Document:

Exhibit
10.1

 

 

09/14/2021

 

Shanti
Gupta

 

Dear
Shanti,

 

On
behalf of AST & Science LLC, (the “Company” or “AST”), I am pleased to offer you the position of Chief Accounting
Officer. The terms of your employment relationship with the Company are as set forth below.

 

	 	1.	Position.
    Your title will be Chief Accounting Officer and you will be reporting to Thomas Severson, CFO/COO (or his successor). This is
    a regular Full-Time, exempt position.
	 	 	 
	 	2.	Start
    Date. Your start date will be September 15, 2021.
	 	 	 
	 	3.	Location.
    You will be assigned to the Company’s Miami, FL office. From time to time, you should anticipate/expect travel, including,
    but not limited to Company facilities nationwide and worldwide as part of your duties, considering all COVID-19 travel restrictions
    and COVID-19 travel precautions. The Company will provide you with, and/or pay your costs of, transportation and lodging/accommodations
    during these trips in accordance with applicable Company policy.
	 	 	 
	 	4.	Base
    Salary. You will be paid a semi-monthly salary in the gross amount of US $10,416.67, which is equivalent to US $250,000 gross
    annual salary. The base salary is subject to reductions to reflect applicable withholdings, payroll taxes and other deductions required
    by law; and is payable in accordance with the Company’s standard payroll schedule.
	 	 	 
	 	5.	Relocation
    Expense. The Company will pay you a relocation expense allowance to defray moving costs and other expenses you incur as you relocate
    to Miami, FL.. Additional details around the relocation payment are included on the Relocation Agreement, Exhibit B, provided with
    this letter.
	 	 	 
	 	6.	Employee
    Benefits. As a regular employee of the Company, you will be eligible to participate in Company-sponsored benefits, as in effect
    from time to time. The Company currently offers a comprehensive employee benefits program, including, but not limited to:

 

	 	●	Private
    health, dental and vision insurance plan. As with Company employees generally, you will be eligible for the private health, dental
    and vision insurance plans we offer, as per Company policy. As a reminder, the cost of these coverage is shared between the employee
    and the employer. Specific terms and conditions may change upon coverage provider decision or Company policies. While we expect to
    continue to maintain competitive benefit plan offerings, please understand that nothing contained in this letter or otherwise shall
    create or be deemed to create any obligation on the part of the Company to adopt or maintain any health, dental, vision, 401(k)/retirement,
    or other benefit plan or program at any time or to create any limitation on the Company’s ability to modify or terminate any
    such plan or program
	 	 	 
	 	●	Equity
    Compensation. Subject to the approval of the Compensation Committee of the Board of Directors of AST SpaceMobile, Inc. (the Company’s
    public parent company), and your commencing employment and continued service through the grant date, you will be eligible to receive
    an award of Two Hundred Thousand (200,000) of AST SpaceMobile, Inc. restricted stock units. Your inventive equity award (“Equity
    Award”) will be subject to time-based vesting, (which we expect would vest over a four year period after the grant date, with
    25% of such Equity Award vesting on the first anniversary of the grant date and then ratably on subsequent anniversaries), as determined
    by the Compensation Committee. The terms and conditions of the Equity Award will be determined by the Compensation Committee and
    set forth in a separate award agreement. Your Equity Award will be governed in all respects by the terms and conditions of the AST
    SpaceMobile, Inc. 2020 Incentive Award Plan and the separate Equity Award agreement.

 

    	 

     

    

 

	 	 	Subject
    to the approval of the Compensation Committee of the Board of Directors of AST SpaceMobile, Inc. (the Company’s public parent
    company), and your commencing employment and continued service through the grant date, you will also be eligible to receive an award
    of Fifty Thousand (50,000) AST SpaceMobile, Inc. restricted stock units (“Performance RSUs”), which would vest based
    on the Compensation Committee’s certification of the attainment of the following criteria: (a) successful implementation by
    AST SpaceMobile, Inc. and subsidiaries of Sarbanes-Oxley compliance and the completion of the first annual Sarbanes-Oxley audit and
    (b) successful implementation of the enterprise resource planning (“ERP”) system, including, without limitation, successful
    integration of the Solumina manufacturing software and PLM engineering software; provided, further, that at the time of satisfaction
    of the foregoing performance criteria, there must not exist any material weakness in internal controls.
	 	 	 
	 	●	Retirement
    Plan. As with Company employees generally, you will be eligible to participate in the Company’s 401K retirement plan, currently
    administered by Voya Financial.

 

	 	7.	Standard
    Employee Agreements. Like all Company employees in like positions, as a condition of your employment, you will be expected to
    sign and comply with a Confidentiality, Assignment of Inventions and Non-Competition and Non-Solicitation Agreement substantially
    in the form attached hereto as Exhibit A (the “Non-Competition Agreement”). Your employment will be contingent
    upon and not be deemed effective until you have executed and returned the Non- Competition Agreement to the Company. In addition,
    you will abide by the Company’s strict policy that prohibits any new employee from using or bringing with him or her from any
    previous employer any confidential information, trade secrets, or proprietary materials or processes of such former employer.
	 	 	 
	 	8.	Outside
    Activities. While you render services to the Company, you agree that you will not engage in any other employment, consulting
    or other business activity without the prior written consent of the Company’s Chief Executive Officer.
	 	 	 
	 	9.	Assignment
    and Successors. This agreement shall be binding upon and inure to the benefit of the Company, you, and the Company’s and
    your respective successors, assigns, personnel and legal representatives, executors, administrators, heirs, distributees, devisees,
    and legatees, as applicable. None of your rights or obligations may be assigned or transferred by you, other than your rights to
    payments hereunder, which may be transferred only by will or by operation of law.
	 	 	 
	 	10.	Employment
    Eligibility. In compliance with the Immigration Reform and Control Act of 1986, this offer of employment is conditional upon
    you presenting documents verifying your identity and legal authorization to work in the United States. We ask that you be prepared
    to present the proper documents as required by the Department of Homeland Security for the Employment Eligibility Verification I-9
    form that you will be asked to complete within the first three days of employment.
	 	 	 
	 	11.	Company
    Policies. As an employee of the Company and as a condition of your continued employment, you will be expected to comply with
    all Company policies and procedures as adopted from time-to- time, including but not limited to such policies as may be adopted in
    the Company’s employee handbook and policies relating to the Company’s compliance with applicable laws, rules, and regulations.

 

    	 

     

    

 

	 	12.	Employment
    Relationship. Notwithstanding the above provisions, this letter is not to be construed as a contract of employment for any fixed
    time period; nor modifies or waives the “at will” status of an employee. Either you or the company may terminate the
    employment relationship, with or without advance notice, with or without Cause (as defined below), at any time without any obligation
    for services to be performed or compensation to be paid for any period beyond the effective date of termination. Any contrary representations
    that may have been made to you are superseded by this letter. Although your job duties, title, compensation and benefits, as well
    as the Company’s personnel policies and procedures, may change from time to time, the “at will” nature of your
    employment may only be changed in an express written agreement signed by you and a duly authorized officer of the Company (other
    than you). In the event that your employment is terminated by the Company without Cause, the Company will pay to you an amount equal
    to your monthly base salary for a period of six (6) months provided that you execute and deliver to the Company an effective release
    of claims in a form prescribed by the Company (the “Release”) within 21 days (or, to the extent required
    by law, 45 days) following the date of termination and that you not revoke the Release during any applicable revocation period. Notwithstanding
    anything to the contrary herein, no compensation or benefits, including without limitation the severance payment described above,
    shall be paid to you during the six- month period following your separation from service if the Company determines that paying such
    amounts at the time or times indicated would be a prohibited distribution under Section 409A(a)(2)(B)(i) of the Code. If the payment
    of any such amounts is delayed as a result of the previous sentence, then on the first day of the seventh month following the date
    of Separation from Service, the Company will pay you a lump-sum amount equal to the cumulative amount that would have otherwise been
    payable to you during such period.

 

For
purposes hereof, “Cause” shall mean the occurrence of any one or more of the following events:

 

	 	i.	your
    willful failure to substantially perform his duties with the Company (other than any such failure resulting from your incapacity
    due to physical or mental illness), including your failure to follow any lawful directive from the Chief Financial Officer and Chief
    Operating Officer (“CFO/COO”) within the reasonable scope of your duties and your failure to correct the
    same (if capable of correction, as determined by the CFO/COO), within 30 days after a written notice is delivered to you, which demand
    specifically identifies the manner in which the CFO/COO believes that you have not performed your duties;
	 	 	 
	 	ii.	your
    commission of, indictment for or entry of a plea of guilty or nolo contendere to a felony crime (excluding vehicular crimes
    that do not result in substantial bodily injury or death) or a crime of moral turpitude;
	 	 	 
	 	iii.	your
    material breach of any material obligation under this letter, the Confidentiality Agreement or any other written agreement with the
    Company or its affiliates or under any applicable policy of the Company or its affiliates (including any code of conduct or harassment
    policies), and your failure to correct the same (if capable of correction, as determined by the CFO/COO), within 30 days after a
    written notice is delivered to you, which demand specifically identifies the manner in which the CFO/COO believes that you have materially
    breached such agreement;
	 	 	 
	 	iv.	any
    act of fraud, embezzlement, theft or misappropriation from the Company or its affiliates by you;
	 	 	 
	 	v.	your
    willful misconduct or gross negligence with respect to any material aspect of the Company’s business or a material breach by
    you of your fiduciary duty to the Company or its affiliates, which willful misconduct, gross negligence or material breach has a
    material and demonstrable adverse effect on the Company or its affiliates; or
	 	 	 
	 	vi.	your
    commission of an act of material dishonesty resulting in material reputational, economic or financial injury to the Company or its
    affiliates.

 

    	 

     

    

 

	 	13.	Entire
    Agreement. This agreement, together with the Confidentiality Agreement described in Sections 5 and 7, constitute the entire agreement
    between the parties and supersedes all other agreements or understandings, whether written or oral, regarding your service to the
    Company.
	 	 	 
	 	14.	Certain
    Exclusions. Notwithstanding the foregoing or anything herein or in the Non-Competition Agreement to the contrary, you understand
    that (i) nothing contained herein or in the Non- Competition Agreement will prohibit you from filing a charge with, reporting possible
    violations of federal law or regulation to, participating in any investigation by, or cooperating with any governmental agency or
    entity or making other disclosures that are protected under the whistleblower provisions of applicable law or regulation; (ii) nothing
    herein is intended to or will prevent you from communicating directly with, cooperating with, or providing information (including
    trade secrets) in confidence to, any federal, state or local government regulator (including, but not limited to, the U.S. Securities
    and Exchange Commission, the U.S. Commodity Futures Trading Commission, or the U.S. Department of Justice) for the purpose of reporting
    or investigating a suspected violation of law, or from providing such information to your attorney or in a sealed complaint or other
    document filed in a lawsuit or other governmental proceeding; and (iii) pursuant to 18 USC Section 1833(b), you will not be held
    criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that is made: (A) in
    confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney, and solely for the
    purpose of reporting or investigating a suspected violation of law; or (B) in a complaint or other document filed in a lawsuit or
    other proceeding, if such filing is made under seal.
	 	 	 
	 	15.	Governing
    Law. Governing Law. This agreement shall be governed, construed, interpreted, and enforced in accordance with its express
    terms, and otherwise in accordance with the substantive laws of the State of FL without giving effect to any principles of conflicts
    of law, whether of the State of FL or any other jurisdiction, and where applicable, the laws of the United States, that would result
    in the application of the laws of any other jurisdiction.

 

You
may indicate your agreement with these terms and AST’s pre-employment requirements, by signing and dating both the enclosed original
of this letter and the enclosed Non-Competition Agreement, and returning them to the undersigned. By signing this letter, you confirm
to the Company that you have no contractual commitments or other legal obligations that would prohibit you from performing your duties
for the Company.

 

We
look forward to a long and happy association with you and our Company, and we are confident that you will make a significant contribution
to our business!

 

	 	AST
    & Science LLC
	 	 	 
	 	 	/s/
    Thomas Severson
	 	By:	Thomas
    Severson, CFO & COO

 

	The
                                            foregoing terms and conditions are hereby

    accepted
    as of September 14, 2021.

     

    Signed: /s/ Shanti Gupta
	 

 

    	 

     

    

 

EXHIBIT
A

Form
of Non-Competition Agreement

 

AST&SCIENCE,
LLC

NONDISCLOSURE,
CONFIDENTIALITY, ASSIGNMENT AND

NONCOMPETITION
AGREEMENT

 

THIS
NONDISCLOSURE, CONFIDENTIALITY, ASSIGNMENT AND NONCOMPETITION AGREEMENT
(this “Agreement”) is made effective this 14th day of September 2021, (to become effective upon my full-time employment
with AST&Science, LLC) by and between AST&Science, LLC, a Delaware limited liability corporation and its subsidiaries (collectively,
with any predecessors, successors, and assignees, the “Company”), and the undersigned “I” or “me”),
in consideration of my engagement or continued engagement as an officer, employee, director, advisor, partner, independent contractor
or consultant of the Company (an “Associate”), and for other valuable consideration, the receipt and sufficiency of
which is hereby acknowledged, as follows:

 

1.
DEFINITIONS.

 

1.1.
“Affiliate” means any direct or indirect subsidiary of the Company and any entity which controls either the Company
or is under common control with the Company (in each case “control” meaning the direct or indirect ownership of 50% or more
of all outstanding equity interests).

 

1.2.
“Confidential Information” Confidential Information of the Company shall be include any information, data, or compilation
of information or data disclosed developed, acquired, or generated by Company, or its employees, or its Affiliates, including information
and materials conceived, originating, discovered, or developed in whole or in part by the Associate at the request of or for the benefit
of the Company while employed by the Company, and which is generally not known to persons who are not employees of the Company and which
Company generally does not share other than with its employees, or with its customers and suppliers on an individual transactional basis.
Confidential Information may be shared with Associate either directly or indirectly, in writing, orally or by inspection of tangible
objects, whether or not expressly identified as “Confidential” or bearing similar markings by the Company. By way of illustration
and not limitation, Confidential Information shall include: (i) any and all trade secrets concerning the business and affairs of the
Company, product specifications, data, know- how, compositions, processes, formulas, methods, designs, mask work, samples, inventions
and ideas, past, current and planned development or experimental work, current and planned distribution methods and processes, customer
and supplier lists, current and anticipated customer requirements, price lists, market studies, business plans, computer software and
programs (including object code and source code), computer software and database technologies, systems, structures and architectures
(and related processes, algorithms, compositions, improvements, know-how, inventions, discoveries, concepts, ideas, designs, methods
and information) of the Company, information relating to the projects of the Company, and any other information, however documented,
of the Company that is a trade secret; (ii) any and all information concerning the business and affairs of the Company (which includes
historical financial statements, financial projections and budgets, historical and projected sales, capital spending budgets and plans,
the names, compensation, resumes, and backgrounds of key personnel, personnel training and techniques and materials), however documented;
(iii) all derivatives, improvements and enhancements to the Company’s technology which are created or developed; (iv) information
of third parties as to which the Company has an obligation of confidentiality; (v) all information about and all communications received
from, sent to, or exchanged between the Company and any person or entity which has entered into a transaction with the Company involving
the Company’s business, (vi) all information about employees, agents, or representatives of suppliers who are involved in evaluating,
providing information for, deciding upon, or committing to sell, ship, deliver, exchange, or otherwise enter into a transaction involving
any goods, products, or services which form any part of the Company’s business, (vii) all information regarding the design, layout,
configuration, fabrication, or construction of any of the Company’s products, satellites, and any/all satellite internal and external
components, including all of its manufacturing processes, and (viii) any and all notes, analysis, compilations, studies, summaries, and
other material prepared by or for the Company containing or based, in whole or in part, on any information included in the foregoing.

 

    	 

     

    

 

1.3.
“Inventions” means all ideas, concepts, discoveries, inventions, developments, improvements, formulations, products,
processes, know-how, designs, formulas, methods, developmental or experimental work, clinical data, original works of authorship, software
programs, software and systems documentation, hardware programs, hardware systems and documentation, trade secrets, technical data, or
licenses to use (whether or not patentable or registrable under copyright or similar statutes), that are or were made, conceived, devised,
invented, developed or reduced to practice or tangible medium by me, either alone or jointly with others (a) during any period that I
am an Associate of the Company, whether or not during normal working hours or on the premises of the Company, which relate, directly
or indirectly, to the business of the Company or its Affiliates, (b) at the request of or for the benefit of the Company during any period
prior to my engagement as an Associate of the Company which relate, directly or indirectly, to the business of the Company or its Affiliates,
or (c) which arise out of, or are incidental to, my engagement as an Associate of the Company.

 

1.4.
“Prior Inventions” means any inventions made, conceived, devised, invented, developed or first reduced to practice
by me, under my direction or jointly with others prior to the date of this Agreement and which do not constitute Inventions within the
meaning of Section 1.3 above.

 

1.5.
“Third Party Information” means any confidential or proprietary information received by the Company or its Affiliates
from third parties.

 

2.
CONFIDENTIALITY.

 

2.1.
Recognition of the Company’s Rights. I understand that the Company continually obtains and develops valuable Confidential
Information which may or has become known to me in connection with my engagement as an Associate of the Company. I acknowledge that all
Confidential Information is and shall remain the exclusive property of the Company or the third party providing such Confidential Information
to myself, the Company, or the Company’s Affiliates.

 

2.2.
Nondisclosure of Confidential Information. At all times during the term of my engagement as an Associate of the Company and following
the termination of such engagement for any reason, I will hold in strictest confidence and will not disclose, use, lecture upon, publish
or otherwise make available to any third party (other than personnel of the Company or its Affiliates who need to know such information
in connection with their work for the Company), any Confidential Information of the Company, except as such disclosure, use or publication
may be required in connection with my work for the Company, or as expressly authorized in writing by an executive officer of the Company.
I agree that I shall use such Confidential Information only in the performance of my duties for the Company and in accordance with any
Company policies with respect to the protection of Confidential Information. I will take strict precautions to maintain the confidentiality
of the Confidential Information received from the date of receipt, and take appropriate action, and I shall immediately notify the Company
in writing in the event of any unauthorized use or disclosure of the Confidential Information.

 

2.3.
Third Party Information. In addition, I understand that the Company has received and in the future will receive Third Party Information
subject to a duty on the Company’s part to maintain the confidentiality of such information and to use it only for certain limited
purposes. During the term of my engagement as an Associate of the Company and thereafter, I will hold Third Party Information in the
strictest confidence and will not disclose to anyone (other than personnel of the Company or its Affiliates who need to know such information
in connection with the performance of their duties for the Company) or use any Third Party Information, except as such disclosure or
use may be required in connection with the performance of my duties for the Company, or as expressly authorized in writing by an executive
officer of the Company.

 

    	 

     

    

 

2.4.
Exceptions. My obligations under Sections 2.2 and 2.3 hereof shall not apply to the extent that certain Confidential Information:
(a) is or becomes generally known within the Company’s industry through no fault of mine; (b) was known to me prior to my engagement
with the Company as evidenced by my written records at the time of disclosure; (c) is lawfully and in good faith made available to me
by a third party who did not derive it from the Company or the Company’s Affiliates and who imposes no obligation of confidence
to me, the Company, or the Company’s Affiliates; or (d) is required to be disclosed by a governmental authority or by order of
a court of competent jurisdiction, provided that such disclosure is subject to all applicable governmental or judicial protection available
for like material and reasonable advance notice is given to the Company. Further, nothing herein shall restrict me from reporting violations
of law to a governmental agency or engaging in other legally protected conduct.

 

2.5.
Protection and Return of Confidential Information. I agree to exercise all reasonable precautions to protect the integrity and
confidentiality of Confidential Information in my possession and not to remove any materials containing Confidential Information from
the premises of the Company, except to the extent necessary in the performance of my duties for the Company or unless expressly authorized
in writing by an executive officer of the Company. All business records, papers and documents, notes, data, forms, reference and training
materials, leads, and any other records, however documented, kept or made by the Associate and which relate to the business of the Company,
and/or its Confidential Information, shall be and remain the sole property of the Company. Upon the termination of my engagement as an
Associate of the Company, or at any time upon the Company’s request, I shall return immediately to the Company any and all notes,
data, forms, reference and training materials, leads, and any other records memoranda, specifications, devices, formulas and documents,
together with copies thereof, and any other material containing or disclosing any Confidential Information of the Company or Third Party
Information then in my possession or under my control, including any Confidential Information contained on or within any personal computer,
smartphone, tablet, or any other telephonic or electronic communication or data storage device, including those owned by me that were
used during my employment with the Company (all of which are hereinafter collectively called “Electronic Devices”).
The Company shall have the right to inspect any Electronic Device and to remove any Confidential Information therefrom.

 

2.6.
Notice of Immunity. I am hereby notified that under the Defend Trade Secrets Act, (1) an individual shall not be held criminally
or civilly liable under any federal or state trade secret law for disclosure of a trade secret that (A) is made (i) in confidence to
a federal, state, or local government official, either directly or indirectly, or to an attorney, and (ii) solely for the purpose of
reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other
proceeding, if such filing is made under seal, and (2) an individual who files a lawsuit for retaliation by an employer for reporting
a suspected violation of the law may disclose the trade secret to the attorney of the individual and use the trade secret information
in the court proceeding, if the individual

(A)
files any document containing the trade secret under seal and (B) does not disclose the trade secret, except pursuant to court order.

 

3.
ASSIGNMENT OF INVENTIONS.

 

3.1.
Ownership of Inventions. As further clarified in 3.2 below, I acknowledge that all Inventions already existing at the date of
this Agreement or which arise after the date of this Agreement, belong to and are the absolute property of the Company and will not be
used by me for any purpose other than carrying out my duties as an employee of the Company. For purposes of this Article 3 and each subpart,
the term “Company” shall mean AST&Science, LLC, or, if I become employed by any Affiliate, successor or assign
of AST&Science, LLC, such Affiliate, successor or assign.

 

    	 

     

    

 

3.2.
Assignment of Inventions; Enforcement of Rights; Moral Rights.

 

(a)
Subject to Section 3.6, I (i) will immediately notify and disclose to the Company, or any person designated by it; and (ii) hereby assign
and agree to assign in the future to the Company, for no additional consideration, royalty, or compensation, all of my right, title,
and interest, anywhere in the world: in and to any and all information, improvements, formula, process, techniques know- how and data,
inventions, works of authorship, ideas, concepts, materials, methods, databases, compilations, programs, software, discoveries, developments,
designs, artwork, algorithms, including improvements and derivatives thereof, other copyrightable works, and techniques and all intellectual
property rights therein, whether or not patented, patentable, registered or registrable, made, discovered, conceived or reduced to practice
or learned by me, either alone or jointly with others (collectively, the “Invention(s)”), (1) during the time I am
associated with the Company, which are: (A) related to the Company’s business as currently conducted or as may be conducted in
the future, and/or (B) reduced to practice, or caused to be conceived or developed or reduced to practice with the use of any of the
Company’s equipment, supplies, facilities or Confidential Information, or result from or are suggested by any task assigned to
me or any work performed by the Associate for or on behalf of the Company or by the scope of my duties and responsibilities with the
Company, and/or (C) competitive or likely to be competing with the Company’s business as currently conducted and as may be conducted
in the future; and (2) from the time I cease to be associated with the Company, which are: (A) related to, or stem from, the my association
with the Company or the Confidential Information, and/or (B) result from, or are suggested by, any task assigned to me or any work performed
by me for, or on behalf of, the Company or by the scope of my duties and responsibilities with the Company. I agree that Inventions first
reduced to practice within one (l) year after termination of my employment with the Company shall be treated as if conceived during such
employment unless I can establish specific events giving rise to the conception which occurred after such employment. Further, I disclaim
and will not assert any rights in Inventions as having been made, conceived or acquired prior to employment by Company.

 

(b)
I also agree to assign all my right, title and interest in and to any particular Inventions to a third party as directed by the Company.
During and after my engagement as an Associate of the Company, I shall cooperate with the Company, at the Company’s expense, in
obtaining proprietary protection for the Inventions and I shall execute all documents which the Company shall reasonably request in order
to perfect the Company’s rights in the Inventions. I hereby appoint the Company my attorney to execute and deliver any such documents
on my behalf in the event I should fail or refuse to do so within a reasonable period following the Company’s request. I understand
that, to the extent this Agreement shall be construed in accordance with the laws of any country or state which limits the assignability
to the Company of certain inventions, this Agreement shall be interpreted not to apply to any such invention which a court rules or the
Company agrees is subject to such limitation. For the avoidance of doubt, the Company does not own, and the Company is not requiring
me to assign any rights in, any Inventions excluded by applicable state law, such as Illinois Employee Patent Act, 765 Ill. Comp. Stat.
1060, California Labor Code Section 2870, or other similar law to the extent such law applies to me.

 

(c)
Any assignment of Inventions (and any assignment of an Invention as a work made for hire) includes all rights of paternity, integrity,
disclosure and withdrawal and any other rights that may be known as or referred to as “moral rights” (collectively, “Moral
Rights”). To the extent that such Moral Rights cannot be assigned under applicable law and to the extent that the following
is allowed by the laws in the various countries where Moral Rights exist, I hereby waive such Moral Rights and consent to any action
of the Company that would violate such Moral Rights in the absence of such consent. I hereby explicitly waives any interest, claim or
demand for any Moral Rights that I have or may have in the future, with respect to the Inventions and all rights to assert against the
Company, any claim whatsoever, before any forum, including without limitations judicial and administrative forums, with respect to said
Moral Rights.

 

    	 

     

    

 

3.3.
Works for Hire. I acknowledge that all original works of authorship made by me (solely or jointly with others) within the scope
of my engagement as an employee of the Company or any prior engagement by the Company, which are protectable by copyright are intended
to be “works made for hire”, as that term is defined in Section 101 of the United States Copyright Act of 1976 (the
“Act”), or by any analogous law, and shall be the property of the Company, its successors, assigns or nominees, and
that I shall not be entitled to any compensation, royalty, or any other consideration except as explicitly set forth in the employment
agreement between me and the Company, for the creation or assignment of such works made for hire to the Company, its successors, assigns
or nominees; and the Company shall be the sole author within the meaning of the Act. If the copyright to any such copyrightable work
shall not be the property of the Company by operation of law, I will and hereby do, without further consideration, assign to the Company
all of my right, title and interest in such copyrightable work and will cooperate with the Company and its designees, at the Company’s
expense, to secure, maintain and defend for the Company’s benefit copyrights and any extensions and renewals thereof on any and
all such work.

 

3.4.
Records. I agree to keep and maintain adequate and current records (in the form of notes, sketches, drawings and in any other
form that may be required by the Company) of all Inventions made by me during the period of my engagement as an Associate of the Company
or any prior engagement by the Company, which records shall be available to and remain the sole property of the Company at all times.

 

3.5.
Obligation to Keep Company Informed. During the period of my engagement as an Associate of the Company, and for twelve (12) months
after termination of my engagement as an Associate of the Company, I agree to promptly disclose to the Company fully and in writing all
Inventions authored, conceived or reduced to practice by me, either alone or jointly with others. In addition, I will promptly disclose
to the Company all patent applications filed by me or on my behalf within a year after termination of my engagement as an Associate of
the Company.

 

3.6.
Prior Inventions. I further represent that the attached Schedule A contains a complete list of all Prior Inventions. Such
Prior Inventions are considered to be my property or the property of third parties and are not assigned to the Company hereunder. If
there is no such Schedule A completed and attached hereto, I represent that there are no such Prior Inventions. If I am claiming
any Prior Inventions on Schedule A, I agree that, if in the course of my engagement as an Associate of the Company or any prior
engagement by the Company, I incorporate any Prior Invention into a Company product, process or machine, the Company shall automatically
be granted and shall have a non-exclusive, royalty- free, irrevocable, transferable, perpetual, world-wide license (with rights to sublicense)
to make, have made, modify, use and sell such Prior Invention as part of, or in connection with, such product, process or machine. Notwithstanding
the foregoing, I agree that I will not incorporate, or permit to be incorporated, Prior Inventions in any Company Inventions without
the Company’s prior written consent.

 

4.
OTHER AGREEMENTS.

 

4.1.
No Conflicting Obligations. I hereby represent to the Company that, except as identified on Schedule B, I am not bound
by any agreement or any other previous or existing business relationship which conflicts with or prevents the full performance of my
duties and obligations to the Company (including my duties and obligations under this or any other agreement with the Company) during
my engagement as an Associate of the Company. I agree I will not enter into any agreement either written or oral that conflicts with
this Agreement.

 

    	 

     

    

 

4.2.
No Improper Use of Information of Prior Employers or Others. I understand that the Company does not desire to acquire from me
any trade secrets, know-how or confidential business information I may have acquired from others. Therefore, I agree during my engagement
as an Associate of the Company, I will not improperly use or disclose any proprietary information or trade secrets of any former or concurrent
employer, or any other person or entity with whom I have an agreement or to whom I owe a duty to keep such information in confidence.
Those persons or entities with whom I have such agreements or to whom I owe such a duty are identified on Schedule B.

 

5.
NON-COMPETITION. I agree that while I am engaged as an Associate of the Company or any Affiliates and for the period of one (1) year
immediately following the termination or cessation of such engagement for any reason, I shall not, without the Company’s prior
written consent, directly or indirectly, for my own benefit or for the benefit of any other person or entity, (a) engage in, conduct,
or manage, or prepare to engage in, conduct or manage, the Business, or any part thereof, in direct or indirect competition with the
Company or any of its Affiliates, (b) invest in or own (other than in my capacity as a holder of not more than 1% of the combined voting
power of the outstanding stock of a publicly held company) a Competitor, or (c) become employed or engaged by or render services to a
Competitor, whether as a principal, director, owner, agent, employee, consultant, contractor, partner, or stockholder of, or in any other
capacity, excluding roles that are wholly unrelated to the Business and in which I could not reasonably be expected to use or disclose
any Confidential Information.

 

For
purposes of this Section 5:

 

The
“Business” of the Company and/or any of its Affiliates shall be defined as: Providing connectivity to and from space,
airborne, and high altitude platforms using standard user equipment, such as cellular phones, IoT equipment, and other mobile equipment,
using 3GPP/2G/3G/4G/5G frequencies or technology or any other businesses that the Company engages in or has material plans to engage
in during my employment or upon my termination. I acknowledge that the Company is engaged in the Business worldwide.

 

A
“Competitor” of the Company and/or any of its affiliates shall be defined as: Any person or entity who engages in
the Business in direct or indirect competition with the Company or any of its Affiliates, in any city, county, territory, state, or country
where the Company or any of its Affiliates conduct business or where I had a material presence during my engagement with the Company.

 

6.
GENERAL NON-SOLICITATION. I agree that while I am engaged as an Associate of the Company or any Affiliates and for the period of
one (1) year immediately following the termination or cessation of such engagement for any reason, I shall not, directly or indirectly,
for my own benefit or for the benefit of any other person or entity: (a) solicit, divert or take away, or attempt to divert or take away,
the business or patronage of any of the clients, customers or accounts, or prospective clients, customers or accounts, of the Company
or its Affiliates which were contacted, solicited or served by me while I was engaged as an Associate of the Company or any Affiliate,
(b) provide or offer to provide goods or services to any client or customer of the Company or its Affiliates, that are similar to any
goods or services which the Company or any of its Affiliates provides or could provide, or (c) interfere with or harm the Company’s
or an of its Affiliate’s business relationships with any of their clients, customers, accounts, suppliers, vendors, or other business
relations.

 

7.
NON-SOLICITATION OF EMPLOYEES AND CONSULTANTS. I agree that while I am engaged as an Associate of the Company or any Affiliates and
for the period of one (1) year immediately following the termination or cessation of such engagement for any reason, I shall not, directly
or indirectly, for my own benefit or the benefit of any other person or entity: (a) hire, recruit, or solicit, or attempt to hire, recruit,
or solicit any employee, independent contractor or consultant of the Company or its Affiliates; (b) induce or attempt to induce any employee,
independent contractor or consultant of the Company or its Affiliates to discontinue his or her or its relationship with the Company
or its Affiliates, or (c) interfere with or harm the Company’s or any of its Affiliate’s relationships with any of their
employees, independent contractors, or consultants.

 

    	 

     

    

 

8.
NOTICE OF SUBSEQUENT EMPLOYMENT OR ENGAGEMENT. I shall, for a period of one (1) year after the termination or cessation of my engagement
as an Associate of the Company, notify the Company of any change of address, and of any subsequent employment or engagement (stating
the name and address of the employer and the nature of the position) or any other business activity.

 

9.
GENERAL.

 

9.1.
Assignment; Successors and Assigns. This Agreement may not be assigned by either party except that the Company may assign this
Agreement to any Affiliate or in connection with the merger, consolidation or sale of all or substantially all of its business or assets.
This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and other legal
representatives and, to the extent that any assignment hereof is permitted hereunder, their assignees.

 

9.2.
Entire Agreement. The obligations pursuant to Sections 2 and 3 of this Agreement shall apply to any time during which I was previously
engaged as an Associate of the Company, or am in the future engaged as an Associate of the Company or any Affiliate if no other agreement
governs nondisclosure and assignment of inventions during such period. This Agreement supersedes all prior agreements, written or oral,
with respect to the subject matter of this Agreement.

 

9.3.
Severability. In the event that any one or more of the provisions contained herein shall, for any reason, be held to be invalid,
illegal, or unenforceable in any respect, such invalidity, illegality, or unenforceability shall not affect any other provisions of this
Agreement, and all other provisions shall remain in full force and effect. If any of the provisions of this Agreement is held to be excessively
broad, it shall be reformed and construed by limiting and reducing it so as to be enforceable to the maximum extent permitted by law.
I agree that should I violate any obligation imposed on me in this Agreement, I shall continue to be bound by the obligation until a
period equal to the term of such obligation without violation of such obligation.

 

9.4.
Amendments and Waivers. No modification of or amendment to this Agreement, nor any waiver of any rights under this Agreement,
will be effective unless in writing and signed by the party to be charged. No delay or omission by the Company in exercising any right
under this Agreement will operate as a waiver of that or any other right. A waiver or consent given by the Company on any occasion if
effective only in that instance and will not be construed as a bar to or waiver of any right on any other occasion.

 

9.5.
At-Will. I understand that this Agreement does not constitute a contract of employment or create an obligation on the part of
the Company to continue my employment (if any) with the Company. I understand that my employment or engagement is “at will”
and that my obligations under this Agreement shall not be affected by any change in my title, job function, authority, duties or responsibilities,
or compensation or benefits by the Company. Any subsequent change or changes in my title, job function, authority, duties or responsibilities,
or compensation or benefits will not affect the validity or scope of this Agreement.

 

9.6.
Legal and Equitable Remedies. I acknowledge that (a) the business of the Company and its Affiliates is global in scope and its
services may be marketed and sold throughout the world; (b) the Company and its Affiliates compete with other businesses that are or
could be located in any part of the world; (c) the Company has required that I make the covenants contained in this Agreement as a condition
to my engagement as an Associate of the Company; and (d) the restrictions contained in this Agreement are necessary for the protection
of the business and goodwill of the Company and its Affiliates and are reasonable for such purpose. I agree that any breach of this Agreement
by me will cause irreparable damage to the Company and its Affiliates and that in the event of such breach, the Company shall be entitled,
in addition to monetary damages and to any other remedies available to the Company under this Agreement and at law, to equitable relief,
including injunctive relief, and to payment by myself of all costs incurred by the Company in enforcing of the provisions of this Agreement,
including reasonable attorneys’ fees. I agree that should I violate any obligation imposed on me in this Agreement, I shall continue
to be bound by the obligation until a period equal to the term of such obligation has expired without violation of such obligation.

 

    	 

     

    

 

9.7.
Governing Law. This Agreement shall be construed as a sealed instrument and shall in all events and for all purposes be governed
by, and construed in accordance with, the laws of the State of Florida without regard to any choice of law principle that would dictate
the application of the laws of another jurisdiction. Any action, suit or other legal proceeding which I may commence to resolve any matter
arising under or relating to any provision of this Agreement shall be commenced only in a court in Miami Dade County, State of Florida
(or, if appropriate, a federal court located within Miami Dade County, State of Florida), and I hereby consent to the jurisdiction of
such court with respect to any action, suit or proceeding commenced in such court by the Company.

 

IN
WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written as an instrument under seal.

 

	 	ASSOCIATE
	 	 
	 	/s/
    Shanti Gupta
	 	Shanti
    Gupta
	 	Chief
    Accounting Officer

 

	 	AST&SCIENCE,
    LLC
	 	 
	 	/s/
    Thomas Severson
	 	Thomas
    Severson
	 	CFO
    and COO

 

    	 

     

    

 

Schedule
A

 

Prior
Inventions:

 

Please
List or write “None”:

 

Schedule
B

Conflicting
Agreements/Obligations

 

Please
List or write “None”:Document

Exhibit 10.1

PACIFIC OAK STRATEGIC OPPORTUNITY REIT, INC.
AMENDMENT NO. 1 TO RESTRICTED STOCK AGREEMENT
FOR
KBS CAPITAL ADVISORS LLC
THIS AMENDMENT NO. 1 TO RESTRICTED STOCK AGREEMENT (this “Amendment”), dated and effective as of September 1, 2021, is made by and among Pacific Oak Strategic Opportunity REIT, Inc. (the “Company”), KBS Capital Advisors LLC (the “Recipient”), and GKP Holding LLC, a Delaware limited liability company (“GKP”). 
W I T N E S S E T H 
WHEREAS, the Company and the Recipient have previously entered into that certain Restricted Stock Agreement, dated as of March 27, 2020 (the “Agreement”); 
WHEREAS, the Company and the Recipient desire to amend the Agreement as set forth herein; 
WHEREAS, GKP desires to become a party to this Amendment, as set forth herein; and
WHEREAS, capitalized terms used but not defined herein shall have the meanings given to such terms in the Agreement. 
NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants and agreements contained herein, the parties hereto agree as follows: 
1.Vesting and Release of Certain Shares of Restricted Stock.  The parties hereby agree that 1,157,448 of the Shares of Restricted Stock awarded to Recipient pursuant to the Agreement shall, subject to restrictions and requirements under the Company’s charter and any applicable securities laws, be immediately vested, transferable and fully released from all restrictions and requirements under the Agreement, but shall be subject to any applicable restrictions under this Amendment including but not limited to those under Section 4 and Section 10.  Such Shares are defined herein as the “Released Shares”.
2.Repurchase of Certain Shares of Restricted Stock.  For consideration of $5,655,705 in cash, paid by the Company to the Recipient contemporaneously with the execution of this Agreement, Recipient does hereby sell, assign, transfer, convey, grant, bargain, set over, release and deliver 584,267 of the Released Shares of Restricted Stock awarded to Recipient pursuant to the Agreement back to the Company, its successors and assigns, to have and to hold forever, free and clear of any security interest, pledge, mortgage, lien (including environmental and tax liens), charge, encumbrance, adverse claim, preferential arrangement, or restriction of any kind, including, without limitation, any restriction on the use, voting, transfer, receipt of income or other exercise of any attributes of ownership.  Such Shares are defined herein as the “Repurchased Shares”.
- 1 -    

3.Transfer of Certain Shares of Restricted Stock.  The parties hereby agree that for good and valuable consideration, receipt of which is hereby acknowledged, the Recipient does hereby sell, assign, transfer, convey, grant, bargain, set over, release and deliver 2,254,289 of the Shares of Restricted Stock awarded to Recipient pursuant to the Agreement to GKP, its successors and assigns, to have and to hold forever, free and clear of any security interest, pledge, mortgage, lien (including environmental and tax liens), charge, encumbrance, adverse claim, preferential arrangement, or restriction of any kind, including, without limitation, any restriction on the use, voting, transfer, receipt of income or other exercise of any attributes of ownership, other than those restrictions set forth in the Company’s charter and specifically set forth herein.  Such Shares are defined herein as the “GKP Restricted Shares”.
4.Remaining Shares.   With respect to Released Shares not repurchased pursuant to Section 2 of this Amendment and other than the 513,467 Released Shares to be transferred to the Affiliated Transferees (as defined in Section 10(e)), such remaining Released Shares (the “Retained Vested Shares”) shall not be eligible for redemption under the Company’s share redemption program unless the Company has satisfied all outstanding redemption requests from other stockholders, provided that (a) this restriction may be waived in certain situations, such as upon a change of control of the Company, as determined by the Conflicts Committee of the Board and (b) notwithstanding the foregoing, within 60 days after November 1, 2024, the Company shall be required to redeem, and the holder will transfer to the Company, any remaining outstanding Retained Vested Shares, separate and outside of any general stockholder share redemption program, at the then most recent Board-approved net asset value per Share (which shall not be more than six months old).  The number of Shares governed by this Section 4 is 59,714. 
5.Restrictions on GKP Restricted Shares.  The GKP Restricted Shares shall be subject to the terms, provisions and restrictions set forth in this Amendment.  
6.Vesting of GKP Restricted Shares.  
(a)General Vesting.  All of the GKP Restricted Shares are nonvested and forfeitable as of the date of this Amendment.  Subject to the terms of this Amendment, all of the GKP Restricted Shares shall vest on the earliest of the following:  (i) July 1, 2026; or (ii) immediately before and contingent upon the occurrence of a Change in Control (as defined below).  Notwithstanding the foregoing, and at the option of either Keith Hall’s estate  or Peter McMillan’s estate, that in the event of the death of either Keith Hall or Peter McMillan, such event can trigger the vesting of that number of GKP Restricted Shares corresponding to 100% of the deceased party’s proportional economic interest in GKP Restricted Shares.
(b)Acceleration of Vesting at Company Discretion.  Notwithstanding any other term or provision of this Agreement, the Board shall be authorized, in its sole discretion, to accelerate the vesting of any GKP Restricted Shares under this Amendment, at such times and upon such terms and conditions as the Board shall deem advisable.
(c)Certain Definitions.  For purposes of this Amendment, the following terms shall have the meanings indicated:
- 2 -

(i)“Non-Vested GKP Restricted Shares” means any portion of the GKP Restricted Shares subject to this Amendment that has not become vested pursuant to this Section 6. 
(ii)“Vested GKP Restricted Shares” means any portion of the GKP Restricted Shares subject to this Amendment that is and has become vested pursuant to this Section 6.
7.Delivery of GKP Restricted Shares.  
(a)Issuance of Stock Certificates and Legends.  One or more stock certificates evidencing the GKP Restricted Shares shall be issued in the name of GKP but shall be held and retained by the records administrator of the Company until the date (the “GKP Applicable Date”) on which the GKP Restricted Shares (or a portion thereof) become Vested GKP Restricted Shares.  All such stock certificates shall bear the following legend, along with such other legends that the Company shall deem necessary and appropriate:
THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO SUBSTANTIAL VESTING, TRANSFER AND OTHER RESTRICTIONS AS SET FORTH IN THE RESTRICTED STOCK AGREEMENT BETWEEN THE ISSUER AND THE ORIGINAL HOLDER OF THE SHARES, A COPY OF WHICH MAY BE OBTAINED AT THE PRINCIPAL OFFICE OF THE ISSUER.  SUCH RESTRICTIONS ARE BINDING ON TRANSFEREES OF THESE SHARES, AND INCLUDE VESTING CONDITIONS WHICH MAY RESULT IN THE COMPLETE FORFEITURE OF THE SHARES.
(b)Stock Powers.  GKP shall deposit with the Company stock powers or other instruments of transfer or assignment, duly endorsed in blank with signature(s) guaranteed, corresponding to each certificate representing GKP Restricted Shares (or if GKP Restricted Shares are issued without certificates, corresponding to all the GKP Restricted Shares registered in the name of GKP) until such GKP Restricted Shares become Vested GKP Restricted Shares.  If GKP shall fail to provide the Company with any such stock power or other instrument of transfer or assignment, the Recipient hereby irrevocably appoints the Secretary of the Company as his attorney-in-fact, with full power of appointment and substitution, to execute and deliver any such power or other instrument which may be necessary to effectuate the transfer of the GKP Restricted Shares (or assignment of distributions thereon) on the books and records of the Company.
(c)Delivery of Stock Certificates.  On or after each GKP Applicable Date, upon written request to the Company by GKP, the Company shall promptly cause a new certificate or certificates to be issued for and with respect to all GKP Restricted Shares that become Vested GKP Restricted Shares on that GKP Applicable Date, which certificate(s) shall be delivered to GKP as soon as administratively practicable after the date of receipt by the Company of GKP’s written request.  The new certificate or certificates shall continue to bear those legends and endorsements that the Company shall deem necessary or appropriate (including those relating to restrictions on transferability and/or obligations and restrictions under any applicable securities 
- 3 -    

laws).  If the GKP Restricted Shares are issued without certificates, then on or after each GKP Applicable Date, upon written request to the Company by GKP, the Company shall promptly take such action as shall be necessary or appropriate to reflect on the Company’s books and records (and on the books and records of the transfer agent for the Company’s Shares), that those GKP Restricted Shares that vest on that GKP Applicable Date are Vested GKP Restricted Shares.
(d)Issuance Without Certificates.  If the Company is authorized to issue GKP Restricted Shares without certificates, then the Company may, in the discretion of the Company’s management, issue GKP Restricted Shares pursuant to this Amendment without certificates.
8.Forfeiture of Shares.  Notwithstanding any other provision of this Amendment to the contrary, any Non-Vested GKP Restricted Shares will be immediately forfeited under the following circumstances described below:
(a)Failure to Honor Non-Compete and Liquidity Agreement.  All Non-Vested GKP Restricted Shares shall be forfeited immediately if GKP or any of its Affiliates fail to honor and observe either provision of the following provisions (the “Non-Compete and Liquidity Agreement”).  Notwithstanding the foregoing, to the extent that only one of either Mr. McMillan or Mr. Hall violates any of the non-compete provisions, only that number of Non-Vested GKP Restricted Shares corresponding to the violating party’s proportional economic interest in Non-Vested GKP Restricted Shares shall be forfeited. GKP agrees to the following arrangement with respect to the Company in connection with the receipt of the GKP Restricted Shares: 
1. After the date of this Amendment, GKP and its affiliates will not form a competing entity in commercial real estate investment management to the Company, which has a similar focus on opportunistic commercial real estate investments, without Conflicts Committee approval.  This includes in the non-traded REIT space, public REITs, or separate account management for institutional accounts including, but not limited to domestic pension funds (public or corporate), international pension funds (public or corporate), sovereign wealth funds, family offices, or any other institutional investor. The Company recognizes the existence of Pacific Oak (where “Pacific Oak” is defined as Pacific Oak Capital Advisors LLC and its affiliates other than the Company and its subsidiaries) investment programs either currently in place or in process including, but not limited to Battery Point, DayMark, PORT II or other single-family rental focused entities, the SmartStop Self Storage Joint Venture, Pacific Oak Holdings, and KORE Pacific Advisors. It is further recognized that to be considered a competing entity, the Company must have capital to invest at the time.
2. Pacific Oak will enable the Company to provide meaningful liquidity to its shareholders within five years from the date of this Amendment, defined as successfully converting to an NAV REIT with an expanded share redemption plan, or a public listing, or reopening the share redemption plan for ordinary redemptions, announcing and beginning a liquidation plan for the Company, or a similarly significant liquidity event to any of the foregoing liquidity events.  
- 4 -

(b)Failure to Vote.  Until November 1, 2021, all of GKP’s Non-Vested Shares shall be forfeited immediately, at the Conflict Committee’s discretion, in any of the following circumstances:
•If GKP attends or returns a proxy to be present at a meeting of Company stockholders, but fails to either: (1) abstain on any matters that the Board determines that GKP cannot vote on pursuant to the Company’s charter or otherwise should abstain and provides GKP with 5 business days’ prior written notice of such determination or (2) with respect to all other matters, vote all GKP Restricted Shares in accordance with the recommendations of the Board.   
•If GKP fails to attend or return a proxy to be present at a meeting of Company stockholders if such meeting has been adjourned at least once in order to obtain additional stockholder attendance or votes and GKP has been given 5 business days’ prior written notice of such fact.  
(c)Nomination of Directors.  Until November 1, 2021, all Non-Vested GKP Restricted Shares shall be forfeited immediately if GKP makes any stockholder nominations of directors to the Board, unless the Conflicts Committee of the Board has provided its prior written consent to such nomination(s).
(d)Compliance with Law.  If necessary to satisfy any law, regulation, rule or administrative decision with respect to the Company’s ongoing operations, including any ongoing offering of Common Stock, the Company shall have authority to cause the forfeiture of any Non-Vested GKP Restricted Shares and replace any such forfeited Non-Vested GKP Restricted Shares with a form of compensation that is, as close as reasonably practicable as determined in the Board’s discretion, economically equivalent as of the date of such replacement or modification.  
(e)Transfer of Interests in GKP.  GKP represents and warrants that Peter McMillan and Keith Hall each own 50% ownership interests in GKP and are the only managers of GKP.  All of Vested GKP Restricted Shares and/or Non-Vested GKP Restricted Shares may be forfeited immediately, at the Conflict Committee’s discretion, upon any transfer of ownership interests in GKP without the Company’s prior consent. Transfers for Estate Planning or community property settlement are not subject to this provision and are therefore approved as of the date of this agreement.
9.Enforcement. 
(a)GKP acknowledges and agrees that its obligations set forth in Section 8(a) are independent covenants and agreements and can be enforced by the Company separate and apart from this Amendment, and are a condition precedent to this Amendment.  Therefore, in addition to any other provision or remedy set forth in this Amendment, the Company shall be entitled to all remedies at law and equity resulting from breach of the obligations of set forth in Section 8(a) and such remedies shall be cumulative with all provisions of this Amendment.  
- 5 -    

(b)GKP acknowledges and agrees that the injury that would be suffered by the Company or its Affiliates as a result of violation of Section 8(a) would be irreparable and that an award of monetary damages to the Company or its Affiliates for such a breach would be an inadequate remedy.  Consequently, the forfeiture of Non-Vested GKP Restricted Shares is fair and reasonable under the circumstances.
(c)If any provision of Section 8(a) is held to be unreasonable, arbitrary, or against public policy, such covenant and corresponding forfeiture will be considered to be divisible, including with respect to scope, time, geographic area and number of Non-Vested GKP Restricted Shares to be forfeited, and such lesser scope, time, geographic area or number of Non-Vested GKP Restricted Shares, or all of them, as a court of competent jurisdiction may determine to be reasonable, not arbitrary, and not against public policy, will be effective, binding, and enforceable against GKP to the maximum extent permitted by applicable law.
10.Rights with Respect to Restricted Stock.
(a)General.  Except as otherwise provided in this Amendment, GKP, successors and assigns shall have, with respect to all of the GKP Restricted Shares, whether Vested GKP Restricted Shares or Non-Vested GKP Restricted Shares, all of the rights of a holder of Shares of common stock of the Company, including without limitation (i) the right to vote such GKP Restricted Shares, (ii) the right to receive dividends, if any, as may be declared on the GKP Restricted Shares from time to time, and (iii) the rights available to all holders of Shares upon any merger, consolidation, reorganization, liquidation or dissolution, stock splitup, stock dividend or recapitalization undertaken by the Company; provided, however, that all of such rights shall be subject to the terms, provisions, conditions and restrictions set forth in this Amendment (including without limitation conditions under which all such rights shall be forfeited).  Any cash dividends (or dividends paid in the form of property other than Shares) paid with respect to any GKP Restricted Shares shall be paid at the same time as those dividends are paid by the Company to other holders of Shares (reduced by any applicable federal, state, local or foreign withholding taxes thereon).  Any Shares issued to GKP as a dividend with respect to GKP Restricted Shares shall have the same status and transfer restrictions and bear the same legend as the GKP Restricted Shares, and shall be held by the Company if the GKP Restricted Shares Stock that such dividend is attributed to are being so held, unless otherwise determined by the Board.  
(b)Adjustments to Shares.  If at any time there shall be any increase or decrease in the number of issued and outstanding Shares of the Company through the declaration of a stock dividend or through any recapitalization resulting in a stock split-up, combination or exchange of such Shares, then and in that event, the Board shall make any adjustments it deems fair and appropriate, in view of such change, in the number of GKP Restricted Shares then subject to this Amendment.  If any such adjustment shall result in a fractional Share, such fraction shall be disregarded.
(c)No Restrictions on Certain Transactions.  Notwithstanding any term or provision of this Amendment to the contrary, the existence of this Amendment, or of any outstanding GKP Restricted Shares awarded hereunder, shall not affect in any manner the right, power or authority 
- 6 -

of the Company to make, authorize or consummate: (i) any or all adjustments, recapitalizations, reorganizations or other changes in the Company's capital structure or its business; (ii) any merger, consolidation or similar transaction by or of the Company; (iii) any offer, issue or sale by the Company of any capital stock of the Company, including any equity or debt securities, or preferred or preference stock that would rank prior to or on parity with the GKP Restricted Shares and/or that would include, have or possess other rights, benefits and/or preferences superior to those that the GKP Restricted Shares includes, has or possesses, or any warrants, options or rights with respect to any of the foregoing; (iv) the dissolution or liquidation of the Company; (v) any sale, transfer or assignment of all or any part of the stock, assets or business of the Company; (vi) any dividend or other distribution of cash, Shares or other property by the Company; or (vii) any other corporate transaction, act or proceeding (whether of a similar character or otherwise).
(d)Share Redemption Program.  Non-Vested GKP Restricted Shares shall not be eligible for redemption by the Company under any circumstances unless approved by the Board.  After the vesting of the GKP Restricted Shares, and only upon receiving a request from GKP and the consent of the Conflicts Committee, within 60 days of the request the Company will redeem, and GKP will transfer to the Company, 50% of such Vested GKP Restricted Shares, with the amount of the cash payment per Share determined based on the then most recent Board-approved net asset value of the Shares (which shall not be more than six months old).  Any Vested GKP Restricted Shares that are not required to be redeemed in accordance with the preceding sentence are referred to herein as the “Retained Vested GKP Restricted Shares.”  Retained Vested GKP Restricted Shares shall not be eligible for redemption under the Company’s share redemption program (the “SRP”) unless the Company has satisfied all outstanding redemption requests from other stockholders, provided that this restriction may be waived in certain situations, such as upon a change of control of the Company, as determined by the Conflicts Committee of the Board.  
(e)Share Transfer Restrictions.  The Released Shares received by the parties to this Amendment (or transferred to Recipient’s or its affiliates’ current or former employees, or certain designated employees of Pacific Oak, as described below (collectively, “Affiliated Transferees”)) shall be subject to the transfer restrictions described herein. Subject to Section 4 hereof with respect the Retained Vested Shares, such shares shall be eligible for redemption under the Company’s SRP or tendering in third-party tender offers.  However, the Released Shares have not been registered under federal or state securities laws and may not be offered or sold, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of such laws.  For 12 months from the date of this Amendment, transfers of Released Shares outside of the SRP or third-party tender offers will only be permitted on a case-by-case basis if approved by the Company and such transfers must comply with applicable laws.  The foregoing transfer restrictions shall not apply to transfers from Recipient to Affiliated Transferees if Recipient has received advice from its counsel that such transfers comply with all federal or state securities laws.  Any attempt to transfer securities without compliance with this paragraph shall be voidable at the option of the Company.  
11.Transferability.  
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(a)Except for Estate Planning or community property division or unless otherwise determined by the Board, the GKP Restricted Shares are not transferable unless and until they become Vested GKP Restricted Shares in accordance with this Amendment.  The terms of this Amendment shall be binding upon the successors and assigns of GKP.  Any attempt to effect a Transfer (as defined below) of any GKP Restricted Shares prior to the date on which the GKP Restricted Shares become Vested GKP Restricted Shares shall be void ab initio.  For purposes of this Amendment, “Transfer” shall mean any sale, transfer, encumbrance, gift, donation, assignment, pledge, hypothecation, or other disposition, whether similar or dissimilar to those previously enumerated, whether voluntary or involuntary, and including, but not limited to, any disposition by operation of law, by court order, by judicial process, or by foreclosure, levy or attachment.
(b)Unless otherwise consented to in writing by the Company, in its sole discretion, this Amendment (and GKP’s rights hereunder) may not be assigned, and the obligations of GKP hereunder may not be delegated, in whole or in part.  The rights and obligations created hereunder shall be binding on GKP and its heirs and legal representatives and on the successors and assigns of the Company.
12.Responsibilities for Tax Consequences.  The tax consequences to GKP and the Recipient (including without limitation federal, state, local and foreign income tax consequences) with respect to the GKP Restricted Shares (including without limitation the grant, vesting and/or forfeiture thereof) and this Amendment are the sole responsibility of GKP and the Recipient, respectively.  
13.Amendment.  This Amendment may be amended only with the written consent of the Company, the Recipient and GKP, except that amendments to Sections 1-4 do not require the consent of GKP and amendments to Sections 5-11 do not require the consent of the Recipient. 
14.Complete Agreement.  This Amendment (together with the Agreement and those agreements and documents expressly referred to herein, for the purposes referred to herein) embody the complete and entire agreement and understanding between the parties with respect to the subject matter hereof, and supersede any and all prior promises, assurances, commitments, agreements, undertakings or representations, whether oral, written, electronic or otherwise, and whether express or implied, which may relate to the subject matter hereof in any way. No promises, assurances, commitments, agreements, undertakings or representations, whether oral, written, electronic or otherwise, and whether express or implied, with respect to the subject matter hereof, have been made by any party which are not set forth expressly in the Agreement or this Amendment.  
15.Miscellaneous.
(a)Severability.  If any term or provision of this Amendment is or becomes or is deemed to be invalid, illegal or unenforceable in any jurisdiction or under any applicable law, rule or regulation, then such provision shall be construed or deemed amended to conform to applicable law (or if such provision cannot be so construed or deemed amended without materially altering the purpose or intent of this Agreement and the transfer of GKP Restricted 
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Shares hereunder, such provision shall be stricken as to such jurisdiction and the remainder of this Agreement and the award hereunder shall remain in full force and effect).
(b)Law Governing.  This Amendment shall be governed by and construed and enforced in accordance with the internal laws of the State of Maryland (without reference to the conflict of laws rules or principles thereof).
(c)Interpretation.  GKP accepts the GKP Restricted Shares subject to all of the terms, provisions and restrictions of this Agreement.  The undersigned GKP hereby accepts as binding, conclusive and final all decisions or interpretations of the Company upon any questions arising under this Agreement.  
(d)Headings.  Section, paragraph and other headings and captions are provided solely as a convenience to facilitate reference.  Such headings and captions shall not be deemed in any way material or relevant to the construction, meaning or interpretation of this Amendment or any term or provision hereof.
(e)Notices..  Any notice under this Amendment shall be in writing and shall be deemed to have been duly given when delivered by hand or by overnight mail or other overnight delivery service to the addresses set forth herein:
To the Company or the Board:
Pacific Oak Strategic Opportunity REIT, Inc. 
11766 Wilshire Blvd., Suite 1670
Los Angeles, California 90025

To the Recipient:
KBS Capital Advisors LLC
800 Newport Center Drive, Suite 700
Newport Beach, California 92660

To GKP:
GKP Holding LLC
11766 Wilshire Blvd., Suite 1670
Los Angeles, California 90025

Either party may at any time give notice in writing to the other party of a change in its address for the purposes of this Section 15(e).
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(f)Non-Waiver of Breach.  The waiver by any party hereto of the other party's prompt and complete performance, or breach or violation, of any term or provision of this Amendment shall be effected solely in a writing signed by such party, and shall not operate nor be construed as a waiver of any subsequent breach or violation, and the waiver by any party hereto to exercise any right or remedy which he or it may possess shall not operate nor be construed as the waiver of such right or remedy by such party, or as a bar to the exercise of such right or remedy by such party, upon the occurrence of any subsequent breach or violation.  
(g)Counterparts.  This Amendment may be executed in multiple separate counterparts, each of which shall be an original, and all of which together shall constitute one and the same agreement.
(h)Arbitration.  To the extent that a dispute arises between the parties under this Amendment, the parties agree to attempt to settle such dispute through non-binding mediation to be held for a maximum of one day administered by the Judicial Arbiter Group ("JAG"), before a mutually agreed representative of JAG, in accordance with its commercial mediation rules then in effect. If such dispute cannot be resolved through mediation, it shall be resolved by binding arbitration before a panel of three arbitrators of JAG (selected by the JAG mediator) under the commercial arbitration rules then in effect. Each party shall bear its own legal, accounting and other similar fees incurred in connection with such arbitration; provided that (a) the losing party shall bear the costs of such arbitration and (b) the arbitrators shall award legal fees to the prevailing party in such dispute. Such arbitration and determination shall be final and binding on the parties and judgment may be entered upon such determination in any court having jurisdiction thereof (and such judgment enforced, if necessary, through judicial proceedings). It is understood and agreed that the arbitrators shall be specifically empowered to designate and award any remedy available at law or in equity, including specific performance. The parties agree that any such mediation or arbitration shall be conducted in Los Angeles, California. 
(i)Termination of this Agreement.  Upon vesting of all Non-Vested GKP Restricted Shares, this Amendment shall terminate, except any provisions under Section 10(d).

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IN WITNESS WHEREOF, the parties hereto, intending to be legally bound, have executed this Amendment as of the date first written above.
									
			PACIFIC OAK STRATEGIC OPPORTUNITY REIT, INC.

By:/s/ Keith D. Hall                                                            
         Keith D. Hall, Chief Executive Officer

KBS CAPITAL ADVISORS LLC

By:    PBren Investments, L.P., a Manager

    By:    PBren Investments, LLC, as general
        partner

        By:    PBCS Management, LLC,
            a Manager

        By:/s/ Charles J. Schreiber, Jr.    
                 Charles J. Schreiber, Jr., Manager

By:    Schreiber Real Estate Investments, L.P.,
    a Manager

By:    Schreiber Investments, LLC, as general
        partner

        By:    PBCS Management, LLC,
            a Manager

        By:/s/ Charles J. Schreiber, Jr.     
                 Charles J. Schreiber, Jr., Manager

			GKP HOLDING LLC

By:/s/ Peter McMillan                    
    Peter McMillan, Manager

By:/s/ Keith Hall                    
    Keith Hall, Manager

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