Document:

KBS RI 8K Exhibit 10.1

Exhibit 10.1
AMENDMENT NO. 1
TO THE
ADVISORY AGREEMENT
     This amendment no. 1 to the Advisory Agreement dated as of  November 8, 2014 (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 15, 2015 (the “Amendment”). Capitalized terms used herein but not defined shall have the meaning set forth in the Advisory Agreement.
WHEREAS, upon the terms set forth in this Amendment, the Advisor has agreed to amend certain terms related to the Disposition Fee payable to it by the Company;
NOW, THEREFORE, in consideration of the mutual agreements and covenants contained herein, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Company and the Advisor agree to amend the Advisory Agreement as follows:
		
	1.
	Disposition Fees.  Section 8.03 of the Advisory Agreement is hereby amended and restated in its entirety as follows:

8.03 Disposition Fees. 
(i) Except as provided in Section 8.03(ii) hereof, if the Advisor or any of its Affiliates provide a substantial amount of services (as determined by the Conflicts Committee) in connection with a Sale, the Advisor or such Affiliate shall receive a fee at the closing (the “Disposition Fee”) equal to 1.0% of the Contract Sales Price; provided, however, that no Disposition Fee shall be payable to the Advisor for any Sale if such Sale involves the Company selling all or substantially all of its assets in one or more transactions designed to effectuate a business combination transaction (as opposed to a Company liquidation, in which case the Disposition Fee would be payable if the Advisor or an Affiliate provides a substantial amount of services as provided above). Any Disposition Fee payable under this Section 8.03 may be paid in addition to commissions paid to non-Affiliates, provided that the total commissions (including such Disposition Fee) paid to all Persons by the Company for each Sale shall not exceed an amount equal to the lesser of (i) 6.0% of the aggregate Contract Sales Price of each Property, Loan or other Permitted Investment or (ii) the Competitive Real Estate Commission for each Property, Loan or other Permitted Investment. Substantial assistance in connection with the Sale of a Property includes the Advisor’s preparation of an investment package for the Property (including a new investment analysis, rent rolls, tenant information regarding credit, a property title report, an environmental report, a structural report and exhibits) or such other substantial services performed by the Advisor in connection with a Sale.
(ii) Notwithstanding the provisions of Section 8.03(i), with respect to Sales of the Properties that the Company indirectly received an ownership or leasehold interest in as a result of the Collateral Transfer and Settlement Agreement (the “Settlement Agreement”) with, among other parties, GKK Stars Acquisition LLC (the “GKK Properties”), and which the Company entered upon the default by the borrowers under the Company’s investment in a mezzanine loan secured by the GKK Properties (the “GKK Mezzanine Loan”), and provided 

that the Conflicts Committee determines that the Advisor or its Affiliates have provided a substantial amount of services in connection with the Sale of each GKK Property for which the payment of a disposition fee is requested by the Advisor, then:
(a) With respect to portfolio or single asset Sales of GKK Properties designated by the Conflicts Committee in its sole discretion at or about the time of the Sale, the Company will pay the Advisor a fee in an amount not to exceed the Disposition Fee set forth in Section 8.03(i), as determined by the Conflicts Committee in its sole discretion, which fee will be payable upon the respective closing; and 
(b) With respect to Sales of all other GKK Properties for which a Disposition Fee has not yet been paid, if, upon the Sale of the final GKK Property, the Conflicts Committee determines in its sole discretion that the Company has recovered its entire investment related to GKK (including without limitation the GKK Mezzanine Loan and the GKK Properties subsequent to the Settlement Agreement), after taking into consideration the net cash flow received by the Company from the investment, whether in the form of (i) net proceeds from the Sales or other dispositions or transfers of the GKK Properties, (ii) the net cash flow related to the GKK Mezzanine Loan, (iii) the net cash flow related to the GKK Properties subsequent to the Settlement Agreement, and/or (iv) other proceeds related to the assets and liabilities received under the Settlement Agreement, then the Company will pay the Advisor a fee in an amount not to exceed the Disposition Fee set forth in Section 8.03(i), as determined by the Conflicts Committee in its sole discretion, which fee will be payable promptly upon such determination by the Conflicts Committee. 
		
	2.
	Ratification; Effect on Advisory Agreement.

		
	a.
	Ratification. The Advisory Agreement, as amended hereby, shall remain in full force and effect and is hereby ratified and confirmed in all respects.

		
	b.
	Effect on the Advisory Agreement. On and after the date hereof, each reference in the Advisory Agreement to “this Agreement,” “herein,” “hereof,” “hereunder,” or words of similar import shall mean and be a reference to the Advisory Agreement as amended hereby.

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:
	PBren Investments, L.P., a Manager

		
	By:
	PBren Investments, LLC, as general partner

		
	By:
	/s/ Peter M. Bren

Peter M. Bren, Manager
		
	By:
	Schreiber Investments, L.P., a Manager

		
	By:
	Schreiber Investments, LLC, as general partner

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

Charles J. Schreiber, Jr., ManagerEX-10.54

 Exhibit 10.54 

WAIVER AGREEMENT 
 This Waiver
Agreement (the “Agreement”) is entered into as of December 31, 2014, by and between International Stem Cell Corporation, a Delaware corporation (the “Company”), and Andrey Semechkin, an individual, Ruslan Semechkin, an
individual, and AR Partners, LLC, a Delaware limited liability company (collectively, the “Holders”) with respect to the following: 

A. The Holders are the registered holders and the beneficial owners of all of the issued and outstanding shares of the Company’s Series G
Preferred Stock, $0.001 par value per share (the “Series G Preferred”). 
 B. Pursuant to the terms of the Certificate of
Designation of Rights, Preferences, Privileges and Restrictions of the Series G Preferred Stock (the “Series G Certificate of Designation”), the holders of Series G Preferred are entitled to require the Company to redeem the shares of
Series G Preferred upon certain triggering events, including following a Deemed Liquidation Event (as defined in the Series G Certificate of Designation). 

C. Andrey Semechkin and Ruslan Semechkin are each directors and officers of the Company and, assuming full conversion and exercise of all
derivative securities held by the Holders, the Holders would beneficially own over 45% of the outstanding shares of common stock of the Company. 

D. In connection with the Company seeking to raise additional capital to support its operations and continued development and to facilitate
the Company’s qualification to list its shares of common stock on a national securities exchange, which are significant benefits to Holders, the Holders have agreed to waive all current and future rights they may have to require the Company to
redeem any shares of Series G Preferred. 
 NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, the Company and the Holders hereby agree as follows: 
 1. Waiver of
Redemption Rights. 
 a. The Holders hereby irrevocably and unconditionally waive all rights they hold (i) to require the Company
to redeem any or all shares of Series G Preferred and (ii) to receive any payments and any other rights accruing to them by reason of the failure of the Company to redeem shares of Series G Preferred, pursuant to the terms of the Series G
Certificate of Designation or any other agreement between the Company and any of the Holders pertaining to the redemption of Series G Preferred. 

b. Except as specifically provided herein, this Waiver Agreement does not, and is not intended to, effect the waiver of any other rights held
by the Holders under the Series G Certificate of Designation. In amplification of the foregoing, the parties understand and acknowledge that the provisions in the Series G Certification of Designation requiring payments

  
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of a liquidation preference to the holders of Series G Preferred in the event of a Liquidation Event (as defined in the Series G Certificate of Designation) shall continue in full force and
effect. 
 2. Certificates and Transfers. 

It is the intention of the Holders and the Company that the waivers set forth in Section 1 above shall be binding on the Holders and on
any transferees of any shares of Series G Preferred. Therefore, the Holders agree to surrender all certificates representing shares of Series G Preferred to the Company for addition of a legend noting the waiver of redemption rights pursuant to
this Agreement. Additionally, the Holders agree that the shares of Series G Preferred that they hold may not be transferred, including by operation of law, unless the transferee agrees in writing to be bound by the terms of this Agreement. Any
purported transfer of shares of Series G Preferred in contravention of the foregoing sentence shall be null and void. 
 3.
Representations of the Parties. 
 Each party hereby represents and warrants to the others that: 

a. the execution and delivery and performance by such party of this Agreement: (i) is within such party’s power, (ii) has been
duly authorized by all necessary action of such party, (iii) is not in contravention of such party’s organizational documents (as applicable), (iv) does not violate any law or regulation, or any order or decree of any governmental
authority applicable to such party, and (v) does not conflict with, or result in the breach or termination, constitute or default under or accelerate any performance required by, any agreement to which such party is bound. 

b. This Agreement has been duly executed and delivered by or on behalf of such party and constitutes a legal, valid and binding obligation of
such party, enforceable against such party in accordance with its terms except as the enforceability may be limited by bankruptcy, insolvency, organization, moratorium and other laws affecting creditors’ rights and remedies in general. 

4. Representations of the Holders. 

a. Each Holder is the sole legal and beneficial owner of the shares of Series G Preferred held by such Holder. Each Holder has good,
valid and marketable title to the shares of Series G Preferred held by such Holder, free and clear of any liens, pledges, charges, security interests, encumbrances or other adverse claims. Each Holder has not, in whole or in part, (i) assigned,
transferred, hypothecated, pledged, exchanged or otherwise disposed of any of the shares of Series G Preferred, or (ii) given any person or entity any transfer order, power of attorney or other authority of any nature whatsoever with respect to
the shares of Series G Preferred. 

  
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 5. Miscellaneous. 

a. This Agreement may be executed in any number of counterparts, with all such counterparts constituting one agreement, binding on all of the
parties hereto. 
 b. This Agreement shall be governed by and construed exclusively in accordance with the internal laws of the state of
Delaware, without regard to the conflicts of laws principles thereof. The parties hereby irrevocably agree that any suit or proceeding arising directly and/or indirectly pursuant to or under this Agreement shall be brought solely in a federal or
state court located in the state of Delaware. By execution hereof, the parties hereby covenant and irrevocably submit to the jurisdiction of the federal and state courts located in the state of Delaware and agree that any process in any such action
may be served upon any of them personally, or by certified mail or registered mail addressed to them or their agent, returned receipt requested, with the same force and effect as personally served upon them in the state of Delaware. The parties
hereto expressly and irrevocably waive any claim that any such jurisdiction is not a convenient forum for any such suit or proceeding and any defense or lack of jurisdiction with respect thereto. In the event of any such action or proceeding, the
party prevailing therein shall be entitled to payment from the other party to such action of its reasonably attorney’s fees and disbursements. 

c. Each party agrees that it shall do and preform or cause to be done and performed, all such further acts and things, and shall execute and
deliver all such other agreements, certificate, instruments, waivers and documents, as the other parties many reasonably request in order to carry out the intent and accomplish the purposes of this Agreement. 

d. The terms and conditions of this Agreement shall inure to the benefit of and be binding upon their respective successors and assigns,
including any transferees of the Series G Preferred. 
 e. Any notice required or permitted by this Agreement shall be in writing and shall
be deemed sufficient upon delivery, when delivered personally or by overnight courier or sent by facsimile (upon customary confirmation of receipt), addressed to the party to be notified at such party’s address as set forth on the signature
page hereto, or as subsequently modified by written notice from such party. 
 f. Prior to executing this Agreement, the Company and each of
the Holders have had the benefit of the advice and counsel of their own independent attorneys in understanding and negotiating the terms of this Agreement. 

  
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 g. This Agreement and the documents referred to herein, constitute the entire agreement between
the parties pertaining to the subject matter hereof. 
 IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed and
delivered as of the date in and set forth above. 
 International Stem Cell Corporation 

5950 Priestly Drive 
 Carlsbad, CA
92008 
  

					
		 	Facsimile:	 	  

					
		
	By:	 	 /s/ Jay Novak

					
			
		 	Name, Title:	 	     Jay Novak, CFO

					
	
	        /s/ Andrey Semechkin

	Andrey Semechkin	 	
		 	5950 Priestly Drive	 	
		 	Carlsbad, CA 92008	 	

					
			
		 	Facsimile:	 	  

					
	
	       /s/ Ruslan Semechkin

	Ruslan Semechkin	 	
		 	5950 Priestly Drive	 	
		 	Carlsbad, CA 92008	 	

					
			
		 	Facsimile:	 	  

					
		
	AR Partners, LLC	 	
		 	5950 Priestly Drive	 	
		 	Carlsbad, CA 92008	 	

					
			
		 	Facsimile:	 	  

		
	By:	 	 /s/ Ruslan Semechkin

		
		 	Name, Title: Ruslan Semechkin, Manager

  
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