Document:

EX-10.1

 Exhibit 10.1 

Execution Version 
 Cole
Office & Industrial REIT (CCIT II), Inc. 
 2398 E. Camelback Road, 4th Floor 

Phoenix, Arizona 85016 
 October 29, 2020

 Cole Corporate Income Management II, LLC 
 2398 E. Camelback
Road, 4th Floor 
 Phoenix, Arizona 85016 
 Attention: President

 Re: Cole Office & Industrial REIT (CCIT II), Inc. – Advisory Agreement 

Ladies and Gentlemen: 
 This letter agreement sets forth certain
agreements and understandings that each of Cole Corporate Income Management II, LLC, a Delaware limited liability company (the “Advisor”), Cole Office & Industrial REIT (CCIT II), Inc., a Maryland corporation (the
“Company”), and Griffin Capital Essential Asset REIT, Inc. (“GCEAR”), has agreed to undertake in connection with the Company’s proposed business combination (the “GCEAR Merger Transactions”)
with GCEAR pursuant to the Agreement and Plan of Merger among the Company, GCEAR, Griffin Capital Essential Asset Operating Partnership, L.P., GRT (Cardinal REIT Merger Sub), LLC, GRT OP (Cardinal New GP Sub), LLC, GRT OP (Cardinal LP Merger Sub),
LLC, GRT OP (Cardinal OP Merger Sub), LLC, Cole Corporate Income Operating Partnership II, LP and CRI CCIT II LLC, dated as of the date hereof (the “GCEAR Merger Agreement”). Capitalized terms used but not defined herein shall have
the respective meanings given to such terms in the Advisory Agreement, dated as of August 27, 2013 (as amended, the “Advisory Agreement”), by and between the Company and the Advisor, as amended. This letter agreement
constitutes an amendment to the Advisory Agreement in accordance with Section 6.04 thereof. 
 1. Termination. 

 

	 	a.	 Termination Upon Consummation of Mergers. Effective upon consummation of the GCEAR Merger Transactions
in accordance with the GCEAR Merger Agreement, the Advisor and the Company hereby irrevocably terminate the Advisory Agreement, without any further liability or obligation on the part of any party thereto, except as set forth herein. In the event
the Advisory Agreement is terminated pursuant to this Section 1, the Company shall pay the SPF Payment and the DF Payment pursuant to Sections 3 and 4, respectively, hereof. 

 

	 	b.	 Early Termination by the Advisor. Other than a termination because of a material breach of the Advisory
Agreement (a “Breach Event”) by the Company, the Advisor shall not take any action to terminate the Advisory Agreement with effect prior to the earlier to occur of the following dates (the “Advisor Outside Date”)
(i) the consummation of the GCEAR Merger Transactions and (ii) June 30, 2021. In the event that the Advisory Agreement is terminated by the Advisor for a Breach Event by the Company prior to the Advisor Outside Date, then the Subordinated
Performance Fee due shall equal the SPF Payment and the Disposition Fee due shall equal the DF Payment, and the Company shall pay the SPF Payment and the DF Payment pursuant to Sections 3 and 4, respectively, hereof.

  

	 	c.	 Early Termination by the Company. The Company shall have the right to terminate the Advisory Agreement
in accordance with its terms. In the event the Advisory Agreement is terminated by the Company prior to the Advisor Outside Date for any reason other than for a Breach Event by the Advisor, then the Subordinated Performance Fee due shall equal the
SPF Payment and the Disposition Fee due shall equal the DF Payment, and the Company shall pay the SPF Payment and the DF Payment pursuant to Sections 3 and 4, respectively, hereof. 

 2. Release. Subject to the terms set forth herein, effective upon a termination of the Advisory
Agreement (a “Termination”) and acceptance by the Advisor of the SPF Payment and the DF Payment, the Advisor acknowledges and agrees that by accepting the SPF Payment and the DF Payment at such time, the Advisor, on behalf of itself
and each of its affiliates, divisions, parents, subsidiaries, predecessors, successors and assigns, and, in their capacity as such, each of their respective officers, directors, trustees, owners, shareholders, members, managing members, agents,
employees, partners, principals, attorneys, insurers, and representatives, releases, remises and forever discharges the Company and each of its affiliates, divisions, parents, subsidiaries, predecessors, successors and assigns, and, in their
capacity as such, each of their respective officers, directors, trustees, owners, shareholders, members, managing members, agents, employees, partners, principals, attorneys, insurers, and representatives from any and all claims, suits,
controversies, actions, causes of action, debts, damages, obligations or liabilities of any kind or nature whatsoever, whether at law or in equity, whether known or unknown, and whether now existing or which may hereafter accrue by reason of any
facts or circumstances existing on or before the date of acceptance by the Advisor of the SPF Payment and the DF Payment, which arise out of or are related to or connected with the Advisory Agreement or termination thereof; except in respect of
matters arising out of the obligations that survive the Termination as set forth in Section 9 hereof (the “Surviving Matters”), including, for the avoidance of doubt, with respect to the obligation of the
Company under Section 4.03(a) of the Advisory Agreement to pay to the Advisor (i) any unpaid reimbursements of expenses incurred by the Advisor consistent with prior practice in connection with the services it provides to the Company
pursuant to the Advisory Agreement in accordance with Section 3.02 of the Advisory Agreement, subject to the provisions of Section 3.04 thereof (“Reimbursable Expenses”), (ii) any indemnification to which the Advisor is
entitled, and (iii) accrued but unpaid fees payable to the Advisor pursuant to the terms of the Advisory Agreement prior to Termination, in each case, whether billed or claimed prior to or after the Termination, other any Subordinated
Performance Fee and any Disposition Fee, which shall be paid in accordance with Section 3 and Section 4 hereof, as applicable (the foregoing clauses (i), (ii) and (iii), the “Remaining 4.03
Obligations”). 
 3. Subordinated Performance Fee. Subject to the terms set forth herein, upon Termination for any reason other than a Breach
Event by the Advisor, the Company shall pay to the Advisor a Subordinated Termination Fee, and the Company and the Advisor hereby agree that the Subordinated Performance Fee payable by the Company to the Advisor pursuant to Section 3.01(c) of
the Advisory Agreement upon the Termination shall be an amount equal to $26,688,591 (the “SPF Payment”), which amount was arrived at pursuant to the calculations set forth on Exhibit A attached hereto. The Company represents
and warrants that the SPF Payment has been determined and approved by a majority of the Independent Directors. Upon delivery of the SPF Payment by the Company to the Advisor, the Advisor shall be deemed to have accepted the SPF Payment, including
for purposes of Section 2 hereof. 
 4. Disposition Fee. Subject to the terms set forth herein, upon Termination for any
reason other than a Breach Event by the Advisor, the Company shall pay to the Advisor a Disposition Fee, and the Company and the Advisor hereby agree that the Disposition Fee payable by the Company to the Advisor pursuant to Section 3.01(d) of
the Advisory Agreement upon the Termination shall be an amount equal to $1,750,000 (the “DF Payment”), which amount was arrived at pursuant to the calculations set forth on Exhibit B attached hereto. The Company represents
and warrants that the DF Payment has been determined and approved by a majority of the Independent Directors. Upon delivery of the DF Payment by the Company to the Advisor, the Advisor shall be deemed to have accepted the DF Payment, including for
purposes of Section 2 hereof. For the avoidance of doubt, the Company also agrees to pay amounts payable in respect of any unpaid Reimbursable Expenses. 

5. No Other Amounts Due. After the payments described in Section 3 and Section 4 hereof have been
paid, the Advisor hereby acknowledges and agrees that all fees, payments and other amounts owed to the Advisor under the Advisory Agreement have been satisfied in full, other than the Remaining 4.03 Obligations. 

6. Proxy Solicitation. Prior to the Termination, the Company hereby requests that the Advisor, and the Advisor shall, consistent with its obligations
under the Advisory Agreement, use good faith efforts, which efforts shall be consistent with efforts historically taken by the Advisor with respect to stockholder meetings of the Company, to cooperate and provide assistance to the Company and GCEAR
in soliciting proxies from stockholders of CCIT II to vote their shares of CCIT II Common Stock (as defined in the GCEAR Merger Agreement) at the Stockholders Meeting (as defined in the GCEAR Merger Agreement). 

7. Further Duties of the Advisor. The Advisor shall, promptly upon the Termination: 

 

	 	(a)	 deliver to the Company or the REIT Surviving Entity (as defined in the GCEAR Merger Agreement), as applicable,
(i) all money collected and held for the account of the Company pursuant to the Advisory Agreement, after deducting any accrued compensation and unpaid Reimbursable Expenses to which it is then entitled and (ii) all assets, including the
Assets, and documents of the Company then in the custody of the Advisor; and 

  
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	 	(b)	 deliver to the Company or GCEAR, as applicable, 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. 

8. Acknowledged and Agreed. GCEAR hereby acknowledges the SPF Payment, the DF Payment and the Remaining 4.03 Obligations, and acknowledges and agrees
that if any amounts in respect of the SPF Payment, the DF Payment and the Remaining 4.03 Obligations remain outstanding as of the consummation of the REIT Merger (as defined in the GCEAR Merger Agreement), they shall be become obligations of the
REIT Surviving Entity (as defined in the GCEAR Merger Agreement). The Advisor acknowledges and agrees that at the effective time of the REIT Merger, the REIT Surviving Entity shall succeed to the rights and obligations of the Company in respect of
the Surviving Matters. 
 9. Survival; Amendment. Notwithstanding the Termination, the provisions of Sections 2.05 and 2.06 and Sections 4.03 (other
than the Subordinated Performance Fee or the Disposition Fee, which shall be paid in accordance with Section 3 or 4 hereof), 5.01, 5.02, and 6.02 through 6.11 of the Advisory Agreement, as amended by this letter
agreement, shall survive the termination of the Advisory Agreement. No amendment or waiver of any provision of this letter agreement shall be effective without the prior written consent of each party hereto. For the avoidance of doubt, this
Section 9 supersedes the last two sentences of Section 4.02 of the Advisory Agreement. For purposes of Section 6.03 of the Advisory Agreement, GCEAR’s notice address (and the REIT Surviving Entity’s
notice address upon consummation of the GCEAR Merger Transactions) shall be as follows: 
 Griffin Capital Essential Asset REIT, Inc. 

1520 E. Grand Avenue 
 El Segundo,
CA 90245 
 Attn: Javier Bitar and Howard Hirsch 

E-mail: jbitar@griffincapital.com and hhirsch@griffincapital.com 

with copies (which shall not constitute notice) to: 

Griffin Capital Essential Asset REIT, Inc. 

c/o Griffin Capital Real Estate Company, LLC 

150 N. Riverside Plaza, Suite 1950 

Chicago, IL 60606 
 Attn: Nina
Momtazee Sitzer 
 E-mail: nsitzer@griffincapital.com 

10. Successors and Assigns. Subject to Section 8 hereof, neither the Company nor the Advisor shall assign (voluntarily, by
operation of law or otherwise) the Advisory Agreement, as amended by this letter agreement, or any right, interest or benefit under the Advisory Agreement, as amended by this letter agreement, without the prior written consent of the other;
provided, however, that upon consummation of the GCEAR Merger Transactions, the Advisory Agreement, as amended by this letter agreement, shall be deemed assigned to the REIT Surviving Entity (as defined in the GCEAR Merger Agreement) by operation of
law; provided further, however, that following consummation of the GCEAR Merger Transactions, the REIT Surviving Entity may assign the Advisory Agreement, as amended by this letter agreement, to GCEAR. Subject to the foregoing, this letter agreement
shall be fully binding upon, inure to the benefit of, and be enforceable by, the parties hereto and their respective successors and assigns. For the avoidance of doubt, this Section 10 supersedes Section 6.01 of the
Advisory Agreement. 
 11. Severability. The provisions of this letter 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. 

  
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 12. Choice of Law; Venue. The provisions of this letter agreement shall be construed and interpreted
in accordance with the laws of the State of Arizona (without giving effect to its conflicts of laws principles), and venue for any action brought with respect to any claims arising out of this letter agreement shall be brought exclusively in
Maricopa County, Arizona. 
 13. Termination of GCEAR Merger Agreement. In the event that the GCEAR Merger Agreement is terminated in accordance with
its terms, then this letter agreement will be automatically terminated effective upon the termination of the GCEAR Merger Agreement and will be null and void. 

14. Waiver. Neither the failure nor any delay on the part of a party hereto to exercise any right, remedy, power or privilege under this letter
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 hereto asserted to have granted such waiver. 
 15. Parties in Interest. Nothing in this Agreement shall create or be deemed to create any
third-party beneficiary rights in any other person not a party to this Agreement. 
 16. Entire Agreement. The Advisory Agreement, as amended by this
letter agreement, contains the entire agreement and understanding between 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. This letter agreement may not be amended or supplemented other than by an agreement in writing signed by the parties hereto. 

17. Counterparts. This letter agreement may be executed (including by e-mail transmission) with counterpart
signature pages or in counterpart copies, each of which shall be deemed an original but all of which together shall constitute one and the same instrument comprising this letter agreement. 

[Signatures Follow] 

  
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 If the foregoing accurately sets forth your understanding of our agreement, please sign and return the
enclosed copy of this letter agreement. 
  

			
	Very truly yours,
	
	Cole Office & Industrial REIT (CCIT II), Inc.
		
	By:	 	 /s/ Avraham Shemesh 

	Name:	 	Avraham Shemesh
	Title:	 	President and Chief Executive Officer

  

			
	 Acknowledged and Agreed to
  

as of the date first written above:

	
	Cole Corporate Income Management II, LLC
		
	By:	 	 /s/ Nathan D. DeBacker 

	Name:	 	Nathan D. DeBacker
	Title:	 	Vice President
	
	Griffin Capital Essential Asset REIT, Inc.
		
	By:	 	 /s/ Michael J. Escalante 

	Name:	 	Michael J. Escalante
	Title:	 	Chief Executive Office and President

 [Signature Page to Termination Agreement] 

 EXHIBIT A 

SPF Payment Calculation 

[See attached.] 

 EXHIBIT B 

DF Payment Calculation 

[See attached.]EX-10.2

 Exhibit 10.2 

Cole Office & Industrial REIT (CCIT II), Inc. 

2325 East Camelback Road, Suite 1100 

Phoenix, Arizona 85016 
 October 29,
2020 
 VIA ELECTRONIC MAIL 
 Special Committee
of the Board of Directors 
 c/o CIM Real Estate Finance Trust, Inc. 

2398 East Camelback Road, 4th Floor 

Phoenix, Arizona 85016 
 Attn: T. Patrick Duncan 

Email: tpdunc@icloud.com 
 with copies to: 

Sullivan & Cromwell LLP 
 1888 Century Park East, 21st
Floor 
 Los Angeles, CA 90067 
 Attn: Patrick S. Brown 

E-mail: brownp@sullcrom.com 

Venable LLP 
 750 East Pratt Street 

Baltimore, Maryland 21202 
 Attn: Sharon A. Kroupa 

E-Mail: skroupa@venable.com 

Re: Termination  
 Ladies and Gentlemen: 

Reference is hereby made to that certain Agreement and Plan of Merger, dated as of August 30, 2020, by and among CIM Real Estate Finance Trust, Inc.
(“CMFT”), Thor II Merger Sub, LLC and Cole Office & Industrial REIT (CCIT II), Inc. (“CCIT II”) (the “Merger Agreement”). Capitalized terms used herein and not otherwise defined shall have
the meanings set forth in the Merger Agreement. 
 Per the letter delivered to you on October 7, 2020, CCIT II received an Acquisition Proposal from
Griffin Capital Essential Asset REIT, Inc. (“GCEAR”, and such Acquisition Proposal, the “GCEAR Acquisition Proposal”) prior to the Go Shop Period End Time. As set forth in the CCIT II Change Notice delivered to you
on October 26, 2020, after extensive analyses and discussions with its financial advisors and legal counsel, the CCIT II Special Committee determined that the GCEAR Acquisition Proposal constituted a Superior Proposal and that failure to
terminate the Merger Agreement pursuant to Section 9.1(c)(ii) of the Merger Agreement to enter into an Alternative Acquisition Agreement with GCEAR for such Superior Proposal would be inconsistent with CCIT II’s directors’ duties or
standard of conduct under Maryland Law. 
 Following delivery of the CCIT II Change Notice, CMFT notified CCIT II that it intended to waive its negotiation
and other rights under Sections 7.3(f)(i) and (ii) of the Merger Agreement, including CCIT II’s obligation to negotiate with CMFT during the four (4) Business Day period following delivery of the CCIT Change Notice. 

Consequently, and conditional on CMFT’s agreement to the Termination Conditions (as defined below), the CCIT II Special Committee has recommended to the
CCIT II Board that it terminate the Merger Agreement pursuant to this letter agreement in order to enter into the Alternative Acquisition Agreement with GCEAR, which the CCIT II Board has subsequently approved. 

 By countersigning this letter, CMFT hereby agrees that (a) CCIT II’s obligations pursuant to
Sections 7.3(f)(i) and (ii) of the Merger Agreement are hereby waived, (b) CCIT II is deemed to have satisfied the requirements of the proviso immediately preceding Section 7.3(f)(i) of the Merger Agreement, (c) receipt of the Go
Shop Termination Payment from CCIT II and receipt of CCIT II’s subsequent payment to CMFT of CMFT’s Expenses, not to exceed $3,690,000 in the aggregate, the obligation of which to pay CCIT II hereby affirms, shall constitute liquidated
damages in accordance with and as set forth in Section 9.3(d) of the Merger Agreement and (d) CCIT II’s obligation to pay CMFT’s Expenses, not to exceed $3,690,000 in the aggregate, pursuant to Section 9.3(b)(ii) and
Section 9.3(c)(ii) of the Merger Agreement prior to or concurrently with the termination of the Merger Agreement is hereby waived, provided that CCIT II shall pay CMFT’s Expenses, not to exceed $3,690,000 in the aggregate, within three
(3) Business Days following receipt by CCIT II of CMFT’s invoice in respect of such Expenses (clauses (a), (b), (c) and (d), collectively, the “Termination Conditions”). 

Subject to and immediately upon CMFT’s agreement to the Termination Conditions by delivering to CCIT II its countersignature to this letter, CCIT II
hereby terminates the Merger Agreement pursuant to Sections 9.1(c)(ii) and 9.2 thereof, effective as of the date hereof. 
 CMFT hereby consents to the
amendment of the CCIT II Special Committee’s engagement letter with Truist Securities to provide for an additional fairness opinion fee (the “Consent”). 

Please sign and return a copy of this letter as acknowledgement of CMFT’s Agreement to the Termination Conditions and the Consent. 

[Signature Page Follows] 

 
			
	Sincerely,
	
	COLE OFFICE & INDUSTRIAL REIT (CCIT II), INC.
		
	By:	 	/s/ Richard Dozer
	Name:	 	Richard Dozer
	Title:	 	Chairman of CCIT II Special Committee

 [Signature Page to Termination Notice] 

			
	Acknowledged and Agreed to as of the date first written above:
	
	CIM REAL ESTATE FINANCE TRUST, INC.
		
	By:	 	/s/ Nathan D. DeBacker 
	Name:	 	Nathan D. DeBacker
	Title:	 	Chief Financial Officer & Treasurer

 [Signature Page to Termination Notice]

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