Document:

Transition and Separation Agreement

 Exhibit 10.1 
 

 
 November 21, 2011 
 Eric Schlezinger 
 C/O Dialogic Inc. 
 1504 McCarthy Boulevard 
 Milpitas, CA 95035-7405 

Dear Eric: 
 This Transition and Separation
Agreement (“Agreement”) sets forth the terms that Dialogic Inc. (the “Company”) is offering to you to aid in your employment transition. This Agreement supersedes and replaces the Amended and Restated Employment Agreement dated
December 29, 2010 between you and the Company (the “Prior Agreement”). 
 1. Separation Date. Your
employment termination date will be January 3, 2012 (such date, or any earlier date of termination of your employment, the “Separation Date”). The Company and you currently expect that between the date of this Agreement and your
Separation Date, you will continue to provide services at a rate in excess of 20% of your prior average rate of services, such that you would not suffer a “separation from service” (as such term is defined under Treasury Regulation
Section 1.409A-1(h), without regard to any alternate definitions thereunder, “Separation from Service”) prior to your Separation Date. 
 2. Transition Period. 
 a. Duties. Between the
signing of this Agreement and the Separation Date (the “Transition Period”), you will remain an employee of the Company, on an at-will basis, with responsibility for completing your on-going projects and transitioning your duties, in good
faith. In particular and without limitation, you will be responsible for transitioning your knowledge and the background related to all of the files and duties you have been handling to individuals the Company designates, as well as for performing
those functions related to the Company’s legal department that the Company asks you to perform from time to time. As of the date you sign this Agreement, you will cease to be an officer of the Company and its affiliates, you hereby resign from
your official titled positions (including but not limited to EVP & General Counsel, Compliance Officer, Director, and Secretary) and you will cease to be a “Section 16 officer” (as determined for purposes of the Securities and
Exchange Act of 1934, as amended). To facilitate this transition, concurrent with the execution of this Agreement you will provide the Company a letter of resignation in the form attached hereto as Exhibit B. Thereafter you agree to sign such other
documents as the Company determines are reasonably necessary as determined by the Company to give effect to such resignations. During the Transition Period, you must continue to comply with all of your obligations under this Agreement, all of the
Company’s policies and procedures of general applicability to all employees in United States and/or California in effect from time to time, and all of your statutory and contractual obligations to the Company

  
 

 
 Dialogic Inc. 
 1504 McCarthy Boulevard 
 Milpitas, California 95035 

(408) 750-9400 

 

 
  

 
(including, without limitation, your obligations under the Employee Proprietary Information and Inventions Agreement that you previously entered into with the Company). 

b. Compensation, Including Equity. During the Transition Period, you will continue to be paid your current
base salary of $265,000, less applicable deductions and withholdings. In accordance with the Company’s policy on performance bonuses, you will not be eligible to earn a performance bonus for calendar year 2011 as your Separation Date will be
prior to the date of determination and payment of the bonus for all regular employees. During the Transition Period, the Company will continue to provide you an opportunity to participate in the Company’s broad-based employee benefits programs
subject to the terms and conditions of those programs. Nothing in this Agreement or the attached release modifies the terms of your currently outstanding compensatory equity awards from the Company (collectively, the “Equity Awards”).
These Equity Awards will continue to be subject to their existing terms and conditions, and will continue vesting during the Transition Period as set forth in the applicable governing plan documents and agreements between you and the Company.

 c. Termination. During the Transition Period, the Company is entitled to terminate your
employment for any reason, with or without Cause (as defined below). On any termination of your employment, the Company will pay you, on such Separation Date, your earned but unpaid base salary and any accrued but unused vacation time. Subject to
the terms of this Agreement, if prior to January 3, 2012 (x) the Company does not terminate your employment for Cause (as defined below), and (y) you do not terminate your employment for reasons other than for “Good Reason”
(as defined below) then as a result of your Separation from Service, the Company will pay you the following: (i) if your Separation from Service occurs prior to January 3, 2012 the Company will pay you, in a single lump sum, on your
Separation Date (the “Transition Severance”) an amount equal to the base salary you would have earned from your Separation Date through January 3, 2012 had you remained employed during this period; (ii) a lump sum cash severance
payment to you equal to $132,500.00 (the “Cash Severance Payment”) paid on the Release Effective Date (defined below) subject to any delay required under Section 4 below; and (iii) the COBRA Premium Amount (or, if applicable, the
Special Severance Payment (each as defined below) paid on the terms and conditions described below (collectively (i), (ii) and (iii) above shall be referred to herein as the “Severance Benefits”). The Severance Benefits will be
paid only if you sign the Separation Date Release attached hereto as Exhibit A within 28 days following your Separation Date and allow it to become effective (with the effective date of the Separation Date Release referred to herein as the
“Release Effective Date”). If the Company terminates your employment for Cause or if you resign for any reason other than Good Reason on or before January 3, 2012 then you will not be entitled to the Severance Benefits. All amounts
paid under this Agreement, including the Severance Benefits, are subject to standard payroll deductions and withholdings. 
 d. Cause. For purposes of this Agreement, “Cause” shall mean one or more of the following which relates solely to acts or omissions by you that occur on or after (but not before)
the date of signature of this Agreement: (i) your conviction of a felony; (ii) your 

  
 

 
 Dialogic Inc. 
 1504 McCarthy Boulevard 
 Milpitas, California 95035 

(408) 750-9400 

 

 
  

 
commission of any act of fraud with respect to the Company; (iii) any intentional misconduct by you that has a material adverse effect upon the Company’s business that is not cured by
you within thirty (30) days after written notice is given to you by the Company identifying such misconduct; (iv) your breach of any fiduciary or contractual obligation that you owe to the Company that has a material adverse effect upon
the Company’s business and is not cured by you within thirty (30) days after written notice is given to you by the Company identifying such breach; (v) willful misconduct or gross negligence in the performance of your duties
hereunder, including (without limitation) your refusal to comply in any material respect with the legal directives of the Board or the CEO, that are not cured by you within thirty (30) days after written notice is given to you by the Company
identifying such misconduct or negligence. 
 e. Good Reason. For the purposes of this
Agreement, “Good Reason” shall mean your resignation in writing from all positions you then hold with the Company as a result of any one of the following events which occurs without your consent: (i) any reduction of your then current
annual base salary without your written consent; or (ii) any requirement that you relocate to a work site that results in the increase in your round trip commute by more than twenty five (25) miles. 

f. COBRA Benefits. If you are entitled to receive the Severance Benefits as provided in
Section (c) above, and if you timely elect continued coverage under COBRA for yourself and your covered dependents under the Company’s group health plans following your Separation from Service, then the Company shall pay, as and when due
directly to the COBRA carrier, the COBRA premiums necessary to continue your health insurance coverage in effect for yourself and your eligible dependents for the period commencing on the termination of your benefits following your Separation from
Service (“COBRA Commencement Date”)(the “COBRA Premium Amount”) until the earliest of (A) the close of the 6 month period following the COBRA Commencement Date, (B) the expiration of your eligibility for the
continuation coverage under COBRA, or (C) the date when you become eligible for substantially equivalent health insurance coverage in connection with new employment or self-employment (such period from the termination date through the earliest
of (A) through (C), the “COBRA Payment Period”). Notwithstanding the foregoing, if at any time the Company determines, in its sole discretion, that the payment of the COBRA Premium Amount would result in a violation of the
nondiscrimination rules of Section 105(h)(2) of the Internal Revenue Code of 1986, as amended (the “Code”) or any statute or regulation of similar effect (including but not limited to the 2010 Patient Protection and Affordable Care
Act, as amended by the 2010 Health Care and Education Reconciliation Act), then in lieu of providing the COBRA Premium Amount, the Company shall instead pay you on the first day of each month of the remainder of the COBRA Payment Period a fully
taxable cash payment equal to the COBRA Premium Amount for that month, subject to applicable tax withholdings (such amount, the “Special Severance Payment”), for the remainder of the COBRA Payment Period. On the eighth (8th) day following the Release Effective Date (or, if later the
date such amounts are due to the COBRA carrier) , the Company will make the first payment under this clause (and, in the case of the Special Severance Payment, such payment will be made to you, in a lump sum) equal to the aggregate amount of
payments that the 

  
 

 
 Dialogic Inc. 
 1504 McCarthy Boulevard 
 Milpitas, California 95035 

(408) 750-9400 

 

 
  

 
Company would have paid through such date had such payments commenced on the Separation from Service through such eighth (8th) day, with the balance of the payments paid thereafter on the
schedule described above, subject to any delay in payment required by Section 4 below. If you become eligible for coverage under another employer’s group health plan or otherwise cease to be eligible for COBRA during the period provided in
this clause, you must immediately notify the Company of such event, and all payments and obligations under this clause shall cease. 
 3. Other Compensation or Benefits. You acknowledge that, except as expressly provided in this Agreement, you will not receive any additional compensation, severance, or benefits from the
Company or its affiliates on or after the Separation Date. You further acknowledge and agree that upon receipt of the payments and benefits set forth in Sections 2 and 3 herein, you will have received all severance benefits to which you may be
entitled, including any such benefits as provided in your Prior Agreement. It is understood that the Indemnity Agreement between you and the Company dated October 1, 2010 (“Indemnity Agreement”) attached hereto as Exhibit C and the
rights and related agreements and documents covering the Excluded Claims to the extent solely related to the Excluded Claims (defined below) shall survive the termination of the employment relationship and remain in full force and effect after the
Separation Date, pursuant to their terms. In addition, nothing in this Agreement eliminates any rights you have to vested amounts under the Company’s 401(k) retirement plan. 

4. 409A Compliance. It is expected that on your Separation Date, you will have a Separation from
Service. For purposes of Section 409A of the Code and the regulations and other guidance thereunder and any state law of similar effect (collectively “Section 409A”), all payments made under this Agreement, including without
limitation your right to receive any installment payments under this Agreement (whether severance payments, reimbursements or otherwise), shall be treated as a right to receive a series of separate payments and, accordingly, each installment payment
hereunder shall at all times be considered a separate and distinct payment. The Severance Benefits, are intended to satisfy the requirements for the exemptions from application of Section 409A provided under Treasury Regulation Sections
1.409A-1(b)(4), 1.409A-1(b)(5) and 1.409A-1(b)(9), and any ambiguities herein shall be interpreted accordingly. For purposes of compliance with Treasury Regulation Section 1.409A-1(b)(4), any amounts that are payable in reliance on such
exemption will be paid, in all cases, not later than the
15th day of the third calendar month following the year in
which such amounts are no longer subject to a substantial risk of forfeiture. It is intended that any severance payment and any other benefits provided hereunder that are not exempt from application of Section 409A shall be interpreted and
administered so as to comply with the requirements of Code Section 409A to the greatest extent possible, including the requirement that, notwithstanding any provision to the contrary in this Agreement, if you are reasonably deemed at the time
of your Separation from Service to be a “specified employee” for purposes of Code Section 409A(a)(2)(B)(i), and to the extent payments due to you upon a Separation from Service are reasonably deemed to be “deferred
compensation”, then to the extent delayed commencement of any portion of such payments (or delayed issuance of any shares subject to stock awards that are not themselves exempt from Code Section 409A) is required in order to avoid a
prohibited distribution under Code Section 

  
 

 
 Dialogic Inc. 
 1504 McCarthy Boulevard 
 Milpitas, California 95035 

(408) 750-9400 

 

 
  

 
409A(a)(2)(B)(i) and the related adverse taxation under Section 409A, such payments with your consent shall not be provided to you (or such shares issued) until the earliest of (i) the
expiration of the six-month period measured from the date of your Separation from Service, (ii) the date of your death or (iii) such earlier date as permitted under Section 409A without the imposition of adverse taxation. Upon the
first business day following the expiration of such applicable Code Section 409A(a)(2)(B)(i) period, all payments deferred pursuant to this paragraph shall be paid in a lump sum to you, and any remaining payments due shall be paid as otherwise
provided herein or in the applicable agreement. No interest shall be due on any amounts so deferred. For clarity, all of your currently outstanding restricted stock unit award agreements provide that any shares vesting under those agreements shall
be issued not later than December 31 of the year in which the shares subject thereto are no longer subject to a substantial risk of forfeiture or, if permitted without penalty under Section 409A, the 15th day of the third calendar month after the year in which the shares
subject thereto are no longer subject to a substantial risk of forfeiture. 
 5. Expense Reimbursements. You agree
that, within ten (10) days after the Separation Date, you will submit your final documented expense reimbursement statement (in accordance with applicable Company policies) reflecting all reasonable out-of-pocket business expenses you incurred
in the performance of your duties hereunder through the Separation Date, if any, for which you seek reimbursement. The Company will reimburse you for these expenses pursuant to its regular business practice. 

6. Return of Company Property. Except as specifically provided below, by the Separation Date, you agree to return to
the Company all Company documents and other Company property within your possession, custody or control, including, but not limited to, Company files, notes, drawings, records, business plans and forecasts, financial information, specifications,
computer-recorded information, tangible property (including, but not limited to, computers), credit cards, entry cards, identification badges, and keys; and, any materials of any kind that contain or embody any proprietary or confidential
information of the Company (and all reproductions thereof). Your timely return of all such Company documents and other property is a condition precedent to your receipt of the benefits provided under this Agreement. Notwithstanding the foregoing
(a) you will be permitted to retain the cellular phone provided to you by the Company, provided that you take all necessary steps by the Separation Date to assume personal responsibility for all costs and obligations related to the cellular
phone and the Company agrees to sign those documents necessary to transfer the number and the account to become your personal number and (b) you will return your laptop to the Company and the Company shall scrub the laptop clean to remove all
information contained on it and then return the laptop to you and transfer you title to the physical laptop (but not any files, software or information that were contained thereon). Notwithstanding the foregoing, you may retain a copy of the files,
documents and other information (including email) (collectively “information”) that were in your possession or contained on the laptop. The Company hereby provides you with a license to use that information for the sole and limited purpose
of defending yourself before any court of law or government body in any action to which you have become a party due to your employment relationship with the Company or satisfying your obligations under this Agreement.

  
 

 
 Dialogic Inc. 
 1504 McCarthy Boulevard 
 Milpitas, California 95035 

(408) 750-9400 

 

 
  

 
The Company retains ownership to all such files and information and does not waive any applicable privilege with respect to such information under this Agreement or through this license and you
agree to hold such files and information in confidence pursuant to the terms of the Employee Proprietary Information and Inventions Agreement you executed with Company. 
 7. Proprietary Information Obligations. You acknowledge and agree to abide by your continuing obligations under the Employee Proprietary Information and Inventions Agreement you
executed with Company and that such obligations shall survive the Separation Date. 
 8. Nondisparagement. You agree not
to disparage the Company, its officers, directors, employees, shareholders, and agents, or your employment with the Company in any manner reasonably likely to be harmful to its or their business, business reputation or personal reputation; provided
that you will respond accurately and fully to any question, inquiry or request for information when required by legal process or a government body. The Company (through its officers and directors) agrees not to disparage you in any manner reasonably
likely to be harmful to you or your business, business reputation or personal reputation; provided that the Company will respond accurately and fully to any question, inquiry or request for information when required by legal process or a government
body. 
 9. Cooperation. 
 a. You are aware that the Company is currently cooperating with the United States government regarding an on-going informal inquiry into the business practices of the Company and its affiliates and
subsidiaries. You agree that before the Separation Date you will cooperate fully with the inquiry and any related investigations or other similar inquiries or investigations commenced by government bodies, including but not limited to providing to
Dialogic, its affiliates, its counsel (including independent counsel retained by the Board of Directors of the Company, its affiliates and subsidiaries), and its insurers with all reasonable assistance requested or required (at no cost to the
Company), including, but not limited to, conducting interviews and providing documents and other information as may be requested by the Company, its affiliates, its counsel, or the U.S. government You agree that after the Separation Date, you will
continue to provide a reasonable amount of cooperation in accordance with the preceding and in accordance with the Indemnity Agreement. 
 b. The Company acknowledges that during the pendency of the foregoing and any similar matter that (i) that your current counsel may continue to serve as your counsel; (ii) that the
advancement of your expenses, including legal expenses will be handled as set out in the Indemnity Agreement to the extent applicable. 
 10. No Admissions. Each party understands and agrees that the promises and payments in consideration of this Agreement shall not be construed to be an admission of any liability or
obligation by such party to the other party or to any other person, and neither party makes any such admission. 

  
 

 
 Dialogic Inc. 
 1504 McCarthy Boulevard 
 Milpitas, California 95035 

(408) 750-9400 

 

 
  

 11. Release of Claims. 

a. General Release. In exchange for the consideration under this Agreement to which you would not
otherwise be entitled and in exchange for the consideration under the Agreement to which you would not be entitled under your Prior Agreement absent such release, you hereby generally and completely release the Company and its directors, officers,
employees, shareholders, partners, agents, attorneys, predecessors, successors, parent or subsidiary entities, affiliates, insurers and assigns from any and all claims, liabilities and obligations, both known and unknown, that arise out of or are in
any way related to events, acts, conduct, or omissions prior to or on the date you sign this Agreement. 

b. Scope of Release. This general release includes, but is not limited to: (1) all claims
arising out of or in any way related to your employment with the Company or the termination of that employment; (2) all claims related to your compensation or benefits from the Company, including but not limited to salary, bonuses, commissions,
vacation pay, expense reimbursements, severance pay, fringe benefits, stock, stock options or any other ownership interests in the Company; (3) all claims for breach of contract, wrongful termination or breach of the implied covenant of good
faith and fair dealing; (4) all tort claims, including claims for fraud, defamation, emotional distress and discharge in violation of public policy; and (5) all federal, state, and local statutory claims, including claims for
discrimination, harassment, retaliation, attorneys’ fees, or other claims arising under the federal Civil Rights Act of 1964 (as amended), the federal Americans with Disabilities Act of 1990, the federal Age Discrimination in Employment Act
(the “ADEA”) (as amended), or the California Fair Employment and Housing Act (as amended). 
 c.
Excluded Claims. Notwithstanding the foregoing, you are not hereby releasing the Company from any of the following claims (collectively, the “Excluded Claims”): (a) any rights or claims you may have pursuant to the Indemnity
Agreement, the charter, bylaws, insurance, or operating agreements of the Company, or under applicable law; (b) any rights which cannot be waived as a matter of law; (c) any rights to be reimbursed for expenses properly submitted to the
Company pursuant to the terms hereof; (d) any rights to be issued vested shares after the date of this Agreement in accordance with the terms of the Equity Awards; or (d) any claims arising from the breach of this Agreement. In addition,
nothing in this Agreement prevents you from filing, cooperating with, or participating in any proceeding before the Equal Employment Opportunity Commission, the Department of Labor, or the California Department of Fair Employment and Housing, except
that you hereby waive your right to any monetary benefits in connection with any such claim, charge or proceeding. You hereby represent and warrant that, other than the Excluded Claims, you are not aware of any claims you have or might have against
the Company or its directors, officers, employees, shareholders, partners, agents, attorneys, predecessors, successors, parent or subsidiary entities, affiliates, insurers or assigns. 

  
 

 
 Dialogic Inc. 
 1504 McCarthy Boulevard 
 Milpitas, California 95035 

(408) 750-9400 

 

 
  

 12. Release of Claims. 

a. General Release. In exchange for the promises contained herein, with the exception of the claims
set out in Section 12 (c) the Company hereby generally and completely releases you and your successors and assigns from any and all claims, liabilities and obligations, both known and unknown, that arise out of or are in any way related to
events, acts, conduct, or omissions prior to or on the date you sign this Agreement. 
 b. Scope of
Release. This general release includes, but is not limited to all claims arising out of or in any way related to your employment with the Company or the termination of that employment; 

c. Excluded Claims. Notwithstanding the foregoing, the Company is not hereby releasing you and your successors and
assigns from any of the following claims: (a) any rights or claims related to agreements with the Company that survive the termination of this Agreement including but not limited to the Employee Proprietary Information and Inventions Agreement
and the Indemnity Agreement and the Equity Awards; (b) any rights which cannot be waived as a matter of law; (c) any claims of fraud or other acts that are in violation of applicable law; (d) any of your tax obligations arising out of
this Agreement, your Prior Agreement or any other agreement between you and Company or (e) any claims arising from the breach of this Agreement. 
 13. ADEA Waiver. You acknowledge that you are knowingly and voluntarily waiving and releasing any rights you may have under the ADEA (“ADEA Waiver”). You also acknowledge that the
consideration given for the ADEA Waiver is in addition to anything of value to which you were already entitled. You further acknowledge that you have been advised by this writing, as required by the ADEA, that: (a) your ADEA Waiver does not
apply to any rights or claims that arise after the date you sign this Agreement; (b) you should consult with an attorney prior to signing this Agreement; (c) you have twenty-one (21) days to consider this Agreement (although you may
choose to voluntarily sign it sooner); (d) you have seven (7) days following the date you sign this Agreement to revoke (in a written revocation sent to the Company pursuant to the notice provisions set out in Section 18 below); and
(e) this Agreement will not be effective until the date upon which the revocation period has expired, which will be the eighth day after you sign this Agreement (the “Effective Date”). 

14. Section 1542 Waiver. In granting the release herein, which includes claims that may be unknown to you at present, you
acknowledge that you have read and understand Section 1542 of the California Civil Code: “A general release does not extend to claims which the creditor does not know or suspect to exist in his or her favor at the time of executing the
release, which if known by him or her must have materially affected his or her settlement with the debtor.” You hereby expressly waive and relinquish all rights and benefits under that section and any law or legal principle of similar
effect in any jurisdiction with respect to the releases granted herein, including but not limited to the release of unknown and unsuspected claims granted in this Agreement. In granting the release herein, which includes claims that may

  
 

 
 Dialogic Inc. 
 1504 McCarthy Boulevard 
 Milpitas, California 95035 

(408) 750-9400 

 

 
  

 
be unknown to the Company at present, the Company acknowledges that it has read and understands Section 1542 of the California Civil Code: “A general release does not extend to
claims which the creditor does not know or suspect to exist in his or her favor at the time of executing the release, which if known by him or her must have materially affected his or her settlement with the debtor.” The Company hereby
expressly waives and relinquishes all rights and benefits under that section and any law or legal principle of similar effect in any jurisdiction with respect to the releases granted herein, including but not limited to the release of unknown and
unsuspected claims granted in this Agreement. 
 15. Tax Representation. You represent that you have had the right to
consult with tax, financial and/or legal advisors of your own choosing in negotiating this Agreement and it was your choice whether to do so or not. You further represent that you are not relying on any representations made by the Company or its
advisors regarding the tax consequences of this Agreement. You acknowledge the Company has no obligation to minimize any tax burden you have related to your rights under this Agreement and any Prior Agreements. You acknowledge and agree that any
taxes, penalties and interest imposed on you by any taxing authority with respect to the Severance Benefits are solely your responsibility. 
 16. Arbitration. To ensure the rapid and economical resolution of disputes that may arise in connection with your employment with the Company, you and the Company agree that any and all disputes,
claims, or causes of action, in law or equity, arising from or relating to the enforcement, breach, performance, or interpretation of this Agreement, your employment with the Company, or the termination of your employment, shall be resolved, to the
fullest extent permitted by law, by final, binding and confidential arbitration in San Jose, California by JAMS, Inc. (“JAMS”) or its successor, under JAMS’ then applicable rules and procedures. You acknowledge that by agreeing to
this arbitration procedure, both you and the Company waive the right to resolve any such dispute through a trial by jury or judge or administrative proceeding. You will have the right to be represented by legal counsel at any arbitration
proceeding. The arbitrator shall: (a) have the authority to compel adequate discovery for the resolution of the dispute and to award such relief as would otherwise be permitted by law; and (b) issue a written statement signed by the
arbitrator regarding the disposition of each claim and the relief, if any, awarded as to each claim, the reasons for the award, and the arbitrator’s essential findings and conclusions on which the award is based. The arbitrator shall be
authorized to award all relief that you or the Company would be entitled to seek in a court of law. The Company shall pay all JAMS arbitration fees in excess of the administrative fees that you would be required to pay if the dispute were decided in
a court of law. Nothing in this Agreement is intended to prevent either you or the Company from obtaining injunctive relief in court to prevent irreparable harm pending the conclusion of any such arbitration. 

17. INTERPRETATION; CONSTRUCTION. THIS AGREEMENT HAS BEEN DRAFTED BY THE COMPANY, BUT YOU HAVE PARTICIPATED IN THE
NEGOTIATION OF ITS TERMS. FURTHERMORE, YOU HAVE HAD THE OPPORTUNITY TO REVIEW AND REVISE THE AGREEMENT AND HAVE IT 

  
 

 
 Dialogic Inc. 
 1504 McCarthy Boulevard 
 Milpitas, California 95035 

(408) 750-9400 

 

 
  

 
REVIEWED BY YOUR OWN INDEPENDENT LEGAL COUNSEL AND/OR TAX AND FINANCIAL ADVISOR WITH REGARD TO THE TERMS HEREOF, IF DESIRED, AND, THEREFORE, THE NORMAL RULE OF CONSTRUCTION TO THE EFFECT THAT ANY
AMBIGUITIES ARE TO BE RESOLVED AGAINST THE DRAFTING PARTY SHALL NOT BE EMPLOYED IN THE INTERPRETATION OF THIS AGREEMENT. YOU FURTHER ACKNOWLEDGE THAT NO REPRESENTATIVE OR AGENT OF THE COMPANY HAS PROVIDED YOU WITH ANY TAX OR LEGAL ADVICE OF ANY
NATURE. 
 18. Miscellaneous. This Agreement, including all Exhibits, constitutes the complete, final and exclusive
embodiment of the entire agreement between you and the Company with regard to its subject matter. It is entered into without reliance on any promise or representation, written or oral, other than those expressly contained herein, and it supersedes
any other such promises, warranties or representations. This Agreement may not be modified or amended except in a writing signed by both you and a duly authorized officer of the Company. This Agreement will bind the heirs, personal representatives,
successors and assigns of both you and the Company, and inure to the benefit of both you and the Company, their heirs, successors and assigns. If any provision of this Agreement is determined to be invalid or unenforceable, in whole or in part, this
determination will not affect any other provision of this Agreement and the provision in question will be modified so as to be rendered enforceable. This Agreement will be deemed to have been entered into and will be construed and enforced in
accordance with the laws of the State of California as applied to contracts made and to be performed entirely within California. Any waiver of a breach of this Agreement shall be in writing and shall not be deemed to be a waiver of any successive
breach. Either party’s failure to enforce any provision of this Agreement shall not in any way be construed as a waiver of any such provision, or prevent that party thereafter from enforcing each and every other provision of this Agreement.
This Agreement may be executed in counterparts and facsimile signatures will suffice as original signatures. Any notice to either party under this Agreement shall be sent to the other party by courier. If the Company sends a notice to your attention
it shall be sent to Eric Schlezinger at the address maintained in the Company records. If you send a copy to Company it shall be sent to the attention of Rosanne Sargent, 1515 Route 10 East, Parsippany, NJ, USA 07054 with a copy by email to
rosanne.sargent@dialogic.com and anthony.housefather@dialogic.com. Either party may change its notice address or recipient by written notice. 

  
 

 
 Dialogic Inc. 
 1504 McCarthy Boulevard 
 Milpitas, California 95035 

(408) 750-9400 

 

 
  

 If this Agreement is acceptable to you, please sign below and return the original to me within the
period set out in Section 13 (c), meaning on or before 21 days from the date set out above. 
 We wish you the best in your future
endeavors. 
 Sincerely, 
 Dialogic
Inc. 
  

			
	By:	 	/s/ Rosanne Sargent
		 	Rosanne Sargent
		 	Senior VP, Human Resources

 I have read, understand and agree fully to the foregoing Agreement: 

 

	
	/s/ Eric Schlezinger
	Eric Schlezinger

 Date: 11/21/2011 

  
 

 
 Dialogic Inc. 
 1504 McCarthy Boulevard 
 Milpitas, California 95035 

(408) 750-9400 

 

 
  

 Exhibit A 
 SEPARATION DATE RELEASE 
 (TO BE SIGNED ON THE SEPARATION DATE)

 In exchange for the separation benefits to be provided to me by Dialogic Inc. (the “Company”) pursuant to the Transition and
Separation Agreement between the Company and me dated November 21, 2011 (the “Agreement”), I hereby provide the following Separation Date Release (the “Separation Date Release”). 

In exchange for the consideration under the Agreement to which I would not otherwise be entitled and in exchange for the consideration under the
Agreement to which I would not be entitled under your Prior Agreement absent such release, I hereby generally and completely release the Company and its directors, officers, employees, shareholders, partners, agents, attorneys, predecessors,
successors, parent or subsidiary entities, affiliates, insurers and assigns from any and all claims, liabilities and obligations, both known and unknown, that arise out of or are in any way related to events, acts, conduct, or omissions prior to or
on the date I sign this Separation Date Release. 
 This general release includes, but is not limited to: (1) all claims arising out of or
in any way related to my employment with the Company or the termination of that employment; (2) all claims related to my compensation or benefits from the Company, including but not limited to salary, bonuses, commissions, vacation pay, expense
reimbursements, severance pay, fringe benefits, stock, stock options or any other ownership interests in the Company; (3) all claims for breach of contract, wrongful termination or breach of the implied covenant of good faith and fair dealing;
(4) all tort claims, including claims for fraud, defamation, emotional distress and discharge in violation of public policy; and (5) all federal, state, and local statutory claims, including claims for discrimination, harassment,
retaliation, attorneys’ fees, or other claims arising under the federal Civil Rights Act of 1964 (as amended), the federal Americans with Disabilities Act of 1990, the federal Age Discrimination in Employment Act (the “ADEA”) (as
amended), or the California Fair Employment and Housing Act (as amended). 
 Notwithstanding the foregoing, I am not hereby releasing the
Company from any of the following claims (collectively, the “Excluded Claims”): (a) any rights or claims I may have pursuant to the Indemnity Agreement, the charter, bylaws, or operating agreements of the Company, or under applicable
law; (b) any rights which cannot be waived as a matter of law; (c) any expenses properly submitted to the Company prior to the date hereof pursuant to Section 5 of the Agreement; (d) claims arising from or related to the Equity
Awards; or (e) any claims arising from the breach of this Agreement. In addition, nothing in this Agreement prevents me from filing, cooperating with, or participating in any proceeding before the Equal Employment Opportunity Commission, the
Department of Labor, or the California Department of Fair 

  
 

 
 Dialogic Inc. 
 1504 McCarthy Boulevard 
 Milpitas, California 95035 

(408) 750-9400 

 

 
  

 
Employment and Housing, except that I hereby waive my right to any monetary benefits in connection with any such claim, charge or proceeding. 

I acknowledge that I am are knowingly and voluntarily waiving and releasing any rights I may have under the ADEA (“ADEA Waiver”). I also
acknowledge that the consideration given for the ADEA Waiver is in addition to anything of value to which I was already entitled. I further acknowledge that I have been advised by this writing, as required by the ADEA, that: (a) my ADEA Waiver
does not apply to any rights or claims that arise after the date I sign this Agreement; (b) I should consult with an attorney prior to signing this Separation Date Release; (c) I have had twenty-one (21) days to consider this
Separation Date Release; (d) I have seven (7) days following the date I sign this Separation Date Release to revoke (in a written revocation sent pursuant to the notice provisions of the Agreement); and (e) this Separation Date
Release will not be effective until the date upon which the revocation period has expired, which will be the eighth day after I sign this Agreement (the “Release Effective Date”). 

In granting the release herein, which includes claims which may be unknown to me at present, I acknowledge that I have read and understand
Section 1542 of the California Civil Code: “A general release does not extend to claims which the creditor does not know or suspect to exist in his or her favor at the time of executing the release, which if known by him or her must have
materially affected his or her settlement with the debtor.” I hereby expressly waive and relinquish all rights and benefits under that section and any law or legal principle of similar effect in any jurisdiction with respect to the releases
granted herein, including but not limited to the release of unknown and unsuspected claims granted in this Separation Date Release. 
 I
hereby represent that to date: (i) I have been paid all compensation owed and have been paid for all hours worked; (ii) I have received all the leave and leave benefits and protections for which I am eligible pursuant to the federal Family
and Medical Leave Act, the California Family Rights Act, or otherwise; and (iii) I have not suffered any on-the-job injury for which I have not already filed a workers’ compensation claim. 

 

			
	By:	 	 
		 	Eric Schlezinger

 

					
	Date:	 	 	 	

  
 

 
 Dialogic Inc. 
 1504 McCarthy Boulevard 
 Milpitas, California 95035 

(408) 750-9400 

 

 
  

 Exhibit B 
 Letter of Resignation 
 November 21, 2011 

Mr. Nick Jensen 
 Chairman of the Board of
Directors 
 Dialogic Inc. 
 Dear
Mr. Jensen 
 I, the undersigned, Eric Schlezinger hereby resign all of official titled positions with Dialogic Inc. and all of its
affiliated companies. For the purposes of this letter affiliated companies mean all companies controlled by Dialogic Inc. The positions from which I am resigning include but are not limited to EVP & General Counsel, Compliance Officer,
Director, and Secretary and Assistant Secretary and it is understood that I will cease to be a “Section 16 officer” (as determined for purposes of the Securities and Exchange Act of 1934, as amended) as of the date of this resignation
letter. 
 Sincerely yours, 
  

	
	  
	Eric Schlezinger

  
 

 
 Dialogic Inc. 
 1504 McCarthy Boulevard 
 Milpitas, California 95035 

(408) 750-9400 

 

 
  

 Exhibit C 
 INDEMNITY AGREEMENT 
 THIS INDEMNITY
AGREEMENT (this “Agreement”) dated as of October 1, 2010, is made by and between DIALOGIC INC., a Delaware corporation (the “Company”), and
ERIC SCHLEZINGER (“Indemnitee”). 

RECITALS 
 A. The Company desires to attract and retain the services of highly qualified individuals as directors, officers, employees and agents. 

B. The Company’s bylaws (the “Bylaws”) require that the Company indemnify its directors, and empowers the
Company to indemnify its officers, employees and agents, as authorized by the Delaware General Corporation Law, as amended (the “Code”), under which the Company is organized and such Bylaws expressly provide that the indemnification
provided therein is not exclusive and contemplates that the Company may enter into separate agreements with its directors, officers and other persons to set forth specific indemnification provisions. 

C. Indemnitee does not regard the protection currently provided by applicable law, the Company’s governing documents and
available insurance as adequate under the present circumstances, and the Company has determined that Indemnitee and other directors, officers, employees and agents of the Company may not be willing to serve or continue to serve in such capacities
without additional protection. 
 D. The Company desires and has requested Indemnitee to serve or continue to serve as a
director, officer, employee or agent of the Company, as the case may be, and has proffered this Agreement to Indemnitee as an additional inducement to serve in such capacity. 
 E. Indemnitee is willing to serve, or to continue to serve, as a director, officer, employee or agent of the Company, as the case may be, if Indemnitee is furnished the indemnity provided for
herein by the Company. 
 AGREEMENT 

NOW THEREFORE, in consideration of the mutual covenants and agreements set forth
herein, the parties hereto, intending to be legally bound, hereby agree as follows: 
 1. Definitions. 

(a) Agent. For purposes of this Agreement, the term “agent” of the Company means any person who:
(i) is or was a director, officer, employee or other fiduciary of the Company or a Subsidiary (as defined below); or (ii) is or was serving at the request or for the convenience of, or representing the interests of, the Company or a
Subsidiary as a director, officer, employee or other fiduciary of a foreign or domestic corporation, partnership, joint venture, trust, employee benefit plan or other enterprise. References to serving at the request of the Company shall include, but
not be limited to, any service as a director, officer, employee or agent of the Company or any other entity which imposes duties on, or involves services by, such 

  
 

 
 Dialogic Inc. 
 1504 McCarthy Boulevard 
 Milpitas, California 95035 

(408) 750-9400 

 

 
  

 
director, officer, employee or agent with respect to an employee benefit plan, its participants or beneficiaries, including as a deemed fiduciary thereto. 

(b) Expenses. For purposes of this Agreement, the term “expenses” shall be broadly construed and shall
include, without limitation, all direct and indirect costs of any type or nature whatsoever (including, without limitation, all attorneys’, witness, or other professional fees and related disbursements, and other out-of-pocket costs of whatever
nature), actually and reasonably incurred by Indemnitee in connection with the investigation, defense or appeal of a proceeding or establishing or enforcing a right to indemnification under this Agreement, the Code or otherwise, and amounts paid in
settlement by or on behalf of Indemnitee, but shall not include any judgments, fines or penalties actually levied against Indemnitee for such individual’s violations of law. The term “expenses” shall also include reasonable
compensation for time spent by Indemnitee for which he is not compensated by the Company or any Subsidiary or third party (i) for any period during which Indemnitee is not an agent, in the employment of, or providing services for compensation
to, the Company or any Subsidiary; and (ii) if the rate of compensation and estimated time involved is approved by the directors of the Company who are not parties to any action with respect to which expenses are incurred, for Indemnitee while
an agent of, employed by, or providing services for compensation to, the Company or any Subsidiary. 
 (c)
Proceedings. For purposes of this Agreement, the term “proceeding” shall be broadly construed and shall include, without limitation, any threatened, pending, or completed action, suit, arbitration, alternate dispute resolution
mechanism, investigation, inquiry, administrative hearing or any other actual, threatened or completed proceeding, whether brought in the right of the Company or otherwise and whether of a civil, criminal, administrative or investigative nature, and
whether formal or informal in any case, in which Indemnitee was, is or will be involved as a party or otherwise by reason of: (i) the fact that Indemnitee is or was a director or officer of the Company or any Subsidiary; (ii) the fact that
any action taken by Indemnitee or of any action on Indemnitee’s part while acting as director, officer, employee or agent of the Company or any Subsidiary; or (iii) the fact that Indemnitee is or was serving at the request of the Company
as a director, officer, employee or agent of another corporation, partnership, joint venture, trust, employee benefit plan or other enterprise, and in any such case described above, whether or not serving in any such capacity at the time any
liability or expense is incurred for which indemnification, reimbursement, or advancement of expenses may be provided under this Agreement. 
 (d) Subsidiary. For purposes of this Agreement, the term “subsidiary” means any corporation or limited liability company of which more than 50% of the outstanding voting securities or
equity interests are owned, directly or indirectly, by the Company and one or more of its subsidiaries, and any other corporation, limited liability company, partnership, joint venture, trust, employee benefit plan or other enterprise of which
Indemnitee is or was serving at the request of the Company as a director, officer, employee, agent or fiduciary. 

(e) Independent Counsel. For purposes of this Agreement, the term “independent counsel” means a law firm,
or a partner (or, if applicable, member) of such a law firm, that is experienced in matters of corporation law and neither presently is, nor in the past five (5) years has been, retained to represent: (i) the Company or Indemnitee in any
matter 

  
 

 
 Dialogic Inc. 
 1504 McCarthy Boulevard 
 Milpitas, California 95035 

(408) 750-9400 

 

 
  

 
material to either such party, or (ii) any other party to the proceeding giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term “independent
counsel” shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee’s
rights under this Agreement. 
 2. Agreement to Serve. Indemnitee will serve, or continue to serve, as a director,
officer, employee or agent of the Company or any Subsidiary, as the case may be, faithfully and to the best of his or her ability, at the will of such corporation (or under separate agreement, if such agreement exists), in the capacity Indemnitee
currently serves as an agent of such corporation, so long as Indemnitee is duly appointed or elected and qualified in accordance with the applicable provisions of the bylaws or other applicable charter documents of such corporation, or until such
time as Indemnitee tenders his or her resignation in writing; provided, however, that nothing contained in this Agreement is intended as an employment agreement between Indemnitee and the Company or any of its Subsidiaries or to create any right to
continued employment of Indemnitee with the Company or any of its Subsidiaries in any capacity. 
 The Company acknowledges that
it has entered into this Agreement and assumes the obligations imposed on it hereby, in addition to and separate from its obligations to Indemnitee under the Bylaws, to induce Indemnitee to serve, or continue to serve, as a director, officer,
employee or agent of the Company, and the Company acknowledges that Indemnitee is relying upon this Agreement in serving as a director, officer, employee or agent of the Company. 

The Company and Indemnitee agree that a monetary remedy for breach of this Agreement may be inadequate, impracticable and difficult of
proof, and further agree that such breach may cause Indemnitee irreparable harm. Accordingly, the parties hereto agree that Indemnitee may enforce this Agreement by seeking injunctive relief and/or specific performance hereof, without any necessity
of showing actual damage or irreparable harm and that by seeking injunctive relief and/or specific performance, Indemnitee shall not be precluded from seeking or obtaining any other relief to which he may be entitled. The Company and Indemnitee
further agree that Indemnitee shall be entitled to such specific performance and injunctive relief, including temporary restraining orders, preliminary injunctions and permanent injunctions, without the necessity of posting bonds or other
undertaking in connection therewith. The Company acknowledges that in the absence of a waiver, a bond or undertaking may be required of Indemnitee by the Court, and the Company hereby waives any such requirement of a bond or undertaking. 

If the indemnification provided in Sections 3 , 4 or 5 is unavailable in whole or in part and may not be paid to Indemnitee for any
reason other than those set forth in Section 10, then in respect to any Proceeding in which the Company is jointly liable with Indemnitee (or would be if joined in such Proceeding), to the fullest extent permissible under applicable law, the
Company, in lieu of indemnifying and holding harmless Indemnitee, shall pay, in the first instance, the entire amount incurred by Indemnitee, whether for Expenses, judgments, decisions of arbitrators, fines, penalties, and/or amounts paid or to be
paid in settlement, in connection with any Proceeding without requiring Indemnitee to contribute to such payment, and the Company 

  
 

 
 Dialogic Inc. 
 1504 McCarthy Boulevard 
 Milpitas, California 95035 

(408) 750-9400 

 

 
  

 
hereby waives and relinquishes any right of contribution it may have at any time against Indemnitee. 
 3. Indemnification. 
 (a) Indemnification in Third Party
Proceedings. Subject to Section 10 below, the Company shall indemnify Indemnitee to the fullest extent permitted by the Code, as the same may be amended from time to time (but, only to the extent that such amendment permits Indemnitee to
broader indemnification rights than the Code permitted prior to adoption of such amendment), if Indemnitee is a party to or threatened to be made a party to or otherwise involved in any proceeding, for any and all expenses, actually and reasonably
incurred by Indemnitee in connection with the investigation, defense, settlement or appeal of such proceeding. 

(b) Indemnification in Derivative Actions and Direct Actions by the Company. Subject to Section 10 below, the
Company shall indemnify Indemnitee to the fullest extent permitted by the Code, as the same may be amended from time to time (but, only to the extent that such amendment permits Indemnitee to broader indemnification rights than the Code permitted
prior to adoption of such amendment), if Indemnitee is a party to or threatened to be made a party to or otherwise involved in any proceeding by or in the right of the Company to procure a judgment in its favor, against any and all expenses actually
and reasonably incurred by Indemnitee in connection with the investigation, defense, settlement, or appeal of such proceedings. 
 (c) [Fund Indemnitors. The Company hereby acknowledges that the Indemnitee has certain rights to indemnification, advancement of expenses or insurance, provided by [Name of Fund/Sponsor]
and certain of [its][their] affiliates (collectively, the “Fund Indemnitors”). In the event that the Indemnitee is, or is threatened to be made, a party to or a participant in any proceeding to the
extent resulting from any claim based on the Indemnitee’s service to the Company as a director or other fiduciary of the Company, then the Company shall (i) be an indemnitor of first resort (i.e., its obligations to Indemnitee are
primary and any obligation of the Fund Indemnitors to advance expenses or to provide indemnification for the same expenses or liabilities incurred by Indemnitee are secondary), (ii) be required to advance reasonable expenses incurred by
Indemnitee, and (iii) be liable for the full amount of all expenses, judgments, penalties, fines and amounts paid in settlement to the extent legally permitted and as required by the terms of this Agreement and any provision of the Bylaws or
the Certificate of the Company (or any other agreement between the Company and Indemnitee), without regard to any rights Indemnitee may have against the Fund Indemnitors. The Company irrevocably waives, relinquishes and releases the Fund Indemnitors
from any and all claims against the Fund Indemnitors for contribution, subrogation or any other recovery of any kind in respect thereof. No advancement or payment by the Fund Indemnitors on behalf of Indemnitee with respect to any claim for which
Indemnitee has sought indemnification from the Company shall affect the foregoing and the Fund Indemnitors shall have a right of contribution or be subrogated to the extent of such advancement or payment to all of the rights of recovery of
Indemnitee against the Company. The Fund Indemnitors are third party beneficiaries of the terms of this Section.] 

  
 

 
 Dialogic Inc. 
 1504 McCarthy Boulevard 
 Milpitas, California 95035 

(408) 750-9400 

 

 
  

 4. Indemnification of Expenses of Successful Party. Notwithstanding any other
provision of this Agreement, to the extent that Indemnitee has been successful on the merits or otherwise in defense of any proceeding or in defense of any claim, issue or matter therein, including the dismissal of any action without prejudice, the
Company shall indemnify Indemnitee against all expenses actually and reasonably incurred in connection with the investigation, defense or appeal of such proceeding. 
 5. Partial Indemnification. If Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for some or a portion of any
expenses actually and reasonably incurred by Indemnitee in the investigation, defense, settlement or appeal of a proceeding, but is precluded by applicable law or the specific terms of this Agreement to indemnification for the total amount thereof,
the Company shall nevertheless indemnify Indemnitee for the portion thereof to which Indemnitee is entitled. 

6. Advancement of Expenses. The Company shall advance the expenses incurred by Indemnitee in
connection with any proceeding, and such advancement shall be made within twenty (20) days after the receipt by the Company of a statement or statements requesting such advances (which shall include invoices received by Indemnitee in connection
with such expenses but, in the case of invoices in connection with legal services, any references to legal work performed or to expenditures made that would cause Indemnitee to waive any privilege accorded by applicable law shall not be included
with the invoice). Advances shall be unsecured, interest free and without regard to Indemnitee’s ability to repay the expenses. Advances shall include any and all expenses actually and reasonably incurred by Indemnitee pursuing an action to
enforce Indemnitee’s right to indemnification under this Agreement, or otherwise and this right of advancement, including expenses incurred preparing and forwarding statements to the Company to support the advances claimed. Indemnitee
acknowledges that the execution and delivery of this Agreement shall constitute an undertaking providing that Indemnitee shall, to the fullest extent required by law, repay the advance if and to the extent that it is ultimately determined by a court
of competent jurisdiction in a final judgment, not subject to appeal, that Indemnitee is not entitled to be indemnified by the Company. No other form of undertaking shall be required other than the execution of this Agreement. The right to advances
under this Section shall continue until final disposition of any proceeding, including any appeal therein. This Section 6 shall not apply to any claim made by Indemnitee for which indemnity is excluded pursuant to Section 10(b).

 7. Notice and Other Indemnification Procedures. 

(a) Notification of Proceeding. Indemnitee will notify the Company in writing promptly upon being served with any
summons, citation, subpoena, complaint, indictment, information or other document relating to any proceeding or matter which may be subject to indemnification or advancement of expenses covered hereunder. The failure of Indemnitee to so notify the
Company shall not relieve the Company of any obligation which it may have to Indemnitee under this Agreement or otherwise. 
 (b) Request for Indemnification and Indemnification Payments. Indemnitee shall notify the Company promptly in writing upon receiving notice of any demand, judgment or other requirement for
payment that Indemnitee reasonably believes to be subject to 

  
 

 
 Dialogic Inc. 
 1504 McCarthy Boulevard 
 Milpitas, California 95035 

(408) 750-9400 

 

 
  

 
indemnification under the terms of this Agreement, and shall request payment thereof by the Company. Indemnification payments requested by Indemnitee under Section 3 hereof shall be made by
the Company no later than sixty (60) days after receipt of the written request of Indemnitee. Claims for advancement of expenses shall be made under the provisions of Section 6 herein. 

(c) Application for Enforcement. In the event the Company fails to make timely payments as set forth in
Sections 6 or 7(b) above, Indemnitee shall have the right to apply to any court of competent jurisdiction for the purpose of enforcing Indemnitee’s right to indemnification or advancement of expenses pursuant to this Agreement. In such an
enforcement hearing or proceeding, the burden of proof shall be on the Company to prove that indemnification or advancement of expenses to Indemnitee is not required under this Agreement or permitted by applicable law. Any determination by the
Company (including its Board of Directors, stockholders or independent counsel) that Indemnitee is not entitled to indemnification hereunder, shall not be a defense by the Company to the action nor create any presumption that Indemnitee is not
entitled to indemnification or advancement of expenses hereunder. 
 (d) Indemnification of Certain
Expenses. The Company shall indemnify Indemnitee against all expenses incurred in connection with any hearing or proceeding under this Section 7 unless the Company prevails in such hearing or proceeding on the merits in all material
respects. 
 8. Assumption of Defense. In the event the Company shall be requested by Indemnitee to pay the
expenses of any proceeding, the Company, if appropriate, shall be entitled to assume the defense of such proceeding, or to participate to the extent permissible in such proceeding, with counsel reasonably acceptable to Indemnitee. Upon assumption of
the defense by the Company and the retention of such counsel by the Company, the Company shall not be liable to Indemnitee under this Agreement for any fees of counsel subsequently incurred by Indemnitee with respect to the same proceeding, provided
that Indemnitee shall have the right to employ separate counsel in such proceeding at Indemnitee’s sole cost and expense. Notwithstanding the foregoing, if Indemnitee’s counsel delivers a written notice to the Company stating that such
counsel has reasonably concluded that there may be a conflict of interest between the Company and Indemnitee in the conduct of any such defense or the Company shall not, in fact, have employed counsel or otherwise actively pursued the defense of
such proceeding within a reasonable time, then in any such event the fees and expenses of Indemnitee’s counsel to defend such proceeding shall be subject to the indemnification and advancement of expenses provisions of this Agreement.

 9. Insurance. To the extent that the Company maintains an insurance policy or policies providing liability
insurance for directors, officers, employees, or agents of the Company or of any Subsidiary (“D&O Insurance”), Indemnitee shall be covered by such policy or policies in accordance with its or their terms to the maximum extent of
the coverage available for any such director, officer, employee or agent under such policy or policies. If, at the time of the receipt of a notice of a claim pursuant to the terms hereof, the Company has D&O Insurance in effect, the Company
shall give prompt notice of the commencement of such proceeding to the insurers in accordance with the procedures set forth in the respective policies. The Company shall thereafter take all necessary or desirable action to cause such insurers to
pay, on behalf of 

  
 

 
 Dialogic Inc. 
 1504 McCarthy Boulevard 
 Milpitas, California 95035 

(408) 750-9400 

 

 
  

 
Indemnitee, all amounts payable as a result of such proceeding in accordance with the terms of such policies. 
 In the event of a Change in Control or the Company’s becoming insolvent—including being placed into receivership or entering the federal bankruptcy process and the like—the Company shall
use commercially reasonable efforts to maintain in force any and all insurance policies then maintained by the Company in providing insurance—directors’ and officers’ liability, fiduciary, employment practices or otherwise—in
respect of Indemnitee, for a period of six years thereafter (a “Tail Policy”). Such coverage shall be with the incumbent insurance carriers using the policies that were in place at the time of the change of control event (unless the
incumbent carriers will not offer such policies, in which case the Tail Policy shall be substantially comparable in scope and amount as the expiring policies, and the insurance carriers for the Tail Policy shall have an AM Best rating that is the
same or better than the AM Best ratings of the expiring policies) based upon and in reliance of the recommendations of the existing insurance broker for the Company. 
 10. Exceptions. 
 (a) Certain Matters. Any provision
herein to the contrary notwithstanding, the Company shall not be obligated pursuant to the terms of this Agreement to indemnify Indemnitee on account of any proceeding with respect to (i) remuneration paid to Indemnitee if it is determined by
final judgment or other final adjudication that such remuneration was in violation of law (and, in this respect, both the Company and Indemnitee have been advised that the Securities and Exchange Commission believes that indemnification for
liabilities arising under the federal securities laws is against public policy and is, therefore, unenforceable and that claims for indemnification should be submitted to appropriate courts for adjudication, as indicated in Section 10(d)
below); (ii) a final judgment rendered against Indemnitee for an accounting, disgorgement or repayment of profits made from the purchase or sale by Indemnitee of securities of the Company against Indemnitee or in connection with a settlement by
or on behalf of Indemnitee to the extent it is acknowledged by Indemnitee and the Company that such amount paid in settlement resulted from Indemnitee’s conduct from which Indemnitee received monetary personal profit, pursuant to the provisions
of Section 16(b) of the Securities Exchange Act of 1934, as amended, or other provisions of any federal, state or local statute or rules and regulations thereunder; (iii) a final judgment or other final adjudication that Indemnitee’s
conduct was in bad faith, knowingly fraudulent or deliberately dishonest or constituted willful misconduct (but only to the extent of such specific determination); or (iv) on account of conduct that is established by a final judgment as
constituting a breach of Indemnitee’s duty of loyalty to the Company or resulting in any personal profit or advantage to which Indemnitee is not legally entitled. For purposes of the foregoing sentence, a final judgment or other adjudication
may be reached in either the underlying proceeding or action in connection with which indemnification is sought. 

(b) Claims Initiated by Indemnitee. Any provision herein to the contrary notwithstanding, the Company shall not be
obligated to indemnify or advance expenses to Indemnitee with respect to proceedings or claims initiated or brought by Indemnitee against the Company or its directors, officers, employees or other agents and not by way of defense, except
(i) with respect to proceedings brought to establish or enforce a right to indemnification under 

  
 

 
 Dialogic Inc. 
 1504 McCarthy Boulevard 
 Milpitas, California 95035 

(408) 750-9400 

 

 
  

 
this Agreement or under any other agreement, provision in the Bylaws or Certificate of Incorporation or applicable law, or (ii) with respect to any other proceeding initiated by Indemnitee
that is either approved by the Board of Directors or Indemnitee’s participation is required by applicable law. However, indemnification or advancement of expenses may be provided by the Company in specific cases if the Board of Directors
determines it to be appropriate. 
 (c) Unauthorized Settlements. Any provision herein to the contrary
notwithstanding, the Company shall not be obligated pursuant to the terms of this Agreement to indemnify Indemnitee under this Agreement for any amounts paid in settlement of a proceeding effected without the Company’s written consent. Neither
the Company nor Indemnitee shall unreasonably withhold consent to any proposed settlement; provided, however, that the Company may in any event decline to consent to (or to otherwise admit or agree to any liability for indemnification hereunder in
respect of) any proposed settlement if the Company is also a party in such proceeding and determines in good faith that such settlement is not in the best interests of the Company and its stockholders. 

(d) Settlements. The Company shall be permitted to settle any action except that it shall not settle any action or
claim in any manner which would impose any penalty or limitation on the Indemnitee without Indemnitee’s written consent, which may be given or withheld in Indemnitee’s sole discretion. The Company shall promptly notify Indemnitee once the
Company has received an offer or intends to make an offer to settle any such Proceeding and the Company shall provide Indemnitee as much time as reasonably practicable to consider such offer; provided, however Indemnitee shall have no less than
three (3) business days to consider the offer. Without Indemnitee’s prior written consent, the Company shall not enter into any settlement of any Proceeding in which the Company is or could be jointly liable with Indemnitee (or would be if
joined in such Proceeding) unless such settlement provides for a full and final release of all claims asserted against Indemnitee. 
 11. Nonexclusivity and Survival of Rights. The provisions for indemnification and advancement of expenses set forth in this Agreement shall not be deemed exclusive of any other rights which
Indemnitee may at any time be entitled under any provision of applicable law, the Company’s Certificate of Incorporation, Bylaws or other agreements, both as to action in Indemnitee’s official capacity and Indemnitee’s action as an
agent of the Company, in any court in which a proceeding is brought, and Indemnitee’s rights hereunder shall continue after Indemnitee has ceased acting as an agent of the Company and shall inure to the benefit of the heirs, executors,
administrators and assigns of Indemnitee. The obligations and duties of the Company to Indemnitee under this Agreement shall be binding on the Company and its successors and assigns until terminated in accordance with its terms. The Company shall
require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of the Company, expressly to assume and agree to perform this Agreement in the same manner and
to the same extent that the Company would be required to perform if no such succession had taken place. 
 No amendment,
alteration or repeal of this Agreement or of any provision hereof shall limit or restrict any right of Indemnitee under this Agreement in respect of any action taken or omitted by such Indemnitee in his or her corporate status prior to such
amendment, alteration or 

  
 

 
 Dialogic Inc. 
 1504 McCarthy Boulevard 
 Milpitas, California 95035 

(408) 750-9400 

 

 
  

 
repeal. To the extent that a change in the Code, whether by statute or judicial decision, permits greater indemnification or advancement of expenses than would be afforded currently under the
Company’s Certificate of Incorporation, Bylaws and this Agreement, it is the intent of the parties hereto that Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such change. No right or remedy herein conferred is
intended to be exclusive of any other right or remedy, and every other right and remedy shall be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion
or employment of any right or remedy hereunder, or otherwise, by Indemnitee shall not prevent the concurrent assertion or employment of any other right or remedy by Indemnitee. 

12. Information Sharing. If the Indemnitee is the subject of or is implicated in any way during an investigation, whether formal
or informal, the Company shall share with Indemnitee any information it has turned over to any third parties concerning the investigation (“Shared Information”). By executing this agreement, Indemnitee agrees that such Shared Information
is material non-public information that Indemnitee is obligated to hold in confidence and may not disclose publicly; provided, however, that Indemnitee is permitted to use the Shared Information and to disclose such Shared information to
Indemnitee’s legal counsel solely in connection with defending Indemnitee from legal liability. 
 13. Term.
This Agreement shall continue until and terminate upon the later of: (a) five (5) years after the date that Indemnitee shall have ceased to serve as a director or and/or officer, employee or agent of the Company; or (b) one
(1) year after the final termination of any proceeding, including any appeal then pending, in respect to which Indemnitee was granted rights of indemnification or advancement of expenses hereunder. 

No legal action shall be brought and no cause of action shall be asserted by or in the right of the Company against an Indemnitee or an
Indemnitee’s estate, spouse, heirs, executors or personal or legal representatives after the expiration of five (5) years from the date of accrual of such cause of action, and any claim or cause of action of the Company shall be
extinguished and deemed released unless asserted by the timely filing of a legal action within such five-year period; provided, however, that if any shorter period of limitations is otherwise applicable to such cause of action, such shorter period
shall govern. 
 14. Subrogation. In the event of payment under this Agreement, the Company shall be subrogated to
the extent of such payment to all of the rights of recovery of Indemnitee, who, at the request and expense of the Company, shall execute all papers required and shall do everything that may be reasonably necessary to secure such rights, including
the execution of such documents necessary to enable the Company effectively to bring suit to enforce such rights. 
 15.
Interpretation of Agreement. It is understood that the parties hereto intend this Agreement to be interpreted and enforced so as to provide indemnification to Indemnitee to the fullest extent now or hereafter permitted by law. 

16. Severability. If any provision of this Agreement shall be held to be invalid, illegal or unenforceable for any reason
whatsoever, (a) the validity, legality and enforceability of the remaining provisions of the Agreement (including without limitation, all portions of any 

  
 

 
 Dialogic Inc. 
 1504 McCarthy Boulevard 
 Milpitas, California 95035 

(408) 750-9400 

 

 
  

 
paragraphs of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that are not themselves invalid, illegal or unenforceable) shall not in any way be
affected or impaired thereby; and (b) to the fullest extent possible, the provisions of this Agreement (including, without limitation, all portions of any paragraph of this Agreement containing any such provision held to be invalid, illegal or
unenforceable, that are not themselves invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested by the provision held invalid, illegal or unenforceable and to give effect to Section 14 hereof.

 17. Amendment and Waiver. No supplement, modification, amendment, or cancellation of this Agreement shall be binding
unless executed in writing by the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provision hereof (whether or not similar) nor shall such waiver constitute a continuing
waiver. 
 18. Notice. Except as otherwise provided herein, any notice or demand which, by the provisions hereof, is
required or which may be given to or served upon the parties hereto shall be in writing and, if by telegram, telecopy or telex, shall be deemed to have been validly served, given or delivered when sent, if by overnight delivery, courier or personal
delivery, shall be deemed to have been validly served, given or delivered upon actual delivery and, if mailed, shall be deemed to have been validly served, given or delivered three (3) business days after deposit in the United States mail, as
registered or certified mail, with proper postage prepaid and addressed to the party or parties to be notified at the addresses set forth on the signature page of this Agreement (or such other address(es) as a party may designate for itself by like
notice). If to the Company, notices and demands shall be delivered to the attention of the Secretary of the Company. 
 19.
Governing Law. This Agreement shall be governed exclusively by and construed according to the laws of the State of Delaware, as applied to contracts between Delaware residents entered into and to be performed entirely within Delaware.

 20. Counterparts. This Agreement may be executed in one or more counterparts, each of which shall for all purposes be
deemed to be an original but all of which together shall constitute but one and the same Agreement. Only one such counterpart need be produced to evidence the existence of this Agreement. 

21. Headings. The headings of the sections of this Agreement are inserted for convenience only and shall not be deemed to
constitute part of this Agreement or to affect the construction hereof. 
 22. Entire Agreement. This Agreement
constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior agreements, understandings and negotiations, written and oral, between the parties with respect to the subject matter of this
Agreement; provided, however, that this Agreement is a supplement to and in furtherance of the Company’s Certificate of Incorporation, Bylaws, the Code and any other applicable law, and shall not be deemed a substitute therefor, and does not
diminish or abrogate any rights of Indemnitee thereunder. 

  
 

 
 Dialogic Inc. 
 1504 McCarthy Boulevard 
 Milpitas, California 95035 

(408) 750-9400 

 

 
  

 IN WITNESS
WHEREOF, the parties hereto have entered into this Agreement effective as of the date first above written. 
  

					
	DIALOGIC INC.
		
	By:	 	/s/ Doug Sabella
		 	Name:	 	Doug Sabella 
		 	Title:	 	President & COO

  

			
	INDEMNITEE
	
	/s/ Eric Schlezinger
	Signature of Indemnitee

 
	
	
	ERIC SCHLEZINGER
	Print or Type Name of Indemnitee

  
 

 
 Dialogic Inc. 
 1504 McCarthy Boulevard 
 Milpitas, California 95035 

(408) 750-9400Form of Eighth Amended and Restated Advisory Agreement

 Exhibit 10.2 
 FORM OF EIGHTH AMENDED AND RESTATED ADVISORY AGREEMENT 
 among

 DIVIDEND CAPITAL TOTAL REALTY TRUST INC., 
 DIVIDEND CAPITAL TOTAL REALTY OPERATING PARTNERSHIP LP 
 and

 DIVIDEND CAPITAL TOTAL ADVISORS LLC 

 TABLE OF CONTENTS 

 

							
	1.	 	 DEFINITIONS
	  	 	1	  
	2.	 	 APPOINTMENT
	  	 	9	  
	3.	 	 DUTIES OF THE ADVISOR
	  	 	9	  
	4.	 	 AUTHORITY OF ADVISOR
	  	 	14	  
	5.	 	 BANK ACCOUNTS
	  	 	15	  
	6.	 	 RECORDS; ACCESS
	  	 	15	  
	7.	 	 LIMITATIONS ON ACTIVITIES
	  	 	15	  
	8.	 	 RELATIONSHIP WITH DIRECTORS
	  	 	16	  
	9.	 	 FEES
	  	 	16	  
	10.	 	 EXPENSES
	  	 	19	  
	11.	 	 OTHER SERVICES
	  	 	21	  
	12.	 	 REIMBURSEMENT TO THE ADVISOR
	  	 	21	  
	13.	 	 OTHER ACTIVITIES OF THE ADVISOR.
	  	 	22	  
	14.	 	 TERM; TERMINATION OF AGREEMENT
	  	 	23	  
	15.	 	 TERMINATION BY THE PARTIES
	  	 	23	  
	16.	 	 ASSIGNMENT TO AN AFFILIATE
	  	 	24	  
	17.	 	 PAYMENTS TO AND DUTIES OF ADVISOR UPON TERMINATION
	  	 	24	  
	18.	 	 INDEMNIFICATION BY THE COMPANY AND THE OPERATING PARTNERSHIP
	  	 	25	  
	19.	 	 INDEMNIFICATION BY ADVISOR
	  	 	26	  
	20.	 	 NOTICES
	  	 	26	  
	21.	 	 MODIFICATION
	  	 	27	  
	22.	 	 SEVERABILITY
	  	 	27	  
	23.	 	 CONSTRUCTION
	  	 	27	  

							
	24.	 	 ENTIRE AGREEMENT
	  	 	27	  
	25.	 	 INDULGENCES, NOT WAIVERS
	  	 	27	  
	26.	 	 GENDER
	  	 	27	  
	27.	 	 TITLES NOT TO AFFECT INTERPRETATION
	  	 	27	  
	28.	 	 EXECUTION IN COUNTERPARTS
	  	 	27	  
	29.	 	 INITIAL INVESTMENT
	  	 	28	  

 EIGHTH AMENDED AND RESTATED ADVISORY AGREEMENT 

THIS EIGHTH AMENDED AND RESTATED ADVISORY AGREEMENT (this “Agreement”), dated as of
            , 20    , is among Dividend Capital Total Realty Trust Inc., a Maryland corporation (the “Company”), Dividend Capital Total Realty Operating
Partnership LP, a Delaware limited partnership (the “Operating Partnership”), and Dividend Capital Total Advisors LLC, a Delaware limited liability company. 
 W I T N E S S E T H 
 WHEREAS, the Company has qualified as a REIT (as
defined below), and invests its funds in investments permitted by the terms of Sections 856 through 860 of the Code (as defined below); 
 WHEREAS, the Company is the general partner of the Operating Partnership and conducts all its business and makes all investments in Real Properties, Real Estate Related Securities, and Debt Investments
through the Operating Partnership; 
 WHEREAS, the Company and the Operating Partnership desire to avail themselves of the
experience, sources of information, advice, assistance and certain facilities of the Advisor and to have the Advisor undertake the duties and responsibilities hereinafter set forth, on behalf of, and subject to the supervision, of the Board of
Directors of the Company all as provided herein; 
 WHEREAS, the Advisor is willing to undertake to render such services,
subject to the supervision of the Board of Directors, on the terms and conditions hereinafter set forth; and 
 WHEREAS, the
parties hereto are party to that certain Seventh Amended and Restated Advisory Agreement, dated as of August 5, 2009, which is amended and restated in its entirety hereby. 

NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants and agreements contained herein, the parties hereto agree
as follows: 
  

	1.	DEFINITIONS. As used in this Agreement, the following terms have the definitions hereinafter indicated: 

Acquisition Expenses. Any and all expenses, exclusive of Acquisition Fees, incurred by the Company, the Operating Partnership, the
Advisor, or any of their Affiliates in connection with the selection, acquisition or development of any Real Property, Real Estate Related Security or Debt Investment, whether or not acquired, including, without limitation, legal fees and expenses,
travel and communications expenses, costs of appraisals, nonrefundable option payments on property not acquired, accounting fees and expenses, title insurance premiums, and the costs of performing due diligence. 

Acquisition Fees. Any and all fees and commissions, exclusive of Acquisition Expenses, paid by any Person to any other Person
(including any fees or commissions paid by or to any 

  
 1 

 
Affiliate of the Company, the Operating Partnership or the Advisor) in connection with making or investing in Debt Investments or the purchase, development or construction of a Real Property,
including real estate commissions, selection fees, development fees, construction fees, nonrecurring management fees, loan fees, points or any other fees of a similar nature. Excluded shall be development fees and construction fees paid to any
Person not affiliated with the Sponsor in connection with the actual development and construction of a project. 

Advisor. Dividend Capital Total Advisors LLC, a Delaware limited liability company, any successor advisor to the Company, the
Operating Partnership or any person or entity to which Dividend Capital Total Advisors LLC or any successor advisor subcontracts substantially all of its functions. Notwithstanding the forgoing, a Person hired or retained by Dividend Capital Total
Advisors LLC to perform property and securities management and related services for the Company or the Operating Partnership that is not hired or retained to perform substantially all of the functions of Dividend Capital Total Advisors LLC with
respect to the Company or the Operating Partnership as a whole shall not be deemed to be an Advisor. 
 Advisory Fee. The
fee payable to the Advisor pursuant to Section 9(b). 
 Affiliate or Affiliated. With respect to any Person,
(i) any Person directly or indirectly owning, controlling or holding, with the power to vote, ten percent (10%) or more of the outstanding voting securities of such other Person; (ii) any Person ten percent (10%) or more of whose
outstanding voting securities are directly or indirectly owned, controlled or held, with the power to vote, by such other Person; (iii) any Person directly or indirectly controlling, controlled by or under common control with such other Person;
(iv) any executive officer, director, trustee or general partner of such other Person; and (v) any legal entity for which such Person acts as an executive officer, director, trustee or general partner. 

Annual Total Return Percentage. The investment return provided to Stockholders, expressed as a percentage, which shall be
calculated independently for the Class A Shares, the Class W Shares and the Class I Shares, and shall be equal to, for all Shares of a given class that are outstanding during the calendar year (or such other applicable period), the ratio of:
(i) the amount, if any, by which (A) the sum of (1) the Weighted-Average Distributions per Share of such class over the applicable period, and (2) the Ending VPS of such class, exceeds (B) the Beginning VPS of such class,
divided by (ii) the Beginning VPS of such class. 
 Articles of Incorporation. The Articles of Incorporation of the
Company, as amended from time to time. 
 Average Invested Assets. For a specified period, the average of the
aggregate book value of the assets of the Company invested, directly or indirectly, in Real Estate Related Securities, Debt Investments and Real Properties, before deducting depreciation, bad debts or other non-cash reserves, computed by taking the
average of such values at the end of each month during such period. 
 Beginning VPS. With respect to a class of
Shares, the VPS of such class as of the end of the last Business Day prior to the commencement of the applicable period. 

  
 2 

 Board of Directors or Board. The persons holding such office, as of any particular
time, under the Articles of Incorporation of the Company, whether they be the Directors named therein or additional or successor Directors. 
 Business Day. Any day on which the New York Stock Exchange is open for trading. 
 Bylaws. The bylaws of the Company, as the same are in effect from time to time. 
 Cause. With respect to the termination of this Agreement, fraud, criminal conduct, willful misconduct or willful or negligent breach of fiduciary duty by the Advisor, or an uncured material breach
of this Agreement by the Advisor. 
 Class A VPS. The VPS of each Class A Share. 

Class A Shares. Shares of the Company’s $0.01 par value common stock that have not been designated as either Class W
Shares or Class I Shares or another specified class. 
 Class A Stockholders. The registered holders of the
Class A Shares. 
 Class I VPS. The VPS of each Class I Share. 

Class I Shares. Shares of the Company’s $0.01 par value common stock that have been designated as Class I. 

Class I Stockholders. The registered holders of the Class I Shares. 

Class W VPS. The VPS of each Class W Share. 
 Class W Shares. Shares of the Company’s $0.01 par value common stock that have been designated as Class W. 
 Class W Stockholders. The registered holders of the Class W Shares. 

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

Company. Company shall have the meaning set forth in the preamble of this Agreement. 

Company Property. Any and all property, real, personal or otherwise, tangible or intangible, which is transferred or conveyed to
the Company (including all rents, income, profits and gains therefrom), and which is owned or held by, or for the account of, the Company. 
 Competitive Real Estate Commission. A real estate or brokerage commission for the purchase or sale of property which is reasonable, customary, and competitive in light of the size, type, and
location of the property. 

  
 3 

 Contract Sales Price. The total consideration received by the Company for the sale of
a Company Property. 
 Dealer Manager. Dividend Capital Securities LLC, an Affiliate of the Advisor, or such other Person
or entity selected by the Board of Directors to act as the dealer manager for the Offering. Dividend Capital Securities LLC is a member of the Financial Industry Regulatory Authority, Inc. 

Dealer Manager Fee. The fee payable to the Dealer Manager for serving as the dealer manager of an Offering with respect to the
Class I and Class W Shares, and reallowable to Soliciting Dealers with respect to Class I and Class W Shares sold by them as described in the Prospectus related to the Offering of the Class I and Class W Shares. 

Debt Investments. The debt related investments, or such investments the Board of Directors and the Advisor mutually designate as
debt related investments, which are owned from time to time by the Company or the Operating Partnership; such debt related investments include, but are not limited to, mortgage loans, B-notes, mezzanine debt, participating debt (including with
equity-like features), non-traded preferred equity, convertible debt, hybrid instruments, equity instruments and other related investments. 
 Director. A member of the Board of Directors of the Company. 

Distribution Fee. The distribution fee payable to the Dealer Manager with respect to the Class W Shares, and reallowable to
Soliciting Dealers with respect to Class W Shares sold by them as described in the Prospectus related to the Offering of the Class W Shares. 
 Distributions. Any 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.

 Ending VPS. With respect to a class of Shares, the VPS of such class as of the end of the last Business Day of the
applicable period. 
 Equity Shares. Transferable shares of beneficial interest of the Company of any class or series,
including common shares or preferred shares. 
 Excess Amount. Excess Amount has the meaning set forth in
Section 12. 
 Expense Year. Expense Year has the meaning set forth in Section 12. 

Fixed Component. The non-variable component of the Advisory Fee as described in Section 9. 

GAAP. Generally accepted accounting principles as in effect in the United States of America from time to time. 

Good Reason. With respect to the termination of this Agreement, (i) any failure to obtain a satisfactory agreement from any
successor to the Company and/or the Operating Partnership to 

  
 4 

 
assume and agree to perform the Company’s and/or the Operating Partnership’s obligations under this Agreement; or (ii) any uncured material breach of this Agreement of any nature
whatsoever by the Company and/or the Operating Partnership. 
 Gross Proceeds. The aggregate purchase price of all Shares
sold for the account of the Company through all Offerings, without deduction for Organizational and Offering Expenses. 

Independent Director. Independent Director shall have the meaning set forth in the Articles of Incorporation. 

Independent Expert. A person or entity with no material current or prior business or personal relationship with the Advisor or the
Directors and who is engaged to a substantial extent in the business of rendering opinions regarding the value of assets of the type held by the Company. 
 Independent Valuation Advisor. A firm that is (i) engaged to a substantial degree in the business of conducting valuations on commercial real estate properties, (ii) not affiliated with
the Advisor and (iii) engaged by the Company with the approval of the Board to appraise the Real Properties or other assets or liabilities pursuant to the Valuation Procedures. 

Joint Ventures. The joint venture or partnership arrangements (other than with Dividend Capital Total Realty Operating Partnership
LP) in which the Company or any of its subsidiaries is a co-venturer or general partner which are established to acquire Real Properties. 
 Listing. The listing of the Shares on a national securities exchange or the receipt by the Company’s stockholders of securities that are listed on a national securities exchange in exchange
for the Company’s common stock. Upon such Listing, the Shares shall be deemed Listed. 
 NASAA REIT Guidelines. The
Statement of Policy Regarding Real Estate Investment Trusts published by the North American Securities Administrators Association on May 7, 2007, as may be amended from time to time. 

NAV. The Company’s net asset value, calculated pursuant to the Valuation Procedures. 

Net Income. For any period, the Company’s total revenues applicable to such period, less the total expenses applicable to
such period other than additions to reserves for depreciation, bad debts or other similar non-cash reserves and excluding any gain from the sale of the Company’s assets. 
 Offering. A public offering of Shares pursuant to a Prospectus. 

Operating Partnership. Operating Partnership has the meaning set forth in the preamble of this Agreement. 

Operating Partnership Agreement. The Operating Partnership’s limited partnership agreement among the Company, the Advisor,
and Dividend Capital Total Advisors Group LLC. 

  
 5 

 OP Unit. Units of limited partnership interest in the Operating Partnership.

 Organizational and Offering Expenses. Any and all cumulative costs and expenses incurred by and to be paid from the
assets of the Company, including amounts reimbursable to the Advisor and its Affiliates pursuant and subject to Section 10(a)(i) hereof, in connection with the formation, qualification and registration of all of the Company’s Offerings and
the subsequent marketing and distribution of Shares, including, without limitation, the following: total underwriting and brokerage discounts and commissions (including fees of the underwriters’ attorneys), any expense allowance granted by the
Company to the underwriter (which may include a dealer manager) or any reimbursement of expenses of the underwriter by the Company, expenses for printing, engraving, mailing and distributing costs, salaries of employees while engaged in sales
activity, telephone and other telecommunications costs, all advertising and marketing expenses (including the costs related to investor and broker-dealer sales meetings), charges of transfer agents, registrars, trustees, escrow holders,
depositories, experts, fees, expenses and taxes related to the filing, registration and qualification of the sale of the Shares under federal and state laws, including accountants’ and attorneys’ fees. 

Performance Component. The variable component of the Advisory Fee as described in Section 9. 

Person. An individual, corporation, partnership, trust, joint venture, limited liability company or other entity. 

Priority Return Percentage. Priority Return Percentage has the meaning set forth in Section 9. 

Product Specialist. Persons that have specialized expertise and dedicated resources in specific areas of real property, real
estate related securities or debt investments, that perform fee-related services that the Advisor has committed to provide pursuant to Section 3(a) of this Agreement or with whom the Company has entered into a product specialist agreement, and
that assist the Advisor in connection with one or more of the following: identifying, evaluating and/or recommending potential investments, performing due diligence, negotiating purchases and/or managing the Company’s assets on a day-to-day
basis, as described in the Company’s Prospectus. 
 Prospectus. “Prospectus” has the meaning set forth in
Section 2(10) of the Securities Act, including a preliminary Prospectus, an offering circular as described in Rule 256 of the General Rules and Regulations under the Securities Act or, in the case of an intrastate offering, any document by
whatever name known, utilized for the purpose of offering and selling securities to the public. 
 Real Estate Related
Securities. The real estate related securities investments, or such investments the Board of Directors and the Advisor mutually designate as Real Estate Related Securities to the extent such investments could be classified as either Real Estate
Related Securities or Real Property, which are owned from time to time by the Company or the Operating Partnership. 
 Real
Property. (i) Land, including the buildings located thereon, or (ii) land only, or (iii) the buildings only, which are owned from time to time by the Company or the Operating

  
 6 

 
Partnership, either directly or through subsidiaries, joint venture arrangements or other partnerships, or (iv) such investments the Board of Directors and the Advisor mutually designate as
Real Property to the extent such investments could be classified as either Real Property, Real Estate Related Securities, or Debt Investments. Properties sold by the Company or any Affiliate to tenancy-in-common (or Delaware statutory trust)
investors shall be deemed Real Property for the purposes of this definition so long as (i) such properties are being leased by the Company or any Affiliate from the tenancy-in-common (or Delaware statutory trust) investors, and (ii) such
properties are reflected as assets of the Company in accordance with GAAP. 
 REIT. A “real estate investment
trust” under Sections 856 through 860 of the Code or as may be amended. 
 Sale or Sales. Any transaction or series
of transactions whereby: (A) the Company or the Operating Partnership directly or indirectly (except as described in other subsections of this definition) sells, grants, transfers, conveys, or relinquishes its ownership of any Real Property or
portion thereof, including the lease of any Real Property consisting of a building only, and including any event with respect to any Real Property which gives rise to a significant amount of insurance proceeds or condemnation awards; (B) the
Company or the Operating Partnership directly or indirectly (except as described in other subsections of this definition) sells, grants, transfers, conveys, or relinquishes its ownership of all or substantially all of the interest of the Corporation
or the Operating Partnership in any Joint Venture in which it is a co-venturer or partner; (C) any Joint Venture directly or indirectly (except as described in other subsections of this definition) in which the Company or the Operating
Partnership as a co-venturer or partner sells, grants, transfers, conveys, or relinquishes its ownership of any Real Property or portion thereof, including any event with respect to any Real Property which gives rise to insurance claims or
condemnation awards; or (D) the Company or the Operating Partnership directly or indirectly (except as described in other subsections of this definition) sells, grants, conveys or relinquishes its interest in any mortgage or portion thereof
(including with respect to any mortgage, all payments thereunder or in satisfaction thereof other than regularly scheduled interest payments) of amounts owed pursuant to such mortgage and any event which gives rise to a significant amount of
insurance proceeds or similar awards; or (E) the Company or the Operating Partnership directly or indirectly (except as described in other subsections of this definition) sells, grants, transfers, conveys, or relinquishes its ownership of any
other asset not previously described in this definition or any portion thereof. 
 Sales Commission. That percentage of
Gross Proceeds from the sale of Class W Shares in an Offering payable to the Dealer Manager and reallowable to Soliciting Dealers with respect to Class W Shares sold by them as described in the Prospectus related to such Offering of Class W Shares.

 Securities. Any Equity Shares, any other stock, shares or other evidences of equity or beneficial or other interests,
voting trust certificates, bonds, debentures, notes or other evidences of indebtedness, secured or unsecured, convertible, subordinated or otherwise, or in general any instruments commonly known as “securities” or any certificates of
interest, shares or participations in, temporary or interim certificates for, receipts for, guarantees of, or warrants, options or rights to subscribe to, purchase or acquire, any of the foregoing. 

  
 7 

 Securities Act. The Securities Act of 1933, as amended. 

Shares. The shares of all classes of the common stock of the Company. 

Soliciting Dealers. Broker-dealers who are members of the Financial Industry Regulatory Authority, Inc., or that are exempt from
broker-dealer registration, and who, in either case, have executed participating broker or other agreements with the Dealer Manager to sell Shares in an Offering. 
 Sponsor. Any Person which (i) is directly or indirectly instrumental in organizing, wholly or in part, the Company, (ii) will control, manage or participate in the management of the
Company, and any Affiliate of any such Person, (iii) takes the initiative, directly or indirectly, in founding or organizing the Company, either alone or in conjunction with one or more other Persons, (iv) receives a material participation
in the Company in connection with the founding or organizing of the business of the Company, in consideration of services or property, or both services and property, (v) has a substantial number of relationships and contacts with the Company,
(vi) possesses significant rights to control Real Properties, (vii) receives fees for providing services to the Company which are paid on a basis that is not customary in the industry, or (viii) provides goods or services to the
Company on a basis which was not negotiated at arm’s-length with the Company. “Sponsor” does not include wholly independent third parties such as attorneys, accountants and underwriters whose only compensation is for professional
services. 
 Stockholders. The registered holders of the Company’s Shares. 

Termination Date. The date of termination of this Agreement. 

Termination Event. The termination or nonrenewal of this Agreement (i) in connection with a merger, sale of assets or
transaction involving the Company pursuant to which a majority of the Directors then in office are replaced or removed, (ii) by the Advisor for Good Reason or (iii) by the Company and the Operating Partnership other than for Cause.

 Total Operating Expenses. All costs and expenses paid or incurred by the Company, as determined under GAAP, that are
in any way related to the operation of the Company or to corporate business, including the Advisory Fee, but excluding (i) the expenses of raising capital such as Organizational and Offering Expenses, legal, audit, accounting, underwriting,
brokerage, listing, registration, and other fees, printing and other such expenses and tax incurred in connection with the issuance, distribution, transfer, registration and Listing, (ii) interest payments, (iii) taxes, (iv) non-cash
expenditures such as depreciation, amortization and bad debt reserves, (v) incentive fees paid in compliance with the NASAA REIT Guidelines; (vi) Acquisition Fees and Acquisition Expenses, (vii) real estate commissions on the Sale of
Real Property, and (viii) other fees and expenses connected with the acquisition, disposition, management and ownership of real estate interests, mortgage loans or other property (including the costs of foreclosure, insurance premiums, legal
services, maintenance, repair, and improvement of property). The definition of “Total Operating Expenses” set forth above is intended to encompass only those expenses which are required to be treated as Total Operating Expenses under the
NASAA REIT Guidelines. As a result, and notwithstanding the definition set forth above, any expense of the Company which is not part of Total Operating Expenses under 

  
 8 

 
the NASAA REIT Guidelines shall not be treated as part of Total Operating Expenses for purposes hereof. 
 2%/25% Guidelines. For any year in which the Company qualifies as a REIT, the requirement pursuant to the NASAA REIT Guidelines that, in any period of four consecutive fiscal quarters, Total
Operating Expenses not exceed the greater of 2% of the Company’s Average Invested Assets during such 12-month period or 25% of the Company’s Net Income over the same 12-month period. 

Valuation Procedures. The valuation procedures adopted by the Board, as amended from time to time. 

VPS. Value per share, calculated separately for each class of Shares, derived from NAV in accordance with the Valuation
Procedures. 
 Weighted-Average Distributions per Share. For a particular class of Shares over a particular period of
time, an amount equal to the ratio of (i) the aggregate distributions paid in respect of all Shares of such class during the applicable period, divided by (ii) the weighted-average number of Shares of such class outstanding during the
applicable period, calculated in accordance with GAAP applied on a consistent basis. 
  

	2.	APPOINTMENT. The Company and the Operating Partnership hereby appoint the Advisor to serve as their advisor on the terms and conditions set forth in this Agreement, and
the Advisor hereby accepts such appointment. 

  

	3.	DUTIES OF THE ADVISOR. The Advisor undertakes to provide a continuing and suitable investment program consistent with the investment objectives and policies of the
Company as determined and adopted from time to time by the Directors. In performance of this undertaking, subject to the supervision of the Directors and consistent with the provisions of the Articles of Incorporation and Bylaws and the Operating
Partnership Agreement, and subject to the condition that any investment advisory services provided with respect to securities shall be provided by a registered investment adviser, the Advisor shall, either directly or by engaging an Affiliated or
non-Affiliated Person: 

  

	 	(a)	Fee-related Services. 

  

	 	(i)	Asset Management Services. The following services shall be provided by the Advisor or one of its Affiliates in consideration of the fees described in
Section 9(b) of this Agreement, subject to reimbursement for expenses as provided in Section 9(a), Section 10 and Section 12, or as otherwise provided under this Agreement: 

 

	 	(1)	monitor the operating performance of the investments of the Company and/or the Operating Partnership; 

 

	 	(2)	 oversee the leasing activities of the Company’s portfolio including but not limited to negotiations with prospective and existing tenants and
leasing arrangements with Affiliated and non-

  
 9 

	 	
Affiliated leasing brokers; 

  

	 	(3)	oversee Affiliated and non-Affiliated property managers who perform property management services for the Company or the Operating Partnership; 

 

	 	(4)	oversee and negotiate service contracts for the Company’s Real Properties; 

 

	 	(5)	oversee and coordinate the making of dispositions of Real Properties within the discretionary limits and authority as granted by the Board, or if no such discretionary
limits have been established, with the prior approval of the Board, any particular Directors specified by the Board or any committee of the Board, as the case may be; and 

 

	 	(6)	negotiate with and engage selling brokers as necessary to dispose of Real Properties. 

 

	 	(ii)	Development Management Services. If the Advisor or one of its Affiliates provides the services described in Section 9(c) of this Agreement, it shall be
entitled to the compensation described therein; however, the Advisor and its Affiliates shall not be obligated to provide such services. 

  

	 	(iii)	Real Estate Brokerage Services. If the Advisor or one of its Affiliates provides the services described in Section 9(d) of this Agreement, it shall be
entitled to the compensation described therein; however, the Advisor and its Affiliates shall not be obligated to provide such services. 

  

	 	(b)	Non Fee-Related Services. The following services shall be provided by the Advisor or one of its Affiliates without consideration in the form a separate fee,
subject to reimbursement for expenses as provided in Section 10 and Section 12, or as otherwise provided under this Agreement: 

  

	 	(i)	Organizational and Offering Services. 

  

	 	(1)	 assist the Company in maintaining the registration of the Shares under federal and state securities laws and complying with all federal, state and
local regulatory requirements applicable to the Company in respect of the Offering (including the Sarbanes-Oxley Act of 2002, as amended), including preparing or causing to be prepared all supplements to the Prospectus, post-effective amendments to
the registration statement for any Offering and financial statements required under applicable regulations and contractual undertakings and all reports and documents, if any, required under the Securities Act and the Securities Exchange Act of 1934,
as amended; provided, however, that in all filings made under federal and state securities laws, the statements therein shall 

  
 10 

	 	
be made by solely the Company and not by the Advisor or any of its other Affiliates. 

  

	 	(ii)	Acquisition Services. 

  

	 	(1)	present to the Company and the Operating Partnership potential investment opportunities; 

 

	 	(2)	serve as the Company’s and the Operating Partnership’s investment and financial advisor and, as reasonably appropriate under the circumstances, provide
research and economic and statistical data in connection with the Company’s assets and investment policies; 

  

	 	(3)	subject to any required Board or Board committee approval, (i) locate, analyze and select potential investments, (ii) structure and negotiate the terms and
conditions of transactions pursuant to which investments will be made; (iii) oversee and coordinate the making of investments by the Company and the Operating Partnership in compliance with the investment objectives and policies of the Company;
and (iv) arrange, oversee and coordinate the financing and refinancing and the making of other changes in the asset or capital structure of investments; 

 

	 	(4)	perform due diligence on prospective investments; 

  

	 	(5)	upon request provide the Directors with periodic reports regarding prospective investments; 

 

	 	(6)	obtain the prior approval of the Board, any particular Directors specified by the Board or any committee of the Board, as the case may be, for any and all investments
in Real Properties; and 

  

	 	(7)	oversee and coordinate the making of investments in Real Estate Related Securities or Debt Investments within the discretionary limits and authority as granted by the
Board, or if no such discretionary limits have been established, with the prior approval of the Board, any particular Directors specified by the Board or any committee of the Board, as the case may be. 

 

	 	(iii)	Financing Services. 

  

	 	(1)	consult with the officers and Directors of the Company and assist the Directors in the formulation and implementation of the Company’s borrowing policies, and, as
necessary, furnish the Directors with advice and recommendations with respect to any borrowings proposed to be undertaken by the Company and/or the Operating Partnership; and 

  
 11 

	 	(2)	negotiate on behalf of the Company and the Operating Partnership with banks or lenders for loans to be made to the Company and the Operating Partnership, and negotiate
on behalf of the Company and the Operating Partnership with investment banking firms and broker-dealers or negotiate private sales of Shares and other Securities or obtain loans for the Company and the Operating Partnership, but in no event in such
a way so that the Advisor shall be acting as broker-dealer or underwriter; and provided, further, that any fees and costs payable to third parties incurred by the Advisor in connection with the foregoing shall be the responsibility of the Company or
the Operating Partnership. 

  

	 	(iv)	Accounting and Administrative Services. 

  

	 	(1)	provide the daily management for the Company and the Operating Partnership and perform and supervise the various administrative functions reasonably necessary for the
management of the Company and the Operating Partnership, unless expressly provided for elsewhere in this Agreement; 

  

	 	(2)	provide the Company and the Operating Partnership with, or arrange for the provision to the Company and the Operating Partnership of, all necessary cash management
services; 

  

	 	(3)	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; 

  

	 	(4)	implement and coordinate the processes with respect to the NAV and the Class A VPS, Class I VPS and Class W VPS as provided in the Valuation Procedures, and in
connection therewith, obtain appraisals performed by an Independent Valuation Advisor concerning the value of the Real Properties; 

  

	 	(5)	supervise one or more Independent Valuation Advisors and, if and when necessary, recommend to the Board its replacement; and 

 

	 	(6)	deliver to or maintain on behalf of the Company copies of all appraisals obtained in connection with the investments in Real Properties and all valuations of Real
Estate Related Securities or Debt Investments as may be required to be obtained by the Board; 

  

	 	(7)	in consultation with legal counsel, advise the Company regarding the maintenance of the Company’s exemption from the Investment Company Act of 1940, as amended,
and monitor compliance with the requirements for maintaining an exemption from such act; 

  

	 	(8)	 in consultation with legal counsel and other tax advisers, advise the 

  
 12 

	 	
Company regarding the maintenance of the Company’s status as a REIT and monitor compliance with the various REIT qualification tests and other rules set out in the Code and the
regulations promulgated thereunder; 

  

	 	(9)	in consultation with legal counsel and other tax advisers, take all necessary actions to enable the Company and the Operating Partnership to make required tax filings
and reports, including soliciting Stockholders for required information to the extent provided by the REIT provisions of the Code; and 

  

	 	(10)	oversee and resolve all claims, disputes or controversies (including all litigation, arbitration, settlement or other proceedings or negotiations) in which the Company
and the Operating Partnership may be involved or to which the Company and the Operating Partnership may be subject, arising out of the Company’s or the Operating Partnership’s day-to-day operations, subject to such limitations or
parameters as may be imposed from time to time by the Board. 

  

	 	(v)	Stockholder Services. 

  

	 	(1)	in consultation with legal counsel, communicate on the Company’s or the Operating Partnership’s behalf with the respective holders of any of the
Company’s or the Operating Partnership’s securities as required to satisfy the reporting and other requirements of any regulatory bodies or agencies and to maintain effective relations with such holders; and 

 

	 	(2)	oversee the performance of the transfer agent and registrar. 

  

	 	(vi)	Other Services. 

  

	 	(1)	oversee and coordinate the disposition of Real Estate Related Securities or Debt Investments within the discretionary limits and authority as granted by the Board, or
if no such discretionary limits have been established, with the prior approval of the Board, any particular Directors specified by the Board or any committee of the Board, as the case may be; 

 

	 	(2)	oversee and coordinate the making of any private placement of OP Units, tenancy-in-common or other interests in Real Properties as may be approved by the Board;

  

	 	(3)	 investigate, select, and, on behalf of the Company and the Operating Partnership, oversee and coordinate the engagement of and business with such
Persons as the Advisor deems necessary to the proper performance of its obligations hereunder (whether for a 

  
 13 

	 	
fee or not), including but not limited to consultants, accountants, correspondents, lenders, technical advisors, attorneys, brokers, underwriters, corporate fiduciaries, escrow agents,
depositaries, custodians, agents for collection, insurers, insurance agents, banks, builders, developers, property owners, real estate management companies, real estate operating companies, securities investment advisors, mortgagors, and any and all
agents for any of the foregoing, including Affiliates of the Advisor, and Persons acting in any other capacity deemed by the Advisor necessary or desirable for the performance of any of the foregoing services, including but not limited to entering
into contracts in the name of the Company and the Operating Partnership with any of the foregoing; 

  

	 	(4)	from time to time, or at any time reasonably requested by the Directors, make reports to the Directors of its performance of services to the Company and the Operating
Partnership under this Agreement, including reports with respect to potential conflicts of interest involving the Advisor or any of its affiliates; and 

  

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

Notwithstanding the foregoing, the Advisor may delegate any of the foregoing duties to any Person so long as the Advisor or any Affiliate
remains responsible for the performance of the duties set forth in this Section 3. 
  

	4.	AUTHORITY OF ADVISOR. 

  

	 	(a)	Pursuant to the terms of this Agreement (including the restrictions included in this Section 4 and in Section 7), and subject to the continuing and exclusive
authority of the Directors over the management of the Company, the Directors hereby delegate to the Advisor the authority to take, or cause to be taken, any and all actions and to execute and deliver any and all agreements, certificates,
assignments, instruments or other documents and to do any and all things that, in the judgment of the Advisor, may be necessary or advisable in connection with the Advisor’s duties described in Section 3. 

 

	 	(b)	Notwithstanding the foregoing, any investment in Real Properties, including any acquisition of Real Property by the Company or the Operating Partnership (including any
financing of such acquisition), will require the prior approval of the Board, any particular Directors specified by the Board or any committee of the Board, as the case may be. 

 

	 	(c)	If a transaction requires approval by the Independent Directors, the Advisor will deliver to the Independent Directors all documents and other information required by
them to properly evaluate the proposed transaction. 

  
 14 

 The prior approval of a majority of the Independent Directors not otherwise interested in
the transaction and a majority of the Directors not otherwise interested in the transaction will be required for each transaction to which the Advisor or its Affiliates is a party. The Directors may, at any time upon the giving of written notice to
the Advisor, modify or revoke the authority set forth in this Section 4. If and to the extent the Directors so modify or revoke the authority contained herein, the Advisor shall henceforth submit to the Directors for prior approval such
proposed transactions involving investments in Real Property, Real Estate Related Securities, or Debt Investments as thereafter require prior approval, provided however, that such modification or revocation shall be effective upon receipt by the
Advisor and shall not be applicable to investment transactions to which the Advisor has committed the Company prior to the date of receipt by the Advisor of such notification. 

 

	5.	BANK ACCOUNTS. The Advisor may establish and maintain one or more bank accounts in the name of the Company and the Operating Partnership and may collect and deposit
into any such account or accounts, and disburse from any such account or accounts, any money on behalf of the Company and/or the Operating Partnership, under such terms and conditions as the Directors may approve, provided that no funds shall be
commingled with the funds of the Advisor; and the Advisor shall from time to time render appropriate accountings of such collections and payments to the Directors and to the auditors of the Company. 

 

	6.	RECORDS; ACCESS. The Advisor shall maintain appropriate records of all its activities hereunder and make such records available for inspection by the Directors and by
counsel, auditors and authorized agents of the Company, at any time or from time to time during normal business hours. The Advisor shall at all reasonable times have access to the books and records of the Company and the Operating Partnership.

  

	7.	LIMITATIONS ON ACTIVITIES. Anything else in this Agreement to the contrary notwithstanding, the Advisor shall refrain from taking any action which, in its sole judgment
made in good faith, would (a) adversely affect the status of the Company as a REIT, (b) subject the Company to regulation under the Investment Company Act of 1940, as amended, or (c) violate any law, rule, regulation or statement of
policy of any governmental body or agency having jurisdiction over the Company, its Shares or its Securities, or otherwise not be permitted by the Articles of Incorporation or Bylaws of the Company, except if such action shall be ordered by the
Directors, in which case the Advisor shall notify promptly the Directors of the Advisor’s judgment of the potential impact of such action and shall refrain from taking such action until it receives further clarification or instructions from the
Directors. In such event the Advisor shall have no liability for acting in accordance with the specific instructions of the Directors so given. Notwithstanding the foregoing, the Company shall hold harmless the Advisor, its directors, officers,
employees and stockholders, and stockholders, directors and officers of the Advisor’s Affiliates for any act or omission by the Advisor, its directors, officers or employees, or stockholders, directors or officers of the Advisor’s
Affiliates taken or omitted to be taken in the performance of their duties under this Agreement to the extent permitted under the Company’s Articles of Incorporation and under Section 18 hereof. 

  
 15 

	8.	RELATIONSHIP WITH DIRECTORS. Subject to Section 7 of this Agreement and to restrictions advisable with respect to the qualification of the Company as a REIT,
directors, officers and employees of the Advisor or an Affiliate of the Advisor or any corporate parents of an Affiliate, may serve as a Director and as officers of the Company, except that no director, officer or employee of the Advisor or its
Affiliates who also is a Director or officer of the Company shall receive any compensation from the Company for serving as a Director or officer other than reasonable reimbursement for travel and related expenses incurred in attending meetings of
the Directors and no such Director shall be deemed an Independent Director for purposes of satisfying the Director independence requirement set forth in the Articles of Incorporation. Notwithstanding the foregoing, directors, officers and employees
of the Advisor and its Affiliates that are also Directors or officers of the Company may receive compensation from the Advisor or its Affiliates for which the Advisor or its Affiliates are reimbursed by the Company pursuant to Section 10 of
this Agreement. 

  

	9.	FEES. 

  

	 	(a)	The fees described in Section 9(b)-(d) are compensation for the personnel and related employment costs incurred by the Advisor or its Affiliates in performing
the applicable services, including but not limited to salaries and wages, benefits and overhead of all employees involved in the performance of such services, but not for the third-party costs incurred by the Advisor or its Affiliates in connection
with the performance of such services, which third-party costs shall be separately reimbursed and are not included in the services provided by the Advisor and its Affiliates. 

 

	 	(b)	Advisory Fee. The Advisor shall receive the Advisory Fee as compensation for asset management services rendered pursuant to Section 3(a)(i) hereof as
follows. 

  

	 	(i)	The Advisory Fee will be comprised of two separate components: (1) a fixed component in an amount equal to 1/365th of 1.15% of NAV for each class of Shares for
each day during the term of this Agreement (the “Fixed Component”); and (2) a performance component (the “Performance Component”) that is calculated based on the Annual Total Return Percentage allocable to each
class of Shares. 

  

	 	(ii)	 The Performance Component will not be paid with respect to a given class of Shares, each class of which is evaluated independently when calculating the
Performance Component, for any calendar year in which the Annual Total Return Percentage applicable to such class is less than or equal to 6.0% (the “Priority Return Percentage”). With respect to each class of Shares the dollar
amount of the Performance Component will be 25.0% of the product of (A) the excess of the Annual Total Return Percentage of such class over the Priority Return Percentage, (B) the Beginning VPS of such class, and (C) the
weighted-average number of Shares of such class outstanding during the applicable period, calculated in accordance with GAAP applied on a consistent basis. However in no 

  
 16 

	 	
event will the Performance Component for any class of Shares in a single calendar year exceed 10.0% of the product of (A) the Annual Total Return Percentage of such class, (B) the
Beginning VPS of such class, and (C) the weighted-average number of Shares of such class outstanding during the applicable period, calculated in accordance with GAAP applied on a consistent basis. In the event that the Class A VPS,
Class I VPS or Class W VPS decreases below the VPS of such class as of the end of the Business Day on which the initial Offering of Class I and Class W Shares commences (subject to adjustment to account for (i) any stock dividend, stock split,
recapitalization, or other similar change in the capital structure of the Company, and (ii) any adjustment approved by the Board that is applied in the same manner to each Share class, as applicable) any subsequent increase in such VPS up to
the VPS of such class as of the end of the Business Day on which the initial Offering of Class I and Class W Shares commenced (or such other adjusted price) shall not be included in the calculation of the Performance Component with respect to that
class. If the Performance Component is payable with respect to a given class of Shares pursuant to this Section 9(b)(ii), the Advisor will be entitled to such payment even in the event that the total percentage return to such class of
Stockholders (or any particular Stockholder) on a cumulative basis over any longer or shorter period has been less than the Priority Return Percentage. The Advisor shall not be obligated to return any portion of any Advisory Fee paid based on the
Company’s subsequent performance. The Performance Component may be earned in a given period for one or more of the Company’s classes of common stock. 

 

	 	(iii)	The Advisor shall, on a daily basis, (i) accrue a liability reserve account equal to the amount due for both the Fixed Component and the Performance Component,
such accrual to be reflected in the VPS calculations for such day; and (ii) calculate the Annual Total Return Percentage allocable to each class of Shares, prorated as of the end of such day and, based on such calculation, adjust the balance of
liability reserve accrual to reflect the estimated amount due on account of the Performance Component. 

  

	 	(iv)	 The Advisory Fee will accrue daily. The Fixed Component is payable monthly in arrears (after the close of business and NAV calculations for the last
Business Day for such month). The Performance Component with respect to any calendar year is payable on January 1 of the following calendar year, provided that if this Agreement or its term expires without renewal prior to December 31 of
any calendar year, then the Performance Component for such partial year shall be payable on the first business day after the Termination Date. The Performance Component shall be payable for each calendar year in which this Agreement is in
effect, even if the Agreement is in effect for less than a full calendar year. In the event this Agreement is terminated or its term expires without renewal, the Advisory Fee will be calculated and due and payable after the calculation of NAV

  
 17 

	 	
on the Termination Date. If the Advisory Fee is payable with respect to any partial calendar month or calendar year, the Fixed Component will be prorated based on the number of days elapsed
during any partial calendar month and the Performance Component (including the Priority Return Percentage) will be prorated based on the number of days elapsed during, and the Annual Total Return Percentage achieved for, the period of such partial
calendar year. For example, for the partial calendar year following the date of this Agreement, the Performance Component will be calculated based on the Annual Total Return Percentage achieved with respect to the VPS of each class of Shares at the
end of the date of this Agreement, and the Priority Return Percentage will be reduced pro rata by the number of days in the calendar year that precedes the date of this Agreement. 

 

	 	(v)	In the event the Company or the Operating Partnership commences a liquidation of its Investments during any calendar year, the Company will pay the Advisor its Advisory
Fee from the proceeds of the liquidation and the Performance Component will be calculated at the end of the liquidation period prior to the distribution of the liquidation proceeds to the Stockholders. The calculation of the Performance Component
for any partial year shall be calculated consistent with the applicable provisions of Section 9(b)(iv) above. 

  

	 	(vi)	In addition, upon the Sale of one or more Real Properties, the Advisor or an Affiliate shall receive an amount equal to 1% of the Contract Sales Price of such Real
Property or Real Properties. 

  

	 	(c)	Development Management Fees. The Advisor shall receive as compensation for services provided by the Advisor, its Affiliates, or sub-contractors thereof in
connection with overseeing the development, construction and improvement, including tenant improvements, of Real Properties by third parties on behalf of the Company a Development Management Fee payable by the Company. The Development Management Fee
shall equal 4.0% of the cost to develop, construct or improve any Real Property on behalf of the Company. Development Management Fees shall be payable as such costs are incurred. However, Development Management Fees shall not be payable to the
extent that such fees would cause the total of all Acquisition Fees (including Development Management Fees) and Acquisition Expenses payable with respect to any Real Property to exceed 6% of the amount actually paid or allocated to the purchase,
development, construction or improvement of such Real Property, exclusive of Acquisition Fees and Acquisition Expenses, unless fees in excess of such amount are approved by a majority of the Directors not interested in such transaction and by a
majority of the Independent Directors not interested in such transaction. The Advisor may hire third parties to assist the Advisor in performing these oversight services, in which case the Advisor will compensate the third party from its Development
Management Fee. The Advisor and the Company may also agree for the Company to engage a third party to provided these services directly, in which case the Advisor shall not receive a Development Management Fee. 

  
 18 

	 	(d)	Real Estate Sales Commissions. If the Advisor or an Affiliate provides a substantial amount of the services in connection with the Sale of one or more Real
Properties, the Advisor or an Affiliate shall receive a real estate sales commission equal to the lesser of (i) one-half of a Competitive Real Estate Commission or (ii) 1% of the Contract Sales Price of such Real Property or Real
Properties. The Real Estate Commission may be paid in addition to real estate commissions paid to non-Affiliates, provided that the total real estate commissions paid to all Persons by the Company with respect to the sale of such Real Property or
Real Properties shall not exceed an amount equal to the lesser of (i) 6% of the Contract Sales Price of the Real Property or Real Properties or (ii) the Competitive Real Estate Commission. 

 

	 	(e)	Loans from Affiliates. The Advisor or any Affiliate thereof may not make any loan to the Company or the Operating Partnership unless a majority of the Directors
(including a majority of the Independent Directors) not otherwise interested in such loan approve the loan as being fair, competitive, and commercially reasonable and no less favorable to the Company or the Operating Partnership than loans between
unaffiliated parties under the same circumstances. 

  

	 	(f)	Exclusion of Certain Transactions. In the event the Company or the Operating Partnership shall propose to enter into any transaction in which an officer or
director of the Company, and the Operating Partnership, the Advisor, or any Affiliate of the Company, the Operating Partnership or the Advisor has a direct or indirect interest, then (i) such transaction shall be approved by a majority of the
Board of Directors and also by a majority of the Independent Directors and (ii) any commissions or remuneration received by any such persons in connection with such transaction shall be deducted from the fees payable under this Agreement.

  

	 	(g)	Product Specialists. In the event the Advisor enters into strategic alliances with Product Specialists with respect to investments in Real Properties, Real
Estate Related Securities or Debt Investments on behalf of the Company or the Operating Partnership as provided for in the Company’s prospectus, and the Product Specialists perform services that entitle them to fees, any such fees will be paid
by the Advisor (and not by the Company or the Operating Partnership) out of the fees the Advisor receives from the Company or the Operating Partnership. 

  

	 	(h)	Payment in Shares. The fees and commissions due under this Section 9 shall be paid in cash; provided, however, that in lieu of cash, the Advisor may elect
to receive the payment of the fees and commissions due under this Section 9 in any class of Shares. Any such Shares will be valued at the VPS applicable to such Shares on the issue date and will not be eligible for redemption by the Advisor
until six months from the issue date. 

  

	10.	EXPENSES. 

  
 19 

	 	(a)	In addition to the compensation paid to the Advisor pursuant to Section 9 hereof, the Company or the Operating Partnership shall pay directly or reimburse the
Advisor for all of the expenses paid or incurred by the Advisor in connection with the services it provides to the Company and the Operating Partnership pursuant to this Agreement, including, but not limited to: 

 

	 	(i)	Organizational and Offering Expenses paid or incurred by the Advisor or any of is Affiliates; provided that after an Offering terminates, the Advisor shall reimburse
the Company to the extent the Organizational and Offering Expenses with respect to such Offering that are borne by the Company exceed 15.0% of the Gross Proceeds raised in the completed Offering; the Advisor shall be responsible for the payment of
all the Company’s Organizational and Offering Expenses in excess of the maximum amount permitted; 

  

	 	(ii)	Acquisition Expenses incurred in connection with the selection and acquisition of Real Properties; 

 

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

  

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

 

	 	(v)	taxes and assessments on income of the Company or Real Properties; 

  

	 	(vi)	costs associated with insurance required in connection with the business of the Company or by the Directors; 

 

	 	(vii)	expenses of managing and operating Real Properties owned by the Company; 

  

	 	(viii)	all expenses in connection with payments to the Directors and meetings of the Directors and Stockholders; 

 

	 	(ix)	personnel (and related employment) costs and overhead (including rent, insurance and other costs) incurred by the Advisor or its Affiliates in performing the services
described in Section 3 hereof, including but not limited to salaries, wages or other compensation, benefits and other overhead of all employees involved in the performance of such services, provided that no reimbursement shall be made for such
costs in connection with the services under Section 3(a); 

  
 20 

	 	(x)	expenses associated with a Listing, if applicable, or with the issuance and distribution of Securities, such as selling commissions and fees, advertising expenses,
taxes, legal and accounting fees, listing and registration fees; 

  

	 	(xi)	expenses connected with payments of Distributions in cash or otherwise made or caused to be made by the Company to the Stockholders; 

 

	 	(xii)	expenses of organizing, redomesticating, merging, liquidating or dissolving the Company or of amending the Articles of Incorporation or the Bylaws;

  

	 	(xiii)	expenses of maintaining communications with Stockholders, including the cost of preparation, printing, and mailing annual reports and other Stockholder reports, proxy
statements and other reports required by governmental entities; 

  

	 	(xiv)	audit, accounting and legal fees and other fees for professional services relating to the operations of the Company and all such fees incurred at the request, or on
behalf of, the Board, the Independent Directors or any committee of the Board; 

  

	 	(xv)	all other costs incurred by the Advisor in performing its duties hereunder. 

 

	 	(b)	Expenses incurred by the Advisor on behalf of the Company and the Operating Partnership and payable pursuant to this Section 10 shall be reimbursed no less than
monthly to the Advisor. The Advisor shall prepare a statement documenting the expenses of the Company and the Operating Partnership and the calculation of the fees and commissions due under this Agreement during each month, and shall deliver such
statement to the Company and the Operating Partnership within 45 days after the end of each month. 

  

	 	(c)	In lieu of cash, the Advisor may elect to receive the reimbursement of any of its expenses in any class of Shares. Any such Shares will be valued at the VPS applicable
to such Shares on the issue date and will not be eligible for redemption by the Advisor until six months from the issue date. 

  

	11.	OTHER SERVICES. Should the Directors request that the Advisor or any director, officer or employee thereof render services for the Company and the Operating Partnership
other than set forth in Section 3, such services shall be separately compensated at such rates and in such amounts as are agreed by the Advisor and the Independent Directors of the Company, subject to the limitations contained in the Articles
of Incorporation, and shall not be deemed to be services pursuant to the terms of this Agreement. 

  

	12.	 REIMBURSEMENT TO THE ADVISOR. For any year in which the Company qualifies as a REIT, the Company shall not reimburse the Advisor at the end of any
fiscal quarter Total Operating Expenses that, in the four consecutive fiscal quarters then ended (the 

  
 21 

	 	
“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. Any Excess Amount paid to the Advisor during a fiscal quarter shall be repaid to the Company or, at the option of the Company, subtracted from the Total Operating Expenses reimbursed during the subsequent fiscal quarter. If there is an
Excess Amount in any Expense Year and the Independent Directors determine that such excess was justified based on unusual and nonrecurring factors which they deem sufficient, then (i) the Excess Amount may be carried over and included in Total
Operating Expenses in subsequent Expense Years and reimbursed to the Advisor in one or more of such years, provided that Total Operating Expenses in any Expense Year, including any Excess Amount to be paid to the Advisor, shall not exceed the 2%/25%
Guidelines or (ii) the Excess Amount may be paid in the Expense Year and within 60 days after the end of such Expense Year there shall be sent to the stockholders a written disclosure of such fact, together with an explanation of the factors
the Independent Directors considered in determining that such excess expenses were justified. Such determination shall be reflected in the minutes of the meetings of the Board of Directors. The Company will not reimburse the Advisor or its
Affiliates for its personnel (and related employment) costs and overhead (including rent, insurance and other costs) incurred in connection with the services under Section 3(a). All figures used in the foregoing computation shall be determined
in accordance with GAAP applied on a consistent basis. 

  

	13.	OTHER ACTIVITIES OF THE ADVISOR. 

  

	 	(a)	Nothing herein contained shall prevent the Advisor or any of its Affiliates from engaging in or earning fees from other activities, including, without limitation, the
rendering of advice to other Persons (including other REITs) and the management of other programs advised, sponsored or organized by the Advisor or its Affiliates; nor shall this Agreement limit or restrict the right of any director, officer,
employee, or stockholder of the Advisor or its Affiliates to engage in or earn fees from any other business or to render services of any kind to any other partnership, corporation, firm, individual, trust or association and earn fees for rendering
such services. The Advisor 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, and earn fees for rendering such advice and service. Specifically, it
is contemplated that the Company may enter into joint ventures or other similar co-investment arrangements with certain Persons, and pursuant to the agreements governing such joint ventures or arrangements, the Advisor may be engaged (directly or
indirectly) to provide advice and service to such Persons, in which case the Advisor will earn fees for rendering such advice and service. 

  

	 	(b)	 The Advisor shall report to the Directors the existence of any condition or circumstance, existing or anticipated, of which it has knowledge, which
creates or could create a conflict of interest between the Advisor’s obligations to the Company and its obligations to or its interest in any other partnership, corporation, firm, individual, trust or association. The Advisor or its Affiliates
shall promptly disclose to the Directors knowledge of such condition or circumstance. If the Advisor, Director or Affiliates thereof have sponsored other investment programs with similar investment objectives which have investment funds available at
the 

  
 22 

	 	
same time as the Company, it shall be the duty of the Directors (including the Independent Directors) to ensure that the Advisor and its Affiliates adopt the method approved by the Independent
Directors, by which investments are to be allocated to the competing investment entities and to use their best efforts to ensure that such method is applied fairly to the Company. 

 

	 	(c)	The Advisor may make such an investment only after (i) such investment has been offered to the Company, the Operating Partnership and all public partnerships and
other investment entities Affiliated with the Company with funds available for such investment and (ii) such investment is found to be unsuitable for investment by the Company, the Operating Partnership, such partnerships and investment
entities. The Advisor’s Affiliates may make such an investment subject to the method approved by the Independent Directors, by which investments are to be allocated to the competing investment entities. 

 

	 	(d)	In the event that the Advisor is presented with a potential investment which might be made by the Company or the Operating Partnership and by another investment entity
which the Advisor advises or manages, the Advisor shall consider, among others, the following factors: the investment objectives and criteria of each entity; the general real property sector or real estate-related sector investment allocation
targets of each entity and any targeted geographic concentrations; the cash requirements of each entity; the effect of the acquisition both on diversification of each entity’s investments by type of commercial property and geographic area, and
on diversification of the customers of its properties; the policy of each entity relating to leverage of properties; the anticipated cash flow of each entity; the tax effects of the purchase on each entity; the size of the investment; and the amount
of funds available to each entity and the length of time such funds have been available for investment. In the event that an investment opportunity becomes available which the Advisor determines is suitable for the Company or the Operating
Partnership based on the criteria set forth above, then the Advisor will utilize a reasonable allocation method to determine which investments are presented to the Board as opposed to the board of directors of such other program. Notwithstanding the
foregoing, from time to time the Board or any committee of the Board, as the case may be, may approve, in cooperation with another investment entity which the Advisor (or its Affiliate) advises or manages, a specific allocation procedure with
respect to such other investment entity, which shall be communicated to and followed by the Advisor. 

  

	14.	TERM; TERMINATION OF AGREEMENT. This Agreement shall continue in force for a period of one year from the date hereof, subject to an unlimited number of successive
one-year renewals upon mutual consent of the parties. It is the duty of the Directors to evaluate the performance of the Advisor annually before renewing the Agreement, and each such renewal shall be for a term of no more than one year.

  

	15.	TERMINATION BY THE PARTIES. This Agreement may be terminated (i) immediately by the Company and/or the Operating Partnership for Cause or upon the bankruptcy of
the Advisor, (ii) upon 60 days written notice without Cause and without 

  
 23 

	 	
penalty by a majority of the Independent Directors of the Company or (iii) upon 60 days written notice with Good Reason by the Advisor. 

 

	16.	ASSIGNMENT TO AN AFFILIATE. This Agreement may be assigned by the Advisor to an Affiliate with the approval of a majority of the Directors (including a majority of the
Independent Directors). The Advisor may assign any rights to receive fees or other payments under this Agreement to any Person without obtaining the approval of the Directors. This Agreement shall not be assigned by the Company or the Operating
Partnership without the consent of the Advisor, except in the case of an assignment by the Company or the Operating Partnership to a corporation, limited partnership or other organization which is a successor to all of the assets, rights and
obligations of the Company or the Operating Partnership, in which case such successor organization shall be bound hereunder and by the terms of said assignment in the same manner as the Company and the Operating Partnership are bound by this
Agreement. 

  

	17.	PAYMENTS TO AND DUTIES OF ADVISOR UPON TERMINATION. Payments to the Advisor of unpaid expense reimbursements pursuant to this Section 17 shall be subject to the
2%/25% Guidelines to the extent applicable. 

  

	 	(a)	After the Termination Date, the Advisor shall not be entitled to compensation for further services hereunder except it shall be entitled to receive from the Company or
the Operating Partnership within 30 days after the 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. In addition, in accordance with
the provisions of Section 12, the Advisor shall be entitled to receive any Excess Amount (as defined in Section 12) for which the Independent Directors determined (before or after the Termination Date) that there was justification based on
unusual and nonrecurring factors. 

  

	 	(b)	The Advisor shall promptly upon termination: 

  

	 	(i)	pay over to the Company and the Operating Partnership all money collected and held for the account of the Company and the Operating Partnership pursuant to this
Agreement, after deducting any accrued compensation and reimbursement for its expenses to which it is then entitled; 

  

	 	(ii)	deliver to the Directors a full accounting, including a statement showing all payments collected by it and a statement of all money held by it, covering the period
following the date of the last accounting furnished to the Directors; 

  

	 	(iii)	deliver to the Directors all assets, including Real Properties, Real Estate Related Securities and Debt Investments, and documents of the Company and the Operating
Partnership then in the custody of the Advisor; and 

  

	 	(iv)	cooperate with the Company and the Operating Partnership to provide an orderly management transition. 

  
 24 

	18.	INDEMNIFICATION BY THE COMPANY AND THE OPERATING PARTNERSHIP. The Company and the Operating Partnership shall indemnify and hold harmless the Advisor and its
Affiliates, including their respective officers, directors, partners and employees, from all liability, claims, damages or losses arising in the performance of their duties hereunder, and related expenses, including reasonable attorneys’ fees,
subject to any limitations imposed by the laws of the State of Maryland or the Articles of Incorporation of the Company. Notwithstanding the foregoing, the Company and the Operating Partnership shall not provide for indemnification of the Advisor
and its Affiliates, including their respective officers, directors, partners and employees, for any loss or liability suffered by the Advisor and its Affiliates, including their respective officers, directors, partners and employees, nor shall they
provide that the Advisor and its Affiliates, including their respective officers, directors, partners and employees, be held harmless for any loss or liability suffered by the Company and the Operating Partnership, unless all of the following
conditions are met: 

  

	 	(a)	The Advisor has determined, in good faith, that the course of conduct which caused the loss or liability was in the best interest of the Company and the Operating
Partnership; 

  

	 	(b)	The Advisor was acting on behalf of or performing services for the Company and the Operating Partnership; 

 

	 	(c)	Such liability or loss was not the result of negligence or misconduct by the Advisor; and 

 

	 	(d)	Such indemnification or agreement to hold harmless is recoverable only out of the Company’s net assets and not from Stockholders. 

Notwithstanding the foregoing, the Advisor and its Affiliates, including their respective officers, directors, partners and employees,
shall not be indemnified by the Company and the Operating Partnership for any losses, liabilities or expenses arising from or out of an alleged violation of federal or state securities laws by the Advisor and its Affiliates, including their
respective officers, directors, partners and employees, 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 Advisor; 

 

	 	(b)	Such claims have been dismissed with prejudice on the merits by a court of competent jurisdiction as to the Advisor; or 

 

	 	(c)	A court of competent jurisdiction approves a settlement of the claims against the Advisor and finds that indemnification of the settlement and the related costs should
be made, and the court considering the request for indemnification has been advised of the position of the Securities and Exchange Commission and of the published position of any state securities regulatory authority in which securities of the
Company and the Operating Partnership were offered or sold as to indemnification for violation of securities laws. 

  
 25 

 In addition, the advancement of the Company’s or the Operating Partnership’s funds
to the Advisor and its Affiliates, including their respective officers, directors, partners and employees, for legal expenses and other costs incurred as a result of any legal action for which indemnification is being sought is permissible only if
all of the following conditions are satisfied: 
  

	 	(a)	The legal action relates to acts or omissions with respect to the performance of duties or services on behalf of the Company or the Operating Partnership;

  

	 	(b)	The legal action is initiated by a third party who is not a shareholder or the legal action is initiated by a shareholder acting in his or her capacity as such and a
court of competent jurisdiction specifically approves such advancement; and 

  

	 	(c)	The Advisor undertakes to repay the advanced funds to the Company or the Operating Partnership, together with the applicable legal rate of interest thereon, in cases in
which the Advisor is found not to be entitled to indemnification. 

  

	19.	INDEMNIFICATION BY ADVISOR. The Advisor shall indemnify and hold harmless the Company and the Operating Partnership from contract or other liability, claims, damages,
taxes or losses and related expenses including attorneys’ fees, to the extent that such liability, claims, damages, taxes or losses and related expenses are incurred by reason of the Advisor’s bad faith, fraud, willful misfeasance, gross
misconduct, gross negligence or reckless disregard of its duties, but the Advisor shall not be held responsible for any action of the Board of Directors in following or declining to follow any advice or recommendation given by the Advisor.

  

	20.	NOTICES. Any notice, report or other communication required or permitted to be given hereunder shall be in writing unless some other method of giving such notice,
report or other communication is required by the Articles of Incorporation, the Bylaws, or accepted by the party to whom it is given, and shall be given by being delivered by hand or by overnight mail or other overnight delivery service to the
addresses set forth herein: 

 To the Directors and to the Company: 

Dividend Capital Total Realty Trust Inc. 
 518 17th Street 
 17th Floor 

Denver, CO 80202 
 To the Operating Partnership: 
 Dividend Capital Total Realty Operating
Partnership LP 
 518 17th Street 
 17th Floor 
 Denver, CO 80202 

  
 26 

 To the Advisor: 
 Dividend Capital Total Advisors LLC 
 518 17th Street 

17th Floor 

Denver, CO 80202 

Any party may at any time give notice in writing to the other parties of a change in its address for the purposes of this Section 20.

  

	21.	MODIFICATION. This Agreement shall not be changed, modified, terminated, or discharged, in whole or in part, except by an instrument in writing signed by the parties
hereto, or their respective successors or assignees. 

  

	22.	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. 

  

	23.	CONSTRUCTION. The provisions of this Agreement shall be construed and interpreted in accordance with the laws of the State of Colorado. 

 

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

 

	25.	INDULGENCES, NOT WAIVERS. Neither the failure nor any delay on the part of a party to exercise any right, remedy, power or privilege under this Agreement shall operate
as a waiver thereof, nor shall any single or partial 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. 

  

	26.	GENDER. Words used herein regardless of the number and gender specifically used, shall be deemed and construed to include any other number, singular or plural, and any
other gender, masculine, feminine or neuter, as the context requires. 

  

	27.	TITLES NOT TO AFFECT INTERPRETATION. The titles of sections and subsections contained in this Agreement are for convenience only, and they neither form a part of this
Agreement nor are they to be used in the construction or interpretation hereof. 

  

	28.	 EXECUTION IN COUNTERPARTS. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original as against any
party 

  
 27 

	 	
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. 

  

	29.	INITIAL INVESTMENT. The Advisor has made a capital contribution of $200,000 to the Operating Partnership in exchange for OP Units, which were subsequently exchanged for
200,000 Class A Shares. The Advisor may not sell any of such Shares while the Advisor acts in such advisory capacity to the Company, provided, that such Shares may be transferred to Affiliates of the Advisor. The restrictions included above
shall not apply to any other Securities acquired by the Advisor or its Affiliates. The Advisor shall not vote any Shares it now owns, or hereafter acquires, in any vote for the election of Directors or any vote regarding the approval or termination
of any contract with the Advisor or any of its Affiliates. 

  
 28 

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

					
	 DIVIDEND CAPITAL TOTAL REALTY
 TRUST INC.

		
	By:	 	  

		 	Name:	 	Guy M. Arnold
		 	Title:	 	President
	
	 DIVIDEND CAPITAL TOTAL REALTY
 OPERATING PARTNERSHIP LP

		
	By:	 	 Dividend Capital Total Realty Trust
 Inc., its General Partner

		
	By:	 	  

		 	Name:	 	Guy M. Arnold
		 	Title:	 	President
	
	 DIVIDEND CAPITAL TOTAL
 ADVISORS LLC

		
	By:	 	 Dividend Capital Total Advisors Group
 LLC, its Sole Member

		
	By:	 	  

		 	Name:	 	Evan H. Zucker
		 	Title:	 	Manager

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