Document:

Amended and Restated Share Redemption Program

 Exhibit 4.3 
 AMENDED AND RESTATED SHARE REDEMPTION PROGRAM 
 The board of directors of KBS Real Estate
Investment Trust, Inc., a Maryland corporation (the “Company”), has adopted an Amended and Restated Share Redemption Program (the “SRP”), the terms and conditions of which are set forth below. Capitalized terms shall have the
same meaning as set forth in the Company’s charter unless otherwise defined herein. 
 1.        Qualifying Stockholders. “Qualifying Stockholders” are (a) holders of the Company’s shares of Common Stock (the “Shares”) who have held their Shares for
at least one year, provided that, if the Company is redeeming all of a stockholder’s Shares, then there is no holding period requirement for Shares purchased pursuant to the Company’s dividend reinvestment plan and (b) stockholders or
authorized representatives of stockholders qualifying for the special redemption provisions set forth in paragraphs 6 and 7 below. 
 2.        Share Redemption. Subject to the terms and conditions of this SRP, including the limitations on redemptions set forth in paragraph 4 and the procedures for redemption set forth in
paragraph 5, the Company will redeem such number of Shares as requested by a Qualifying Stockholder. 
 3.        Redemption Price. Unless the Shares are being redeemed in connection with a stockholder’s death or Qualifying Disability (as defined in paragraph 7 below), the price at which the
Company will redeem the Shares of a Qualifying Stockholder is as follows: 
   a.        The lower of $9.25 or 92.5% of the price paid to acquire the Shares from the Company for stockholders who have held their Shares for at least one year; 
   b.        The lower of $9.50 or 95.0% of the price paid to acquire the Shares from the Company for
stockholders who have held their Shares for at least two years; 
   c.        The lower of
$9.75 or 97.5% of the price paid to acquire the Shares from the Company for stockholders who have held their Shares for at least three years; and 
   d.        The lower of $10.00 or 100% of the price paid to acquire the Shares from the Company for stockholders who have held their Shares for at least four years. 
 Notwithstanding the foregoing, once the Company establishes an estimated value per Share, the redemption price per Share for all stockholders will be
equal to the estimated value per Share, as determined by the Company’s advisor or another firm chosen for that purpose. The Company expects to establish an estimated value per Share no later than three years after completion of the
Company’s offering stage. The Company will consider its offering stage complete when the Company is no longer 

 
publicly offering equity securities and has not done so for one year. The Company will report the redemption price in its annual report and three quarterly
reports publicly filed with the Securities and Exchange Commission. For the purpose of determining when the Company’s offering stage is complete, public equity offerings do not include offerings on behalf of selling stockholders or offerings
related to any dividend reinvestment plan, employee benefit plan, or the redemption of interests in KBS Limited Partnership, the Company’s operating partnership. 
 4.        Limitations on Redemption. Notwithstanding anything contained in this SRP to the contrary, the Company’s obligation to redeem Shares pursuant to paragraphs
2 and 6 hereof is limited as follows: 
   a.        Unless the Shares are being redeemed
in connection with a stockholder’s death or Qualifying Disability (as defined in paragraph 7), the Company may not redeem Shares until they have been outstanding for one year. 
   b.        During any calendar year, the Company may redeem only the number of Shares that the Company
could purchase with (i) the amount of net proceeds from the sale of Shares under the Company’s dividend reinvestment plan during the prior calendar year less (ii) amounts the Company deems necessary from such proceeds to fund current
and future: capital expenditures, tenant improvement costs and leasing costs related to its investments in real properties; reserves required by financings of the Company’s investments in real properties; and funding obligations under the
Company’s real estate loans receivable, as each may be adjusted from time to time by the Company’s management; provided, however, that if the Shares are submitted for redemption in connection with a stockholder’s death or Qualifying
Disability (as defined in paragraph 7), the Company will honor such redemptions to the extent that all redemptions for the calendar year are less than the amount of the net proceeds from the sale of Shares under the Company’s dividend
reinvestment plan during the prior calendar year. 
   c.        During any calendar year,
the Company may redeem no more than 5% of the weighted-average number of Shares outstanding during the prior calendar year. 
   d.        The Company has no obligation to redeem Shares if the redemption would violate the restrictions on distributions under Maryland General Corporation Law, as amended from time to
time, which prohibits distributions that would cause a corporation to fail to meet statutory tests of solvency. 
 5.        Procedures for Redemption. The Company has engaged a third party to administer the SRP. Upon any change to the identity or the mailing address of the program administrator, the
Company will notify stockholders of such change. The Company will redeem Shares on the last business day of each month (the “Redemption Date”). For a stockholder’s Shares to be eligible for redemption in a given month, the program
administrator must receive a written redemption request from the stockholder or from an authorized representative of the stockholder setting forth the number of Shares requested to be redeemed at least five business days before the Redemption Date.
If the 

 
Company cannot repurchase all Shares presented for redemption in any month because of the limitations on redemption set forth in paragraph 4, then the
Company will honor redemption requests on a pro rata basis, except that (i) if a pro rata redemption would result in a stockholder owning less than half of the minimum purchase requirement described in the Company’s Registration Statement
(registration no. 333-126087) (the “Minimum Purchase Requirement”), then the Company would redeem all of such stockholder’s Shares; and (ii) if a pro rata redemption would result in a stockholder owning more than half but less
than all of the Minimum Purchase Requirement, then the Company would not redeem any Shares that would reduce a stockholder’s ownership of Shares below the Minimum Purchase Requirement. If the Company is redeeming all of a stockholder’s
Shares, there would be no holding period requirement for Shares purchased pursuant to the Company’s dividend reinvestment plan. 
 If
the Company does not completely satisfy a redemption request at month-end because the program administrator did not receive the request in time or because of the limitations on redemption set forth in paragraph 4, then the Company will treat the
unsatisfied portion of the redemption request as a request for redemption at the next Redemption Date funds are available for redemption, unless the redemption request is withdrawn. Any stockholder can withdraw a redemption request by sending
written notice to the program administrator, provided such notice is received at least five business days before the Redemption Date. 
 6.        Special Provisions upon the Death or Qualifying Disability of a Stockholder. The Company will treat redemption requests made upon the death or Qualifying Disability of a stockholder
differently, as follows: 
   a.        There is no one-year holding requirement.

   b.        Until the Company establishes an estimated value per share, which the
Company expects to be no later than three years after the completion of its offering stage, the redemption price is the amount paid to acquire the Shares from the Company. 
   c.        Once the Company has established an estimated value per share, the redemption price will be
the estimated value of the Shares, as determined by the Company’s advisor or another firm chosen for that purpose. 
 Except as
specifically set forth in this paragraph 6, redemptions upon the death or Qualifying Disability of a stockholder are subject to the same limitations and terms and conditions as other redemptions, including the limitations on redemptions set forth in
paragraph 4 and the redemption request procedures set forth in paragraph 5. 
 7.        Qualifying Disability Determinations. In order for a disability to entitle a stockholder to the special redemption terms described in paragraph 6 (a “Qualifying
Disability”), (1) the stockholder must receive a determination of disability based upon a physical or mental condition or impairment arising after the date the stockholder acquired the Shares to be redeemed, and (2) such determination
of disability must be made by the 

 
governmental agency responsible for reviewing the disability retirement benefits that the stockholder could be eligible to receive (the “Applicable
Government Agency”). The Applicable Government Agencies are limited to the following: (i) if the stockholder paid Social Security taxes and, therefore, could be eligible to receive Social Security disability benefits, then the Applicable
Governmental Agency is the Social Security Administration or the agency charged with responsibility for administering Social Security disability benefits at that time if other than the Social Security Administration; (ii) if the stockholder did
not pay Social Security taxes and, therefore, could not be eligible to receive Social Security disability benefits, but the stockholder could be eligible to receive disability benefits under the Civil Service Retirement System (“CSRS”),
then the Applicable Governmental Agency is the U.S. Office of Personnel Management or the agency charged with responsibility for administering CSRS benefits at that time if other than the Office of Personnel Management; or (iii) if the
stockholder did not pay Social Security taxes and, therefore, could not be eligible to receive Social Security benefits but suffered a disability that resulted in the stockholder’s discharge from military service under conditions that were
other than dishonorable and, therefore, could be eligible to receive military disability benefits, then the Applicable Governmental Agency is the Department of Veterans Affairs or the agency charged with the responsibility for administering military
disability benefits at that time if other than the Department of Veterans Affairs. 
 Disability determinations by governmental agencies for
purposes other than those listed above, including but not limited to worker’s compensation insurance, administration or enforcement of the Rehabilitation Act or Americans with Disabilities Act, or waiver of insurance premiums will not entitle a
stockholder to the special redemption terms described in paragraph 6. Redemption requests following an award by the applicable governmental agency of disability benefits must be accompanied by: (1) the investor’s initial application for
disability benefits and (2) a Social Security Administration Notice of Award, a U.S. Office of Personnel Management determination of disability under CSRS, a Department of Veterans Affairs record of disability-related discharge or such other
documentation issued by the Applicable Governmental Agency that the Company deems acceptable and that demonstrates an award of the disability benefits. 
 As the following disabilities do not entitle a worker to Social Security disability benefits, they do not qualify for special redemption terms, except in the limited circumstances when the investor is awarded
disability benefits by the other Applicable Governmental Agencies described above: 
   a.        disabilities occurring after the legal retirement age; and 
   b.        disabilities that do not render a worker incapable of performing substantial gainful activity. 
 8.        Termination, Suspension or Amendment of the SRP by the Company. The Company may amend, suspend or terminate the SRP for any reason upon thirty days 

 
notice to the Company’s stockholders. The Company may provide notice by including such information (a) in a Current Report on Form 8-K or in its
annual or quarterly reports, all publicly filed with the Securities and Exchange Commission or (b) in a separate mailing to the stockholders. 
 The SRP provides stockholders a limited ability to redeem Shares for cash until a secondary market develops for the Shares. If and when such a secondary market develops, the SRP will terminate. 
 9.          Address for Notice of Redemption Requests. Qualifying Stockholders who desire to
redeem their shares must provide written notice to the Company on the form provided by the Company. 
 10.        Liability of the Company. The Company shall not be liable for any act done in good faith or for any good faith omission to act. 
 11.        Governing Law. The SRP shall be governed by the laws of the State of Maryland.Amendment no. 1 to the Advisory Agreement

 Exhibit 10.33 
 AMENDMENT NO. 1 
 TO THE 
 ADVISORY AGREEMENT 
 This amendment no. 1 to the Advisory Agreement dated as of November 8, 2008 (the
“Advisory Agreement”) between KBS Real Estate Investment Trust, Inc., a Maryland corporation (the “Company”), and KBS Capital Advisors LLC, a Delaware limited liability company (the “Advisor”), is entered as of
January 7, 2009 (the “Amendment”). Capitalized terms used herein but not defined shall have the meaning set forth in the Advisory Agreement. 
 WHEREAS, the Company and the Advisor desire to amend the Advisory Agreement to clarify the meaning of the term “funds from operations” as used in Section 8.02 (ii) and Article 16 of the Advisory
Agreement; 
 NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants and agreements contained herein, the parties
hereto agree to amend the Advisory Agreement as follows: 
  

	1.	Article 1 is hereby amended to add the following definition: 

 “Funds from Operations” means funds from operations as defined by NAREIT plus (i) any Acquisition Expenses and Acquisition Fees expensed by the Company and that are related to any Property, Loan or other Permitted Investment
acquired or expected to be acquired by the Company and (ii) any non-operating non-cash charges incurred by the Company, such as impairments of Property or Loans, any other than temporary impairments of marketable securities, or other similar
charges. 
  

	2.	Section 8.02 (ii) is hereby amended and restated as follows: 

 8.02 Asset Management Fees. 
 (ii) The Asset Management Fee described in Section 8.02(i)
hereof is not payable with respect to the Company’s investment in the New Leaf – KBS JV, LLC and Cost of Real Estate Investments as used in Section 8.02(i) shall not include the Company’s allocable portion of its investment in
the New Leaf – KBS JV, LLC. Instead, with respect to the Company’s investment in the New Leaf – KBS JV, LLC, the Company shall pay the Advisor a separate management fee (the “New Leaf-KBS Management Fee”) as follows:

 The Company shall pay the Advisor as compensation for the services described in Article 3 hereof a monthly fee related to the New Leaf
– KBS JV, LLC as follows: 

			
	 Months of
 Ownership of
 Investment
	  	 New Leaf-KBS Management Fee

	 1 - 36
	  	1/12 of 0.27% of Cost of JV Investment
	 Month 37+
	  	To be negotiated upon renewal of advisory agreement

 The Advisor shall submit a monthly invoice to the Company, accompanied by a computation of the New
Leaf-KBS Management Fee for the applicable period. The New Leaf-KBS Management Fee shall be payable on the last day of such month, or the first business day following the last day of such month. The New Leaf-KBS Management Fee may or may not be
taken, in whole or in part, as to any year in the sole discretion of the Advisor. All or any portion of the New Leaf-KBS Management Fee not taken as to any fiscal year shall be deferred without interest and may be taken in such other fiscal year as
the Advisor shall determine. 
 In addition, if at any time during the Company’s ownership of an interest in the New Leaf – KBS JV,
LLC, the Company’s Funds from Operations for the period commencing January 1, 2006 through the date of any such calculation exceed an amount that is equal to a 7.0% cumulative, non-compounded, annual return on Invested Capital for the
Company’s Stockholders for the period from July 18, 2006 through the date of such reimbursement (the “7% Return”), then as of the date of such calculation the Advisor shall earn a fee (the “Performance Fee”) in an
amount that would make the Advisor’s cumulative fees related to the Company’s investment in the New Leaf – KBS JV, LLC (including the New Leaf-KBS Management Fee set forth above and any Performance Fee amounts already paid) equal to
0.75% of the Cost of JV Investment on an annualized basis from the date of the Company’s investment in the New Leaf – KBS JV, LLC through the date of calculation, provided that on any calculation date the Advisor shall earn only the
portion of this amount that is available from the Company’s positive Funds from Operations for the period commencing January 1, 2006 through the date of any such calculation less the 7% Return. 
 Notwithstanding anything contained in this Section 8.02(ii), no Performance Fee will be earned unless and until the Advance described in Article 16
hereof, as amended in the future, has been repaid in full. 
  

	3.	Article 16 is hereby amended and restated as follows: 

 ADVANCE 
 Notwithstanding anything contained in Article 9 of this Agreement to the contrary, the Advisor hereby agrees to advance
funds (the “Advance”) to the Company equal to the amount by which the cumulative amount of distributions declared by the Company from January 1, 2006 through the period ending January 31, 2009 exceeds the amount of the
Company’s Funds from Operations from January 1, 2006 through January 31, 2009. Advisor further agrees that the Company will only be obligated to reimburse the Advisor for the Advance if and to the extent that the Company’s
cumulative Funds from Operations for the period commencing January 1, 2006 through the date of any such reimbursement exceed the lesser of (i) the cumulative amount 

 
of any distributions declared and payable to the Company’s Stockholders as of the date of such reimbursement or (ii) an amount that is equal to a
7.0% cumulative, non-compounded, annual return on Invested Capital for the Company’s Stockholders for the period from July 18, 2006 through the date of such reimbursement. Advisor understands and agrees that no interest shall accrue on the
Advance being made under this Agreement. 
 Signature page follows. 

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

							
	KBS REAL ESTATE INVESTMENT TRUST, INC.
		
	    By:	 	/s/ Charles J. Schreiber, Jr.
		 	Charles J. Schreiber, Jr., Chief Executive Officer
	
	KBS CAPITAL ADVISORS LLC
		
	    By:	 	Schreiber Real Estate Investments, L.P., a Manager

  

									
		 	By:	 	 Schreiber Investments, LLC, as general
 partner
	 	
					
		 		 	By:	 	/s/ Charles J. Schreiber, Jr.	 	
		 		 		 	Charles J. Schreiber, Jr., Manager

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