Document:

EX-10.1

 Exhibit 10.1 

REGISTRATION RIGHTS AGREEMENT 

by and among 
 Mercer
International Inc., 
 and 

Credit Suisse Securities (USA) LLC 

Dated as of December 20, 2017 

 REGISTRATION RIGHTS AGREEMENT 

This Registration Rights Agreement (this “Agreement”) is made and entered into as of December 20, 2017, by and
among Mercer International Inc., a Washington corporation (the “Company”), and Credit Suisse Securities (USA) LLC, as representative of the several initial purchasers (collectively, the “Initial Purchasers”), each of which has
agreed to purchase the Company’s 5.500% Senior Notes due 2026 (the “Initial Notes”) on the Closing Date (as defined below), pursuant to the Purchase Agreement (as defined below). 

This Agreement is made pursuant to the Purchase Agreement, dated December 6, 2017 (the “Purchase Agreement”),
among the Company and the Initial Purchasers (i) for the benefit of the Initial Purchasers and (ii) for the benefit of the holders from time to time of the Initial Notes, including the Initial Purchasers. In order to induce the Initial
Purchasers to purchase the Initial Notes, the Company has agreed to provide the registration rights set forth in this Agreement. The execution and delivery of this Agreement is a condition to the obligations of the Initial Purchasers set forth in
Section 5(h) of the Purchase Agreement. 
 The parties hereby agree as follows: 

SECTION 1. Definitions. As used in this Agreement, the following capitalized terms shall have the
following meanings: 
 Additional Interest: As defined in Section 6 hereto. 

Additional Interest Payment Date: With respect to the Initial Notes, each Interest Payment Date. 

Advice:              As defined in Section 7
hereto. 
 Agreement:       As defined in the preamble hereto. 

Broker-Dealer: Any broker or dealer registered under the Exchange Act. 

Business Day: Any day other than a Saturday, Sunday or U.S. federal holiday or a day on which banking institutions or
trust companies located in New York, New York are authorized or obligated to be closed. 
 Closing
Date:  The date of this Agreement. 
 Commission:    The Securities and Exchange
Commission. 
 Company:         As defined in the preamble hereto. 

Consummate: A registered Exchange Offer shall be deemed “Consummated” for purposes of this Agreement upon the
occurrence of (i) the filing and effectiveness under the Securities Act of the Exchange Offer Registration Statement relating to the Exchange Notes to be issued in the Exchange Offer, (ii) the maintenance of such Registration Statement
continuously effective and the keeping of the Exchange Offer open for a period not less than the minimum period required pursuant to Section 4(b) hereof, and (iii) the delivery by the Company to the Registrar under the Indenture of
Exchange Notes in the same aggregate principal amount as the aggregate principal amount of Initial Notes that were tendered by Holders thereof pursuant to the Exchange Offer. 

 Effectiveness Period: As defined in Section 5(a) hereof. 

Effectiveness Target Date: As defined in Section 6 hereof. 

Entitled Securities: Each Note, until the earliest to occur of (a) the date on which such Initial Note has been
exchanged by a Person other than a Broker-Dealer for an Exchange Note in the Exchange Offer, (b) following the exchange by a Broker-Dealer in the Exchange Offer of such Initial Note for an Exchange Note, the date on which such Exchange Note is
sold to a purchaser who receives from such Broker-Dealer on or prior to the date of such sale a copy of the Prospectus contained in the Exchange Offer Registration Statement, (c) the date on which such Initial Note has been effectively
registered under the Securities Act and disposed of in accordance with a Shelf Registration Statement, (d) the date on which such Initial Note is actually sold pursuant to Rule 144 under the Securities Act. 

Exchange Act: The Securities Exchange Act of 1934, as amended. 

Exchange Notes: The 5.500% Senior Notes due 2026, of the same series under the Indenture as the Initial Notes, to be
issued to Holders in exchange for Entitled Securities pursuant to this Agreement. 
 Exchange Offer: The registration
by the Company under the Securities Act of the Exchange Notes pursuant to a Registration Statement pursuant to which the Company offers the Holders of all outstanding Entitled Securities the opportunity to exchange all such outstanding Entitled
Securities held by such Holders for Exchange Notes in an aggregate principal amount equal to the aggregate principal amount of the Entitled Securities tendered in such exchange offer by such Holders. 

Exchange Offer Effectiveness Target Date: As defined in Section 4(a) hereof. 

Exchange Offer Registration Statement: The Registration Statement relating to the Exchange Offer, including the related
Prospectus. 
 Exempt Resales: The transactions in which the Initial Purchaser proposes to sell the Initial Notes to
certain “qualified institutional buyers,” as such term is defined in Rule 144A under the Securities Act and to certain non-U.S. persons pursuant to Regulation S under the Securities Act. 

FINRA: Financial Industry Regulatory Authority, Inc. 

Holders: As defined in Section 2(b) hereof. 

  
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 Indemnified Holder: As defined in Section 9(a) hereof. 

Indenture: The Indenture, dated as of December 20, 2017, by and between the Company and Wells Fargo, National
Association, as trustee (the “Trustee”), pursuant to which the Initial Notes are to be issued, as such Indenture is amended or supplemented from time to time in accordance with the terms thereof. 

Initial Notes: As defined in the preamble hereto. 

Initial Placement: The issuance and sale by the Company of the Initial Notes to the Initial Purchasers pursuant to the
terms of the Purchase Agreement. 
 Initial Purchasers: As defined in the preamble hereto. 

Interest Payment Date: January 15 and July 15, commencing July 15, 2018. 

Person: An individual, partnership, corporation, trust or unincorporated organization, or a government or agency or
political subdivision thereof. 
 Prospectus: The prospectus included in a Registration Statement, as amended or
supplemented by any prospectus supplement and by all other amendments thereto, including post-effective amendments, and all material incorporated by reference into such Prospectus. 

Registration Default: As defined in Section 6 hereof. 

Registration Statement: Any registration statement of the Company relating to (a) an offering of Exchange Notes
pursuant to an Exchange Offer or (b) the registration for resale of Entitled Securities pursuant to the Shelf Registration Statement, which is filed pursuant to the provisions of this Agreement, in each case, including the Prospectus included
therein, all amendments and supplements thereto (including post-effective amendments) and all exhibits and material incorporated by reference therein. 

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

Shelf Registration Statement: As defined in Section 5(a) hereof. 

Suspension Period: As defined in Section 5(a) hereof. 

Trust Indenture Act: The Trust Indenture Act of 1939, as amended. 

Underwritten Registration or Underwritten Offering: A registration in which securities of the Company are sold to an
underwriter for reoffering to the public. 
 SECTION 2. Securities Subject to this Agreement. 

 (a) Entitled Securities. The securities entitled to the benefits of this Agreement are the Entitled Securities.

  
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 (b) Holders of Entitled Securities. A Person is deemed to be a holder of
Entitled Securities (each, a “Holder”) whenever such Person owns Entitled Securities. 

SECTION 3. Authorization of the Exchange Notes. The Company hereby represents, warrants and
covenants to each Initial Purchaser that the Exchange Notes have been duly and validly authorized for issuance by the Company, and when issued and authenticated in accordance with the terms of the Indenture, this Agreement and the Exchange Offer,
will constitute valid and binding obligations of the Company, enforceable against the Company in accordance with their terms, except as the enforcement thereof may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar
laws relating to or affecting the rights and remedies of creditors or by general equitable principles including limitations and other restrictions on a party’s rights to specific performance and indemnification and will be entitled to the
benefits of the Indenture. 
 SECTION 4. Registered Exchange Offer.  

(a) Unless the Exchange Offer shall not be permissible under applicable law or Commission policy (after the procedures set
forth in Section 7(a) hereof have been complied with), the Company shall (i) cause to be filed with the Commission the Exchange Offer Registration Statement under the Securities Act relating to the Exchange Notes and the Exchange Offer,
(ii) use its commercially reasonable efforts to cause such Exchange Offer Registration Statement to become effective at the earliest practicable time, but in no event later than 240 days after the Closing Date (or if such 240th day is not a
Business Day, the next succeeding Business Day) (the “Exchange Offer Effectiveness Target Date”), (iii) in connection with the foregoing, file (A) all pre-effective amendments to such Exchange
Offer Registration Statement as may be necessary in order to cause such Exchange Offer Registration Statement to become effective, (B) if applicable, a post-effective amendment to such Exchange Offer Registration Statement pursuant to Rule 430A
under the Securities Act and (C), subject to the proviso in Section 7(c)(x), cause all necessary filings in connection with the registration and qualification of the Exchange Notes to be made under the state securities or blue sky laws of such
jurisdictions as are necessary to permit Consummation of the Exchange Offer, (iv) upon the effectiveness of such Exchange Offer Registration Statement, commence the Exchange Offer and (v) issue Exchange Notes in exchange for all Initial
Notes tendered prior to the Consummation of the Exchange Offer. The Exchange Offer Registration Statement shall be on the appropriate form permitting registration of the Exchange Notes to be offered in exchange for the Entitled Securities and to
permit resales of Initial Notes held by Broker-Dealers as contemplated by Section 4(c) hereof. Notwithstanding any other provision hereof, the Company shall not be obligated to file a Prospectus with the securities commissions or similar
regulatory authority in any of the provinces or territories of Canada. 
 (b) The Company shall use its commercially
reasonable efforts to cause the Exchange Offer Registration Statement to be effective continuously and shall keep the Exchange Offer open for a period of not less than the minimum period required under applicable federal and state securities laws to
Consummate the Exchange Offer; provided, however, that in no event shall such period be less than 20 Business Days from and including the date notice of the Exchange Offer is mailed to the Holders. The Company shall cause the Exchange Offer
to comply in all material respects with all applicable federal and state securities laws. No securities other than the Exchange Notes shall be included in the Exchange Offer Registration Statement. The Company shall use its commercially reasonable
efforts to cause the Exchange Offer to be Consummated within 30 Business Days (or longer if required by applicable securities laws) of the Exchange Offer Effectiveness Target Date. 

  
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 (c) The Company shall indicate in a “Plan of Distribution” section
contained in the Prospectus forming a part of the Exchange Offer Registration Statement that any Broker-Dealer which holds Initial Notes that are Entitled Securities and that were acquired for its own account as a result of market-making activities
or other trading activities (other than Entitled Securities acquired directly from the Company), may exchange such Initial Notes pursuant to the Exchange Offer; however, such Broker-Dealer may be deemed to be an “underwriter” within the
meaning of the Securities Act and must, therefore, deliver a prospectus meeting the requirements of the Securities Act in connection with any resales of the Exchange Notes received by such Broker-Dealer in the Exchange Offer, which prospectus
delivery requirement may be satisfied by the delivery by such Broker-Dealer of the Prospectus contained in the Exchange Offer Registration Statement. Such “Plan of Distribution” section shall also contain all other information with respect
to such resales by Broker-Dealers that the Commission may require in order to permit such resales pursuant thereto, but such “Plan of Distribution” shall not name any such Broker-Dealer or disclose the amount of Initial Notes held by any
such Broker-Dealer except to the extent required by the Commission as a result of a change in policy after the date of this Agreement. 

The Company shall use its commercially reasonable efforts to keep the Exchange Offer Registration Statement continuously
effective, supplemented and amended as required by the provisions of Section 7(c) hereof to the extent necessary to ensure that it is available for resales of Initial Notes acquired by Broker-Dealers for their own accounts as a result of
market-making activities or other trading activities, and to ensure that it conforms with the requirements of this Agreement, the Securities Act and the policies, rules and regulations of the Commission as announced from time to time, for a period
ending on the earlier of (i) 90 days from the date on which the Exchange Offer Registration Statement is declared effective and (ii) the date on which a Broker-Dealer is no longer required to deliver a prospectus in connection with
market-making or other trading activities. 
 The Company shall provide sufficient copies of the latest version of such
Prospectus to Broker-Dealers promptly upon request at any time during such 90-day (or shorter as provided in the preceding paragraph) period in order to facilitate such resales. 

SECTION 5. Shelf Registration.  

(a) Shelf Registration. If (i) the Company is not permitted to file an Exchange Offer Registration Statement or to
Consummate the Exchange Offer because the Exchange Offer is not permitted by applicable law or Commission policy (after the procedures set forth in Section 7(a) hereof have been complied with), (ii) for any reason, the Exchange Offer is not
Consummated within 30 Business Days of the Exchange Offer Effectiveness Target Date, or (iii) any Holder of Entitled Securities notifies the Company in writing that (A) such Holder is prohibited by applicable law or Commission policy from
participating in the Exchange Offer, or (B) such Holder may not resell the Exchange Notes acquired by it in the Exchange Offer to the public without delivering a prospectus and the Prospectus contained in the Exchange Offer Registration
Statement is not appropriate or available for such resales by such Holder, or (C) such Holder is a Broker-Dealer and holds Initial Notes acquired directly from the Company or one of its affiliates, then, upon such Holder’s written request,
the Company shall: 

  
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 (i) cause to be filed a shelf registration statement pursuant to
Rule 415 under the Securities Act, which may be an amendment to the Exchange Offer Registration Statement (in either event, the “Shelf Registration Statement”), which Shelf Registration Statement shall provide for resales of all Entitled
Securities the Holders of which shall have provided the information required pursuant to Section 5(b) hereof; and 

(ii) use its commercially reasonable efforts to cause such Shelf Registration Statement to be declared
effective by the Commission on or before the 240th day after so requested or required pursuant to this Section 5 and to keep it continuously effective until the earliest of (i) the date on which all Entitled Securities entitled to the
benefit of this Section 5(a) have been sold pursuant to the Shelf Registration Statement, (ii) the date on which all Entitled Securities are no longer “restricted securities” within the meaning of Rule 144 of the Securities Act
and (iii) the date which is one year after the Closing Date, such shortest time period referred to as the “Effectiveness Period.” 

During the Effectiveness Period, the Company shall use its commercially reasonable efforts to keep such Shelf Registration
Statement continuously effective, supplemented and amended as required by the provisions of Sections 7(b) and (c) hereof to the extent necessary to ensure that it is available for resales of Initial Notes by the Holders of Entitled Securities
entitled to the benefit of this Section 5(a), and to ensure that it conforms in all material respects with the requirements of this Agreement, the Securities Act and the policies, rules and regulations of the Commission as announced from time
to time. 
 Notwithstanding the foregoing and any other provision hereof, the Company may suspend the availability of the
Shelf Registration Statement, without being required to pay any Additional Interest (as defined below), upon written notice to the Holders (which notice shall be accompanied by an instruction to suspend the use of the Prospectus), for one or more
periods not to exceed 60 consecutive days in any 90-day period, and not to exceed, in the aggregate, 95 days in any 365-day period (each such period, a “Suspension
Period”) if: 
 (i) an event occurs and is continuing that, in the Company’s good faith judgment,
would require the Company to make changes in the Shelf Registration Statement or the Prospectus in order that the Shelf Registration Statement or the Prospectus does not contain an untrue statement of a material fact or omit to state a material fact
required to be stated therein or necessary to make the statements therein (in the case of the prospectus, in light of the circumstances under which they were made) not misleading; and 

(ii) the Company reasonably determines that the disclosure of such event at such time would have a material
adverse effect on the business of the Company (and its subsidiaries, if any, taken as a whole). 

  
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 (b) Provision by Holders of Certain Information in Connection with the Shelf
Registration Statement. No Holder of Entitled Securities may include any of its Entitled Securities in any Shelf Registration Statement pursuant to this Agreement unless and until such Holder furnishes to the Company in writing, within 7
Business Days after receipt of a request therefor, such information as the Company may reasonably request for use in connection with any Shelf Registration Statement or Prospectus or preliminary Prospectus included therein. Each Holder as to which
any Shelf Registration Statement is being effected agrees to furnish promptly to the Company all information required to be disclosed in order to make the information previously furnished to the Company by such Holder not materially misleading. 

SECTION 6. Additional Interest. If (i) the Company fails to file any of the Registration
Statements required by this Agreement on or before the date specified for such filing, if any; (ii) any of the Registration Statements required by this Agreement has not been declared effective by the Commission on or prior to the date
specified for such effectiveness in this Agreement (the “Effectiveness Target Date”), (iii) the Exchange Offer has not been Consummated within 30 Business Days of the Exchange Offer Effectiveness Target Date or (iv) any Registration
Statement required by this Agreement is filed and declared effective but shall thereafter cease to be effective (other than for a Suspension Period) without being succeeded within five Business Days by a post-effective amendment to such Registration
Statement that is declared effective (each such event referred to in clauses (i) through (iv), a “Registration Default”), the Company hereby agrees that the interest rate borne by the Entitled Securities shall be increased by 0.25%
per annum during the 90-day period immediately following the occurrence of any Registration Default and shall increase by 0.25% per annum at the beginning of each subsequent
90-day period (such increase, “Additional Interest”) until all Registration Defaults have been cured, but in no event shall such increase exceed 1.00% per annum. Following the cure of all
Registration Defaults relating to any particular Entitled Securities, the interest rate borne by the relevant Entitled Securities will be reduced to the original interest rate borne by such Entitled Securities; provided, however, that, if
after any such reduction in interest rate, a different Registration Default occurs, the interest rate borne by the relevant Entitled Securities shall again be increased pursuant to the foregoing provisions. The Company shall not be required to pay
Additional Interest for more than one Registration Default at a time. The amount of Additional Interest will be determined on the basis of a 360-day year comprised of twelve
30-day months and the actual number of days on which Additional Interest accrued during such period. 

In connection with a Registration Default in respect of a Shelf Registration Statement, notwithstanding anything to the
contrary herein, a Holder will not be entitled to any Additional Interest under this Article 6 if such Holder has not provided all registration information to the Company as required herein at least two Business Days prior to the Effective Date of
the Shelf Registration Statement or any subsequent amendment (with respect to any period subsequent to such amendment and prior to the next amendment in respect of which such information is so provided). 

All obligations of the Company set forth in the preceding paragraph to pay Additional Interest that are outstanding with
respect to any Entitled Security at the time such security ceases to be an Entitled Security shall survive until such time as all such obligations with respect to such security shall have been satisfied in full. 

  
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 SECTION 7. Registration Procedures.  

(a) Exchange Offer Registration Statement. In connection with the Exchange Offer, the Company shall comply with all of
the provisions of Section 7(c) hereof, shall use its commercially reasonable efforts to effect such exchange so that it permits the sale of Entitled Securities being sold in accordance with the intended method or methods of distribution
thereof, and shall comply with all of the following provisions: 
 (i) As a condition to its participation
in the Exchange Offer pursuant to the terms of this Agreement, each Holder of Entitled Securities shall furnish, upon the request of the Company, prior to the Consummation thereof, a written representation to the Company (which may be contained in
the letter of transmittal contemplated by the Exchange Offer Registration Statement) to the effect that (A) it is not an affiliate of the Company (within the meaning of Rule 405 of the Securities Act), (B) it is not engaged in, and does not
intend to engage in, and has no arrangement or understanding with any Person to participate in, a distribution of the Exchange Notes to be issued in the Exchange Offer and (C) it is acquiring the Exchange Notes in its ordinary course of
business. In addition, all such Holders of Entitled Securities shall otherwise cooperate in the Company’s preparations for the Exchange Offer, including providing all information relating to the Holder required to be included in a Registration
Statement under applicable law. Each Holder hereby acknowledges and agrees that any Broker-Dealer and any such Holder using the Exchange Offer to participate in a distribution of the securities to be acquired in the Exchange Offer (1) could not
under Commission policy as in effect on the date of this Agreement rely on the position of the Commission enunciated in Morgan Stanley and Co., Inc. (available June 5, 1991) and Exxon Capital Holdings Corporation (available
May 13, 1988), as interpreted in the Commission’s letter to Shearman & Sterling dated July 2, 1993, and similar no-action letters (which may include any
no-action letter obtained pursuant to clause (i) above), and (2) must comply with the registration and prospectus delivery requirements of the Securities Act in connection with a secondary resale
transaction and that such a secondary resale transaction should be covered by an effective registration statement containing the selling security holder information required by Item 507 or 508, as applicable, of Regulation S-K if the resales are of Exchange Notes obtained by such Holder in exchange for Initial Notes acquired by such Holder directly from the Company. 

(b) Shelf Registration Statement. In connection with the Shelf Registration Statement, the Company shall comply with
all the provisions of Section 7(c) hereof and shall use its commercially reasonable efforts to effect such registration so that it permits the sale of the Entitled Securities being sold in accordance with the intended method or methods of
distribution thereof. 
 (c) General Provisions. In connection with any Registration Statement and any Prospectus
required by this Agreement to permit the sale or resale of Entitled Securities (including, without limitation, any Registration Statement and the related Prospectus required to permit resales of Initial Notes by Broker-Dealers), the Company shall:

  
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 (i) subject to the terms hereof, use its commercially reasonable
efforts to keep such Registration Statement continuously effective and provide all requisite financial statements (including, if required by the Securities Act or any regulation thereunder, its financial statements for the period specified in
Section 4 or 5 hereof, as applicable); upon the occurrence of any event that would cause any such Registration Statement or the Prospectus contained therein (A) to contain a material misstatement or omission or (B) not to be effective
and usable for resale of Entitled Securities during the period required by this Agreement, the Company shall file promptly an appropriate amendment to such Registration Statement, in the case of clause (A), correcting any such misstatement or
omission, and, in the case of either clause (A) or (B), use its commercially reasonable efforts to cause such amendment to be declared effective and such Registration Statement and the related Prospectus to become usable for their intended
purpose(s) as soon as practicable thereafter; 
 (ii) prepare and file with the Commission such amendments
and post-effective amendments to the applicable Registration Statement as may be necessary to keep the Registration Statement effective for the applicable period set forth in Section 4 or 5 hereof, as applicable, or such shorter period as will
terminate when all Entitled Securities covered by such Registration Statement have been sold or cease to be Entitled Securities; cause the Prospectus to be supplemented by any required Prospectus supplement, and as so supplemented to be filed
pursuant to Rule 424 under the Securities Act, and to comply fully with the applicable provisions of Rules 424, 430A and 430B under the Securities Act in a timely manner; and comply with the provisions of the Securities Act with respect to the
disposition of all securities covered by such Registration Statement during the applicable period in accordance with the intended method or methods of distribution by the sellers thereof set forth in such Registration Statement or supplement to the
Prospectus; 
 (iii) advise the underwriter(s), if any, and selling Holders within five Business Days and,
if requested by such Persons, to confirm such advice in writing, (A) when the Prospectus or any Prospectus supplement or post-effective amendment has been filed, and, with respect to any Registration Statement or any post-effective amendment
thereto, when the same has become effective, (B) of any request by the Commission for amendments to the Registration Statement or amendments or supplements to the Prospectus or for additional information relating thereto, (C) of the
issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement under the Securities Act or of the suspension by any state securities commission of the qualification of the Entitled Securities for offering or
sale in any jurisdiction, or the initiation of any proceeding for any of the preceding purposes, (D) of the existence of any fact or the happening of any event that makes any statement of a material fact made in the Registration Statement, the
Prospectus, any amendment or supplement thereto, or any document incorporated by reference therein untrue, or that requires the making of any additions to or changes in the Registration Statement or the Prospectus in order to make the statements
therein not misleading. If at any time the Commission shall issue any stop order suspending the effectiveness of the Registration Statement, or any state securities commission or other regulatory authority shall issue an order suspending the
qualification or exemption from qualification of the Entitled Securities under state securities or blue sky laws, the Company shall use its commercially reasonable efforts to obtain the withdrawal or lifting of such order at the earliest possible
time; 

  
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 (iv) upon written request, furnish without charge to each of the
Initial Purchasers, each selling Holder named in any Registration Statement, and each of the underwriter(s), if any, before filing with the Commission, copies of any Registration Statement or any Prospectus included therein or any amendments or
supplements to any such Registration Statement or Prospectus, which documents will be subject to the review and comment of such Holders and underwriter(s) in connection with such sale, if any, for a period of at least two Business Days, and the
Company will not file any such Registration Statement or Prospectus or any amendment or supplement to any such Registration Statement or Prospectus to which an Initial Purchaser of Entitled Securities covered by such Registration Statement or the
underwriter(s), if any, shall reasonably object in writing within two Business Days after the receipt thereof (such objection to be deemed timely made upon confirmation of telecopy transmission within such period) provided, that this
clause (iv) shall not apply to any filing by the Company of any annual report on Form 10-K, quarterly report on Form 10-Q or current report on Form 8-K with respect to matters unrelated to the Entitled Securities and the offering or exchange thereof; 

(v) in the case of an Underwritten Registration, make available during normal business hours for inspection by
the Initial Purchasers, the managing underwriter(s), if any, participating in any disposition pursuant to such Registration Statement and any attorney or accountant retained by such Initial Purchasers or any of the underwriter(s), all of its
financial and other records, pertinent corporate documents and properties and cause its officers, directors and employees to supply all information reasonably requested by any such Initial Purchaser, underwriter, attorney or accountant in connection
with such Registration Statement or any post-effective amendment thereto subsequent to the filing thereof and prior to its effectiveness and to participate in meetings with investors to the extent requested by the managing underwriter(s), if any;

 (vi) in the case of a Shelf Registration Statement, if requested by any selling Holders or the
underwriter(s), if any, promptly incorporate in any Registration Statement or Prospectus, pursuant to a supplement or post-effective amendment if necessary, such information as such selling Holders and underwriter(s), if any, may reasonably request
to have included therein, information relating to the “Plan of Distribution” of the Entitled Securities, information with respect to the principal amount of Entitled Securities being sold to such underwriter(s), the purchase price being
paid therefor and any other terms of the offering of the Entitled Securities to be sold in such offering; and make all required filings of such Prospectus supplement or post-effective amendment as soon as practicable after it is notified of the
matters to be incorporated in such Prospectus supplement or post-effective amendment; 
 (vii) upon request,
furnish to each Initial Purchaser, each selling Holder and each of the underwriter(s), if any, without charge, at least one copy of the Registration Statement, as first filed with the Commission, and of each amendment thereto, including financial
statements and schedules, all documents incorporated by reference therein and all exhibits (including exhibits incorporated therein by reference); 

  
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 (viii) deliver to each selling Holder and each of the
underwriter(s), if any, who is required to deliver a Prospectus in connection with the sale of its Entitled Securities, without charge, as many copies of the Prospectus (including each preliminary prospectus) and any amendment or supplement thereto
as such Persons reasonably may request; the Company hereby consents to the use of the Prospectus and any amendment or supplement thereto by each of the selling Holders and each of the underwriter(s), if any, in connection with the offering and the
sale of the Entitled Securities covered by the Prospectus or any amendment or supplement thereto; 
 (ix)
enter into such agreements (including an underwriting agreement), and make such representations and warranties, and take all such other actions in connection therewith in order to expedite or facilitate the disposition of the Entitled Securities
pursuant to any Shelf Registration Statement contemplated by this Agreement, all to such extent as may reasonably be requested by any Initial Purchaser or by any Holder of Entitled Securities or underwriter and as are reasonably on terms customary
for transactions of such nature in connection with any sale or resale pursuant to any Registration Statement contemplated by this Agreement; and if an underwriting agreement is entered into and the registration is an Underwritten Registration, the
Company shall: 
 (A) furnish to each Initial Purchaser, each selling Holder and each underwriter, if any,
in such substance and scope as they may reasonably request and as are customarily made by issuers to underwriters in primary underwritten offerings, upon the date of the Consummation of the Exchange Offer or, if applicable, the effectiveness of the
Shelf Registration Statement: 
 (1) a certificate, dated the date of Consummation of the Exchange Offer or
the date of effectiveness of the Shelf Registration Statement, as the case may be, signed by (y) the President or any Vice President and (z) a principal financial or accounting officer of the Company, confirming, as of the date thereof,
the matters set forth in paragraphs (i) and (ii) of Section 5(d) of the Purchase Agreement and such other matters as such parties may reasonably request; 

(2) opinions, dated the date of Consummation of the Exchange Offer or the date of effectiveness of the Shelf
Registration Statement, covering such matters as are customarily covered in legal opinions to underwriters in connection with primary underwritten offerings of securities; and 

(3) a customary comfort letter, dated the date of effectiveness of the Shelf Registration Statement, from the
Company’s independent accountants for the three fiscal years ended December 31, 2016 and all subsequent financial reporting periods, if permitted by applicable accounting standards or pronouncements, in the customary form and covering
matters of the type customarily requested to be covered in comfort letters by underwriters in connection with primary underwritten offerings, and covering or affirming the matters set forth in the comfort letters delivered pursuant to
Section 5(h) of the Purchase Agreement; 

  
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 (B) set forth in full or incorporate by reference in the
underwriting agreement, if any, the indemnification provisions and procedures of Section 9 hereof with respect to all parties to be indemnified pursuant to said Section; and 

(C) deliver such other documents and certificates as may be reasonably requested by such parties to evidence
compliance with Section 7(c)(xi)(A) hereof and with any customary conditions contained in the underwriting agreement or other agreement entered into by the Company pursuant to this Section 7(c)(xi), if any. 

If at any time the representations and warranties contemplated in Section 7(c)(xi)(A)(1) hereof cease to
be true and correct, the Company shall so advise the Initial Purchasers and the underwriter(s), if any, and each selling Holder promptly and, if requested by such Persons, shall confirm such advice in writing; 

(x) prior to any public offering of Entitled Securities, cooperate with the selling Holders, the
underwriter(s), if any, and their respective counsel in connection with the registration and qualification of the Entitled Securities under the state securities or blue sky laws of such jurisdictions as the selling Holders or underwriter(s), if any,
may reasonably request and do any and all other acts or things necessary or advisable to enable the disposition in such jurisdictions of the Entitled Securities covered by the Shelf Registration Statement; provided, however, that the Company
shall not be required to register or qualify as a foreign corporation where it is not then so qualified or to take any action that would subject it to the service of process in suits or to taxation, in any jurisdiction where it is not then so
subject; 
 (xi) shall issue, upon the request of any Holder of Initial Notes covered by the Shelf
Registration Statement, Exchange Notes having an aggregate principal amount equal to the aggregate principal amount of Initial Notes surrendered to the Company by such Holder in exchange therefor or being sold by such Holder; such Exchange Notes, if
in certificated form, to be registered in the name of such Holder or in the name of the purchaser(s) of such Exchange Notes, as the case may be; in return, the Initial Notes held by such Holder, if in certificated form, shall be surrendered to the
Company for cancellation; 
 (xii) cooperate with the selling Holders and the underwriter(s), if any, to
facilitate the timely preparation and delivery of certificates representing Entitled Securities to be sold and not bearing any restrictive legends; and enable such Entitled Securities to be in such denominations and registered in such names as the
Holders or the underwriter(s), if any, may request at least two Business Days prior to any sale of Entitled Securities made by such Holders or underwriter(s); 

(xiii) use its commercially reasonable efforts to cause the Entitled Securities covered by the Registration
Statement to be registered with or approved by such other governmental agencies or authorities as may be necessary to enable the seller or sellers thereof or the underwriter(s), if any, to consummate the disposition of such Entitled Securities,
subject to the proviso contained in Section 7(c)(xii) hereof; 

  
 12 

 (xiv) if any fact or event contemplated by
Section 7(c)(iii)(D) hereof shall exist or have occurred, prepare a supplement or post-effective amendment to the Registration Statement or related Prospectus or any document incorporated therein by reference or file any other required document
so that, as thereafter delivered to the purchasers of Entitled Securities, the Prospectus will not contain an untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein not misleading;

 (xv) provide a CUSIP number for all Exchange Notes not later than the effective date of the Registration
Statement covering such Exchange Notes and provide the Trustee under the Indenture with printed certificates for such Exchange Notes which are in a form eligible for deposit with the Depository Trust Company and take all other action necessary to
ensure that all such Securities are eligible for deposit with the Depository Trust Company; 
 (xvi)
cooperate and assist in any filings required to be made with the FINRA and in the performance of any due diligence investigation by any underwriter that is required to be retained in accordance with the rules and regulations of the FINRA; 

(xvii) otherwise use its commercially reasonable efforts to comply in all material respects with all
applicable rules and regulations of the Commission, and make generally available to its security holders, as soon as practicable, a consolidated earnings statement meeting the requirements of Rule 158 under the Securities Act (which need not be
audited) for the twelve-month period (A) commencing at the end of any fiscal quarter in which Entitled Securities are sold to underwriters in a firm commitment or best efforts Underwritten Offering or (B) if not sold to underwriters in
such an offering, beginning with the first month of the Company’s first fiscal quarter commencing after the effective date of the Registration Statement; 

(xvii) cause the Indenture to be qualified under the Trust Indenture Act not later than the effective date of
the first Registration Statement required by this Agreement, and, in connection therewith, cooperate with the Trustee and the Holders of Exchange Notes to effect such changes to the Indenture as may be required for such Indenture to be so qualified
in accordance with the terms of the Trust Indenture Act; and to execute and use its commercially reasonable efforts to cause the Trustee to execute, all documents that may be required to effect such changes and all other forms and documents required
to be filed with the Commission to enable such Indenture to be so qualified in a timely manner; 
 (xviii)
cause all Exchange Notes covered by the Registration Statement to be listed on each securities exchange or automated quotation system on which similar securities issued by the Company are then listed if requested by the Holders of a majority in
aggregate principal amount of Initial Notes or the managing underwriter(s), if any; and 

  
 13 

 Each Holder agrees by acquisition of a Entitled Security that, upon receipt of
any notice from the Company of a Suspension Period or the existence of any fact of the kind described in Section 7(c)(iii)(D) hereof, such Holder will forthwith discontinue disposition of Entitled Securities pursuant to the applicable
Registration Statement until such Holder’s receipt of the copies of the supplemented or amended Prospectus contemplated by Section 7(c)(xvi) hereof, or until it is advised in writing (the “Advice”) by the Company that the use of
the Prospectus may be resumed, and has received copies of any additional or supplemental filings that are incorporated by reference in the Prospectus. If so directed by the Company, each Holder will deliver to the Company (at the Company’s
expense) all copies, other than permanent file copies then in such Holder’s possession, of the Prospectus covering such Entitled Securities that was current at the time of receipt of such notice. In the event the Company shall give any such
notice, the time period regarding the effectiveness of such Registration Statement set forth in Section 4 or 5 hereof, as applicable, shall be extended by the number of days during the period from and including the date of the giving of such
notice pursuant to Section 7(c)(iii)(D) hereof to and including the date when each selling Holder covered by such Registration Statement shall have received the copies of the supplemented or amended Prospectus contemplated by
Section 7(c)(xvi) hereof or shall have received the Advice; provided, however, that no such extension shall be taken into account, except in connection with a Suspension Period, in determining whether Additional Interest is due pursuant
to Section 6 hereof or the amount of such Additional Interest, it being agreed that the Company’s option to suspend use of a Registration Statement pursuant to this paragraph shall be treated as a Registration Default for purposes of
Section 6 hereof. 
 SECTION 8. Registration Expenses.  

(a) All expenses incident to the Company’s performance of or compliance with this Agreement will be borne by the Company,
regardless of whether a Registration Statement becomes effective, including, without limitation: (i) all registration and filing fees and expenses (including filings made by any Initial Purchaser or Holder with the FINRA (and, if applicable,
the fees and expenses of any “qualified independent underwriter” and its counsel that may be required by the rules and regulations of the FINRA)); (ii) all fees and expenses of compliance with federal securities and state securities or
blue sky laws; (iii) all expenses of printing (including printing certificates for the Exchange Notes to be issued in the Exchange Offer and printing of Prospectuses), messenger and delivery services and telephone; (iv) all fees and
disbursements of the Company’s counsel and, subject to Section 8(b) hereof, the Holders of Entitled Securities; (v) all application and filing fees in connection with listing the Exchange Notes on a securities exchange or automated
quotation system pursuant to the requirements thereof; and (vi) all fees and disbursements of the Company’s independent certified public accountants (including the expenses of any special audit and comfort letters required by or incident
to such performance). 
 The Company will, in any event, bear its internal expenses (including, without limitation, all
salaries and expenses of its officers and employees performing legal or accounting duties), the expenses of any annual audit and the fees and expenses of any Person, including special experts, retained by it. 

  
 14 

 (b) In connection with any Registration Statement required by this Agreement
(including, without limitation, the Exchange Offer Registration Statement and the Shelf Registration Statement), the Company will reimburse the Initial Purchasers and the Holders of Entitled Securities being tendered in the Exchange Offer and/or
resold pursuant to the “Plan of Distribution” contained in the Exchange Offer Registration Statement or registered pursuant to the Shelf Registration Statement, as applicable, for the reasonable fees and disbursements of not more than one
counsel, who shall be such counsel as may be chosen by the Holders of a majority in principal amount of the Entitled Securities for whose benefit such Registration Statement is being prepared. 

SECTION 9. Indemnification.  

(a) The Company agrees to indemnify and hold harmless (i) each Holder and (ii) each Person, if any, who controls
(within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) any Holder (any of the Persons referred to in this clause (ii) being hereinafter referred to as a “controlling person”) and
(iii) the respective officers, directors, partners, employees, representatives and agents of any Holder or any controlling person (any Person referred to in clause (i), (ii) or (iii) may hereinafter be referred to as an “Indemnified
Holder”), to the fullest extent lawful, from and against any and all losses, claims, damages, liabilities and expenses (or actions in respect thereof) (including, without limitation, and as incurred, reimbursement of all reasonable costs of
investigating, or defending any claim or action, or any investigation or proceeding by any governmental agency or body, including the reasonable fees and expenses of counsel to any Indemnified Holder), joint or several, directly or indirectly caused
by, related to, based upon, arising out of or in connection with any untrue statement or alleged untrue statement of a material fact contained in any Registration Statement or Prospectus (or any amendment or supplement thereto), or any omission or
alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, except insofar as such losses, claims, damages, liabilities or expenses are caused by an untrue statement or
omission or alleged untrue statement or omission that is made in reliance upon and in conformity with information relating to any of the Holders furnished in writing to the Company by any of the Holders expressly for use therein. This indemnity
agreement shall be in addition to any liability which the Company may otherwise have. 
 In case any action or proceeding
(including any governmental or regulatory investigation or proceeding) shall be brought or asserted against any of the Indemnified Holders with respect to which indemnity may be sought against the Company, such Indemnified Holder (or the Indemnified
Holder controlled by such controlling person) shall promptly notify the Company in writing; provided, however, that the failure to give such notice shall not relieve any of the Company of its obligations pursuant to this Agreement. Such
Indemnified Holder shall have the right to employ its own counsel in any such action and the fees and expenses of such counsel shall be paid, as incurred, by the Company (regardless of whether it is ultimately determined that an Indemnified Holder
is not entitled to indemnification hereunder). Notwithstanding the foregoing, the Company shall not, in connection with any one such action or proceeding or separate but substantially similar or related actions or proceedings in the same
jurisdiction arising out of the same general allegations or circumstances, be liable for the reasonable fees and expenses of more than one separate firm of attorneys (in addition to any local counsel) at any time for such Indemnified Holders, which
firm shall be designated by the Holders. The Company shall be liable for any settlement of any such action or proceeding effected with the Company’s prior written consent, which consent shall not be withheld unreasonably, and the Company agrees
to indemnify and hold harmless any Indemnified Holder from and against any loss, claim, damage, liability or expense by reason of any settlement of any action effected with the Company’s written consent. The Company shall not, without the prior
written consent of each Indemnified Holder, settle or compromise or consent to the entry of judgment in or otherwise seek to terminate any pending or threatened action, claim, litigation or proceeding in respect of which indemnification or
contribution may be sought hereunder (whether or not any Indemnified Holder is a party thereto), unless such settlement, compromise, consent or termination includes an unconditional release of each Indemnified Holder from all liability arising out
of such action, claim, litigation or proceeding. 

  
 15 

 (b) Each Holder of Entitled Securities agrees, severally and not jointly, to
indemnify and hold harmless the Company and its directors and officers who sign a Registration Statement, and any Person controlling (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) the Company and
the officers, directors, partners, employees, representatives and agents of each such Person, to the same extent as the foregoing indemnity from the Company to each of the Indemnified Holders, but only with respect to claims and actions based on
information relating to such Holder furnished in writing by such Holder expressly for use in any Registration Statement or Prospectus. In case any action or proceeding shall be brought against the Company or its directors or officers or any such
controlling person in respect of which indemnity may be sought against a Holder of Entitled Securities, such Holder shall have the rights and duties given the Company, and the Company, its directors and officers and such controlling Person shall
have the rights and duties given to each Holder, in each case, by the preceding paragraph. 
 (c) If the indemnification
provided for in this Section 9 is unavailable to an indemnified party under Section 9(a) or (b) hereof (other than by reason of exceptions provided in those Sections) in respect of any losses, claims, damages, liabilities, judgments,
actions or expenses referred to therein, then each applicable indemnifying party, in lieu of indemnifying such indemnified party, shall contribute to the amount paid or payable by such indemnified party as a result of such losses, claims, damages,
liabilities or expenses in such proportion as is appropriate to reflect the relative benefits received by the Company, on the one hand, and the Holders, on the other hand, from the Initial Placement (which in the case of the Company shall be deemed
to be equal to its total gross proceeds from the Initial Placement), the amount of Additional Interest which did not become payable as a result of the filing of the Registration Statement resulting in such losses, claims, damages, liabilities,
judgments actions or expenses, and such Registration Statement, or if such allocation is not permitted by applicable law, the relative fault of the Company, on the one hand, and the Holders, on the other hand, in connection with the statements or
omissions which resulted in such losses, claims, damages, liabilities or expenses, as well as any other relevant equitable considerations. The relative fault of the Company, on the one hand, and of the Indemnified Holder, on the other hand, shall be
determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Company, on the one hand, or the
Indemnified Holders, on the other hand, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The amount paid or payable by a party as a result of the losses,
claims, damages, liabilities and expenses referred to above shall be deemed to include, subject to the limitations set forth in the second paragraph of Section 9(a) hereof, any legal or other fees or expenses reasonably incurred by such party
in connection with investigating or defending any action or claim. 

  
 16 

 Each of the Company and the Holders of Entitled Securities agrees that it would
not be just and equitable if contribution pursuant to this Section 9(c) were determined by pro rata allocation (even if the Holders were treated as one entity for such purpose) or by any other method of allocation which does not take account of
the equitable considerations referred to in the immediately preceding paragraph. The amount paid or payable by an indemnified party as a result of the losses, claims, damages, liabilities or expenses referred to in the immediately preceding
paragraph shall be deemed to include, subject to the limitations set forth above, any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim. Notwithstanding the
provisions of this Section 9, none of the Holders (and its related Indemnified Holders) shall be required to contribute, in the aggregate, any amount in excess of the amount by which the total discount received by such Holder with respect to
the Initial Notes exceeds the amount of any damages which such Holder has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No Person guilty of fraudulent misrepresentation (within
the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. The Holders’ obligations to contribute pursuant to this Section 9(c) are
several in proportion to the respective principal amount of Initial Notes held by each of the Holders hereunder and not joint. 

SECTION 10. Rule 144A. The Company hereby agrees with each Holder, for so long as any Entitled
Securities remain outstanding, to make available to any Holder or beneficial owner of Entitled Securities in connection with any sale thereof and any prospective purchaser of such Entitled Securities from such Holder or beneficial owner, the
information required by Rule 144A(d)(4) under the Securities Act in order to permit resales of such Entitled Securities pursuant to Rule 144A under the Securities Act. 

SECTION 11. Participation in Underwritten Registrations. No Holder may participate in any
Underwritten Registration hereunder unless such Holder (a) agrees to sell such Holder’s Entitled Securities on the basis provided in any underwriting arrangements approved by the Persons entitled hereunder to approve such arrangements and
(b) completes and executes all reasonable questionnaires, powers of attorney, indemnities, underwriting agreements, lock-up letters and other documents required under the terms of such underwriting
arrangements. 
 SECTION 12. Selection of Underwriters. The Holders of Entitled Securities
covered by the Shelf Registration Statement who desire to do so may sell such Entitled Securities in an Underwritten Offering. In any such Underwritten Offering, the investment banker(s) and managing underwriter(s) that will administer such offering
will be selected by the Holders of a majority in aggregate principal amount of the Entitled Securities included in such offering; provided, however, that such investment banker(s) and managing underwriter(s) must be reasonably satisfactory to
the Company; provided further, that if the Company is conducting a primary issuance of securities in such Underwritten Offering, the Company shall have sole discretion in such selection. 

  
 17 

 SECTION 13. Miscellaneous.  

(a) Remedies. The Company hereby agrees that monetary damages would not be adequate compensation for any loss incurred
by reason of a breach by it of the provisions of this Agreement and hereby agree to waive the defense in any action for specific performance that a remedy at law would be adequate. 

(b) No Inconsistent Agreements. The Company will not, on or after the date of this Agreement, enter into any agreement
with respect to its securities that is inconsistent with the rights granted to the Holders in this Agreement or otherwise conflicts with the provisions hereof. The Company has not previously entered into any agreement granting any registration
rights with respect to its securities to any Person. The rights granted to the Holders hereunder do not in any way conflict with and are not inconsistent with the rights granted to the holders of the Company’s securities under any agreement in
effect on the date hereof. 
 (c) Amendments and Waivers. The provisions of this Agreement may not be amended,
modified or supplemented, and waivers or consents to or departures from the provisions hereof may not be given unless the Company has (i) in the case of Section 6 hereof and this Section 13(c)(i), obtained the written consent of
Holders of all outstanding Entitled Securities and (ii) in the case of all other provisions hereof, obtained the written consent of Holders of a majority of the outstanding principal amount of Entitled Securities (excluding any Entitled
Securities held by the Company or its Affiliates). Notwithstanding the foregoing, a waiver or consent to departure from the provisions hereof that relates exclusively to the rights of Holders whose securities are being tendered pursuant to the
Exchange Offer and that does not affect directly or indirectly the rights of other Holders whose securities are not being tendered pursuant to such Exchange Offer may be given by the Holders of a majority of the outstanding principal amount of
Entitled Securities being tendered or registered; provided, however, that, with respect to any matter that directly or indirectly affects the rights of any Initial Purchaser hereunder, the Company shall obtain the written consent of such
Initial Purchaser with respect to which such amendment, qualification, supplement, waiver, consent or departure is to be effective. 

(d) Notices. All notices and other communications provided for or permitted hereunder shall be made in writing by
hand-delivery, first-class mail (registered or certified, return receipt requested), telex, facsimile, or air courier guaranteeing overnight delivery: 

(i) if to a Holder, at the address set forth on the records of the Registrar under the Indenture, with a copy
to the Registrar under the Indenture; and 
 (ii) if to the Company: 

Mercer International Inc. 

Suite 1120, 700 West Pender Street 

Vancouver, British Columbia 

Canada, V6C 1G8 

Facsimile: (604) 684-1094 

Attention: Chief Financial Officer 

  
 18 

 With a copy to: 

Sangra Moller LLP 

Barristers & Solicitors 

1000 Cathedral Place 

925 West Georgia Street 

Vancouver, British Columbia 

Canada, V6B 3L2 

Facsimile: (604) 669-8803 

Attention: Harjit Sangra 

All such notices and communications shall be deemed to have been duly given: at the time delivered by hand, if personally
delivered; five Business Days after being deposited in the mail, postage prepaid, if mailed; when answered back, if telexed; when receipt acknowledged, if faxed; and on the next Business Day, if timely delivered to an air courier guaranteeing
overnight delivery. 
 Copies of all such notices, demands or other communications shall be concurrently delivered by the
Person giving the same to the Trustee at the address specified in the Indenture. 
 (f) Successors and Assigns. This
Agreement shall inure to the benefit of and be binding upon the successors and assigns of each of the parties, including, without limitation, and without the need for an express assignment or assumption, subsequent Holders of Entitled Securities;
provided, however, that this Agreement shall not inure to the benefit of or be binding upon a successor or assign of a Holder unless and to the extent such successor or assign acquired Entitled Securities from such Holder. 

(g) Counterparts. This Agreement may be executed in any number of counterparts and by the parties hereto in separate
counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. 

(h) Headings. The headings in this Agreement are for convenience of reference only and shall not limit or otherwise
affect the meaning hereof. 
 (i) Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF NEW YORK. 
 (j) Severability. In the event that any one or more of the provisions contained
herein, or the application thereof in any circumstance, is held invalid, illegal or unenforceable, the validity, legality and enforceability of any such provision in every other respect and of the remaining provisions contained herein shall not be
affected or impaired thereby. 

  
 19 

 (k) Entire Agreement. This Agreement is intended by the parties as a final
expression of their agreement and intended to be a complete and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein. There are no restrictions, promises, warranties or
undertakings, other than those set forth or referred to herein with respect to the registration rights granted by the Company with respect to the Entitled Securities. This Agreement supersedes all prior agreements and understandings between the
parties with respect to such subject matter. 
 [Signature pages follow] 

  
 20 

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

			
	 Mercer International Inc.

		
	By:	 	 /s/ David M. Gandossi

		 	 Name: David M. Gandossi

Title:   President and Chief Executive Officer

 [Registration Rights Agreement - 2026 Notes] 

 The foregoing Registration Rights Agreement is hereby confirmed and accepted as
of the date first above written: 
 Credit Suisse Securities (USA) LLC 

 

			
		
	By:	 	 /s/ Jeffrey Salzman 

		 	 Name: Jeffrey Salzman

Title:   Vice Chairman of Investment

            Banking and Capital Markets

 Acting for themselves and on behalf of the 

several Initial Purchasers 
 [Registration
Rights Agreement - 2026 Notes]EX-10.1

 EXHIBIT 10.1 

ADVISORY AGREEMENT 
 AMONG 

STARWOOD REAL ESTATE INCOME TRUST, INC., 

STARWOOD REIT OPERATING PARTNERSHIP, L.P., 

AND 
 STARWOOD REIT ADVISORS, LLC

 TABLE OF CONTENTS 
  

							
	 	 	 	  	Page	 
	 1.
	 	 DEFINITIONS
	  	 	1	 
			
	 2.
	 	 APPOINTMENT
	  	 	5	 
			
	 3.
	 	 DUTIES OF THE ADVISOR
	  	 	5	 
			
	 4.
	 	 AUTHORITY OF ADVISOR
	  	 	8	 
			
	 5.
	 	 BANK ACCOUNTS
	  	 	8	 
			
	 6.
	 	 RECORDS; ACCESS
	  	 	9	 
			
	 7.
	 	 LIMITATIONS ON ACTIVITIES
	  	 	9	 
			
	 8.
	 	 OTHER ACTIVITIES OF THE ADVISOR
	  	 	9	 
			
	 9.
	 	 DIRECTORS AND OFFICERS
	  	 	11	 
			
	 10.
	 	 MANAGEMENT FEE
	  	 	11	 
			
	 11.
	 	 EXPENSES
	  	 	12	 
			
	 12.
	 	 OTHER SERVICES
	  	 	14	 
			
	 13.
	 	 REIMBURSEMENT TO THE ADVISOR
	  	 	15	 
			
	 14.
	 	 NO JOINT VENTURE
	  	 	15	 
			
	 15.
	 	 TERM OF AGREEMENT
	  	 	15	 
			
	 16.
	 	 TERMINATION BY THE PARTIES
	  	 	15	 
			
	 17.
	 	 ASSIGNMENT TO AN AFFILIATE
	  	 	15	 
			
	 18.
	 	 PAYMENTS TO AND DUTIES OF ADVISOR UPON TERMINATION
	  	 	16	 
			
	 19.
	 	 INDEMNIFICATION BY THE COMPANY AND THE OPERATING PARTNERSHIP
	  	 	16	 
			
	 20.
	 	 INDEMNIFICATION BY ADVISOR
	  	 	16	 
			
	 21.
	 	 NON-SOLICITATION
	  	 	16	 
			
	 22.
	 	 MISCELLANEOUS
	  	 	17	 
			
	 23.
	 	 INITIAL INVESTMENT
	  	 	18	 

 ADVISORY AGREEMENT 

THIS ADVISORY AGREEMENT (this “Agreement”), dated as of the 15th day of
December, 2017 and effective as of the date the Registration Statement (as defined below) is declared effective by the Securities and Exchange Commission (the “Effective Date”), is by and among Starwood Real Estate Income Trust,
Inc., a Maryland corporation (the “Company”), Starwood REIT Operating Partnership, L.P., a Delaware limited partnership (the “Operating Partnership”), and Starwood REIT Advisors, LLC, a Delaware limited liability
company (the “Advisor”). Capitalized terms used herein shall have the meanings ascribed to them in Section 1 below. 

W I T N E S S E T H 

WHEREAS, the Company intends to qualify as a REIT, and to invest its funds in investments permitted by the terms of Sections 856 through 860
of the Code; 
 WHEREAS, the Company is the general partner of the Operating Partnership and intends to conduct all of its business and make
all or substantially all Investments through the Operating Partnership; 
 WHEREAS, the Company and the Operating Partnership desire to
avail themselves of the knowledge, experience, sources of information, advice, assistance and certain facilities available to the Advisor and to have the Advisor undertake the duties and responsibilities hereinafter set forth, on behalf of, and
subject to the supervision of, the Board, all as provided herein; and 
 WHEREAS, the Advisor is willing to undertake to render such
services, subject to the supervision of the Board, on the terms and conditions hereinafter set forth. 
 NOW, THEREFORE, in consideration of
the foregoing and of the mutual covenants and agreements contained herein, the parties agree as follows: 
 1. DEFINITIONS. As used
in this Agreement, the following terms have the definitions hereinafter indicated: 
 “Acquisition Expenses” shall
have the meaning set forth in the Charter. 
 “Advisor” shall mean Starwood REIT Advisors, LLC a Delaware limited
liability company. 
 “Advisor Expenses” shall have the meaning set forth in
Section 11(b). 
 “Affiliate” shall have the meaning set forth in the Charter. 

“Average Invested Assets” shall have the meaning set forth in the Charter. 

“Board” shall mean the board of directors of the Company, as of any particular time. 

“Business Day” shall have the meaning set forth in the Charter. 

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

“Cause” shall mean, with respect to the termination of this Agreement, fraud, criminal conduct, willful misconduct or
willful or gross negligent breach of fiduciary duty by the Advisor in connection with performing its duties hereunder. 

 “CEA” shall mean the U.S. Commodities Exchange Act, as amended. 

“Change of Control” shall mean any event (including, without limitation, issue, transfer or other disposition of
shares of capital stock of the Company or equity interests in the Operating Partnership, merger, share exchange or consolidation) after which any “person” (as that term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of
1934, as amended) is or becomes the “beneficial owner” (as defined in Rule 13d-3 of the Securities Exchange Act of 1934, as amended), directly or indirectly, of securities of the Company or the
Operating Partnership representing greater than 50% or more of the combined voting power of Company’s or the Operating Partnership’s then outstanding securities, respectively; provided, that, a Change of Control shall not be deemed to
occur as a result of any widely distributed public offering of the Shares. 
 “Charter” shall mean the Articles of
Incorporation of the Company filed with the Maryland State Department of Assessments and Taxation in accordance with the Maryland General Corporation Law, as amended from time to time. 

“Class D Common Shares” shall have the meaning set forth in the Charter. 

“Class D NAV per Share” shall have the meaning set forth in the Charter. 

“Class I Common Shares” shall have the meaning set forth in the Charter. 

“Class I NAV per Share” shall have the meaning set forth in the Charter. 

“Class S Common Shares” shall have the meaning set forth in the Charter. 

“Class S NAV per Share” shall have the meaning set forth in the Charter. 

“Class T Common Shares” shall have the meaning set forth in the Charter. 

“Class T NAV per Share” shall have the meaning set forth in the Charter. 

“Code” shall mean the Internal Revenue Code of 1986, as amended. 

“Commencement Date” shall mean the date on which the Company breaks escrow for its initial Offering. 

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

“Dealer Manager” shall mean Starwood Capital, L.L.C., or such other Person selected by the Board to act
as the dealer manager or distribution agent for an Offering. 
 “Dealer Manager Fees” shall mean the dealer manager
fee payable to the Dealer Manager as described in the Prospectus. 
 “Director” shall mean a member of the Board.

 “Distributions” shall have the meaning set forth in the Charter. 

“Effective Date” shall have the meaning set forth in the preamble of this Agreement. 

“Excess Amount” shall have the meaning set forth in Section 14. 

  
 2 

 “Exchange Act” shall have the meaning set forth in the Charter. 

“Expense Year” shall have the meaning set forth in Section 14. 

“GAAP” shall mean generally accepted accounting principles as in effect in the United States of America from time to
time. 
 “Gross Proceeds” shall mean the aggregate purchase price of all Shares sold for the account of the Company
through an Offering, without deduction for Selling Commissions or Dealer Manager Fees. The purchase price of any Class T Common Share or Class S Common Share shall be deemed to be the full,
non-discounted offering price at the time of purchase of each such Class T Common Share or Class S Common Share. 

“Independent Appraiser” shall have the meaning set forth in the Charter. 

“Independent Director” shall have the meaning set forth in the Charter. 

“Initial Investment” shall have the meaning set forth in Section 23. 

“Investment Company Act” shall mean the Investment Company Act of 1940, as amended. 

“Investment Guidelines” shall mean the investment guidelines adopted by the Board, as amended from time to time,
pursuant to which the Advisor has discretion to acquire and dispose of Investments for the Company without the prior approval of the Board. 

“Investments” shall mean any investments by the Company or the Operating Partnership, directly or indirectly, in Real
Property, Real Estate-Related Assets or other assets. 
 “Joint Ventures” shall have the meaning set forth in the
Charter. 
 “Management Fee” shall have the meaning set forth in Section 10(a). 

“Mortgage” shall have the meaning set forth in the Charter. 

“NASAA REIT Guidelines” shall have the meaning set forth in the Charter. 

“NAV” shall mean the Company’s net asset value, calculated pursuant to the Valuation Guidelines. 

“Net Income” shall have the meaning set forth in the Charter. 

“Offering” shall have the meaning set forth in the Charter. 

“Operating Partnership” shall have the meaning set forth in the preamble of this Agreement. 

“Operating Partnership Agreement” shall mean the Limited Partnership Agreement of the Operating Partnership, as
amended from time to time. 
 “Organization and Offering Expenses” shall have the meaning set forth in the Charter.

  
 3 

 “Other Starwood Accounts” shall mean investment funds, REITs, vehicles,
accounts, products and/or other similar arrangements sponsored, advised and/or managed by Starwood, whether currently in existence or subsequently established (in each case, including any related successor funds, alternative vehicles, supplemental
capital vehicles, surge funds, over-flow funds, co-investment vehicles and other entities formed in connection with Starwood
side-by-side or additional general partner investments with respect thereto). 

“Performance Participation Interest” shall have the meaning ascribed to such term in the Operating Partnership
Agreement. 
 “Person” shall mean an individual, corporation, business trust, estate, trust, partnership, joint
venture, limited liability company or other legal entity. 
 “Priority Starwood Accounts” shall mean Other Starwood
Accounts that have priority over the Company with respect to certain investments, as described in the prospectus. 

“Prospectus” shall have the meaning set forth in the Charter. 

“Real Estate-Related Assets” shall mean any investments by the Company or the Operating Partnership in Mortgages and
Real Estate-Related Securities. 
 “Real Estate-Related Securities” shall have the meaning set forth in the Charter.

 “Real Property” shall have the meaning set forth in the Charter. 

“Registration Statement” shall mean the registration statement on Form S-11,
as may be amended from time to time, of the Company filed with the Securities and Exchange Commission related to the registration of the Shares for the Company’s initial Offering. 

“REIT” shall have the meaning set forth in the Charter. 

“Securities Act” shall have the meaning set forth in the Charter. 

“Selling Commissions” shall have the meaning set forth in the Charter. 

“Shares” shall have the meaning set forth in the Charter. 

“Starwood” means, collectively, Starwood Capital Group Holdings, L.P., a Delaware limited partnership, and any
Affiliate thereof. 
 “Stockholder Servicing Fee” shall have the meaning set forth in the Charter. 

“Stockholders” shall have the meaning set forth in the Charter. 

“Termination Date” shall mean the date of termination of this Agreement or expiration of this Agreement in the event
this Agreement is not renewed for an additional term. 
 “Total Operating Expenses” shall have the meaning set forth
in the Charter. 
 “Treasury Regulations” shall mean the Procedures and Administration Regulation promulgated by the
U.S. Department of Treasury under the Code, as amended. 

  
 4 

 “2%/25% Guidelines” shall have the meaning set forth in the Charter. 

“Valuation Guidelines” shall mean the valuation guidelines adopted by the Board, as amended from time to time. 

2. APPOINTMENT. The Company and the Operating Partnership hereby appoint the Advisor to serve as their investment adviser on the terms
and conditions set forth in this Agreement, and the Advisor hereby accepts such appointment. By accepting such appointment, the Advisor acknowledges that it has a contractual and fiduciary responsibility to the Company and the Stockholders. Except
as otherwise provided in this Agreement, the Advisor hereby agrees to use its commercially reasonable efforts to perform the duties set forth herein, provided that the Company reimburses the Advisor for costs and expenses in accordance with
Section 12. 
 3. DUTIES OF THE ADVISOR. Subject to the oversight of the Board and the terms and conditions
of this Agreement and the Investment Guidelines and consistent with the provisions of the Company’s most recent Prospectus, the Charter and Bylaws and the Operating Partnership Agreement, the Advisor will have plenary authority with respect to
the management of the business and affairs of the Company and the Operating Partnership and will be responsible for implementing the investment strategy of the Company and the Operating Partnership. The Advisor will perform (or cause to be performed
through one or more of its Affiliates or third parties) such services and activities relating to the selection of investments and rendering investment advice to the Company and the Operating Partnership as may be appropriate or otherwise mutually
agreed from time to time, which may include, without limitation: 
 (a) serving as an advisor to the Company and the Operating Partnership
with respect to the establishment and periodic review of the Investment Guidelines for the Company’s and the Operating Partnership’s investments, financing activities and operations; 

(b) sourcing, evaluating and monitoring the Company’s and the Operating Partnership’s investment opportunities and executing the
acquisition, management, financing and disposition of the Company’s and the Operating Partnership’s assets, in accordance with the Company’s Investment Guidelines, policies and objectives and limitations, subject to oversight by the
Board; 
 (c) with respect to prospective acquisitions, purchases, sales, exchanges or other dispositions of Investments, conducting
negotiations on the Company’s and the Operating Partnership’s behalf with sellers, purchasers and other counterparties and, if applicable, their respective agents, advisors and representatives, and determining the structure and terms of
such transactions; 
 (d) providing the Company with portfolio management and other related services; 

(e) serving as the Company’s advisor with respect to decisions regarding any of the Company’s financings, hedging activities or
borrowing, including (1) assisting the Company in developing criteria for debt and equity financing that is specifically tailored to the Company’s investment objectives, and (2) advising the Company with respect to obtaining
appropriate financing for the Investments (which, in accordance with applicable law and the terms and conditions of this Agreement and the Charter and Bylaws, may include financing by the Advisor or its Affiliates) and (3) negotiating and
entering into, on the Company’s and the Operating Partnership’s behalf, financing arrangements (including one or more credit facilities), repurchase agreements, interest rate or currency swap agreements, hedging arrangements, foreign
exchange transactions, derivative transactions, and other agreements and instruments required or appropriate in connection with the Company’s and the Operating Partnership’s activities; 

  
 5 

 (f) engaging and supervising, on the Company’s and the Operating Partnership’s behalf
and at the Company’s and Operating Partnership’s expense, independent contractors, advisors, consultants, attorneys, accountants, administrators, auditors, appraisers, independent valuation agents, escrow agents and other service providers
(which may include Affiliates of the Advisor) that provide various services with respect to the Company and the Operating Partnership, including, without limitation, on-site managers, building and maintenance
personnel, investment banking, securities brokerage, mortgage brokerage, credit analysis, risk management services, asset management services, loan servicing, other financial, legal or accounting services, due diligence services, underwriting review
services, and all other services (including custody and transfer agent and registrar services) as may be required relating to the Company’s and the Operating Partnership’s activities or Investments (or potential Investments); 

(g) coordinating and managing operations of any Joint Venture or co-investment interests held by the
Company or the Operating Partnership and conducting matters with the Joint Venture or co-investment partners; 

(h) communicating on the Company’s and the Operating Partnership’s behalf with the holders of any of the Company’s equity or
debt securities as required to satisfy the reporting and other requirements of any governmental bodies or agencies or trading markets and to maintain effective relations with such holders; 

(i) advising the Company in connection with policy decisions to be made by the Board; 

(j) providing the daily management of the Company and the Operating Partnership, including performing and supervising the various
administrative functions reasonably necessary for the management of the Company and the Operating Partnership; 
 (k) engaging one or more sub-advisors with respect to the management of the Company and the Operating Partnership, including, where appropriate, Affiliates of the Advisor; 

(l) evaluating and recommending to the Board hedging strategies and engaging in hedging activities on the Company’s and the Operating
Partnership’s behalf, consistent with the Company’s qualification as a REIT and with the Investment Guidelines; 
 (m) investing
and reinvesting any moneys and securities of the Company and the Operating Partnership (including investing in short-term investments pending investment in other investments, payment of fees, costs and expenses, or payments of dividends or
distributions to the Company’s stockholders and partners) and advising the Company as to the Company’s and the Operating Partnership’s capital structure and capital raising; 

(n) determining valuations for the Company’s Real Property and Real Estate-Related Assets and calculate, as of the last Business Day of
each month, the Class T NAV per Share, Class S NAV per Share, Class D NAV per Share and Class I NAV per Share in accordance with the Valuation Guidelines, and in connection therewith, obtain appraisals performed by an Independent
Appraiser and other independent third party appraisal firms concerning the value of the Real Properties and obtain market quotations or conduct fair valuation determinations concerning the value of Real Estate-Related Assets; 

(o) providing input in connection with the appraisals performed by the Independent Appraisers, including periodic asset and portfolio-level
information with respect to the Company’s Real Properties and Real Estate-Related Assets; 

  
 6 

 (p) monitoring the Company’s Real Property and Real Estate-Related Assets for events that
may be expected to have a material impact on the most recent estimated values provided by the Independent Valuation Advisor and notify the Independent Valuation Advisor with respect to such events; 

(q) monitoring each Independent Appraiser’s valuation process to ensure that it complies with the Valuation Guidelines; 

(r) delivering to, or maintaining on behalf of, the Company copies of appraisals obtained in connection with the investments in any Real
Property; 
 (s) in the event that the Company is a commodity pool under the CEA, acting as the Company’s commodity pool operator for
the period and on the terms and conditions set forth in this Agreement, including, for the avoidance of doubt, the authority to make any filings, submissions or registrations (including for exemptive or “no action” relief) to the extent
required or desirable under the CEA (and the Company hereby appoints the Advisor to act in such capacity and the Advisor accepts such appointment and agrees to be responsible for such services); 

(t) placing, or arranging for the placement of, orders of Real Estate-Related Assets pursuant to the Advisor’s investment determinations
for the Company and the Operating Partnership either directly with the issuer or with a broker or dealer (including any Affiliated broker or dealer); 

(u) making from time to time, or at any time reasonably requested by the Board, reports to the Board 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; 

(v) advising the Company regarding the Company’s ability to elect REIT status, and thereafter maintenance of the Company’s status as
a REIT, and monitoring compliance with the various REIT qualification tests and other rules set out in the Code and the regulations promulgated thereunder; 

(w) taking 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; 
 (x) assisting the Company in
maintaining the registration of the Shares under federal and state securities laws with respect to any Offering and complying with all federal, state and local regulatory requirements applicable to the Company with respect to any Offering and the
Company’s business activities (including the Sarbanes-Oxley Act of 2002, as amended), including, with respect to any Offering, 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 Exchange Act; and 

(y) performing such other services from time to time in connection with the management of the Company’s investment activities as the Board
shall reasonably request and/or the Advisor shall deem appropriate under the particular circumstances. 

  
 7 

 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 Board over the management of the Company, the Board (by virtue of its approval of this Agreement and authorization of the execution hereof by the
officers of the Company) hereby delegates 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, including the making of any Investment that fits within the Investment
Guidelines, objectives, policies and limitations and within the discretionary limits and authority as granted to the Advisor from time to time by the Board. 

(b) Notwithstanding the foregoing, any Investment that does not fit within the Investment Guidelines will require the prior approval of the
Board or any duly authorized committee of the Board, as the case may be. Except as otherwise set forth herein, in the Investment Guidelines or in the Charter, any Investment that fits within the Investment Guidelines may be made by the Advisor on
the Company’s or the Operating Partnership’s behalf without the prior approval of the Board or any duly authorized committee of the Board. 

(c) The prior approval of a majority of the Directors (including a majority of the Independent Directors) not otherwise interested in the
transaction will be required for each transaction to which the Advisor or its Affiliates is a party. 
 (d) The Board will review the
Investment Guidelines with sufficient frequency and at least annually and may, at any time upon the giving of notice to the Advisor, amend the Investment Guidelines; provided, however, that such modification or revocation shall be effective upon
receipt by the Advisor or such later date as is specified by the Board and included in the notice provided to the Advisor and such modification or revocation shall not be applicable to investment transactions to which the Advisor has committed the
Company or the Operating Partnership prior to the date of receipt by the Advisor of such notification, or if later, the effective date of such modification or revocation specified by the Board. 

(e) The Advisor may retain, for and on behalf, and at the sole cost and expense, of the Company, such services as the Advisor deems necessary
or advisable in connection with the management and operations of the Company, which may include Affiliates of the Advisor; provided, that any such services may only be provided by Affiliates to the extent such services are approved by a majority of
the Directors (including a majority of the Independent Directors) not otherwise interested in such transactions as being fair and reasonable to the Company and on terms and conditions not less favorable to the Company than those available from non-Affiliated third parties. In performing its duties under Section 3, the Advisor shall be entitled to rely reasonably on qualified experts and professionals (including, without
limitation, accountants, legal counsel and other professional service providers) hired by the Advisor at the Company’s sole cost and expense. 

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 any subsidiary thereof 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 or the Operating Partnership, consistent with the Advisor’s
authority under this Agreement, provided that no funds shall be commingled with the funds of the Advisor; and the Advisor shall from time to time render, upon request by the Board, its audit committee or the auditors of the Company, appropriate
accountings of such collections and payments to the Board, its audit committee and the auditors of the Company, as applicable. 

  
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 6. RECORDS; ACCESS. The Advisor shall maintain appropriate records of its activities
hereunder and make such records available for inspection by the Board 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. The Advisor shall refrain from
any action that, in its sole judgment made in good faith, (i) is not in compliance with the Investment Guidelines, (ii) would adversely and materially affect the qualification of the Company as a REIT under the Code or the status of either
the Company or the Operating Partnership as an entity excluded from investment company status under the Investment Company Act, or (iii) would materially violate any law, rule or regulation of any governmental body or agency having jurisdiction
over the Company and the Operating Partnership or of any exchange on which the securities of the Company may be listed or that would otherwise not be permitted by the Charter, Bylaws or Operating Partnership Agreement. If the Advisor is ordered to
take any action by the Board, the Advisor shall notify the Board if it is the Advisor’s reasonable judgment that such action would adversely and materially affect such status or violate any such law, rule or regulation or the Charter, Bylaws or
Operating Partnership Agreement. Notwithstanding the foregoing, neither the Advisor nor any of its Affiliates shall be liable to the Company, the Operating Partnership, the Board, or the Stockholders for any act or omission by the Advisor or any of
its Affiliates, except as provided in Section 20 of this Agreement. 
 8. OTHER ACTIVITIES OF THE
ADVISOR.  
 (a) Nothing in this Agreement shall (i) prevent the Advisor or any of its Affiliates, officers, directors or
employees from engaging in other businesses or from rendering services of any kind to any other Person, whether or not the investment objectives or policies of any such other Person are similar to those of the Company, including, without limitation,
the sponsoring, closing and/or managing of any Other Starwood Accounts, (ii) in any way bind or restrict the Advisor or any of its Affiliates, officers, directors or employees from buying, selling or trading any securities or commodities for
their own accounts or for the account of others for whom the Advisor or any of its Affiliates, officers, directors or employees may be acting, or (iii) prevent the Advisor or any of its Affiliates from receiving fees or other compensation or
profits from such activities described in this Section 8(a) which shall be for the Advisor’s (and/or its Affiliates’) benefit. While information and recommendations supplied to the Company shall, in the
Advisor’s reasonable and good faith judgment, be appropriate under the circumstances and in light of the investment objectives and policies of the Company, the Company acknowledges that such information and recommendations may be different in
certain material respects from the information and recommendations supplied by the Advisor or any Affiliate of the Advisor to others (including, for greater certainty, the Other Starwood Accounts and their investors, as described more fully in
Section 8(b)). 
 (b) The Advisor and the Company acknowledge and agree that, notwithstanding anything to the
contrary contained herein, (i) Affiliates of the Advisor sponsor, advise and/or manage Other Starwood Accounts and may in the future sponsor, advise and/or manage additional Other Starwood Accounts (including Priority Starwood Accounts), (ii)
with respect to Other Starwood Accounts with investment objectives or guidelines that overlap with the Company’s but that do not have priority over the Company, the Advisor and its Affiliates will allocate investment opportunities between the
Company and such Other Starwood Accounts in accordance with Starwood’s prevailing policies and procedures on a basis that the Advisor and its Affiliates determine to be reasonable in their sole discretion, and there may be circumstances where
investments that are consistent with the Company’s Investment Guidelines may be shared with or allocated to one or more Other Starwood Accounts (in lieu of the Company) in accordance with Starwood’s prevailing policies and procedures and
(iii) Priority Starwood Accounts will receive 

  
 9 

 
priority over the Company with respect to investments within such accounts’ investment objectives and guidelines and the Advisor will not allocate investment opportunities to the Company
unless the investment advisors of the Priority Starwood Accounts forgo, in their sole discretion, all or a portion of such investments because of such accounts’ investment objectives, guidelines, concentration limitations or otherwise. 

(c) In connection with the services of the Advisor hereunder, the Company and the Board acknowledge and agree that (i) as part of
Starwood’s regular businesses, personnel of the Advisor and its Affiliates may from time-to-time work on other projects and matters (including with respect to one
or more Other Starwood Accounts), and that conflicts may arise with respect to the allocation of personnel between the Company and one or more Other Starwood Accounts and/or the Advisor and such other Affiliates, (ii) unless prohibited by the
Charter, Other Starwood Accounts may invest, from time to time, in properties or other assets in which the Company also invests (including at a different level of an issuer’s capital structure (e.g., an investment by an Other Starwood Account
in a debt or mezzanine interest with respect to the same portfolio entity in which the Company owns an equity interest or vice versa) or in a different tranche of equity or debt with respect to an issuer in which the Company has an interest) and
while Starwood will seek to resolve any such conflicts in a fair and reasonable manner (subject to any priorities of the Priority Starwood Accounts described above) in accordance with its prevailing policies and procedures with respect to conflicts
resolution among Other Starwood Accounts generally, such transactions are not required to be presented to the Board or any committee thereof for approval (unless otherwise required by the Charter or Investment Guidelines), and there can be no
assurance that any conflicts will be resolved in the Company’s favor, (iii) the Advisor and its Affiliates may from time to time receive fees from portfolio entities or other issuers for the arranging, underwriting, syndication or
refinancing of investments or other additional fees, including fees related to administrative services, construction, special servicing, leasing, development, property oversight and other property management services, as well as services related to
mortgage servicing, group purchasing, healthcare, consulting/brokerage, capital markets/credit origination, loan servicing, property, title and/or other types of insurance, management consulting and other similar operational matters, including with
respect to Other Starwood Accounts and related portfolio entities, and while such fees may give rise to conflicts of interest, the Company will not receive the benefit of any such fees, and (iv) the terms and conditions of the governing
agreements of such Other Starwood Accounts (including with respect to the economic, reporting, and other rights afforded to investors in such Other Starwood Accounts) are materially different from the terms and conditions applicable to the Company
and the Stockholders, and neither the Company nor the Stockholders (in such capacity) shall have the right to receive the benefit of any such different terms applicable to investors in such Other Starwood Accounts as a result of an investment in the
Company or otherwise. The Advisor shall keep the Board reasonably informed on a periodic basis in connection with the foregoing. 
 (d) The
Advisor is not permitted to consummate on the Company’s behalf any transaction that involves (i) the sale of any investment to or (ii) the acquisition of any investment from Starwood, any Other Starwood Account or any of their
Affiliates unless such transaction is approved by a majority of the Directors, including a majority of the Independent Directors, not otherwise interested in such transaction as being fair and reasonable to the Company. In addition, for any such
acquisition by the Company, the Company’s purchase price will be limited to the cost of the property to the Affiliate, including acquisition-related expenses, or if substantial justification exists, the current appraised value of the property
as determined by an Independent Appraiser. In addition, the Company may enter into Joint Ventures with Other Starwood Accounts, or with Starwood, the Advisor, one or more Directors, or any of their respective Affiliates, only if a majority of the
Directors (including a majority of the Independent Directors) not otherwise interested in the transaction approve the transaction as being fair and reasonable to the Company and on substantially the same, or no less favorable, terms and conditions
as those received by other Affiliate joint venture partners. The Advisor will seek to resolve any conflicts of 

  
 10 

 
interest in a fair and reasonable manner (subject to any priorities of the Priority Starwood Accounts described above) in accordance with its prevailing policies and procedures with respect to
conflicts resolution among Other Starwood Accounts generally, but only those transactions set forth in this Section 8(d) will be expressly required to be presented for approval to the Independent Directors or any committee
thereof (unless otherwise required by the Charter or the Investment Guidelines). 
 (e) For the avoidance of doubt, it is understood that
neither the Company nor the Board has the authority to determine the salary, bonus or any other compensation paid by the Advisor to any director, officer, member, partner, employee, or stockholder of the Advisor or its Affiliates, including any
person who is also a director or officer employee of the Company. 
 9. DIRECTORS AND OFFICERS. Subject to
Section 7 and to restrictions advisable with respect to the qualification of the Company as a REIT, directors, managers, officers and employees of the Advisor or an Affiliate of the Advisor or any corporate parent of an
Affiliate, may serve as a Director or officer 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 (a) reasonable reimbursement for travel and related expenses incurred in attending meetings of the Board or (b) as otherwise approved by the Board, including a majority of the Independent Directors, and
no such Director shall be deemed an Independent Director for purposes of satisfying the Director independence requirement set forth in the Charter. For so long as this Agreement is in effect, the Advisor shall have the right to nominate, subject to
the approval of such nomination by the Board, three Directors who are Affiliated with the Advisor to the slate of Directors to be voted on by the stockholders at the Company’s annual meeting of stockholders; provided, however, that such number
of director nominees shall be reduced as necessary by a number that will result in a majority of the Directors being Independent Directors. Furthermore, the Board shall consult with the Advisor in connection with (i) its selection of each
Independent Director for nomination to the slate of Directors to be voted on at the annual meeting of stockholders, and (ii) filling any vacancies created by the removal, resignation, retirement or death of any Director. 

10. MANAGEMENT FEE. 
 (a)
The Company will pay the Advisor a management fee (the “Management Fee”) equal to 1.25% of NAV per annum payable monthly, before giving effect to any accruals for the Management Fee, the Stockholder Servicing Fee, the Performance
Participation Interest (as defined in the Operating Partnership Agreement) or any Distributions. The Advisor shall receive the Management Fee as compensation for services rendered hereunder. 

(b) The Management Fee may be paid, at the Advisor’s election, in cash or cash equivalent aggregate NAV amounts of Class I Common
Shares or Class I units of the Operating Partnership. If the Advisor elects to receive any portion of its Management Fee in Class I Common Shares or Class I units of the Operating Partnership, the Advisor may elect to have the Company
repurchase such Class I Common Shares or Class I units of the Operating Partnership from the Advisor at a later date at a repurchase price per Class I Common Share or Class I unit, as applicable, equal to the NAV per Class I Common Share.
Class I Common Shares and Class I units of the Operating Partnership obtained by the Advisor will not be subject to the repurchase limits of the Company’s share repurchase plan or any reduction or penalty for an early repurchase. The
Operating Partnership will repurchase any such Operating Partnership units for cash unless the Board determines that any such repurchase for cash would be prohibited by applicable law or the Charter, in which case such Operating Partnership units
will be repurchased for the Company’s Class I Common Shares with an equivalent aggregate NAV. The Advisor will have the option of exchanging Class I Common Shares for an equivalent aggregate NAV amount of Class T Shares,
Class S Common Shares or Class D Common Shares and will have registration rights with respect to shares of the Company’s common stock. 

  
 11 

 (c) In the event this Agreement is terminated or its term expires without renewal, the Advisor
will be entitled to receive its prorated Management Fee through the date of termination. Such pro ration shall take into account the number of days of any partial calendar month or calendar year for which this Agreement was in effect. 

(d) 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 the Management Fee from the proceeds of the liquidation. 
 11. EXPENSES. 

(a) As required by the NASAA REIT Guidelines, the cumulative Selling Commissions, Dealer Manager Fees, Stockholder Servicing Fees and
Organization and Offering Expenses paid by the Company will not exceed 15.0% of Gross Proceeds from the sale of Shares in an Offering. 
 (b)
Subject to Sections 4(e) and 11(c), the Advisor shall be responsible for the expenses related to any and all personnel of the Advisor who provide investment advisory services to the Company pursuant to this Agreement (including, without limitation,
each of the officers of the Company and any Directors who are also directors, executive officers or employees of the Advisor or any of its Affiliates), including, without limitation, salaries, bonus and other wages, payroll taxes and the cost of
employee benefit plans of such personnel, and costs of insurance with respect to such personnel (“Advisor Expenses”). 
 (c)
In addition to the compensation paid to the Advisor pursuant to Section 10, the Company or the Operating Partnership shall pay all of its costs and expenses directly or reimburse the Advisor or its Affiliates for costs and
expenses of the Advisor and its Affiliates incurred on behalf of the Company other than Advisor Expenses. Without limiting the generality of the foregoing, it is specifically agreed that the following costs and expenses of the Company or the
Operating Partnership are not Advisor Expenses and shall be paid by the Company or the Operating Partnership and shall not be paid by the Advisor or Affiliates of the Advisor: 

(i) Organization and Offering Expenses; provided that within 60 days after the end of the month in which an Offering
terminates, the Advisor shall reimburse the Company to the extent that the Organization and Offering Expenses, Selling Commissions, Dealer Manager Fees and Stockholder Servicing Fees borne by the Company exceed 15.0% of the Gross Proceeds raised in
the completed Offering; 
 (ii) Acquisition Expenses, subject to the limitations set forth in the Charter; 

(iii) fees, costs and expenses in connection with the issuance and transaction costs incident to the trading, settling,
disposition and financing of Investments (whether or not consummated), including brokerage commissions, hedging costs, prime brokerage fees, custodial expenses, clearing and settlement charges, forfeited deposits, and other investment costs fees and
expenses actually incurred in connection with the pursuit, making, holding, settling, monitoring or disposing of actual or potential investments; 

  
 12 

 (iv) the actual cost of goods and services used by the Company and obtained from
either Affiliates of the Advisor or Persons not Affiliated with the Advisor, including fees paid to administrators, consultants, attorneys, technology providers and other services providers, and brokerage fees paid in connection with the purchase
and sale of Investments; 
 (v) all fees, costs and expenses of legal, tax, accounting, consulting, auditing (including
internal audit), finance, administrative, investment banking, capital market, transfer agency, escrow agency, custody, prime brokerage, asset management, property management, data or technology services and other
non-investment advisory services rendered to the Company by the Advisor or its Affiliates in compliance with Section 4(e) including, without limitation, salaries, bonus and other
wages, payroll taxes and the cost of employee benefit plans and insurance with respect to all personnel of the Advisor other than those who provide investment advisory services to the Company or serve as executive officers of the Company, as
described above; 
 (vi) expenses of managing and operating the Company’s and the Operating Partnership’s Real
Properties, whether payable to an Affiliate of the Advisor or a non-Affiliated Person; 

(vii) the compensation and expenses of the Directors (excluding those directors who are directors, officers or employees of the
Advisor) and the cost of liability insurance to indemnify the Company’s Directors and officers; 
 (viii) interest and
fees and expenses arising out of borrowings made by the Company, including, but not limited to, costs associated with the establishment and maintenance of any of the Company’s credit facilities, other financing arrangements, or other
indebtedness of the Company (including commitment fees, accounting fees, legal fees, closing and other similar costs) or any of the Company’s securities offerings; 

(ix) expenses connected with communications to holders of the Company’s securities or securities of the Subsidiaries and
other bookkeeping and clerical work necessary in maintaining relations with holders of such securities and in complying with the continuous reporting and other requirements of governmental bodies or agencies, including, without limitation, all costs
of preparing and filing required reports with the SEC, the costs payable by the Company to any transfer agent and registrar, expenses in connection with the listing and/or trading of the Company’s securities on any exchange, the fees payable by
the Company to any such exchange in connection with its listing, costs of preparing, printing and mailing the Company’s annual report to the Stockholders and proxy materials with respect to any meeting of the Stockholders and any other reports
or related statements; 
 (x) the Company’s allocable share of costs associated with technology-related expenses,
including without limitation, any computer software or hardware, electronic equipment or purchased information technology services from third-party vendors or Affiliates of the Advisor, technology service providers and related software/hardware
utilized in connection with the Company’s investment and operational activities; 
 (xi) the Company’s allocable
share of expenses incurred by managers, officers, personnel and agents of the Advisor for travel on the Company’s behalf and other out-of-pocket expenses incurred
by them in connection with the purchase, financing, refinancing, sale or other disposition of an Investment; 
 (xii)
expenses relating to compliance-related matters and regulatory filings relating to the Company’s activities (including, without limitation, expenses relating to the preparation and filing of Form PF, Form ADV, reports to be filed with the U.S.
Commodity Futures Trading Commission, reports, disclosures, and/or other regulatory filings of the Advisor and its Affiliates relating to the Company’s activities (including the Company’s pro rata share of the costs of the Advisor and its
Affiliates of regulatory expenses that relate to the Company and Other Starwood Accounts)); 

  
 13 

 (xiii) the costs of any litigation involving the Company or the Operating
Partnership or their assets and the amount of any judgments or settlements paid in connection therewith, directors and officers, liability or other insurance and indemnification or extraordinary expense or liability relating to the affairs of the
Company; 
 (xiv) all taxes and license fees; 

(xv) all insurance costs incurred in connection with the operation of the Company’s business except for the costs
attributable to the insurance that the Advisor elects to carry for itself and its personnel; 
 (xvi) expenses of managing,
improving, developing, operating and selling Investments, whether payable to an Affiliate of the Advisor or a non-Affiliated Person; 

(xvii) expenses connected with the payments of interest, dividends or distributions in cash or any other form authorized or
caused to be made by the Board to or on account of holders of the Company’s securities, including, without limitation, in connection with any distribution reinvestment plan; 

(xviii) any judgment or settlement of pending or threatened proceedings (whether civil, criminal or otherwise) against the
Company or the Operating Partnership, or against any Director or officer of the Company or in his or her capacity as such for which the Company is required to indemnify such Director or officer by any court or governmental agency; and 

(xix) expenses incurred in connection with the formation, organization and continuation of any corporation, partnership, Joint
Venture or other entity through which the Company’s investments are made or in which any such entity invests. 
 (d) The Advisor may, at
its option, elect not to seek reimbursement for certain expenses during a given period, which determination shall not be deemed to construe a waiver of reimbursement for similar expenses in future periods. 

(e) Any reimbursement payments owed by the Company to the Advisor may be offset by the Advisor against amounts due to the Company from the
Advisor. Cost and expense reimbursement to the Advisor shall be subject to adjustment at the end of each calendar year in connection with the annual audit of the Company. 

(f) Notwithstanding the foregoing, the Advisor shall pay for all Organization and Offering Expenses (other than Selling Commissions, Dealer
Manager Fees and Stockholder Servicing Fees) incurred prior to the first anniversary of the Commencement Date. All Organization and Offering Expenses (other than Selling Commissions, Dealer Manager Fees and Stockholder Servicing Fees) paid by the
Advisor pursuant to this Section 11(f) shall be reimbursed by the Company to the Advisor in 60 equal monthly installments commencing with the first anniversary of the Commencement Date. 

12. OTHER SERVICES. Should the Board request that the Advisor or any director, manager, 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,
subject to the limitations contained in the Charter, and shall not be deemed to be services pursuant to the terms of this Agreement. 

  
 14 

 13. REIMBURSEMENT TO THE ADVISOR. Commencing upon the fourth fiscal quarter after the
Corporation’s acquisition of its first asset, the Company shall not reimburse the Advisor at the end of any fiscal quarter for Total Operating Expenses that in the four consecutive fiscal quarters then ended (the “Expense
Year”) exceed (the “Excess Amount”) the greater of 2.0% of Average Invested Assets or 25.0% of Net Income (the “2%/25% Guidelines”) for such four fiscal quarters unless the Independent Directors determine
that such Excess Amount was justified, based on unusual and nonrecurring factors that the Independent Directors deem sufficient. If the Independent Directors do not approve such Excess Amount as being so justified, the Advisor shall reimburse the
Company the amount by which the Total Operating Expenses exceeded the 2%/25% Guidelines. If the Independent Directors determine such Excess Amount was justified, then, within 60 days after the end of any fiscal quarter of the Company for which Total
Operating Expenses for the Expense Year exceed the 2%/25% Guidelines, the Advisor, at the direction of the Independent Directors, shall cause such fact to be disclosed to the Stockholders in writing (or the Company shall disclose such fact to the
Stockholders in the next quarterly report of the Company or by filing a Current Report on Form 8-K with the Securities and Exchange Commission within 60 days of such quarter end), together with an explanation
of the factors the Independent Directors considered in determining that such excess were justified. The Company will ensure that such determination will be reflected in the minutes of the meetings of the Board. All figures used in the foregoing
computation shall be determined in accordance with GAAP applied on a consistent basis. 
 14. NO JOINT VENTURE. The Company and the
Operating Partnership, on the one hand, and the Advisor on the other, are not partners or joint venturers with each other, and nothing in this Agreement shall be construed to make them such partners or joint venturers or impose any liability as such
on either of them. 
 15. TERM OF AGREEMENT. This Agreement shall continue in force for a period of one year from the Effective Date,
subject to an unlimited number of successive one-year renewals upon mutual consent of the parties. It is the duty of the Board 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. 
 16. TERMINATION BY THE PARTIES. This Agreement may be
terminated (i) at the option of the Advisor immediately upon a Change of Control of the Company or Operating Partnership; (ii) immediately by the Company or the Operating Partnership for Cause or upon the bankruptcy of the Advisor; or
(iii) upon 60 days’ written notice without Cause or penalty by a majority vote of the Independent Directors; or (iv) upon 60 days’ written notice by the Advisor. The provisions of Sections 18 through 22 survive
termination of this Agreement. 
 17. ASSIGNMENT TO AN AFFILIATE. This Agreement may be assigned by the Advisor to an Affiliate of the
Advisor 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 consent of the
Board. This Agreement shall not be assigned by the Company or the Operating Partnership without the approval of the Advisor, except in the case of an assignment by the Company or the Operating Partnership to a corporation 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. This Agreement shall be binding on successors to the Company resulting from a Change in Control or sale of all or substantially all the assets of the Company or the Operating Partnership, and shall
likewise be binding on any successor to the Advisor. 

  
 15 

 18. PAYMENTS TO AND DUTIES OF ADVISOR UPON TERMINATION. 

(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 and 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,
subject to the 2%/25% Guidelines to the extent applicable. 
 (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 Board a full accounting, including a statement showing all payments collected by it and a statement of all
money held by it, covering the period following the date of the last accounting furnished to the Board; 
 (iii) deliver to
the Board all assets, including all Investments, and documents of the Company and the Operating Partnership then in the custody of the Advisor; and 

(iv) cooperate with, and take all reasonable actions requested by, the Company and Board in making an orderly transition of the
advisory function. 
 19. INDEMNIFICATION BY THE COMPANY AND THE OPERATING PARTNERSHIP. The Company and the Operating Partnership
shall indemnify and hold harmless the Advisor and its Affiliates, including their respective officers, managers, directors, partners and employees, from all liability, claims, damages or losses arising in the performance of their duties hereunder,
and related expenses, including reasonable attorneys’ fees, to the extent such liability, claims, damages or losses and related expenses are not fully reimbursed by insurance, and to the fullest extent possible without such indemnification
being inconsistent with the laws of the State of Maryland, the Charter or the provisions of Section II.G of the NASAA REIT Guidelines. 
 20.
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 (i) such liability, claims, damages, taxes or losses and related expenses are not fully reimbursed by insurance and (ii) are incurred by reason of the Advisor’s bad faith, fraud, willful misconduct, gross negligence or
reckless disregard of its duties under this Agreement; provided, however, that the Advisor shall not be held responsible for any action of the Board in following or declining to follow any advice or recommendation given by the Advisor.

 21. NON-SOLICITATION. During the term of this Agreement and in the event of a termination
without Cause of this Agreement by the Company pursuant to Section 16(iii), for two (2) years after the Termination Date, the Company shall not, without the consent of the Advisor, employ or otherwise retain any
employee of the Advisor or any of its Affiliates or any person who has been employed by the Advisor or any of its Affiliates at any time within the two (2) year period immediately preceding the date on which such person commences employment
with or is otherwise retained by the Company. The Company acknowledges and agrees that, in addition to any damages, the Advisor may be entitled to equitable relief for any violation of this Section 21 by the Company,
including, without limitation, injunctive relief. 

  
 16 

 22. MISCELLANEOUS. 

(a) Notices. Any notice, report or other communication required or permitted to be given hereunder shall be in writing unless
some other method of giving such notice, report or other communication is required by the Charter, the Bylaws, or accepted by the party to whom it is given, and shall be given by being delivered by hand, by courier or overnight carrier, by
registered or certified mail or by electronic mail using the contact information set forth herein: 
 The Company and the Operating Partnership: 

 

			
		  	 Starwood Real Estate Income Trust, Inc.
 1601
Washington Avenue
 Suite 800
 Miami Beach, FL 33139

Attention: Office of the General Counsel
 Email:
rinaldi@starwood.com

		
	with a required copy to:	  	 Alston & Bird LLP
 1201 West Peachtree
Street
 Atlanta, GA 30309
 Attention: Rosemarie A. Thurston

Email: rosemarie.thurston@alston.com

		
	The Advisor:	  	 Starwood REIT Advisors, LLC
 1601 Washington
Avenue
 Suite 800
 Miami Beach, FL 33139

Attention: Office of the General Counsel
 Email:
rinaldi@starwood.com

		
	with a required copy to:	  	 Rinaldi Finkelstein & Franklin, L.L.C.

591 West Putnam Avenue
 Greenwich, CT 06830

Attention: Ellis Rinaldi
 Email:
rinaldi@starwood.com

 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 22(a). 
 (b) 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. 

(c) Severability. The provisions of this Agreement are independent of and severable from each other, and no provision shall be
affected or rendered invalid or unenforceable by virtue of the fact that for any reason any other or others of them may be invalid or unenforceable in whole or in part. 

  
 17 

 (d) Governing Law; Exclusive Jurisdiction; Jury Trial. The provisions of this
Agreement shall be construed and interpreted in accordance with the laws of the State of New York. The parties hereby irrevocably submit to the exclusive jurisdiction of the courts of the State of New York and the Federal courts of the United States
of America located in Borough of Manhattan, New York for purposes of any suit, action or other proceeding arising from this Agreement, and hereby waive, and agree not to assert, as a defense in any action, suit or proceeding for the interpretation
or enforcement hereof or thereof, that it is not subject thereto or that such action, suit or proceeding may not be brought or is not maintainable in such courts or that the venue thereof may not be appropriate or that this Agreement or any such
document may not be enforced in or by such courts. Each of the parties hereby consent to and grant any such court jurisdiction over the person of such parties and over the subject matter of any such dispute. EACH OF THE PARTIES TO THIS AGREEMENT
HEREBY IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT. 

(e) 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 or usage of the trade inconsistent with any of the terms hereof. 
 (f)
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. 

(g) Gender; Number. Words used herein regardless of the number and gender specifically used, shall be deemed and construed to
include any other number, singular or plural, and any other gender, masculine, feminine or neuter, as the context requires. 
 (h)
Headings. The titles and headings 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.

 (i) Execution in Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed
to be an original as against any party whose signature appears thereon, and all of which shall together constitute one and the same instrument. This Agreement shall become binding when one or more counterparts hereof, individually or taken together,
shall bear the signatures of all of the parties reflected hereon as the signatories. 
 23. INITIAL INVESTMENT. Starwood or one of its
Affiliates has contributed $200,000 (the “Initial Investment”) in exchange for the initial issuance of Shares of the Company. Starwood or its Affiliates may not sell any of the Shares purchased with the Initial Investment while
Starwood or its Affiliate acts in an advisory capacity to the Company. The restrictions included above shall not apply to any Shares acquired by Starwood or its Affiliates other than the Shares acquired through the Initial Investment. Neither
Starwood, the Advisor, nor their Affiliates shall vote any Shares they now own, or hereafter acquire, or consent that such Shares be voted, on matters submitted to the Stockholders regarding (i) the removal of Starwood REIT Advisors, LLC as the
Advisor or (ii) the removal of any member of the Board who is affiliated with Starwood. 

  
 18 

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

			
	Starwood Real Estate Income Trust, Inc.
		
	By:	 	 /s/ John McCarthy

		 	Name:  John McCarthy
		 	Title:    Chief Executive Officer and President
	
	Starwood REIT Operating Partnership, L.P.
	
	By: Starwood Real Estate Income Trust, Inc., its General Partner
		
	By:	 	 /s/ John McCarthy

		 	Name:  John McCarthy
		 	Title:    Chief Executive Officer and President
	
	Starwood REIT Advisors, LLC
		
	By:	 	 /s/ John McCarthy

		 	Name:  John McCarthy
		 	Title:    Chief Executive Officer and President

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