Document:

Form of Amended and Restated Advisory Agreement

 EXHIBIT 10.3 
  AMENDED AND RESTATED ADVISORY AGREEMENT 
 THIS AMENDED AND RESTATED ADVISORY
AGREEMENT, dated as of March         , 2009, is between CNL Macquarie Global Growth Trust, Inc., a corporation organized under the laws of the State of Maryland (the “Company”), CNL Macquarie
Growth, LP, a limited partnership organized under the laws of the State of Delaware (the “Operating Partnership”), and CNL Macquarie Global Growth Advisors, LLC, a limited liability company organized under the laws of the State of Delaware
(the “Advisor”), and amends and restates in its entirety that certain Advisory Agreement by and among the afore-mentioned parties, dated December 19, 2008. 
  W I T N E S S E T H 
  WHEREAS, the Company has filed with the Securities and Exchange Commission a Registration Statement (No. 333-156479) on Form S-11 registering 150,810,811 shares of its common stock, par value $0.01 per share (as defined below), to be
offered to the public, and the Company may subsequently issue Securities (as defined below) other than such shares or otherwise raise additional capital; 
  WHEREAS, the Company intends to qualify as a REIT (as defined below), and invest its funds in investments permitted by the terms of the Prospectus (as defined below) and Sections 856 through 860
of the Code (as defined below); 
 WHEREAS, the Company is the sole owner of the general partner of the Operating Partnership
and intends to conduct all of its business and make all investments in Real Property, Real Estate Related Securities, Loans and Permitted Investments (each as defined below), through the Operating Partnership; 
 WHEREAS, the Company and the Operating Partnership desire to avail themselves of the experience, sources of information, advice,
assistance and certain facilities of 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 (as defined below) of the Company, all
as provided herein; and 
 WHEREAS, the Advisor is willing to undertake to render such services, subject to the supervision
of the Board of Directors, 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 Advisory Agreement (the “Agreement”), the following terms have the definitions hereinafter
indicated: 
 Acquisition Expenses.    Any and all expenses, exclusive of Acquisition Fees,
incurred by the Company, the Operating Partnership, the Advisor, or any of their Affiliates in connection with the selection, acquisition, development or construction of any investment, including any Real Property, Real Estate Related Securities,
Loans or Permitted Investments, whether or not acquired, including, without limitation, legal fees and expenses, travel and communications expenses, costs of appraisals, nonrefundable option payments on property not acquired, accounting fees and
expenses, title insurance premiums, and the costs of performing due diligence. 
 Acquisition
Fees.    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, the Operating Partnership or
the Advisor) in connection with the selection, evaluation, structure, purchase, development or construction of Real Property or with making or investing in Loans, Real Estate Related Securities or Permitted Investments, including real estate
commissions, selection fees, Investment Services Fees, Development Fees, Construction Fees, nonrecurring management fees, loan fees, points or any other fees of a similar nature. 

 
Excluded shall be Development Fees and Construction Fees paid to any Person not affiliated with the Advisor in connection with the actual development and
construction of a property. 
 Advisor.    CNL Macquarie Global Growth Advisors, LLC, a limited
liability company organized under the laws of the state of Delaware, any successor advisor to the Company and the Operating Partnership. 
 Notwithstanding the forgoing, a Person hired or retained by CNL Macquarie Global Growth Advisors, LLC to perform property management and related services for the Company or the Operating Partnership that is not hired
or retained to perform substantially all of the functions of CNL Macquarie Global Growth Advisors, LLC with respect to the Company or the Operating Partnership as a whole shall not be deemed to be an Advisor. 
 Affiliate or Affiliated.    With respect to any Person, (a) 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; (b) any Person ten percent (10%) or more of whose outstanding voting securities are directly or
indirectly owned, controlled or held, with the power to vote, by such other Person; (c) any Person directly or indirectly controlling, controlled by or under common control with such other Person; (d) any executive officer, director,
trustee or general partner of such other Person; or (e) any legal entity for which such Person acts as an executive officer, director, trustee or general partner. Notwithstanding anything to the contrary contained herein, no entity Affiliated
with CNL Sponsor, shall be deemed an Affiliate of MRE Sponsor, and vice versa, and CNL Sponsor and MRE Sponsor shall not be deemed Affiliates of each other. 
 Articles of Incorporation.    The Articles of Incorporation of the Company, as amended or restated from time to time. 
 Asset.    Any Real Property, Real Estate Related Security, Loan, Permitted Investment or other investment
(other than investments in bank accounts or money market funds) owned by the Company, directly or indirectly through one or more of its Joint Ventures or Subsidiaries, and any other investment made by the Company, directly or indirectly through one
or more of its Joint Ventures or Subsidiaries. 
 Asset Management Fee.    Asset Management Fee
shall have the meaning set forth in Section 9(a) of this Agreement. 
 Average Invested
Assets.    For a specified period, the average of the aggregate book value of the Assets, before deducting depreciation, bad debts or other non-cash reserves, computed by taking the average of such values at the end of each
month during such period. 
 Board of Directors, Board or Directors.    The persons holding such
office, as of any particular time, under the Articles of Incorporation of the Company, whether they be the Directors named therein or additional or successor Directors. 
 Bylaws.    The bylaws of the Company, as the same are in effect and may be amended from time to time. 
 Cause.    With respect to the termination of this Agreement, (a) fraud, criminal conduct, willful
misconduct or willful or negligent breach of fiduciary duty by the Advisor; or (b) a material breach of this Agreement of any nature whatsoever by the Advisor, which breach is not cured within 30 days of notice given to the Advisor specifying
the nature of the alleged breach. 
 CNL Sponsor.    CNL Financial Group, LLC, a Florida limited
liability company. 
 Code.    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. 
  

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 Common Shares.    The common stock, par value $0.01 per share,
of the Company that may be issued from time to time in accordance with the terms of the Articles of Incorporation and applicable law. 
 Company.    Company shall have the meaning set forth in the preamble of this Agreement. 
 Company Property.    Any and all property, real, personal or otherwise, tangible or intangible, which is transferred or conveyed to the Company, the Operating Partnership, any Subsidiary or
any Joint Venture of any of the foregoing (including all rents, income, profits and gains therefrom), and which is owned or held by, or for the account of, the Company, the Operating Partnership, any Subsidiary or any Joint Venture of any of the
foregoing. 
 Construction Fee.    A fee or other remuneration for acting as general contractor
and/or construction manager to construct improvements, supervise and coordinate projects or to provide major repairs or rehabilitations on a property. 
 Competitive Real Estate Commission.    A real estate or brokerage commission for the purchase or sale of property which is reasonable, customary, and competitive in light of the size, type,
and location of the property. 
 Contract Purchase Price.    The amount actually paid in respect
of the purchase of a Real Property, and the amount budgeted in respect of the development, construction or improvement of a Real Property, the amount of funds advanced with respect to a Loan or the amount actually paid in respect to the purchase of
other Real Estate Related Securities or Permitted Investments, in each case exclusive of Acquisition Fees and Acquisition Expenses. 
 Development Fee.    The fee for the packaging of a Company Property, including negotiating and approving plans and assisting in obtaining zoning and necessary variances and financing for a specific Company
Property to be developed or under development, either initially or at a later date. 
 Director.    A member of the Board of Directors of the Company. 
 Disposition
Fee.    The fee payable to the Advisor under Section 9(c). 
 Distributions.    Any distributions of money or other property by the Company to owners of Equity Shares, including distributions that may constitute a return of capital for federal income tax purposes.

 Distribution Reinvestment Plan.    Any reinvestment plan adopted from time to time by the
Company pursuant to which the Company’s stockholders may elect to have the full amount of their cash distributions reinvested in additional Common Shares. 
 Equity Shares.    Transferable shares of beneficial interest of the Company of any class or series, including Common Shares or Preferred Shares. The use of the term
“Equity Shares” or any term defined by reference to the term “Equity Shares” shall refer to the particular class or series of capital stock of the Company which is appropriate under the context. 
 Excess Amount.    Excess Amount shall have the meaning set forth in Section 12 of this Agreement.

 Excess Shares.    Equity Shares that have been designated as “Excess Shares” pursuant
to the Company’s Articles of Incorporation. 
 Expense Year.    Expense Year shall have the
meaning set forth in Section 12 of this Agreement. 
 FINRA.    The Financial Industry
Regulatory Authority. 
 GAAP.    Generally accepted accounting principles as in effect in the
United States of America from time to time or such other accounting basis mandated by the United States Securities and Exchange Commission. 
  

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 Good Reason.    With respect to the termination of this
Agreement, (a) in connection with a merger, sale of substantially all the assets, sale of Equity Shares or other transaction involving the Company or the Operating Partnership pursuant to which a majority of the Directors then in office are
replaced or removed; (b) any failure to obtain a satisfactory agreement from any successor to the Company and/or the Operating Partnership to assume and agree to perform the Company’s and/or the Operating Partnership’s obligations
under this Agreement, whether or not a majority of the Directors then in office are replaced or removed; or (c) any material breach of this Agreement of any nature whatsoever by the Company and/or the Operating Partnership, which breach is not
cured within 30 days of notice given to the Company and/or the Operating Partnership specifying the nature of the alleged breach. 
 Gross Proceeds.    The purchase price of all Equity Shares sold for the account of the Company through all Offerings, without deduction for Organizational and Offering Expenses or volume or other discounts. For
the purpose of computing Gross Proceeds, the purchase price of any Equity Share for which reduced or no Selling Commissions or Marketing Support Fees are paid to the Managing Dealer or a Participating Broker shall be deemed to be the full amount of
the Offering price per Equity Share pursuant to the Prospectus for such Offering, with the exception of Equity Shares purchased pursuant to the Company’s Distribution Reinvestment Plan, which will be factored into the calculation using their
actual purchase price. 
 Incentive Fees.    The Subordinated Share of Net Sales Proceeds, the
Subordinated Incentive Fee and the Performance Fee. 
 Independent Director.    Independent
Director shall have the meaning set forth in the Articles of Incorporation. 
 Initial Public
Offering.    The Company’s first public offering of Equity Shares pursuant to an effective registration statement filed under the Securities Act of 1933, as amended. 
 Invested Capital.    The amount calculated by multiplying the total number of Common Shares issued and
outstanding by the Offering price per share, without deduction for Organizational and Offering Expenses (which price per Common Share, in the case of Common Shares purchased pursuant to the Distribution Reinvestment Plan, shall be deemed to be the
actual purchase price), reduced by the amount paid to redeem Common Shares pursuant to the Company’s redemption plan. 
 Investment Services Fee.    Investment Services Fee shall have the meaning set forth in Section 9(b)(i) of this Agreement. 
 Joint Ventures.    Those joint venture or partnership arrangements in which the Company, the Operating Partnership or any of its Subsidiaries is a co-venturer or
partner and which are established to acquire Real Properties, Real Estate Related Securities, Loans or Permitted Investments. 
 Listing.    The listing of the Common Shares of the Company on a national securities exchange or the receipt by the Company’s Stockholders of securities that are listed on a national securities exchange in
exchange for the Company’s Common Shares. Upon commencement of trading of the Common Shares on a national securities exchange, the Common Shares shall be deemed “Listed.” 
 Loans.    Mortgage Loans and other types of debt financing provided by the Company. 
 Managing Dealer.    CNL Securities Corp., an Affiliate of CNL Sponsor, or such other Person or entity selected
by the Board of Directors to act as the managing dealer for an Offering. CNL Securities Corp. is a member of FINRA. 
 Marketing Support Fee.    The fees payable to the Managing Dealer in connection with the sale of Equity Shares for marketing support. 
  

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 Mortgage Loans.    In connection with mortgage financing
provided by the Company, notes or other evidences of indebtedness or obligations that are secured or collateralized by Real Property owned by the borrowers. 
  MRE Sponsor.    Macquarie Capital Funds Inc., a Delaware corporation. 
  NASAA REIT Guidelines.    The Statement of Policy Regarding Real Estate Investment Trusts of the North American Securities Administrators Association adopted on
May 7, 2007. 
 Net Income.    For any period, the Company’s total revenues determined
in accordance with GAAP applicable to such period, less the total expenses determined in accordance with GAAP applicable to such period other than additions to reserves for depreciation, bad debts or other similar non-cash reserves and Acquisition
Expenses and Acquisition Fees to the extent not capitalized, and excluding any gain from the sale of Assets. 
 Net Sales
Proceeds.    In the case of a transaction described in clause (a) of the definition of Sale, the proceeds of any such transaction less the amount of selling expenses incurred by or on behalf of the Company or the
Operating Partnership, including all real estate commissions, closing costs and legal fees and expenses. In the case of a transaction described in clause (b) of such definition, Net Sales Proceeds means the proceeds of any such transaction less
the amount of selling expenses incurred by or on behalf of the Company or the Operating Partnership, including any legal fees and expenses and other selling expenses incurred in connection with such transaction. In the case of a transaction
described in clause (c) of such definition, Net Sales Proceeds means the Company’s or Operating Partnership’s pro rata share of the proceeds of any such transaction received by the Joint Venture, less the amount of any selling
expenses incurred by or on behalf of the Joint Venture, less the amount of any selling expenses, including legal fees and expenses, incurred by or on behalf of the Company or the Operating Partnership. In the case of a transaction or series of
transactions described in clause (d) of the definition of Sale, Net Sales Proceeds means the proceeds of any such transaction (including the aggregate of all payments under a Mortgage on or in satisfaction thereof other than regularly scheduled
interest payments) less the amount of selling expenses incurred by or on behalf of the Company, Operating Partnership or any Joint Venture, including all commissions, closing costs and legal fees and expenses. In the case of a transaction described
in clause (e) of such definition, Net Sales Proceeds means the proceeds of any such transaction received by the Company or the Operating Partnership less the amount of selling expenses incurred by or on behalf of the Company, including any
legal fees and expenses and other selling expenses incurred in connection with such transaction. With respect to each of the transactions or series of transactions described above in this definition, Net Sales Proceeds means the proceeds of such
transaction or series of transactions less the amount of any real estate commissions, closing costs, legal fees and expenses and other selling expenses incurred by or allocated to the Company, the Operating Partnership or any Joint Venture in
connection with such transaction or series of transactions. Net Sales Proceeds shall also include any amounts that the Company determines, in its discretion, to be economically equivalent to proceeds of a Sale. The repayment of debt shall be
deducted from the proceeds of a transaction for the purpose of calculating Net Sales Proceeds. 
 Offering.    A public offering of Equity Shares pursuant to a Prospectus. 
 Operating
Partnership.    Operating Partnership shall have the meaning set forth in the preamble of this Agreement. 
 Operating Partnership Agreement.    The Limited Partnership Agreement of CNL Macquarie Growth, LP, between CNL Macquarie Growth TRS LLC, a Delaware limited liability company, the Company, CNL Real Estate Group,
Inc. and Macquarie Real Estate Advisory Services LLC. 
 OP Unit.    A unit of limited partnership
interest in the Operating Partnership. 
 Organizational and Offering Expenses.    Any and all
costs and expenses, including Selling Commissions and the Marketing Support Fee incurred by the Company or any of its Affiliates in connection with the formation, qualification and registration of the Company and the marketing and distribution of
Equity Shares in an Offering, 

  

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including, without limitation, the following: legal, accounting and escrow fees; due diligence expenses; printing, amending, supplementing, mailing and
distributing costs; personnel costs associated with processing investor subscriptions and the preparation and dissemination of organizational and offering documents and sales materials; telecopy and telephone costs; charges of transfer agents,
registrars, trustees, depositories and experts; and fees, expenses and taxes related to the filing, registration and qualification of the Equity Shares under federal and state laws. 
 Ownership Limit.    At any time at which the Company is required to meet the requirements of
Section 856(a) of the Code in order to qualify as a REIT, with respect to each class or series of Equity Shares, 9.8% (by vote or value) of the outstanding shares of such Equity Shares. 
 Participating Broker.    A broker-dealer who is a member of FINRA or who is exempt from broker-dealer
registration, and who, in either case, has executed a participating broker or other agreement with the Managing Dealer to sell Equity Shares. 
 Performance Fee.    The fee payable to the Advisor under Section 18(b). 
 Permitted Investments.    All investments that are permitted to be made by a REIT under the Code. 
 Person.    An individual, corporation, partnership, trust, joint venture, limited liability company or other entity or association. 
 Preferred Shares.    Any class or series of preferred stock, par value $0.01 per share, of the Company that
may be issued from time to time in accordance with the terms of the Articles of Incorporation and applicable law. 
 Priority Return.    As of any date, an aggregate amount equal to an 8% cumulative, noncompounded, annual return on Invested Capital pro rated for any partial year. For purposes of calculating the Priority Return
for a calendar year or any portion thereof, the Company will use the daily weighted average amount of Invested Capital for such period. 
 Prospectus.    The most recent final prospectus of the Company relating to the Common Shares as filed with the Securities and Exchange Commission pursuant to Rule 424(b) under the Securities
Act of 1933, as amended. 
 Real Estate Asset Value.    The amount invested in Real Properties
wholly owned by the Company, the Operating Partnership and/or any of their Subsidiaries, determined on the basis of cost, plus, in the case of Real Properties owned by any Joint Venture or partnership in which the Company, the Operating Partnership
and/or any of their Subsidiaries is a co-venturer or partner, the Company’s, Operating Partnership’s or such Subsidiary’s proportionate share of the amount invested by the Joint Venture or partnership in such Real Properties
determined on the basis of cost, exclusive of Acquisition Fees and Acquisition Expenses. 
 Real Estate Related
Securities.    The real estate related securities investments, or such investments the Board of Directors and the Advisor mutually designate as Real Estate Related Securities to the extent such investments could be classified
as either Real Estate Related Securities or Real Property, which are owned from time to time by the Company, the Operating Partnership, Subsidiaries or Joint Ventures. 
 Real Property.    (a) Land, including the buildings located thereon, (b) land only, and/or (c) the buildings only, which are owned from time to time by
the Company or the Operating Partnership, either directly or through Subsidiaries, joint venture arrangements or other partnerships, or (d) such investments the Board of Directors and the Advisor mutually designate as Real Property to the
extent such investments could be classified as either Real Property or Real Estate Related Securities. Properties sold by the Company or any of its Subsidiaries to tenancy-in-common investors shall be deemed Real Property for the purposes of this
definition so long as (x) such properties are being leased by the Company or any of its Subsidiaries from the tenancy-in-common investors, and (y) such properties are reflected as assets of the Company in accordance with GAAP. 

 

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 REIT.    A “real estate investment trust” as defined
pursuant to Sections 856 through 860 of the Code. 
 Sale or Sales.    Any transaction or series
of transactions whereby (a) the Company or the Operating Partnership directly or indirectly (except as described in other subsections of this definition) sells, grants, transfers, conveys, or relinquishes its ownership of any Real Property or
portion thereof, and including any event with respect to any Real Property which gives rise to a significant amount of insurance proceeds or condemnation awards; (b) the Company or the Operating Partnership directly or indirectly (except as
described in other subsections of this definition) sells, grants, transfers, conveys, or relinquishes its ownership of all or substantially all of the interest of the Company or the Operating Partnership in any Joint Venture in which it is a
co-venturer or partner; (c) any Joint Venture directly or indirectly (except as described in other subsections of this definition) sells, grants, transfers, conveys, or relinquishes its ownership of any Real Property or portion thereof,
including any event with respect to any Real Property which gives rise to insurance claims or condemnation awards; (d) the Company or the Operating Partnership directly or indirectly (except as described in other subsections of this definition)
sells, grants, conveys or relinquishes its interest in any mortgage or portion thereof (including with respect to any mortgage, all payments thereunder or in satisfaction thereof other than regularly scheduled interest payments) of amounts owed
pursuant to such mortgage and any event which gives rise to a significant amount of insurance proceeds or similar awards; or (e) the Company, the Operating Partnership or any Joint Venture directly or indirectly (except as described in other
subsections of this definition) sells, grants, transfers, conveys, or relinquishes its ownership of any other asset not previously described in this definition or any portion thereof. 
 Securities.    Any Equity Shares, any other stock, shares or 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. 
 Selling Commissions.    Any and all commissions payable to underwriters, managing dealers, or other
broker-dealers in connection with the sale of Equity Shares through Offerings, including, without limitation, selling commissions payable to the Managing Dealer. 
 Stockholders.    The registered holders of the Company’s Equity Shares. 
 Subordinated Incentive Fee.    The fee payable to the Advisor under Section 9(e). 
 Subordinate Share of Net Sales Proceeds.    The fee payable to the Advisor under Section 9(d). 
 Subsidiary.    Any corporation, limited liability company, partnership, business trust or other entity of
which the Company, directly or indirectly, owns or controls at least fifty percent (50%) of the voting securities or economic interests. 
 Termination Date.    The date of termination of this Agreement. 
 Termination Event.    The termination or non-renewal of this Agreement (a) by the Advisor for Good Reason or (b) by the Company and the Operating Partnership other than for Cause. 
 Total Operating Expenses.    All costs and expenses paid or incurred by the Company, as determined under GAAP,
that are in any way related to the operation of the Company or to corporate business, including Asset Management Fees and other fees paid to the Advisor, but excluding (a) the expenses of raising capital such as Organizational and Offering
Expenses, legal, audit, accounting, underwriting, brokerage, listing, registration, and other fees, printing and other such expenses and tax incurred in connection with the issuance, distribution, transfer, registration and Listing of Equity Shares,
(b) interest payments, (c) taxes, (d) non-cash expenditures such as depreciation, amortization and bad debt reserves, (e) the Performance Fee, the Subordinated Incentive Fee, the Subordinated Share of Net Sales Proceeds and any
other incentive fees paid in compliance with the NASAA REIT Guidelines, (f) Acquisition Fees and Acquisition Expenses, (g) real estate commissions on the Sale of Real Property, 

  

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(h) the Disposition Fee, (i) property management fees and leasing commissions or other amounts incurred pursuant to property management agreements,
(j) property or investment direct operating expenses, and (k) other fees and expenses connected with the acquisition, disposition, management and ownership of real estate interests, mortgage loans or other property (including the costs of
foreclosure, insurance premiums, legal services, maintenance, repair, and improvement of property). The definition of Total Operating Expenses set forth above is intended to encompass only those expenses which are required to be treated as Total
Operating Expenses under the NASAA REIT Guidelines. As a result, and notwithstanding the definition set forth above, any expense of the Company which is not part of Total Operating Expenses under the NASAA REIT Guidelines shall not be treated as
part of Total Operating Expenses for purposes hereof. 
 2%/25% Guidelines.    The requirement
pursuant to the NASAA REIT Guidelines that, in any 12-month period, Total Operating Expenses shall not exceed the greater of 2% of the Company’s Average Invested Assets during such 12-month period or 25% of the Company’s Net Income over
the same 12-month period. 
 (2)            Appointment.    The Company and the Operating Partnership hereby appoint the Advisor to serve as their advisor on the terms and conditions
set forth in this Agreement, and the Advisor hereby accepts such appointment. 
 (3)            Duties of the Advisor.    The Advisor undertakes to use its commercially reasonable efforts to present to the Company and the Operating
Partnership potential investment opportunities and to provide a continuing and suitable investment program consistent with the investment objectives and policies of the Company as determined and adopted from time to time by the Directors. In
performance of this undertaking, subject to the supervision of the Directors and consistent with the provisions of the Prospectus, Articles of Incorporation and Bylaws of the Company, and the Operating Partnership Agreement, the Advisor shall,
either directly or by engaging any such Person, including an Affiliate, that it deems qualified: 
 (a)            serve as the Company’s and the Operating Partnership’s investment and financial advisor and provide research and economic and statistical data in
connection with the Company’s and the Operating Partnership’s Assets and investment policies; 
 (b)            provide the daily management of the Company and the Operating Partnership and perform and supervise the various administrative functions reasonably necessary for the
management of the Company and the Operating Partnership; 
 (c)            investigate, select, and, on behalf of the Company and the Operating Partnership, 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, correspondents, lenders, technical advisors, attorneys, brokers, underwriters, corporate fiduciaries, escrow agents, depositaries, custodians,
agents for collection, insurers, insurance agents, banks, builders, developers, property owners, real estate management companies, real estate operating companies, securities investment advisors, 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 and the Operating Partnership with any of the foregoing; 
 (d)            consult with the officers and Directors of the Company and assist the Directors in the formulation and implementation of the Company’s and the Operating
Partnership’s financial policies, and, as necessary, furnish the 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
any borrowings proposed to be undertaken by the Company and/or the Operating Partnership; 
 (e)            subject to the provisions of Sections 3(g) and 4 hereof: (i) locate, analyze and select potential investments; (ii) structure and negotiate the terms and
conditions of transactions pursuant to which investments will be made; (iii) make investments on behalf of the Company and the Operating Partnership in compliance with the investment objectives and policies of the Company; (iv) arrange for
financing and refinancing 

  

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and make other changes in the asset or capital structure of, and dispose of, reinvest the proceeds from the sale of, or otherwise deal with, investments; and
(v) enter into leases and service contracts for Real Property and, to the extent necessary, perform all other operational functions for the maintenance and administration of such Real Property; 
 (f)            upon request, provide the Directors with periodic reports
regarding prospective investments; 
 (g)            obtain the
prior approval of the Board, any particular Directors specified by the Board or any committee of the Board, as the case may be, for any and all investments in and dispositions of Real Properties; 
 (h)            make investments in and dispositions of Real Estate Related
Securities, Loans and Permitted Investments within the discretionary limits and authority as granted by the Board; 
 (i)            negotiate on behalf of the Company and the Operating Partnership with banks or lenders for loans to be made to the Company and the Operating Partnership, and
negotiate on behalf of the Company and the Operating Partnership with investment banking firms and broker-dealers or negotiate private sales of Equity Shares and Securities or obtain loans for the Company and the Operating Partnership, but in no
event in such a way so that the Advisor shall be acting as broker-dealer or underwriter; 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 Operating Partnership; 
 (j)            obtain reports (which may, but are not required to, be prepared by the Advisor or its Affiliates), where appropriate, concerning the value of investments or
contemplated investments of the Company and/or the Operating Partnership in Real Properties, Real Estate Related Securities, Loans and Permitted Investments; 
 (k)            from time to time, or at any time reasonably requested by the Directors, make reports to the Directors of its
performance of services to the Company and the Operating Partnership under this Agreement; 
 (l)            provide the Company and the Operating Partnership with all necessary cash management services; 
 (m)            do all things necessary to assure its ability to render the
services described in this Agreement; 
 (n)            deliver
to or maintain on behalf of the Company copies of all appraisals obtained in connection with the investments in and valuations of Real Properties, Real Estate Related Securities, Loans and Permitted Investments as may be required to be obtained by
the Board; 
 (o)            effect any private placement of OP
Units, tenancy-in-common or other interests in Real Properties as may be approved by the Board; 
 (p)            make necessary regulatory filings, including filing tax returns on behalf of the Company and the Operating Partnership; 
 (q)            prepare or oversee third parties in preparing all financial
reports, statements or analysis required by regulatory authorities or the Board; 
 (r)            provide investor relations services to the Company; 
 (s)            provide Sarbanes-Oxley compliance for the Company, the Operating Partnership and their respective subsidiaries; 
  

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 (t)            provide tax
compliance for the Company, the Operating Partnership and their respective subsidiaries; 
 (u)            provide foreign currency management (including foreign currency hedging); and 
 (v)            notify the Board of all proposed transactions not otherwise described above, the value of which exceeds an amount which
may be designated by the Board from time to time, before they are completed. 
 Notwithstanding the foregoing, the Advisor
may delegate any of the foregoing duties to any Person, including an Affiliate, so long as the Advisor remains responsible for the performance of the duties set forth in this Section 3. 
 (4)            Authority of the Advisor. 
 (a)            Pursuant to the terms of this Agreement (including the
restrictions included in this Section 4 and in Section 7), and subject to the continuing and exclusive authority of the Directors over the management of the Company, the Board hereby delegates to the Advisor the authority to take those
actions set forth in Section 3. 
 (b)            Notwithstanding the foregoing, any investment in a Real Property, Real Estate Related Security, Loan or Permitted Investment, including any acquisition or
disposition of Real Property by the Company or the Operating Partnership (including any financing of such acquisition), will require the prior approval of the Directors, any particular Directors specified by the Board or any committee of the Board,
or otherwise come within the authority delegated by the Board to the Advisor, as the case may be. 
 (c)            If a transaction requires approval by the Independent Directors, the Advisor will deliver to the Independent Directors all documents and other information required
by them to properly evaluate the proposed transaction. 
 The prior approval of a majority of the Independent Directors not
otherwise interested in the transaction and a majority of the Directors not otherwise interested in the transaction will be required for each transaction to which the Advisor or its Affiliates is a party. 
 The Directors may, at any time upon the giving of notice to the Advisor, modify or revoke the authority set forth in this Section 4.
If and to the extent the Directors so modify or revoke the authority contained herein, the Advisor shall henceforth submit to the Directors for prior approval such proposed transactions involving investments in Real Properties, Real Estate Related
Securities, Loans or Permitted Investments as thereafter require prior approval, provided, however, that such modification or revocation shall be effective upon receipt by the Advisor and shall not be applicable to investment transactions to which
the Advisor has committed the Company prior to the date of receipt by the Advisor of such notification. 
 (5)            Bank Accounts.    The Advisor may establish and maintain one or more bank accounts in the name of the Company and the Operating
Partnership 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 and/or the Operating Partnership, under such terms and conditions as the Directors may
approve, provided that no funds shall be commingled with the funds of the Advisor. The Advisor shall from time to time render appropriate accountings of such collections and payments to the Directors and to the auditors of the Company.
Notwithstanding the foregoing, the Advisor may delegate its duties under this Section 5 to any Person, including an Affiliate, so long as the Advisor remains responsible for the performance of its duties under this Section 5. 

(6)            Records; Access.    The Advisor
shall maintain appropriate records of all its activities hereunder and make such records available for inspection by the Directors and by counsel, auditors and authorized agents of the Company and the Operating Partnership, at any time and from time
to time during normal business hours. The 

  

 -10- 

 
Advisor shall at all reasonable times have access to the books and records of the Company and the Operating Partnership as necessary to perform its duties
pursuant to this Agreement. 
 (7)            Limitations on
Activities.    Anything else in this Agreement to the contrary notwithstanding, the Advisor shall refrain from taking any action which, in its sole judgment made in good faith, would (a) adversely affect the status of
the Company as a REIT; (b) subject the Company to regulation under the Investment Company Act of 1940, as amended; or (c) violate any law, rule, regulation or statement of policy of any governmental body or agency having jurisdiction over
the Company, its Securities, or otherwise not be permitted by the Articles of Incorporation or Bylaws of the Company, except if such action shall be ordered by the Directors, in which case the Advisor shall notify promptly the 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 Directors. In such event the Advisor shall have no liability for acting in
accordance with the specific instructions of the Directors so given. Notwithstanding the foregoing, neither the Advisor nor any subadvisor, nor any of their respective directors, officers, employees, agents, members, stockholders or other Affiliates
shall be liable to the Company, the Directors or Stockholders for any act or omission by the Advisor or any subadvisor, or any of their respective directors, officers, employees, agents, members, stockholders or other Affiliates taken or omitted to
be taken in the performance of their duties under this Agreement, except as provided in Section 20 of this Agreement, and such parties shall be intended third party beneficiaries of this Section. 
 (8)            Relationship with
Directors.    Subject to Section 7 of this Agreement and to restrictions advisable with respect to the qualification of the Company as a REIT, directors, officers and employees of the Advisor or an Affiliate of the
Advisor or any corporate parents of an Affiliate may serve as a Director and as officers of the Company, except that no director, officer or employee of the Advisor or its Affiliates who also is a Director or officer of the Company shall receive any
compensation from the Company for serving as a Director or officer other than reasonable reimbursement for travel and related expenses incurred in attending meetings of the Directors and no such Director shall be deemed an Independent Director for
purposes of satisfying the Director independence requirement set forth in the Articles of Incorporation. 
 (9)            Fees. 
  (a)            Asset Management Fee.    The Company or the Operating Partnership shall pay to the Advisor as compensation for the advisory services
rendered to the Company and the Operating Partnership under Section 3 above a monthly fee of an amount equal to 0.08334% of the sum of the Company’s and the Operating Partnership’s respective Real Estate Asset Value (without
duplication), plus the outstanding principal amount of any Loans made, plus the amount invested in Permitted Investments (excluding Real Estate Related Securities and other Securities), and a monthly fee of an amount equal to 0.1042% on the book
value of Real Estate Related Securities and other Securities, in each case as of the end of the preceding month (the “ Asset Management Fee”). The Asset Management Fee shall be payable monthly on the first business day following the last
day of such month. The Asset Management Fee shall not exceed fees which are competitive for similar services in the same geographic area, and 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 Asset 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. 
  (b)            Acquisition Fees. 
  (i)             Investment Services
Fee.    The Advisor shall receive as compensation for services rendered in connection with the selection, evaluation, structure and purchase of Real Properties, Real Estate Related Securities or Permitted Investments, or the
making of Loans, a fee (the “Investment Services Fee”) in the amount of (A) with respect to each (W) Real Property acquired directly by the Company or the Operating Partnership, 3.0% of the Contract Purchase Price of such asset,
or (X) Real Estate Related Security, Loan or Permitted Investment acquired or made directly by the Company or the Operating Partnership, 3.0% of the amount invested, and (B) with respect to each (Y) Real Property acquired indirectly
by the Company or the Operating Partnership through one or more of its Affiliates or Joint Ventures, 3.0% of the Contract Purchase 

   

 -11- 

  
Price of such asset multiplied by the Company’s or the Operating Partnership’s percentage equity interest in such Affiliates or Joint Ventures, or
(Z) Real Estate Related Security, Loan or Permitted Investment acquired or made indirectly by the Company or the Operating Partnership through one or more of its Affiliates or Joint Ventures, 3.0% of the amount of the investment multiplied by
the Company’s or the Operating Partnership’s percentage equity interest in such Affiliates or Joint Ventures. Such fees shall be paid to the Advisor as the Company or the Operating Partnership closes on the acquisition of such Asset;
provided, however, that no Investment Services Fee shall be paid to the Advisor in connection with the purchase by the Company or the Operating Partnership of Securities; however, such Investment Services Fee may be paid to an Affiliate of the
Advisor if, at the time of such payment, the Affiliate is registered as a FINRA member broker dealer. In the case of a development or construction project, upon completion of the project, the Advisor shall determine the actual amounts paid. To the
extent the amounts actually paid vary from the budgeted amounts on which the Investment Services Fee was initially based, the Advisor will pay or invoice the Company for 3% of the budget variance such that the Investment Services Fee is ultimately
3% of amounts expended on such development or construction project. 
  (ii)          Other Fees.    The Company or the Operating Partnership may pay the Advisor or its Affiliates fees that are usual and customary for comparable
services in connection with the financing, development, construction or renovation of Real Property or the acquisition or disposition of Real Estate Related Securities or Permitted Investments or the making of Loans. Such fees are in addition to the
fees described in clause (i) above and payment of such fees will be subject to the prior approval of the Board of Directors, including a majority of the Independent Directors. 
 (iii)          Limitations on Acquisition
Fees.    Acquisition Fees shall be reduced to the extent necessary to limit the total compensation paid to all Persons involved in the acquisition of any Real Properties, Real Estate Related Securities or Permitted
Investments or the making of Loans to the amount customarily charged in arm’s-length transactions by other Persons or entities rendering similar services as an ongoing public activity in the same geographic location and for comparable types of
Real Properties, Real Estate Related Securities, Loans or Permitted Investments and to the extent that other acquisition fees, finder’s fees, real estate commissions, or other similar fees or commissions are paid by any Person in connection
with the transaction. The total of all Acquisition Fees and any Acquisition Expenses shall be reasonable and shall be limited in accordance with the Articles of Incorporation. 
 (c)            Disposition Fee.    If the Advisor or an Affiliate provides a substantial amount of the
services (as determined in good faith by a majority of the Independent Directors) in connection with the Sale of one or more Assets, the Advisor or an Affiliate shall receive a Disposition Fee in an amount equal to: (i) in the case of the Sale
of Real Property, the lesser of (A) one-half of the Competitive Real Estate Commission, or (B) 3% of the sales price of such Real Property or Properties; and (ii) in the case of the Sale of other Assets, 3% of the sales price of such
Asset. The total of all real estate commissions paid by the Company to all Persons in connection with any Sale of one or more Real Property or Properties shall not exceed the lesser of (i) a Competitive Real Estate Commission or (ii) 6% of
the gross sales price of the Company Property or Properties; provided, however, that no Disposition Fee shall be paid to the Advisor in connection with the Sale by the Company or the Operating Partnership of Securities unless at the time of such
payment the Advisor is registered as a FINRA member broker dealer. Any such Disposition Fee so deemed to be earned by the Advisor shall be paid by the Company or the Operating Partnership to the Advisor upon the closing of the Sale. 
 (d)            Subordinated Share of Net Sales
Proceeds.    The Subordinated Share of Net Sales Proceeds shall be payable to the Advisor in an amount equal to 15% of the amount by which (i) the sum of (A) Net Sales Proceeds from Sales, and (B) the total
Distributions paid to holders of Common Shares from the Company’s inception through the measurement date, and (C) the total of any Incentive Fees paid from inception through the measurement date exceeds (ii) the sum of (A) 100%
of Invested Capital and (B) the total Distributions required to pay the holders of Common Shares a Priority Return from the Company’s inception until the measurement date, including those paid prior to the date of payment. Such amount
shall be reduced by all prior Incentive Fees paid. Following Listing, no Subordinated Share of Net Sales Proceeds will be paid to the Advisor. 
 (e)            Subordinated Incentive Fee.    Upon Listing, the Advisor shall be paid the Subordinated Incentive Fee in an amount
equal to 15% of the amount by which (i) the sum of (A) the market value of the Company, measured by taking the average closing price or average of bid and asked price, as the case may be, over a period of 30 days during which the Common
Shares are traded, with such period beginning 180 days after Listing (the “Market Value”), and (B) the total Distributions paid to holders of Common Shares from the Company’s inception until the date of Listing, and (C) the
total of any Incentive Fees paid from inception through the date of Listing exceeds (ii) the sum of (A) 100% of Invested Capital and (B) the total Distributions required to pay the holders of Common Shares a Priority Return from the
Company’s inception through the date of Listing, including those paid prior to such date of determination. Such amount shall be reduced by all prior Incentive Fees paid. The Company shall have the option to pay such fee in the form of cash or
Listed Equity Shares (subject to reasonable and customary lock-up provisions) or any combination of the foregoing. 
  

 -12- 

 (10)         Expenses. 

 (a)            In addition to the compensation paid to the Advisor
pursuant to Section 9 hereof, the Company or the Operating Partnership shall reimburse the Advisor for all of the expenses paid or incurred by the Advisor and its Affiliates or subdadvisors, if applicable, in connection with the services
provided by the Advisor (or on behalf of the Advisor by its Affiliates or subadvisors, if applicable) to the Company and the Operating Partnership pursuant to this Agreement, including, but not limited to: 
  (i)          the Company’s Organizational and Offering Expenses; provided,
however, that the aggregate of the Organizational and Offering Expenses paid by the Company shall not exceed 15% of Gross Proceeds, and within 60 days after the end of the month in which the Offering terminates, the Advisor shall reimburse the
Company or the Operating Partnership for any Organizational and Offering Expenses to the extent that any reimbursement received by the Advisor pursuant to this Section 10(a)(i) exceeds the maximum amount permitted or, at the option of the
Company or the Operating Partnership, such excess shall be subtracted from the next reimbursement of expenses to be made by the Company or the Operating Partnership pursuant to this Section 10(a)(i). The Advisor shall pay or directly reimburse
the Company to the extent that any Organizational and Offering Expenses exceed 15% of Gross Proceeds; 
 (ii)          Acquisition Expenses incurred in connection with the selection, acquisition, development or construction of Assets; 
 (iii)          the actual cost of goods and services used by the Company and the
Operating Partnership and obtained from entities not Affiliated with the Advisor, other than Acquisition Expenses, including brokerage fees paid in connection with the purchase and sale of Real Estate Related Securities; 
 (iv)          interest and other costs for borrowed money, including discounts, points
and other similar fees; 
 (v)          taxes and assessments on income of
the Company, the Operating Partnership or its Subsidiaries or in connection with any Assets; 
 (vi)          all costs and insurance premiums required in connection with the business of the Company and the Operating Partnership, including providing Directors and Officers insurance to
the Directors; 
 (vii)          expenses of managing and operating Real
Properties owned by the Company and the Operating Partnership, whether payable to an Affiliate of the Company and the Operating Partnership or a non-Affiliated Person; 
 (viii)          payments and expense reimbursements to the Directors and meetings of the Directors and Stockholders; 
  

 -13- 

 (ix)          expenses associated with
a Listing, if applicable, or with the issuance and distribution of Equity Shares and Securities, such as selling commissions and fees, advertising expenses, taxes, legal and accounting fees and Listing and registration fees and costs; 
 (x)          expenses connected with payments of Distributions in cash or otherwise
made or caused to be made by the Company to the Stockholders; 
 (xi)          expenses of organizing, revising, amending, converting, modifying, or terminating the Company, the Operating Partnership, the Articles of Incorporation or the Operating
Partnership Agreement; 
 (xii)          expenses of maintaining
communications with Stockholders, including the cost of preparation, printing, and mailing annual reports and other Stockholder reports, proxy statements and other reports required by governmental entities; 
 (xiii)          personnel costs and related overhead costs of personnel of the Advisor
or its Affiliates, but excluding personnel providing asset management or acquisition services and named executive officers of the Advisor relating to services provided to the Company, the Operating Partnership and their Subsidiaries or assets of
such entities; and 
 (xiv)          internal or external audit,
accounting, tax, legal fees and compliance costs (including personnel costs, and related overhead, of personnel of the Advisor or its Affiliates). 
 (b)            Expenses incurred by the Advisor on behalf of the Company and the Operating Partnership and payable pursuant to this Section 10 shall be
reimbursed no less than monthly to the Advisor. The Advisor shall prepare a statement documenting the reimbursable expenses of the Company and the Operating Partnership and the calculation of the Asset Management Fee, and shall deliver such
statement to the Company and the Operating Partnership within 20 days after the end of each month. 
 (11)         Other Services.    Should the Directors request that the Advisor or any director, officer or employee thereof render services for the Company and the
Operating Partnership other than set forth in Section 3, such services shall be separately compensated at such rates and in such amounts as are agreed by the Advisor and the Independent Directors of the Company, subject to the limitations
contained in the Articles of Incorporation, and shall not be deemed to be services pursuant to the terms of this Agreement. 
 (12)         Limitation on Reimbursement to the Advisor.    Commencing with the fourth full fiscal quarter following the effective date of the Company’s Initial
Public Offering, for any period during which the Company’s Articles of Incorporation require compliance with the 2%/25% Guidelines, the Company shall not reimburse the Advisor at the end of any fiscal quarter for Total Operating Expenses that,
in the four consecutive fiscal quarters then ended (the “Expense Year”) exceed the 2%/25% Guidelines for such year (the “Excess Amount”), unless the Independent Directors make a finding that, based on such unusual and
non-recurring factors which they deem sufficient, a higher level of expenses is justified for such Expense Year. Such determination shall be reflected in the minutes of the meetings of the Board of Directors. If the Independent Directors do not
determine that such Excess Amount is justified, any Excess Amount paid to the Advisor during a fiscal quarter shall be repaid to the Company. If there is an Excess Amount in any Expense Year and the Independent Directors determine that such excess
was justified based on unusual and nonrecurring factors which they deem sufficient, then the Excess Amount may be paid in the Expense Year and within 60 days after the end of such Expense Year there shall be sent to the Stockholders a written
disclosure of such fact, together with an explanation of the factors the Independent Directors considered in determining that such excess expenses were justified. Further, the Company shall not reimburse the Advisor or its Affiliates for services
for which the Advisor or its Affiliates are entitled to compensation in the form of a separate fee. All figures used in the foregoing computation shall be determined in accordance with GAAP applied on a consistent basis. 
 (13)         Other Activities of the Advisor.    Nothing
herein contained shall prevent the Advisor or any of its 

  

 -14- 

 
Affiliates from engaging in or earning fees from other activities, including, without limitation, direct investment in assets that would be suitable for the
Company and the Operating Partnership; 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 limit or restrict
the right of the Advisor or any of its Affiliates or of any director, officer, employee, member or stockholder of the Advisor or its Affiliates to engage in or earn fees from any other business or to render services of any kind to any other
partnership, corporation, firm, individual, trust or association and earn fees for rendering such services. The Advisor and/or its Affiliates or subadvisors may, with respect to any investment in which the Company and the Operating Partnership is a
participant, also render advice and service to each and every other participant therein, and earn fees for rendering such advice and service. Specifically, it is contemplated that the Company and the Operating Partnership may enter into joint
ventures or other similar co-investment arrangements with certain Persons, and pursuant to the agreements governing such joint ventures or arrangements, the Advisor and/or its Affiliates or subadvisors may be engaged to provide advice and service to
such Persons, in which case the Advisor will earn fees for rendering such advice and service. 
 The Advisor shall be
required to use commercially reasonable efforts to present a continuing and suitable investment program to the Company and the Operating Partnership that is consistent with their investment policies and objectives, but neither the Advisor nor any
Affiliate of the Advisor shall be obligated generally to present any particular investment opportunity to the Company and the Operating Partnership even if the opportunity is of a character which, if presented to the Company and the Operating
Partnership, could be taken by them. 
 (14)         Term; Termination of
Agreement.    This Agreement shall continue in force for a period of one year from the date hereof, subject to an unlimited number of successive one-year renewals upon mutual consent of the parties. 
 (15)         Termination by the Parties.    This Agreement may be
terminated (i) immediately by the Company and/or the Operating Partnership for Cause or upon the bankruptcy of the Advisor; (ii) upon 60 days prior written notice without Cause and without penalty by a majority of the Independent Directors
of the Company; (iii) upon 60 days prior written notice without Good Reason and without penalty by the Advisor; or (iv) immediately by the Advisor for Good Reason or upon the bankruptcy of the Company. 
 (16)         Assignment to an Affiliate.    This Agreement shall
not be assigned by the Company or the Operating Partnership without the consent of the Advisor, except in the case of an assignment by the Company or the Operating Partnership to a corporation, limited partnership or other organization which is a
successor to all of the assets, rights and obligations of the Company or the Operating Partnership, in which case such successor organization shall be bound hereunder and by the terms of said assignment in the same manner as the Company and the
Operating Partnership are bound by this Agreement. 
 (17)         Subcontracts with Affiliates.    The Advisor may subcontract with any Person it deems qualified, including an Affiliate, for a portion of the services and
duties to be performed under this Agreement without obtaining the approval of the Directors. The Advisor may further subcontract any rights to receive fees or other payments for such services or duties under this Agreement without obtaining the
approval of the Directors. Notwithstanding the foregoing, in the event of any such subcontracting by the Advisor of the services or duties to be performed by it under this Agreement, the Advisor shall remain responsible for the completion and
performance of all such services and duties. 
 (18)         Payments to and
Duties of Advisor Upon Termination.    Payments to the Advisor of unpaid expense reimbursements pursuant to this Section 18 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 or the Operating Partnership within 30 days after the Termination Date all unpaid reimbursements of expenses and all earned but unpaid fees
payable to the Advisor prior to termination of this Agreement. 
  

 -15- 

 (b)            Upon a
Termination Event, the Advisor shall be entitled to payment of the Performance Fee. The Performance Fee shall be calculated upon a Listing or Sale following such Termination Event and (i) in the event of a Listing, shall be calculated in the
same manner as the Subordinated Incentive Fee and (ii) in the case of a Sale, shall be calculated in the same manner as the Subordinated Share of Net Sales Proceeds; provided, however, that the amount of the Performance Fee paid to the Advisor
shall be equal to the amount as calculated above multiplied by the quotient of (A) the number of days elapsed from the initial effective date of the Agreement with CNL Macquarie Global Growth Advisors, LLC (the “Initial Effective
Date”) to the date of the Termination Event, divided by (B) the number of days elapsed from the Initial Effective Date through the date of the Listing or the Sale, as applicable. The Company shall have the option to pay the Performance Fee
in cash, Listed Equity Shares priced at the Market Value or Listed equity Securities received by Stockholders in exchange for their Equity Shares priced at Market Value, such fee to be payable within thirty (30) days following final
determination of the Performance Fee. 
 (c)            The
Advisor shall be entitled to receive all accrued but unpaid compensation and expense reimbursements in cash or Listed Equity Shares within 30 days of the Termination Date. 
 (d)            The Advisor shall promptly upon termination: 
 (i)          deliver to the Company and the Operating Partnership all money collected and held for the account of the Company and the Operating
Partnership pursuant to this Agreement, after deducting any accrued compensation and reimbursement for its expenses to which it is then entitled; 
 (ii)          deliver to the 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 Directors; 
 (iii)          deliver to the Directors all Assets, including Real Properties and Real Estate Related Securities, and documents of the Company and the Operating Partnership then in the
custody of the Advisor; and 
 (iv)          cooperate with the Company
and the Operating Partnership to provide an orderly management transition. 
 (19)         Indemnification by the Company and the Operating Partnership.    The Company and the Operating Partnership shall indemnify and hold harmless the Advisor
and its Affiliates, including their respective officers, directors, partners, employees, agents and advisors, from all liability, claims, damages, taxes or losses arising in the performance of their duties hereunder, and related expenses, including
reasonable attorneys’ fees and costs, to the extent such liability, claims, damages, taxes or losses and related expenses are not fully reimbursed by insurance, subject to any limitations imposed by the Articles of Incorporation of the Company.
Any indemnification of the Advisor may be made only out of the net assets of the Company and the Operating Partnership and not from Stockholders. 
 (20)         Indemnification by Advisor.    The Advisor shall indemnify and hold harmless the Company and the Operating Partnership from all
liability, claims, damages, taxes or losses and related expenses including reasonable attorneys’ fees and taxes, to the extent that such liability, claims, damages, taxes or losses and related expenses are not fully reimbursed by insurance and
are incurred by reason of the Advisor’s bad faith, fraud, misconduct, or gross negligence, but the Advisor shall not be held responsible for any action of the Board of Directors in following or declining to follow any advice or recommendation
given by the Advisor. 
 (21)         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 Articles of Incorporation, the Bylaws, or accepted
by the party to whom it is given, and shall be given deemed given and received by being delivered by hand or on the second (2nd) business day after mailing by registered or certified United States mail, postage prepaid and return receipt
requested, to the other party at the address set forth below: 
  

 -16- 

			
	 To the Directors and to the Company:
	  	  
 CNL Macquarie Global Growth Trust, Inc.
 Attention: Chief Financial Officer
 CNL Center
at City Commons
 450 South Orange Avenue
 Orlando, Florida 32801
 Facsimile: (407) 540-2500
  
 with a copy to:
  
 Macquarie Capital Funds Inc.
 One North Wacker
Drive, 9th Floor
 Chicago, Illinois
60606
 Facsimile: (312) 660-9386

		
	 To the Operating Partnership:
	  	 CNL Macquarie Growth, LP
 Attention: Chief Financial Officer
 CNL Center at City Commons
 450 South Orange Avenue
 Orlando, Florida 32801
 Facsimile: (407) 540-2500
  
 with a copy to:
  
 Macquarie Capital Funds Inc.
 One North Wacker Drive, 9th Floor
 Chicago, Illinois 60606
 Facsimile: (312) 660-9386

		
	 To the Advisor:
	  	 CNL Macquarie Global Growth Advisors, LLC
 CNL Center at City Commons
 450 South Orange Avenue
 Orlando, Florida 32801
 Facsimile: (407) 540-2500
  
 with a copy to:
  
 Macquarie Capital Funds Inc.
 One North Wacker Drive, 9th Floor
 Chicago, Illinois 60606
 Facsimile: (312)
660-9386

  Any party may at any time give notice in writing to the other parties of a change in its
address for the purposes of this Section 21. 
 (22)          Amendment or Modification.    This Agreement shall not be amended, changed, modified or discharged, in whole or in part, except by an instrument in
writing signed by the parties hereto, or their respective successors or permitted assignees. 
 (23)          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. 
  

 -17- 

 (24)          Construction.    The provisions of this Agreement shall be construed and interpreted in accordance with the laws of the State of Delaware, and any
action brought to enforce the agreements made hereunder or any action which arises out of the relationship created hereunder shall be brought exclusively in the federal or state courts for Orange County, Florida. 
 (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. 
 (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)          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 sections and subsections 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 one or more counterparts hereof, individually or taken together, shall bear the
signatures of all of the parties reflected hereon as the signatories. 
 (30)          Name.    The Advisor has proprietary interests in the names “CNL” and “Macquarie.” Accordingly, and in recognition of this right,
if at any time the Company ceases to retain the Advisor or an Affiliate thereof to perform any of the services of Advisor, the Directors of the Company will, promptly after receipt of written request from the Advisor, (a) cease to conduct
business under or use either of the names “CNL” or “Macquarie,” or any diminutive thereof, and (b) change the name of the Company to a name that does not contain the name “CNL,” “Macquarie” or any other
word or words that might, in the sole discretion of the Advisor, be susceptible of indication of some form of relationship between the Company and the Advisor or any Affiliate thereof. Consistent with the foregoing, it is specifically recognized
that the Advisor or one or more of its Affiliates has in the past and 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 “CNL” or “Macquarie” as a part of their name, all without the need for any consent (and without the right to object thereto) by the Company or its Directors. The Company’s right to use the name
“CNL” and any associated trademarks, trade names, service marks, and other intellectual property is subject to the terms of the Brand License Agreement among CNL Intellectual Properties, Inc., a Florida corporation, as licensor, and the
Advisor, the Company and CNL Macquarie Growth Managers, LLC, a Delaware limited liability company (the “Property Manager”), as licensees, and the terms of that agreement shall supersede any inconsistent terms of this Agreement. The
Company’s right to use the name “Macquarie” and any associated trademarks, trade names, service marks, and other intellectual property is subject to the terms of a License Deed among Macquarie Bank Limited, as licensor, and the
Advisor, the Company, and the Property Manager, and the terms of that agreement shall supersede any inconsistent terms of this Agreement. 
  

 -18- 

 (31)          Independent
Contractor.    Neither the Company nor the Advisor shall be construed as joint venturers or owners of each other pursuant to this Agreement, and neither shall have the power to bind or obligate the other except as set forth
herein. In all respects, the status of the Company to the Advisor under this Agreement is that of an independent contractor. 
 (32)          Interpretation.    This Agreement shall be deemed to have been drafted jointly by the parties, and therefore no provision of this Agreement shall be
construed against or interpreted to the disadvantage of any party by reason of such party having, or being deemed to have, drafted, devised or imposed such provision. 
 (33)          Non-Solicitation.    During the period commencing on the date on which this Agreement is entered into
and ending one year following the termination of the this Agreement, the Company and the Operating Partnership shall not, without the Advisor’s prior written consent, directly or indirectly, (a) solicit or encourage any person to leave the
employment or other service of the Advisor, or (b) hire, on behalf of the Company, the Operating Partnership or any other person or entity, any person who has left the employment within the one year period following the termination of that
person’s employment the Advisor. During the period commencing on the date hereof through and ending one year following the termination of this Agreement, the Company and the Operating Partnership will not, whether for its own account or for the
account of any other person, firm, corporation or other business organization, intentionally interfere with the relationship of the Advisor with, or endeavor to entice away from the Advisor, any person who during the term of the Agreement is, or
during the preceding one-year period, was a tenant, co-investor, co-developer, joint venturer or other customer of the Advisor. 
  

 -19- 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date and
year first above written. 
  
  
					
	CNL MACQUARIE GLOBAL GROWTH TRUST, INC.
		
	By:	 	  

	Name:	 	Mark Mullen
	Title:	 	Senior Vice President
		 		 	
	
	CNL MACQUARIE GROWTH, LP                                 

		 		 	
		
	By:	 	CNL MACQUARIE GROWTH TRS LLC, a Delaware limited liability company
	Its:	 	General Partner

 
									
		 		 		 		 	
				
		 		 	By:	 	CNL MACQUARIE GLOBAL GROWTH TRUST, INC., a Maryland corporation
		 		 	Its:	 	Managing Member

  
									
		 		 		 		 	
					
		 		 		 	By:	 	  

 
									
		 		 		 	Name:	 	Mark Mullen
		 		 		 	Title:	 	Senior Vice President
		 		 		 		 	

									
	
	CNL MACQUARIE GLOBAL GROWTH ADVISORS, LLC

  
							
		 		 		 	
		
	By:	 	  

 
							
	Name:	 	Curtis B. McWilliams
	Title:	 	President
		 		 		 	

  

 -20-Form of Service Agreement

 EXHIBIT 10.5 
 SERVICE AGREEMENT 
 THIS SERVICE AGREEMENT (“Agreement”) is dated and effective as of this
19th day of December 2008 (the “Effective Date”), by and between CNL Capital Markets Corp. (“CCM” or “Servicer”), a wholly owned subsidiary of CNL Financial Group, Inc., CNL Macquarie Global Growth Trust, Inc.
(“Customer”), and CNL Macquarie Global Growth Advisors, LLC (the “Advisor”). 
 WITNESSETH 
 WHEREAS, Customer intends to offer securities through a public offering pursuant to a registration statement on Form S-11 and related prospectus
(collectively, the “Registration Statement”) under the Securities Act of 1933 and intends to have a class of securities registered with the Securities and Exchange Commission under the Securities Exchange Act of 1934, or the Customer may
offer securities pursuant to an exemption from registration under the Securities Act of 1933; and 
 WHEREAS, Customer desires to retain CCM
to act as an agent on its behalf to provide services set forth herein. 
 NOW, THEREFORE, IN CONSIDERATION of the mutual covenants and
agreements herein made, the parties do hereby agree as follows: 
 I. Appointment and Services of CCM 
 A. Customer hereby appoints CCM to act as an agent on its behalf, to negotiate and execute a Transfer Agency and Service Agreement (the “Master
Agreement”) with a duly registered transfer agent, to negotiate and execute the FAN Services Agreement with DST Systems, Inc., (the “DST Agreement”) and to perform such other services set forth in Exhibit A attached hereto, as amended
from time to time (the “Services”), for and on behalf of Customer upon and subject to the terms and conditions of this Agreement. The Customer also acknowledges and accepts the terms and fees associated with any services agreement (other
than the Master Agreement which requires prior Customer approval) CCM negotiates and executes on behalf of the Customer. CCM hereby accepts the appointment as agent and agrees to perform the Services in accordance with the terms and conditions
hereinafter set forth. Customer acknowledges that CCM is not a registered transfer agent under 17A(c) of the Securities Exchange Act of 1934 and is not acting as a fiduciary or in the capacity of a transfer agent in connection with performing the
Services for Customer. 
 B. Changes to Exhibit A shall be effective upon CCM, Customer and the Advisor (collectively, the
“Parties”) agreeing in writing to an amended Exhibit A, setting forth the new or revised Services to be provided to Customer by CCM. Such amended Exhibit A shall be signed by an authorized representative of each of CCM, Customer and the
Advisor and appended to this Agreement as Amended Exhibit A. 
 C. CCM shall undertake the Services pursuant to Customer’s policies and
procedures applicable to such Services. The personnel provided by Servicer to perform the Services shall have the appropriate technical and other skills to enable them to perform their duties hereunder. 

 D. CCM shall, with the approval of Customer, determine the levels and priorities for the Services set
forth in Exhibit A and CCM shall use due diligence in performing those Services within a reasonable time. Unless the Parties agree otherwise, CCM will utilize the same standard of care in performing the Services for or on behalf of Customer
hereunder as would be reasonable and customary for the industry if such Services were performed for a third-party. CCM shall not be liable for damages, loss of data, delays, errors, claims or losses by reason of circumstances beyond its reasonable
control, except as described herein. 
 E. In the event an investor, broker-dealer or financial advisor contacts CCM’s customer service
division regarding any of the issues set forth in Exhibit B attached hereto, CCM’s customer service representatives shall refer such investor, broker-dealer or financial advisor to an officer of the Advisor for the resolution of such issue(s).

 F. Customer hereby agrees that CCM shall have full discretion to engage subcontractors and third-party service providers to perform, and
assist CCM with the performance of, any and all of its obligations under this Agreement. 
 G. It is intended that CCM be deemed an
independent service provider and that no employment relationship shall be created between Customer on the one hand and CCM or CCM’s employees, agents or subcontractors on the other hand. 
 H. Nothing in this Agreement shall in any way be deemed to restrict the right of CCM to perform services for any other person or entity, and the
performance of such services for others will not be deemed to violate or give rise to any duty or obligation to Customer or any investor not specifically undertaken by CCM hereunder. 
 II. Responsibilities of Customer 
 A. Customer agrees to use reasonable efforts to provide CCM
(1) advance written notice in the event that there are any administrative changes to Customer’s governing documents or business practices which changes would have an impact on the Services provided pursuant to this Agreement, including
changes to Customer’s dividend reinvestment plan, automatic purchase plan, redemption plan, commissions and fees (including discounts) paid on sales of shares, share price, investor suitability standards, the states where shares are offered,
distribution rates or declaration and payable dates, introduction of new securities offerings, and changes in business practices pertaining to certification of shares, book entry, electronic delivery of information to stockholders, and
(2) prompt notice of Customer’s filing of a Registration Statement with the Securities and Exchange Commission, and amendments thereto, that affect the Services provided by CCM pursuant to this Agreement. 
 B. Customer agrees to use reasonably diligent efforts to ensure that Customer abides by all applicable provisions of Customer’s governing
instruments, as the same may be amended. 
 III. Pricing 
 A. Initial Pricing 
 In consideration of Servicer’s agreement to provide the Services, Customer
agrees to pay Servicer according to the fee schedule set forth on Exhibit C, attached hereto, as it may be 

  

 - 2 - 

 
amended from time to time pursuant to Section II. B. of this Agreement. Additionally, Customer agrees to pay any fees due under the DST Agreement, the Master
Agreement and any other agreements for Services as provided in Section I. A. to the extent such additional fees have received prior approval of Customer. 
 B. Subsequent Pricing 
 On the first anniversary of the Effective Date of this Agreement and each year
thereafter, the fee schedule set forth on Exhibit C shall be subject to review by Customer, CCM and the Advisor and shall be adjusted upon the approval of Customer’s board of directors, including a majority of its independent directors, CCM and
the Advisor. Changes to the fee schedule shall be effective upon such approval in writing and an amendment to Exhibit C shall be attached as Amended Exhibit C to this Agreement. Notwithstanding the foregoing, each succeeding year following the first
anniversary of the Effective Date of this Agreement, the fee schedule shall be adjusted at a minimum to an amount equal to the current fees paid by Customer for the Services increased by the percentage increase for the twelve-month period of the
previous calendar year of the CPI-W (defined below), or, in the event that publication of such index is terminated, any successor or substitute index, appropriately adjusted, reasonably acceptable to the Parties. As used herein, “CPI-W”
shall mean the Consumer Price Index for Urban Wage Earners and Clerical Workers for Boston-Brockton-Nashua, MA-NH-ME-CT, (Base Period: 1982-84 = 100), as published by the United States Department of Labor, Bureau of Labor Statistics. 
 IV. Maintenance and Inspection of Records 
 Servicer
shall maintain accurate and complete books, accounts and records of its operations necessary for purposes of this Agreement, including those needed to support the amounts of fees set forth on all invoices. Customer shall have the right to examine
the applicable portion of such books, accounts and records at any reasonable time or times for the sole purpose of verifying the payments required to be made by it hereunder. 
 V. Confidentiality of Records 
 As used herein, “Customer Data” means all information and
facts owned by the Customer or collected on behalf of the Customer, including, without limitation, any technical, business or investor information, in any form, format or medium (including, without limitation, all interrelated, unique data items or
records in one or more computer files). Servicer (and its nominees or subcontractors or third-party service providers) shall keep confidential any Customer Data it receives, maintains, processes or otherwise accesses while providing services and
will use such Customer Data solely for performing its obligations under this Agreement. Servicer will not release Customer Data except as may be required by applicable law or with the consent of Customer. 
 Customer will provide Servicer with such information as Servicer may reasonably require in order to comply with its duties under this Agreement. Servicer
will maintain such reports and records as Customer may reasonably require and for such length of time as set forth by Customer’s record retention policies. 
  

 - 3 - 

 All records, data files, material, reports and other data received pursuant to this Agreement are the
property of Customer, are confidential and will be delivered upon Customer’s demand to Customer at Customer’s expense. 
 Notwithstanding anything to the contrary in this Agreement, Servicer may disclose this Agreement and any amendments, terminations and renewals thereof to third party due diligence firms and their broker-dealer clients as Servicer deems
appropriate to facilitate the review of Customer’s offerings in connection with the sale thereof or as may be required by applicable laws, rules and regulations. 
 VI. Limitation of Liability; Indemnification 
 A. Limitation of Liability of CCM 
 1. CCM shall not be liable to Customer and/or the Advisor for any Losses (as defined in Section VI. B.) or action taken or omitted or for any loss or
injury resulting from its (or its nominees or subcontractors) actions or its (or its nominees’, subcontractors’ or third-party service providers’) performance or lack of performance of their respective duties hereunder in the absence
of gross negligence or willful misconduct on their respective part. In no event shall CCM be liable to Customer, the Advisor, any investor, or any third party (i) for acting in accordance with Customer instructions or instructions from any
entity reasonably believed by CCM to be an agent of Customer; (ii) for special, consequential or punitive damages; (iii) for the acts or omissions of its correspondents, designees, agents, subagents; (iv) any Losses (as defined in
Section VI. B.) due to forces beyond the reasonable control of CCM, including, without limitation, strikes, work stoppages, acts of war or terrorism, insurrection, revolution, nuclear or natural catastrophes or acts of God, and interruptions, loss
or malfunctions of utilities, communications or computer (software or hardware) services; or (v) for any violation or alleged violation of any federal securities law or any “blue sky” or state securities law. 
 With respect to any and all Losses howsoever arising from or in connection with this Agreement or the performance of CCM’s (or its nominees’,
subcontractors’ or third-party service providers’) duties hereunder, the enforcement of this Agreement and disputes between the Parties hereto or otherwise related to CCM’s performance hereunder, CCM’s sole responsibility and
aggregate liability to Customer and/or the Advisor shall not exceed the amount of fees paid by Customer to CCM (exclusive of costs and expenses incurred by CCM) pursuant to Section III of this Agreement. 
 2. Notwithstanding any provisions of this Agreement to the contrary, CCM shall be under no duty or obligation to inquire into, and shall not be liable
for: 
  

	 	i.	The legality of the issue, sale or transfer of any securities, the sufficiency of the amount to be received in connection therewith, or the authority of Customer to request such
issuance, sale or transfer; 

  

	 	ii.	The legality of the purchase of any securities, the sufficiency of the amount to be paid in connection therewith, or the authority of Customer to request such purchase;

  

 - 4 - 

	 	iii.	The legality of the declaration of any dividend by Customer, or the legality of the issue of any securities in payment of any stock dividend; or 

  

	 	iv.	The legality of any recapitalization or readjustment of the securities. 

 B. Indemnity 
 1. Customer shall indemnify CCM (and its nominees or subcontractors) and hold them
harmless from and against any and all claims, losses, liabilities, damages or expenses (including attorneys’ fees and expenses) (collectively referred to herein as “Losses”) howsoever arising from or in connection with this Agreement
or the performance of their duties hereunder, the enforcement of this Agreement and disputes between the Parties hereto or otherwise related to CCM’s performance hereunder, provided, however, that (i) CCM has determined, in good faith,
that the course of conduct which caused the Losses was in the best interest of Customer, (ii) CCM was acting on behalf of or performing the Services for Customer, and (iii) such Losses were not the result of CCM’s (or its nominees or
subcontractors) negligence or misconduct. Any indemnification of CCM may be made only out of the net assets of Customer and not from the stockholders of Customer. 
 2. Subject to the limitation of liability set forth in Section VI. A. 1. above, CCM shall indemnify Customer and hold it harmless from Losses arising out of or attributed to any action or failure or omission to act by
CCM (and its nominees or subcontractors or third-party service providers) as a result of CCM’s lack of good faith, gross negligence or willful misconduct. 
 C. Third Party Information 
 CCM shall have no responsibility for the accuracy of any information that
has been provided by or obtained from third parties. 
 D. Trustee or Fiduciary 
 Nothing contained herein shall cause CCM to be deemed a trustee or fiduciary for or on behalf of Customer, any investor, or any other person. The Services
provided by CCM hereunder are in addition to the services provided by CCM under any other agreement between the Parties. 
 E. Disclosure
of Information 
 CCM is authorized to disclose information concerning Customer and investors to its affiliates and to providers of
services as may be necessary in connection with the administration of or performance of this Agreement and to its regulators, its internal and external auditors, accountants and counsel, and to any other person or entity when advised by counsel that
it may be liable for a failure to do so. In such event, notice will be given to Customer simultaneously with such disclosure. 
  

 - 5 - 

 VII. Representations and Warranties 
 A. CCM hereby represents and warrants during the full term of this Agreement, that: 
 1. It is duly organized
and validly existing under the laws of Florida with full power and authority to conduct its business. 
 2. It has the power and authority to
enter into and perform this Agreement; and the execution and delivery of this Agreement by CCM has been duly and validly authorized by all necessary action. This Agreement constitutes the valid and binding agreement of CCM, enforceable against it in
accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar state or federal debtor relief laws from time to time in effect which affect the enforcement of
creditors’ rights generally and by general equitable principles. CCM is not in violation of its articles of incorporation or bylaws or in default under any agreement or instrument the effect of which violation or default would be material to
CCM. None of: (i) the execution and delivery by CCM of this Agreement; (ii) the consummation by CCM of any of the transactions herein or therein contemplated; and (iii) the compliance by CCM with the provisions hereof or thereof, does
or will conflict with or result in a breach of any term or provision of the articles of incorporation or bylaws of CCM or conflict with, result in a breach, violation or acceleration of, or constitute a default under, the terms of any agreement or
instrument to which CCM is a party or by which it is bound or, to the knowledge of CCM, any statute, order or regulation applicable to CCM of any court, regulatory body, administrative agency or governmental body having jurisdiction over CCM. CCM is
not a party to, bound by or in breach or violation of any agreement or instrument or, to the knowledge of CCM, subject to or in violation of any statute, order or regulation of any court, regulatory body, administrative agency or governmental body
having jurisdiction over it that materially and adversely affects, or may in the future materially and adversely affect: (i) the ability of CCM to perform its obligations under this Agreement; or (ii) the business, operations, financial
conditions, properties or assets of CCM. 
 3. There are no actions or proceedings against, or investigations of, CCM pending or, to the
knowledge of CCM, threatened, before any court, arbitrator, administrative agency or other tribunal: (i) asserting the invalidity of this Agreement; (ii) seeking to prevent the consummation of any of the transactions contemplated by this
Agreement; or (iii) that might materially and adversely affect the performance by CCM of its obligations under, or the validity or enforceability of, this Agreement. 
 4. It will, during the full term of this Agreement, abide by all applicable provisions of its governing instruments, as the same may be amended. 
 B. Customer hereby represents and warrants during the full term of this Agreement, that: 
 1. It is duly organized and validly existing under the laws of Maryland with full power and authority to conduct its business. 
 2. It has the power and authority to enter into and perform this Agreement; and the execution and delivery of this Agreement by Customer has been duly
and validly authorized by all necessary action. This Agreement constitutes the valid and binding agreement 

  

 - 6 - 

 
of Customer, enforceable against it in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium or similar state or federal debtor relief laws from time to time in effect which affect the enforcement of creditors’ rights generally and by general equitable principles. Customer is not in violation of its articles
of incorporation or bylaws or in default under any agreement or instrument the effect of which violation or default would be material to Customer. None of: (i) the execution and delivery by Customer of this Agreement; (ii) the consummation
by Customer of any of the transactions herein or therein contemplated; and (iii) the compliance by Customer with the provisions hereof or thereof, does or will conflict with or result in a breach of any term or provision of the articles of
incorporation or bylaws of Customer or conflict with, result in a breach, violation or acceleration of, or constitute a default under, the terms of any agreement or instrument to which Customer is a party or by which it is bound or, to the knowledge
of Customer, any statute, order or regulation applicable to Customer of any court, regulatory body, administrative agency or governmental body having jurisdiction over Customer. Customer is not a party to, bound by or in breach or violation of any
agreement or instrument or, to the knowledge of Customer, subject to or in violation of any statute, order or regulation of any court, regulatory body, administrative agency or governmental body having jurisdiction over it that materially and
adversely affects, or may in the future materially and adversely affect: (i) the ability of Customer to perform its obligations under this Agreement; or (ii) the business, operations, financial conditions, properties or assets of Customer.

 3. There are no actions or proceedings against, or investigations of, Customer pending or, to the knowledge of Customer, threatened,
before any court, arbitrator, administrative agency or other tribunal: (i) asserting the invalidity of this Agreement; (ii) seeking to prevent the consummation of any of the transactions contemplated by this Agreement; or (iii) that
might materially and adversely affect the performance by Customer of its obligations under, or the validity or enforceability of, this Agreement. 
 4. Customer will use its best efforts to prevent it from being classified as an “investment company” or under the control of an “investment company” as such terms are defined in the Investment Company Act of 1940, as
amended. 
 C. The Advisor hereby represents and warrants during the full term of this Agreement, that: 
 1. It is duly organized and validly existing under the laws of Delaware with full power and authority to conduct its business. 
 2. It has the power and authority to enter into and perform this Agreement; and the execution and delivery of this Agreement by the Advisor has been duly
and validly authorized by all necessary action. This Agreement constitutes the valid and binding agreement of the Advisor, enforceable against it in accordance with its terms, except as enforceability may be limited by applicable bankruptcy,
insolvency, reorganization, moratorium or similar state or federal debtor relief laws from time to time in effect which affect the enforcement of creditors’ rights generally and by general equitable principles. The Advisor is not in violation
of its certificate of formation or operating agreement or in default under any agreement or instrument the effect of which violation or default would be material to the Advisor. None of: (i) the execution and delivery by the Advisor of this
Agreement; (ii) the consummation by the Advisor 

  

 - 7 - 

 
of any of the transactions herein or therein contemplated; and (iii) the compliance by the Advisor with the provisions hereof or thereof, does or will
conflict with or result in a breach of any term or provision of the certificate of formation or operating agreement of the Advisor or conflict with, result in a breach, violation or acceleration of, or constitute a default under, the terms of any
agreement or instrument to which the Advisor is a party or by which it is bound or, to the knowledge of the Advisor, any statute, order or regulation applicable to the Advisor of any court, regulatory body, administrative agency or governmental body
having jurisdiction over the Advisor. The Advisor is not a party to, bound by or in breach or violation of any agreement or instrument or, to the knowledge of the Advisor, subject to or in violation of any statute, order or regulation of any court,
regulatory body, administrative agency or governmental body having jurisdiction over it that materially and adversely affects, or may in the future materially and adversely affect: (i) the ability of the Advisor to perform its obligations under
this Agreement; or (ii) the business, operations, financial conditions, properties or assets of the Advisor. 
 3. There are no actions
or proceedings against, or investigations of, the Advisor pending or, to the knowledge of the Advisor, threatened, before any court, arbitrator, administrative agency or other tribunal: (i) asserting the invalidity of this Agreement;
(ii) seeking to prevent the consummation of any of the transactions contemplated by this Agreement; or (iii) that might materially and adversely affect the performance by the Advisor of its obligations under, or the validity or
enforceability of, this Agreement. 
 4. It will, during the full term of this Agreement, abide by all applicable provisions of its governing
instruments, as the same may be amended. 
 VIII. Termination 
 A. The initial term of this Agreement shall be five (5) years commencing on December 19, 2008 unless terminated earlier as follows: 
 1. By either Servicer, Customer or Advisor, after having given the other parties at least 90 days advance written notice of its intent to terminate,
except in the event of a company liquidation which shall require 180 days advance written notice; or 
 2. In the event that Servicer shall
fail to perform material services hereunder and such failure may result in a material adverse effect on Customer’s business, Customer may terminate this Agreement immediately on written notice to Servicer. 
 B. In the event that this Agreement is terminated, regardless of the reason for such termination, Servicer agrees to cooperate with Customer to provide
for an orderly transfer of functions to the successor service provider. 
 C. In the event that this Agreement is terminated due to a
liquidation of either CCM or Customer, partial services and pricing will extend through October of the year following the year in which the liquidation of either party took place. The services performed and fees assessed between the time of
liquidation of either Customer or CCM and that final October date are detailed in Exhibit D. In the event another party becomes a successor in interest to Customer, that party shall pay the Servicer for any services performed in Exhibit D until the
successor in interest has commenced performing the functions described in Exhibit D. 
  

 - 8 - 

 IX. Survival of Terms 
 The provisions of the last sentence of Section I. D., and Sections V and VI shall survive any termination of this Agreement. 
 X. Notices 
 Unless otherwise provided herein, all notices or other communications under this Agreement must be in writing
and signed by an authorized officer (or such other persons as a party shall specify in written notice to the other parties). 
 All such
notices shall be deemed given and received when delivered by hand or facsimile transmission, or placed in the mails addressed to the other parties, first class registered mail, at the parties’ addresses set forth on the signature page hereof.

 XI. No Waiver of Non-Compliance 
 No
failure of any party hereto to exercise any power or right granted hereunder or to insist upon strict compliance by a party of any obligation hereunder, and no custom or practice of any party with regard to the terms of performance hereof, shall
constitute a waiver of the rights of such party to demand full and exact compliance with the terms of this Agreement. 
 XII. Assignment 

Except for the assignment by CCM (i) to a successor corporation upon the merger or consolidation of CCM, (ii) to an affiliate of CCM, or
(iii) upon the sale of all or substantially all of CCM’s business of providing services similar to the Services, this Agreement shall not be assigned by any party hereto without the prior written consent of the other parties hereto.

 XIII. Successors; Governing Law 
 This
Agreement shall be binding upon the successors and permitted assigns of the Parties hereto and shall be governed by the laws of the State of Florida. 
 XIV. Severability 
 In the event any provision of this Agreement shall for any reason be held to be invalid, illegal or
unenforceable, the remaining provisions of this Agreement shall be unimpaired and the invalid, illegal or unenforceable provision shall be replaced by a mutually acceptable provision, which, being valid, legal and enforceable, comes closest to the
intention of the Parties. 
 XV. Use of CCM’s Name 
 Customer shall obtain the prior written consent of CCM for any reference to CCM or to services to be furnished by CCM in any communication or document; provided that CCM shall have no responsibility or liability for
the content of any such communication or document. 
  

 - 9 - 

 XVI. Headings 
 The section and paragraph headings contained herein are for convenience and reference only and are not intended to define or limit the scope of any provision of this Agreement. 
 XVII. Counterparts 
 This Agreement may be signed in
multiple counterparts, in which event such counterparts when taken together shall constitute an entire agreement. 
 XVIII. Amendment; Entire Agreement

 No modification, amendment, supplement to or waiver of this Agreement or any of its provisions shall be binding upon Servicer, Customer
or Advisor unless made in writing and duly signed by authorized officers of each of Servicer, Customer and Advisor. This Agreement contains the entire understanding between the Parties and all prior or contemporaneous correspondence, conversations
or memoranda are merged in, replaced by and without effect on this Agreement. 
 Signatures on next page 
  

 - 10 - 

 IN WITNESS WHEREOF, the Parties have duly executed this Agreement as of the date first written above.

  

									
	CNL Capital Markets Corp.	 		 	CNL Macquarie Global Growth Trust, Inc.
					
	By:	 	 /s/ Jeffrey Shafer
	 		 	By:	 	 /s/ Mark Mullen

	Name:	 	Jeffrey Shafer	 		 	Name:	 	Mark Mullen
	Title:	 	President	 		 	Title:	 	Senior Vice President
	Address:	 	CNL Center at City Commons	 		 	Address:	 	CNL Center at City Commons
		 	450 South Orange Avenue	 		 		 	450 South Orange Avenue
		 	Orlando, Florida 32801	 		 		 	Orlando, Florida 32801
				
		 		 		 	CNL Macquarie Global Growth Advisors, LLC
					
		 		 		 	By:	 	 /s/ Mark Mullen

		 		 		 	Name:	 	Mark Mullen
		 		 		 	Title:	 	Senior Vice President
		 		 		 	Address:	 	CNL Center at City Commons
		 		 		 		 	450 S. Orange Avenue
		 		 		 		 	Orlando, Florida 32801

  

 - 11 - 

 EXHIBIT A 
 The Services Provided by CCM 
  

	 	•	 	 Answer and resolve all incoming administrative calls from Broker/Dealers and Financial Advisors 

  

	 	•	 	 Negotiate and set up Interactive Voice Response strategy & call flows 

  

	 	•	 	 Respond to incoming phone calls, e-mails, faxes and mail correspondence relating to administrative services 

  

	 	•	 	 Transfer Agent facilitation, liaison & oversight 

  

	 	•	 	 Contract, pricing and Service Level Agreement negotiation and oversight of transfer agents, technology vendors, telephone vendors, printers, statement companies,
DTCC, custodians, etc. 

  

	 	•	 	 Investor-custodian calls oversight 

  

	 	•	 	 Distributions processing oversight 

  

	 	•	 	 Commissions processing oversight 

  

	 	•	 	 Rescissions processing oversight 

  

	 	•	 	 Redemptions processing oversight, if applicable 

  

	 	•	 	 Deposits processing oversight 

  

	 	•	 	 Ownership transfer and secondary market oversight, if applicable (tracking trends, unusual activity, etc.) 

  

	 	•	 	 Tax form generation oversight (printing, mailing, re-prints, electronic availability) 

  

	 	•	 	 Vision, FAN Web (websites) and FAN Mail oversight & development (Financial Advisor and Investor transactional websites) 

  

	 	•	 	 Statements coordination and oversight (distributions, confirmations, etc.) 

  

	 	•	 	 Invoice reconciliation from various vendors (confirming that they are adhering to the contracted pricing and terms) 

  

	 	•	 	 Oversight and approval of foreign investors 

  

	 	•	 	 New product / subsequent offering set up as it pertains to systems, technologies, forms creation and updates, etc., including communication and/or facilitating
approval of these documents with the transfer agent 

   

	 	•	 	 Facilitate, but not undertake, Customer and Advisor oversight of: 

  

	 	•	 	 Transfer agent compliance and regulatory issues (SEC, FINRA, OFAC, Privacy Acts, Electronic Transactions Act, NASAA) 

  

	 	•	 	 Blue Sky matters (including communication and reporting to prevent blue sky violations) 

  

	 	•	 	 Internal & External Client Services Training: training on processes and procedures 

  

	 	•	 	 Outbound Research & Problem Resolution Calls (as it pertains to not-in-good-order (NIGO) issues) 

  

	 	•	 	 Responding to all escalated issues except the issues that are resolved by the Issuer/Advisor as described on Exhibit B attached hereto (as referred by Boston
Financial Data Services, Inc. (BFDS)) including but not limited to: 

  

	 	•	 	 Investor, Broker/Dealer and Financial Advisor phone calls 

  

	 	•	 	 New business and maintenance issues and cures 

  

	 	•	 	 Lost shareholder / escheatment 

  

	 	•	 	 TIN certifications / IRS B & C notices 

	 	•	 	 Vision and CNL Securities Corp. website log-in’s and trouble-shooting Custodian, Broker/Dealer, and Clearing Firm liaison & services – set up,
problem-resolution, reports, reconciliations, etc. 

  

	 	•	 	 Executive Management & Ad-hoc reports 

  

	 	•	 	 Investor & Financial Advisor communication generation and consultation 

  

	 	•	 	 Systems enhancement / development facilitation and consultation 

  

	 	•	 	 Development and maintenance of a data bridge for sales and tax reporting 

  

	 	•	 	 Negotiate and continue oversight of custodial accounts and /or escrow arrangements 

  

	 	•	 	 Marketing Distribution Center services (remitting materials to Financial Advisors or Conventions including prospectus packets, articles packets and promotional
items) 

  

	 	•	 	 Assistance and support of special events (liquidations, listing, etc.) 

  

 - 2 - 

 EXHIBIT B 
 Customer Service Escalations to Issuer and Office of Named Advisor 
  

	 	•	 	 Redemptions of trusts due to death 

  

	 	•	 	 Legal requests 

  

	 	•	 	 Requests for shareholder lists 

  

	 	•	 	 Redemption requests when forms are received after the deadline 

  

	 	•	 	 Rescission requests 

  

	 	•	 	 Foreign investor approvals 

  

	 	•	 	 Questionable resales 

  

	 	•	 	 Some transfers requiring legal back up 

  

	 	•	 	 Redemptions due to disability 

 EXHIBIT C 
 Fee Schedule 
  

	 	•	 	 Initial charge of $4.57 per investor 

  

	 	•	 	 Annual charge of $19.20 per investor ($1.60 per month) 

 EXHIBIT D 
 Post-liquidation Services and Pricing 
 Termination: October 31, of the year following the year of the
liquidating event 
 Post-liquidation Event Services 
  

	 	•	 	 (Pre and post-merger) Consultation and facilitation of migrating from a directly held investment to liquidation. 

  

	 	•	 	 Check void and reissue requests 

  

	 	•	 	 ACH issues 

  

	 	•	 	 Processing returned mail - investors coded “lost” 

  

	 	•	 	 Transfer of Escheatment file 

  

	 	•	 	 Incoming paperwork including address changes, or other changes or inquires 

  

	 	•	 	 Requests for Date of Death Values letters for occurrences prior to liquidation 

  

	 	•	 	 Requests for transfer of asset; resolution of transfer issues 

  

	 	•	 	 Requests for balance of shares at the time of the liquidating event 

  

	 	•	 	 Requests for duplicate investor purchase and/or distribution statements 

  

	 	•	 	 Requests for duplicate financial advisor distribution reports 

  

	 	•	 	 Corrections for custodial issues. Required research and updating investor’s accounts. 

  

	 	•	 	 Requests for Tax Information – explanation of tax consequences, duplicate 1099’s, tax basis questions/information 

  

	 	•	 	 Requests for withholding issues; Tax Identification Number issues, 

  

	 	•	 	 Ownership type disputes (impacts tax reporting) 

  

	 	•	 	 Providing historical investor data (prior to event) - including ownership, distribution history, tax records, address information, registration, etc.

  

	 	•	 	 Consultation regarding website 

  

	 	•	 	 Field calls from Financial Advisors to assist investors with post-event questions. 

  

	 	1.	Provide historical distribution information for investors. 

  

	 	2.	Direct individuals to sources of information. 

  

	 	3.	Walk through the transaction and provide information where gaps exist. 

 Pricing 
  

	 	•	 	 All pass-though DST Systems, Inc./Boston Financial Data Services pricing will remain on schedule as of the date of the liquidating event through April 30 of
the year following the year of the liquidating event. 

  

	 	•	 	 CCM pricing will remain on schedule as of the date of the liquidating event through the first 90 days past said event. 

  

	 	•	 	 At 90 days pricing will be reduced to $             per investor (at a negotiated charge) based on the
investor count as of the date of the liquidating event.

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