Document:

Form of Advisory Agreement

 Exhibit 10.2 

ADVISORY AGREEMENT 

    This ADVISORY AGREEMENT (this “ Agreement ”) is entered into on this the
     day of                     , 2010, by and between CARTER VALIDUS MISSION CRITICAL REIT, INC., a Maryland
corporation (the “ Company ”), and CARTER/VALIDUS ADVISORS, LLC, a Delaware limited liability company (the “ Advisor ”). 

W I T N E S S E T H 

    WHEREAS, the Company intends to issue shares of its common stock, par value $.01, to the
public, upon registration of such shares with the Securities and Exchange Commission pursuant to the Securities Act of 1933, as amended; 

    WHEREAS, the Company intends to qualify as a real estate investment trust and to invest
its funds in investments permitted by the terms of the Company’s Articles of Incorporation and Sections 856 through 860 of the Internal Revenue Code; 

    WHEREAS, the Company desires to avail itself of the experience, sources of information,
advice, assistance and certain facilities available to the Advisor and to have the Advisor undertake the duties and responsibilities hereinafter set forth, on behalf of, and subject to the supervision of, the Board of Directors (the
“Board”) of the Company, 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, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

ARTICLE I 

DEFINITIONS 

    The following defined terms used in this Agreement shall have the meanings specified below:

 Acquisition Expenses.  Any and all expenses incurred by the Company, the Advisor, or any Affiliate of
either in connection with the selection, acquisition or development of any Asset, whether or not acquired, including, without limitation, legal fees and expenses, travel and communications expenses, costs of appraisals, nonrefundable option payments
on property not acquired, accounting fees and expenses, and title insurance premiums. 
 Acquisition
Fees.  Any and all fees and commissions, exclusive of Acquisition Expenses but including the Acquisition and Advisory Fees, paid by any Person to any other Person (including any fees or commissions paid by or to any Affiliate of
the Company or the Advisor) in connection with making or investing in Mortgages or the purchase, development or construction of an Asset, including, without limitation, real estate commissions, selection fees, Development Fees, Construction Fees,
non-recurring management fees, loan fees, points or any other fees of a similar nature. Excluded shall be Development Fees and Construction Fees paid to any Person not affiliated with the Sponsor in connection with the actual development and
construction of any Property. 

 Acquisition and Advisory Fees.  The fees payable to the Advisor
pursuant to Section 3.01(b) of this Agreement. 
 Advisor.  Carter/Validus Advisors, LLC, a
Delaware limited liability company, any successor advisor to the Company, or any Person to which Carter/Validus Advisors, LLC, or any successor advisor subcontracts all or substantially all of its functions. 

Affiliate or Affiliated.  As to any Person, (i) any Person directly or indirectly owning,
controlling, or holding, with the power to vote, 10% or more of the outstanding voting securities of such Person; (ii) any Person 10% or more of whose outstanding voting securities are directly or indirectly owned, controlled, or held, with
power to vote, by such other Person; (iii) any Person, directly or indirectly, controlling, controlled by, or under common control with such Person; (iv) any executive officer, director, trustee or general partner of such Person; and
(v) any legal entity for which such Person acts as an executive officer, director, trustee or general partner. 

Aggregate Assets Value.  The aggregate book value of the Assets at the time of measurement before deducting
depreciation, bad debts or other similar non-cash reserves and without reduction for any debt secured by or relating to such assets; provided, however, that during such periods in which the Board is determining on a regular basis the current value
of the Company’s net assets for purposes of enabling fiduciaries of employee benefit plan stockholders to comply with applicable Department of Labor reporting requirements, “Aggregate Assets Value” will equal the greater of
(i) the amount determined pursuant to the foregoing or (ii) the most recent Assets’ aggregate valuation established by the Board without reduction for depreciation, bad debts or other non-cash reserves and without reduction for
any debt secured by or relating to such assets. 
 Appraised Value.  Value according to an appraisal
made by an Independent Appraiser. 
 Articles of Incorporation.  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. 

Assets.  Properties, Mortgages and other direct or indirect investments in equity interests in, or loans secured
by, Real Property (other than investments in bank accounts, money market funds or other current assets, whether of the proceeds from an Offering or the sale of an Asset or otherwise) owned by the Company, directly or indirectly through one or more
of its Affiliates. 
 Asset Management Fee.  The fee payable to the Advisor for day-to-day professional
management services in connection with the Company and its investments in Assets pursuant to this Agreement. 
 Average
Invested Assets.  For a specified period, the average of the aggregate book value of the Assets, before deducting depreciation, bad debts or other similar non-cash reserves, computed by taking the average of such values at the end
of each month during such period; provided, however, that during such periods in which the Board is determining on a regular basis the current value of the Company’s net assets for purposes of enabling fiduciaries of employee benefit plan
stockholders to comply with applicable Department of Labor reporting requirements, and solely for such purpose, “Average Invested Assets” will equal the greater of (i) the amount determined pursuant to the foregoing or (ii) the
most recent Assets’ aggregate valuation established by the Board without reduction for depreciation, bad debts or other non-cash reserves. 

Board.  The Board of Directors of the Company. 

 

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 Bylaws.  The bylaws of the Company, as the same are in effect as
amended from time to time. 
 Change of Control.  Any event (including, without limitation, issue,
transfer or other disposition of Shares of capital stock of the Company or equity interests in the 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-j of the Securities Exchange Act of 1934, as amended), directly or indirectly, of securities of the Company or the Partnership
representing greater than 50% or more of the combined voting power of the Company’s or the 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. 
 Code.  Internal Revenue Code of 1986, as amended from time
to time, or any successor statute thereto. Reference to any provision of the Code shall mean such provision as in effect from time to time, as the same may be amended, and any successor provision thereto, as interpreted by any applicable regulations
as in effect from time to time. 
 Company.  Carter Validus Mission Critical REIT, Inc., a corporation
organized under the laws of the State of Maryland. 
 Competitive Real Estate Commission.  A real estate
or brokerage commission paid or, if no such commission is paid, the amount that customarily would be paid, for the purchase or sale of a Property which is reasonable, customary, and competitive in light of the size, type and location of the
Property. 
 Construction Fee.  A fee or other remuneration for acting as general contractor and/or
construction manager to construct improvements, supervise and coordinate projects or to provide major repairs or rehabilitations on a Property. 

Contract Purchase Price.  The amount actually paid or allocated in respect of the purchase, development,
construction or improvement of an Asset, or the amount of funds advanced with respect to a Mortgage, exclusive of Acquisition Fees and Acquisition Expenses. 

Contract Sales Price.  The total consideration provided for in the sales contract for the sale of a Property.

 Dealer Manager.  SC Distributors, LLC, an Affiliate of the Advisor, or such Person selected by the
Board to act as the dealer manager for an Offering. 
 Development Fee.  A fee for the packaging of a
Property or Mortgage, including the negotiation and approval of plans, and any assistance in obtaining zoning and necessary variances and financing for a specific Property, either initially or at a later date. 

Director.  A member of the Board of Directors. 

Distributions.  Any dividends or other distributions of money or other property by the Company to owners of
Shares, including distributions that may constitute a return of capital for federal income tax purposes. 
 Financing
Coordination Fee.  The fees payable to the Advisor pursuant to Section 3.01(g) of this Agreement. 

Gross Proceeds.  The aggregate purchase price of all Shares sold for the account of the Company through an
Offering, without deduction for Selling Commissions, volume discounts, dealer manager fees, or Organization and Offering Expenses. For the purpose of computing Gross Proceeds, the purchase price of any Share for which reduced Selling
Commissions or dealer manager fees are paid to the Dealer Manager or a Soliciting Dealer (where net proceeds to the Company are not reduced) shall be deemed to be the full amount of the Offering price per Share pursuant to the Prospectus for such
Offering without reduction. 
  

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 Independent Appraiser.  A Person with no material current or prior
business or personal relationship with the Advisor or the Directors and who is a qualified appraiser of Real Property of the type held by the Company or of other Assets as determined by the Board. Membership in a nationally recognized appraisal
society such as the American Institute of Real Estate Appraisers or the Society of Real Estate Appraisers shall be conclusive evidence of such qualification as to Real Property. 

Independent Director.  A Director who is not, and within the last two years has not been, directly or indirectly
associated with the Sponsor or the Advisor by virtue of (i) ownership of an interest in the Sponsor, the Advisor or any of their Affiliates, other than the Company, (ii) employment by the Sponsor, the Advisor or any of their Affiliates,
(iii) service as an officer or director of the Sponsor, the Advisor or any of their Affiliates, other than as a Director of the Company or as a director of any other real estate investment trust organized by the Sponsor or advised by the
Advisor, (iv) performance of services, other than as a Director, for the Company, (v) service as a director or trustee of more than three real estate investment trusts organized by the Sponsor or advised by the Advisor or
(vi) maintenance of a material business or professional relationship with the Sponsor, the Advisor or any of their Affiliates. A business or professional relationship is considered “material” per se if the aggregate gross revenue
derived by the Director from the Sponsor, the Advisor and their Affiliates exceeds 5.0% of either the Director’s annual gross revenue during either of the last two years or the Director’s net worth on a fair market value basis. An
indirect association with the Sponsor or the Advisor shall include circumstances in which a Director’s spouse, parent, child, sibling, mother- or father-in-law, son- or daughter-in-law, or brother- or sister-in-law is or has been associated
with the Sponsor, the Advisor, any of their Affiliates or the Company. 
 Invested Capital.  The amount
calculated by multiplying the total number of Shares purchased by Stockholders by the issue price at the time of such purchase, reduced by the portion of any Distribution that is attributable to Net Sales Proceeds and by any amounts paid by the
Company to repurchase Shares pursuant to the Company’s plan for repurchase of Shares. 
 Joint
Ventures.  The joint venture or partnership arrangements in which the Company or the Partnership is a co-venturer or general partner which are established to acquire or hold Assets. 

Listing or Listed.  The approval of the Company’s application to list the Shares by a national
securities exchange and the commencement of trading in the Shares on the respective national securities exchange. Upon such Listing, the Shares shall be deemed Listed. 

Market Value.  Upon Listing, the market value of the outstanding Shares, measured by taking the average closing
price for a single Share over a period of 30 consecutive trading days, with such period beginning 180 days after Listing, multiplying that number by the number of Shares outstanding on the date of measurement. 

Mortgages.  In connection with mortgage financing provided, invested in or purchased by the Company, all of the
notes, deeds of trust, security interests or other evidences of indebtedness or obligations, which are secured or collateralized by Real Property owned by the borrowers under such notes, deeds of trust, security interests or other evidences of
indebtedness or obligations. 
  

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 NASAA Guidelines.  The Statement of Policy Regarding Real Estate
Investment Trusts published by the North American Securities Administrators Association, Inc. on May 7, 2007, and in effect on the date hereof. 

Net Income.  For any period, the Company’s total revenues applicable to such period, less the total expenses
applicable to such period other than additions to reserves for depreciation, bad debts or other similar non-cash reserves and excluding any gain from the sale of the Assets. If the Advisor is paid a Subordinated Incentive Listing Fee, “Net
Income” for purposes of calculating Total Operating Expenses, shall exclude the gain from the Sale of any Assets. 

Net Sales Proceeds.  In the case of a transaction described in clause (A) of the definition of Sale, the
proceeds of any such transaction less the amount of selling expenses incurred by or on behalf of the Company, including all real estate commissions, closing costs and legal fees and expenses. In the case of a transaction described in clause
(B) of such definition, Net Sales Proceeds means the proceeds of any such transaction less the amount of selling expenses incurred by or on behalf of the Company, including any legal fees and expenses and other selling expenses incurred in
connection with such transaction. In the case of a transaction described in clause (C) of such definition, Net Sales Proceeds means the proceeds of any such transaction actually distributed to the Company from the Joint Venture less the amount
of any selling expenses, including legal fees and expenses incurred by or on behalf of the Company (other than those paid by the Joint Venture). In the case of a transaction or series of transactions described in clause (D) of the
definition of Sale, Net Sales Proceeds means the proceeds of any such transaction (including the aggregate of all payments under a Mortgage or in satisfaction thereof other than regularly scheduled interest payments) less the amount of selling
expenses incurred by or on behalf of the Company, including all commissions, closing costs and legal fees and expenses. In the case of a transaction described in clause (E) of such definition, Net Sales Proceeds means the proceeds of any
such transaction less the amount of selling expenses incurred by or on behalf of the Company, including any legal fees and expenses and other selling expenses incurred in connection with such transaction. In the case of a transaction described in
the last sentence of the definition of Sale, Net Sales Proceeds means the proceeds of such transaction or series of transactions less all amounts generated thereby which are reinvested in one or more Assets within 180 days thereafter and less the
amount of any real estate commissions, closing costs, and legal fees and expenses and other selling expenses incurred by or allocated to the Company in connection with such transaction or series of transactions. Net Sales Proceeds shall also
include any consideration (including non-cash consideration such as stock, notes, or other property or securities) that the Company determines, in its discretion, to be economically equivalent to proceeds of a Sale, valued in the reasonable
determination of the Company. Net Sales Proceeds shall not include any reserves established by the Company in its sole discretion. 

Offering.  Any public offering and sale of Shares pursuant to an effective registration statement filed under the
Securities Act, other than a public offering of Shares under a distribution reinvestment plan and Shares offered under any employee benefit plan. 

Operating Expenses.  All costs and expenses paid or incurred by the Company, as determined under generally
accepted accounting principles, which are in any way related to the operation of the Company or to Company business, including the Asset Management Fee, but excluding (i) the expenses of raising capital such as Organization and Offering
Expenses, legal, audit, accounting, underwriting, brokerage, listing, registration, and other fees, printing and other such expenses and tax incurred in connection with the issuance, distribution, transfer, registration and Listing of the Shares,
(ii) interest payments, (iii) taxes, (iv) non-cash expenditures such as depreciation, amortization and bad debt reserves, (v) the Subordinated Share of Net Sales Proceeds, (vi) the Performance Fee, (vii) the
Subordinated Incentive Listing Fee, (viii) Acquisition Fees and Acquisition Expenses, (ix) real estate commissions on the Sale of Property, and (x) other fees and expenses connected with the acquisition, disposition, management and
ownership of real estate interests, mortgage loans or other property (including the costs of foreclosure, insurance premiums, legal services, maintenance, repair and improvement of property). 

 

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 Organization and Offering Expenses.  All expenses incurred by, and
to be paid from, the assets of the Company in connection with and in preparing the Company for registration of and subsequently offering and distributing its Shares to the public, which may include, but are not limited to, total underwriting and
brokerage discounts and commissions (including fees of the underwriters’ attorneys); expenses for printing, engraving and mailing; salaries of employees while engaged in sales activities; charges of transfer agents, registrars, trustees, escrow
holders, depositaries and experts; and expenses of qualification of the sale of the securities under federal and state laws, including taxes and fees; and accountants’ and attorneys’ fees. 

Partnership.  Carter/Validus Operating Partnership, LP, a Delaware limited partnership, through which the Company
may own Assets. 
 Performance Fee.  The fee payable to the Advisor upon termination of this Agreement
under certain circumstances if certain performance standards have been met pursuant to Section 4.03(b) or (c) of this Agreement. 

Person.  An individual, corporation, business trust, estate, trust, partnership, limited liability company or
other legal entity. 
 Property or Properties.  As the context requires, any, or all,
respectively, of the Real Property acquired by the Company, either directly or indirectly (whether through joint venture arrangements or other partnership or investment interests). 

Prospectus.  Prospectus has the meaning set forth in Section 2(10) of the Securities Act, including a
preliminary prospectus, an offering circular as described in Rule 253 of the General Rules and Regulations under the Securities Act or, in the case of an intrastate offering, any document by whatever name known, utilized for the purpose of offering
and selling securities of the Company to the public. 
 Real Estate Commission.  The fee payable to the
Advisor for services provided in connection with the Sale of one or more Properties pursuant to Section 3.01(c). 

Real Property.  Land, rights in land (including leasehold interests), and any buildings, structures,
improvements, furnishings, fixtures and equipment located on or used in connection with land and rights or interests in land. 

REIT.  A corporation, trust, association or other legal entity (other than a real estate syndication) that is
engaged primarily in investing in equity interests in real estate (including fee ownership and leasehold interests) or in loans secured by real estate or both in accordance with Sections 856 through 860 of the Code. 

Sale or Sales.  Any transaction or series of transactions whereby: (A) the Company or the Partnership
directly or indirectly (except as described in other subsections of this definition) sells, grants, transfers, conveys, or relinquishes its ownership of any Property or portion thereof, including the lease of any Property consisting of a building
only, and including any event with respect to any Property which gives rise to a significant amount of insurance proceeds or condemnation awards; (B) the Company or the Partnership directly or indirectly (except as described in other
subsections of this definition) sells, grants, transfers, conveys, or relinquishes its ownership of all or substantially all of the interest of the Company or the Partnership in any Joint Venture in which it is a co-venturer or partner; (C) any
Joint Venture directly or indirectly (except as described in other subsections of this definition) in which the Company or the Partnership as a co-venturer or partner sells, grants, transfers, conveys, or relinquishes its ownership of any Property
or portion thereof, including any event with respect to any Property which gives rise to insurance claims or condemnation awards; (D) the Company or the Partnership directly or indirectly (except as described in other subsections of this
definition) sells, grants, conveys or relinquishes its interest in any Mortgage or portion thereof (including with respect to any Mortgage, all repayments thereunder or in satisfaction thereof other than regularly scheduled interest payments) and
any event with respect to a Mortgage which gives rise to a significant amount of insurance proceeds or similar awards; or (E) the Company or the Partnership directly or indirectly (except as described in other subsections of this definition)
sells, grants, transfers, conveys, or relinquishes its ownership of any other Asset not previously described in this definition or any portion thereof. Notwithstanding the foregoing, “Sale” or “Sales” shall not include any
transaction or series of transactions specified in clause (A) through (E) above in which the proceeds of such transaction or series of transactions are reinvested in one or more Assets within 180 days thereafter. 

 

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 Securities Act.  The Securities Act of 1933, as amended from time to
time, or any successor statute thereto. Reference to any provision of the Securities Act shall mean such provision as in effect from time to time, as the same may be amended, and any successor provision thereto, as interpreted by any applicable
regulations as in effect from time to time. 
 Selling Commissions.  Any and all commissions payable to
underwriters, dealer managers or other broker-dealers in connection with the sale of the Shares, including, without limitation, commissions payable to SC Distributors, LLC. 

Shares.  Any Shares of the Company’s common stock, par value $.01 per share. 

Soliciting Dealers.  Broker-dealers who are members of the Financial Industry Regulatory Authority, Inc., or that
are exempt from broker-dealer registration, and who, in either case, have executed participating broker or other agreements with the Dealer Manager to sell Shares. 

Sourcing Fee.  The fees payable to the Advisor pursuant to Section 3.01(g) of this Agreement. 

Sponsor.  Carter/Validus REIT Investment Management, LLC, a Delaware limited liability company, which is directly
or indirectly controlled by John Carter and Mario Garcia, Jr. 
 Stockholders.  The record holders of
the Shares as maintained in the books and records of the Company or its transfer agent. 
 Stockholders’ 8.0%
Return.  As of any date, an aggregate amount equal to an 8.0% cumulative, non-compounded, annual return on Invested Capital. 

Subordinated Incentive Listing Fee.  The fee payable to the Advisor under certain circumstances if the Shares are
Listed pursuant to Section 3.01(e). 
 Subordinated Share of Net Sales Proceeds.  The fee payable
to the Advisor under certain circumstances following receipt of Net Sales Proceeds pursuant to Section 3.01(d). 

Termination Date.  The date of termination of this Agreement. 

2%/25% Guidelines.  The requirement pursuant to the NASAA Guidelines that, in any four consecutive fiscal
quarters, total Operating Expenses not exceed the greater of 2% of Average Invested Assets during such period or 25% of Net Income over the same period. 
  

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 ARTICLE II 

THE ADVISOR 

2.01      Appointment.    The Company hereby appoints the Advisor to
serve as its advisor on the terms and conditions set forth in this Agreement, and the Advisor hereby accepts such appointment. 

2.02      Duties of the Advisor.    Subject to Section 2.07, the
Advisor undertakes to use its commercially reasonable best efforts to present to the Company investment opportunities consistent with the investment objectives and policies of the Company as determined and adopted from time to time by the
Board. In performance of this undertaking, subject to the supervision of the Board and consistent with the provisions of the Company’s most recent Prospectus for Shares, Articles of Incorporation and Bylaws, the Advisor shall, either
directly or by engaging a duly qualified and licensed Affiliate of the Advisor or other duly qualified and licensed Person: 

    (a)        Find, evaluate, present and recommend to the
Company investment opportunities consistent with the Company’s investment policies and objectives; 

    (b)        serve as the Company’s and
Partnership’s investment and financial advisor and provide research and economic and statistical data in connection with the Assets and the Company’s investment policies; 

    (c)        provide the daily management of the Company
and Partnership and perform and supervise the various administrative functions reasonably necessary for the management and operations of the Company; 

    (d)        maintain and preserve the books and records of
the Company and the Partnership, including stock books and records reflecting a record of the Stockholders and their ownership of the Company’s Shares; 

    (e)        investigate, select, and, on behalf of the
Company, engage and conduct business with such Persons as the Advisor deems necessary to the proper performance of its obligations hereunder, including but not limited to consultants, accountants, correspondents, lenders, technical advisors,
attorneys, brokers, underwriters, corporate fiduciaries, escrow agents, depositaries, custodians, agents for collection, insurers, insurance agents, banks, builders, developers, property owners, mortgagors, property management companies, transfer
agents and any and all agents for any of the foregoing, including Affiliates of the Advisor, and Persons acting in any other capacity deemed by the Advisor necessary or desirable for the performance of any of the foregoing services, including but
not limited to entering into contracts in the name and on behalf of the Company with any of the foregoing; 

    (f)        consult with the officers and the Board and
assist the Board in the formulation and implementation of the Company’s financial policies, and, as necessary, furnish the Board with advice and recommendations with respect to the making of investments consistent with the investment objectives
and policies of the Company and in connection with any borrowings proposed to be undertaken by the Company; 

    (g)        review and analyze the operating and capital
budgets prepared and submitted by a third party for each property; 
  

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    (h)        subject to the provisions of Sections 2.02(i)
and 2.03 hereof, (i) locate, analyze and select potential investments in Assets, (ii) structure and negotiate the terms and conditions of transactions pursuant to which investment in Assets will be made; (iii) make investments in
Assets on behalf of the Company or the Partnership in compliance with the investment objectives and policies of the Company; (iv) arrange for financing and refinancing and make other changes in the asset or capital structure of, and dispose of,
reinvest the proceeds from the sale of, or otherwise deal with the investments in, Assets; and (v) enter into leases of Property and service contracts for Assets and, to the extent necessary, perform all other operational functions for the
maintenance and administration of such Assets, including the servicing of Mortgages; 

    (i)        provide the Board with periodic reports
regarding prospective investments in Assets; 

    (j)        if a transaction requires approval by the
Board, deliver to the Board all documents required by them to properly evaluate the proposed transaction; 

    (k)        obtain the prior approval of the Board
(including a majority of all Independent Directors) for any and all investments in Assets with a Contract Purchase Price equal to or greater than $15,000,000; 

    (l)        obtain the prior approval of a majority of the
Independent Directors and a majority of the Board not otherwise interested in any transaction with the Advisor or its Affiliates; 

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

    (n)        obtain reports (which may be prepared by or
for the Advisor or its Affiliates), where appropriate, concerning the value of investments or contemplated investments of the Company and the Partnership in Assets; 

    (o)        from time to time, or at any time reasonably
requested by the Board, make reports to the Board of its performance of services to the Company and the Partnership under this Agreement; 

    (p)        provide the Company with, or assist the
Company and the Partnership in arranging for, all necessary cash management services; 

    (q)        deliver to or maintain on behalf of the
Company copies of all appraisals obtained in connection with the investments in Assets; 

    (r)        upon request of the Company, act, or obtain
the services of others to act, as attorney-in-fact or agent of the Company and the Partnership in making, requiring and disposing of Assets, disbursing, and collecting the funds, paying the debts and fulfilling the obligations of the Company and the
Partnership and handling, prosecuting and settling any claims of the Company and the Partnership, including foreclosing and otherwise enforcing mortgage and other liens and security interests comprising any of the Assets; 

 

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    (s)        supervise the preparation and filing and
distribution of returns and reports to governmental agencies and to Stockholders and other investors and act on behalf of the Company in connection with investor relations; 

    (t)        provide office space, equipment and personnel
as required for the performance of the foregoing services as Advisor; 

    (u)        assist the Company in preparing all reports
and returns required by the Securities and Exchange Commission, Internal Revenue Service and other state or federal governmental agencies; and 

    (v)        do all things necessary to assure its ability
to render the services described in this Agreement. 
 2.03      Authority of
Advisor.    Pursuant to the terms of this Agreement Including the duties set forth in Section 2.02 and the restrictions included in this Section 2.03 and in Section 2.06, and subject to the
continuing and exclusive authority of the Board over the management of the Company, the Board hereby delegates to the Advisor the authority to (i) locate, analyze and select investment opportunities for the Company and the Partnership,
(ii) structure the terms and conditions of transactions pursuant to which investments will be made or acquired for the Company or the Partnership, (iii) acquire Properties, make and acquire Mortgages and other loans and invest in other
Assets in compliance with the investment objectives and policies of the Company, (iv) arrange for financing and refinancing of Assets, (v) enter into leases for the Properties and service contracts for the Assets with duly qualified and
licensed non-affiliated and Affiliated Persons, including oversight of non-affiliated and Affiliated Persons that perform property management, acquisition, advisory, disposition or other services for the Company, and (vi) arrange for, or
provide, accounting and other record-keeping functions at the Asset level. 
 The Board may, at any time upon
the giving of notice to the Advisor, modify or revoke the authority set forth in this Section 2.03, 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 Company and such modification or revocation shall not be applicable to investment transactions to which the Advisor has committed the Company prior to the date of receipt by the Advisor of such
notification, or, if later, the effective date of such modification or revocation specified by the Board. 

2.04      Bank Accounts.    The Advisor may establish and maintain one or
more bank accounts in its own name for the account of the Company or in the name of the Company 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, under
such terms and conditions as the Board may approve, provided that no funds of the Company or the Partnership shall be commingled with the funds of the Advisor; and the Advisor shall from time to time, upon request by the Board, its Audit Committee
or the auditors of the Company, render appropriate accountings of such collections and payments to the Board, its Audit Committee and the auditors of the Company. 

2.05      Records; Access.    The Advisor shall maintain appropriate
records of all 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, upon reasonable request, during normal business
hours. The Advisor shall at all reasonable times have access to the books and records of the Company. 

2.06      Limitations on Activities.    Anything else in this Agreement
to the contrary notwithstanding, the Advisor shall refrain from taking any action which, in its sole judgment made in good faith, would (a) adversely affect the status of the Company as a REIT, (b) subject the Company to regulation under
the Investment Company Act of 1940, as amended, (c) violate any law, rule, regulation or statement of policy of any governmental body or agency having jurisdiction over the Company, the Shares or its other securities, or (d) not be
permitted by the Articles of Incorporation or Bylaws, except if such action shall be ordered by the Board, in which case the Advisor shall notify promptly the Board of the Advisor’s judgment of the potential impact of such action and shall
refrain from taking such action until it receives further clarification or instructions from the Board. In such event the Advisor shall have no liability for acting in accordance with the specific instructions of the Board so
given. Notwithstanding the foregoing, the Advisor, its directors, officers, employees and stockholders, and the directors, officers, employees and stockholders of the Advisor’s Affiliates shall not be liable to the Company or to the Board
or Stockholders for any act or omission by the Advisor, its directors, officers, employees or stockholders, or for any act or omission of any Affiliate of the Advisor, its directors, officers, employees or stockholders, except as provided in
Section 5.02 of this Agreement. 
  

 10 

 2.07      Other Activities of the
Advisor.    Nothing herein contained shall prevent the Advisor or its Affiliates from engaging in other activities, including, without limitation, the rendering of advice to other Persons (including other REITs) and the
management of other programs advised, sponsored or organized by the Advisor or its Affiliates; nor shall this Agreement limit or restrict the right of any director, officer, employee, or stockholder of the Advisor or its Affiliates to engage in any
other business or to render services of any kind to any other Person. The Advisor may, with respect to any investment in which the Company is a participant, also render advice and service to each and every other participant therein. The
Advisor shall report to the Board the existence of any condition or circumstance, existing or anticipated, of which it has knowledge, which creates or could create a conflict of interest between the Advisor’s obligations to the Company and its
obligations to or its interest in any other Person. The Advisor or its Affiliates shall promptly disclose to the Board knowledge of such condition or circumstance. The Advisor shall inform the Board at least quarterly of the investment
opportunities that were offered to other programs sponsored by the Sponsor, Advisor or any Director or their Affiliates with similar investment objectives as the Company’s. If the Sponsor, Advisor, any Director or Affiliates thereof have
sponsored other investment programs with similar investment objectives which have investment funds available at the same time as the Company, it shall be the duty of the Board (including the Independent Directors) to adopt the method set forth in
the Company’s most recent Prospectus for its Shares or another reasonable method by which investments are to be allocated to the competing investment entities and to use their best efforts to apply such method fairly to the Company. 

ARTICLE III 

COMPENSATION 

3.01      Fees. 

    (a)        Asset Management Fee.  The
Company shall pay to the Advisor an Asset Management Fee equal to 0.75% of the sum of the Contract Purchase Price, the Acquisition Expenses[, Construction Fee] and other customarily capitalized costs but excluding Acquisition Fees, quarterly in
areas based on Assets held by the Company on the last day of such quarter. 

    (b)        Acquisition and Advisory
Fees.  The Company shall pay the Advisor, or an Affiliate of the Advisor, a fee in the amount of 2.0% of the Contract Purchase Price of each Asset as Acquisition and Advisory Fees. The total of all Acquisition Fees and any
Acquisition Expenses shall be limited in accordance with the Articles of Incorporation and shall not exceed six percent (6%) of the Contract Purchase Price. Acquisition and Advisory Fees shall be paid as follows: (1) for real property
(including properties where development/redevelopment is expected), at the time of acquisition, (2) for development/redevelopment projects (other than the initial acquisition of the real property), at the time a final budget is approved, and
(3) for loans and similar assets (including without limitation mezzanine loans), quarterly based on the value of loans made or acquired. In the case of a development/redevelopment project subject to clause (2) above, upon completion
of the development/redevelopment project, the Advisor shall determine the actual amounts paid. To the extent the amounts actually paid vary from the budgeted amounts on which the Acquisition and Advisory Fee was initially based, the Advisor
will pay or invoice the Company for 2.0% of the budget variance such that the Acquisition and Advisory Fee is ultimately 2.0% of amounts expended on such development/redevelopment project. 

 

 11 

    (c)        Real Estate Commission.  If
the Advisor or an Affiliate of the Advisor provides a substantial amount of the services (as determined by a majority of the Independent Directors) in connection with the Sale of one or more Properties, the Advisor or such Affiliate shall receive a
Real Estate Commission up to the lesser of 1.5% of the Contract Sales Price and one-half of the brokerage commission paid if a third party broker is involved; provided, however, that no Real Estate Commissions shall be payable to the Advisor for the
Sale of Properties if such Sale involves the Company selling all or substantially all of its Properties in one or more transactions designed to effectuate a business combination transaction (as opposed to a Company liquidation, in which case the
Real Estate Commissions would be payable if the Advisor or an Affiliate of the Advisor provides a substantial amount of services as provided above). The Real Estate Commission may be paid in addition to real estate commissions paid to
non-Affiliates, provided that the total real estate commissions paid to all Persons by the Company (including the Real Estate Commission) shall not exceed an amount equal to the lesser of (i) the Competitive Real Estate Commission or
(ii) 6.0% of the Contract Sales Price of a Property. 

    (d)        Subordinated Share of Net Sales
Proceeds.  The Subordinated Share of Net Sales Proceeds shall be payable to the Advisor in an amount equal to 15.0% of Net Sales Proceeds remaining after the Stockholders have received Distributions equal to the sum of the
Stockholders’ 8.0% Return and 100% of Invested Capital. The Company shall have the option to pay such fee in the form of cash, Shares, a promissory note, or any combination of the foregoing. In no event will the Company pay a
Subordinated Share of Net Sales Proceeds, including any interest payable in connection with any promissory note issued by the Company in payment of the Subordinated Share of Net Sales Proceeds, in excess of the amount that would be presumptively
reasonable under Section 9.7 of the Articles of Incorporation. 

    (e)        Subordinated Incentive Listing
Fee.  Upon Listing, the Advisor shall be entitled to the Subordinated Incentive Listing Fee in an amount equal to 15.0% of the amount by which (i) the Market Value of the Company’s outstanding Shares plus distributions paid
by the Company prior to Listing, exceeds (ii) the sum of (A) 100% of Invested Capital and (B) the total Distributions required to be paid to the Stockholders in order to pay the Stockholders’ 8.0% Return from inception through
the date that Market Value is determined. The Company shall have the option to pay such fee in the form of cash, Shares, a promissory note, or any combination of the foregoing. If the Company pays such fee with a promissory note, payment
in full shall be made from the Net Sales Proceeds of the first Sale completed by the Company after Listing, and interest will accrue at a rate deemed fair and reasonable by the Board from and after the date of Listing. If the Net Sales Proceeds
from the first Sale after Listing are insufficient to pay the promissory note in full, including accrued interest, then the promissory note shall be paid in part with such Net Sales Proceeds, and in part from the Net Sales Proceeds from the next
successive Sales until the amount owing pursuant to such promissory note is paid in full. If the promissory note has not been paid in full within five years from the date of Listing, then the Advisor, or its successors or assigns, may elect to
convert the unpaid balance, including accrued but unpaid interest, into Shares at a price per Share equal to the average closing price of the Shares over the ten trading days immediately preceding the date of such election. If the Shares are no
longer Listed at such time as the promissory note becomes convertible into Shares as provided by this paragraph, then the price per Share, for purposes of conversion, shall equal the fair market value for the Shares as determined by the Board based
upon the Appraised Value of the Assets as of the date of election. 
  

 12 

    (f)        Changes to Fee Structure.  In
the event of Listing, the Company and the Advisor shall negotiate in good faith to establish a fee structure appropriate for a perpetual-life entity. 

    (g)        Sourcing Fee.  If the Advisor sources a
property that the Company acquires, and if the Property, net of all fees and expenses, will have a yield that is reasonably expected to generate funds from operations, as modified, sufficient to 100% cover an 8.0% distribution, then the Company will
pay to the Advisor a Sourcing Fee of up to 1% of the Contract Purchase Price of each such Property acquired. The Sourcing Fee will be reduced by any amounts received by the Advisor or its Affiliates from the seller of the Property in excess of 1% of
the Contract Purchase Price of the Property and by any amount necessary to support the 8.0% distribution threshold. The Company will not pay a Sourcing Fee for any Properties that the Advisor identifies for the Company that includes a
third-party broker commission, unless our Board otherwise determines. 
 3.02      Expenses.

     (a)        In addition to the compensation
paid to the Advisor pursuant to Section 3.01 hereof, the Company shall pay directly or reimburse the Advisor, as applicable, for all of the expenses paid or incurred by the Advisor in connection with the services it provides to the Company
pursuant to this Agreement, including, but not limited to: 

(i)        Organization and Offering Expenses; provided, however, that within 60
days after the end of the month in which an Offering terminates, the Advisor shall reimburse the Company for any Organization and Offering Expenses reimbursed by the Company to the Advisor to the extent that such reimbursements exceed 1.25% of the
Gross Proceeds raised in the completed Offering. The Advisor shall be responsible for the payment of Organization and Offering Expenses in excess of 1.25% of the Gross Proceeds. In the event the Company does not raise the minimum amount of
the Offering as set forth in the Prospectus, the Advisor shall not be reimbursed for any Organization and Offering Expenses; 

(ii)        Acquisition Expenses incurred in connection with the selection and
acquisition of Assets in an amount estimated to be up to 0.5% of the Contract Purchase Price, subject, however, to the aggregate six percent (6%) cap on Acquisition Fees and Acquisition Expenses set forth in Section 3.01(b); 

(iii)        the actual cost of goods, services and materials used by the Company
and obtained from Persons not affiliated with the Advisor, other than Acquisition Expenses, including brokerage fees paid in connection with the purchase and sale of Shares; 

(iv)        interest and other costs for borrowed money, including discounts,
points and other similar fees; 
 (v)        taxes and assessments on
income or property and taxes as an expense of doing business; 

(vi)        costs associated with insurance required in connection with the
business of the Company or by the Board; 
 (vii)        expenses of
managing and operating Assets owned by the Company, whether payable to an Affiliate of the Company or a non-affiliated Person; 
  

 13 

 (viii)        all expenses in
connection with payments to the Board for attendance at meetings of the Board and Stockholders; 

(ix)        expenses associated with Listing or with the issuance and
distribution of Shares and other securities of the Company, such as Selling Commissions and fees, advertising expenses, taxes, legal and accounting fees, and Listing and registration fees; 

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

(xi)        expenses of organizing, reorganizing, liquidating or dissolving the
Company or amending the Articles of Incorporation or the Bylaws; 

(xii)        expenses of any third party transfer agent for the Shares and of
maintaining communications with Stockholders, including the cost of preparation, printing, and mailing annual reports and other Stockholder reports, proxy statements and other reports required by governmental entities; 

(xiii)        administrative service expenses, including all costs and expenses
incurred by Advisor in fulfilling its duties hereunder. Such costs and expenses may include reasonable wages and salaries and other employee-related expenses of all employees of Advisor who are engage in the management, administration,
operations, and marketing of the Company, including taxes, insurance and benefits relating to such employees, and legal, travel and other out-of-pocket expenses which are directly related to their services provided hereunder; and 

(xiv)        audit, accounting and legal fees. 

    No reimbursement shall be made for costs of personnel of the Advisor or its Affiliates to the
extent that such personnel perform services in connection with services for which the Advisor receives the Acquisition and Advisory Fee or the Real Estate Commission. 

    (b)        Expenses incurred by the Advisor on behalf of
the Company and payable pursuant to this Section 3.02 shall be reimbursed no less than quarterly to the Advisor within 60 days after the end of each quarter. The Advisor shall prepare a statement documenting the expenses of the Company
during each quarter, and shall deliver such statement to the Company within 45 days after the end of each quarter. 

3.03      Other Services.    Should the Board request that the Advisor or
any director, officer or employee thereof render services for the Company other than set forth in Section 2.02, such services shall be separately compensated at such rates and in such amounts as are agreed by the Advisor and the Board, subject
to the limitations contained in the Articles of Incorporation, and shall not be deemed to be services pursuant to the terms of this Agreement. 

3.04      Reimbursement to the Advisor.    The Company shall not
reimburse the Advisor, at the end of any fiscal quarter, for any Operating Expenses to the extent that, in the four consecutive fiscal quarters then ended (the “Expense Year”) the Operating Expenses exceed (the “Excess Amount”)
the greater of (i) 2% of Average Invested Assets or (ii) 25% of Net Income (the “2%/25% Guidelines”) for that period of four consecutive quarters unless the Independent Directors determine that such excess was justified, based on
unusual and nonrecurring factors which the Independent Directors deem sufficient. If the Independent Directors do not approve such excess as being so justified, any Excess Amount paid to the Advisor during a fiscal quarter shall be repaid to
the Company. 
  

 14 

 ARTICLE IV 

TERM AND TERMINATION 

4.01      Term; Renewal.    Subject to Section 4.02 hereof, this
Agreement has a one-year term and shall continue in force until the first anniversary of the date hereof. Thereafter, this Agreement may be renewed for an unlimited number of successive one-year terms upon mutual consent of the parties. It
is the Board’s Duty to evaluate the performance of the Advisor annually before renewing the Agreement, and each such renewal shall be for a term of no more than one year. 

4.02      Termination.    This Agreement will automatically
terminate upon Listing. This Agreement also may be terminated at the option of either party (i) immediately upon a Change of Control or (ii) upon 60 days written notice without cause or penalty (in either case, if termination is by
the Company, then such termination shall be upon the approval of a majority of the Independent Directors). Notwithstanding the foregoing, the provisions of this Agreement which provide for payment to the Advisor of expenses, fees or other
compensation following the date of termination ( i.e. , Sections 3.01(e) and 4.03) shall continue in full force and effect until all amounts payable thereunder to the Advisor are paid in full. The provisions of Sections 2.05, 2.06
and 4.03 through 6.11 shall survive the termination of this Agreement. 

4.03      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 and receive from the Company within 30 days after the effective date of such termination all unpaid reimbursements of expenses, subject to the provisions
of Section 3.04 hereof, and all contingent liabilities related to fees payable to the Advisor prior to termination of this Agreement, provided that the Subordinated Incentive Listing Fee, if any, shall be paid in accordance with the provisions
of Section 3.01(e). 
     (b)        Upon
termination, unless such termination is by the Company because of a material breach of this Agreement by the Advisor or occurs upon a Change of Control, the Advisor shall be entitled to receive a payment of the Performance Fee equal to 15.0% of the
amount, if any, by which (i) the Appraised Value of the Assets on the Termination Date, less the amount of all indebtedness secured by the Assets, plus the total Distributions paid to Stockholders from the Company’s inception through the
Termination Date less any amounts distributable as of the termination date to limited partners of the Partnership who receive operating partnership units, exceeds (ii) Invested Capital plus an amount equal to the Stockholders’ 8.0% Return
from inception through the Termination Date. The Company shall pay such Performance Fee, with interest, at such time as the Company completes the first Sale after the Termination Date provided, however, the Advisor may elect to defer its right
to receive the Performance Fee until either a Listing or other liquidity event for the Company. Payment shall be made from the Net Sales Proceeds of such Sale. Interest will accrue beginning on the Termination Date at a rate deemed fair
and reasonable by the Board on the Termination Date. The Company shall have the option to pay such fee in the form of cash, Shares, a promissory note, or any combination of the foregoing. If the Net Sales Proceeds from the first Sale after
the Termination Date are insufficient to pay the Performance Fee in full, plus accrued interest, then the Performance Fee shall be paid in part with such Net Sales Proceeds, and in part from the Net Sales Proceeds from the next successive Sales
until the Performance Fee is paid in full, with interest. If the Performance Fee has not been paid in full within five years from the Termination Date, then the Advisor, its successors or assigns, may elect to convert the balance of the fee,
including accrued but unpaid interest, into Shares at a price per Share equal to the average closing price of the Shares over the ten trading days immediately preceding the date of such election if the Shares are Listed at such time. If the
Shares are not Listed at such time, the Advisor, its successors or assigns, may elect to convert the balance of the fee, including accrued but unpaid interest, into Shares at a price per Share equal to the fair market value for the Shares as
determined by the Board based upon the Appraised Value of the Assets on the date of election. 
  

 15 

 (c)        Notwithstanding the
foregoing, if termination occurs upon a Change of Control, the Advisor shall be entitled to payment of the Performance Fee equal to 15.0% of the amount, if any, by which (i) the value of the Assets on the Termination Date as determined in good
faith by the Board, including a majority of the Independent Directors, based upon such factors as the consideration paid in connection with the Change of Control and the most recent Appraised Value, less the amount of all indebtedness secured by the
Assets, plus the total Distributions paid to Stockholders from the Company’s inception through the Termination Date, exceeds (ii) Invested Capital plus an amount equal to the Stockholders’ 8.0% Return from inception through the
Termination Date. No deferral of payment of the Performance Fee may be made under this Section 4.03(c). 

(d)        In the event that the Advisor disagrees with the valuation of Shares
pursuant to Section 4.03(b) where the Shares are not Listed for purposes of determining the number of Shares to be issued to the Advisor following the Advisor’s election to convert the balance of the Performance Fee owed to the Advisor,
then the fair market value of such Shares shall be determined by an Independent Appraiser of equity value selected by the Advisor. 

(e)        Notwithstanding sections 4.03 (b) and (c), in the event the
Subordinated Incentive Listing Fee is paid to the Advisor following Listing, no Performance Fee will be paid to the Advisor. 

(f)        The Advisor shall promptly upon termination: 

(i)        pay over to the Company all money collected and held for the account
of the Company 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 the Assets, and documents of the
Company then in the custody of the Advisor; and 
 (iv)      cooperate with, and
take all reasonable actions requested by, the Company to provide an orderly management transition. 
 ARTICLE V

 INDEMNIFICATION 

5.01    (a)        The Company shall indemnify and hold harmless the Advisor
and its Affiliates, including their respective officers, directors, partners and employees, from all liability, claims, damages or losses arising in the performance of their duties hereunder, and related expenses, including reasonable
attorneys’ fees, to the extent such liability, claims, damages or losses and related expenses are not fully reimbursed by insurance, subject to any limitations imposed by the laws of the State of Maryland, the Articles of Incorporation and the
NASAA Guidelines under the Articles of Incorporation. The Company shall not indemnify or hold harmless the Advisor or its Affiliates, including their respective officers, directors, partners and employees, for any liability or loss suffered by the
Advisor or its Affiliates, including their respective officers, directors, partners and employees, nor shall it provide that the Advisor or its Affiliates, including their respective officers, directors, partners and employees, be held harmless for
any loss or liability suffered by the Company, unless all of the following conditions are met: (i) the Advisor or its Affiliates, including their respective officers, directors, partners and employees, have determined, in good faith, that the
course of conduct which caused the loss or liability was in the best interests of the Company; (ii) the Advisor or its Affiliates, including their respective officers, directors, partners and employees, were acting on behalf of or performing
services of the Company; (iii) such liability or loss was not the result of negligence or misconduct by the Advisor or its Affiliates, including their respective officers, directors, partners and employees; and (iv) such indemnification or
agreement to hold harmless is recoverable only out of the Company’s net assets and not from Stockholders. Notwithstanding the foregoing, the Advisor and its Affiliates, including their respective officers, directors, partners and
employees, shall not be indemnified by the Company for any losses, liability or expenses arising from or out of an alleged violation of federal or state securities laws by such party unless one or more of the following conditions are met:
(i) there has been a successful adjudication on the merits of each count involving alleged securities law violations as to the particular indemnitee; (ii) such claims have been dismissed with prejudice on the merits by a court of competent
jurisdiction as to the particular indemnitee; and (iii) a court of competent jurisdiction approves a settlement of the claims against a particular indemnitee and finds that indemnification of the settlement and the related costs should be made,
and the court considering the request for indemnification has been advised of the position of the Securities and Exchange Commission and of the published position of any state securities regulatory authority in which securities of the Company were
offered or sold as to indemnification for violations of securities laws. 
  

 16 

 (b)        The Articles of
Incorporation provide that the advancement of Company funds to the Advisor or its Affiliates, including their respective officers, directors, partners and employees, for legal expenses and other costs incurred as a result of any legal action for
which indemnification is being sought is permissible only if all of the following conditions are satisfied: (i) the legal action relates to acts or omissions with respect to the performance of duties or services on behalf of the Company;
(ii) the legal action is initiated by a third-party who is not a Stockholder or the legal action is initiated by a Stockholder acting in his or her capacity as such and a court of competent jurisdiction specifically approves such advancement;
(iii) the advisor or its Affiliates provides the Company with a written affirmation of their good faith belief that they have met the standard of conduct necessary for indemnification; and (iv) the Advisor or its Affiliates, including
their respective officers, directors, partners and employees, undertake to repay the advanced funds to the Company together with the applicable legal rate of interest thereon, in cases in which such Advisor or its Affiliates, including their
respective officers, directors, partners and employees, are found not to be entitled to indemnification. 

(c)        Notwithstanding the provisions of this Section 5.01, the Advisor
shall not be entitled to indemnification or be held harmless pursuant to this Section 5.01 for any activity which the Advisor shall be required to indemnify or hold harmless the Company pursuant to Section 5.02. 

5.02      Indemnification by Advisor.    The Advisor shall indemnify and
hold harmless the Company 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, misfeasance, misconduct, negligence or reckless disregard of its duties. 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. 
  

 17 

 ARTICLE VI 

MISCELLANEOUS 

6.01      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 Board (including a majority of the Independent Directors). The Advisor may assign any rights to receive fees or other payments under this Agreement without
obtaining the approval of the Board. This Agreement shall not be assigned by the Company without the consent of the Advisor, except in the case of an assignment by the Company to a corporation or other organization which is a successor to all
of the assets, rights and obligations of the Company, in which case such successor organization shall be bound hereunder and by the terms of said assignment in the same manner as the Company is bound by this Agreement. This Agreement shall be
binding on successors to the Company resulting from a Change of Control or sale of all or substantially all the assets of the Company or the Partnership, and shall likewise be binding upon any successor to the Advisor. 

6.02      Relationship of Advisor and Company.    The Company and the
Advisor are not partners or joint venturers with each other, and nothing in this Agreement shall be construed to make them such partners or joint venturers or impose any liability as such on either of them. 

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

			
	To the Directors and to the Company:	  	 Carter Validus Mission Critical REIT, Inc.

4211 West Boy Scout Blvd., Suite 500
 Tampa,
Florida 33607
 Attention: Chief Executive Officer and President

		
	To the Advisor:	  	 Carter/Validus Advisors, LLC

4211 West Boy Scout Blvd., Suite 500
 Tampa,
Florida 33607
 Attention: Chief Executive Officer and President

Either party shall, as soon as reasonably practicable, give notice in writing to the other party of a change in its address for the
purposes of this Section 6.03. 

6.04      Modification.    This Agreement shall not be changed, modified,
or amended, in whole or in part, except by an instrument in writing signed by both parties hereto, or their respective successors or assignees. 

6.05      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.

 6.06      Choice of Law; Venue.    The provisions of this
Agreement shall be construed and interpreted in accordance with the laws of the State of Florida, and venue for any action brought with respect to any claims arising out of this Agreement shall be brought exclusively in Hillsborough County, Tampa.

  

 18 

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

6.08      Waiver.    Neither the failure nor any delay on the part of a
party to exercise any right, remedy, power or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the same or
of any other right, remedy, power or privilege, nor shall any waiver of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other
occurrence. No waiver shall be effective unless it is in writing and is signed by the party asserted to have granted such waiver. 

6.09      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. 

6.10      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. 

6.11      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
the counterparts hereof, individually or taken together, shall bear the signatures of all of the parties reflected hereon as the signatories. 

6.12      Initial Investment.    The Advisor or one of its Affiliates has
contributed $200,000 (the “Initial Investment”) in exchange for the initial issuance of Shares of the Company. The Advisor or its Affiliates may not sell any of the Shares purchased with the Initial Investment while the Advisor acts
in an advisory capacity to the Company. The restrictions included above shall not apply to any Shares acquired by the Advisor or its Affiliates other than the Shares acquired through the Initial Investment. Neither the Advisor nor its
Affiliates shall vote any Shares they now own, or hereafter acquires, in any vote for the election of Directors or any vote regarding the approval or termination of any contract with the Advisor or any of its Affiliates. 

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

 

 19 

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

			
	CARTER VALIDUS MISSION CRITICAL REIT, INC.
		
	By:	 	  

		 	John E. Carter
		 	Chief Executive Officer

  

			
	CARTER/VALIDUS ADVISORS, LLC
		
	By:	 	  

		 	John E. Carter
		 	Chief Executive Officer and Chief Investment Officer

  

 20Second Amendment to Employment Agreement - Bruce M. Eckert

 Exhibit 10.1 

SECOND AMENDMENT 

TO EMPLOYMENT AGREEMENT 

AGREEMENT made this 23rd day of August, 2010, by and between EASTERN SERVICES CORPORATION (“ESC”), a business corporation
having its principal place of business at 25 Race Avenue, Lancaster, Pennsylvania, and BRUCE M. ECKERT (the “Executive”), an individual residing in Montgomery County, Pennsylvania. 

WITNESSETH: 

WHEREAS, the parties entered into an agreement effective September 21, 2004, relating, among other things, to the Executive’s
employment by ESC (the “Employment Agreement”); and 
 WHEREAS, the parties entered into an Amendment to Employment
Agreement effective December 17, 2008 to comply with Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), by executing this document (the “First Amendment”). 

NOW, THEREFORE, the parties, intending to be legally bound hereby, further agree as follows: 

1. By mutual agreement of ESC and Executive, Executive’s job title and duties as set forth in Exhibit A to the Employment Agreement
shall change effective January 1, 2011 as set forth on the attached Amended Exhibit A. 
 2. Executive agrees that the
changes in his job title and duties (Essential Functions) as set forth in Amended Exhibit A is occurring by mutual agreement and does not satisfy the definition of “Good Reason” as set forth in Section 5(a) of the Employment Agreement
and therefore should Executive choose to resign within ninety days of January 1, 2011 because of the changes to his job title and duties as set forth in Amended Exhibit A, Executive agrees that he shall not be entitled to receive the benefits
provided under Section 6 of the Employment Agreement by reason of the changes in his job title and duties (Essential Functions) as set forth in Amended Exhibit A. 

3. In all other respects, the terms of the Employment Agreement and First Amendment are hereby affirmed. 

IN WITNESS WHEREOF, the parties have executed this Amendment, or caused it to be executed, on August 23, 2010. 

 

					
	 	 	 EASTERN SERVICES CORPORATION

			
		 	By	 	 /s/ Kevin M. Shook

 

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		 	Date:	 	August 23, 2010
			
	[CORPORATE SEAL]	 	Attest	 	 /s/ Wendy Stauffer

			
		 	Date:	 	August 23, 2010
		
		 	 /s/ Bruce M. Eckert

		 	Bruce M. Eckert
			
		 	Date:	 	August 23, 2010

  

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 AMENDED EXHIBIT A 

 

			
	Job Title:	  	Vice Chairman
	FLSA Class:	  	Exempt
	Department:	  	Executive
	Reports To:	  	Board of Directors
	Issued/Date Revised:	  	January 1, 2011

  

Expectations For All Employees: 

Supports the organization’s mission, vision, and values by exhibiting the following behaviors: excellence and competence, collaboration, innovation,
respect personalization, commitment to our community, and accountability and ownership. 
 Job Summary: 

The Vice Chairman is accountable for providing strategic leadership for the company by working with the Board of Directors and the Executive Management
Team to establish long-range goals, strategies, plans and policies. 
 Essential Functions: 

 

	 	•	 	 Provide coaching and mentoring to the company’s CEO/President and CFO/Executive Vice President 

 

	 	•	 	 Fulfill the Chairman’s duties in his/her absence at meetings of the Board of Directors. 

 

	 	•	 	 Provide leadership to ensure that the mission and core values of the company are put into practice and maintained. 

 

	 	•	 	 Assist the Executive Management Team as requested in driving the company to achieve and surpass sales, profitability, cash flow and business goals and
objectives. 

  

	 	•	 	 Assist the Executive Management Team in the development and communication of effective growth strategies and processes including the development and
communication of the company’s five year plan to key stakeholders, employees, investors, regulators, business community, etc. 

  

	 	•	 	 Provide support and collaboration to the Executive Management Team to develop and implement plans for the operational infrastructure of systems,
processes and personnel designed to accommodate the growth objectives of the company. 

  

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	 	•	 	 Assist the Executive Management Team in attracting, recruiting, and retaining required members of the executive and senior management teams; provides
mentoring as a cornerstone to the management career development program. 

  

	 	•	 	 Assists, as required, in raising additional capital at appropriate valuations to enable the company to meet sales, growth and market share objectives.

  

	 	•	 	 As requested, support the management teams with customer, agency, vendor, investor, financial institutions, and other business partner relations.

  

	 	•	 	 Assist as requested by the Acquisition Committee with developing acquisition strategies and identifying potential opportunities including record
review, and supporting the acquisition or similar M&A processes. 

  

	 	•	 	 Help foster a success-oriented, accountable environment within the company. 

 

	 	•	 	 As requested, represent the company with clients, investors, financial institutions, business partners, and associations. 

Knowledge, Skills and Abilities Required: 
  

	 	•	 	 10+ years progressive senior management experience in a dynamic and changing business environment. 

 

	 	•	 	 B.S. degree in Accounting, Business or related field; Master’s Degree preferred. 

 

	 	•	 	 Forward thinking individual with high ethical standards and broad based knowledge of entrepreneurial business environment.

  

	 	•	 	 Strategic visionary with sound technical skills, analytical ability, good judgment and strong operational focus. 

 

	 	•	 	 Ability to anticipate and solve practical problems and/or resolve issues. 

 

	 	•	 	 Ability to lead people and get results through others. 

 

	 	•	 	 Ability to communicate effectively and professionally both verbally and in writing with various constituencies and at all levels; both in and outside
of the organization. 

  

	 	•	 	 Comprehensive knowledge of the insurance industry. 

  

	 	•	 	 Ability to attend insurance and industry/business functions to promote and present a positive image of the Company; ability to participate in
presentations; ability to travel as necessitated by business needs. 

  

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 The above are not intended to be an all-inclusive list of the duties, responsibilities and requirements of
the job described. Rather, they are intended only to describe the general nature of the job. 
  

					
	  
	 		  	  

	Board Member Signature	 		  	Employee Signature

  

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