EX-4.4



 Exhibit 4.4 
 KBS LEGACY PARTNERS APARTMENT REIT, INC. 
 THIRD AMENDED AND RESTATED
SHARE REDEMPTION PROGRAM 
 Adopted February 25, 2013 

The board of directors of KBS Legacy Partners Apartment REIT, Inc., a Maryland corporation (the
“Company”), has adopted a Third Amended and Restated Share Redemption Program (the “SRP”), the terms and conditions of which are set forth below. Capitalized terms shall have the same meaning as set forth in the
Company’s charter unless otherwise defined herein. 
 1.        
Qualifying Stockholders.   “Qualifying Stockholders” are (a) holders of the Company’s shares of Common Stock (the “Shares”) who have held their Shares for at least one year, provided that,
if the Company is redeeming all of a stockholder’s Shares, then there is no holding period requirement for Shares purchased pursuant to the Company’s dividend reinvestment plan and (b) stockholders or authorized representatives of
stockholders qualifying for the special redemption provisions set forth in paragraphs 6, 7 and 8 below. 

2.         Share Redemption.   Subject to the terms and
conditions of this SRP, including the limitations on redemptions set forth in paragraph 4 and the procedures for redemption set forth in paragraph 5, the Company will redeem such number of Shares as requested by a Qualifying Stockholder. 

3.        Redemption Price.   Unless the Shares are being redeemed in
connection with a stockholder’s death, Qualifying Disability (as defined in paragraph 7 below) or Determination of Incompetence (as defined in paragraph 8 below), until the Company establishes an estimated value per Share as described below,
the price at which the Company will redeem the Shares of a Qualifying Stockholder is as follows: 

  a.         92.5% of the price paid to acquire the Shares from the
Company for stockholders who have held their Shares for at least one year; 

  b.         95.0% of the price paid to acquire the Shares from the
Company for stockholders who have held their Shares for at least two years; 
   c.
        97.5% of the price paid to acquire the Shares from the Company for stockholders who have held their Shares for at least three years; and 

  d.         100% of the price paid to acquire the Shares from the
Company for stockholders who have held their Shares for at least four years. 
 Notwithstanding the foregoing,
once the Company establishes an estimated value per Share for a purpose other than to set the price to acquire a Share in the Company’s initial public offering or follow-on public offerings, the redemption price per Share for all stockholders
will be equal to the estimated value per Share, as determined by the 







 
Company’s Advisor or another firm chosen for that purpose. The Company expects to establish an estimated value per Share for a purpose other than to set the price to acquire a Share in the
Company’s initial public offering or follow-on public offerings after the completion of the Company’s offering stage. The Company’s offering stage will be considered complete when the Company is no longer publicly offering equity
securities – whether through its initial public offering or follow-on public offerings – and has not done so for 18 months. The Company will report the redemption price in its annual report and three quarterly reports publicly filed with
the Securities and Exchange Commission. For the purpose of determining when the Company’s offering stage is complete, equity offerings do not include offerings on behalf of selling stockholders or offerings related to any dividend reinvestment
plan, employee benefit plan, or the redemption of interests in KBS Legacy Limited Partnership, the Company’s operating partnership. 
 4.         Limitations on Redemption.   Notwithstanding anything contained in this SRP to the contrary, the Company’s obligation to redeem
Shares pursuant to paragraphs 2 and 6 hereof is limited as follows: 

  a.         Unless the Shares are being redeemed in connection with a
stockholder’s death, Qualifying Disability (as defined in paragraph 7) or Determination of Incompetence (as defined in paragraph 8), the Company may not redeem Shares unless the stockholder has held the Shares for one year. 

  b.         During any calendar year, the Company may redeem only the
number of Shares that the Company could purchase with the amount of net proceeds from the sale of Shares under the Company’s dividend reinvestment plan during the prior calendar year. 

  c.         During any calendar year, the Company may redeem no more
than 5% of the weighted-average number of Shares outstanding during the prior calendar year. 
   d.
        The Company has no obligation to redeem Shares if the redemption would violate the restrictions on distributions under Maryland General Corporation Law, as amended from time to time, which prohibits
distributions that would cause a corporation to fail to meet statutory tests of solvency. 

5.         Procedures for Redemption.   The Company has engaged
a third party to administer the SRP. Upon any change to the identity or the mailing address of the program administrator, the Company will notify stockholders of such change. The Company will redeem Shares on the last business day of each month (the
“Redemption Date”). For a stockholder’s Shares to be eligible for redemption in a given month, the program administrator must receive a written redemption request from the stockholder or from an authorized representative of the
stockholder setting forth the number of Shares requested to be redeemed at least five business days before the Redemption Date. If the Company cannot repurchase all Shares presented for redemption in any month because of the limitations on
redemptions set forth in paragraph 4, then the Company will honor 

  
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redemption requests on a pro rata basis, except that if a pro rata redemption would result in a stockholder owning less than the minimum purchase requirement described in a currently effective,
or the most recently effective, registration statement of the Company as such registration statement has been amended or supplemented, then the Company would redeem all of such stockholder’s Shares. If the Company is redeeming all of a
stockholder’s Shares, there would be no holding period requirement for Shares purchased pursuant to the Company’s dividend reinvestment plan. 
 If the Company does not completely satisfy a redemption request on a Redemption Date because the program administrator did not receive the request in time or because of the limitations on redemptions set
forth in paragraph 4, then the Company will treat the unsatisfied portion of the redemption request as a request for redemption at the next Redemption Date funds are available for redemption, unless the redemption request is withdrawn. Any
stockholder can withdraw a redemption request by sending written notice to the program administrator, provided such notice is received at least five business days before the Redemption Date. 

6.         Special Provisions upon a Stockholder’s Death, Qualifying
Disability or Determination of Incompetence.   The Company will treat redemption requests made upon a stockholder’s death, Qualifying Disability (as defined in paragraph 7) or Determination of Incompetence (as defined in paragraph
8) differently, as follows: 
   a.         There is no
one-year holding requirement. 
   b.         Until the
Company establishes an estimated value per Share for a purpose other than to set the price to acquire a Share in the Company’s initial public offering or follow-on public offerings, which the Company expects to be after the completion of its
offering stage (as defined in paragraph 3 above), the redemption price is the amount paid to acquire the Shares from the Company. 
   c.         Once the Company has established an estimated value per Share as described in paragraph 6.b. above, the redemption price will be the
estimated value of the Shares, as determined by the Company’s advisor or another firm chosen for that purpose. 
 Except as specifically set forth in this paragraph 6, redemptions upon a stockholder’s death, Qualifying Disability (as defined in paragraph 7) or Determination of Incompetence (as defined in
paragraph 8) are subject to the same limitations and terms and conditions as other redemptions, including the limitations on redemptions set forth in paragraph 4 and the redemption request procedures set forth in paragraph 5. 

7.         Qualifying Disability Determinations.   In order for
a disability to entitle a stockholder to the special redemption terms described in paragraph 6 (a “Qualifying Disability”), (1) the stockholder must receive a determination of disability based upon a physical or mental
condition or impairment arising after the date the stockholder acquired the Shares to be redeemed, and (2) such determination of disability must be made by the governmental agency responsible for reviewing the disability retirement benefits
that the 

  
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stockholder could be eligible to receive (the “Applicable Government Agency”). The Applicable Government Agencies are limited to the following: (i) if the stockholder paid
Social Security taxes and, therefore, could be eligible to receive Social Security disability benefits, then the Applicable Governmental Agency is the Social Security Administration or the agency charged with responsibility for administering Social
Security disability benefits at that time if other than the Social Security Administration; (ii) if the stockholder did not pay Social Security taxes and, therefore, could not be eligible to receive Social Security disability benefits, but the
stockholder could be eligible to receive disability benefits under the Civil Service Retirement System (“CSRS”), then the Applicable Governmental Agency is the U.S. Office of Personnel Management or the agency charged with
responsibility for administering CSRS benefits at that time if other than the Office of Personnel Management; or (iii) if the stockholder did not pay Social Security taxes and, therefore, could not be eligible to receive Social Security
benefits but suffered a disability that resulted in the stockholder’s discharge from military service under conditions that were other than dishonorable and, therefore, could be eligible to receive military disability benefits, then the
Applicable Governmental Agency is the Department of Veterans Affairs or the agency charged with the responsibility for administering military disability benefits at that time if other than the Department of Veterans Affairs. 

Disability determinations by governmental agencies for purposes other than those listed above, including but not limited
to worker’s compensation insurance, administration or enforcement of the Rehabilitation Act or Americans with Disabilities Act, or waiver of insurance premiums will not entitle a stockholder to the special redemption terms described in
paragraph 6. Redemption requests following an award by the applicable governmental agency of disability benefits must be accompanied by: (1) the investor’s initial application for disability benefits and (2) a Social Security
Administration Notice of Award, a U.S. Office of Personnel Management determination of disability under CSRS, a Department of Veterans Affairs record of disability-related discharge or such other documentation issued by the Applicable Governmental
Agency that the Company deems acceptable and that demonstrates an award of the disability benefits. 
 As the
following disabilities do not entitle a worker to Social Security disability benefits, they do not qualify for special redemption terms, except in the limited circumstances when the investor is awarded disability benefits by the other Applicable
Governmental Agencies described above: 
   a.
        disabilities occurring after the legal retirement age; and 

  b.         disabilities that do not render a worker incapable of
performing substantial gainful activity. 
 8.         Determination
of Incompetence.   In order for a determination of incompetence or incapacitation to entitle a stockholder to the special redemption terms described in paragraph 6 (a “Determination of Incompetence”), a state or
federal court 

  
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located in the United States (a “U.S. Court”) must declare, determine or find the stockholder to be (i) mentally incompetent to enter into a contract, to prepare a will or
to make medical decisions or (ii) mentally incapacitated, in both cases such determination must be made by a U.S. court after the date the stockholder acquired the Shares to be redeemed. 

A determination of incompetence or incapacitation by any person or entity other than a U.S. Court, or for any purpose
other than those listed above, will not entitle a stockholder to the special redemption terms described in paragraph 6. Redemption requests following a Determination of Incompetence by a U.S. Court must be accompanied by the court order,
determination or the certificate of the court declaring the stockholder incompetent or incapacitated. 
 9.
        Termination, Suspension or Amendment of the SRP by the Company.   The Company may amend, suspend or terminate the SRP for any reason upon thirty days notice to the Company’s
stockholders. The Company may provide notice by including such information (a) in a Current Report on Form 8-K or in its annual or quarterly reports, all publicly filed with the Securities and Exchange Commission or (b) in a separate
mailing to the stockholders. 
 The SRP provides stockholders a limited ability to redeem Shares for cash until
a secondary market develops for the Shares. If and when such a secondary market develops, the SRP will terminate. 
 10.       Notice of Redemption Requests.   Qualifying Stockholders who desire to redeem their shares must provide written notice to the Company on the form
designed for such purpose, which will be provided by the Company upon request. 
 11.
      Liability of the Company.   The Company shall not be liable for any act done in good faith or for any good faith omission to act. 

12.       Governing Law.   The SRP shall be governed by the laws of the
State of Maryland. 

  
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