Document:

ADVISORY AGREEMENT

 

BY AND BETWEEN

 

SENTIO HEALTHCARE PROPERTIES, INC.

 

(“COMPANY”)

 

AND

 

SENTIO INVESTMENTS, LLC

 

(“ADVISOR”)

 

    	 

    	 	

    
  

TABLE OF CONTENTS

 

Page

 

	1. Definitions	1
	2. Appointment	8
	3. Authority of the Advisor	8
	4. Duties of the Advisor	9
	5. Bank Accounts	15
	6. Records; Financial Statements	15
	7. Limitations on Activities	16
	8. Fees	16
	9. Expenses	20
	10. Other Activities of the Advisor	22
	11. Time Commitment	23
	12. Relationship of Advisor and Company	23
	13. Representations and Warranties	23
	14. Term; Termination of Agreement	25
	15. Termination	25
	16. Payments to and Duties of Advisor upon Termination	25
	17. Assignment to an Affiliate	26
	18. Indemnification by the Company	26
	19. Advisor’s Liability	26
	20. Notices	26
	21. Modification	27
	22. Severability	27
	23. Construction; Consent to Jurisdiction	27
	24. Attorneys’ Fees	27
	25. Entire Agreement	27
	26. Indulgences, Not Waivers	27
	27. Gender	28
	28. Titles Not to Affect Interpretation	28
	29. Execution in Counterparts	28
	30. Name	28

 

    	i

    	 

    
  

ADVISORY AGREEMENT

 

THIS ADVISORY AGREEMENT, dated as of January
1, 2013 (the “Agreement”), is entered into between SENTIO HEALTHCARE PROPERTIES, INC., a Maryland corporation
(f/k/a Cornerstone Healthcare Plus REIT, Inc.) (the “Company”), and SENTIO INVESTMENTS, LLC a Florida limited
liability company (f/k/a Springlake Healthcare Capital, LLC) (the “Advisor”).

 

WITNESSETH

 

WHEREAS, the Company desires to avail itself
of the experience, sources of information, advice, assistance and certain facilities available to the Advisor and to have the Advisor
undertake the duties and responsibilities hereinafter set forth, on behalf of, and subject to the supervision of, the Board of
Directors, all as provided herein;

 

WHEREAS, the Advisor is willing to undertake
to render advisory services to the Company, subject to the supervision of the Board of Directors of the Company, on the terms and
conditions hereinafter set forth.

 

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

 

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

 

“Acquisition Expenses”
means all expenses, excluding the fee payable to the Advisor pursuant to Section 8(a), incurred by the Company, the Advisor, or
any Affiliate of either in connection with the Company’s sourcing, selection, evaluation and acquisition of, and or development
of any property or other potential investment in, Properties, Loans, or other Permitted Investments whether or not acquired or
made, including but not limited to legal fees and expenses, travel and communications expenses, costs of appraisals and surveys,
nonrefundable option payments on Property, Loans, or other Permitted Investments whether or not acquired, accounting fees and expenses,
computer use-related expenses, architectural and engineering reports, environmental reports, property inspection reports, title
insurance and escrow fees, and any other reasonable due diligence costs incurred in connection with the potential investment in,
Properties, Loans, or other Permitted Investments whether or not acquired or made.

 

“Acquisition Fees” means
the fee payable to the Advisor pursuant to Section 8(a), plus any and all fees and commissions, exclusive of Acquisition Expenses,
paid by any Person to any other Person (including any fees or commissions paid by or to any Affiliate of the Company or the Advisor)
in connection with the making or investing in any Property, Loans, or other Permitted Investments or the purchase, development
or construction of a Property by the Company. Included in the computation of such fees shall be any real estate commissions, acquisition
fees, finder’s fees, selection fees, Development Fees and Construction Fees (except as provided in the following sentence),
nonrecurring management fees, consulting fees, loan fees, points, or any other fees or commissions of a similar nature, however
designated. Excluded shall be any commissions or fees incurred in connection with the leasing of any Property, and Development
Fees or Construction Fees paid to any Person or entity not Affiliated with the Advisor in connection with the actual development
and construction of any Property.

 

    	 

    	 	

    
  

“Advisor” means (i) Sentio
Investments, LLC a Florida limited liability company or (ii) any successor advisor to the Company.

 

“Affiliate” or “Affiliated”
means, as to any Person, (i) any Person directly or indirectly controlling, controlled by, or under common control with such other
Person; (ii) any Person, directly or indirectly owning, controlling, or holding with the power to vote ten percent (10%) or more
of the outstanding voting securities of such other Person; (iii) any legal entity for which such Person acts as an executive officer,
director, trustee, or general partner; (iv) any Person ten percent (10%) or more of whose outstanding voting securities are directly
or indirectly owned, controlled, or held, with power to vote, by such other Person; and (v) any executive officer, director, trustee,
or general partner of such other Person. An entity shall not be deemed to control or be under common control with an Advisor-sponsored
program unless (i) the entity owns ten percent (10%) or more of the voting equity interests of such program or (ii) a majority
of the board (or equivalent governing body) of such program is comprised of Affiliates of the entity.

 

“Appraised Value” means
value according to an appraisal made by an Independent Appraiser.

 

“Asset Management Fee”
has the meaning ascribed to such term in Section 8(c).

 

“Assets Under Management”
means, for a specified period, the aggregate value of all Property, Loans, and other Permitted Investments. The value of each Property,
Loan, or other Permitted Investment wholly owned, directly or indirectly, by the Company shall be the greater of (i) the average
GAAP basis book carrying value of such asset before reserves for depreciation or bad debts or other similar non-cash reserves,
computed by taking the average of such values at the end of each month during such period (or if such specified period is a single
month, then the average of such values during such month), or (ii) an amount determined as follows: (A) if such Property, Loan,
or other Permitted Investment has been appraised by an Independent Appraiser within the immediately preceding twelve month period,
the Appraised Value of such Property, Loan, or other Permitted Investment, or (B) if such Property, Loan, or other Permitted Investment
has not been appraised by an Independent Appraiser within the immediately preceding twelve month period, the estimated fair market
value of such Property, Loan, or other Permitted Investment, as approved by the Independent Directors Committee. The value of each
Property, Loan, or other Permitted Investment owned by a Joint Venture shall be the product of the Company’s pro rata ownership
interest in such Joint Venture, multiplied by the greater of (i) the average GAAP basis book carrying value of such asset before
reserves for depreciation or bad debts or other similar non-cash reserves, computed by taking the average of such values at the
end of each month during such period (or if such specified period is a single month, then the average of such values during such
month), or (ii) an amount determined as follows: (A) if such Property, Loan, or other Permitted Investment has been appraised by
an Independent Appraiser within the immediately preceding twelve month period, the Appraised Value of such Property, Loan, or other
Permitted Investment, or (B) if such Property, Loan, or other Permitted Investment has not been appraised by an Independent Appraiser
within the immediately preceding twelve month period, the estimated fair market value of such Property, Loan, or other Permitted
Investment, as approved by the Independent Directors Committee.

 

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“Average Invested Assets”
means, for a specified period, the average of the aggregate GAAP basis book carrying values of the assets of the Company invested,
directly or indirectly, in Properties, Loans and other Permitted Investments before reserves for depreciation or bad debts or other
similar non-cash reserves, computed by taking the average of such values at the end of each month during such period (or if such
specified period is a single month, then the average of such values during such month).

 

“Board of Directors”
means the individuals holding such office, as of any particular time, under the Charter of the Company, whether they be the Directors
named therein or additional or successor Directors.

 

“Bylaws” means the bylaws
of the Company, as the same may be amended from time to time.

 

“Cash Available for Distribution”
means, with respect to any fiscal quarter, the Modified Funds From Operations for such quarter less any recurring capital expenditures
and amortization of principal on the Company’s outstanding indebtedness for such quarter.

 

“Cash from Financings”
means the net cash proceeds realized by the Company from the financing of Properties, Loans or other Permitted Investments or from
the refinancing of any Company indebtedness (after deduction of all expenses incurred in connection therewith).

 

“Cash from Sales” means
the net cash proceeds realized by the Company from the sale, exchange or other disposition of any of its Properties, Loans or other
Permitted Investments after deduction of all expenses incurred in connection therewith. In the case of a transaction described
in clause (i)(C) of the definition of Sale, Cash From Sales means the proceeds of any such transaction actually distributed to
the Company from the Joint Venture. Cash from Sales shall not include Cash from Financings.

 

“Cash from Sales and Financings”
means Cash from Sales plus Cash from Financings.

 

“Charter” means the charter
of the Company, including the Articles of Incorporation and all Articles of Amendment, Articles Supplementary and other modifications
thereto as filed with the SDAT.

 

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

 

“Common Stock” means
shares of the Company’s common stock, $.001 par value per share, the terms and conditions of which are set forth in the Charter.

 

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“Company” means Sentio
Healthcare Properties, Inc., a corporation organized under the laws of the State of Maryland, and, as required by context, the
Operating Partnership, and their wholly owned subsidiaries.

 

“Competitive Real Estate Commission”
means a real estate or brokerage commission paid for the purchase or sale of a Property that is reasonable, customary and competitive
in light of the size, type and location of the Property.

 

“Construction Fee” means
a fee or other remuneration for acting as general contractor and/or construction manager to construct, supervise or coordinate
leasehold or other improvements or projects, or to provide major repairs or rehabilitation on a Property.

 

“Contract Sales Price”
means the total consideration received by the Company for the sale of a Property.

 

“Dealer Manager” means
such Person or entity selected by the Board of Directors to act as the dealer manager for an offering of the Company’s Securities.

 

“Development Fee” means
a fee for the packaging of a Property, including negotiating and approving plans, and undertaking to assist in obtaining zoning
and necessary variances and financing for such Property, either initially or at a later date.

 

“Director” means an individual
who is a member of the Board of Directors.

 

“Disposition Fee” has
the meaning ascribed to such term in Section 8(e) hereof.

 

“Distributions” means
any distributions of money or other property by the Company to the Stockholders, including distributions that may constitute a
return of capital for federal income tax purposes.

 

“Effective Date” shall
January 1, 2013.

 

“Existing Advisory Agreement”
has the meaning ascribed to such term in the recitals hereto.

 

“Financing Coordination Fee”
has the meaning ascribed to such term in Section 8(b) hereof.

 

“GAAP” means accounting
principles generally accepted in the United States.

 

“Gross Proceeds” means
the aggregate purchase price of all Common Stock sold for the account of the Company through an Offering, including Common Stock
sold pursuant to the Reinvestment Plan, without deduction for Organization and Offering Expenses.

 

“Healthcare Sector” includes
all potential Property, Loans, or other Permitted Investments on a national basis that are senior living or healthcare related,
including but not limited to, independent and assisted living facilities, continuing care retirement communities, skilled nursing
facilities, medical office buildings, outpatient centers and hospitals.

 

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“Independent Appraiser”
means a Person with no material current or prior business or personal relationship with the Advisor or the Directors, who is engaged
to a substantial extent in the business of rendering opinions regarding the value of assets of the type held by the Company, and
who is a qualified appraiser of real estate as reasonably determined by the Board of Directors. Membership in a nationally recognized
appraisal society such as the Appraisal Institute shall be conclusive evidence of such qualification.

 

“Independent Director”
has the meaning ascribed to such term in the Charter.

 

“Independent Directors Committee”
has the meaning ascribed to such term in the Charter.

 

“Invested
Capital” means, as of any date, an amount equal to: Gross Proceeds, reduced by (i) the aggregate amount paid by
the Company to repurchase Common Stock from Stockholders, (ii) all prior Distributions of Cash from Sales and Financings.

 

“Joint Venture” or “Joint
Ventures” means any joint venture, general partnership or limited liability company or other Affiliate of the Company
(excluding any wholly owned subsidiary thereof) that owns, in whole or in part, on behalf of the Company any Properties, Loans
or other Permitted Investments.

 

“Leasing Agent” means
an entity that has been retained to perform and carry out leasing activities for one or more of the Properties.

 

“Listed” and “Listing”
have the meaning ascribed to such terms in the Charter.

 

“Listing Date” means
the date that the Common Stock is first Listed.

 

“Loans” means mortgage
loans and other types of debt financing acquired or originated by the Company.

 

“Market Value” means
the aggregate market value of all of the outstanding shares of Common Stock, measured by taking the average closing price or average
of bid and asked price, as the case may be, during the consecutive 30-day period commencing 180 days following Listing.

 

“Modified Funds From Operations”
means, with respect to any fiscal quarter, the Company’s modified funds from operations, or MFFO (as defined by the Investment
Program Association), during such fiscal quarter.

 

“NASAA” means the North
American Securities Administrators Association, Inc.

 

“NASAA Net Income” means,
for any period, the total revenues applicable to such period, less the total expenses applicable to such period excluding additions
to reserves for depreciation, bad debts or other similar non-cash charges; provided, however, NASAA Net Income for purposes of
calculating total allowable Operating Expenses shall exclude the gain from the sale of the Company’s Properties, Loans or
other Permitted Investments.

 

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“NASAA REIT Guidelines”
means the Statement of Policy Regarding Real Estate Investment Trusts published by the North American Securities Administrators
Association in effect on the date hereof.

 

“Offering” means an offering
of Common Stock that is registered with the SEC, excluding Common Stock offered under any employee benefit plan.

 

“Operating Expenses”
means all direct and indirect costs and expenses incurred by the Company, as determined under GAAP, which in any way are related
to the operation of the Company or to Company business, including fees paid to the Advisor, but excluding (i) the expenses of raising
capital such as Organization and Offering Expenses, legal, audit, accounting, underwriting, brokerage, listing, registration, and
other fees, printing and other such expenses and taxes incurred in connection with the issuance, distribution, transfer, registration
and Listing, (ii) interest payments, (iii) taxes, (iv) non-cash charges such as depreciation, amortization and bad debt reserves,
(v) Acquisition Fees and Acquisition Expenses, (vi) real estate commissions on a Sale of Property, and other expenses connected
with the acquisition, disposition and ownership of Property (such as the costs of foreclosure, insurance premiums, legal services,
maintenance, repair, and improvement of property) and (vii) any incentive fees which may be paid in compliance with the NASAA REIT
Guidelines.

 

“Operating Partnership”
means Sentio Healthcare Properties OP, L.P. which is the partnership through which the Company may, directly or indirectly, own
Properties, Loans, and other Permitted Investments.

 

“Operating Partnership Agreement”
means the Limited Partnership Agreement of the Operating Partnership, as amended from time to time.

 

“Organization and Offering Expenses”
means any and all costs and expenses incurred by or on behalf of the Company in connection with and in preparing the Company for
registration of and subsequently offering and distributing its Securities to the public, whether incurred before or after the date
of this Agreement, which may include but are not limited to total underwriting and brokerage discounts and commissions (including
fees of the underwriters’ attorneys), legal, accounting and escrow fees; any expense allowance granted by the Company to
the underwriter or any reimbursement of expenses of the underwriter by the Company; expenses for printing, engraving, and mailing;
charges of transfer agents, registrars, trustees, escrow holders, depositories, and experts; and fees, expenses and taxes related
to the filing, registration and qualification of the sale of Securities under Federal and State laws, including accountants’
and attorneys’ fees and other accountable offering expenses.

 

“Passed Investment” has
the meaning ascribed to such term in Section 10(b) hereof.

 

“Permitted Investments”
means all investments that the Company may acquire pursuant to its Charter, Bylaws and the investment objectives and policies adopted
by the Board of Directors of the Company from time to time, other than short-term investments acquired for purposes of cash management.

 

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“Person” shall mean any
natural person, partnership, corporation, association, trust, limited liability company or other legal entity and also includes
a group as that term is used for purposes of Section 13(d)(3) of the Securities Exchange Act of 1934, as amended.

 

“Property” or “Properties”
means the real properties or real estate investments which are transferred or conveyed to the Company, either directly or indirectly,
including through ownership interests in Joint Ventures.

 

“Property Manager” means
any entity that has been retained to perform and carry out at one or more of the Properties property management services.

 

“Reinvestment Plan” means
any plan adopted by the Company allowing Stockholders to reinvest Distributions in shares of Common Stock.

 

“REIT” means a “real
estate investment trust” under Sections 856 through 860 of the Code.

 

“Right of First Refusal Period”
has the meaning ascribed to such term in Section 10(b) hereof.

 

“Sale” or “Sales”
means any transaction or series of transactions whereby: (i) the Company sells, grants, transfers, conveys or relinquishes its
ownership of any Property, Loan or other Permitted Investment or portion thereof, including the transfer (including by lease) of
any Property that is the subject of a ground lease, and including any event with respect to any Property, Loan or other Permitted
Investment that gives rise to a significant amount of insurance proceeds or condemnation awards; (ii) the Company sells, grants,
transfers, conveys or relinquishes its ownership of all or substantially all of the interest of the Company in any Joint Venture
in which it is a co-venturer or partner; (iii) any Joint Venture in which the Company is a co-venturer or partner sells, grants,
transfers, conveys or relinquishes its ownership of any Property, Loan or other Permitted Investment or portion thereof, including
any event with respect to any Property, Loan or other Permitted Investment that gives rise to insurance claims or condemnation
awards.

 

“SEC” means the U.S.
Securities and Exchange Commission.

 

“Securities” means any
class or series of units or shares of the Company, including common shares or preferred units or shares and any other evidences
of equity or beneficial or other interests, voting trust certificates, bonds, debentures, notes or other evidences of indebtedness,
secured or unsecured, convertible, subordinated or otherwise, or in general any instruments commonly known as “Securities”
or any certificates of interest, shares or participations in, temporary or interim certificates for, receipts for, guarantees of,
or warrants, options or rights to subscribe to, purchase or acquire, any of the foregoing.

 

“SDAT” means the State
Department of Assessments and Taxation of the State of Maryland.

 

“Stockholders” means
the registered holders of the Common Stock.

 

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“Stockholders’ 7% Return”
means, as of any date, an aggregate amount equal to a 7% cumulative, non-compounded, annual return on Invested Capital (calculated
like simple interest on a daily basis based on a three hundred sixty-five day year).

 

“Subordinated Incentive Listing
Fee” means the fee payable to the Advisor under certain circumstances if the Common Stock is Listed, as calculated in
Section 8(g) hereof.

 

“Subordinated Performance Fee Due
Upon Termination” has the meaning ascribed to such term in Section 8(h) hereof.

 

“Subordinated Share of Cash Flows”
has the meaning ascribed to such term in Section 8(f) hereof.

 

“Termination Date” means
the date of termination of this Agreement.

 

“Third Party Owners”
has the meaning ascribed to such term in Section 8(i) hereof.

 

“2%/25% Guidelines” has
the meaning ascribed to such term in Section 9(c)(i) hereof.

 

2. Appointment. As
of the Effective Date, the Company, through the powers vested in the Board of Directors, hereby appoints the Advisor to serve as
its advisor and asset manager on the terms and conditions set forth in this Agreement, and the Advisor hereby accepts such appointment.

 

3. Authority of the Advisor.

 

(a) General. Subject to the
express limitations set forth in this Agreement, all rights and powers to manage and control the day-to-day business and affairs
of the Company shall be vested in the Advisor. The Advisor shall have the power by itself and shall be authorized and empowered
on behalf and in the name of the Company to carry out any and all of the objectives and purposes of the Company and to perform
all acts and enter into and perform all contracts and other undertakings that it may deem necessary, advisable or incidental thereto
to perform its obligations under this Agreement. The Advisor shall have the power to delegate all or any part of its rights and
powers to manage and control the business and affairs of the Company to such officers, employees, Affiliates, agents and representatives
of the Advisor or the Company as it may from time to time deem appropriate. Any authority delegated by the Advisor to any other
Person shall be subject to the limitations on the rights and powers of the Advisor specifically set forth in this Agreement or
the Charter.

 

(b) Approval by the Board of Directors.
Notwithstanding the foregoing, the Advisor may not take any action on behalf of the Company without the prior approval of the Board
of Directors or duly authorized committees thereof if the Charter or Maryland General Corporation law requires the prior approval
of the Board of Directors or the Independent Directors Committee. The Advisor will deliver to the Board of Directors all documents
required by it to properly evaluate a proposed investment (and any related financing).

 

(c) Modification or Revocation of
Authority of Advisor. The Board of Directors retains ultimate authority over the management of the Company and may, at any
time upon the giving of notice to the Advisor, modify or revoke the authority or approvals set forth in Sections 3 and 4; provided,
however, that such modification or revocation shall be effective upon receipt by the Advisor and shall not be applicable to actions
to which the Advisor has properly committed the Company prior to the date of receipt by the Advisor of such notification.

 

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4. Duties of the Advisor.
The Advisor is responsible for managing, operating, directing and supervising the operations and administration of the Company
and its assets. The Advisor undertakes to use its commercially reasonable efforts to perform its obligations as set forth in this
Agreement, subject to the limitations set forth in this Agreement, including Sections 3, 7, and 10 and the ultimate authority of
the Board of Directors over the management of the Company. The Advisor shall make available the full benefit of the knowledge,
judgment, experience and advice of the members of the Advisor’s organization and staff with respect to the duties it will
perform under this Agreement. The Advisor shall, either directly or by engaging an Affiliate or third party, perform the following
duties:

 

(a) Offering Services. In the
event that the Board of Directors determines that it is advisable and in the best interests of the Company to conduct an offering
of the Company’s Securities, the Advisor shall manage and supervise:

 

(i) development of any offering
of the Company’s Securities, including the determination of the specific terms of the Securities to be offered by the Company
and whether the Securities shall be sold as part of a registered public offering or a private placement;

 

(ii) the preparation of all
documents related to any offering of Securities, and the attainment of all required regulatory approvals of such documents;

 

(iii) along with the Dealer
Manager, approval of the participating broker dealers and negotiation of selling agreements related to any offering of Securities;

 

(iv) along with the Dealer
Manager, coordination of the due diligence process related to any offering of Securities;

 

(v) along with the Dealer
Manager, preparation and approval of all marketing materials contemplated to be used by the Dealer Manager or others in connection
with an offering of the Company’s Securities;

 

(vi) along with the Dealer
Manager, negotiation and coordination with the Company’s transfer agent for the receipt, collection, processing and acceptance
of subscription agreements, commissions, and other administrative support functions in connection with an offering of the Company’s
Securities;

 

(vii) all other services
related to any offering of the Company’s Securities, whether performed by the Advisor, its Affiliates or third parties;

 

provided, however, that, notwithstanding anything to the contrary
above, the Advisor shall not be responsible for performing any services that (i) are delegated exclusively to a Dealer Manager
pursuant to a dealer manager agreement between the Company and such Dealer Manager, (ii) the Company elects to perform directly,
(iii) would require the Advisor to register as a broker dealer with the SEC, the Financial Industry Regulatory Authority, or any
state securities law administrator or (iv) would require the Advisor to register as an “Investment Advisor,” as that
term is defined in the Investment Advisors Act of 1940 or in any state securities law.

 

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(b) Property Acquisition, Disposition,
and Financing Services. The Advisor shall:

 

(i) present to the Company
potential investment opportunities to provide a continuing investment program consistent with the investment objectives and policies
of the Company as determined and adopted by the Board of Directors, as amended from time to time;

 

(ii) subject to the provisions
of Section 3(b) and this Section 4, (A) locate, analyze and select potential investments in Property, Loans and other Permitted
Investments, (B) structure and negotiate the terms and conditions of transactions pursuant to which investment in Property, Loans
and other Permitted Investments will be made; (C) perform due diligence on prospective investments and summarize the results of
such work, (D) make investments in Property, Loans and other Permitted Investments on behalf of the Company in compliance with
the investment objectives and policies of the Company; (E) if necessary, arrange for financing and refinancing and make other changes
in the asset or capital structure of Property, Loans and other Permitted Investments; and (F) dispose of, reinvest or distribute
the proceeds from the sale of, or otherwise deal with the investments in, Property, Loans and other Permitted Investments;

 

(iii) as necessary, furnish
the Board of Directors with advice and recommendations with respect to the making of investments consistent with the investment
objectives and policies of the Company and in connection with borrowings proposed to be undertaken by the Company, if any;

 

(iv) provide the Board of
Directors with periodic reports regarding prospective investments which include recommendations and supporting documentation required
by them to properly evaluate the proposed investment;

 

(v) obtain the prior approval
of the Board of Directors, or any committee of the Board of Directors to which the Board of Directors has expressly delegated approval
authority, for any and all investments in Properties, Loans, or other Permitted Investments (as well as any financing obtained
by the Company in connection with such investment);

 

(vi) obtain reports (which
may be prepared by unrelated third parties, the Advisor, or its Affiliates), where appropriate, concerning the value of contemplated
investments of the Company in Property, Loans and other Permitted Investments;

 

(vii) as reasonably necessary,
act, or obtain the services of others to act, as attorney-in-fact or agent of the Company in making, acquiring and disposing of
investments, disbursing, and collecting the funds, paying the debts and fulfilling the obligations of the Company and handling,
prosecuting and settling any claims of the Company, including foreclosing and otherwise enforcing mortgage and other liens and
security interests securing investments;

 

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(viii) negotiate on behalf
of the Company with banks or lenders for loans to be made to the Company or to any Joint Venture, and negotiate on behalf of such
entity with investment banking firms and other institutions or investors for public or private sales of Securities of the Company
or for other financing on behalf of the Company, but in no event in such a way so that the Advisor shall be acting as broker-dealer
or underwriter or investment advisor in Securities of or for the Company; and provided, further, that any fees and costs payable
to third parties incurred by the Advisor in connection with the foregoing shall be the responsibility of the Company or the Joint
Venture, as applicable;

 

(ix) upon request of the
Board of Directors, invest and reinvest any money of the Company; and

 

(x) from time to time, or
at any time reasonably requested by the Board of Directors, make reports to the Board of Directors of the investment opportunities
it has presented to other Advisor-sponsored programs or that it has pursued directly or through an Affiliate.

 

(c) Asset Management and Operational
Services.

 

(i) Real Estate Services.
The Advisor shall:

 

(1) manage, administer,
promote, operate, maintain, improve, finance and refinance, market, lease, and dispose of the Properties, Loans, and other Permitted
Investments on an overall portfolio basis in a diligent manner. The services of the Advisor are to be of scope and quality not
less than those generally performed by professional asset managers of other similar property portfolios;

 

(2) obtain and supervise
the services of Property Managers and Leasing Agents, which may include the Advisor or its Affiliates, to manage, administer, promote,
operate, maintain, improve, market, or lease the Properties;

 

(3) enter into leases and
service contracts for Properties, including oversight of Affiliated companies that perform property management services for the
Company, if any;

 

(4) oversee non-affiliated
Property Managers and other non-affiliated Persons who perform services for the Company;

 

(5) to the extent necessary,
perform all other operational functions for the maintenance and administration of Property, Loans and other Permitted Investments;

 

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(6) consult with the officers
and the Board of Directors of the Company and assist the Board of Directors in the formulation and implementation of the Company’s
financial policies,

 

(7) notify the Board of
Directors of all proposed material transactions before they are completed;

 

(8) serve as the Company’s
investment and financial advisor and use commercially reasonable efforts to provide the Board of Directors with relevant market
research and economic and statistical data in connection with the Company’s Property, Loans and other Permitted Investments
and investment objectives and policies;

 

(9) obtain reports (which
may be prepared by unrelated third parties, the Advisor, or its Affiliates), where appropriate, concerning the value of Property,
Loans and other Permitted Investments of the Company;

 

(10) formulate and oversee
the implementation of strategies for the administration, promotion, management, operation, maintenance, improvement, financing
and refinancing, marketing, leasing, and disposition of Property, Loans and other Permitted Investments on an overall portfolio
basis;

 

(11) use commercially reasonable
efforts to monitor applicable markets and obtain reports (which may be prepared by unrelated third parties, the Advisor or Affiliates)
where appropriate, concerning the values of existing or prospective investments of the Company and monitor and evaluate the performance
of the Company’s Property, Loans and other Permitted Investments;

 

(12) conduct periodic on-site
property visits to some or all (as the Advisor deems reasonably necessary) of the Properties to inspect the physical condition
of the Properties and to evaluate the performance of the related Property Managers and Leasing Agents of its duties;

 

(13) oversee the performance
by the Property Managers of their duties, including collection and proper deposits of rental payments and payment of Property expenses
and maintenance;

 

(14) deliver to the Board
of Directors or maintain on behalf of the Company copies of all appraisals obtained in connection with the investments in Properties,
Loans, or other Permitted Investments (whether in connection with Asset management services or acquisition services);

 

(15) obtain and maintain,
at the Company’s cost, with respect to any Property and to the extent available, title insurance or other assurance of title
and customary fire, casualty and public liability insurance;

 

    	-12-

    	 

    
  

(16) consult with the officers
and the Board of Directors and assist the Board of Directors in evaluating and obtaining adequate insurance coverage based upon
risk management determinations;

 

(17) perform and supervise
the various management and operational functions related to the Company’s investments in Properties;

 

(18) coordinate and manage
relationships between the Company and any Joint Venture partners;

 

(19) undertake and perform
all services or other activities necessary and proper to carry out the investment objectives of the Company;

 

(ii) Financial and Administrative
Services. The Advisor shall:

 

(1) manage, perform and
supervise the various administrative functions reasonably necessary for the management of the day-to-day operations of the Company;

 

(2) review, analyze and
comment upon the operating budgets, capital budgets and leasing plans prepared and submitted by each Property Manager and leasing
agent and aggregate these property budgets into the Company’s overall budget and financial reports;

 

(3) review and analyze
on-going financial information pertaining to each Property and the overall portfolio of Properties;

 

(4) to the extent not set
forth herein, provide for or arrange for any administrative services and items, legal and other services, office space, furnishings,
equipment, personnel, and other overhead items necessary and incidental to the Company’s business and operations;

 

(5) provide the Company
with all necessary cash management services, including maintaining Company debt service obligations using Company funds;

 

(6) perform all reporting,
record keeping, internal controls and similar matters in a manner to allow the Company to comply with applicable law including
the Sarbanes-Oxley Act of 2002;

 

(7) from time to time,
or at any time reasonably requested by the Board of Directors, provide information or make reports to the Board of Directors related
to its performance of services to the Company under this Agreement;

 

(8) coordinate with the
Company’s independent accountants and auditors the preparation and delivery to the Board of Directors of a report not less
than annually concerning the Advisor’s compliance with certain material aspects of this Agreement and as otherwise requested
by the Board of Directors;

 

    	-13-

    	 

    
  

(9) provide the officers
and Directors with timely updates related to the overall regulatory environment affecting the Company, as well as managing compliance
with such matters, including but not limited to compliance with the Sarbanes-Oxley Act of 2002;

 

(10) consult with the Board
of Directors relating to the corporate governance structure and appropriate policies and procedures related thereto;

 

(11) provide or arrange
for tax and compliance services and coordinate with third parties on related tax matters, in particular the Company’s compliance
with the REIT provisions of the Code;

 

(12) supervise the preparation
on behalf of the Company of all reports and returns required by the SEC, Internal Revenue Service and other state or federal governmental
agencies;

 

(13) maintain and preserve
the books and records of the Company and maintain the accounting and other record-keeping functions at the Property and Company
levels;

 

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

 

(15) do all things necessary
to assure its ability to render the services described in this Agreement; and

 

(d) Stockholder Services. The
Advisor shall:

 

(i) undertake communications
with holders of Securities in accordance with applicable law and the Charter;

 

    	-14-

    	 

    
  

(ii) manage communications
with holders of Securities, including answering phone calls, preparing and sending written and electronic reports and other communications;

 

(iii) establish technology
infrastructure to assist in providing shareholder support and service;

 

(iv) appoint and supervise
the Company’s transfer agent in the maintenance of a stock ledger reflecting a record of the holders of Securities and their
ownership of Securities;

 

(v) manage and coordinate
with the transfer agent the periodic dividend process and the payments to holders of Securities; and

 

(e) Other. The Advisor shall
perform all other services reasonably requested by the Company within the overall scope of this Agreement.

 

The Advisor has a fiduciary responsibility to the Company and
to the Stockholders in carrying out its duties under this Agreement. In providing advice and services hereunder, the Advisor shall
not (i) engage in any activity which would require it to be registered as an “Investment Advisor,” as that term is
defined in the Investment Advisors Act of 1940 or in any state securities law or (ii) cause the Company to make such investments
as would cause the Company to become an “Investment Company,” as that term is defined in the Investment Company Act
of 1940.

 

5. Bank Accounts. The
Advisor may establish and maintain one or more bank accounts in the name of the Company and may collect and deposit into any such
account or accounts, and disburse from any such account or accounts, any money on behalf of the Company, consistent with the terms
of this Agreement, subject to the provisions of Section 9(c) and such terms and conditions as the Board of Directors may adopt
from time to time, provided that no funds shall be commingled with the funds of the Advisor; and the Advisor shall from time to
time render appropriate accountings of such collections and payments to the Board of Directors and to the auditors of the Company.

 

6. Records; Financial Statements.
The Advisor, in the conduct of its responsibilities to the Company, shall maintain adequate and separate books and records for
the Company’s operations in accordance with GAAP, which shall be supported by sufficient documentation to ascertain that
such books and records are properly and accurately recorded. Such books and records shall be the property of the Company and shall
be available for inspection by the Board of Directors or its counsel, auditors, or other authorized agents at any time during normal
business hours. Such books and records shall include all information necessary to calculate and audit the fees or reimbursements
paid under this Agreement. The Advisor shall utilize procedures to attempt to ensure such control over accounting and financial
transactions as is reasonably required to protect the Company’s assets from theft, error or fraudulent activity. All financial
statements that the Advisor delivers to the Company shall be prepared on an accrual basis in accordance with GAAP, except for special
financial reports that by their nature require a deviation from GAAP. The Advisor shall liaise with the Company’s officers
and independent auditors and shall provide such officers and auditors with such reports and other information as the Company shall
request.

 

    	-15-

    	 

    
  

7. Limitations on Activities.
Notwithstanding any provision in this Agreement to the contrary, the Advisor shall refrain from taking any action that, in its
sole judgment made in good faith, would (a) adversely affect the ability of the Company to qualify or to continue to qualify as
a REIT under the Code, (b) subject the Company to regulation under the Investment Company Act of 1940, as amended, (c) violate
any law, rule, regulation or statement of policy of any governmental body or agency having jurisdiction over the Company or its
Securities, (d) violate the Charter or Bylaws, or (e) require the Advisor to register as a broker-dealer with the SEC, the Financial
Industry Regulatory Authority, or any state securities law administrator. If any action would violate subsections (a) through (e)
of this section but such action has been ordered by the Board of Directors, the Advisor shall notify promptly the Board of Directors
of the Advisor’s judgment of the potential impact of such action and shall refrain from taking such action until it receives
further clarification or instructions from the Board of Directors. In such event the Advisor shall have no liability for acting
in accordance with the specific instructions of the Board of Directors so given.

 

8. Fees.

 

(a) Acquisition Fee. As compensation
for the investigation, selection and acquisition (by purchase, investment or exchange) of Properties, Loans and other Permitted
Investments, the Company shall pay Acquisition Fees to the Advisor for each such investment. With respect to the acquisition of
a Property to be wholly owned by the Company, the Acquisition Fee payable to the Advisor shall equal to 1.0% of the sum of the
amount actually paid or allocated to the purchase, development, construction or improvement of such Property, inclusive of the
Acquisition Expenses associated with such Property, and the amount of any debt attributable to such Property. With respect to the
acquisition of real property through any Joint Venture or partnership in which the Company is a co-venturer or partner, the Acquisition
Fee payable to the Advisor shall equal 1.0% of the portion of the amount actually paid or allocated to the purchase, development,
construction or improvement of the property, inclusive of the Acquisition Expenses associated with such property, plus the Company’s
pro rata portion of any outstanding debt associated with such property. With respect to Loans and other Permitted Investments,
the Acquisition Fee payable to the Advisor shall equal 1.0% of the cost of such investment, inclusive of Acquisition Expenses associated
with such investment. Notwithstanding anything herein to the contrary, the payment of Acquisition Fees by the Company shall be
subject to the limitations contained in the Company’s Charter. The Advisor shall submit an invoice to the Company following
the closing or closings of each acquisition, accompanied by a computation of the Acquisition Fee. The Acquisition Fee payable to
the Advisor shall be paid at the time the Company acquires a Property, investment in Joint Venture, Loan or Permitted Investment.

 

(b) Financing Coordination Fee.
Subject to the overall limitations contained below in Section 9(c), commencing on the date hereof, the Company will pay to the
Advisor for services rendered in connection with the refinancing of any debt obligations of the Company or any Subsidiary a Financing
Coordination Fee equal to 0.5% of the gross amount of any such refinancing, provided, however, that the Advisor shall not be entitled
to a Financing Coordination Fee in connection with the refinancing of any debt obligations secured by any particular Asset that
was previously subject to a refinancing in which the Advisor received a Financing Coordination Fee within the immediately preceding
three year period. Any such Financing Coordination Fee deemed to be earned by the Advisor shall be paid by the Company to the Advisor
upon the closing of the refinancing.

 

    	-16-

    	 

    
  

(c) Asset Management Fee. Subject
to the overall limitations contained below in Section 9(c), commencing on the date hereof, the Company shall pay the Advisor for
the asset management services included in the services described in Section 4(c) a monthly fee (the “Asset Management
Fee”) in an amount equal to one-twelfth of 1.0% of the Assets Under Management, calculated on a monthly basis as of the
last day of each month. At the option of the Advisor, this amount may be estimated on a monthly basis and paid in advance on the
first day of the month to which such estimate relates, in which case, the monthly estimate will be reconciled to actual at the
end of each month and any resulting adjustment will decrease or increase the amount of the monthly Asset Management Fee payment
in the following month. Additionally, subject to the overall limitations contained below in Section 9(c), with respect to any fiscal
quarter in which the Distributions declared and the Cash Available for Distribution for such fiscal quarter are each at least $0.125
per share (after considering the bonus asset management fee described herein), as determined by the Board of Directors, the Company
shall pay a bonus asset management fee to the Advisor equal to the lesser of (i) one-fourth of 0.15% of Assets Under Management,
calculated on a quarterly basis as of the last day of the fiscal quarter, or (ii) $150,000. The bonus asset management fee, if
any, shall be payable following the close of the applicable fiscal quarter.

 

(d) Property Management and Leasing
Fees. If the Company retains the Advisor or its Affiliates to manage or lease any of its Properties, the Company will pay the
Advisor or its Affiliates a market-based fee in accordance with a separately negotiated Property Management, Leasing and Development
Agreement to be approved by a majority of the Independent Directors Committee, which such agreement may provide for fees similar
to what other management or leasing companies generally charge for the management or leasing of similar properties, and which may
include reimbursement for the costs and expenses the Advisor or its Affiliates incurs in managing or leasing the Properties.

 

(e) Disposition Fee. If the
Advisor or an Affiliate provides a substantial amount of the services (as determined by a majority of the Directors, including
a majority of the Independent Directors Committee) in connection with the Sale of one or more Properties, other than a Sale in
connection with a transaction in which the Company sells, grants, transfers, conveys or relinquishes its ownership of all or substantially
all of the Company’s assets, the Advisor or such Affiliate shall receive at the closing of such Sale a Disposition Fee equal
to the lesser of (i) 1.0% of the sales price of such Property or Properties, or (ii) one-half of the Competitive Real Estate Commission
for such Property. Any Disposition Fee payable under this section may be paid in addition to real estate commissions paid to non-Affiliates,
provided that the total real estate commissions (including such Disposition Fee) paid to all Persons by the Company for each Property
shall not exceed an amount equal to the lesser of (i) 6.0% of the aggregate Contract Sales Price of each Property or (ii) the Competitive
Real Estate Commission for each Property.

 

    	-17-

    	 

    
  

(f) Subordinated Share of Cash From
Sales or Refinancings. The Subordinated Share of Cash From Sales or Refinancings shall be payable to the Advisor in an amount
equal to 10% of Cash from Sales and Refinancings remaining after the Stockholders have received Distributions of Cash Available
for Distribution and of Cash from Sales and Financings such that the owners of all outstanding shares of Common Stock have received
Distributions in an aggregate amount equal to the sum of:

 

(i) the Stockholders’
7% Return; and

 

(ii) Invested Capital.

 

When determining whether this has been met: (A) Any stock dividend
shall not be included as a Distribution; and (B) Distributions paid on shares of Common Stock redeemed by the Company (and thus
not included in the determination of Invested Capital), shall not be included as a Distribution.

 

Following Listing, no Subordinated Share of Cash From Sales
or Refinancings will be paid to the Advisor. If the Subordinated Share of Cash From Sales or Refinancings is payable to the Advisor,
the Advisor shall submit an invoice to the Company, accompanied by a computation of the total amount of the Subordinated Share
of Cash From Sales or Refinancings for the applicable period. Generally, the Subordinated Share of Cash From Sales or Refinancings
payable to the Advisor shall be paid within 30 days of the closing of the applicable Sale or refinancing.

 

(g) Subordinated Incentive Listing
Fee. Upon Listing, the Advisor shall be entitled to the Subordinated Incentive Listing Fee in an amount equal to 10% of the
amount by which:

 

(i) The sum of (A) the Market
Value and (B) the total of all Distributions paid to Stockholders (excluding any stock dividends and Distributions paid on shares
of Common Stock redeemed by the Company) from the Company’s inception until the date that Market Value is determined (up
to the amount of total Distributions required to be paid to the Stockholders in order to pay the Stockholders’ 7% Return
from inception through the date Market Value is determined), exceeds

 

(ii) the sum of (A) Invested
Capital and (B) the total Distributions required to be paid to the Stockholders in order to pay the Stockholders’ 7% Return
from inception through the date Market Value is determined.

 

The Subordinated Incentive Listing
Fee will be reduced by the amount of any prior payment to the Advisor of a Subordinated Share of Cash from Sales or Refinancings.
In the event the Subordinated Incentive Listing Fee is paid to the Advisor following Listing, no other performance fee will be
paid to the Advisor.

 

(h) Subordinated Performance Fee
Due Upon Termination. If (1) the Company terminates this Agreement for any reason other than a material breach hereof by the
Advisor, (2) the Agreement is not renewed because the Company is unwilling to renew this Agreement on substantially similar terms,
or (3) the Advisor terminates the Agreement because of a material breach hereof by the Company, then, subject to the limitations
in Section 16(a)(ii), the Company shall pay the Subordinated Performance Fee Due Upon Termination, payable in the form of a promissory
note (the “Performance Fee Note”) bearing simple interest at a rate of 5% per annum, in a principal amount equal
to 10% the amount, if any, by which

 

    	-18-

    	 

    
  

(i) the sum of (A) the Appraised
Value of the Company’s Properties at the Termination Date, less amounts of all indebtedness secured by the Company’s
Properties, plus the net asset value of all other Loans and Permitted Investments of the Company, net of any appropriate adjustments
for joint ventures, minority interests or non-controlling stockholder interests and (B) total Distributions (excluding any stock
dividend and Distributions paid on shares of Common Stock redeemed by the Company pursuant to a plan for repurchase of the Company’s
Common Stock) through the Termination Date (up to the amount of total Distributions required to be made to the Stockholders in
order to pay the Stockholders’ 7% Return from inception through the Termination Date), exceeds

 

(ii) the sum of (A) Invested
Capital and (B) total Distributions required to be made to the Stockholders in order to pay the Stockholders’ 7% Return from
inception through the Termination Date, less any prior payment to the Advisor of a Subordinated Share of Cash from Sales or Refinancings.

 

The Company shall repay the Performance Fee Note at such time
as the Company completes the first Sale of a Property owned as of the Termination Date using Cash from Sales in an amount equal
to the value such Property. If such amount is insufficient to pay the Performance Fee Note in full, then the Performance Fee Note
shall be paid in part from the Cash from Sales from the first Sale of a Property owned as of the Termination Date, and in part
from the Cash from Sales from each successive Sale of Properties owned as of the Termination Date in an amount equal to the value
such Properties until the Performance Fee Note is repaid in full. If the Performance Fee Note has not been paid in full within
five years from the Termination Date, then the holder of the Performance Fee Note, its successors or assigns, may elect to convert
the balance of the Performance Fee Note into Common Stock at a price per share equal to the average closing price of the shares
of Common Stock over the ten trading days immediately preceding the date of such election if the Common Stock is Listed at such
time. If the Common Stock is not Listed at such time, the holder of the Performance Fee Note, its successors or assigns, may elect
to convert the balance of the fee into shares of Common Stock at a price per share equal to the fair market value for such Shares
as determined by the Board of Directors based upon the Appraised Value of Company’s Properties, Loans, and other Permitted
Investments, net of any debt thereon, and net of any appropriate adjustments for joint ventures, minority interests or non-controlling
stockholder interests, on the date of election.

 

(i) Fee Credit. Subject to the
provisions of Section 10 hereof, the Advisor and any of its affiliates may advise other owners or prospective owners of assets
in the Healthcare Sector (“Third Party Owners”) and earn fees for such efforts. In the event that a Third Party
Owner contracts with the Advisor for the provision of advisory services the Advisor agrees to reduce the amount of fees charged
to the Company, including Acquisition Fees, Financing Coordination Fees, Asset Management Fees, Property Management and Leasing
Fees and Disposition Fees, as follows: (A) if the contractual fees to be paid by such Third Party Owners to the Advisor are, on
a percentage basis, greater than or equal to 90% of the corresponding or analogous fees charged by the Advisor to the Company,
the Advisor shall reduce the amount of fees charged to the Company under this Agreement by a dollar amount equal to 50% of the
corresponding or analogous fees actually paid to the Advisor or its affiliates by such Third Party Owners; and (B) if the contractual
fees to be paid by such Third Party Owners to the Advisor are, on a percentage basis, less than 90% of the corresponding or analogous
fees charged by the Advisor to the Company, the Advisor shall reduce the amount of fees charged to the Company under this Agreement
by a dollar amount equal to 25% of the corresponding or analogous fees actually paid to the Advisor or its affiliates by such Third
Party Owners. On a quarterly basis, the Advisor shall provide to the Board of Directors with a summary of all fees charged to such
Third Party Owners and shall reduce the amounts of the fees charged to the Company hereunder accordingly.

 

    	-19-

    	 

    
  

9. Expenses.

 

(a) Reimbursable Expenses. The
Company shall not be responsible for reimbursing the Advisor for any of the Advisor’s costs and expenses that are not directly
attributable to the business of the Company, including without limitation (i) any personnel costs incurred by the Advisor to its
employees, and (ii) any costs related to the Advisor’s rent, utilities and general overhead. The Company will be responsible
for paying directly or reimbursing the Advisor for certain costs that are directly attributable to the business of the Company,
including but not limited to:

 

(i) Organization and Offering
Expenses; provided however, that within 60 days after the end of the month in which an Offering terminates, the Advisor shall reimburse
the Company to the extent Organization and Offering Expenses borne by the Company (including selling commissions and dealer manager
fees) exceed 15% of the Gross Proceeds raised in a completed Offering;

 

(ii) Acquisition Fees and
Acquisition Expenses incurred in connection with the selection and acquisition of Properties, Loans and other Permitted Investments,
including such expenses incurred related to assets pursued or considered but not ultimately acquired by the Company, provided that,
notwithstanding anything herein to the contrary, the payment of Acquisition Fees and Acquisition Expenses by the Company shall
be subject to the limitations contained in the Company’s Charter;

 

(iii) the actual out-of-pocket
cost of goods and services used by the Company and obtained from entities not affiliated with the Advisor including brokerage and
other fees paid in connection with the purchase, operation and sale of Property, Loans and other Permitted Investments;

 

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

 

    	-20-

    	 

    
  

(v) taxes and assessments
on income or Properties and taxes as an expense of doing business and any taxes otherwise imposed on the Company, its business
or income;

 

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

 

(vii) expenses of managing,
improving, developing, operating and selling Properties owned by the Company;

 

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

 

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

 

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

 

(xi) expenses of organizing,
converting, modifying, merging, liquidating or dissolving the Company or of amending the Charter or the Bylaws;

 

(xii) expenses of maintaining
communications with holders of Securities, including the cost of preparation, printing, and mailing annual reports and other reports
to holders of Securities, proxy statements and other reports required by governmental entities;

 

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

 

(xiv) transfer agent and
registrar’s fees and charges paid to third parties; and

 

(xv) costs for the Company
to comply with all applicable laws, regulations and ordinances;

 

(b) Other Services. Should the
Directors request that the Advisor or any director, officer or employee thereof render services for the Company other than set
forth in Section 4, such services shall be separately compensated at such rates and in such amounts as are agreed by the Advisor
and a majority of the Independent Directors Committee, subject to the limitations contained in the Charter, and shall not be deemed
to be services pursuant to the terms of this Agreement.

 

(c) Timing of and Additional Limitations
on Reimbursements.

 

    	-21-

    	 

    
  

(i) the Company shall not
reimburse the Advisor at the end of any fiscal quarter Operating Expenses that, in the four consecutive fiscal quarters then ended
(the “Expense Year”) exceed (the “Excess Amount”) the greater of 2% of Average Invested Assets
or 25% of NASAA Net Income (the “2%/25% Guidelines”) for such year unless the Independent Directors Committee
determines that such excess was justified, based on unusual and nonrecurring factors which it deems sufficient.

 

(ii) The Advisor will perform
the duties set forth under Section 4 in a manner that complies with the 2%/25% Guidelines. In accordance therewith no Operating
Expenses (other than those determined to be justified based on unusual and non-recurring factors) shall be approved if, in the
reasonable discretion of the Committee, the Committee determines that such Operating Expenses, considered together with Operating
Expenses previously approved for the relevant period, as well as estimated Operating Expenses for the remainder of the relevant
period, would exceed the 2%/25% Guidelines.

 

(iii) Any Excess Amount paid
to the Advisor during a fiscal quarter that is not determined by the Independent Directors Committee to be justified based on unusual
and nonrecurring factors which it deems sufficient, shall be repaid to the Company.

 

(iv) If the Independent Directors
Committee determines that an Excess Amount was justified, then, within 60 days after the end of any fiscal quarter of the Company
for which an Excess Amount was paid, the Company shall send to the Stockholders a written disclosure of such fact, together with
an explanation of the factors the Independent Directors Committee considered in determining that such Excess Amount was justified.
The Company will ensure that such determination will be reflected in the minutes of the meetings of the Board of Directors. All
figures used in the foregoing computation shall be determined in accordance with GAAP applied on a consistent basis.

 

10. Other Activities of the
Advisor.

 

(a) General. Except as set forth
in Section 10(b) hereof, nothing herein contained shall prevent the Advisor from engaging in other activities, including, without
limitation, the rendering of advice to other Persons (including other REITs) and the management of other programs advised, sponsored
or organized by the Advisor or its Affiliates; nor shall this Agreement, except to the extent provided in Section 10(b), limit
or restrict the right of any manager, director, officer, employee, or equity holder of the Advisor or its Affiliates to engage
in any other business or to render services of any kind to any other Person. The Advisor may, with respect to any investment in
which the Company is a participant, also render advice and service to each and every other participant therein. The Advisor shall
report promptly to the Board of Directors the existence of any condition or circumstance, existing or anticipated, of which it
has knowledge, that creates or could create a conflict of interest between the Advisor’s obligations to the Company and its
obligations to or its interest in any other Person.

 

    	-22-

    	 

    
  

(b) Rights of First Refusal.
The Advisor shall be required to use commercially reasonable efforts to present a continuing investment program to the Company
that is consistent with the investment policies and objectives of the Company. The Advisor hereby grants to the Company an irrevocable
right of first refusal to acquire any investment opportunity in the Healthcare Sector identified by or on behalf of the Advisor
or any of its Affiliates until such time as the Company has made investments following the Effective Date in Property, Loans and
other Permitted Investments in an aggregate amount of at least $20,000,000 plus the proceeds, if any, from the refinancing of Property
owned as of the Effective Date. During the period that such right of first refusal is effective, the Advisor shall be obligated
to present every investment opportunity involving the Healthcare Sector to the Company. With respect to any particular investment
opportunity, the Company shall have twenty (20) days from the receipt of such investment opportunity from the Advisor to review,
and then approve or decline of such investment opportunity (such period the “Right of First Refusal Period”).
The Company shall notify the Advisor in writing prior to the end of the Right of First Review Period if an investment opportunity
has been approved or declined. If the Company fails to notify the Advisor of its determination with respect to an investment opportunity
prior to the end of the Right of First Refusal Period, or notifies the Advisor that it has declined such investment opportunity,
then such investment opportunity shall be deemed a “Passed Investment.” If the Company notifies the Advisor
within the Right of First Refusal Period that it has approved an investment opportunity, but subsequently elects not to, or otherwise
fails to, complete the acquisition of such investment opportunity within one hundred eighty (180) days following the commencement
of the Right of First Refusal Period (or such shorter period as the Board of Directors, in its discretion, may approve), then such
investment opportunity shall also be deemed a Passed Investment. Subject to the provisions of Section 8(i), the Advisor has the
right to pursue any Passed Investment in any manner it chooses and with any source of capital that it chooses.

 

11. Time Commitment.
The Advisor shall, and shall cause its Affiliates and their respective employees, officers and agents to, devote to the Company
such time as shall be reasonably necessary to conduct the business and affairs of the Company in an appropriate manner consistent
with the terms of this Agreement. The Company acknowledges that the Advisor and its Affiliates and their respective employees,
officers and agents may also engage in activities unrelated to the Company and may provide services to Persons other than the Company
or any of its Affiliates, subject to compliance with the provisions of Section 8(i).

 

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

 

13. Representations and Warranties.

 

(a) Of the Company. To induce
the Advisor to enter into this Agreement, the Company hereby represents and warrants that:

 

(i) The Company is a corporation,
duly organized, validly existing and in good standing under the laws of the State of Maryland with all requisite corporate power
and authority and all material licenses, permits and authorizations necessary to carry out the transactions contemplated by this
Agreement.

 

    	-23-

    	 

    
  

(ii) The Company’s
execution, delivery and performance of this Agreement have been duly authorized by the Board of Directors. This Agreement constitutes
the valid and binding obligation of the Company, enforceable against the Company in accordance with its terms. Other than as set
forth on Schedule 1 hereto, the Company’s execution and delivery of this Agreement and its fulfillment of and compliance
with the respective terms hereof do not and will not (i) conflict with or result in a breach of the terms, conditions or provisions
of, (ii) constitute a default under, (iii) result in the creation of any lien, security interest, charge or encumbrance upon the
assets of the Company pursuant to, (iv) give any third party the right to modify, terminate or accelerate any obligation under,
(v) result in a violation of or (vi) require any authorization, consent, approval, exception or other action by or notice to any
court or administrative or governmental body pursuant to, the Charter or Bylaws or any law, statute, rule or regulation to which
the Company is subject, or any agreement, instrument, order, judgment or decree by which the Company is bound, in any such case
in a manner that would have a material adverse effect on the ability of the Company to perform any of its obligations under this
Agreement.

 

(b) Of the Advisor. To induce
the Company to enter into this Agreement, the Advisor represents and warrants that:

 

(i) The Advisor is a limited
liability company duly organized, validly existing and in good standing under the laws of the State of Florida with all requisite
power and authority and all material licenses, permits and authorizations necessary to carry out the transactions contemplated
by this Agreement.

 

(ii) The Advisor’s
execution, delivery and performance of this Agreement has been duly authorized. This Agreement constitutes a valid and binding
obligation of the Advisor, enforceable against the Advisor in accordance with its terms. The Advisor’s execution and delivery
of this Agreement and its fulfillment of and compliance with the respective terms hereof do not and will not (i) conflict with
or result in a breach of the terms, conditions or provisions of, (ii) constitute a default under, (iii) result in the creation
of any lien, security interest, charge or encumbrance upon the Advisor’s assets pursuant to, (iv) give any third party the
right to modify, terminate or accelerate any obligation under, (v) result in a violation of or (vi) require any authorization,
consent, approval, exemption or other action by or notice to any court or administrative or governmental body pursuant to, the
Advisor’s articles of organization or operating agreement, or any law, statute, rule or regulation to which the Advisor is
subject, or any agreement, instrument, order, judgment or decree by which the Advisor is bound, in any such case in a manner that
would have a material adverse effect on the ability of the Advisor to perform any of its obligations under this Agreement.

 

(iii) The Advisor has received
copies of the Charter, the Bylaws, and the Operating Partnership’s limited partnership agreement and is familiar with the
terms thereof, including without limitation the investment limitations included therein. The Advisor warrants that it will use
reasonable care to avoid any act or omission that would conflict with the terms of the Charter, the Bylaws, or the Operating Partnership’s
limited partnership agreement in the absence of the express direction of the Independent Directors Committee.

 

    	-24-

    	 

    
  

14. Term; Termination of Agreement.
Subject to Section 15 hereof, this Agreement shall continue in force until the first anniversary of the Effective Date. Thereafter,
this Agreement may be renewed for an unlimited number of successive one-year terms upon mutual consent of the parties. The Company,
acting through the Board of Directors, including a majority of the Independent Directors Committee, will evaluate the performance
of the Advisor annually before renewing the Agreement, and each such renewal shall be for a term of no more than one year.

 

15. Termination.

  

(a) Termination by Either Party. This
Agreement may be terminated upon 60 days written notice without cause or penalty, by either party (by the Independent Directors
Committee in the case of the Company or its President in the case of the Advisor).

 

(b) Termination by the Advisor. This
Agreement may be terminated immediately by the Advisor in the event of (i) the bankruptcy of the Company or commencement of any
bankruptcy or similar insolvency proceedings of the Company, or (ii) any material breach of this Agreement by the Company not cured
by the Company which (A) is not cured by the Company within 30 days after written notice thereof or (B) in the reasonable determination
of the Advisor, cannot be cured within 30 days.

 

(c) Termination by the Company. This
Agreement may be terminated immediately by the Company in the event of (i) the bankruptcy of the Advisor or commencement of any
bankruptcy or similar insolvency proceedings of the Advisor, or (ii) any material breach of this Agreement by the Advisor which
(A) is not cured by the Advisor within 30 days after written notice thereof or (B) in the reasonable determination of the Independent
Directors Committee, cannot be cured within 30 days.

 

The provisions of this sentence and Sections 1, 6, 7, 8(h),
9(c), 12, 15, 16, and 18 through 30 survive termination of this Agreement.

 

16. Payments to and Duties
of Advisor upon Termination. Payments to the Advisor pursuant to this Section 16 shall be subject to the 2%/25% Guidelines
to the extent applicable.

 

(a) After the Termination Date, the
Advisor shall not be entitled to compensation for further services hereunder except it shall be entitled to receive from the Company
within 30 days after the effective date of such termination the following:

 

(i) all unpaid fees payable
to the Advisor prior to termination of this Agreement; and

 

(ii) the Subordinated Performance
Fee Due Upon Termination, provided that no Subordinated Performance Fee Due Upon Termination will be paid if the Company has paid
or is obligated to pay the Subordinated Incentive Listing Fee.

 

(b) The Advisor shall promptly upon
termination:

 

    	-25-

    	 

    
  

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

 

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

 

(iii) deliver to the Board
of Directors all assets, including Properties, and documents of the Company then in the custody of the Advisor; and

 

(iv) reasonably cooperate
with the Company to provide an orderly transition of advisory functions.

 

17. Assignment to an
Affiliate. This Agreement may be assigned by the Advisor to an Affiliate with the approval of the Independent
Directors Committee. This Agreement shall not be assigned by the Company without the consent of the Advisor, except in the
case of an assignment by the Company to a corporation or other organization which is a successor to all of the assets, rights
and obligations of the Company, in which case such successor organization shall be bound hereunder and by the terms of said
assignment in the same manner as the Company is bound by this Agreement. The Advisor understands that the fees due pursuant
to this agreement may be paid by or charged to subsidiaries of the Company including taxable REIT subsidiaries.

 

18. Indemnification by
the Company. The Company shall indemnify, defend and hold harmless the Advisor and its Affiliates, including their
respective officers, directors, equity holders, partners and employees, from all liability, claims, damages or losses arising
in the performance of their duties hereunder, and related expenses, including reasonable attorneys’ fees, to the extent
such liability, claims, damages or losses and related expenses are not fully reimbursed by insurance, subject to any
limitations imposed by the Company’s Charter and the laws of the State of Maryland. Any indemnification of the Advisor
may be made only out of the net assets of the Company.

 

19. Advisor’s Liability. To
the maximum extent permitted by the Charter, the Advisor is hereby held harmless from any and all claims and rights
(including, without limitation, rights of set-off and recoupment, demands, actions, obligations, and causes of action of any
and every kind, nature and character, known and unknown) as may be asserted by the Company.

 

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

 

	To the Board of Directors and to the Company:	
        Sentio Healthcare Properties, Inc.

        189 South Orange Avenue, Suite 1700

        Orlando, Florida 328001

        Attention: Chief Executive Officer

         

 

    	-26-

    	 

    
  

	To the Advisor:	
        Sentio Investments, LLC

        189 South Orange Avenue, Suite 1700

        Orlando, Florida 328001

Attention: President

 

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 20.

 

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

 

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

 

23. Construction; Consent to
Jurisdiction. This Agreement shall be governed by and construed in accordance with the laws of the State of Florida,
without regard to principles of conflicts of laws. Any suit involving any dispute or matter arising under this Agreement may only
be brought in the federal or state courts located in the State of California. Each of the parties hereto consents to the exercise
of personal jurisdiction by such courts with respect to all such proceedings. EACH OF THE PARTIES HERETO HEREBY KNOWINGLY AND VOLUNTARILY
WAIVES ANY AND ALL RIGHTS TO A JURY TRIAL, TO THE FULLEST EXTENT THAT ANY SUCH RIGHT SHALL NOW OR HEREAFTER EXIST, IN ANY PROCEEDING,
CLAIM, COUNTER-CLAIM OR OTHER ACTION INVOLVING ANY DISPUTE OR MATTER ARISING UNDER THIS AGREEMENT.

 

24. Attorneys’ Fees.
In the event a party hereto brings an action to enforce or interpret any of the provisions of this Agreement, the prevailing party
in such action shall, in addition to any other recovery, be entitled to its reasonable attorneys’ fees and expenses arising
from such action, including without limitation all paralegal and expert fees, and any appeal or any bankruptcy action related thereto,
whether or not such matter proceeds to trial.

 

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

 

26. Indulgences, Not Waivers.
Neither the failure nor any delay on the part of a party to exercise any right, remedy, power or privilege under this Agreement
shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any
other or further exercise of the same or of any other right, remedy, power or privilege, nor shall any waiver of any right, remedy,
power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect
to any other occurrence. No waiver shall be effective unless it is in writing and is signed by the party asserted to have granted
such waiver.

 

    	-27-

    	 

    
  

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

 

28. Titles Not to Affect Interpretation.
The titles of paragraphs and subparagraphs contained in this Agreement are for convenience only, and they neither form a part of
this Agreement nor are they to be used in the construction or interpretation hereof.

 

29. Execution in Counterparts.
This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original as against any party
whose signature appears thereon, and all of which shall together constitute one and the same instrument. This Agreement shall become
binding when the counterparts hereof, taken together, bear the signatures of all of the parties reflected hereon as the signatories.

 

30. Name. Sentio Investments,
LLC has a proprietary interest in the name “Sentio.” Sentio Investments, LLC hereby grants to the Company a non-transferable,
non-assignable, non-exclusive royalty-free right and license to use the name “Sentio Healthcare Properties, Inc.” during
the term of this Agreement. Accordingly, and in recognition of this right, if at any time the Company ceases to retain an Affiliate
of Sentio Investments, LLC to perform the services of Advisor, the Company will, promptly after receipt of written request from
Sentio Investments, LLC, cease to conduct business under or use the name “Sentio” or any derivative thereof and the
Company shall change the name of the Company to a name that does not contain the name “Sentio” or any other word or
words that might, in the reasonable discretion of the Advisor, be susceptible of indication of some form of relationship between
the Company and the Advisor or any Affiliate thereof. At such time, the Company will also make any changes to any trademarks, service
marks or other marks necessary to remove any references to the word “Sentio.” Consistent with the foregoing, it is
specifically recognized that the Advisor or one or more of its Affiliates may in the future organize, sponsor or otherwise permit
to exist other investment vehicles (including vehicles for investment in real estate) and financial and service organizations having
“Sentio” as a part of their name, all without the need for any consent (and without the right to object thereto) by
the Company or the Board of Directors.

 

    	-28-

    	 

    
  

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

 

	 	SENTIO HEALTHCARE PROPERTIES, INC.
	 	 	 
	 	By: 	/s/ John Mark Ramsey
	 	 	John Mark Ramsey, Chief Executive Officer and President
	 	 	 
	 	SENTIO INVESTMENTS, LLC
	 	 	 
	 	By: 	/s/ John Mark Ramsey
	 	 	John Mark Ramsey, Chief Executive Officer and President

 

    	 

    	 	

    
  

Schedule 1

 

		·	Credit Agreement dated as of November 19, 2010 by and
among Cornerstone Healthcare Plus Operating Partnership, L.P., as the Borrower The Lenders From Time To Time Parties Thereto,
as Lenders and Keybank National Association, as Lead Arranger, a Lender and Agent (and related transaction documents)

		·	Multifamily Deed Of Trust, Assignment Of Rents And Security
Agreement And Fixture Filing (Texas – Revision Date 02-15-2008) effective as of December 16, 2009 by Caruth Haven L.P. for
the benefit of Keycorp Real Estate Capital Markets (and related transaction documents)

		·	Loan Agreement by and between American Momentum Bank
and Cornerstone Dallas Rehab, LP dated December 22, 2010 (and related transaction documents)

		·	Loan Agreement made as of September 3, 2010 by and between
Chattanooga ALF, LLC and BB&T Real Estate Funding LLC Loan Agreement made as of September 3, 2010 by and between Chattanooga
ALF, LLC and BB&T Real Estate Funding LLC (and related transaction documents)

		·	Loan Agreement made as of April 21, 2011 by and between
Lehigh Pointe Senior Living, LLC and BB&T Real Estate Funding LLC (and related transaction documents)

		·	Dual Security Agreement made as of December 22, 2010 by and among Hilliard ALF, LLC, Hilliard ALF TRS, LLC, Good Neighbor Care
Centers, LLC and Red Mortgage Capital, LLC (and related transaction documents)Exhibit 10.1

 

EMPLOYMENT AGREEMENT

 

This Employment Agreement
is made and entered into effective as of January 1, 2013 (the “Effective Date”), by and between Navidea Biopharmaceuticals,
Inc., a Delaware Corporation with a place of business at 425 Metro Place North, Suite 450, Dublin, Ohio 43017-1367 (the “Company”
or “Navidea”) and [_____________] (the “Employee”).

 

WHEREAS, the Company
and the Employee wish to establish new terms, covenants, and conditions for the Employee’s continued employment with the
Company through this agreement (“Employment Agreement”).

 

NOW, THEREFORE, in
consideration of the mutual agreements herein set forth, the parties hereto agree as follows:

 

		1.	Duties. From and after the Effective Date,
and based upon the terms and conditions set forth herein, the Company agrees to employ the Employee and the Employee agrees to
be employed by the Company, as [______________] and in such equivalent, additional or higher executive level position or positions
as shall be assigned to him by the Company’s Board of Directors. While serving in such executive level position or positions,
the Employee shall report to, be responsible to, and shall take direction from the Chief Executive Officer of the Company. During
the Term of this Employment Agreement (as defined in Section 2 below), the Employee agrees to devote substantially all of his
working time to the position he holds with the Company and to faithfully, industriously, and to the best of his ability, experience
and talent, perform the duties that are assigned to him. The Employee shall observe and abide by the reasonable corporate policies
and decisions of the Company in all business matters.

 

			The Employee represents and warrants to the Company that Exhibit A attached hereto sets forth a
true and complete list of (a) all offices, directorships and other positions held by the Employee in corporations and firms other
than the Company and its subsidiaries and (b) any investment or ownership interest in any corporation or firm other than the Company
beneficially owned by the Employee (excluding investments in life insurance policies, bank deposits, publicly traded securities
that are less than five percent (5%) of their class and real estate). The Employee will promptly notify the Board of Directors
of the Company of any additional positions undertaken or investments made by the Employee during the Term of this Employment Agreement
if they are of a type which if they had existed on the date hereof, should have been listed on Exhibit A hereto. As long as the
Employee’s other positions or investments in other firms do not create a conflict of interest, violate the Employee’s
obligations under Section 7 below or cause the Employee to neglect his duties hereunder, such activities and positions shall not
be deemed to be a breach of this Employment Agreement.

 

		2.	Term of this Employment Agreement. Subject to Sections 4 and 5 hereof, the Term of this
Employment Agreement shall be for a period of twenty-four (24) months, commencing January 1, 2013 and terminating December 31,
2014.

 

		3.	Compensation. During the Term of this Employment
Agreement, the Company shall pay, and the Employee agrees to accept as full consideration for the services to be rendered by the
Employee hereunder, compensation consisting of the following:

 

		A.	Salary. Beginning on the first day of the Term of this Employment Agreement, the Company
shall pay the Employee a salary of [_____________] per year, payable in semi-monthly or monthly installments as requested by the
Employee. Further, the Company agrees to review the Employee’s base salary by January 1, 2014.

 

		B.	Bonus. The Compensation, Nominating and Governance Committee (the “Committee”)
of the Board of Directors will, on an annual basis, review the performance of the Company and of the Employee and will pay such
bonus, as it deems appropriate, in its discretion, to the Employee based upon such review. Such review and bonus shall be consistent
with any bonus plan adopted by the Committee, which covers the executive officers and employees of the Company generally. Any bonus
earned in any calendar year will be payable in the first calendar quarter of the following calendar year.

 

		C.	Benefits. During the Term of this Employment Agreement, the Employee will receive such employee
benefits as are generally available to all employees of the Company.

 

    	1

    	 

    
 

 

		D.	Stock Options. The Committee of the Board of Directors may, from time-to-time, grant stock
options, restricted stock purchase opportunities and such other forms of equity-based incentive compensation as it deems appropriate,
in its discretion, to the Employee under the Company’s Stock Option and Restricted Stock Purchase Plan, 1996 Stock Incentive
Plan and Fourth Amended and Restated 2002 Stock Incentive Plan (the “Stock Plans”). The terms of the relevant award
agreements shall govern the rights of the Employee and the Company thereunder in the event of any conflict between such agreement
and this Employment Agreement.

 

		E.	Vacation. The Employee shall be entitled to twenty-five (25) days of vacation during each
calendar year during the Term of this Employment Agreement.

 

		F.	Expenses. The Company shall reimburse the Employee for all reasonable out-of-pocket expenses
incurred by him in the performance of his duties hereunder, including expenses for travel, entertainment and similar items, promptly
after the presentation by the Employee, from time-to-time, of an itemized account of such expenses.

 

		G.	Clawback Policy. The Company’s obligation to pay any bonus or stock-based incentive
compensation under paragraphs B. or D. of this Section 3, and the Employee’s right to receive or retain such compensation,
shall be subject to any policy adopted by the Board of Directors or the Committee (or any successor committee of the Board of Directors
with authority over executive compensation) pursuant to the “clawback” provisions of Section 304 of the Sarbanes-Oxley
Act of 2002, Section 10D of the Securities Exchange Act of 1934, or regulations promulgated thereunder, or pursuant to any rule
of any national securities exchange on which the equity securities of the Company are listed implementing Section 10D of the Securities
Exchange Act of 1934, or regulations promulgated thereunder.

 

		4.	Termination.

 

		A.	For Cause. The Company may terminate the employment of the Employee prior to the end of
the Term of this Employment Agreement “for cause.” Termination “for cause” shall be defined as a termination
by the Company of the employment of the Employee occasioned by:

 

		i.	the failure by the Employee to cure a willful breach of a material duty imposed on the Employee
under this Employment Agreement or any other written agreement between Employee and the Company within 15 days after written notice
thereof by the Company;

		ii.	the continuation by the Employee after written notice by the Company of a willful and continued
neglect of a duty imposed on the Employee under this Employment Agreement;

		iii.	acts by Employee of fraud, embezzlement, theft or other material dishonesty directed against the
Company;

		iv.	the Employee is formally charged with a felony (other than a traffic offense), or a crime involving
moral turpitude, that in the reasonable good faith judgment of the Board of Directors, results in material damage to the Company
or its reputation, or would materially interfere with the performance of Employee’s obligations under this Employment Agreement;
or

		v.	any condition which either results from the Employee’s substantial dependence, as reasonably
determined in good faith by the Board of Directors, on alcohol, or on any narcotic drug or other controlled or illegal substance.

 

In the event of termination
by the Company “for cause,” all salary, benefits and other payments shall cease at the time of termination, and the
Company shall have no further obligations to the Employee.

 

		B.	Resignation. If the Employee resigns for any reason, all salary, benefits and other
payments (except as otherwise provided in paragraph G of this Section 4) shall cease at the time such resignation becomes effective.
At the time of any such resignation, the Company shall pay the Employee the value of any accrued but unused vacation time, and
the amount of all accrued but previously unpaid base salary through the date of such termination. The Company shall promptly reimburse
the Employee for the amount of any expenses incurred prior to such termination by the Employee as required under paragraph F of
Section 3 above.

 

		C.	Disability, Death. The Company may terminate the employment of the Employee prior
to the end of the Term of this Employment Agreement if the Employee has been unable to perform his duties hereunder or a similar
job for a continuous period of six (6) months due to a physical or mental condition that, in the opinion of a licensed physician,
will be of indefinite duration or is without a reasonable probability of recovery for a period of at least six (6) months. The
Employee agrees to submit to an examination by a licensed physician of his choice in order to obtain such opinion, at the request
of the Company, made after the Employee has been absent from his place of employment for at least six (6) months. The Company shall
pay for any requested examination. However, this provision does not abrogate either the Company’s or the Employee’s
rights and obligations pursuant to the Family and Medical Leave Act of 1993, and a termination of employment under this paragraph
C shall not be deemed to be a termination for cause.

 

    	2

    	 

    
 

 

If during the Term of this Employment
Agreement, the Employee dies or his employment is terminated because of his disability, all salary, benefits and other payments
shall cease at the time of death or disability, provided, however, that the Company shall provide such health, dental and similar
insurance or benefits as were provided to Employee immediately before his termination by reason of death or disability, to Employee
or his family for the longer of twelve (12) months after such termination or the full unexpired Term of this Employment Agreement
on the same terms and conditions (including applicable employee-paid premium contribution or co-pays) as were applicable before
such termination. In addition, for the first six (6) months of any disability that results in the Employee being unable to perform
any gainful activity, the Company shall pay to the Employee the difference, if any, between any cash benefits received by the Employee
from a Company-sponsored disability insurance policy and the Employee’s salary hereunder in accordance with paragraph A of
Section 3 above. At the time of any such termination, the Company shall pay the Employee, the value of any accrued but unused vacation
time, and the amount of all accrued but previously unpaid base salary through the date of such termination. The Company shall promptly
reimburse the Employee for the amount of any expenses incurred prior to such termination by the Employee as required under paragraph
F of Section 3 above.

 

Notwithstanding the foregoing,
if the Company reasonably determines that any of the benefits described in this paragraph C may not be exempt from federal income
tax, then for a period of six (6) months after the date of the Employee’s termination, the Employee shall pay to the Company
an amount equal to the stated taxable cost of such coverages. After the expiration of the six-month period, the Employee shall
receive from the Company a reimbursement of the amounts paid by the Employee.

 

		D.	Termination Without Cause. A termination “without cause” is a termination of
the employment of the Employee by the Company that is not “for cause” and not occasioned by the resignation, death
or disability of the Employee. If the Company terminates the employment of the Employee without cause, (whether before the end
of the Term of this Employment Agreement or, if the Employee is employed by the Company under paragraph E of this Section 4, after
the Term of this Employment Agreement has ended) the Company shall, at the time of such termination, pay to the Employee the severance
payment provided in paragraph F of this Section 4 together with the value of any accrued but unused vacation time and the amount
of all accrued but previously unpaid base salary through the date of such termination and shall provide him with all benefits to
which he is entitled under paragraph C of Section 3 for the longer of twelve (12) months or the full unexpired Term of this Employment
Agreement. The Company shall promptly reimburse the Employee for the amount of any expenses incurred prior to such termination
by the Employee as required under paragraph F of Section 3.

 

If the Company terminates the
employment of the Employee because it has ceased to do business or substantially completed the liquidation of its assets or because
it has relocated to another city and the Employee has decided not to relocate also, such termination of employment shall be deemed
to be without cause.

 

		E.	End of the Term of this Employment Agreement.
Except as otherwise provided in paragraphs F and G of this Section 4 below, the Company may terminate the employment of the Employee
at the end of the Term of this Employment Agreement without any liability on the part of the Company to the Employee, provided
that if the Employee continues to be an employee of the Company after the Term of this Employment Agreement ends, his employment
shall be governed by the terms and conditions of this Agreement, but he shall be an employee at will and his employment may be
terminated at any time by either the Company or the Employee without notice and for any reason not prohibited by law or no reason
at all. If the Company terminates the employment of the Employee at the end of the Term of this Employment Agreement, the Company
shall, at the time of such termination, pay to the Employee the severance payment provided in paragraph F of this Section 4 together
with the value of any accrued but unused vacation time and the amount of all accrued but previously unpaid base salary through
the date of such termination. The Company shall promptly reimburse the Employee for the amount of any reasonable expenses incurred
prior to such termination by the Employee as required under paragraph F of Section 3 above.

 

		F.	Severance. If the employment of the Employee is
terminated by the Company at the end of the Term of this Employment Agreement, or if the employment of the Employee is terminated
by the Company without cause (whether before the end of the Term of this Employment Agreement or, if the Employee is employed
by the Company under paragraph E of this Section 4 above, after the Term of this Employment Agreement has ended), then the Employee
shall be paid, as a severance payment at the time of such termination, the amount of [____________] together with the value of
any accrued but unused vacation time.

 

    	3

    	 

    
 

 

		G.	Change of Control Severance. In addition to the rights of the Employee under the Company’s
employee benefit plans (paragraph C of Section 3 above) but in lieu of any severance payment under paragraph F of this Section
4 above, if there is a Change in Control of the Company (as defined below) during the Term and within six (6) months thereafter
the employment of the Employee is concurrently or subsequently terminated (i) by the Company without cause, (ii) by the expiration
of the Term of this Employment Agreement, or (iii) by the resignation of the Employee because he has reasonably determined in good
faith that his titles, authorities, responsibilities, salary, bonus opportunities or benefits have been materially diminished,
that a material adverse change in his working conditions has occurred, that his services are no longer required in light of the
Company’s business plan, or the Company has breached this Employment Agreement, the Company shall pay the Employee, as a
severance payment, at the time of such termination, the amount of [____________] together with the value of any accrued but unused
vacation time, and the amount of all accrued but previously unpaid base salary through the date of termination and shall provide
him with all of the Employee Benefits under paragraph C of Section 3 above for the longer of twelve (12) months or the full unexpired
Term of this Employment Agreement. The Company shall promptly reimburse the Employee for the amount of any expenses incurred prior
to such termination by the Employee as required under paragraph F of Section 3 above. Notwithstanding the foregoing, before the
Employee may resign pursuant to clause (iii) of this paragraph, the Employee shall deliver to the Company a written notice of the
Employee’s intent to terminate his employment thereunder, and the Company shall have been given a reasonable opportunity
to cure any such act, omission or condition within thirty (30) days after the Company’s receipt of such notice.

 

For the purpose of this Employment
Agreement, a Change in Control of the Company has occurred when: (a) any person (defined for the purposes of this paragraph G to
mean any person within the meaning of Section 13 (d) of the Securities Exchange Act of 1934 (the “Exchange Act”)),
other than Navidea, an employee benefit plan created by its Board of Directors for the benefit of its employees, or a participant
in a transaction approved by its Board of Directors for the principal purpose of raising additional capital, either directly or
indirectly, or an Affiliate of such participant, acquires beneficial ownership (determined under Rule 13d-3 of the Regulations
promulgated by the Securities and Exchange Commission under Section 13(d) of the Exchange Act) of securities issued by Navidea
having thirty percent (30%) or more of the voting power of all the voting securities issued by Navidea in the election of Directors
at the next meeting of the holders of voting securities to be held for such purpose; (b) a majority of the Directors elected at
any meeting of the holders of voting securities of Navidea are persons who were not nominated for such election by the Board of
Directors or a duly constituted committee of the Board of Directors having authority in such matters; (c) the stockholders of Navidea
approve a merger or consolidation of Navidea with another person other than a merger or consolidation in which the holders of Navidea’s
voting securities issued and outstanding immediately before such merger or consolidation continue to hold voting securities in
the surviving or resulting corporation (in the same relative proportions to each other as existed before such event) comprising
eighty percent (80%) or more of the voting power for all purposes of the surviving or resulting corporation; or (d) the stockholders
of Navidea approve a transfer of substantially all of the assets of Navidea to another person other than (i) a transfer to a transferee,
eighty percent (80%) or more of the voting power of which is owned or controlled by Navidea or by the holders of Navidea’s
voting securities issued and outstanding immediately before such transfer in the same relative proportions to each other as existed
before such event, or (ii) a transfer following which Navidea continues the operation of one or more lines of business that were
operated by Navidea prior to the transfer, and a class of common stock of Navidea remains registered under Section 12 of the Securities
Exchange Act of 1934. The parties hereto agree that for the purpose of determining the time when a Change of Control has occurred
that if any transaction results from a definite proposal that was made before the end of the Term of this Employment Agreement
but which continued until after the end of the Term of this Employment Agreement and such transaction is consummated after the
end of the Term of this Employment Agreement, such transaction shall be deemed to have occurred when the definite proposal was
made for the purposes of the first sentence of this paragraph G of this Section 4. Notwithstanding the foregoing, before the Employee
may resign pursuant to clause (iii) of the first paragraph of this Section 4(G) , the Employee shall deliver to the Company a written
notice of the Employee’s intent to terminate his employment thereunder, and the Company shall have been given a reasonable
opportunity to cure any such act, omission or condition within thirty (30) days after the Company’s receipt of such notice.

 

		H.	Benefit and Stock Plans. In the event that a benefit plan or Stock Plan which covers the
Employee has specific provisions concerning termination of employment, or the death or disability of an employee (e.g.,
life insurance or disability insurance), then such benefit plan or Stock Plan shall control the disposition of the benefits or
stock options.

 

    	4

    	 

    
 

 

		5.	Proprietary Information Agreement. Employee has executed a Proprietary Information Agreement
as a condition of employment with the Company. The Proprietary Information Agreement shall not be limited by this Employment Agreement
in any manner, and the Employee shall act in accordance with the provisions of the Proprietary Information Agreement at all times
during the Term of this Employment Agreement.

 

		6.	Non-Competition. Employee agrees that for so long as he is employed by the Company under
this Employment Agreement and for one (1) year thereafter, the Employee will not:

 

		A.	enter into the employ of or render any services to any person, firm, or corporation, which is engaged,
in any part, in a Competitive Business (as defined below);

 

		B.	engage in any directly Competitive Business for his own account;

 

		C.	become associated with or interested in through retention or by employment any Competitive Business
as an individual, partner, shareholder, creditor, director, officer, principal, agent, employee, trustee, consultant, advisor,
or in any other relationship or capacity; or

 

		D.	solicit, interfere with, or endeavor to entice away from the Company, any of its customers, strategic
partners, or sources of supply.

 

			Nothing in this Employment Agreement shall preclude Employee from taking employment in the banking
or related financial services industries nor from investing his personal assets in the securities or any Competitive Business if
such securities are traded on a national stock exchange or in the over-the-counter market and if such investment does not result
in his beneficially owning, at any time, more than one percent (1%) of the publicly-traded equity securities of such Competitive
Business. “Competitive Business” for purposes of this Employment Agreement shall mean any business or enterprise which:

 

		a.	is engaged in the development and/or commercialization of products and/or systems for use in intraoperative
detection of cancer, or the development and/or commercialization of radiopharmaceuticals for the diagnosis or treatment of disease,
or

 

		b.	reasonably understood to be competitive in the relevant market with products and/or systems described
in clause a above, or

 

		c.	the Company engages in during the Term of this Employment Agreement pursuant to a determination
of the Board of Directors and from which the Company derives a material amount of revenue or in which the Company has made a material
capital investment.

 

			The covenant set forth in this Section 6 shall terminate immediately upon the substantial completion
of the liquidation of assets of the Company or the termination of the employment of the Employee by the Company without cause or
at the end of the Term of this Employment Agreement.

 

		7.	Arbitration. Any dispute or controversy arising
under or in connection with this Employment Agreement shall be settled exclusively by arbitration in Columbus, Ohio, in accordance
with the non-union employment arbitration rules of the American Arbitration Association (“AAA”) then in effect. If
specific non-union employment dispute rules are not in effect, then AAA commercial arbitration rules shall govern the dispute.
If the amount claimed exceeds $100,000, the arbitration shall be before a panel of three arbitrators. Judgment may be entered
on the arbitrator’s award in any court having jurisdiction. The Company shall indemnify the Employee against and hold him
harmless from any attorney’s fees, court costs and other expenses incurred by the Employee in connection with the preparation,
commencement, prosecution, defense, or enforcement of any arbitration, award, confirmation or judgment in order to assert or defend
any right or obtain any payment under paragraph C of Section 4 above or under this sentence; without regard to the success of
the Employee or his attorney in any such arbitration or proceeding.

 

		8.	Attorneys’ Fees and Expenses. Except as
otherwise provided in Section 7, in the event that any action, suit, or other legal or equitable proceeding is brought by either
party to enforce the provisions of this Employment Agreement, or to obtain money damages for the breach thereof, then the party
which substantially prevails in such action (whether by judgment or settlement) shall be entitled to recover from the other party
all reasonable expenses of such litigation (including any appeals), including, but not limited to, reasonable attorneys' fees
and disbursements.

 

    	5

    	 

    
 

 

		9.	Waiver of Jury Trial. EMPLOYEE AND THE COMPANY
HEREBY WAIVE THE RIGHT TO A TRIAL BY JURY IN THE EVENT OF ANY DISPUTE WHICH ARISES UNDER THIS AGREEMENT.

 

		10.	Governing Law. The Employment Agreement shall be governed by and construed in accordance
with the laws of the State of Ohio without regard to its conflicts of laws principles.

 

		11.	Jurisdiction; Service of Process. Any action or proceeding arising out of or relating to
this Agreement shall be brought exclusively in the state or federal courts located in Franklin County, Ohio, and each of the parties
irrevocably submits to the jurisdiction of each such court in any such action or proceeding, waives any objection it may now or
hereafter have to venue or to convenience of forum, agrees that all claims in respect of the action or proceeding shall be heard
and determined only in any such court and agrees not to bring any action or proceeding arising out of or relating to this Employment
Agreement in any other court. The parties agree that either or both of them may file a copy of this Section with any court as written
evidence of the knowing, voluntary and bargained agreement between the parties irrevocably to waive any objections to venue or
to convenience of forum. Process in any action or proceeding referred to in the first sentence of this section may be served on
any party anywhere in the world.

 

		12.	Validity. The invalidity or unenforceability of any provision or provisions of this Employment
Agreement shall not affect the validity or enforceability of any other provision of the Employment Agreement, which shall remain
in full force and effect.

 

		13.	Compliance with Section 409A of the Internal Revenue Code. If, when the Employee's employment
with the Company terminates, the Employee is a "specified employee" as defined in Section 409A(a)(1)(B)(i) of the Internal
Revenue Code, and if any payments under this Employment Agreement, including payments under Section 4, will result in additional
tax or interest to the Employee under Section 409A(a)(1)(B) ("Section 409A Penalties"), then despite any provision of
this Employment Agreement to the contrary, the Employee will not be entitled to payments until the earliest of (a) the date that
is at least six months after termination of the Employee's employment for reasons other than the Employee's death, (b) the date
of the Employee's death, or (c) any earlier date that does not result in Section 409A Penalties to the Employee. As soon as practicable
after the end of the period during which payments are delayed under this provision, the entire amount of the delayed payments shall
be paid to the Employee in a lump sum. Additionally, if any provision of this Employment Agreement would subject the Employee to
Section 409A Penalties, the Company will apply such provision in a manner consistent with Section 409A of the Internal Revenue
Code during any period in which an arrangement is permitted to comply operationally with Section 409A of the Internal Revenue Code
and before a formal amendment to this Employment Agreement is required. For purposes of this Agreement, any reference to the Employee's
termination of employment will mean that the Employee has incurred a "separation from service" under Section 409A of
the Internal Revenue Code, and any guidance thereunder.

 

		14.	Entire Agreement.

 

		A.	The [______________] Employment Agreements are terminated as of the effective date of this Employment
Agreement, except that awards under the Stock Plans granted to the Employee in the [_____________] Employment Agreements or in
any previous employment agreement or by the Committee remain in full force and effect.

 

		B.	This Employment Agreement constitutes the entire understanding
between the parties with respect to the subject matter hereof, superseding all negotiations, prior discussions, and preliminary
agreements. This Employment Agreement may not be amended except in writing executed by the parties hereto.

 

		15.	Effect on Successors of Interest. This Employment Agreement shall inure to the benefit of and be binding upon heirs,
administrators, executors, successors and assigns of each of the parties hereto. Notwithstanding the above, the Employee recognizes
and agrees that his obligation under this Employment Agreement may not be assigned without the consent of the Company.

 

 

 

[Signature Page Follows]

    	6

    	 

    

 

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

 

 

	NAVIDEA BIOPHARMACEUTICALS, INC.	EMPLOYEE	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	By:	 	 	 	 
	 	Mark J. Pykett, President and CEO	 	[__________]	 

 

 

 

 

    	7

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