Form of Advisory Agreement



 EXHIBIT 10.3 
 ADVISORY AGREEMENT 
 THIS ADVISORY AGREEMENT, dated as of December 19, 2008, is
between CNL Macquarie Global Growth Trust, Inc., a corporation organized under the laws of the State of Maryland (the “Company”), CNL Macquarie Growth, LP, a limited partnership organized under the laws of the State of Delaware (the
“Operating Partnership”), and CNL Macquarie Global Growth Advisors, LLC, a limited liability company organized under the laws of the State of Delaware (the “Advisor”). 
 W I T N E S S E T H 
 WHEREAS, the Company has filed with the Securities and Exchange Commission a Registration Statement (No. 333-            ) on Form S-11 registering 151,276,316 shares of its
common stock, par value $0.01 per share (as defined below), to be offered to the public, and the Company may subsequently issue Securities (as defined below) other than such shares or otherwise raise additional capital; 
 WHEREAS, the Company intends to qualify as a REIT (as defined below), and invest its funds in investments permitted by the terms of the
Prospectus (as defined below) and Sections 856 through 860 of the Code (as defined below); 
 WHEREAS, the Company is the
sole owner of the general partner of the Operating Partnership and intends to conduct all of its business and make all investments in Real Property, Real Estate Related Securities, Loans and Permitted Investments (each as defined below), through the
Operating Partnership; 
 WHEREAS, the Company and the Operating Partnership desire to avail themselves of the experience,
sources of information, advice, assistance and certain facilities of 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 (as
defined below) 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 of Directors, on the terms and conditions hereinafter set forth. 
 NOW,
THEREFORE, in consideration of the foregoing and of the mutual covenants and agreements contained herein, the parties hereto agree as follows: 
 (1)            Definitions.    As used in this Advisory Agreement (the “Agreement”), the following terms have the
definitions hereinafter indicated: 
 Acquisition Expenses.    Any and all expenses, exclusive of
Acquisition Fees, incurred by the Company, the Operating Partnership, the Advisor, or any of their Affiliates in connection with the selection, acquisition, development or construction of any investment, including any Real Property, Real Estate
Related Securities, Loans or Permitted Investments, 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, title insurance premiums, and the costs of performing due diligence. 
 Acquisition
Fees.    Any and all fees and commissions, exclusive of Acquisition Expenses, paid by any Person to any other Person (including any fees or commissions paid by or to any Affiliate of the Company, the Operating Partnership or
the Advisor) in connection with the selection, evaluation, structure, purchase, development or construction of Real Property or with making or investing in Loans, Real Estate Related Securities or Permitted Investments, including real estate
commissions, selection fees, Investment Services Fees, Development Fees, Construction Fees, nonrecurring 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 Advisor in connection with the actual development and construction of a property. 







 Advisor.    CNL Macquarie Global Growth Advisors, LLC, a
limited liability company organized under the laws of the state of Delaware, any successor advisor to the Company and the Operating Partnership. 
 Notwithstanding the forgoing, a Person hired or retained by CNL Macquarie Global Growth Advisors, LLC to perform property management and related services for the Company or the Operating Partnership that is not hired
or retained to perform substantially all of the functions of CNL Macquarie Global Growth Advisors, LLC with respect to the Company or the Operating Partnership as a whole shall not be deemed to be an Advisor. 
 Affiliate or Affiliated.    With respect to any Person, (a) any Person directly or indirectly owning,
controlling or holding, with the power to vote, ten percent (10%) or more of the outstanding voting securities of such other Person; (b) any Person ten percent (10%) or more of whose outstanding voting securities are directly or
indirectly owned, controlled or held, with the power to vote, by such other Person; (c) any Person directly or indirectly controlling, controlled by or under common control with such other Person; (d) any executive officer, director,
trustee or general partner of such other Person; or (e) any legal entity for which such Person acts as an executive officer, director, trustee or general partner. Notwithstanding anything to the contrary contained herein, no entity Affiliated
with CNL Sponsor, shall be deemed an Affiliate of MRE Sponsor, and vice versa, and CNL Sponsor and MRE Sponsor shall not be deemed Affiliates of each other. 
 Articles of Incorporation.    The Articles of Incorporation of the Company, as amended or restated from time to time. 
 Asset.    Any Real Property, Real Estate Related Security, Loan, Permitted Investment or other investment
(other than investments in bank accounts or money market funds) owned by the Company, directly or indirectly through one or more of its Joint Ventures or Subsidiaries, and any other investment made by the Company, directly or indirectly through one
or more of its Joint Ventures or Subsidiaries. 
 Asset Management Fee.    Asset Management
Fee shall have the meaning set forth in Section 9(a) of 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 non-cash reserves, computed by taking the average of such values at the end of each
month during such period. 
 Board of Directors, Board or Directors.    The persons holding such
office, as of any particular time, under the Articles of Incorporation of the Company, whether they be the Directors named therein or additional or successor Directors. 
 Bylaws.    The bylaws of the Company, as the same are in effect and may be amended from time to time. 
 Cause.    With respect to the termination of this Agreement, (a) fraud, criminal conduct, willful
misconduct or willful or negligent breach of fiduciary duty by the Advisor; or (b) a material breach of this Agreement of any nature whatsoever by the Advisor, which breach is not cured within 30 days of notice given to the Advisor specifying
the nature of the alleged breach. 
 CNL Sponsor.    CNL Financial Group, LLC, a Florida limited
liability company. 
 Code.    The 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. 
 Common Shares.    The common stock, par value $0.01 per share, of the
Company that may be issued from time to time in accordance with the terms of the Articles of Incorporation and applicable law. 
  

 -2- 








 Company.    Company shall have the meaning set forth in the
preamble of this Agreement. 
 Company Property.    Any and all property, real, personal or
otherwise, tangible or intangible, which is transferred or conveyed to the Company, the Operating Partnership, any Subsidiary or any Joint Venture of any of the foregoing (including all rents, income, profits and gains therefrom), and which is owned
or held by, or for the account of, the Company, the Operating Partnership, any Subsidiary or any Joint Venture of any of the foregoing. 
 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. 
 Competitive Real Estate Commission.    A real estate
or brokerage commission for the purchase or sale of property which is reasonable, customary, and competitive in light of the size, type, and location of the property. 
 Contract Purchase Price.    The amount actually paid in respect of the purchase of a Real Property, and the amount budgeted in respect of the development, construction
or improvement of a Real Property, the amount of funds advanced with respect to a Loan or the amount actually paid in respect to the purchase of other Real Estate Related Securities or Permitted Investments, in each case exclusive of Acquisition
Fees and Acquisition Expenses. 
 Development Fee.    The fee for the packaging of a Company
Property, including negotiating and approving plans and assisting in obtaining zoning and necessary variances and financing for a specific Company Property to be developed or under development, either initially or at a later date. 
 Director.    A member of the Board of Directors of the Company. 
 Disposition Fee.    The fee payable to the Advisor under Section 9(c). 
 Distributions.    Any distributions of money or other property by the Company to owners of Equity Shares,
including distributions that may constitute a return of capital for federal income tax purposes. 
 Distribution
Reinvestment Plan.    Any reinvestment plan adopted from time to time by the Company pursuant to which the Company’s stockholders may elect to have the full amount of their cash distributions reinvested in additional
Common Shares. 
 Equity Shares.    Transferable shares of beneficial interest of the Company of
any class or series, including Common Shares or Preferred Shares. The use of the term “Equity Shares” or any term defined by reference to the term “Equity Shares” shall refer to the particular class or series of capital stock of
the Company which is appropriate under the context. 
 Excess Amount.    Excess Amount shall have
the meaning set forth in Section 12 of this Agreement. 
 Excess Shares.    Equity Shares
that have been designated as “Excess Shares” pursuant to the Company’s Articles of Incorporation. 
 Expense Year.    Expense Year shall have the meaning set forth in Section 12 of this Agreement. 
 FINRA.    The Financial Industry Regulatory Authority. 
 GAAP.    Generally accepted accounting principles as in effect in the United States of America from time to time or such other accounting basis mandated by the United States Securities and Exchange Commission.

 Good Reason.    With respect to the termination of this Agreement, (a) in connection with
a merger, sale of substantially all the assets, sale of Equity Shares or other transaction involving the Company or the Operating Partnership pursuant to which a majority of the Directors then in office are replaced or removed; (b) any failure
to obtain a satisfactory agreement from any successor to the Company and/or the Operating Partnership to assume and 
  

 -3- 








 agree to perform the Company’s and/or the Operating Partnership’s obligations under this
Agreement, whether or not a majority of the Directors then in office are replaced or removed; or (c) any material breach of this Agreement of any nature whatsoever by the Company and/or the Operating Partnership, which breach is not cured
within 30 days of notice given to the Company and/or the Operating Partnership specifying the nature of the alleged breach. 
 Gross Proceeds.    The purchase price of all Equity Shares sold for the account of the Company through all Offerings, without deduction for Organizational and Offering Expenses or volume or other discounts. For
the purpose of computing Gross Proceeds, the purchase price of any Equity Share for which reduced or no Selling Commissions or Marketing Support Fees are paid to the Managing Dealer or a Participating Broker shall be deemed to be the full amount of
the Offering price per Equity Share pursuant to the Prospectus for such Offering, with the exception of Equity Shares purchased pursuant to the Company’s Distribution Reinvestment Plan, which will be factored into the calculation using their
actual purchase price. 
 Incentive Fees.    The Subordinated Share of Net Sales Proceeds, the
Subordinated Incentive Fee and the Performance Fee. 
 Independent Director.    Independent
Director shall have the meaning set forth in the Articles of Incorporation. 
 Initial Public
Offering.    The Company’s first public offering of Equity Shares pursuant to an effective registration statement filed under the Securities Act of 1933, as amended. 
 Invested Capital.    The amount calculated by multiplying the total number of Common Shares issued and
outstanding by the Offering price per share, without deduction for Organizational and Offering Expenses (which price per Common Share, in the case of Common Shares purchased pursuant to the Distribution Reinvestment Plan, shall be deemed to be the
actual purchase price), reduced by the amount paid to redeem Common Shares pursuant to the Company’s redemption plan. 
 Investment Services Fee.    Investment Services Fee shall have the meaning set forth in Section 9(b)(i) of this Agreement. 
 Joint Ventures.    Those joint venture or partnership arrangements in which the Company, the Operating Partnership or any of its Subsidiaries is a co-venturer or
partner and which are established to acquire Real Properties, Real Estate Related Securities, Loans or Permitted Investments. 
 Listing.    The listing of the Common Shares of the Company on a national securities exchange or the receipt by the Company’s Stockholders of securities that are listed on a national securities exchange in
exchange for the Company’s Common Shares. Upon commencement of trading of the Common Shares on a national securities exchange, the Common Shares shall be deemed “Listed.” 
 Loans.    Mortgage Loans and other types of debt financing provided by the Company. 
 Managing Dealer.    CNL Securities Corp., an Affiliate of CNL Sponsor, or such other Person or entity selected
by the Board of Directors to act as the managing dealer for an Offering. CNL Securities Corp. is a member of FINRA. 
 Marketing Support Fee.    The fees payable to the Managing Dealer in connection with the sale of Equity Shares for marketing support. 
 Mortgage Loans.    In connection with mortgage financing provided by the Company, notes or other evidences of indebtedness or obligations that are secured or
collateralized by Real Property owned by the borrowers. 
 MRE Sponsor.    Macquarie Real Estate
Inc., a Delaware corporation. 
  

 -4- 








 NASAA REIT Guidelines.    The Statement of Policy Regarding
Real Estate Investment Trusts of the North American Securities Administrators Association adopted on May 7, 2007. 
 Net Income.    For any period, the Company’s total revenues determined in accordance with GAAP applicable to such period, less the total expenses determined in accordance with GAAP applicable to such period
other than additions to reserves for depreciation, bad debts or other similar non-cash reserves and Acquisition Expenses and Acquisition Fees to the extent not capitalized, and excluding any gain from the sale of 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 or the Operating Partnership, including all real estate commissions, 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 or the Operating 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 Company’s or Operating Partnership’s pro
rata share of the proceeds of any such transaction received by the Joint Venture, less the amount of any selling expenses incurred by or on behalf of the Joint Venture, less the amount of any selling expenses, including legal fees and expenses,
incurred by or on behalf of the Company or the Operating Partnership. 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 on or in satisfaction thereof other than regularly scheduled interest payments) less the amount of selling expenses incurred by or on behalf of the Company, Operating Partnership or any Joint
Venture, 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 received by the Company or the
Operating Partnership less the amount of selling expenses incurred by or on behalf of the Company, including any legal fees and expenses and other selling expenses incurred in connection with such transaction. With respect to each of the
transactions or series of transactions described above in this definition, Net Sales Proceeds means the proceeds of such transaction or series of transactions less the amount of any real estate commissions, closing costs, legal fees and expenses and
other selling expenses incurred by or allocated to the Company, the Operating Partnership or any Joint Venture in connection with such transaction or series of transactions. Net Sales Proceeds shall also include any amounts that the Company
determines, in its discretion, to be economically equivalent to proceeds of a Sale. The repayment of debt shall be deducted from the proceeds of a transaction for the purpose of calculating Net Sales Proceeds. 
 Offering.    A public offering of Equity Shares pursuant to a Prospectus. 
 Operating Partnership.    Operating Partnership shall have the meaning set forth in the preamble of this
Agreement. 
 Operating Partnership Agreement.    The Limited Partnership Agreement of CNL
Macquarie Growth, LP, between CNL Macquarie Growth TRS LLC, a Delaware limited liability company, the Company, CNL Real Estate Group, Inc. and Macquarie Real Estate Advisory Services LLC. 
 OP Unit.    A unit of limited partnership interest in the Operating Partnership. 
 Organizational and Offering Expenses.    Any and all costs and expenses, including Selling Commissions and the
Marketing Support Fee incurred by the Company or any of its Affiliates in connection with the formation, qualification and registration of the Company and the marketing and distribution of Equity Shares in an Offering, including, without limitation,
the following: legal, accounting and escrow fees; due diligence expenses; printing, amending, supplementing, mailing and distributing costs; personnel costs associated with processing investor subscriptions and the preparation and dissemination of
organizational and offering documents and sales materials; telecopy and telephone costs; charges of transfer agents, registrars, trustees, depositories and experts; and fees, expenses and taxes related to the filing, registration and qualification
of the Equity Shares under federal and state laws. 
  

 -5- 








 Ownership Limit.    At any time at which the Company is
required to meet the requirements of Section 856(a) of the Code in order to qualify as a REIT, with respect to each class or series of Equity Shares, 9.8% (by vote or value) of the outstanding shares of such Equity Shares. 
 Participating Broker.    A broker-dealer who is a member of FINRA or who is exempt from broker-dealer
registration, and who, in either case, has executed a participating broker or other agreement with the Managing Dealer to sell Equity Shares. 
 Performance Fee.    The fee payable to the Advisor under Section 18(b). 
 Permitted Investments.    All investments that are permitted to be made by a REIT under the Code. 
 Person.    An individual, corporation, partnership, trust, joint venture, limited liability company or other entity or association. 
 Preferred Shares.    Any class or series of preferred stock, par value $0.01 per share, of the Company that
may be issued from time to time in accordance with the terms of the Articles of Incorporation and applicable law. 
 Priority Return.    As of any date, an aggregate amount equal to an 8% cumulative, noncompounded, annual return on Invested Capital pro rated for any partial year. For purposes of calculating the Priority Return
for a calendar year or any portion thereof, the Company will use the daily weighted average amount of Invested Capital for such period. 
 Prospectus.    The most recent final prospectus of the Company relating to the Common Shares as filed with the Securities and Exchange Commission pursuant to Rule 424(b) under the Securities
Act of 1933, as amended. 
 Real Estate Asset Value.    The amount invested in Real Properties
wholly owned by the Company, the Operating Partnership and/or any of their Subsidiaries, determined on the basis of cost, plus, in the case of Real Properties owned by any Joint Venture or partnership in which the Company, the Operating Partnership
and/or any of their Subsidiaries is a co-venturer or partner, the Company’s, Operating Partnership’s or such Subsidiary’s proportionate share of the amount invested by the Joint Venture or partnership in such Real Properties
determined on the basis of cost, exclusive of Acquisition Fees and Acquisition Expenses. 
 Real Estate Related
Securities.    The real estate related securities investments, or such investments the Board of Directors and the Advisor mutually designate as Real Estate Related Securities to the extent such investments could be classified
as either Real Estate Related Securities or Real Property, which are owned from time to time by the Company, the Operating Partnership, Subsidiaries or Joint Ventures. 
 Real Property.    (a) Land, including the buildings located thereon, (b) land only, and/or (c) the buildings only, which are owned from time to time by
the Company or the Operating Partnership, either directly or through Subsidiaries, joint venture arrangements or other partnerships, or (d) such investments the Board of Directors and the Advisor mutually designate as Real Property to the
extent such investments could be classified as either Real Property or Real Estate Related Securities. Properties sold by the Company or any of its Subsidiaries to tenancy-in-common investors shall be deemed Real Property for the purposes of this
definition so long as (x) such properties are being leased by the Company or any of its Subsidiaries from the tenancy-in-common investors, and (y) such properties are reflected as assets of the Company in accordance with GAAP. 

REIT.    A “real estate investment trust” as defined pursuant to Sections 856 through 860 of the
Code. 
 Sale or Sales.    Any transaction or series of transactions whereby (a) the Company
or the Operating Partnership directly or indirectly (except as described in other subsections of this definition) sells, grants, transfers, conveys, or relinquishes its ownership of any Real Property or portion thereof, and including any event with
respect to any Real Property which gives rise to a significant amount of insurance proceeds or condemnation awards; (b) the 
  

 -6- 








 Company or the Operating 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 or the Operating 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) sells, grants, transfers, conveys, or relinquishes its ownership of any Real Property or portion thereof, including any event with respect to any Real
Property which gives rise to insurance claims or condemnation awards; (d) the Company or the Operating 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 payments thereunder or in satisfaction thereof other than regularly scheduled interest payments) of amounts owed pursuant to such mortgage and any event which
gives rise to a significant amount of insurance proceeds or similar awards; or (e) the Company, the Operating Partnership or any Joint Venture 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. 
 Securities.    Any Equity Shares, any other stock, shares or other evidences of equity or beneficial or other interests, voting trust certificates, bonds, debentures, notes or other
evidences of indebtedness, secured or unsecured, convertible, subordinated or otherwise, or in general any instruments commonly known as “securities” or any certificates of interest, shares or participations in, temporary or interim
certificates for, receipts for, guarantees of, or warrants, options or rights to subscribe to, purchase or acquire, any of the foregoing. 
 Selling Commissions.    Any and all commissions payable to underwriters, managing dealers, or other broker-dealers in connection with the sale of Equity Shares through Offerings, including,
without limitation, selling commissions payable to the Managing Dealer. 
 Stockholders.    The
registered holders of the Company’s Equity Shares. 
 Subordinated Incentive Fee.    The fee
payable to the Advisor under Section 9(e). 
 Subordinate Share of Net Sales Proceeds.    The
fee payable to the Advisor under Section 9(d). 
 Subsidiary.    Any corporation, limited
liability company, partnership, business trust or other entity of which the Company, directly or indirectly, owns or controls at least fifty percent (50%) of the voting securities or economic interests. 
 Termination Date.    The date of termination of this Agreement. 
 Termination Event.    The termination or non-renewal of this Agreement (a) by the Advisor for Good Reason
or (b) by the Company and the Operating Partnership other than for Cause. 
 Total Operating
Expenses.    All costs and expenses paid or incurred by the Company, as determined under GAAP, that are in any way related to the operation of the Company or to corporate business, including Asset Management Fees and other
fees paid to the Advisor, but excluding (a) the expenses of raising capital such as Organizational 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 Equity Shares, (b) interest payments, (c) taxes, (d) non-cash expenditures such as depreciation, amortization and bad debt reserves,
(e) the Performance Fee, the Subordinated Incentive Fee, the Subordinated Share of Net Sales Proceeds and any other incentive fees paid in compliance with the NASAA REIT Guidelines, (f) Acquisition Fees and Acquisition Expenses,
(g) real estate commissions on the Sale of Real Property, (h) the Disposition Fee, (i) property management fees and leasing commissions or other amounts incurred pursuant to property management agreements, (j) property or
investment direct operating expenses, and (k) 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). The definition of Total Operating Expenses set forth above is intended to encompass only those expenses which are required to be treated as Total Operating
Expenses under the NASAA REIT 
  

 -7- 








 Guidelines. As a result, and notwithstanding the definition set forth above, any expense of the Company
which is not part of Total Operating Expenses under the NASAA REIT Guidelines shall not be treated as part of Total Operating Expenses for purposes hereof. 
 2%/25% Guidelines.    The requirement pursuant to the NASAA REIT Guidelines that, in any 12-month period, Total Operating Expenses shall not exceed the greater of 2% of
the Company’s Average Invested Assets during such 12-month period or 25% of the Company’s Net Income over the same 12-month period. 
 (2)            Appointment.    The Company and the Operating Partnership hereby appoint the Advisor to serve as their advisor on
the terms and conditions set forth in this Agreement, and the Advisor hereby accepts such appointment. 
 (3)            Duties of the Advisor.    The Advisor undertakes to use its commercially reasonable efforts to present to the Company and the Operating
Partnership potential investment opportunities and to provide a continuing and suitable investment program consistent with the investment objectives and policies of the Company as determined and adopted from time to time by the Directors. In
performance of this undertaking, subject to the supervision of the Directors and consistent with the provisions of the Prospectus, Articles of Incorporation and Bylaws of the Company, and the Operating Partnership Agreement, the Advisor shall,
either directly or by engaging any such Person, including an Affiliate, that it deems qualified: 
 (a)            serve as the Company’s and the Operating Partnership’s investment and financial advisor and provide research and economic and statistical data in
connection with the Company’s and the Operating Partnership’s Assets and investment policies; 
 (b)            provide the daily management of the Company and the Operating Partnership and perform and supervise the various administrative functions reasonably necessary for the
management of the Company and the Operating Partnership; 
 (c)            investigate, select, and, on behalf of the Company and the Operating 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, real estate management companies, real estate operating companies, securities investment advisors, mortgagors, 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 of the Company and the Operating Partnership with any of the foregoing; 
 (d)            consult with the officers and Directors of the Company and assist the Directors in the formulation and implementation of the Company’s and the Operating
Partnership’s financial policies, and, as necessary, furnish the Directors 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 and/or the Operating Partnership; 
 (e)            subject to the provisions of Sections 3(g) and 4 hereof: (i) locate, analyze and select potential investments; (ii) structure and negotiate the terms and
conditions of transactions pursuant to which investments will be made; (iii) make investments on behalf of the Company and the Operating 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, investments; and (v) enter into leases and service contracts for Real
Property and, to the extent necessary, perform all other operational functions for the maintenance and administration of such Real Property; 
 (f)            upon request, provide the Directors with periodic reports regarding prospective investments; 
  

 -8- 








 (g)            obtain the
prior approval of the Board, any particular Directors specified by the Board or any committee of the Board, as the case may be, for any and all investments in and dispositions of Real Properties; 
 (h)            make investments in and dispositions of Real Estate Related
Securities, Loans and Permitted Investments within the discretionary limits and authority as granted by the Board; 
 (i)             negotiate on behalf of the Company and the Operating Partnership with banks or lenders for loans to be made to the Company and the Operating Partnership, and
negotiate on behalf of the Company and the Operating Partnership with investment banking firms and broker-dealers or negotiate private sales of Equity Shares and Securities or obtain loans for the Company and the Operating Partnership, but in no
event in such a way so that the Advisor shall be acting as broker-dealer or 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 or the Operating Partnership; 
 (j)             obtain reports (which may, but are not required to, be prepared by the Advisor or its Affiliates), where appropriate, concerning the value of investments or
contemplated investments of the Company and/or the Operating Partnership in Real Properties, Real Estate Related Securities, Loans and Permitted Investments; 
 (k)            from time to time, or at any time reasonably requested by the Directors, make reports to the Directors of its
performance of services to the Company and the Operating Partnership under this Agreement; 
 (l)             provide the Company and the Operating Partnership with all necessary cash management services; 
 (m)          do all things necessary to assure its ability to render the services
described in this Agreement; 
 (n)            deliver to or
maintain on behalf of the Company copies of all appraisals obtained in connection with the investments in and valuations of Real Properties, Real Estate Related Securities, Loans and Permitted Investments as may be required to be obtained by the
Board; 
 (o)            effect any private placement of OP
Units, tenancy-in-common or other interests in Real Properties as may be approved by the Board; 
 (p)            make necessary regulatory filings, including filing tax returns on behalf of the Company and the Operating Partnership; 
 (q)            prepare or oversee third parties in preparing all financial
reports, statements or analysis required by regulatory authorities or the Board; 
 (r)            provide investor relations services to the Company; 
 (s)            provide Sarbanes-Oxley compliance for the Company, the Operating Partnership and their respective subsidiaries; 
 (t)             provide tax compliance for the Company, the Operating
Partnership and their respective subsidiaries; 
 (u)            provide foreign currency management (including foreign currency hedging); and 
 (v)            notify the Board of all proposed transactions not otherwise described above, the value of which exceeds an amount which
may be designated by the Board from time to time, before they are completed. 
  

 -9- 








 Notwithstanding the foregoing, the Advisor may delegate any of the foregoing duties to
any Person, including an Affiliate, so long as the Advisor remains responsible for the performance of the duties set forth in this Section 3. 
 (4)            Authority of the Advisor. 
 (a)            Pursuant to the terms of this Agreement (including the restrictions included in this Section 4 and in Section 7), and subject to the
continuing and exclusive authority of the Directors over the management of the Company, the Board hereby delegates to the Advisor the authority to take those actions set forth in Section 3. 
 (b)            Notwithstanding the foregoing, any investment in a Real
Property, Real Estate Related Security, Loan or Permitted Investment, including any acquisition or disposition of Real Property by the Company or the Operating Partnership (including any financing of such acquisition), will require the prior
approval of the Directors, any particular Directors specified by the Board or any committee of the Board, or otherwise come within the authority delegated by the Board to the Advisor, as the case may be. 
 (c)            If a transaction requires approval by the Independent
Directors, the Advisor will deliver to the Independent Directors all documents and other information required by them to properly evaluate the proposed transaction. 
 The prior approval of a majority of the Independent Directors not otherwise interested in the transaction and a majority of the Directors not otherwise interested in the transaction will be
required for each transaction to which the Advisor or its Affiliates is a party. 
 The Directors may, at any time upon the
giving of notice to the Advisor, modify or revoke the authority set forth in this Section 4. If and to the extent the Directors so modify or revoke the authority contained herein, the Advisor shall henceforth submit to the Directors for prior
approval such proposed transactions involving investments in Real Properties, Real Estate Related Securities, Loans or Permitted Investments as thereafter require prior approval, provided, however, that such modification or revocation shall be
effective upon receipt by the Advisor and shall not be applicable to investment transactions to which the Advisor has committed the Company prior to the date of receipt by the Advisor of such notification. 
 (5)            Bank Accounts.    The Advisor may
establish and maintain one or more bank accounts in the name of the Company and the Operating Partnership 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 and/or the Operating Partnership, under such terms and conditions as the Directors may approve, provided that no funds shall be commingled with the funds of the Advisor. The Advisor shall from time to time render appropriate accountings of
such collections and payments to the Directors and to the auditors of the Company. Notwithstanding the foregoing, the Advisor may delegate its duties under this Section 5 to any Person, including an Affiliate, so long as the Advisor remains
responsible for the performance of its duties under this Section 5. 
 (6)            Records; Access.    The Advisor shall maintain appropriate records of all its activities hereunder and make such records available for
inspection by the Directors and by counsel, auditors and authorized agents of the Company and the Operating Partnership, at any time and from time to time during normal business hours. The Advisor shall at all reasonable times have access to the
books and records of the Company and the Operating Partnership as necessary to perform its duties pursuant to this Agreement. 
 (7)            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; (b) subject the Company to regulation under the Investment Company Act of 1940, as amended; or (c) violate any law,
rule, regulation or statement of policy of any governmental body or agency having jurisdiction over the Company, its Securities, or otherwise not be permitted by the Articles of Incorporation or Bylaws of the Company, except if such action shall be
ordered by the Directors, in which case the Advisor shall notify promptly the Directors of the Advisor’s judgment of the potential impact of such action and shall refrain from taking such action until 
  

 -10- 








 it receives further clarification or instructions from the Directors. In such event the Advisor shall
have no liability for acting in accordance with the specific instructions of the Directors so given. Notwithstanding the foregoing, neither the Advisor nor any subadvisor, nor any of their respective directors, officers, employees, agents, members,
stockholders or other Affiliates shall be liable to the Company, the Directors or Stockholders for any act or omission by the Advisor or any subadvisor, or any of their respective directors, officers, employees, agents, members, stockholders or
other Affiliates taken or omitted to be taken in the performance of their duties under this Agreement, except as provided in Section 20 of this Agreement, and such parties shall be intended third party beneficiaries of this Section. 

(8)            Relationship with
Directors.    Subject to Section 7 of this Agreement and to restrictions advisable with respect to the qualification of the Company as a REIT, directors, officers and employees of the Advisor or an Affiliate of the
Advisor or any corporate parents of an Affiliate may serve as a Director and as officers of the Company, except that no director, officer or employee of the Advisor or its Affiliates who also is a Director or officer of the Company shall receive any
compensation from the Company for serving as a Director or officer other than reasonable reimbursement for travel and related expenses incurred in attending meetings of the Directors and no such Director shall be deemed an Independent Director for
purposes of satisfying the Director independence requirement set forth in the Articles of Incorporation. 
 (9)            Fees. 
 (a)            Asset Management Fee.    The Company or the Operating Partnership shall pay to the Advisor as compensation for the advisory services
rendered to the Company and the Operating Partnership under Section 3 above a monthly fee of an amount equal to 0.08334% of the sum of the Company’s and the Operating Partnership’s respective Real Estate Asset Value (without
duplication), plus the outstanding principal amount of any Loans made, plus the amount invested in Real Estate Related Securities and Permitted Investments, in each case as of the end of the preceding month (the “Asset Management Fee”).
The Asset Management Fee shall be payable monthly on the first business day following the last day of such month. The Asset Management Fee shall not exceed fees which are competitive for similar services in the same geographic area, and may or may
not be taken, in whole or in part as to any year, in the sole discretion of the Advisor. All or any portion of the Asset Management Fee not taken as to any fiscal year shall be deferred without interest and may be taken in such other fiscal year as
the Advisor shall determine. 
 (b)            Acquisition
Fees. 
 (i)             Investment Services
Fee.    The Advisor shall receive as compensation for services rendered in connection with the selection, evaluation, structure and purchase of Real Properties, Real Estate Related Securities or Permitted Investments, or the
making of Loans, a fee (the “Investment Services Fee”) in the amount of (A) with respect to each (W) Real Property acquired directly by the Company or the Operating Partnership, 3.0% of the Contract Purchase Price of such asset,
or (X) Real Estate Related Security, Loan or Permitted Investment acquired or made directly by the Company or the Operating Partnership, 3.0% of the amount invested, and (B) with respect to each (Y) Real Property acquired indirectly
by the Company or the Operating Partnership through one or more of its Affiliates or Joint Ventures, 3.0% of the Contract Purchase Price of such asset multiplied by the Company’s or the Operating Partnership’s percentage equity interest in
such Affiliates or Joint Ventures, or (Z) Real Estate Related Security, Loan or Permitted Investment acquired or made indirectly by the Company or the Operating Partnership through one or more of its Affiliates or Joint Ventures, 3.0% of the
amount of the investment multiplied by the Company’s or the Operating Partnership’s percentage equity interest in such Affiliates or Joint Ventures. Such fees shall be paid to the Advisor as the Company or the Operating Partnership closes
on the acquisition of such Asset; provided, however, that no Investment Services Fee shall be paid to the Advisor in connection with the purchase by the Company or the Operating Partnership of Securities; however, such Investment Services Fee may be
paid to an Affiliate of the Advisor if, at the time of such payment, the Affiliate is registered as a FINRA member broker dealer. In the case of a development or construction project, upon completion of the project, the Advisor shall determine the
actual amounts paid. To the extent the amounts actually paid vary from the budgeted amounts on which the Investment Services Fee was initially based, the Advisor will pay or invoice the Company for 3.0% of the budget variance such that the
Investment Services Fee is ultimately 3.0% of amounts expended on such development or construction project. 
 (ii)           Other Fees.    The Company or the Operating Partnership may pay the Advisor or its 
  

 -11- 








 Affiliates fees that are usual and customary for comparable services in connection with the financing,
development, construction or renovation of Real Property or the acquisition or disposition of Real Estate Related Securities or Permitted Investments or the making of Loans. Such fees are in addition to the fees described in clause (i) above
and payment of such fees will be subject to the prior approval of the Board of Directors, including a majority of the Independent Directors. 
 (iii)          Limitations on Acquisition Fees.    Acquisition Fees shall be reduced to the extent necessary to limit the total compensation
paid to all Persons involved in the acquisition of any Real Properties, Real Estate Related Securities or Permitted Investments or the making of Loans to the amount customarily charged in arm’s-length transactions by other Persons or entities
rendering similar services as an ongoing public activity in the same geographic location and for comparable types of Real Properties, Real Estate Related Securities, Loans or Permitted Investments and to the extent that other acquisition fees,
finder’s fees, real estate commissions, or other similar fees or commissions are paid by any Person in connection with the transaction. The total of all Acquisition Fees and any Acquisition Expenses shall be reasonable and shall be limited in
accordance with the Articles of Incorporation. 
 (c)            Disposition Fee.    If the Advisor or an Affiliate provides a substantial amount of the services (as determined in good faith by a
majority of the Independent Directors) in connection with the Sale of one or more Assets, the Advisor or an Affiliate shall receive a Disposition Fee in an amount equal to: (i) in the case of the Sale of Real Property, the lesser of
(A) one-half of the Competitive Real Estate Commission, or (B) 3% of the sales price of such Real Property or Properties; and (ii) in the case of the Sale of other Assets, 3% of the sales price of such Asset. The total of all real
estate commissions paid by the Company to all Persons in connection with any Sale of one or more Real Property or Properties shall not exceed the lesser of (i) a Competitive Real Estate Commission or (ii) 6% of the gross sales price of the
Company Property or Properties; provided, however, that no Disposition Fee shall be paid to the Advisor in connection with the Sale by the Company or the Operating Partnership of Securities unless at the time of such payment the Advisor is
registered as a FINRA member broker dealer. Any such Disposition Fee so deemed to be earned by the Advisor shall be paid by the Company or the Operating Partnership to the Advisor upon the closing of the Sale. 
 (d)            Subordinated Share of Net Sales
Proceeds.    The Subordinated Share of Net Sales Proceeds shall be payable to the Advisor in an amount equal to 15% of the amount by which (i) the sum of (A) Net Sales Proceeds from Sales, and (B) the total
Distributions paid to holders of Common Shares from the Company’s inception through the measurement date, and (C) the total of any Incentive Fees paid from inception through the measurement date exceeds (ii) the sum of (A) 100%
of Invested Capital and (B) the total Distributions required to pay the holders of Common Shares a Priority Return from the Company’s inception until the measurement date, including those paid prior to the date of payment. Such amount
shall be reduced by all prior Incentive Fees paid. Following Listing, no Subordinated Share of Net Sales Proceeds will be paid to the Advisor. 
 (e)            Subordinated Incentive Fee.    Upon Listing, the Advisor shall be paid the Subordinated Incentive Fee in an amount
equal to 15% of the amount by which (i) the sum of (A) the market value of the Company, measured by taking the average closing price or average of bid and asked price, as the case may be, over a period of 30 days during which the Common
Shares are traded, with such period beginning 180 days after Listing (the “Market Value”), and (B) the total Distributions paid to holders of Common Shares from the Company’s inception until the date of Listing, and
(C) the total of any Incentive Fees paid from inception through the date of Listing exceeds (ii) the sum of (A) 100% of Invested Capital and (B) the total Distributions required to pay the holders of Common Shares a Priority
Return from the Company’s inception through the date of Listing, including those paid prior to such date of determination. Such amount shall be reduced by all prior Incentive Fees paid. The Company shall have the option to pay such fee in the
form of cash or Listed Equity Shares (subject to reasonable and customary lock-up provisions) or any combination of the foregoing. 
 (10)         Expenses. 
 (a)            In addition to the compensation paid to the Advisor pursuant to Section 9 hereof, the Company or the Operating Partnership shall pay directly or reimburse the
Advisor for all of the expenses paid or incurred by the Advisor and its Affiliates or subadvisors, if applicable, in connection with the services they provide to the Company and the Operating Partnership pursuant to this Agreement, including, but
not limited to: 
  

 -12- 








 (i)             the
Company’s Organizational and Offering Expenses; provided, however, that the aggregate of the Organizational and Offering Expenses paid by the Company shall not exceed 15% of Gross Proceeds, and within 60 days after the end of the month in which
the Offering terminates, the Advisor shall reimburse the Company or the Operating Partnership for any Organizational and Offering Expenses to the extent that any reimbursement received by the Advisor pursuant to this Section 10(a)(i) exceeds
the maximum amount permitted or, at the option of the Company or the Operating Partnership, such excess shall be subtracted from the next reimbursement of expenses to be made by the Company or the Operating Partnership pursuant to this
Section 10(a)(i). The Advisor shall pay or directly reimburse the Company to the extent that any Organizational and Offering Expenses exceed 15% of Gross Proceeds; 
 (ii)           Acquisition Expenses incurred in connection with the selection, acquisition, development or construction of Assets;

 (iii)          the actual cost of goods and services used by the
Company and the Operating Partnership and obtained from entities not Affiliated with the Advisor, other than Acquisition Expenses, including brokerage fees paid in connection with the purchase and sale of Real Estate Related Securities; 

(iv)          interest and other costs for borrowed money, including discounts,
points and other similar fees; 
 (v)            taxes and
assessments on income of the Company, the Operating Partnership or its Subsidiaries or in connection with any Assets; 
 (vi)          all costs and insurance premiums required in connection with the business of the Company and the Operating Partnership, including providing Directors and Officers insurance to
the Directors; 
 (vii)         expenses of managing and operating Real
Properties owned by the Company and the Operating Partnership, whether payable to an Affiliate of the Company and the Operating Partnership or a non-Affiliated Person; 
 (viii)        payments and expense reimbursements to the Directors and meetings of the Directors and Stockholders; 
 (ix)          expenses associated with a Listing, if applicable, or with the issuance
and distribution of Equity Shares and Securities, such as selling commissions and fees, advertising expenses, taxes, legal and accounting fees and Listing and registration fees and costs; 
 (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, revising, amending, converting, modifying, or terminating the Company, the Operating Partnership, the Articles of Incorporation or the Operating
Partnership Agreement; 
 (xii)         expenses 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)        personnel costs and related overhead costs of personnel of the Advisor or its
Affiliates, but excluding personnel providing asset management or acquisition services and named executive officers of the Advisor relating to services provided to the Company, the Operating Partnership and their Subsidiaries or assets of such
entities; and 
  

 -13- 








 (xiv)        internal or external audit,
accounting, tax, legal fees and compliance costs (including personnel costs, and related overhead, of personnel of the Advisor or its Affiliates). 
 (b)            Expenses incurred by the Advisor on behalf of the Company and the Operating Partnership and payable pursuant to this Section 10 shall be
reimbursed no less than monthly to the Advisor. The Advisor shall prepare a statement documenting the reimbursable expenses of the Company and the Operating Partnership and the calculation of the Asset Management Fee, and shall deliver such
statement to the Company and the Operating Partnership within 20 days after the end of each month. 
 (11)         Other Services.    Should the Directors request that the Advisor or any director, officer or employee thereof render services for the Company and the
Operating Partnership other than set forth in Section 3, such services shall be separately compensated at such rates and in such amounts as are agreed by the Advisor and the Independent Directors of the Company, 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. 
 (12)         Limitation on Reimbursement to the Advisor.    Commencing with the fourth full fiscal quarter following the effective date of the Company’s Initial
Public Offering, for any period during which the Company’s Articles of Incorporation require compliance with the 2%/25% Guidelines, the Company shall not reimburse the Advisor at the end of any fiscal quarter for Total Operating Expenses that,
in the four consecutive fiscal quarters then ended (the “Expense Year”) exceed the 2%/25% Guidelines for such year (the “Excess Amount”), unless the Independent Directors make a finding that, based on such unusual and
non-recurring factors which they deem sufficient, a higher level of expenses is justified for such Expense Year. Such determination shall be reflected in the minutes of the meetings of the Board of Directors. If the Independent Directors do not
determine that such Excess Amount is justified, any Excess Amount paid to the Advisor during a fiscal quarter shall be repaid to the Company. If there is an Excess Amount in any Expense Year and the Independent Directors determine that such excess
was justified based on unusual and nonrecurring factors which they deem sufficient, then the Excess Amount may be paid in the Expense Year and within 60 days after the end of such Expense Year there shall be sent to the Stockholders a written
disclosure of such fact, together with an explanation of the factors the Independent Directors considered in determining that such excess expenses were justified. Further, the Company shall not reimburse the Advisor or its Affiliates for services
for which the Advisor or its Affiliates are entitled to compensation in the form of a separate fee. All figures used in the foregoing computation shall be determined in accordance with GAAP applied on a consistent basis. 
 (13)         Other Activities of the Advisor.    Nothing
herein contained shall prevent the Advisor or any of its Affiliates from engaging in or earning fees from other activities, including, without limitation, direct investment in assets that would be suitable for the Company and the Operating
Partnership; 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 the Advisor
or any of its Affiliates or of any director, officer, employee, member or stockholder of the Advisor or its Affiliates to engage in or earn fees from any other business or to render services of any kind to any other partnership, corporation, firm,
individual, trust or association and earn fees for rendering such services. The Advisor and/or its Affiliates or subadvisors may, with respect to any investment in which the Company and the Operating Partnership is a participant, also render advice
and service to each and every other participant therein, and earn fees for rendering such advice and service. Specifically, it is contemplated that the Company and the Operating Partnership may enter into joint ventures or other similar
co-investment arrangements with certain Persons, and pursuant to the agreements governing such joint ventures or arrangements, the Advisor and/or its Affiliates or subadvisors may be engaged to provide advice and service to such Persons, in which
case the Advisor will earn fees for rendering such advice and service. 
 The Advisor shall be required to use commercially
reasonable efforts to present a continuing and suitable investment program to the Company and the Operating Partnership that is consistent with their investment policies and objectives, but neither the Advisor nor any Affiliate of the Advisor shall
be obligated generally to present any particular investment opportunity to the Company and the Operating Partnership even if the opportunity is of a character which, if presented to the Company and the Operating Partnership, could be taken by them.

  

 -14- 








 (14)         Term; Termination of
Agreement.    This Agreement shall continue in force for a period of one year from the date hereof, subject to an unlimited number of successive one-year renewals upon mutual consent of the parties. 
 (15)         Termination by the Parties.    This Agreement may be
terminated (i) immediately by the Company and/or the Operating Partnership for Cause or upon the bankruptcy of the Advisor; (ii) upon 60 days prior written notice without Cause and without penalty by a majority of the Independent Directors
of the Company; (iii) upon 60 days prior written notice without Good Reason and without penalty by the Advisor; or (iv) immediately by the Advisor for Good Reason or upon the bankruptcy of the Company. 
 (16)         Assignment to an Affiliate.    This Agreement shall
not be assigned by the Company or the Operating Partnership without the consent of the Advisor, except in the case of an assignment by the Company or the Operating Partnership to a corporation, limited partnership or other organization which is a
successor to all of the assets, rights and obligations of the Company or the Operating Partnership, in which case such successor organization shall be bound hereunder and by the terms of said assignment in the same manner as the Company and the
Operating Partnership are bound by this Agreement. 
 (17)         Subcontracts with Affiliates.    The Advisor may subcontract with any Person it deems qualified, including an Affiliate, for a portion of the services and
duties to be performed under this Agreement without obtaining the approval of the Directors. The Advisor may further subcontract any rights to receive fees or other payments for such services or duties under this Agreement without obtaining the
approval of the Directors. Notwithstanding the foregoing, in the event of any such subcontracting by the Advisor of the services or duties to be performed by it under this Agreement, the Advisor shall remain responsible for the completion and
performance of all such services and duties. 
 (18)         Payments to and
Duties of Advisor Upon Termination.    Payments to the Advisor of unpaid expense reimbursements pursuant to this Section 18 shall be subject to the 2%/25% Guidelines to the extent applicable. 
 (a)            After the Termination Date, the Advisor shall not be entitled
to compensation for further services hereunder except it shall be entitled to receive from the Company or the Operating Partnership within 30 days after the Termination Date all unpaid reimbursements of expenses and all earned but unpaid fees
payable to the Advisor prior to termination of this Agreement. 
 (b)            Upon a Termination Event, the Advisor shall be entitled to payment of the Performance Fee. The Performance Fee shall be calculated upon a Listing or Sale following
such Termination Event and (i) in the event of a Listing, shall be calculated in the same manner as the Subordinated Incentive Fee and (ii) in the case of a Sale, shall be calculated in the same manner as the Subordinated Share of Net
Sales Proceeds; provided, however, that the amount of the Performance Fee paid to the Advisor shall be equal to the amount as calculated above multiplied by the quotient of (A) the number of days elapsed from the initial effective date of the
Agreement with CNL Macquarie Global Growth Advisors, LLC (the “Initial Effective Date”) to the date of the Termination Event, divided by (B) the number of days elapsed from the Initial Effective Date through the date of the Listing or
the Sale, as applicable. The Company shall have the option to pay the Performance Fee in cash, Listed Equity Shares priced at the Market Value or Listed equity Securities received by Stockholders in exchange for their Equity Shares priced at Market
Value, such fee to be payable within thirty (30) days following final determination of the Performance Fee. 
 (c)            The Advisor shall be entitled to receive all accrued but unpaid compensation and expense reimbursements in cash or Listed Equity Shares within 30 days of the
Termination Date. 
 (d)            The Advisor shall promptly
upon termination: 
 (i)             deliver to the Company
and the Operating Partnership all money collected and held for the account of the Company and the Operating Partnership pursuant to this Agreement, after deducting any 
  


 -15- 








 accrued compensation and reimbursement for its expenses to which it is then entitled; 
 (ii)            deliver to the Directors 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 Directors; 
 (iii)          deliver to the Directors all Assets, including Real Properties and Real
Estate Related Securities, and documents of the Company and the Operating Partnership then in the custody of the Advisor; and 
 (iv)          cooperate with the Company and the Operating Partnership to provide an orderly management transition. 
 (19)          Indemnification by the Company and the Operating Partnership.    The Company and the Operating
Partnership shall indemnify and hold harmless the Advisor and its Affiliates, including their respective officers, directors, partners, employees, agents and advisors, from all liability, claims, damages, taxes or losses arising in the performance
of their duties hereunder, and related expenses, including reasonable attorneys’ fees and costs, to the extent such liability, claims, damages, taxes or losses and related expenses are not fully reimbursed by insurance, subject to any
limitations imposed by the Articles of Incorporation of the Company. Any indemnification of the Advisor may be made only out of the net assets of the Company and the Operating Partnership and not from Stockholders. 
 (20)          Indemnification by Advisor.    The Advisor
shall indemnify and hold harmless the Company and the Operating Partnership from all liability, claims, damages, taxes or losses and related expenses including reasonable attorneys’ fees and taxes, to the extent that such liability, claims,
damages, taxes or losses and related expenses are not fully reimbursed by insurance and are incurred by reason of the Advisor’s bad faith, fraud, misconduct, or gross negligence, but the Advisor shall not be held responsible for any action of
the Board of Directors in following or declining to follow any advice or recommendation given by the Advisor. 
 (21)          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 deemed given and received by being delivered by hand or on the second
(2nd) business day after mailing by registered or certified United States mail, postage prepaid and return receipt requested, to the other party at the address set forth below: 
  

			
	 To the Directors and to the Company:
	 	  
 CNL Macquarie Global Growth Trust, Inc.
 Attention: Chief Financial Officer
 CNL Center
at City Commons
 450 South Orange Avenue
 Orlando, Florida 32801
 Facsimile: (407) 540-2500
  
 with a copy to:
  
 Macquarie Real Estate Inc.
 Attention: General
Counsel
 One North Wacker Drive, 9th
Floor
 Chicago, Illinois 60606
 Facsimile: (312) 660-9386



			
	 To the Operating Partnership:
	 	  
 CNL Macquarie Growth, LP


  

 -16- 









			
	 	 	 Attention: Chief Financial Officer
 CNL Center at City Commons
 450 South Orange Avenue
 Orlando, Florida 32801
 Facsimile: (407) 540-2500
  
 with a copy to:
  
 Macquarie Real Estate Inc.
 Attention: General Counsel
 One North Wacker
Drive, 9th Floor
 Chicago, Illinois
60606
 Facsimile: (312) 660-9386

		
	 To the Advisor:
	 	 CNL Macquarie Global Growth Advisors, LLC
 CNL Center at City Commons
 450 South Orange Avenue
 Orlando, Florida 32801
 Facsimile: (407) 540-2500
  
 with a copy to:
  
 Macquarie Real Estate Inc.
 Attention: General Counsel
 One North Wacker
Drive, 9th Floor
 Chicago, Illinois
60606
 Facsimile: (312) 660-9386


 Any party may at any time give notice in writing to the other parties of a change in its address
for the purposes of this Section 21. 
 (22)          Amendment or
Modification.    This Agreement shall not be amended, changed, modified or discharged, in whole or in part, except by an instrument in writing signed by the parties hereto, or their respective successors or permitted
assignees. 
 (23)          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. 
 (24)          Construction.    The provisions of this Agreement shall be construed and interpreted in accordance with the laws of the State of Delaware, and any
action brought to enforce the agreements made hereunder or any action which arises out of the relationship created hereunder shall be brought exclusively in the federal or state courts for Orange County, Florida. 
 (25)          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. 
 (26)          Indulgences, Not Waivers.    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 
  

 -17- 








 
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. 
 (27)         Gender.    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. 
 (28)         Titles Not to Affect Interpretation.    The titles 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. 
 (29)         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 one or more counterparts hereof, individually or taken together, shall bear the signatures of all
of the parties reflected hereon as the signatories. 
 (30)         Name.    The Advisor has proprietary interests in the names “CNL” and “Macquarie.” Accordingly, and in recognition of this right, if at
any time the Company ceases to retain the Advisor or an Affiliate thereof to perform any of the services of Advisor, the Directors of the Company will, promptly after receipt of written request from the Advisor, (a) cease to conduct business
under or use either of the names “CNL” or “Macquarie,” or any diminutive thereof, and (b) change the name of the Company to a name that does not contain the name “CNL,” “Macquarie” or any other word or
words that might, in the sole discretion of the Advisor, be susceptible of indication of some form of relationship between the Company and the Advisor or any Affiliate thereof. 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
“CNL” or “Macquarie” as a part of their name, all without the need for any consent (and without the right to object thereto) by the Company or its Directors. The Company’s right to use the name “CNL” and any
associated trademarks, trade names, service marks, and other intellectual property is subject to the terms of the Brand License Agreement among CNL Intellectual Properties, Inc., a Florida corporation, as licensor, and the Advisor, the Company and
CNL Macquarie Growth Managers, LLC, a Delaware limited liability company (the “Property Manager”), as licensees, and the terms of that agreement shall supersede any inconsistent terms of this Agreement. The Company’s right to use the
name “Macquarie” and any associated trademarks, trade names, service marks, and other intellectual property is subject to the terms of a License Deed among Macquarie Bank Limited, as licensor, and the Advisor, the Company, and the Property
Manager, and the terms of that agreement shall supersede any inconsistent terms of this Agreement. 
 (31)         Independent Contractor.    Neither the Company nor the Advisor shall be construed as joint venturers or owners of each other pursuant to this Agreement,
and neither shall have the power to bind or obligate the other except as set forth herein. In all respects, the status of the Company to the Advisor under this Agreement is that of an independent contractor. 
 (32)         Interpretation.    This Agreement shall be deemed to
have been drafted jointly by the parties, and therefore no provision of this Agreement shall be construed against or interpreted to the disadvantage of any party by reason of such party having, or being deemed to have, drafted, devised or imposed
such provision. 
 (33)         Non-Solicitation.    During the period commencing on the date on which this Agreement is entered into and ending one year following the termination of the
this Agreement, the Company and the Operating Partnership shall not, without the Advisor’s prior written consent, directly or indirectly, (a) solicit or encourage any person to leave the employment or other service of the Advisor, or
(b) hire, on behalf of the Company, the Operating Partnership or any other person or entity, any person who has left the employment within the one year period following the termination of that person’s employment the Advisor. During the
period commencing on the date hereof through and ending one year 
  

 -18- 








 following the termination of this Agreement, the Company and the Operating Partnership will not, whether
for its own account or for the account of any other person, firm, corporation or other business organization, intentionally interfere with the relationship of the Advisor with, or endeavor to entice away from the Advisor, any person who during the
term of the Agreement is, or during the preceding one-year period, was a tenant, co-investor, co-developer, joint venturer or other customer of the Advisor. 
  

 -19- 








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

					
	CNL MACQUARIE GLOBAL GROWTH TRUST, INC.
		
	By:	 	 /s/ Mark Mullen

	Name:	 	Mark Mullen
	Title:	 	Senior Vice President
		 		 	
	
	CNL MACQUARIE GROWTH, LP                                 

		 		 	
		
	By:	 	CNL MACQUARIE GROWTH TRS LLC, a Delaware limited liability company
	Its:	 	General Partner



									
		 		 		 		 	
				
		 		 	By:	 	CNL MACQUARIE GLOBAL GROWTH TRUST, INC., a Maryland corporation
		 		 	Its:	 	Managing Member



									
		 		 		 		 	
					
		 		 		 	By:	 	 /s/ Mark Mullen




									
		 		 		 	Name:	 	Mark Mullen
		 		 		 	Title:	 	Senior Vice President
		 		 		 		 	



									
	
	CNL MACQUARIE GLOBAL GROWTH ADVISORS, LLC



							
		 		 		 	
		
	By:	 	 /s/ Curtis B. McWilliams




							
	Name:	 	Curtis B. McWilliams
	Title:	 	President
		 		 		 	


  

 -20-