoing, including
Affiliates of the Advisor, and Persons acting in any other capacity deemed by the Advisor necessary or desirable for the performance of any of the foregoing services, including but not limited to entering into contracts in the name and on behalf of
the Company, OP I and the Partnership with any of the foregoing; 
 (f) consult with the officers and the Board and assist the Board in the
formulation and implementation of the Company’s financial policies, and, as necessary, furnish the Board with advice and recommendations with respect to the making of investments consistent with the investment objectives and policies of the
Company and in connection with any borrowings proposed to be undertaken by the Company, OP I and the Partnership; 
 (g) review and analyze
the operating and capital budgets prepared and submitted by a third party for each property; 
 (h) subject to the provisions of Sections
2.02(i) and 2.03 hereof, (i) locate, analyze and select potential investments in Assets, (ii) structure and negotiate the terms and conditions of transactions pursuant to which investments in Assets will be made; (iii) make
investments in Assets on behalf of the Company, OP I or the Partnership in compliance with the investment objectives and policies of the Company; (iv) arrange for financing and refinancing and make other changes in the asset or capital
structure of, and dispose of, reinvest the proceeds from the sale of, or otherwise deal with the investments in, Assets; and (v) enter into leases of Property and service contracts for Assets and, to the extent necessary, perform all other
operational functions for the maintenance and administration of such Assets, including the servicing of Mortgages; 
 (i) provide the Board
with periodic reports regarding prospective investments in Assets; 
 (j) if a transaction requires approval by the Board, deliver to the
Board all documents required by them to properly evaluate the proposed transaction; 

  
 5 












 (k) obtain the prior approval of the Board (including a majority of all Independent
Directors) for any and all investments in Assets with a Contract Purchase Price equal to or greater than $15,000,000; 
 (l) obtain the
prior approval of a majority of the Independent Directors and a majority of the Board not otherwise interested in any transaction with the Advisor or its Affiliates; 

(m) negotiate on behalf of the Company, OP I and the Partnership with banks or lenders for loans to be made to the Company, negotiate on
behalf of the Company, OP I and the Partnership with investment banking firms and broker-dealers, and negotiate private sales of Shares and other securities of the Company or obtain loans for the Company, OP I and the Partnership, as and when
appropriate, but in no event in such a way so that the Advisor shall be acting as a broker-dealer or an underwriter; and provided further, that any fees and costs payable to third parties incurred by the Advisor in connection with the foregoing
shall be the responsibility of the Company; 
 (n) obtain reports (which may be prepared by or for the Advisor or its Affiliates), where
appropriate, concerning the value of investments or contemplated investments of the Company, OP I and the Partnership in Assets; 
 (o) from
time to time, or at any time reasonably requested by the Board, make reports to the Board of its performance of services to the Company, OP I and the Partnership under this Agreement; 

(p) provide the Company, OP I and the Partnership with, or assist the Company, OP I and the Partnership in arranging for, all necessary cash
management services; 
 (q) deliver to or maintain on behalf of the Company, OP I and the Partnership copies of all appraisals obtained in
connection with the investments in Assets; 
 (r) upon request of the Company, act, or obtain the services of others to act, as attorney-in-fact or agent of the Company, OP I and the Partnership in making, requiring and disposing of Assets, disbursing, and collecting the funds, paying the debts and
fulfilling the obligations of the Company, OP I and the Partnership and handling, prosecuting and settling any claims of the Company, OP I and the Partnership, including foreclosing and otherwise enforcing mortgage and other liens and security
interests comprising any of the Assets; 
 (s) supervise the preparation and filing and distribution of returns and reports to governmental
agencies and to Stockholders and other investors and act on behalf of the Company in connection with investor relations; 
 (t) provide
office space, equipment and personnel as required for the performance of the foregoing services as Advisor; 
 (u) assist the Company, OP I
and the Partnership in preparing all reports and returns required by the Securities and Exchange Commission, Internal Revenue Service and other state or federal governmental agencies; and 

(v) do all things necessary to assure its ability to render the services described in this Agreement. 

2.03 Authority of Advisor. Pursuant to the terms of this Agreement, including the duties set forth in Section 2.02 and the restrictions
included in this Section 2.03 and in Section 2.06, and subject to the continuing and exclusive authority of the Board over the management of the Company, the Board hereby delegates to the Advisor the authority to (i) locate, analyze
and select investment opportunities for the Company, OP I and the Partnership, (ii) structure the terms and conditions of transactions pursuant to which investments will be made or acquired for the Company, OP I or the Partnership,
(iii) acquire Properties, make and acquire Mortgages and other loans and invest in other Assets in compliance with the investment objectives and policies of the Company, (iv) arrange for financing and refinancing of Assets, (v) enter
into leases for the Properties and service contracts for the Assets with duly qualified and licensed non-affiliated and Affiliated Persons, including oversight of
non-affiliated and Affiliated Persons that perform property management, acquisition, advisory, disposition or other services for the Company, OP I and the Partnership, and (vi) arrange for, or provide,
accounting and other record-keeping functions at the Asset level. 
 The Board may, at any time upon the giving of notice to the Advisor,
modify or revoke the authority set forth in this Section 2.03, provided however, that such modification or revocation shall be effective upon receipt by the Advisor or such later date as is specified by the Board and included in the notice
provided to the Company and such modification or revocation shall not be applicable to investment transactions to which the Advisor has committed the Company, OP I and the Partnership prior to the date of receipt by the Advisor of such notification,
or, if later, the effective date of such modification or revocation specified by the Board. 
 2.04 Bank Accounts. The Advisor may establish
and maintain one or more bank accounts in its own name for the account of the Company, OP I and the Partnership or in the name of the Company, OP I or the Partnership, as applicable, and may collect and deposit into any such account or accounts, and
disburse from any such account or accounts, any money on behalf of the Company, under such terms and conditions as the Board may approve, provided that no funds of the Company, OP I or the Partnership shall be commingled with the funds of the
Advisor; and the Advisor shall from time to time, upon request by the Board, its Audit Committee or the auditors of the Company, render appropriate accountings of such collections and payments to the Board, its Audit Committee and the auditors of
the Company. 
 2.05 Records; Access. The Advisor shall maintain appropriate records of all its activities hereunder and make such records
available for inspection by the Board and by counsel, auditors and authorized agents of the Company, at any time or from time to time, upon reasonable request, during normal business hours. The Advisor shall at all reasonable times have access to
the books and records of the Company, OP I and the Partnership. 
 2.06 Limitations on Activities. Anything else in this Agreement to the
contrary notwithstanding, the Advisor shall refrain from taking any action which, in its sole judgment made in good faith, would (a) adversely affect the status of the Company as a REIT or of OP I and the Partnership as a partnership for
federal income tax purposes, (b) subject the Company, OP I or the Partnership to regulation under the Investment Company Act of 1940, as amended, (c) violate any law, rule, regulation or statement of policy of any governmental body or
agency having jurisdiction over the Company, OP I or the Partnership, the Shares or its other securities, or (d) not be permitted by the Articles of Incorporation or Bylaws or 

  
 6 












 
agreement of limited partnership of the Partnership and OP I, except if such action shall be ordered by the Board, in which case the Advisor shall notify promptly the Board of the Advisor’s
judgment of the potential impact of such action and shall refrain from taking such action until it receives further clarification or instructions from the Board. In such event the Advisor shall have no liability for acting in accordance with the
specific instructions of the Board so given. Notwithstanding the foregoing, the Advisor, its directors, officers, employees and stockholders, and the directors, officers, employees and stockholders of the Advisor’s Affiliates shall not be
liable to the Company or to the Board or Stockholders for any act or omission by the Advisor, its directors, officers, employees or stockholders, or for any act or omission of any Affiliate of the Advisor, its directors, officers, employees or
stockholders, except as provided in Section 5.02 of this Agreement. 
 2.07 Other Activities of the Advisor. Nothing herein contained
shall prevent the Advisor or its Affiliates from engaging in other activities, including, without limitation, the rendering of advice to other Persons (including other REITs) and the management of other programs advised, sponsored or organized by
the Advisor or its Affiliates; nor shall this Agreement limit or restrict the right of any director, officer, employee, or stockholder of the Advisor or its Affiliates to engage in any other business or to render services of any kind to any other
Person. The Advisor may, with respect to any investment in which the Company, OP I or the Partnership are participants, also render advice and service to each and every other participant therein. The Advisor shall report to the Board the existence
of any condition or circumstance, existing or anticipated, of which it has knowledge, which creates or could create a conflict of interest between the Advisor’s obligations to the Company, OP I or the Partnership and its obligations to or its
interest in any other Person. The Advisor or its Affiliates shall promptly disclose to the Board knowledge of such condition or circumstance. The Advisor shall inform the Board at least quarterly of the investment opportunities that were offered to
other programs sponsored by the Sponsor, Advisor or any Director or their Affiliates with similar investment objectives as the Company’s. If the Sponsor, Advisor, any Director or Affiliates thereof have sponsored other investment programs with
similar investment objectives which have investment funds available at the same time as the Company, it shall be the duty of the Board (including the Independent Directors) to adopt the method set forth in the Company’s most recent Prospectus
for its Shares or another reasonable method by which investments are to be allocated to the competing investment entities and to use their best efforts to apply such method fairly to the Company. 

Once each quarter, senior representatives of the Advisor will meet with at least a majority of the Independent Directors for the purpose of reviewing the
Advisor’s compliance with the Guidelines with respect to all investments allocated among the Sponsor, the Company and each other REIT and investment program managed by an Affiliate of the Sponsor (each, together with its Affiliates, an
“Investment Entity,” and collectively, the “Investment Entities”) during the most recently completed fiscal quarter. The quarterly review will take place at the regularly scheduled quarterly meeting of the Board, or
at another time and place that are mutually determined by the Advisor and the Independent Directors, and may include representatives of other Investment Entities. The Advisor will use its best efforts to distribute a report reasonably in advance of
each quarterly review meeting containing a list of all investments allocated to the Investment Entities, the particular Investment Entity to which each investment was allocated, a brief description of the investment, the purchase price of each
investment and acquisition fees (if any) paid to the Advisor and its Affiliates in connection with each investment. Representatives of the Advisor shall be prepared to discuss each investment and the reasons for its allocation to particular
Investment Entities at the quarterly review meeting. 
 ARTICLE III  

COMPENSATION 
 3.01
Fees. 
 (a) Asset Management Fee. The Company shall pay to the Advisor an Asset Management Fee equal to 1/12th of
0.75% of the sum of the Contract Purchase Price, the Acquisition Expenses, Construction Fee and other customarily capitalized costs but excluding Acquisition Fees, monthly in arrears based on Assets held by the Company on the last day of such month.

 The Advisor may, in its sole discretion, choose to take any monthly Asset Management Fee in the form of Class B Units. In the event
the Advisor chooses to be compensated for the Asset Management Fee in Class B Units and notifies the Company in writing of such election, then the Company shall, within 30 days after the end of the applicable month (subject to the approval of
the Board), issue a number of restricted Class B Units to the Advisor equal to: (i) the cost of the Assets multiplied by 0.0625% (or the lower of the cost of the Assets and the applicable quarterly NAV multiplied by 0.0625%, once the
Company begins calculating NAV) divided by (ii) the value of one Class A share of common stock of the Company as of the last day of such calendar month, which will be the offering price per share of Class A shares less selling
commissions and dealer manager fees until such time as the Company calculates NAV, when it will then be the per share NAV. 
 (b)
Acquisition and Advisory Fees. The Company shall pay the Advisor or an Affiliate of the Advisor, a fee in the amount of 2.0% of the Contract Purchase Price of each Asset as Acquisition and Advisory Fees. The total of all Acquisition Fees and
any Acquisition Expenses shall be limited in accordance with the Articles of Incorporation and shall not exceed six percent (6%) of the Contract Purchase Price. Acquisition and Advisory Fees shall be paid as follows: (1) for real property
(including properties where development/redevelopment is expected), at the time of acquisition, (2) for development/redevelopment projects (other than the initial acquisition of the real property), at the time a final budget is approved, and
(3) for loans and similar assets (including without limitation mezzanine loans), quarterly based on the value of loans made or acquired. In the case of a development/redevelopment project subject to clause (2) above, upon completion of the
development/redevelopment project, the Advisor shall determine the actual amounts paid. To the extent the amounts actually paid vary from the budgeted amounts on which the Acquisition and Advisory Fee was initially based, the Advisor will pay or
invoice the Company for 2.0% of the budget variance such that the Acquisition and Advisory Fee is ultimately 2.0% of amounts expended on such development/redevelopment project. 

(c) Disposition Fee. If the Advisor or an Affiliate of the Advisor provides a substantial amount of the services (as determined by a
majority of the Independent Directors) in connection with the Sale of one or more Properties, the Advisor or such Affiliate shall receive a Disposition Fee up to the lesser of 1.0% of the Contract Sales Price and
one-half of the brokerage commission paid if a third party broker is involved. The Disposition Fee may be paid in addition to Disposition Fees paid to non-Affiliates,
provided that the total Disposition Fees paid to all Persons by the Company (including the Disposition Fee) shall not exceed an amount equal to the lesser of (i) the Competitive Disposition Fee or (ii) 6.0% of the Contract Sales Price of a
Property. 
 (d) Subordinated Share of Net Sales Proceeds. The Subordinated Share of Net Sales Proceeds shall be payable to the
Advisor in an amount 

  
 7 












 
equal to 15.0% of Net Sales Proceeds remaining after the Stockholders have received Distributions equal to the sum of the Stockholders’ 8.0% Return and 100% of Invested Capital. The Company
shall have the option to pay such fee in the form of cash, Shares, a promissory note, or any combination of the foregoing. In no event will the Company pay a Subordinated Share of Net Sales Proceeds, including any interest payable in connection with
any promissory note issued by the Company in payment of the Subordinated Share of Net Sales Proceeds, in excess of the amount that would be presumptively reasonable under Section 8.7 of the Articles of Incorporation. 

(e) Subordinated Incentive Listing Fee. Upon Listing, the Advisor shall be entitled to the Subordinated Incentive Listing Fee in an
amount equal to 15.0% of the amount by which (i) the Market Value of the Company’s outstanding Shares plus distributions paid by the Company prior to Listing, exceeds (ii) the sum of (A) 100% of Invested Capital and (B) the total
Distributions required to be paid to the Stockholders in order to pay the Stockholders’ 8.0% Return from inception through the date that Market Value is determined. The Company shall have the option to pay such fee in the form of cash, Shares,
a promissory note, or any combination of the foregoing. If the Company pays such fee with a promissory note, payment in full shall be made from the Net Sales Proceeds of the first Sale completed by the Company after Listing, and interest will accrue
at a rate deemed fair and reasonable by the Board from and after the date of Listing. If the Net Sales Proceeds from the first Sale after Listing are insufficient to pay the promissory note in full, including accrued interest, then the promissory
note shall be paid in part with such Net Sales Proceeds, and in part from the Net Sales Proceeds from the next successive Sales until the amount owing pursuant to such promissory note is paid in full. If the promissory note has not been paid in full
within five years from the date of Listing, then the Advisor, or its successors or assigns, may elect to convert the unpaid balance, including accrued but unpaid interest, into Shares at a price per Share equal to the average closing price of the
Shares over the ten trading days immediately preceding the date of such election. If the Shares are no longer Listed at such time as the promissory note becomes convertible into Shares as provided by this paragraph, then the price per Share, for
purposes of conversion, shall equal the fair market value for the Shares as determined by the Board based upon the Appraised Value of the Assets as of the date of election. 

(f) Changes to Fee Structure. In the event of Listing, the Company and the Advisor shall negotiate in good faith to establish a fee
structure appropriate for perpetual life entity. A majority of the Independent Directors must approve the new fee structure negotiated with the Advisor. In negotiating a new fee structure, the Independent Directors may consider any of the factors
they deem relevant, including but not limited to: (a) the size of the Advisory Fees in relation to the size, composition and profitability of the Company’s portfolio; (b) the success of the Advisor in generating opportunities that
meet the investment objectives of the Company; (c) the rates charged to other REITs and to investors other than REITs by advisors performing similar services; (d) additional revenues realized by the Advisor and its Affiliates through their
relationship with the Company, including loan administration, servicing, inspection and other fees, whether paid by the Company or by others with whom the Company does business; (e) the quality and extent of service and advice furnished by the
Advisor; (f) the performance of the investment portfolio of the Company, including income, conservation or appreciation of capital, frequency of problem investments and competence in dealing with distress situations; and (g) the quality of
the portfolio of the Company in relationship to the investments generated by the Advisor for the account of other clients. 
 (g)
Construction Fee. If the Advisor or an Affiliate of the Advisor provides construction, or construction related services, including acting as general contractor and/or construction manager to supervise or coordinate projects or to provide
major repairs or rehabilitation on the Company’s properties, the Company shall pay the Advisor or the Affiliate of the Advisor, as the case may be, a Construction Fee up to 5.0% of the cost of the projects, repairs and/or rehabilitation, as
applicable. These fees shall not exceed fees that are usual and customary for comparable services rendered for similar projects in the geographic market where services are provided. 

(h) Payment. For purposes of the payment of compensation to the Advisor in the form of Shares, the value of each Share shall be:
(i) the NAV per share as determined by the Board or an independent appraiser, or (ii) if an appraisal has not yet been performed, $10.00 per Class A share and $9.574 per Class T share. If shares are being offered to the public at
the time a fee is paid in Shares, the value shall be the price of the Shares without commissions. The NAV may be adjusted on a quarterly or other basis by the Board to account for significant capital transactions. 

3.02 Expenses. 
 (a) In addition
to the compensation paid to the Advisor pursuant to Section 3.01 hereof, the Company, OP I or the Partnership shall pay directly or reimburse the Advisor, as applicable, for all of the expenses paid or incurred by the Advisor in connection with
the services it provides to the Company, OP I and the Partnership pursuant to this Agreement, including, but not limited to: 
 (i)
Organization and Offering Expenses, but only to the extent the reimbursement would not cause the Selling Commissions, the dealer manager fees and the other Organization and Offering Expenses borne by the Company to exceed 15% of the Gross Proceeds
raised in the completed Offering. Within 60 days after the end of the month in which an Offering terminates, the Advisor shall reimburse the Company for any Organization and Offering Expenses reimbursed by the Company to the Advisor to the extent
that such reimbursements exceed 15% of the Gross Proceeds raised in the completed Offering. The Advisor shall be responsible for the payment of the Organization and Offering Expenses in excess of 15% of the Gross Proceeds. In the event the Company
does not raise the minimum amount of the Offering as set forth in the Prospectus, the Advisor shall not be reimbursed for any Organization and Offering Expenses; 

(ii) Acquisition Expenses incurred in connection with the selection and acquisition of Assets in an amount estimated to be up to 0.75% of the
Contract Purchase Price, subject, however, to the aggregate six percent (6%) cap on Acquisition Fees and Acquisition Expenses set forth in Section 3.01(b); 

(iii) the actual cost of goods, services and materials used by the Company and obtained from Persons not affiliated with the Advisor, other
than Acquisition Expenses, including brokerage fees paid in connection with the purchase and sale of Shares; 
 (iv) interest and other costs
for borrowed money, including discounts, points and other similar fees; 
 (v) taxes and assessments on income or property and taxes as an
expense of doing business; 
 (vi) costs associated with insurance required in connection with the business of the Company or by the Board;

 (vii) expenses of managing and operating Assets owned by the Company, whether payable to an Affiliate of the Company or a non- affiliated Person; 
 (viii) all expenses in connection with payments to the Board for attendance at
meetings of the Board and Stockholders; 
 (ix) expenses associated with Listing or with the issuance and distribution of Shares and other
securities of the Company, such as Selling Commissions and fees, advertising expenses, taxes, legal and accounting fees, and Listing and registration fees; 

  
 8 












 (x) expenses connected with payments of Distributions in cash or otherwise made or caused to
be made by the Company to the Stockholders; 
 (xi) expenses of organizing, reorganizing, liquidating or dissolving the Company or amending
the Articles of Incorporation or the Bylaws; 
 (xii) expenses of any third party transfer agent for the Shares and of maintaining
communications with Stockholders, including the cost of preparation, printing, and mailing annual reports and other Stockholder reports, proxy statements and other reports required by governmental entities; 

(xiii) administrative service expenses, including all costs and expenses incurred by the Advisor in fulfilling its duties hereunder. Such costs
and expenses may include reasonable wages and salaries and other employee-related expenses of all employees and key personnel of the Advisor who are engaged in the management, administration, operations, and marketing of the Company, including
taxes, insurance and benefits relating to such employees, and legal, travel and other out-of-pocket expenses which are directly related to their services provided
hereunder; and 
 (xiv) audit, accounting and legal fees. 

No reimbursement shall be made for costs of personnel of the Advisor or its Affiliates to the extent that such personnel perform services in
connection with services for which the Advisor receives the Acquisition and Advisory Fee or the Disposition Fee. 
 (b) Expenses incurred by
the Advisor on behalf of the Company, OP I and the Partnership and payable pursuant to this Section 3.02 shall be reimbursed no less than quarterly to the Advisor within 60 days after the end of each quarter. The Advisor shall prepare a
statement documenting the expenses of the Company, OP I and the Partnership during each quarter, and shall deliver such statement to the Company, OP I and the Partnership within 45 days after the end of each quarter. 

(c) Notwithstanding anything else in this Article 3 to the contrary, the expenses enumerated in this Article 3 shall not become reimbursable
to the Advisor unless and until the Company has raised $2,000,000 in Gross Proceeds from the sale of Shares in the Offering. 
 3.03 Other
Services. Should the Board request that the Advisor or any director, officer or employee thereof render services for the Company, OP I and the Partnership other than set forth in Section 2.02, such services shall be separately
compensated at such rates and in such amounts as are agreed by the Advisor and the Board, subject to the limitations contained in the Articles of Incorporation, and shall not be deemed to be services pursuant to the terms of this Agreement. 

3.04 Reimbursement to the Advisor. The Company shall not reimburse the Advisor, at the end of any fiscal quarter, for any Operating Expenses to
the extent that, in the four consecutive fiscal quarters then ended (the “Expense Year”) the Operating Expenses exceed (the “Excess Amount”) the greater of (i) 2% of Average Invested Assets or (ii) 25% of Net Income (the
“2%/25% Guidelines”) for that period of four consecutive quarters unless the Independent Directors determine that such excess was justified, based on unusual and nonrecurring factors which the Independent Directors deem sufficient. If the
Independent Directors do not approve such excess as being so justified, any Excess Amount paid to the Advisor during a fiscal quarter shall be repaid to the Company. 

ARTICLE IV 
 TERM AND
TERMINATION 
 4.01 Term; Renewal. Subject to Section 4.02 hereof, this Agreement has a
one-year term and shall continue in force until the first anniversary of the date hereof. Thereafter, this Agreement may be renewed for an unlimited number of successive
one-year terms upon mutual consent of the parties. It is the Board’s duty to evaluate the performance of the Advisor annually before renewing the Agreement, and each such renewal shall be for a term of no
more than one year. 
 4.02 Termination. This Agreement will automatically terminate upon Listing. This Agreement also may be terminated at
the option of any party (i) immediately upon a Change of Control or (ii) upon 60 days’ written notice without cause or penalty (in either case, if termination is by the Company, then such termination shall be upon the approval of a
majority of the Independent Directors). Notwithstanding the foregoing, the provisions of this Agreement which provide for payment to the Advisor of expenses, fees or other compensation following the date of termination (i.e., Sections 3.01(e)
and 4.03) shall continue in full force and effect until all amounts payable thereunder to the Advisor are paid in full. The provisions of Sections 2.05, 2.06 and 4.03 through 6.11 shall survive the termination of this Agreement. 

4.03 Payments to and Duties of Advisor upon Termination. 

(a) After the Termination Date, the Advisor shall not be entitled to compensation for further services hereunder except it shall be entitled
to and receive from the Company within 30 days after the effective date of such termination all unpaid reimbursements of expenses, subject to the provisions of Section 3.04 hereof, and all contingent liabilities related to fees payable to the
Advisor prior to termination of this Agreement, provided that the Subordinated Incentive Listing Fee, if any, shall be paid in accordance with the provisions of Section 3.01(e). 

(b) Upon termination, unless such termination is by the Company because of a material breach of this Agreement by the Advisor or occurs upon a
Change of Control, the Advisor shall be entitled to receive a payment of the Performance Fee equal to 15.0% of the amount, if any, by which (i) the Appraised Value of the Assets on the Termination Date, less the amount of all indebtedness secured by
the Assets, plus the total Distributions paid to Stockholders from the Company’s inception through the Termination Date less any amounts distributable as of the termination date to limited partners of the Partnership who receive Partnership
units, including Class B units distributable to the Advisor, exceeds (ii) Invested Capital plus an amount equal to the Stockholders’ 8.0% Return from inception through the Termination Date. The Company shall pay such Performance Fee, with
interest, at such time as the Company completes the first Sale after the Termination Date provided, however, the Advisor may elect to defer its right to receive the Performance Fee until either a Listing or other liquidity event for the Company.
Payment shall be made from the Net Sales Proceeds of such Sale. Interest will accrue beginning on the Termination Date at a rate deemed fair and reasonable by 

  
 9 












 
the Board on the Termination Date. The Company shall have the option to pay such fee in the form of cash, Shares, a promissory note, or any combination of the foregoing. If the Net Sales Proceeds
from the first Sale after the Termination Date are insufficient to pay the Performance Fee in full, plus accrued interest, then the Performance Fee shall be paid in part with such Net Sales Proceeds, and in part from the Net Sales Proceeds from the
next successive Sales until the Performance Fee is paid in full, with interest. If the Performance Fee has not been paid in full within five years from the Termination Date, then the Advisor, its successors or assigns, may elect to convert the
balance of the fee, including accrued but unpaid interest, into Shares at a price per Share equal to the average closing price of the Shares over the ten trading days immediately preceding the date of such election if the Shares are Listed at such
time. If the Shares are not Listed at such time, the Advisor, its successors or assigns, may elect to convert the balance of the fee, including accrued but unpaid interest, into Shares at a price per Share equal to the fair market value for the
Shares as determined by the Board based upon the Appraised Value of the Assets on the date of election. 
 (c) Notwithstanding the
foregoing, if termination occurs upon a Change of Control, the Advisor shall be entitled to payment of the Performance Fee equal to 15.0% of the amount, if any, by which (i) the value of the Assets on the Termination Date as determined in good
faith by the Board, including a majority of the Independent Directors, based upon such factors as the consideration paid in connection with the Change of Control and the most recent Appraised Value, less the amount of all indebtedness secured by the
Assets, plus the total Distributions paid to Stockholders from the Company’s inception through the Termination Date, exceeds (ii) Invested Capital plus an amount equal to the Stockholders’ 8.0% Return from inception through the
Termination Date. No deferral of payment of the Performance Fee may be made under this Section 4.03(c). 
 (d) In the event that the
Advisor disagrees with the valuation of Shares pursuant to Section 4.03(b) where the Shares are not Listed for purposes of determining the number of Shares to be issued to the Advisor following the Advisor’s election to convert the balance
of the Performance Fee owed to the Advisor, then the fair market value of such Shares shall be determined by an Independent Appraiser of equity value selected by the Advisor. 

(e) Notwithstanding sections 4.03 (b) and (c), in the event the Subordinated Incentive Listing Fee is paid to the Advisor following Listing,
no Performance Fee will be paid to the Advisor. 
 (f) The Advisor shall promptly upon termination: 

(i) pay over to the Company all money collected and held for the account of the Company, OP I or the Partnership pursuant to this Agreement,
after deducting any accrued compensation and reimbursement for its expenses to which it is then entitled; 
 (ii) deliver to the Board a full
accounting, including a statement showing all payments collected by it and a statement of all money held by it, covering the period following the date of the last accounting furnished to the Board; 

(iii) deliver to the Board all assets, including the Assets, and documents of the Company then in the custody of the Advisor; and 

(iv) cooperate with, and take all reasonable actions requested by, the Company, OP I or the Partnership to provide an orderly management
transition. 
 ARTICLE V  

INDEMNIFICATION 
 5.01 (a) The
Company shall indemnify and hold harmless the Advisor and its Affiliates, including their respective officers, directors, partners and employees, from all liability, claims, damages or losses arising in the performance of their duties hereunder, and
related expenses, including reasonable attorneys’ fees, to the extent such liability, claims, damages or losses and related expenses are not fully reimbursed by insurance, subject to any limitations imposed by the laws of the State of Maryland,
the Articles of Incorporation and the NASAA Guidelines under the Articles of Incorporation. The Company shall not indemnify or hold harmless the Advisor or its Affiliates, including their respective officers, directors, partners and employees, for
any liability or loss suffered by the Advisor or its Affiliates, including their respective officers, directors, partners and employees, nor shall it provide that the Advisor or its Affiliates, including their respective officers, directors,
partners and employees, be held harmless for any loss or liability suffered by the Company, unless all of the following conditions are met: (i) the Advisor or its Affiliates, including their respective officers, directors, partners and
employees, have determined, in good faith, that the course of conduct which caused the loss or liability was in the best interests of the Company; (ii) the Advisor or its Affiliates, including their respective officers, directors, partners and
employees, were acting on behalf of or performing services of the Company; (iii) such liability or loss was not the result of negligence or misconduct by the Advisor or its Affiliates, including their respective officers, directors, partners
and employees; and (iv) such indemnification or agreement to hold harmless is recoverable only out of the Company’s net assets and not from Stockholders. Notwithstanding the foregoing, the Advisor and its Affiliates, including their
respective officers, directors, partners and employees, shall not be indemnified by the Company for any losses, liability or expenses 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 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; and (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 of the Company were offered or sold as to indemnification for violations of securities laws. 
 (b) The Articles of
Incorporation provide that the advancement of Company funds to the Advisor or its Affiliates, including their respective officers, directors, partners and employees, for legal expenses and other costs incurred as a result of any legal action for
which indemnification is being sought is permissible only if all of the following conditions are satisfied: (i) the legal action relates to acts or omissions with respect to the performance of duties or services on behalf of the Company;
(ii) the legal action is initiated by a third-party who is not a Stockholder or the legal action is initiated by a Stockholder acting in his or her capacity as such and a court of competent jurisdiction specifically approves such advancement;
(iii) the advisor or its Affiliates provides the Company with a written affirmation of their good faith belief that they have met the standard of conduct necessary for indemnification; and (iv) the Advisor or its Affiliates, including
their respective officers, directors, partners and employees, undertake to repay the advanced funds to the Company together with the applicable legal rate of interest thereon, in cases in which such Advisor or its Affiliates, including their
respective officers, directors, partners and employees, are found not to be entitled to indemnification. 

  
 10 












 (c) Notwithstanding the provisions of this Section 5.01, the Advisor shall not be
entitled to indemnification or be held harmless pursuant to this Section 5.01 for any activity which the Advisor shall be required to indemnify or hold harmless the Company pursuant to Section 5.02. 

5.02 Indemnification by Advisor. The Advisor shall indemnify and hold harmless the Company from contract or other liability, claims, damages,
taxes or losses and related expenses including attorneys’ fees, to the extent that (i) such liability, claims, damages, taxes or losses and related expenses are not fully reimbursed by insurance and (ii) are incurred by reason of the
Advisor’s bad faith, fraud, misfeasance, misconduct, negligence or reckless disregard of its duties. The Advisor shall not be held responsible for any action of the Board in following or declining to follow any advice or recommendation given by
the Advisor. 
 ARTICLE VI  

MISCELLANEOUS 
 6.01
Assignment to an Affiliate. This Agreement may be assigned by the Advisor to an Affiliate of the Advisor with the approval of a majority of the Board (including a majority of the Independent Directors). The Advisor may assign any
rights to receive fees or other payments under this Agreement without obtaining the approval of the Board. This Agreement shall not be assigned by the Company, OP I or the Partnership without the consent of the Advisor, except in the case of an
assignment by the Company, OP I or the Partnership to a corporation or other organization which is a successor to all of the assets, rights and obligations of the Company, in which case such successor organization shall be bound hereunder and by the
terms of said assignment in the same manner as the Company, OP I and the Partnership are bound by this Agreement. This Agreement shall be binding on successors to the Company, OP I and the Partnership resulting from a Change of Control or sale of
all or substantially all the assets of the Company, OP I or the Partnership, and shall likewise be binding upon any successor to the Advisor. 
 6.02
Relationship of Advisor and Company. The Company, OP I, the Partnership and the Advisor are not partners or joint venturers with each other, and nothing in this Agreement shall be construed to make them such partners or joint venturers
or impose any liability as such on either of them. The Advisor and its Affiliates have or may have a proprietary interest in the name “Carter Validus.” The Advisor hereby grants to the Company, to the extent of any proprietary interest the
Advisor may have in the name “Carter Validus,” a non-transferable, non-assignable, non-exclusive, royalty- free right
and license to use the name “Carter Validus” during the term of this Agreement. The Company agrees that the Advisor and its Affiliates will have the right to approve of any use by the Company of the name “Carter Validus,” such
approval not to be unreasonably withheld or delayed. Accordingly, and in recognition of this right, if at any time the Company ceases to retain the Advisor or one of its Affiliates to perform advisory services for the Company, the Company will,
promptly after receipt of written request from the Advisor, cease to conduct business under or use the name “Carter Validus” or any derivative thereof and the Company shall change its name and the names of any of its subsidiaries to a name
that does not contain the name “Carter Validus” or any other word or words that might, in the reasonable discretion of the Advisor, be susceptible of indication of some form of relationship between the Company and the Advisor or any its
Affiliates. At such time, the Company will also make any changes to any trademarks, service marks or other marks necessary to remove any references to the word “Carter Validus.” Consistent with the foregoing, it is specifically recognized
that the Advisor or one or more of its Affiliates has in the past and may in the future organize, sponsor or otherwise permit to exist other investment vehicles (including vehicles for investment in real estate) and financial and service
organizations having “Carter Validus” as a part of their name, all without the need for any consent (and without the right to object thereto) by the Company. Neither the Advisor nor any of its Affiliates makes any representation or
warranty, express or implied, with respect to the name “Carter Validus” licensed hereunder or the use thereof (including without limitation as to whether the use of the name “Carter Validus” will be free from infringement of the
intellectual property rights of third parties. Notwithstanding the preceding, the Advisor represents and warrants that it is not aware of any pending claims or litigation or of any claims threatened in writing regarding the use or ownership of the
name “Carter Validus.” 
 6.03 Notices. Any notice, report or other communication required or permitted to be given hereunder shall
be in writing unless some other method of giving such notice, report or other communication is required by the Articles of Incorporation, the Bylaws, or accepted by the party to whom it is given, and shall be given by being delivered by hand or by
overnight mail or other overnight delivery service to the addresses set forth herein: 
  

			
	To the Directors and to the Company:	  	Carter Validus Mission Critical REIT II, Inc.
		  	 4890 West Kennedy Blvd., Suite 650
 Tampa,
Florida 33609

		  	Attention: Chief Executive Officer and President
		
	To the Advisor:	  	Carter Validus Advisors II, LLC
		  	 4890 West Kennedy Blvd., Suite 650
 Tampa,
Florida 33609

		  	Attention: Chief Executive Officer
		
	To the Partnership:	  	 Carter Validus Operating Partnership II, LP

4890 West Kennedy Blvd., Suite 650
 Tampa, Florida
33609

		  	Attention: Chief Executive Officer of Carter Validus Mission Critical REIT II, Inc, its General Partner
		
	To OP I:	  	 Carter/Validus Operating Partnership, LP

4890 West Kennedy Blvd., Suite 650
 Tampa, Florida
33609

		  	Attention: Chief Executive Officer of Carter Validus Mission Critical REIT II, Inc., its General Partner

 Either party shall, as soon as reasonably practicable, give notice in writing to the other party of a change in its address
for the purposes of this Section 6.03. 

  
 11 












 6.04 Modification. This Agreement shall not be changed, modified, or amended, in whole or in
part, except by an instrument in writing signed by both parties hereto, or their respective successors or assignees. 
 6.05 Severability. The
provisions of this Agreement are independent of and severable from each other, and no provision shall be affected or rendered invalid or unenforceable by virtue of the fact that for any reason any other or others of them may be invalid or
unenforceable in whole or in part. 
 6.06 Choice of Law; Venue. The provisions of this Agreement shall be construed and interpreted in
accordance with the laws of the State of Florida, and venue for any action brought with respect to any claims arising out of this Agreement shall be brought exclusively in Hillsborough County, Tampa. 

6.07 Entire Agreement. This Agreement contains the entire agreement and understanding among the parties hereto with respect to the subject
matter hereof, and supersedes all prior and contemporaneous agreements, understandings, inducements and conditions, express or implied, oral or written, of any nature whatsoever with respect to the subject matter hereof. The express terms hereof
control and supersede any course of performance and/or usage of the trade inconsistent with any of the terms hereof. This Agreement may not be modified or amended other than by an agreement in writing signed by each of the parties hereto. 

6.08 Waiver. Neither the failure nor any delay on the part of a party to exercise any right, remedy, power or privilege under this Agreement
shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the same or of any other right, remedy, power or privilege, nor shall any waiver of any
right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence. No waiver shall be effective unless it is in writing and is signed by the party
asserted to have granted such waiver. 
 6.09 Gender; Number. Words used herein regardless of the number and gender specifically used, shall
be deemed and construed to include any other number, singular or plural, and any other gender, masculine, feminine or neuter, as the context requires. 

6.10 Headings. The titles and headings of sections and subsections contained in this Agreement are for convenience only, and they neither form a
part of this Agreement nor are they to be used in the construction or interpretation hereof. 
 6.11 Execution in Counterparts. This Agreement
may be executed in any number of counterparts, each of which shall be deemed to be an original as against any party whose signature appears thereon, and all of which shall together constitute one and the same instrument. This Agreement shall become
binding when the counterparts hereof, individually or taken together, shall bear the signatures of all of the parties reflected hereon as the signatories. 

6.12 Initial Investment. The Advisor or one of its Affiliates has contributed $200,000 (the “Initial Investment”) in exchange for the
initial issuance of Shares of Class A common stock of the Company. The Advisor or its Affiliates may not sell any of the Shares purchased with the Initial Investment while the Advisor acts in an advisory capacity to the Company. The
restrictions included above shall not apply to any Shares acquired by the Advisor or its Affiliates other than the Shares acquired through the Initial Investment. Neither the Advisor nor its Affiliates shall vote any Shares they now own, or
hereafter acquires, in any vote for the election of Directors or any vote regarding the approval or termination of any contract with the Advisor or any of its Affiliates. 

[THE REMAINDER OF THIS PAGE HAS BEEN INTENTIONALLY LEFT BLANK] 

  
 12 












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

			
	CARTER VALIDUS MISSION CRITICAL REIT II, INC.
		
	By:	 	 /s/ Kay C. Neely

		 	Kay C. Neely
		 	Chief Financial Officer
	
	CARTER VALIDUS ADVISORS II, LLC
		
	By:	 	 /s/ Kay C. Neely

		 	Kay C. Neely
		 	Chief Financial Officer
	
	CARTER VALIDUS OPERATING PARTNERSHIP II, LP
		
	By:	 	Carter Validus Mission Critical REIT II, Inc., its General Partner
		
	By:	 	 /s/ Kay C. Neely

		 	Kay C. Neely
		 	Chief Financial Officer
	
	CARTER/VALIDUS OPERATING PARTNERSHIP, LP
		
	By:	 	Carter Validus Mission Critical REIT, Inc., its General Partner
		
	By:	 	 /s/ Michael A. Seton

		 	Michael A. Seton
		 	Chief Executive Officer


 [Signature Page to Third Amended and Restated Advisory Agreement] 

  
 13