Document:

Exhibit 10.1 

 

AMENDED
AND RESTATED PROMISSORY NOTE

 

FOR
VALUE RECEIVED, and subject to the terms and conditions set forth herein, Legacy Acquisition Corp., a Delaware corporation (the
“Maker”), hereby unconditionally promises to pay to the order of Blue Valor Limited, a company incorporated in
Hong Kong or its assigns (the “Noteholder,” and together with the Maker, the “Parties”), the
principal amounts set forth on Exhibit A attached hereto as it may be amended from time to time in accordance with the
terms and conditions set forth herein (each such principal amount set forth on Exhibit A, a “Loan” and the
sum of all such principal amounts set forth on Exhibit A, the “Total Loan Amount”), together with the Total Interest
Amount (as defined below), as provided in this Amended and Restated Promissory Note (the “Note,” as the same
may be amended, restated, supplemented, or otherwise modified from time to time in accordance with its terms).

 

The
Total Loan Amount is made by the Noteholder to the Maker pursuant to that Amended and Restated Share Exchange Agreement between
the Parties dated as of December 2, 2019 (the “Amended and Restated Share Exchange Agreement” as the same may
be amended, restated, supplemented, or otherwise modified from time to time in accordance with its terms). Capitalized terms used
but not otherwise defined herein shall have the respective meanings ascribed to them in the Amended and Restated Share Exchange
Agreement.

 

Maker
and Noteholder are parties to that certain Promissory Note dated as of October 23, 2019 (the “Original Note Date”)
(the “Original Note”). At all times from the Original Note Date until the date hereof, the Original Note was
in full force and effect, and the Parties desire to confirm that, except to the extent modified in this Note, all rights and obligations
of the Parties in the Original Note remain in full force and effect as continuing obligations from and after the Original Note
Date. The parties desire to amend and restate the Original Note in its entirety as set forth in this Note.

 

1.
Definitions. The following capitalized terms
shall have the meanings set forth in this Section 1.

 

“1
Month USD LIBOR Interest Rate” means the first LIBOR interest rate published each month from the date hereof until the
Maturity Date.

 

“Applicable
Rate” means the 1 Month USD LIBOR Interest Rate plus 1.5%.

 

“Default”
means any of the events specified in Section 6 which constitute an Event of Default or which, upon the giving of notice,
the lapse of time, or both, pursuant to Section 6 would, unless cured or waived, become an Event of Default.

 

“Event
of Default” has the meaning set forth in Section 6.

 

“Loan”
has the meaning set forth in the introductory paragraph.

 

“Loan
Request” has the meaning set forth in Section 2.1.

 

“Maker”
has the meaning set forth in the introductory paragraph.

 

     

     

    

 

“Maturity
Date” means the date of the consummation of any initial business combination of Maker.

 

“Note”
has the meaning set forth in the introductory paragraph.

 

“Noteholder”
has the meaning set forth in the introductory paragraph.

 

“Original
Note” has the meaning set forth in the second introductory paragraph.

 

“Original
Note Date” has the meaning set forth in the second introductory paragraph.

 

“Parties”
has the meaning set forth in the introductory paragraph.

 

“Total
Interest Amount” has the meaning set forth in Section 3.1.

 

“Total
Loan Amount” has the meaning set forth in the introductory paragraph.

 

2.
Loan Requests; Final Payment Date; Optional Prepayments; Forgiveness.

 

2.1
Procedure for Loan Requests. On or before the 12th
day of each month during the period commencing on the date hereof and continuing
until the earlier of (i) April 12, 2020,
(ii) the Maturity Date, or (iii) the date of forgiveness of the Total Loan Amount pursuant to Section 2.4 hereof,
the Maker may submit a written notice to the Noteholder setting forth the requested loan amount in accordance with the terms and
conditions of the Amended and Restated Share Exchange Agreement (the “Loan
Request”). The Noteholder shall pay
to the Maker the amount set forth in the Loan Request provided that the Loan Request complies with the requirements set forth
in the Amended and Restated Share Exchange Agreement. The date of payment and the amount of each Loan paid by the Noteholder shall
be inscribed by the Maker on Exhibit A attached to this Note and shall be delivered to the Noteholder on or about the time of
the Noteholder’s payment of such Loan. Notwithstanding anything herein to the contrary, the Total Loan Amount at any given
time shall equal the sum of all principal Loan amounts made by Noteholder to the Maker as of such time.

 

2.2
Final Payment Date. The aggregate unpaid
principal amount of the Total Loan Amount, the Total Interest Amount, and all other amounts payable under this Note shall be due
and payable on the Maturity Date, unless otherwise provided in Section 2.4 or Section 7.

 

2.3
Optional Prepayment. The Maker may prepay
any Loan in whole or in part at any time or from time to time without penalty or premium by paying the principal amount of such
Loan to be prepaid together with accrued interest thereon to the date of prepayment. No prepaid amount may be reborrowed.

 

2.4
Forgiveness. In the event that the Closing does not occur and the Trust Account liquidates, the principal amount of the Total
Loan Amount under this Note shall be forgiven by the Noteholder, except to the extent of any funds that are available to Maker
(i) after such liquidation in accordance with the Trust Agreement, or (ii) from any other source. For the avoidance of doubt,
in such event, except as otherwise set forth in the foregoing sentence, the Noteholder, by acceptance of this Note, hereby irrevocably
waives any claims it may have against the Trust Fund (including any distributions therefrom) now or in the future as a result
of, or arising out of, any negotiations, contracts or agreements with the Purchaser and will not seek recourse against the Trust
Fund (including any distributions therefrom) for any reason whatsoever.

 

    2

     

    

 

3.
Interest.

 

3.1
Interest Rate. Except as otherwise provided
herein, the outstanding principal amount of each Loan made hereunder shall bear interest at the Applicable Rate from the date
such Loan was made (as set forth on Exhibit A attached hereto) until such Loan is (i) paid in full, whether at maturity, upon
acceleration, by prepayment, or otherwise or (ii) forgiven as provided herein. Accordingly, accrued interest on each Loan shall
be calculated separately as provided herein, and the sum of all accrued interest due on each Loan shall equal the total accrued
interest for the Total Loan Amount (the “Total Interest Amount”).

 

3.2
Interest Payment Dates. The Total Interest
Amount shall be payable on the earlier to occur of (i) the Maturity Date, or (ii) the date that the principal amount of the Total
Loan Amount under this Note is forgiven pursuant to Section 2.4 hereof.

 

3.3
Intentionally omitted.

 

3.4
Computation of Interest.
All computations of interest shall be made on the basis of 365 or 366 days, as the case may be and the actual number of days elapsed.
Interest shall accrue on each Loan on the day on which such Loan is made (as set forth on Exhibit A attached hereto), and shall
not accrue on the Loan on the day on which it is paid.

 

3.5
Interest Rate Limitation. If at any time
and for any reason whatsoever, the interest rate payable on any Loan shall exceed the maximum rate of interest permitted to be
charged by the Noteholder to the Maker under applicable Law, such interest rate shall be reduced automatically to the maximum
rate of interest permitted to be charged under applicable Law.

 

4.
Payment Mechanics.

 

4.1
Manner of Payment. All payments of interest
and principal shall be made in lawful money of the United States of America no later than 5:00 PM Eastern Standard Time on the
date on which such payment is due by wire transfer of immediately available funds to the Noteholder’s account at a bank specified
by the Noteholder in writing to the Maker from time to time.

 

4.2
Business Day Convention. Whenever any
payment to be made hereunder shall be due on a day that is not a Business Day, such payment shall be made on the next succeeding
Business Day and such extension will be taken into account in calculating the amount of interest payable under this Note.

 

    3

     

    

 

5.
Representations and Warranties. The Maker
hereby represents and warrants to the Noteholder on the date hereof as follows:

 

5.1
Existence. The Maker is a corporation,
validly existing and in good standing under the laws of the state of its jurisdiction of organization.

 

5.2
Power and Authority. The Maker has the
power and authority, and the legal right, to execute and deliver this Note and to perform its obligations hereunder.

 

5.3
Authorization; Execution and Delivery.
The execution and delivery of this Note by the Maker and the performance of its obligations hereunder have been duly authorized
by all necessary corporate action in accordance with all applicable Laws. The Maker has duly executed and delivered this Note.

 

5.4
No Approvals. No consent or authorization
of, filing with, notice to, or other act by, or in respect of, any Authority or any other Person is required in order for the
Maker to execute, deliver, or perform any of its obligations under this Note.

 

5.5
No Violations. The execution and delivery
of this Note and the consummation by the Maker of the transactions contemplated hereby do not and will not (a) violate any provision
of the Maker’s organizational documents; (b) violate any Law or Order applicable to the Maker or by which any of its properties
or assets may be bound; or (c) constitute a default under any material agreement or contract by which the Maker may be bound.

 

5.6
Enforceability. The Note is a valid, legal,
and binding obligation of the Maker, enforceable against the Maker in accordance with its terms, except as enforceability may
be limited by applicable bankruptcy, insolvency, reorganization, moratorium, or similar laws affecting the enforcement of creditors’
rights generally and by general equitable principles (whether enforcement is sought by proceedings in equity or at law.

 

6.
Events of Default. The occurrence of any
of the following shall constitute an Event of Default hereunder:

 

6.1
Failure to Pay. The Maker fails to pay
(a) any principal amount of any Loan when due; or (b) interest or any other amount when due and, in each case (with respect to
(clause (a) and (b)), such failure continues for 5 days after written notice to the Maker.

 

6.2
Breach of Representations and Warranties.
Any representation or warranty made or deemed made by the Maker to the Noteholder herein is incorrect in any material respect
on the date as of which such representation or warranty was made or deemed made.

 

6.3
Breach of Covenants. The Maker fails to
observe or perform any covenant, obligation, condition, or agreement contained in this Note, other than that specified in Section
6.1 and such failure continues for 30 days.

 

6.4
Bankruptcy.

 

(a)
the Maker commences any case, proceeding, or other action (i) under any existing or future law relating to bankruptcy, insolvency,
reorganization, or other relief of debtors, seeking to have an order for relief entered with respect to it, or seeking to adjudicate
it as bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, winding-up, liquidation, dissolution, composition,
or other relief with respect to it or its debts, or (ii) seeking appointment of a receiver, trustee, custodian, conservator, or
other similar official for it or for all or any substantial part of its assets, or the Maker makes a general assignment for the
benefit of its creditors;

 

    4

     

    

 

(b)
there is commenced against the Maker any case, proceeding, or other action of a nature referred to in Section 6.4(a) above
which (i) results in the entry of an order for relief or any such adjudication or appointment or (ii) remains undismissed, undischarged,
or unbonded for a period of 10 days;

 

(c)
there is commenced against the Maker any case, proceeding, or other action seeking issuance of a warrant of attachment, execution,
or similar process against all or any substantial part of its assets which results in the entry of an order for any such relief
which has not been vacated, discharged, or stayed or bonded pending appeal within 10 days from the entry thereof;

 

(d)
the Maker takes any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the acts set
forth in Section 6.4(a), Section 6.4(b), or Section 6.4(c) above; or

 

(e)
the Maker is generally not, or is unable to, or admits in writing its inability to, pay its debts as they become due.

 

6.5
Judgments. A judgment or decree is entered
against the Maker and such judgment or decree has not been vacated, discharged, or stayed or bonded pending appeal within 10 days
from the entry thereof.

 

7.
Remedies. Upon the occurrence of an Event
of Default and at any time thereafter during the continuance of such Event of Default, the Noteholder may at its option, by written
notice to the Maker (a) declare the entire principal amount of the Total Loan Amount under this Note, together with the Total
Interest Amount and all other amounts payable hereunder, immediately due and payable and/or (b) exercise any or all of its rights,
powers, or remedies under applicable law; provided, however that, if an Event of Default described in Section 6.4
shall occur, the principal of the Total Loan Amount and the Total Interest Amount shall become immediately due and payable without
any notice, declaration, or other act on the part of the Noteholder.

 

    5

     

    

 

8.
Miscellaneous.

 

8.1
Notices.

 

(a)
All notices, requests, or other communications required or permitted to be delivered hereunder shall be delivered in writing,
in each case to the address specified below or to such other address as such Party may from time to time specify in writing in
compliance with this provision:

 

(i)
If to the Maker:

 

Address:
1308 Race Street Suite 200 Cincinnati, Ohio 45202

Attn:
Darryl McCall

Telephone:
+1 (505) 820-0412, Facsimile: [NUMBER]

Email:
darrylmccall@legacyacquisition.com

 

With
a copy to:

 

DLA
Piper

Address:
1201 West Peachtree Street, Suite 2800, Atlanta,

Georgia 30309-3450

Attention: Gerry Williams

Telephone: +1 (404) 736-7891

Email: Gerry.Williams@us.dlapiper.com

 

(ii)
If to the Noteholder:

 

Bldg.
C9-C, Universal Creative Park, 9, Jiuxianqiao North Rd.,

Chaoyang District, Beijing 100015, China

Attn:
Xin Wang, Finance Department

Telephone:
+86(10) 5647 8811

Email:
wangxina@bluefocus.com

 

With
a copy to:

 

Greenberg
Traurig LLP

Address: 200 Park Avenue, New York, New York 10166

Attention: Doron Lipshitz

Telephone: +1 (212) 801-3100

Email: lipshitzd@gtlaw.com

 

(b)
Notices if (i) mailed by certified or registered mail or sent by hand or overnight courier service shall be deemed to have been
given when received; (ii) sent by facsimile during the recipient’s normal business hours shall be deemed to have been given when
sent (and if sent after normal business hours shall be deemed to have been given at the opening of the recipient’s business on
the next business day); and (iii) sent by email shall be deemed received upon the sender’s receipt of an acknowledgment from the
intended recipient (such as by the “return receipt requested” function, as available, return email, or other written
acknowledgment).

 

8.2
Expenses. In the event of a breach or
default by Maker under this Note, the Maker shall reimburse the Noteholder on demand for all reasonable and documented out-of-pocket
costs, expenses, and fees (including reasonable expenses and fees of its counsel) incurred by the Noteholder in connection with
the enforcement of the Noteholder’s rights hereunder.

 

8.3
Governing Law. This Note and any claim,
controversy, dispute, or cause of action (whether in contract or tort or otherwise) based upon, arising out of, or relating to
this Note, and the transactions contemplated hereby, shall be governed by the laws of the State of New York.

 

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8.4
Submission to Jurisdiction.

 

(a)
The Maker hereby irrevocably and unconditionally (i) agrees that any legal action, suit, or proceeding arising out of or relating
to this Note may be brought in the courts of the State of New York or of the United States of America for the Southern District
of New York and (ii) submits to the exclusive jurisdiction of any such court in any such action, suit, or proceeding. Final judgment
against the Maker in any action, suit, or proceeding shall be conclusive and may be enforced in any other jurisdiction by suit
on the judgment.

 

(b)
Nothing in this Section 8.4 shall affect the right of the Noteholder to (i) commence legal proceedings or otherwise sue
the Maker in any other court having jurisdiction over the Maker or (ii) serve process upon the Maker in any manner authorized
by the laws of any such jurisdiction.

 

8.5
Venue. The Maker irrevocably and unconditionally
waives, to the fullest extent permitted by applicable law, any objection that it may now or hereafter have to the laying of venue
of any action or proceeding arising out of or relating to this Note in any court referred to in Section 8.4(b) and the
defense of an inconvenient forum to the maintenance of such action or proceeding in any such court.

 

8.6
Waiver of Jury Trial. THE MAKER HEREBY
IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING
DIRECTLY OR INDIRECTLY RELATING TO THIS NOTE OR THE TRANSACTIONS CONTEMPLATED HEREBY WHETHER BASED ON CONTRACT, TORT, OR ANY OTHER
THEORY.

 

8.7
Counterparts; Integration; Effectiveness.
This Note and any amendments, waivers, consents, or supplements hereto may be executed in counterparts, each of which shall constitute
an original, but all taken together shall constitute a single contract. This Note constitutes the entire contract between the
Parties with respect to the subject matter hereof and supersede all previous agreements and understandings, oral or written, with
respect thereto. Delivery of an executed counterpart of a signature page to this Note by facsimile or in electronic (i.e., “pdf”
or “tif”) format shall be effective as delivery of a manually executed counterpart of this Note.

 

8.8
Successors and Assigns. This Note may
be assigned, transferred, or negotiated by the Noteholder to any Person, at any time, without notice to or the consent of the
Maker. The Maker may not assign or transfer this Note or any of its rights hereunder without the prior written consent of the
Noteholder, any such assignment without the Noteholder’s prior written consent shall be null and void. This Note shall inure
to the benefit of and be binding upon the parties hereto and their permitted assigns.

 

8.9
Waiver of Notice. The Maker hereby waives
presentment, demand for payment, protest, notice of dishonor, notice of protest or nonpayment, notice of acceleration of maturity,
and diligence in connection with the enforcement of this Note or the taking of any action to collect sums owing hereunder.

 

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8.10
Amendments and Waivers. No term of this
Note may be waived, modified, or amended except by an instrument in writing signed by both of the parties hereto. Any waiver of
the terms hereof shall be effective only in the specific instance and for the specific purpose given.

 

8.11
Headings. The headings of the various
Sections and subsections herein are for reference only and shall not define, modify, expand, or limit any of the terms or provisions
hereof.

 

8.12
No Waiver; Cumulative Remedies. No failure
to exercise and no delay in exercising, on the part of the Noteholder, of any right, remedy, power, or privilege hereunder shall
operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power, or privilege hereunder preclude
any other or further exercise thereof or the exercise of any other right, remedy, power, or privilege. The rights, remedies, powers,
and privileges herein provided are cumulative and not exclusive of any rights, remedies, powers, and privileges provided by law.

 

8.13
Severability. If any term or provision
of this Note is invalid, illegal, or unenforceable in any jurisdiction, such invalidity, illegality, or unenforceability shall
not affect any other term or provision of this Note or invalidate or render unenforceable such term or provision in any other
jurisdiction.

 

[signature
page follows]

 

    8

     

    

 

IN
WITNESS WHEREOF, the Maker has executed this Note as of January ____, 2020.

 

	 	LEGACY
    ACQUISITION CORP.
	 	 
	 	By	              
	 	Name:	 
	 	Title:	 

 

(Signature
Page to Amended and Restated Promissory Note)

 

     

     

    

 

Exhibit
A

 

Loan
Amounts  

 

	Loan Number	 	Loan Date	 	Pricipal Amount of Loan	 
	1	 	October 24, 2019	 	$	979,155.40	 
	2	 	December 18, 2019	 	$	979,155.40	 
	3	 	January 21, 2020	 	$	979,155.40	 

 

(Exhibit A to Amended and Restated Promissory
Note)EX-10.16

 Exhibit 10.16 

AGREEMENT 
 This agreement
(this “Agreement”), dated as of December 17, 2019 is entered into in connection with the Advisory Agreement between Pacific Oak Strategic Opportunity REIT, Inc. (f/k/a KBS Strategic Opportunity REIT, Inc.) (the
“Company”) and KBS Capital Advisors LLC, a Delaware limited liability company (“KBS”), dated as of October 7, 2019 (the “KBS Advisory Agreement”). Capitalized terms not otherwise defined herein
shall have the meanings ascribed to them in the KBS Advisory Agreement. 
 WHEREAS, upon termination of the KBS Advisory Agreement and
subject to certain conditions specified therein, the KBS Advisory Agreement requires the Company to pay KBS a Subordinated Performance Fee Due Upon Termination and an Orderly Transition in the form of RSUs. 

WHEREAS, the parties to this Agreement all desire for the Subordinated Performance Fee Due Upon Termination and an Orderly Transition to be
paid to KBS in the form of restricted shares of the Company’s common stock rather than RSUs.  
 NOW THEREFORE, in consideration
of the foregoing and of the mutual covenants and agreements contained herein, the parties hereto agree as follows: 
 Section 1.
Restricted Stock Agreement. The Company will pay the Subordinated Performance Fee Due Upon Termination and an Orderly Transition in the form of restricted shares of the Company’s common stock (“Restricted Shares”) rather
than RSUs. The award of restricted shares will be made pursuant to the form of Restricted Stock Agreement attached hereto as Exhibit A, upon the completion of the orderly transition of advisor functions from the Advisor to a new
advisor or other management as measured by the completion and filing with the SEC of the Company’s annual report on Form 10-K for the year ending December 31, 2019 (the “Award
Date”). 
 The Company and KBS agree that such grant of Restricted Shares will be made in payment and full satisfaction of the
Subordinated Performance Fee Due Upon Termination and an Orderly Transition in lieu of the RSUs. In addition, in payment and full satisfaction of the dividend equivalents otherwise due on such RSUs between October 31, 2019 and the Award Date,
the Company will pay to KBS on the Award Date an amount (in cash or shares of common stock, as applicable) per Restricted Share equal to any distributions accrued on the Company’s shares of common stock from October 31, 2019 through the
Award Date. 
 Section 2. Total Operating Expenses Limit. With respect to any fiscal quarter that any matter related to the
award of Restricted Shares (or any matter related to the RSUs, including but not limited to the execution or termination of the KBS Advisory Agreement) results in a Company expense that falls within the definition of Total Operating Expenses (as
defined in the Company’s charter), if Total Operating Expenses for the four consecutive fiscal quarters then ended exceed the 2%/25% Guidelines (as defined in the Company’s charter), then the Conflicts Committee (as defined in the
Company’s charter) will determine an Excess Amount (as defined in the Company’s charter) is justified, based on unusual and non-recurring factors that it deems sufficient, in an amount sufficient
(a) to allow the portion of Total Operating Expenses for the 

 
four consecutive fiscal quarters then ended comprised of the Restricted Shares (or RSUs, as applicable) expenses to be paid or incurred by the Company without reimbursement by the Advisor (as
defined in the Company’s charter) and (b) to allow any other portion of Total Operating Expenses for the four consecutive fiscal quarters then ended to be paid or incurred by the Company without reimbursement by the Advisor, to the extent
such portion alone (i.e., that portion of Total Operating Expenses exclusive of the Restricted Shares (or RSUs, as applicable) expenses) would not have exceeded the 2%/25% Guidelines. The Company hereby represents and agrees that the Conflicts
Committee has approved this Agreement. 
 Section 3. Intended Third Party Beneficiary. Pacific Oak Capital Advisors, LLC, a
Delaware limited liability company, is an intended third party beneficiary of this Agreement. 
 Section 4. Amendment.
This Agreement may not be amended or modified except in writing signed by all the parties hereto. 
 Section 5.
Construction. The provisions of this Agreement shall be construed and interpreted in accordance with the laws of the State of Delaware. 

Section 6. Assignment. This Agreement is not assignable or transferable without the prior written consent of the other party. 

Section 7. Counterparts. This Agreement may be executed in any number of counterparts. Each counterpart, when executed and
delivered, shall be an original contract, but all counterparts, when taken together, shall constitute one and the same agreement. 
 [The
remainder of this page is intentionally left blank] 

  
 2 

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

									
	PACIFIC OAK STRATEGIC OPPORTUNITY REIT, INC.
		
	By:	 	 /s/ Keith D. Hall

		 	Keith D. Hall, Chief Executive Officer
	
	KBS CAPITAL ADVISORS LLC
			
		 	By:	 	PBren Investments, L.P., a Manager
		 		 	By:	 	PBren Investments, LLC, as general
		 		 		 	            partner
		 		 	By:	 	PBCS Management, LLC, a Manager
					
		 		 		 	By:	 	 /s/ Charles J. Schreiber, Jr.

		 		 		 		 	Charles J. Schreiber, Jr., Manager
		
	By:	 	Schreiber Real Estate Investments, L.P., a
		 	Manager
		 	By:	 	Schreiber Investments, LLC, as general
		 		 	partner
		 		 	By:	 	PBCS Management, LLC, a
		 		 		 	Manager
					
		 		 		 	By:	 	 /s/ Charles J. Schreiber, Jr.

		 		 		 		 	Charles J. Schreiber, Jr., Manager
		
	By:	 	GKP Holding LLC, a Manager
			
		 	By:	 	 /s/ Peter McMillan III

		 		 	Peter McMillan III, Manager
			
		 	By:	 	 /s/ Keith D. Hall

		 		 	Keith D. Hall, Manager
	
	PACIFIC OAK CAPITAL ADVISORS, LLC
		 	By:	 	Pacific Oak Holding Group, LLC, sole Member
			
		 	By:	 	 /s/ Peter McMillan III

		 		 	Peter McMillan III, Member
			
		 	By:	 	 /s/ Keith D. Hall

		 		 	Keith D. Hall, Member

 Exhibit A 

 PACIFIC OAK STRATEGIC OPPORTUNITY REIT, INC. 

RESTRICTED STOCK AGREEMENT 

FOR 
 KBS CAPITAL
ADVISORS LLC 
 1. Award of Restricted Stock. Pacific Oak Strategic Opportunity REIT, Inc. (the “Company”) hereby grants,
as of March [__], 2020 (the “Date of Grant”), to KBS Capital Advisors LLC (the “Recipient”), 3,411,737 restricted shares (“Shares”) of the Company’s common stock (“Common
Stock”), $0.01 par value per share (collectively the “Restricted Stock”). The Shares of Restricted Stock shall be subject to the terms, provisions and restrictions set forth in this Restricted Stock Agreement (the
“Agreement”). As a condition to entering into this Agreement, and as a condition to the issuance of the Restricted Stock, the Recipient agrees to be bound by all of the terms and conditions herein. 

2. Vesting of Restricted Stock.  
 (a)
General Vesting. All of the Shares of Restricted Stock are nonvested and forfeitable as of the Date of Grant. Subject to the terms of this Agreement, all of the Shares of Restricted Stock shall vest on the earliest of the following:
(i) November 1, 2021; or (ii) immediately before and contingent upon the occurrence of a Change in Control (as defined below). 

(b) Acceleration of Vesting at Company Discretion. Notwithstanding any other term or provision of this Agreement, the Board shall
be authorized, in its sole discretion, to accelerate the vesting of any Shares of Restricted Stock under this Agreement, at such times and upon such terms and conditions as the Company’s board of directors (the “Board”) shall
deem advisable. 
 (c) Certain Definitions. For purposes of this Agreement, the following terms shall have the meanings
indicated: 
 (i) “Non-Vested Shares” means any portion of the Shares of
Restricted Stock subject to this Agreement that has not become vested pursuant to this Section 2. 
 (ii) “Vested
Shares” means any portion of the Shares of Restricted Stock subject to this Agreement that is and has become vested pursuant to this Section 2. 

(iii) “Change in Control” means any of the following transactions: 

1. any Person is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company (not including in the securities
beneficially owned by such Person any securities acquired directly from the Company or its Affiliates) representing fifty percent (50%) or more of the combined voting power of the Company’s then outstanding securities (a “Controlling
Interest”), excluding (A) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company, or (B) any Person who becomes such a Beneficial Owner in connection with a transaction described in
clause (A) of paragraph 3 below; 

 2. there is consummated a merger or consolidation of the Company or any direct or indirect
subsidiary of the Company with any other entity, other than (A) a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior to such merger or consolidation continuing to represent (either
by remaining outstanding or by being converted into voting securities of the surviving entity or any parent thereof) at least fifty percent (50%) of the combined voting power of the securities of the Company or such surviving entity or any parent
thereof outstanding immediately after such merger or consolidation, (B) a merger or consolidation effected to implement a recapitalization of the Company (or similar transaction) in which no Person is or becomes the Beneficial Owner, directly
or indirectly, of securities of the Company (not including in the securities Beneficially Owned by such Person any securities acquired directly from the Company or its Affiliates) representing fifty percent (50%) or more of the combined voting power
of the Company’s then outstanding securities or (C) a merger of the Company or any direct or indirect subsidiary of the Company with any Affiliated entity; or 

3. the stockholders of the Company approve a plan of complete liquidation or dissolution of the Company or there is consummated an agreement
for the sale or disposition by the Company of all or substantially all of the Company’s assets, other than a sale or disposition by the Company of all or substantially all of the Company’s assets to an entity, at least fifty percent (50%)
of the combined voting power of the voting securities of which are owned by stockholders of the Company in substantially the same proportions as their ownership of the Company immediately prior to such sale. 

4. Notwithstanding the foregoing, a Change in Control shall not be deemed to have occurred (I) solely as the result of a public offering
or (II) by virtue of the consummation of any transaction or series of integrated transactions immediately following which the record holders of the common stock of the Company immediately prior to such transaction or series of transactions
continue to have substantially the same proportionate ownership in an entity which owns all or substantially all of the assets of the Company immediately following such transaction or series of transactions. 

(iv) “Affiliate” or “Affiliated” means, as to any individual, corporation, partnership, trust, limited
liability company or other legal entity (i) any person or entity directly or indirectly through one or more intermediaries controlling, controlled by or under common control with another person or entity; (ii) any person or entity directly
or indirectly owning, controlling, or holding with power to vote ten percent (10%) or more of the outstanding voting securities of another person or entity; (iii) any officer, director, general partner or trustee of such person or entity;
(iv) any person ten percent (10%) or more of whose outstanding voting securities are directly or indirectly owned, controlled or held, with power to vote, by such other person; and (v) if such other person or entity is an officer,
director, general partner or trustee of a person or entity, the person or entity for which such person or entity acts in any such capacity. 

(v) “Board” means the Board of Directors of the Company. 

(vi) “Beneficial Owner” has the meaning given in Rule 13d-3 under the
Securities Exchange Act of 1934, as amended (the “Exchange Act”). 

  
 - 2 - 

 (vii) “Person” has the meaning given in Section 3(a)(9) of the
Exchange Act, as modified and used in Sections 13(d) and 14(d) thereof, except that such term shall not include (i) the Company or any of its Affiliates, (ii) a trustee or other fiduciary holding securities under an employee benefit plan
of the Company or any of its Affiliates, (iii) an underwriter temporarily holding securities pursuant to an offering of such securities, or (iv) a corporation owned, directly or indirectly, by the stockholders of the Company in
substantially the same proportions as their ownership of stock of the Company. 
 3. Delivery of Restricted Stock.  

(a) Issuance of Stock Certificates and Legends. One or more stock certificates evidencing the Shares of Restricted Stock shall be
issued in the name of the Recipient but shall be held and retained by the records administrator of the Company until the date (the “Applicable Date”) on which the Shares (or a portion thereof) of Restricted Stock become Vested
Shares. All such stock certificates shall bear the following legend, along with such other legends that the Administrator shall deem necessary and appropriate: 

THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO SUBSTANTIAL VESTING, TRANSFER AND OTHER RESTRICTIONS AS SET FORTH IN THE RESTRICTED
STOCK AGREEMENT BETWEEN THE ISSUER AND THE ORIGINAL HOLDER OF THE SHARES, A COPY OF WHICH MAY BE OBTAINED AT THE PRINCIPAL OFFICE OF THE ISSUER. SUCH RESTRICTIONS ARE BINDING ON TRANSFEREES OF THESE SHARES, AND INCLUDE VESTING CONDITIONS WHICH MAY
RESULT IN THE COMPLETE FORFEITURE OF THE SHARES. 
 (b) Stock Powers. The Recipient shall deposit with the Company stock powers
or other instruments of transfer or assignment, duly endorsed in blank with signature(s) guaranteed, corresponding to each certificate representing Shares of Restricted Stock (or if Shares are issued without certificates, corresponding to all of the
Shares of Restricted Stock registered in the name of the Recipient) until such Shares become Vested Shares. If the Recipient shall fail to provide the Company with any such stock power or other instrument of transfer or assignment, the Recipient
hereby irrevocably appoints the Secretary of the Company as his attorney-in-fact, with full power of appointment and substitution, to execute and deliver any such power
or other instrument which may be necessary to effectuate the transfer of the Shares of Restricted Stock (or assignment of distributions thereon) on the books and records of the Company. 

(c) Delivery of Stock Certificates. On or after each Applicable Date, upon written request to the Company by the Recipient, the
Company shall promptly cause a new certificate or certificates to be issued for and with respect to all Shares that become Vested Shares on that Applicable Date, which certificate(s) shall be delivered to the Recipient as soon as administratively
practicable after the date of receipt by the Company of the Recipient’s written request. The new certificate or certificates shall continue to bear those legends and endorsements that the Company shall deem necessary or appropriate (including
those relating to restrictions on transferability and/or obligations and restrictions under any applicable securities laws). If the Shares are issued without certificates, then on or after each Applicable Date, upon written request to the Company by
the Recipient, the Company shall promptly take such action as shall be necessary or appropriate to reflect on the Company’s books and records (and on the books and records of the transfer agent for the Company’s Shares), that those Shares
that vest on that Applicable Date are Vested Shares. 

  
 - 3 - 

 (d) Issuance Without Certificates. If the Company is authorized to issue
Shares without certificates, then the Company may, in the discretion of the Company’s management, issue Shares pursuant to this Agreement without certificates. 

4. Forfeiture of Shares. Notwithstanding any other provision of this Agreement to the contrary, the Recipient’s
Non-Vested Shares and/or Vested Shares, as specified below, will be immediately forfeited under the following circumstances: 

(a) Failure to Honor Non-Compete. All of Recipient’s
Non-Vested Shares shall be forfeited immediately if Recipient or any of its Affiliates fail to honor and observe the following non-compete agreement (the “Non-Compete Agreement”). The Recipient agrees to the following non-compete arrangement with respect to the Company in connection with the receipt of this restricted
stock award and the transfer of the management of the Company to a new external advisor. The non-compete provisions represent investment areas that the Company is pursuing, and the Recipient agrees to not
compete with them in these areas through the vesting period of the Restricted Stock award. The recipient agrees to the following: 
  

	 	1.	 It will not form, raise funds for, or manage an Opportunity Zone Fund which consists of various real estate
properties existing in areas designated as “opportunity zones”. 

  

	 	2.	 It will not form, raise funds for, or manage investments in a real estate fund that focuses on single family
homes 

  

	 	3.	 It will not obtain financing and compete in the public Israeli bond market 

(b) Failure to Vote. All of Recipient’s Vested Shares and/or Non-Vested Shares shall
be forfeited immediately in any of the following circumstances: 
  

	 	•	 	 If Recipient attends or returns a proxy to be present at a meeting of Company stockholders, but fails to either:
(1) abstain on any matters that the Board determines that Recipient cannot vote on pursuant to the Company’s charter or otherwise should abstain and provides Recipient with 5 business days’ prior written notice of such determination
or (2) with respect to all other matters, vote all Shares of Restricted Stock in accordance with the recommendations of the Board. 

  

	 	•	 	 If Recipient fails to attend or return a proxy to be present at a meeting of Company stockholders if such meeting
has been adjourned at least once in order to obtain additional stockholder attendance or votes and Recipient has been given 5 business days’ prior written notice of such fact. 

(c) Nomination of Directors. All of Recipient’s Vested Shares or Non-Vested Shares
shall be forfeited immediately if Recipient makes any stockholder nominations of directors to the Board, unless the Conflicts Committee of the Board has provided its prior written consent to such nomination(s). 

  
 - 4 - 

 (d) Compliance with Law. If necessary to satisfy any law, regulation, rule or
administrative decision with respect to the Company’s ongoing operations, including any ongoing offering of Common Stock, the Company shall have authority to cause the forfeiture of any Non-Vested Shares
and replace any such forfeited Non-Vested Shares with a form of compensation that is, as close as reasonably practicable as determined in the Board’s discretion, economically equivalent as of the date of
such replacement or modification. 
 5. Enforcement. 

(a) The Recipient acknowledges and agrees that its obligations set forth in Section 4(a) are independent covenants and agreements and can
be enforced by the Company separate and apart from this Agreement, and are a condition precedent to this Agreement. Therefore, in addition to any other provision or remedy set forth in this Agreement, the Company shall be entitled to all remedies at
law and equity resulting from breach of the obligations of set forth in Section 4(a) and such remedies shall be cumulative with all provisions of this Agreement. 

(b) The Recipient acknowledges and agrees that the injury that would be suffered by the Company or its Affiliates as a result of violation of
Section 4(a) would be irreparable and that an award of monetary damages to the Company or its Affiliates for such a breach would be an inadequate remedy. Consequently, the forfeiture of Non-Vested Shares
is fair and reasonable under the circumstances. 
 (c) If any provision of Section 4(a) is held to be unreasonable, arbitrary, or
against public policy, such covenant and corresponding forfeiture will be considered to be divisible, including with respect to scope, time, geographic area and number of Non-Vested Shares to be forfeited, and
such lesser scope, time, geographic area or number of Non-Vested Shares, or all of them, as a court of competent jurisdiction may determine to be reasonable, not arbitrary, and not against public policy, will
be effective, binding, and enforceable against the Recipient to the maximum extent permitted by applicable law. 

  
 - 5 - 

 6. Rights with Respect to Restricted Stock. 

(a) General. Except as otherwise provided in this Agreement, the Recipient shall have, with respect to all of the Shares of
Restricted Stock, whether Vested Shares or Non-Vested Shares, all of the rights of a holder of Shares of common stock of the Company, including without limitation (i) the right to vote such Shares of
Restricted Stock, (ii) the right to receive dividends, if any, as may be declared on the Shares of Restricted Stock from time to time, and (iii) the rights available to all holders of Shares upon any merger, consolidation, reorganization,
liquidation or dissolution, stock split-up, stock dividend or recapitalization undertaken by the Company; provided, however, that all of such rights shall be subject to the terms, provisions, conditions and
restrictions set forth in this Agreement (including without limitation conditions under which all such rights shall be forfeited). Any cash dividends (or dividends paid in the form of property other than Shares) paid with respect to any Shares of
Restricted Stock shall be paid at the same time as those dividends are paid by the Company to other holders of Shares (reduced by any applicable federal, state, local or foreign withholding taxes thereon). Any Shares issued to the Recipient as a
dividend with respect to Shares of Restricted Stock shall have the same status and transfer restrictions and bear the same legend as the Shares of Restricted Stock, and shall be held by the Company if the Shares of Restricted Stock that such
dividend is attributed to are being so held, unless otherwise determined by the Board. 
 (b) Adjustments to Shares. If at any
time there shall be any increase or decrease in the number of issued and outstanding Shares of the Company through the declaration of a stock dividend or through any recapitalization resulting in a stock
split-up, combination or exchange of such Shares, then and in that event, the Board shall make any adjustments it deems fair and appropriate, in view of such change, in the number of Shares of Restricted Stock
then subject to this Agreement. If any such adjustment shall result in a fractional Share, such fraction shall be disregarded. 
 (c)
No Restrictions on Certain Transactions. Notwithstanding any term or provision of this Agreement to the contrary, the existence of this Agreement, or of any outstanding Shares of Restricted Stock awarded hereunder, shall not affect in
any manner the right, power or authority of the Company to make, authorize or consummate: (i) any or all adjustments, recapitalizations, reorganizations or other changes in the Company’s capital structure or its business; (ii) any
merger, consolidation or similar transaction by or of the Company; (iii) any offer, issue or sale by the Company of any capital stock of the Company, including any equity or debt securities, or preferred or preference stock that would rank
prior to or on parity with the Shares of Restricted Stock and/or that would include, have or possess other rights, benefits and/or preferences superior to those that the Shares of Restricted Stock includes, has or possesses, or any warrants, options
or rights with respect to any of the foregoing; (iv) the dissolution or liquidation of the Company; (v) any sale, transfer or assignment of all or any part of the stock, assets or business of the Company; (vi) any dividend or other
distribution of cash, Shares or other property by the Company; or (vii) any other corporate transaction, act or proceeding (whether of a similar character or otherwise). 

(d) Share Redemption Program. Non-Vested Shares shall not be eligible for redemption by
the Company under any circumstances unless approved by the Board. Within 60 days from vesting of the Shares of Restricted Stock, the Company will redeem, and Recipient will transfer to the Company, 50% of such Vested Shares of Restricted Stock, with
the amount of the cash payment per Share determined based on the then most recent Board-approved net asset 

  
 - 6 - 

 
value of the Shares (which shall not be more than six months old). Any Vested Shares of Restricted Stock that are not required to be redeemed in accordance with the preceding sentence are
referred to herein as the “Retained Vested Shares.” Retained Vested Shares shall not be eligible for redemption under the Company’s share redemption program unless the Company has satisfied all outstanding redemption requests from
other stockholders, provided that (a) this restriction may be waived in certain situations, such as upon a change of control of the Company, as determined by the Conflicts Committee of the Board and (b) notwithstanding the foregoing,
within 60 days after November 1, 2024, the Company shall be required to redeem, and the holder will transfer to the Company, any remaining outstanding Retained Vested Shares, separate and outside of any general stockholder share redemption
program, at the then most recent Board-approved net asset value per Share (which shall not be more than six months old), provided that such outstanding Shares are owned or controlled by Charles J. Schreiber, Jr. or the estate of Peter M. Bren, and
provided further that pursuant to this clause (b) the Company shall only be required to redeem that number Retained Vested Shares which, when added to any previously redeemed Retained Vested Shares owned or controlled by Charles J. Schreiber,
Jr. or the estate of Peter M. Bren, does not exceed two-thirds of the total number of Retained Vested Shares.  

7. Transferability. 
 (a) Unless
otherwise determined by the Board, the Shares of Restricted Stock are not transferable unless and until they become Vested Shares in accordance with this Agreement. The terms of this Agreement shall be binding upon the successors and assigns of the
Recipient. Any attempt to effect a Transfer (as defined below) of any Shares of Restricted Stock prior to the date on which the Shares become Vested Shares shall be void ab initio. For purposes of this Agreement, “Transfer” shall mean any
sale, transfer, encumbrance, gift, donation, assignment, pledge, hypothecation, or other disposition, whether similar or dissimilar to those previously enumerated, whether voluntary or involuntary, and including, but not limited to, any disposition
by operation of law, by court order, by judicial process, or by foreclosure, levy or attachment. 
 (b) Unless otherwise consented to in
writing by the Company, in its sole discretion, this Agreement (and Recipient’s rights hereunder) may not be assigned, and the obligations of Recipient hereunder may not be delegated, in whole or in part. The rights and obligations created
hereunder shall be binding on the Recipient and his heirs and legal representatives and on the successors and assigns of the Company. 
 8.
Recipient’s Responsibilities for Tax Consequences. The tax consequences to the Recipient (including without limitation federal, state, local and foreign income tax consequences) with respect to the Shares of Restricted
Stock (including without limitation the grant, vesting and/or forfeiture thereof) are the sole responsibility of the Recipient. 
 9.
Amendment. This Agreement may be amended only with the written consent of the Company and the Recipient. 
 10. Complete
Agreement. This Agreement (together with those agreements and documents expressly referred to herein, for the purposes referred to herein) embody the complete and entire agreement and understanding between the parties with respect to the
subject matter hereof, and supersede any and all prior promises, assurances, commitments, agreements, undertakings or representations, whether oral, written, electronic or otherwise, and whether express or implied,

  
 - 7 - 

 
which may relate to the subject matter hereof in any way. No promises, assurances, commitments, agreements, undertakings or representations, whether oral, written, electronic or otherwise, and
whether express or implied, with respect to the subject matter hereof, have been made by either party which are not set forth expressly in this Agreement. 

11. Miscellaneous. 
 (a)
Severability. If any term or provision of this Agreement is or becomes or is deemed to be invalid, illegal or unenforceable in any jurisdiction or under any applicable law, rule or regulation, then such provision shall be
construed or deemed amended to conform to applicable law (or if such provision cannot be so construed or deemed amended without materially altering the purpose or intent of this Agreement and the grant of Shares of Restricted Stock hereunder, such
provision shall be stricken as to such jurisdiction and the remainder of this Agreement and the award hereunder shall remain in full force and effect). 

(b) Law Governing. This Agreement shall be governed by and construed and enforced in accordance with the internal laws of
the State of Maryland (without reference to the conflict of laws rules or principles thereof). 
 (c) Interpretation.
The Recipient accepts the Shares of Restricted Stock subject to all of the terms, provisions and restrictions of this Agreement. The undersigned Recipient hereby accepts as binding, conclusive and final all decisions or interpretations of the
Administrator upon any questions arising under this Agreement. 
 (d) Headings. Section, paragraph and other headings
and captions are provided solely as a convenience to facilitate reference. Such headings and captions shall not be deemed in any way material or relevant to the construction, meaning or interpretation of this Agreement or any term or provision
hereof. 
 (e) Notices. Any notice under this Agreement shall be in writing and shall be deemed to have been duly given
when delivered by hand or by overnight mail or other overnight delivery service to the addresses set forth herein: 
 To the Company or the
Board: 
 Pacific Oak Strategic Opportunity REIT, Inc. 

11150 Santa Monica Blvd 
 Los
Angeles, CA 90025 
 To the Recipient: 

KBS Capital Advisors LLC 
 620
Newport Center Drive, Suite 1300 
 Newport Beach, California 92660 

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 11(e).

 (f) Non-Waiver of Breach. The waiver by any party hereto of the other
party’s prompt and complete performance, or breach or violation, of any term or provision of this Agreement shall be effected solely in a writing signed by such party, and shall not operate nor be construed as a waiver of any subsequent breach
or violation, and the waiver by any party hereto to exercise any right or remedy which he or it may possess shall not operate nor be construed as the waiver of such right or remedy by such party, or as a bar to the exercise of such right or remedy
by such party, upon the occurrence of any subsequent breach or violation. 

  
 - 8 - 

 (g) Counterparts. This Agreement may be executed in two or more
separate counterparts, each of which shall be an original, and all of which together shall constitute one and the same agreement. 
 (h)
Arbitration. To the extent that a dispute arises between the parties under this Agreement, the parties agree to attempt to settle such dispute through non-binding mediation to be held for a
maximum of one day administered by the Judicial Arbiter Group (“JAG”), before a mutually-agreed representative of JAG, in accordance with its commercial mediation rules then in effect. If such dispute cannot be resolved through
mediation, it shall be resolved by binding arbitration before a panel of three arbitrators of JAG (selected by the JAG mediator) under the commercial arbitration rules then in effect. Each party shall bear its own legal, accounting and other similar
fees incurred in connection with such arbitration; provided that (a) the losing party shall bear the costs of such arbitration and (b) the arbitrators shall award legal fees to the prevailing party in such dispute. Such arbitration and
determination shall be final and binding on the parties and judgment may be entered upon such determination in any court having jurisdiction thereof (and such judgment enforced, if necessary, through judicial proceedings). It is understood and
agreed that the arbitrators shall be specifically empowered to designate and award any remedy available at law or in equity, including specific performance. The parties agree that any such mediation or arbitration shall be conducted in Los Angeles,
California. 

  
 - 9 - 

 IN WITNESS WHEREOF, the parties hereto, intending to be legally bound, have executed
this Agreement as of the date first written above. 
  

									
	PACIFIC OAK STRATEGIC OPPORTUNITY REIT, INC.
		
	By:	 	      

		 	Keith D. Hall, Chief Executive Officer
	
	KBS CAPITAL ADVISORS LLC
			
		 	By:	 	PBren Investments, L.P., a Manager
		 		 	By:	 	PBren Investments, LLC, as general
		 		 		 	            partner
		 		 	By:	 	PBCS Management, LLC, a Manager
					
		 		 		 	By:	 	      

		 		 		 		 	Charles J. Schreiber, Jr., Manager
		
	By:	 	Schreiber Real Estate Investments, L.P., a
		 	Manager
		 	By:	 	Schreiber Investments, LLC, as general
		 		 	partner
		 		 	By:	 	PBCS Management, LLC, a
		 		 		 	Manager
					
		 		 		 	By:	 	      

		 		 		 		 	Charles J. Schreiber, Jr., Manager
		
	By:	 	GKP Holding LLC, a Manager
			
		 	By:	 	      

		 		 	Peter McMillan III, Manager
			
		 	By:	 	      

		 		 	Keith D. Hall, Manager

  
 - 10 -

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