EX-10.1



 EXHIBIT 10.1 

ADVISORY AGREEMENT 

between 
 RESOURCE REAL
ESTATE INNOVATION OFFICE REIT, INC. and 
 RRE INNOVATION OFFICE ADVISOR, LLC 

May 29, 2015 







 TABLE OF CONTENTS 

 

							
	 	 	 	 	Page	 
			
	ARTICLE 1.	 	DEFINITIONS	 	 	1	  
			
	ARTICLE 2.	 	APPOINTMENT	 	 	6	  
			
	ARTICLE 3.	 	DUTIES OF THE ADVISOR	 	 	7	  
	 3.01
	 	Organizational and Offering Services	 	 	7	  
	 3.02
	 	Acquisition Services	 	 	7	  
	 3.03
	 	Asset Management Services	 	 	8	  
	 3.04
	 	Stockholder Services	 	 	10	  
	 3.05
	 	Other Services	 	 	10	  
			
	ARTICLE 4.	 	AUTHORITY OF ADVISOR	 	 	10	  
	 4.01
	 	General	 	 	10	  
	 4.02
	 	Powers of the Advisor	 	 	10	  
	 4.03
	 	Approval by the Board	 	 	10	  
	 4.04
	 	Modification or Revocation of Authority of Advisor	 	 	11	  
			
	ARTICLE 5.	 	BANK ACCOUNTS	 	 	11	  
			
	ARTICLE 6.	 	RECORDS AND FINANCIAL STATEMENTS	 	 	11	  
			
	ARTICLE 7.	 	LIMITATION ON ACTIVITIES	 	 	11	  
			
	ARTICLE 8.	 	FEES	 	 	12	  
	 8.01
	 	Acquisition Fees	 	 	12	  
	 8.02
	 	Asset Management Fees	 	 	12	  
	 8.03
	 	Disposition Fees	 	 	13	  
	 8.04
	 	Debt Financing Fees	 	 	13	  
	 8.05
	 	Changes to Fee Structure	 	 	13	  
	 8.06
	 	Limitations on an Internalization Transaction	 	 	13	  
			
	ARTICLE 9.	 	EXPENSES	 	 	14	  
	 9.01
	 	General	 	 	14	  
	 9.02
	 	Timing of and Additional Limitations on Reimbursements	 	 	15	  
			
	ARTICLE 10.	 	VOTING AGREEMENT	 	 	16	  
			
	ARTICLE 11.	 	RELATIONSHIP OF ADVISOR AND COMPANY; OTHER ACTIVITIES OF THE ADVISOR	 	 	16	  
	 11.01
	 	Relationship	 	 	16	  
	 11.02
	 	Commitment of Time and Resources	 	 	16	  
	 11.03
	 	Investment Opportunities and Allocation	 	 	16	  
	 11.04
	 	Non-Solicitation	 	 	16	  


  
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	ARTICLE 12.		THE RESOURCE REAL ESTATE INNOVATION OFFICE NAME		17	 
			
	ARTICLE 13.		TERM AND TERMINATION OF THE AGREEMENT		 	17	  
	 13.01
		Term; Renewal		 	17	  
	 13.02
		Termination		 	17	  
	 13.03
		Payments on Termination		 	17	  
	 13.04
		Duties of Advisor Upon Termination		 	18	  
			
	ARTICLE 14.		ASSIGNMENT		 	18	  
			
	ARTICLE 15.		INDEMNIFICATION AND LIMITATION OF LIABILITY		 	18	  
	 15.01
		Indemnification		 	18	  
	 15.02
		Limitation on Indemnification		 	18	  
			
	ARTICLE 16.		GUARANTEE		 	19	  
			
	ARTICLE 17.		MISCELLANEOUS		 	20	  
	 17.01
		Notices		 	20	  
	 17.02
		Modification		 	20	  
	 17.03
		Severability		 	20	  
	 17.04
		Construction; Venue		 	20	  
	 17.05
		Entire Agreement		 	20	  
	 17.06
		Waiver		 	20	  
	 17.07
		Gender; Number		 	21	  
	 17.08
		Titles Not to Affect Interpretation		 	21	  
	 17.09
		Counterparts		 	21	  
	 17.10
		Initial Investment		 	21	  
	 17.11
		Additional Investment		 	21	  


  
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 ADVISORY AGREEMENT 

This Advisory Agreement, dated as of May 29, 2015 and effective as of the Effective Date (the “Agreement”), is between
Resource Real Estate Innovation Office REIT, Inc., a Maryland corporation (the “Company”), and RRE Innovation Office Advisor, LLC, a Delaware limited liability company (the “Advisor”). 

W I T N E S S E T H 

WHEREAS, the Company desires to avail itself of the knowledge, 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 of the Company (the “Board”), 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, the parties hereto agree as follows: 
 ARTICLE 1. 

DEFINITIONS 
 The following
defined terms used in this Agreement shall have the meanings specified below: 
 “Acquisition Expenses” means any and all
expenses, excluding the Acquisition Fee and Debt Financing Fee, incurred by the Company, the Advisor or any Affiliate of either in connection with the selection, acquisition or development of any property, loan or other potential investment, whether
or not acquired or originated, as applicable, including legal fees and expenses, travel and communications expenses, costs of appraisals, nonrefundable option payments on properties or other investments not acquired, accounting fees and expenses,
and title insurance premiums. 
 “Acquisition Fees” means the fee payable to the Advisor pursuant to Section 8.01 plus all
other fees and commissions, excluding Acquisition Expenses, paid by the Company or any of its Subsidiaries to any Person in connection with making or investing in any Property, Loan or other Permitted Investment or the purchase, development or
construction of any Property by the Company or any of its Subsidiaries. Included in the computation of such fees or commissions shall be any real estate commission, selection fee, Development Fee, Construction Fee, nonrecurring management fee, loan
fees or points or any fee of a similar nature, however designated. Excluded shall be any development fees and construction fees paid to Persons not Affiliated with the Advisor in connection with the actual development and construction of a Property.

 “Advisor” means (i) RRE Innovation Office Advisor, LLC, a Delaware limited liability company, or (ii) any
successor advisor to the Company. 
 “Affiliate” or “Affiliated” means, with respect to any first Person,
any of the following: (i) any other Person directly or indirectly controlling, controlled by, or under common control with such first Person; (ii) any other Person directly or indirectly owning, controlling, or holding with the power to
vote 10% or more of the outstanding voting securities of such first Person; (iii) any legal entity for which such first Person acts as an executive officer, director, trustee, or general partner; (iv) any other Person 10% or more of whose
outstanding voting securities are directly or indirectly owned, controlled, or held, with 

  
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power to vote, by such first Person; and (v) any executive officer, director, trustee, or general partner of such first Person. An entity shall not be deemed to control or be under common
control with a program sponsored by the same Person or an affiliated Person unless (i) the entity owns 10% or more of the voting equity interests of such program or (ii) a majority of the board of directors (or equivalent governing body)
of such program is composed of the same individuals. 
 “Appraised Value” means the value of the Properties, Loans and
Permitted Investments as determined in connection with the Company’s most recently published NAV. For the avoidance of doubt, Appraised Value shall not include a deduction for any indebtedness. 

“Asset Management Fee” has the meaning set forth in Section 8.02. 

“Average Invested Assets” means, for a specified period, the average of the aggregate book value of the assets of the Company
invested, directly or indirectly, in Properties, Loans and other Permitted Investments secured by real estate, before reserves for depreciation, bad debts or other similar non-cash reserves, computed by taking the average of such book values at the
end of each month during such period. 
 “Board” means the board of directors of the Company, as of any particular time.

 “Bylaws” means the bylaws of the Company, as amended from time to time. 

“Cause” means (i) fraud, criminal conduct, willful misconduct or illegal or negligent breach of fiduciary duty by the
Advisor, or (ii) if any of the following events occur: (A) the Advisor shall breach any material provision of this Agreement, and after written notice of such breach, shall not cure such default within thirty (30) days or have begun
action within thirty (30) days to cure the default which shall be completed with reasonable diligence; (B) the Advisor shall be adjudged bankrupt or insolvent by a court of competent jurisdiction, or an order shall be made by a court of
competent jurisdiction for the appointment of a receiver, liquidator or trustee of the Advisor, for all or substantially all its property by reason of the foregoing, or if a court of competent jurisdiction approves any petition filed against the
Advisor for reorganization, and such adjudication or order shall remain in force or unstayed for a period of thirty (30) days; or (C) the Advisor shall institute proceedings for voluntary bankruptcy or shall file a petition seeking
reorganization under the federal bankruptcy laws, or for relief under any law for relief of debtors, or shall consent to the appointment of a receiver for itself or for all or substantially all its property, or shall make a general assignment for
the benefit of its creditors, or shall admit in writing its inability to pay its debts, generally, as they become due. 

“Charter” means the articles of incorporation of the Company, as amended from time to time. 

“Code” means 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. 

“Company” means Resource Real Estate Innovation Office REIT, Inc., a corporation organized under the laws of the State of
Maryland. 
 “Competitive Brokerage Commission” means a real estate or brokerage commission for the purchase or sale of a
Property, Loan or Permitted Investment that is reasonable, customary, and competitive in light of the size, type, and location of the Property, Loan or Permitted Investment. 

  
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 “Construction Fee” means 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 rehabilitation on a Property. 

“Contract Sales Price” means the total consideration received by the Company or one of its Subsidiaries for the Sale of a
Property, Loan or other Permitted Investment. 
 “Cost of Investments” means the sum of (i) with respect to the
acquisition or origination of a Property, Loan or other Permitted Investment to be owned by the Company or a Subsidiary, the amount actually paid or allocated to fund the acquisition, origination, development, construction or improvement of the
Property, Loan or other Permitted Investment, inclusive of Acquisition Expenses associated with the acquisition or origination of such Property, Loan or other Permitted Investment and the amount of any debt associated with, or used to fund the
investment in, such Property, Loan or other Permitted Investment and (ii) with respect to the acquisition or origination of a Property, Loan or other Permitted Investment through any Joint Venture or any partnership in which the Company or the
Partnership is, directly or indirectly, a co-venturer or partner and which is not deemed a Subsidiary, the portion that is attributable to the Company’s direct or indirect investment in such Joint Venture or partnership of the amount actually
paid or allocated to fund the acquisition, origination, development, construction or improvement of the Property, Loan or other Permitted Investment, inclusive of expenses associated with the acquisition or origination of such Property, Loan or
other Permitted Investment and the amount of any debt associated with, or used to fund the investment in, such Property, Loan or other Permitted Investment. 

“Dealer Manager” means (i) Resource Securities, Inc., or (ii) any successor dealer manager to the Company. 

“Dealer Manager Fee” means the dealer manager fee paid with respect to the sale of Shares to the Dealer Manager for serving
as the dealer manager of an Offering. 
 “Debt Financing Fee” has the meaning set forth in Section 8.04. 

“Development Fee” means a fee for the packaging of a Property, including negotiating and approving plans, and undertaking to
assist in obtaining zoning and necessary variances and necessary financing for the Property, either initially or at a later date. 

“Director” means a member of the Board. 

“Distributions” means any dividends or other distributions of money or other property by the Company to owners of Shares,
including distributions that may constitute a return of capital for federal income tax purposes. 
 “Effective Date” means
the commencement date of the Initial Public Offering. 
 “Excess Amount” has the meaning set forth in
Section 9.02(iii). 
 “Expense Year” has the meaning set forth in Section 9.02(iii). 

“GAAP” means accounting principles generally accepted in the United States. 

  
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 “Good Reason” means: (i) any failure to obtain a satisfactory agreement
from any successor to the Company to assume and agree to perform obligations under this Agreement; or (ii) any material breach of this Agreement of any nature whatsoever by the Company. 

“Gross Proceeds” means the aggregate purchase price of all Shares sold for the account of the Company through an Offering,
without deduction for Organization and Offering Expenses. 
 “Guaranteed Obligations” has the meaning set forth in Article
16. 
 “Guarantor” has the meaning set forth in Article 16. 

“Independent Appraiser” has the meaning set forth in the Charter. 

“Independent Director” has the meaning set forth in the Charter. 

“Initial Investment” has the meaning set forth in Section 17.10. 

“Initial Public Offering” means the public offering of Shares registered pursuant to the Registration Statement. 

“Internalization Transaction” has the meaning set forth in Section 8.06. 

“Joint Venture” means any joint venture, limited liability company or other arrangement between the Company and a third party
or an Affiliate of the Company that owns, in whole or in part, on behalf of the Company any Properties, Loans or other Permitted Investments. 

“Listed” or “Listing” shall have the meaning set forth in the Charter. 

“Loan Servicer” means an entity that has been retained to perform and carry out loan servicing functions with respect to one
or more Loans. 
 “Loans” means mortgage loans and other types of debt financing investments made by the Company or the
Partnership, either directly or indirectly, including through ownership interests in a Joint Venture or partnership, including mezzanine loans, B-notes, bridge loans, convertible mortgages, wraparound mortgage loans, construction mortgage loans,
loans on leasehold interests, and participations in such loans. 
 “NASAA Guidelines” means 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” means the net asset value of the Company, as determined from time to time, pursuant to valuation guidelines and
procedures approved by the Board. 
 “Net Income” means, for any period, the Company’s total revenues applicable to
such period, less the total expenses applicable to such period excluding additions to reserves for depreciation, bad debts or other similar non-cash reserves; provided, however, Net Income for purposes of calculating total allowable Total Operating
Expenses shall exclude the gain included in the Company’s consolidated accounts arising from the Sale of assets. 

“Offering” means any offering of the Company’s Shares that is registered with the SEC, excluding Shares offered under
any employee benefit plan. 

  
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 “Organization and Offering Expenses” means 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 of Shares in an Offering, which may include 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, accountants’ and attorneys’ fees. 

“Partnership” means RRE Innovation Office OP, LP, a Delaware limited partnership formed to own and operate Properties, Loans
and other Permitted Investments on behalf of the Company. 
 “Permitted Investments” means all investments (other than
Properties and Loans) in which the Company may acquire an interest, either directly or indirectly, including through ownership interests in a Joint Venture or partnership, pursuant to its Charter, Bylaws and the investment objectives and policies
adopted by the Board from time to time, other than short-term investments acquired for purposes of cash management. 

“Person” means an individual, corporation, partnership, estate, trust (including a trust qualified under Section 401(a)
or
 501(c) (17) of the Code), a portion of a trust permanently set aside for or to be used exclusively for the purposes described in Section 642(c) of the Code, association, private foundation within the meaning of
Section 509(a) of the Code, joint stock company or other entity, or any government or any agency or political subdivision thereof, and also includes a group as that term is used for purposes of Section 13(d)(3) of the Securities Exchange
Act of 1934, as amended. 
 “Property” means any real property or properties acquired by the Company or the Partnership,
either directly or indirectly, including through ownership interests in a Joint Venture or partnership. 
 “Property
Manager” means an entity that has been retained to perform and carry out at one or more of the Properties property management services, excluding persons, entities or independent contractors retained or hired to perform facility management
or other services or tasks at a particular Property, the costs for which are passed through to and ultimately paid by the tenant at such Property. 

“Registration Statement” means the registration statement filed by the Company with the SEC on Form S-11 (File
 No. 333-201842), as amended from time to time. 
 “REIT” means 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” means (i) any transaction or series of transactions
whereby: (A) the Company 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, Loan or other Permitted
Investment or portion thereof, including the transfer of any Property that is the subject of a ground lease, including any event with respect to any Property, Loan or other Permitted Investment that gives rise to a significant amount of insurance
proceeds or condemnation awards, and including the issuance by one of the Company’s subsidiaries of any asset-backed securities or collateralized debt obligations as part of a securitization transaction; (B) the Company 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 or the Partnership in any Joint Venture
or any 

  
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partnership in which it is a co-venturer or partner; or (C) any Joint Venture or any partnership in which the Company or the Partnership is a co-venturer or partner directly or indirectly
(except as described in other subsections of this definition) sells, grants, transfers, conveys, or relinquishes its ownership of any Property, Loan or other Permitted Investment or portion thereof, including any event with respect to any Property,
Loan or other Permitted Investment that gives rise to insurance claims or condemnation awards, and including the issuance by such Joint Venture or any partnership or one of its subsidiaries of any asset-backed securities or collateralized debt
obligations as part of a securitization transaction, but (ii) not including any transaction or series of transactions specified in clause (i) (A) through (C) above in which the proceeds of such transaction or series of
transactions are reinvested in one or more Properties, Loans or other Permitted Investments within 180 days thereafter. 

“SEC” means the United States Securities and Exchange Commission. 

“Selling Commissions” means any and all commissions payable to underwriters, dealer managers or other broker-dealers in
connection with the sale of Shares, including commissions payable to the Dealer Manager. 
 “Shares” means any shares of
common stock of the Company, par value $0.01 per share. 
 “Stockholders” means the registered holders of the Shares. 

“Subsidiary” means, with respect to any Person (the “parent”), at any date, any corporation, limited
liability company, partnership, association or other entity the accounts of which would be consolidated with those of the parent in the parent’s consolidated financial statements if such financial statements were prepared in accordance with
GAAP as of such date, as well as any other corporation, limited liability company, partnership, association or other entity of which securities or other ownership interests representing more than 50% of the equity or more than 50% of the ordinary
voting power or, in the case of a partnership or limited liability company, more than 50% of the general partnership interests or managing member interests are, as of such date, owned, controlled or held, directly or indirectly, by one or more of
the parent and its Subsidiaries. 
 “Termination Date” means the date of termination of the Agreement determined in
accordance with Article 13 hereof. 
 “Total Operating Expenses” has the meaning set forth in the Charter. The definition
of “Total Operating Expenses” is intended to encompass only those expenses which are required to be treated as Total Operating Expenses under the NASAA Guidelines. As a result, and notwithstanding the definition in the Charter, any expense
of the Company which is not part of Total Operating Expenses under the NASAA Guidelines shall not be treated as part of Total Operating Expenses for purposes hereof. 

“2%/25% Guidelines” has the meaning set forth in Section 9.02(iii). 

ARTICLE 2. 
 APPOINTMENT

 The Company hereby appoints the Advisor to serve as its advisor and asset manager on the terms and conditions set forth in this
Agreement and subject to the supervision of the Board, and the Advisor hereby accepts such appointment. 

  
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 ARTICLE 3. 

DUTIES OF THE ADVISOR 
 The
Advisor, as a result of its relationship with the Company pursuant to this Agreement, has a fiduciary responsibility and duty to the Company and the Stockholders. The Advisor is responsible for managing, operating, directing and supervising the
operations and administration of the Company and its assets. The Advisor undertakes to use its reasonable efforts to present to the Company investment opportunities, to make investment decisions on behalf of the Company subject to the limitations in
the Charter, the direction and oversight of the Board and Section 4.03 hereof, and to provide the Company with a continuing and suitable investment program consistent with the investment policies and objectives of the Company as determined and
adopted from time to time by the Board. Subject to the limitations set forth in this Agreement, including Article 4 hereof, and the continuing and exclusive authority of the Board over the management of the Company, the Advisor shall, either
directly or by engaging an Affiliate or third party, perform the following duties: 
 3.01 Organizational and Offering Services. The
Advisor shall perform all services related to the organization of the Company or any Offering of the Company’s securities, other than services that (i) are to be performed by the Dealer Manager, (ii) the Company elects to perform
directly or (iii) would require the Advisor to register as a broker-dealer with the SEC or any state. 
 3.02 Acquisition
Services. 
 (i) Serve as the Company’s investment and financial advisor and provide relevant market research and economic and
statistical data in connection with the Company’s assets and investment objectives and policies; 
 (ii) Subject to Section 4
hereof and the investment objectives and policies of the Company approved by the Board: (a) locate, analyze and select potential investments; (b) structure and negotiate the terms and conditions of transactions pursuant to which
investments in Properties, Loans and other Permitted Investments will be made; (c) acquire, originate and dispose of Properties, Loans and other Permitted Investments on behalf of the Company and its Subsidiaries; (d) arrange for financing
and refinancing and make other changes in the asset or capital structure of investments in Properties, Loans and other Permitted Investments of the Company and its Subsidiaries; and (e) enter into leases, service contracts and other agreements
for Properties, Loans and other Permitted Investments of the Company and its Subsidiaries; 
 (iii) Perform due diligence on prospective
investments and create due diligence reports summarizing the results of such work; 
 (iv) With respect to prospective investments presented
to the Board, prepare reports regarding such prospective investments that include recommendations and supporting documentation necessary for the Directors to evaluate the proposed investments; 

(v) Obtain reports (which may be prepared by the Advisor or its Affiliates), where appropriate, concerning the value of contemplated
investments of the Company and its Subsidiaries; 
 (vi) Deliver to or maintain on behalf of the Company copies of all appraisals obtained
in connection with the Company’s and its Subsidiaries’ investments; and 
 (vii) Negotiate and execute approved investments and
other transactions, including prepayments, maturities, workouts and other settlements of Loans and other Permitted Investments of the Company and its Subsidiaries. 

  
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 3.03 Asset Management Services. 

(i) Real Estate and Related Services: 

(a) Investigate, select and, on behalf of the Company, engage and conduct business with (including enter contracts with) such Persons as the
Advisor deems necessary to the proper performance of its obligations as set forth in this Agreement, including consultants, accountants, lenders, technical advisors, attorneys, brokers, underwriters, corporate fiduciaries, escrow agents,
depositaries, custodians, agents for collection, insurers, insurance agents, developers, construction companies, Property Managers and any and all Persons acting in any other capacity deemed by the Advisor necessary or desirable for the performance
of any of the foregoing services; 
 (b) Negotiate and service the Company’s and its Subsidiaries’ debt facilities and other
financings; 
 (c) Monitor applicable markets and obtain reports (which may be prepared by the Advisor or its Affiliates) where appropriate,
concerning the value of investments of the Company and its Subsidiaries; 
 (d) Monitor and evaluate the performance of each asset of the
Company and its Subsidiaries and the Company’s and its Subsidiaries’ overall portfolio of assets, provide daily management services to the Company and perform and supervise the various management and operational functions related to the
Company’s and its Subsidiaries’ investments; 
 (e) Formulate and oversee the implementation of strategies for the administration,
promotion, management, operation, maintenance, improvement, financing and refinancing, marketing, leasing and disposition of Properties, Loans and other Permitted Investments on an overall portfolio basis; 

(f) Consult with the Company’s officers and the Board and assist the Board in the formulation and implementation of the Company’s
financial policies, and, as necessary with respect to investment and borrowing opportunities presented to the Board, 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 and its Subsidiaries; 

(g) Oversee the performance by the (1) Property Managers of their duties, including collection and proper deposits of rental payments and
payment of Property expenses and maintenance and (2) Loan Servicers of their duties, including collection and application of payments, restructurings, workouts, foreclosures and accounting for Loans; 

(h) Conduct periodic on-site property visits to some or all (as the Advisor deems reasonably necessary) of the Properties to inspect the
physical condition of the Properties and to evaluate the performance of the Property Managers; 
 (i) Review, analyze and comment upon the
operating budgets, capital budgets and leasing plans prepared and submitted by each Property Manager and aggregate these property budgets into the Company’s overall budget; 

(j) Coordinate and manage relationships between the Company and its Subsidiaries, on the one hand, and any Joint Venture partners on the
other; and 

  
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 (k) Consult with the Company’s officers and the Board and provide assistance with the
evaluation and approval of potential asset disposition, sale and refinancing opportunities that are presented to the Board. 
 (ii)
Accounting and Other Administrative Services: 
 (a) Provide the day-to-day management of the Company and perform and supervise the various
administrative functions reasonably necessary for the management of the Company and its Subsidiaries; 
 (b) From time to time, or at any
time reasonably requested by the Board, make reports to the Board on the Advisor’s performance of services to the Company and its Subsidiaries under this Agreement; 

(c) Make reports to the Independent Directors each quarter of the allocation of investment opportunities of the type suitable for the Company
among the Company and the other programs sponsored by the Advisor or any of its Affiliates, in order to enable the Independent Directors to monitor the Advisor’s compliance with the investment allocation policy in effect from time to time as
approved by the Board; 
 (d) Provide or arrange for any administrative services and items, legal and other services, office space, office
furnishings, personnel and other overhead items necessary and incidental to the Company’s and its Subsidiaries’ businesses and operations; 

(e) Provide financial and operational planning services; 

(f) Calculate NAV and NAV per share as requested by the Board, and in connection therewith, supervise any independent valuation experts
engaged by the Company with the approval of the Board; 
 (g) Maintain accounting and other record-keeping functions at the Company and
investment levels, including information concerning the activities of the Company as shall be required to prepare and to file all periodic financial reports, tax returns and any other information required to be filed with the SEC, the Internal
Revenue Service and any other regulatory agency; 
 (h) Maintain and preserve all appropriate books and records of the Company and its
Subsidiaries; 
 (i) Provide tax and compliance services and coordinate with appropriate third parties, including the Company’s
independent auditors and other consultants, on related tax matters; 
 (j) Provide the Company and its Subsidiaries with all necessary cash
management services; 
 (k) Manage and coordinate with the transfer agent the periodic Distribution process and payments to Stockholders;

 (l) Consult with the Company’s officers and the Board and assist the Board in evaluating and obtaining adequate insurance coverage
based upon risk management determinations; 
 (m) Consult with the Company’s officers and the Board relating to the corporate
governance structure and appropriate policies and procedures related thereto; 

  
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 (n) Perform all reporting, record keeping, internal controls and similar matters in a manner to
allow the Company and its Subsidiaries to comply with applicable law, including federal and state securities laws and the Sarbanes-Oxley Act of 2002, and provide the Company’s officers and the Board with timely updates regarding the
Company’s compliance with applicable law; 
 (o) Recommend liquidity event strategies to the Board when appropriate and implement any
such strategies approved by the Board; 
 (p) Notify the Board of all proposed material transactions before they are completed and get
approval where necessary; and 
 (q) Do all things necessary to assure its ability to render the services described in this Agreement. 

3.04 Stockholder Services. 

(i) Manage services for and communications with Stockholders, including answering phone calls, preparing and sending written and electronic
reports and other communications; 
 (ii) Oversee the performance of the transfer agent and registrar; 

(iii) Establish technology infrastructure to assist in providing Stockholder support and service; and 

(iv) Consistent with Section 3.01, the Advisor shall perform the various subscription processing services reasonably necessary for the
admission of new Stockholders. 
 3.05 Other Services. Except as provided in Article 7, the Advisor shall perform any other services
reasonably requested by the Company (acting through the Independent Directors). 
 ARTICLE 4. 

AUTHORITY OF ADVISOR 
 4.01
General. All rights and powers to manage the day-to-day business and affairs of the Company and its Subsidiaries shall be vested in the Advisor. The Advisor shall have the power to delegate all or any part of its rights and powers to manage
the day-to-day business and affairs of the Company and its Subsidiaries to such officers, employees, Affiliates, agents and representatives of the Advisor or the Company as it may deem appropriate. Any authority delegated by the Advisor to any other
Person shall be subject to the limitations on the rights and powers of the Advisor specifically set forth in this Agreement or the Charter. 

4.02 Powers of the Advisor. Subject to the express limitations set forth in this Agreement and the continuing and exclusive authority
of the Board over the management of the Company, including as set forth in any investment guidelines approved by the Board, the power to direct the management, operation and policies of the Company, including making, financing and disposing of
investments, shall be vested in the Advisor, which shall have the power by itself and shall be authorized and empowered on behalf and in the name of the Company to carry out any and all of the objectives and purposes of the Company and to perform
all acts and enter into and perform all contracts and other undertakings that it may in its sole discretion deem necessary, advisable or incidental thereto to perform its obligations under this Agreement. 

4.03 Approval by the Board. Notwithstanding the foregoing, the Advisor may not take any action on behalf of the Company (or its
Subsidiaries) without the prior approval of the Board or duly 

  
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authorized committees thereof if the Charter or Maryland General Corporation Law require the prior approval of the Board (or if the governing documents or governing law applicable to any
Subsidiary require the prior approval of the governing body of such Subsidiary). If the Board or a committee of the Board must approve a proposed investment, financing or disposition or chooses to do so, the Advisor will deliver to the Board or
committee, as applicable, all documents required by it to evaluate such investment, financing or disposition. 
 4.04 Modification or
Revocation of Authority of Advisor. The Board may, at any time upon the giving of notice to the Advisor, modify or revoke the authority set forth in Article 3 and this Article 4 hereof; 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 or its Subsidiaries prior to the date of receipt by the Advisor of such notification. 

ARTICLE 5. 
 BANK
ACCOUNTS 
 The Advisor may establish and maintain one or more bank accounts in the name of the Company (and its Subsidiaries) 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 its Subsidiaries, under such terms and conditions as the Board (or the governing body of such Subsidiary)
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 Board and the independent auditors of the Company. 

ARTICLE 6. 
 RECORDS AND
FINANCIAL STATEMENTS 
 The Advisor, in the conduct of its responsibilities to the Company, shall maintain adequate and separate books
and records for the Company’s and its Subsidiaries’ operations in accordance with GAAP, which shall be supported by sufficient documentation to ascertain that such books and records are properly and accurately recorded. Such books and
records shall be the property of the Company and its Subsidiaries and shall be available for inspection by the Board and by counsel, independent auditors and other authorized agents of the Company, at any time or from time to time during normal
business hours. Such books and records shall include all information necessary to calculate and audit the fees or reimbursements paid under this Agreement. The Advisor shall utilize procedures to attempt to ensure such control over accounting and
financial transactions as is reasonably required to protect the Company’s and its Subsidiaries’ assets from theft, error or fraudulent activity. All financial statements that the Advisor delivers to the Company shall be prepared on an
accrual basis in accordance with GAAP, except for special financial reports that by their nature require a deviation from GAAP. The Advisor shall liaise with the Company’s officers and independent auditors and shall provide such officers and
independent auditors with the reports and other information that the Company so requests. 
 ARTICLE 7. 

LIMITATION ON ACTIVITIES 

Notwithstanding any provision in this Agreement to the contrary, the Advisor shall not take any action that, in its sole judgment made in good
faith, would (i) adversely affect the ability of the Company to qualify or continue to qualify as a REIT under the Code, (ii) subject the Company to regulation under the Investment Company Act of 1940, as amended, (iii) violate any
law, rule, regulation or statement of policy of any governmental body or agency having jurisdiction over the Company, its Shares or its other securities, (iv) require the Advisor to register as a broker-dealer with the SEC or any state,
(v) violate the 

  
 11 








 
Charter or Bylaws, or (vi) violate the governing documents of any Subsidiary of the Company. In the event an action that would violate (i) through (vi) of the preceding sentence
but such action has been ordered by the Board, the Advisor shall notify 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. 

ARTICLE 8. 
 FEES

 8.01 Acquisition Fees. As compensation for the investigation, selection, sourcing and acquisition or origination (by purchase,
investment or exchange) of Properties, Loans and other Permitted Investments, the Company shall pay an Acquisition Fee to the Advisor for each such investment (whether an acquisition or origination). With respect to the acquisition or origination of
a Property, Loan or other Permitted Investment to be owned by the Company or a Subsidiary, the Acquisition Fee payable to the Advisor shall equal 2.0% of the sum of the amount actually paid or allocated to fund the acquisition, origination,
development, construction or improvement of the Property, Loan or other Permitted Investment, inclusive of the Acquisition Expenses associated with such Property, Loan or other Permitted Investment and the amount of any debt associated with, or used
to fund the investment in, such Property, Loan or other Permitted Investment. With respect to the acquisition or origination of a Property, Loan or other Permitted Investment through any Joint Venture or any partnership in which the Company or the
Partnership is, directly or indirectly, a partner and which is not deemed a Subsidiary, the Acquisition Fee payable to the Advisor shall equal 2.0% of the portion that is attributable to the Company’s direct or indirect investment in such Joint
Venture or partnership of the amount actually paid or allocated to fund the acquisition, origination, development, construction or improvement of the Property, Loan or other Permitted Investment, inclusive of the Acquisition Expenses associated with
such Property, Loan or other Permitted Investment, and the amount of any debt associated with, or used to fund the investment in, such Property, Loan or other Permitted Investment. Notwithstanding anything herein to the contrary, the payment of
Acquisition Fees by the Company shall be subject to the limitations on Acquisition Fees contained in (and defined in) the Charter. The Advisor shall submit an invoice to the Company following the closing or closings of each acquisition or
origination, accompanied by a computation of the Acquisition Fee. Generally, the Acquisition Fee payable to the Advisor shall be paid at the closing of the transaction upon receipt of the invoice by the Company. However, the Acquisition Fee 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 Acquisition Fees not taken as to any fiscal year shall be deferred without interest and may be paid in such other fiscal year as
the Advisor shall determine. 
 8.02 Asset Management Fees. The Company shall pay the Advisor as compensation for the
services described in Section 3.03 hereof a monthly fee (the “Asset Management Fee”) in an amount equal to one-twelfth of 0.75% of the Cost of Investments, as of the end of the current month subject to the following adjustments:

 (a) For any month in which a Property, Loan or other Permitted Investment is disposed of, the Company shall prorate the portion of the
Asset Management Fee related to that specific Property, Loan or other Permitted Investment by using a numerator equal to the number of days owned during the month of disposal, divided by a denominator equal to the total number of days in such month
and add the resulting amount to the fee due for such month; and 
 (b) For any month in which a Property, Loan or other Permitted Investment
is acquired, the Company shall prorate the portion of the Asset Management Fee related to that specific Property, Loan or other Permitted Investment by using a numerator equal to the number of days in the month less the number of days owned during
the month (including the full day of closing), divided by a denominator equal to the total number of days in such month and deduct the resulting amount from the fee due for such month. 

The Advisor shall submit a monthly invoice to the Company, accompanied by a computation of the Asset Management Fee for the applicable period.
Generally, the Asset Management Fee payable to the Advisor for any month shall be paid on the last day of such month, or within the first three business days following the last day of such month. As an example, the Asset Management Fee calculated
with respect to the Property, Loans, or other Permitted Investments owned at the end of the month of January shall be due and payable between January 31 and the third business day of February in any year. 

The Asset Management Fee 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 Fees not taken as to any fiscal year shall be deferred without interest and may be paid in such other fiscal year as the Advisor shall determine. 

  
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 8.03 Disposition Fees. If the Advisor or any of its Affiliates provide a substantial
amount of services (as determined by the Independent Directors) in connection with a Sale, the Advisor or such Affiliate shall receive a fee at the closing (the “Disposition Fee”) equal to the lesser of (i) (A) one-half of
the aggregate brokerage commission paid, including brokerage commissions payable to third parties or (B) if no brokerage commission is paid to any third party, the Competitive Brokerage Commission or (ii) 2.0% of the Contract Sales Price.
The Company will not pay a Disposition Fee upon the maturity, prepayment or workout of a loan or other real estate-related debt investment; however, if the Company takes ownership of a property as a result of a workout or foreclosure of a loan or
the Company provides substantial assistance during the course of a workout, the Company will pay a Disposition Fee upon the sale of such property or disposition of such loan or other real estate-related debt investment. The payment of any
Disposition Fees by the Company shall be subject to the limitations contained in the Charter. Any Disposition Fee payable under this Section 8.03 may be paid in addition to commissions paid to non-Affiliates, provided that the total commissions
(including such Disposition Fee) paid to all Persons by the Company for each Sale shall not exceed an amount equal to the lesser of (i) 6% of the aggregate Contract Sales Price of each Property, Loan or other Permitted Investment or
(ii) the Competitive Brokerage Commission for each Property, Loan or other Permitted Investment. The Advisor shall submit an invoice to the Company following the closing or closings of each disposition, accompanied by a computation of the
Disposition Fee. Generally, the Disposition Fee payable to the Advisor shall be paid at the closing of the transaction upon receipt of the invoice by the Company. However, the Disposition Fee 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 Disposition Fees not taken as to any fiscal year shall be deferred without interest and may be paid in such other fiscal year as the Advisor shall determine. 

8.04 Debt Financing Fees. In the event of any debt financing obtained or assumed by or for the Company or its Subsidiaries (and any
Joint Ventures that are not Subsidiaries but for which the Advisor provides substantial services in connection with obtaining such debt financing), the Company will pay to the Advisor a debt financing fee equal to 0.5% of the amount available under
the financing (the “Debt Financing Fee”). The payment of any Debt Financing Fees by the Company shall be subject to the limitations contained in the Charter. The Debt Financing Fee includes the reimbursement of the specified cost
incurred by the Advisor of engaging third parties to source debt financing, and nothing herein shall prevent the Advisor from entering fee-splitting arrangements with third parties with respect to the Debt Financing Fee. All or any portion of the
Debt Financing Fees not taken as to any fiscal year shall be deferred without interest and may be paid in such other fiscal year as the Advisor shall determine. In no event will the Debt Financing Fee be paid more than once in respect of the same
debt. Upon refinancing, the Advisor would only receive 0.5% of the incremental amount of additional debt financing obtained in the refinancing. 

8.05 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 a perpetual-life entity. 
 8.06 Limitations on an Internalization Transaction. The Company may not acquire
the Advisor or an Affiliate thereof in order to become self-managed, whether by means of a merger, stock acquisition, or asset purchase (an “Internalization Transaction”) unless the Advisor agrees to proceed with an Internalization
Transaction without the payment of any internalization fee by the Company, whether in the form of a cash payment or in the form of stock, warrants or options. Notwithstanding the foregoing, subject to the approval of the Board, to the extent the
Advisor or its Affiliates perform substantial services or incur costs in connection with any Internalization Transaction, the Company shall pay for such services and reimburse any and all costs and expenses reasonably associated with the
Internalization Transaction. 

  
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 ARTICLE 9. 

EXPENSES 
 9.01
General. In addition to the compensation paid to the Advisor pursuant to Article 8 hereof and subject to the limitations set forth in the Charter, the Company 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 provided to the Company pursuant to this Agreement, including: 
 (i) All
Organization and Offering Expenses; provided, however, that 
  

	 	(a)	the Company shall not reimburse the Advisor to the extent such reimbursement would cause the total amount paid by the Company for Selling Commissions, Dealer Manager Fees and Organization and Offering Expenses to exceed
15.0% of the Gross Proceeds raised as of the termination of the Offering; and 

  

	 	(b)	the Company shall not reimburse the Advisor for any Organization and Offering Expenses that the Independent Directors determine are not fair and commercially reasonable to the Company. 


(ii) Acquisition Fees and Acquisition Expenses incurred in connection with the selection and acquisition of Properties, Loans and other
Permitted Investments and Joint Venture opportunities, including such expenses incurred related to assets pursued or considered but not ultimately acquired by the Company or any of its Subsidiaries; 

(iii) The actual out-of-pocket cost of goods and services used by the Company and its Subsidiaries and obtained from entities not Affiliated
with the Advisor, including travel, meals and lodging expenses incurred by the Advisor in performing duties associated with the acquisition or origination of Properties, Loans or other Permitted Investments; 

(iv) Interest and other costs for borrowed money, including discounts, points and other similar fees; 

(v) Taxes and assessments on income or Properties, taxes as an expense of doing business and any other taxes otherwise imposed on the Company
and its Subsidiaries and their business, assets or income; 
 (vi) Out-of-pocket costs associated with insurance required in connection with
the business of the Company or by its officers and Directors or by its Subsidiaries; 
 (vii) Expenses of managing, improving, developing,
operating and selling Properties, Loans and other Permitted Investments owned, directly or indirectly, by the Company, as well as expenses of other transactions relating to such Properties, Loans and other Permitted Investments, including
prepayments, maturities, workouts and other settlements of Loans and other Permitted Investments; 
 (viii) All out-of-pocket expenses in
connection with payments to the Board and meetings of the Board and Stockholders; 
 (ix) Personnel and related employment costs incurred by
the Advisor or its Affiliates in performing the services described in Article 3 hereof, including reasonable salaries and wages, benefits and overhead of all employees directly involved in the performance of such services, provided that no
reimbursement shall be made for costs of such employees of the Advisor or its Affiliates to the extent that such employees perform services for which the Advisor receives Acquisition Fees, Debt Financing Fees or Disposition Fees; 

  
 14 








 (x) Out-of-pocket expenses of providing services for and 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; 

(xi) Audit, accounting and legal fees, and other fees for professional services relating to the operations of the Company and its Subsidiaries
and all such fees incurred at the request, or on behalf of, the Board, the Independent Directors or any committee of the Board; 
 (xii)
Out-of-pocket costs for the Company and its Subsidiaries to comply with all applicable laws, regulations and ordinances; 
 (xiii) Expenses
connected with payments of Distributions made or caused to be made by the Company to the Stockholders; 
 (xiv) Expenses of organizing,
redomesticating, merging, liquidating or dissolving the Company or of amending the Charter or the Bylaws; and 
 (xv) All other
out-of-pocket costs incurred by the Advisor in performing its duties hereunder. 
 9.02 Timing of and Additional Limitations on
Reimbursements. 
 (i) Expenses incurred by the Advisor on behalf of the Company and reimbursable pursuant to this Article 9 shall be
reimbursed no less than monthly to the Advisor. The Advisor shall prepare a statement documenting the expenses of the Company during each quarter and shall deliver such statement to the Company within 45 days after the end of each quarter. 

(ii) Notwithstanding anything else in this Article 9 to the contrary, the expenses enumerated in this Article 9 shall not become reimbursable
to the Advisor unless and until the Company has raised $2 million in the Initial Public Offering and funds held in escrow pursuant to the Escrow Agreement with UMB Bank, N.A. have been released to the Company. 

(iii) Commencing four fiscal quarters after the Company’s acquisition of a Property, Joint Venture or Loan, the following limitation on
Total Operating Expenses shall apply: 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
“Excess Amount”) the greater of 2% of Average Invested Assets or 25% of Net Income (the “2%/25% Guidelines”) for such year unless the Independent Directors determine that such excess was justified, based on unusual
and nonrecurring factors which they 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. If the Independent
Directors determine such excess was justified, then, within 60 days after the end of any fiscal quarter of the Company for which total reimbursed Total Operating Expenses for the Expense Year exceed the 2%/25% Guidelines, the Advisor, at the
direction of the Independent Directors, shall cause such fact to be disclosed to the Stockholders in writing (or the Company shall disclose such fact to the Stockholders in the next quarterly report of the Company or by filing a Current Report on
Form 8-K with the SEC within 60 days of such quarter end), together with an explanation of the factors the Independent Directors considered in determining that such excess expenses were justified. The Company will ensure that such determination will
be reflected in the minutes of the meetings of the Board. All figures used in the foregoing computation shall be determined in accordance with GAAP applied on a consistent basis. 

  
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 ARTICLE 10. 

VOTING AGREEMENT 
 The
Advisor agrees that, with respect to any Shares now or hereinafter owned by it or its Affiliates, the Advisor or its Affiliate, as the case may be, will not vote or consent on matters submitted to the Stockholders regarding (i) the removal of
the Advisor or any Affiliate of the Advisor or (ii) any transaction between the Company or its Subsidiaries and the Advisor or any of its Affiliates. This voting restriction shall survive until such time as neither the Advisor nor any Affiliate
of the Advisor is serving as the Company’s external advisor. For the avoidance of doubt, the Independent Directors are not deemed to be an Affiliate of the Advisor for the purposes of this Article. 

ARTICLE 11. 

RELATIONSHIP OF ADVISOR AND COMPANY; OTHER ACTIVITIES OF THE ADVISOR 

11.01 Relationship. The Company 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. Nothing herein contained shall prevent the Advisor from engaging in other activities, including 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 manager, director, officer, employee or equityholder 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 is a participant, also render advice and service to each and every other participant therein. The Advisor shall
promptly disclose to the Board the existence of any condition or circumstance, existing or anticipated, of which it has knowledge, that creates or could create a conflict of interest between the Advisor’s obligations to the Company and its
obligations to or its interest in any other Person. 
 11.02 Commitment of Time and Resources. The Advisor shall, and shall cause its
Affiliates and their respective employees, officers and agents to, devote to the Company such time and resources as shall be reasonably necessary to discharge the Advisor’s obligations to the Company in an appropriate manner consistent with the
terms of this Agreement. The Company acknowledges that the Advisor and its Affiliates and their respective employees, officers and agents may also engage in activities unrelated to the Company and may provide services to Persons other than the
Company or any of its Affiliates. 
 11.03 Investment Opportunities and Allocation. The Advisor shall be required to use commercially
reasonable efforts to present a continuing and suitable investment program to the Company that is consistent with the investment policies and objectives of the Company, but neither the Advisor nor any Affiliate of the Advisor shall be obligated
generally to present any particular investment opportunity to the Company even if the opportunity is of character that, if presented to the Company, could be taken by the Company. In the event an investment opportunity is located, the allocation
procedure set forth under the caption “Conflicts of Interest – Certain Conflict Resolution Measures – Resolution of Potential Conflicts of Interest in Allocation of Investment Opportunities” in the Registration Statement shall
govern the allocation of the opportunity among the Company and Affiliates of the Advisor. 
 11.04 Non-Solicitation. During the
period commencing on the date hereof through and ending one year following the termination of this Agreement, the Company shall not, without the Advisor’s prior written consent, directly or indirectly, (i) solicit or encourage any person
to leave the employment or other service of the Advisor or its Affiliates or (ii) hire, on behalf of the Company 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 with the Advisor or its Affiliates. During the period commencing on the date hereof through and ending one year following the termination of this Agreement, the Company shall not, 

  
 16 








 
whether for its own account or for the account of any other person or entity, intentionally interfere with the relationship of the Advisor or its Affiliates with, or endeavor to entice away from
the Advisor or its Affiliates, any person who during the term of the Agreement is, or during the preceding one-year period was, a customer of the Advisor or its Affiliates. 

ARTICLE 12. 
 THE
RESOURCE REAL ESTATE NAME 
 The Advisor and its Affiliates have a proprietary interest in the tradename and servicemark “RESOURCE
REAL ESTATE.” The Advisor, on its behalf and on behalf of its Affiliates, hereby grants to the Company a non-transferable, non-assignable, non-exclusive royalty-free right and license to use the tradename and servicemark “RESOURCE REAL
ESTATE” solely in connection with the use of “RESOURCE REAL ESTATE INNOVATION OFFICE” during the term of this Agreement. 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 “RESOURCE REAL ESTATE INNOVATION OFFICE” 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 “RESOURCE REAL ESTATE INNOVATION OFFICE” 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 of its Affiliates. At such time, the Company will also make any changes to any trademarks, servicemarks or other marks
necessary to remove any references to the word “RESOURCE REAL ESTATE INNOVATION OFFICE.” 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 “RESOURCE REAL ESTATE” as a part of their name, all without the need
for any consent (and without the right to object thereto) by the Company. 
 ARTICLE 13. 

TERM AND TERMINATION OF THE AGREEMENT 

13.01 Term; Renewal. This Agreement has a one-year term from the Effective Date and shall continue in full force until the first
anniversary of the Effective Date. 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 reentering into or renewing this Agreement, and each such renewal shall be for a term of no more than one year. Any such renewal must be approved by the Independent Directors. If this Agreement is not renewed by either party, the notice
provisions of Section 13.02 shall apply to such determination to not renew. 
 13.02 Termination. This Agreement will
automatically terminate upon Listing. This Agreement also may be terminated upon 60 days’ written notice with or without Cause, with or without Good Reason, and without penalty by either the Company (acting through the Independent Directors) or
the Advisor. If the Agreement is terminated by the Company for Cause or by the Advisor for Good Reason, the written notice shall so state. The provisions of Articles 1, 10, 12, 13, 15 and 17 (excluding Sections 17.10 and 17.11) shall survive
termination of this Agreement. 
 13.03 Payments on Termination. 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 within 30 days after the effective date of such termination all unpaid reimbursements of expenses and all earned but unpaid fees payable to the
Advisor prior to termination of this Agreement. Payments to the Advisor pursuant to this Section 13.03 shall be subject to the 2%/25% Guidelines to the extent applicable. 

  
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 13.04 Duties of Advisor Upon Termination. The Advisor shall promptly upon termination:

 (i) pay over to the Company all money collected pursuant to this Agreement, if any, 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 and documents of the Company then in the custody of the Advisor; and 

(iv) cooperate with the Company to provide an orderly transition of advisory functions. 

ARTICLE 14. 
 ASSIGNMENT

 This Agreement may be assigned by the Advisor to an Affiliate with the consent 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 Independent Directors. This Agreement shall not be assigned by the Company without the consent of the Advisor, except in the case of an
assignment by the Company to a corporation or other organization that 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 is bound by this Agreement. 
 ARTICLE 15. 

INDEMNIFICATION AND LIMITATION OF LIABILITY 

15.01 Indemnification. 

(i) Except as prohibited by the restrictions provided in this Article 15, the Company shall indemnify, defend 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 Charter and the NASAA Guidelines under the
Charter. Any indemnification of the Advisor may be made only out of the net assets of the Company and not from Stockholders. 
 (ii) The
Advisor shall indemnify, defend and hold harmless the Company from contract or other liability, claims, damages, taxes or losses and related expenses including reasonable attorneys’ fees, 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, willful misfeasance, intentional misconduct, gross negligence or reckless disregard of its duties;
provided, however, that 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. 

15.02 Limitation on Indemnification. 

(iii) Notwithstanding Section 15.01, 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: (a) the Advisor or its Affiliates, including
their respective officers, directors, 

  
 18 








 
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; (b) the Advisor or its
Affiliates, including their respective officers, directors, partners and employees, were acting on behalf of or performing services of the Company; (c) 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 (d) such indemnification or agreement to hold harmless is recoverable only out of the Company’s net assets and not from Stockholders. 

(iv) Notwithstanding Section 15.01, 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:
(a) there has been a successful adjudication on the merits of each count involving alleged securities law violations as to the particular indemnitee; (b) such claims have been dismissed with prejudice on the merits by a court of competent
jurisdiction as to the particular indemnitee; or (c) 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 SEC 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. 
 (v) The Charter provides that the advancement of Company funds to the Advisor or its
Affiliates, including their respective officers, directors, partners and employees, for reasonable legal expenses and other costs incurred as a result of any legal proceeding for which indemnification is being sought is permissible only if all of
the following conditions are satisfied: (a) the legal proceeding relates to acts or omissions with respect to the performance of duties or services on behalf of the Company; (b) the legal proceeding is initiated by a third party who is not
a Stockholder or the legal proceeding is initiated by a Stockholder acting in his or her capacity as such and a court of competent jurisdiction specifically approves such advancement; and (c) 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, if such Advisor or its Affiliates, including their respective officers,
directors, partners and employees, is found not to be entitled to indemnification. 
 ARTICLE 16. 

GUARANTEE 
 Resource Real
Estate, Inc., the ultimate parent company of the Advisor (the “Guarantor”), will in all respects guarantee the due and proper performance of the services to be provided under this Agreement by the Advisor, which guarantee shall
extend to include any renewal of or amendment to this Agreement, provided Guarantor’s obligations are not materially increased by such renewal or amendment without the Guarantor’s consent, such consent not to be unreasonably withheld or
delayed. If the Advisor fails to perform all or any of its obligations, duties, undertakings, and covenants to provide services (collectively, the “Guaranteed Obligations”) under this Agreement (unless relieved from the performance
of any part of this Agreement by statute, by the decision of a court or tribunal of competent jurisdiction or by waiver of the Company), upon written notice from the Company, the Guarantor shall perform or cause to be performed such Guaranteed
Obligations. This guarantee is a guarantee of performance of the Guaranteed Obligations and not of payment of any liabilities of the Advisor. The termination of this Agreement shall constitute a termination of this guarantee. This guarantee will be
applicable to and binding upon the successors and assigns of Guarantor. 

  
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 ARTICLE 17. 

MISCELLANEOUS 
 17.01
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 Charter, the Bylaws or is
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 Company or the Board: 
 Resource Real
Estate Innovation Office REIT, Inc. 
 1845 Walnut Street, 18th Floor 

Philadelphia, Pennsylvania 19103 

Attn: Chief Executive Officer 
 To the Advisor:

 RRE Innovation Office Advisor, LLC 

1845 Walnut Street, 18th Floor 

Philadelphia, Pennsylvania 19103 

Attn: President 
 Either party
may at any time give notice in writing to the other party of a change in its address for the purposes of this Section 17.01. 
 17.02
Modification. This Agreement shall not be changed, modified, terminated or discharged, in whole or in part, except by an instrument in writing signed by both parties hereto, or their respective successors or permitted assigns. 

17.03 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. 

17.04 Construction; Venue. The provisions of this Agreement shall be construed and interpreted in accordance with the laws of the
Commonwealth of Pennsylvania, and venue for any action brought with respect to any claims arising out of this Agreement shall be brought exclusively in Philadelphia, Pennsylvania. 

17.05 Entire Agreement. This Agreement contains the entire agreement and understanding between 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 party hereto. 

17.06 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. 

  
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 17.07 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. The word “including” and words of similar import when used in this Agreement
shall mean “including, without limitation,” unless the context otherwise requires or unless otherwise specified. 
 17.08
Titles Not to Affect Interpretation. The titles of Articles and Sections 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. 
 17.09 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. 
 17.10 Initial Investment. The Advisor has invested
$200,000 (the “Initial Investment”) in the Company through the purchase of Shares. For so long as the Advisor acts in an advisory capacity to the Company, the Advisor or its Affiliates may not sell any of the Shares purchased with
the Initial Investment or received prior to the Effective Date pursuant to a stock distribution. 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 or received pursuant to a stock distribution prior to the Effective Date. 
 17.11 Additional Investment. Prior to
the termination of the Initial Public Offering, the Advisor agrees to purchase an additional amount of Shares at the then-current public offering price per Share, net of any Selling Commissions or Dealer Manager Fees, equal to the lesser of
(a) 1% of the amount of Gross Proceeds raised from sales to persons who are not Affiliates of the Advisor in the Initial Public Offering or (b) $1,000,000. 

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

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

			
	RESOURCE REAL ESTATE INNOVATION OFFICE REIT, INC.
		
	By:		/s/ Alan F. Feldman
			Alan F. Feldman, Chief Executive Officer
	
	RRE INNOVATION OFFICE ADVISOR, LLC
		
	By:		/s/ Kevin M. Finkel
			Kevin M. Finkel, President
	
	RESOURCE REAL ESTATE, INC., with respect to Article 16
		
	By:		/s/ Alan F. Feldman
			Alan F. Feldman, Chief Executive Officer


 [Signature Page to Advisory Agreement]