Document:

Amended and Restated Share Redemption Program

 Exhibit 4.4 

AMENDED AND RESTATED SHARE REDEMPTION PROGRAM 

The board of directors of KBS Real Estate Investment Trust III, Inc., a Maryland corporation (the “Company”), has adopted an
Amended and Restated Share Redemption Program (the “SRP”), the terms and conditions of which are set forth below. Capitalized terms shall have the same meaning as set forth in the Company’s charter unless otherwise defined herein.

 1. Qualifying Stockholders. “Qualifying Stockholders” are (a) holders of the Company’s shares of
Common Stock (the “Shares”) who have held their Shares for at least one year, provided that, if the Company is redeeming all of a stockholder’s Shares, then there is no holding period requirement for Shares purchased pursuant to the
Company’s dividend reinvestment plan and (b) stockholders or authorized representatives of stockholders qualifying for the special redemption provisions set forth in paragraphs 6, 7 and 8 below. 

2. Share Redemption. Subject to the terms and conditions of this SRP, including the limitations on redemptions set forth in
paragraph 4 and the procedures for redemption set forth in paragraph 5, the Company will redeem such number of Shares as requested by a Qualifying Stockholder. 

3. Redemption Price. Unless the Shares are being redeemed in connection with a stockholder’s death, Qualifying Disability (as
defined in paragraph 7 below) or Determination of Incompetence (as defined in paragraph 8 below), and until the Company establishes an estimated value per Share as described below, the price at which the Company will redeem the Shares of a
Qualifying Stockholder is as follows: 
 a. The lower of $9.25 or 92.5% of the price paid to acquire the Shares from the Company
for stockholders who have held their Shares for at least one year; 
 b. The lower of $9.50 or 95.0% of the price paid to
acquire the Shares from the Company for stockholders who have held their Shares for at least two years; 
 c. The lower of $9.75
or 97.5% of the price paid to acquire the Shares from the Company for stockholders who have held their Shares for at least three years; and 

d. The lower of $10.00 or 100% of the price paid to acquire the Shares from the Company for stockholders who have held their Shares for
at least four years. 
 Notwithstanding the foregoing, once the Company establishes an estimated value per Share that is not
based on the price to acquire a Share in the Company’s primary offering or a follow-on public offering, the redemption price per Share for all stockholders will be equal to the estimated value per Share, as determined by the Company’s
advisor or another firm chosen for that purpose. The Company expects to establish an estimated value per Share that is not based on the price to acquire a Share in the Company’s primary offering or a follow-on public offering after the
completion of its offering stage. The Company will consider its offering stage complete when the Company is no longer publicly offering equity securities – whether through its initial 

 
public offering or follow-on public offerings – and has not done so for 18 months. For the purpose of determining when the Company’s offering stage is complete, public equity offerings
do not include offerings on behalf of selling stockholders or offerings related to any dividend reinvestment plan, employee benefit plan, or the redemption of interests in KBS Limited Partnership III, the Company’s operating partnership.

 The Company will provide information about the estimated value per share in public filings with the Securities and Exchange
Commission and on its web site (such information may be provided by means of a link to the Company’s public filings on the Securities and Exchange Commission’s web site, http://www.sec.gov). The Company will also report the
redemption price in its annual report and three quarterly reports publicly filed with the Securities and Exchange Commission. 

4. Limitations on Redemption. Notwithstanding anything contained in this SRP to the contrary, the Company’s obligation to
redeem Shares pursuant to paragraphs 2 and 6 hereof is limited as follows: 
 a. Unless the Shares are being redeemed in
connection with a stockholder’s death, Qualifying Disability (as defined in paragraph 7) or Determination of Incompetence (as defined in paragraph 8), the Company may not redeem Shares unless the stockholder has held the shares for one year.

 b. During any calendar year, the Company may redeem only the number of Shares that the Company could purchase with the amount
of net proceeds from the sale of Shares under the Company’s dividend reinvestment plan during the prior calendar year. 

c. During any calendar year, the Company may redeem no more than 5% of the weighted-average number of Shares outstanding during the prior
calendar year. 
 d. The Company has no obligation to redeem Shares if the redemption would violate the restrictions on
distributions under Maryland General Corporation Law, as amended from time to time, which prohibits distributions that would cause a corporation to fail to meet statutory tests of solvency. 

5. Procedures for Redemption. The Company has engaged a third party to administer the SRP. Upon any change to the identity or the
mailing address of the program administrator, the Company will notify stockholders of such change. The date on which the Company will redeem Shares (the “Redemption Date”) will be the last business day of each month, provided that the
first Redemption Date following the Company’s establishment of an estimated value per share (that is not based on the price to acquire a Share in the Company’s primary offering or a follow-on public offering) shall be no less than 10
business days after the Company’s announcement of an estimated value per share in a filing with the Securities and Exchange Commission and the Redemption Date shall be set forth in such filing. 

For a stockholder’s Shares to be eligible for redemption in a given month, the program administrator must receive a written
redemption request from the stockholder or from an 
  

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authorized representative of the stockholder setting forth the number of Shares requested to be redeemed at least five business days before the Redemption Date. If the Company cannot repurchase
all Shares presented for redemption in any month because of the limitations on redemptions set forth in paragraph 4, then the Company will honor redemption requests on a pro rata basis, except that (i) if a pro rata redemption would result in a
stockholder owning less than half of the minimum purchase requirement described in a currently effective, or the most recently effective, registration statement of the Company as such registration statement has been amended or supplemented (the
“Minimum Purchase Requirement”), then the Company would redeem all of such stockholder’s Shares; and (ii) if a pro rata redemption would result in a stockholder owning more than half but less than all of the Minimum Purchase
Requirement, then the Company would not redeem any Shares that would reduce a stockholder’s ownership of Shares below the Minimum Purchase Requirement. If the Company is redeeming all of a stockholder’s Shares, there would be no holding
period requirement for Shares purchased pursuant to the Company’s dividend reinvestment plan. 
 If the Company does not
completely satisfy a redemption request on a Redemption Date because the program administrator did not receive the request in time or because of the limitations on redemptions set forth in paragraph 4, then the Company will treat the unsatisfied
portion of the redemption request as a request for redemption at the next Redemption Date funds are available for redemption, unless the redemption request is withdrawn. Any stockholder can withdraw a redemption request by sending written notice to
the program administrator, provided such notice is received at least five business days before the Redemption Date. 
 6.
Special Provisions upon a Stockholder’s Death, Qualifying Disability or Determination of Incompetence. The Company will treat redemption requests made upon a stockholder’s death, Qualifying Disability (as defined in paragraph 7) or
Determination of Incompetence (as defined in paragraph 8) differently, as follows: 
 a. There is no one-year holding
requirement. 
 b. Until the Company establishes an estimated value per Share that is not based on the price to acquire a Share
in the Company’s primary offering or a follow-on public offering, which the Company expects to be after the completion of its offering stage (as defined in paragraph 3 above), the redemption price is the amount paid to acquire the Shares from
the Company. 
 c. Once the Company has established an estimated value per Share that is not based on the price to acquire a
Share in the Company’s primary offering or a follow-on public offering, the redemption price will be the estimated value of the Shares, as determined by the Company’s advisor or another firm chosen for that purpose. 

Except as specifically set forth in this paragraph 6, redemptions upon a stockholder’s death, Qualifying Disability (as defined in
paragraph 7) or Determination of Incompetence (as defined in paragraph 8) are subject to the same limitations and terms and conditions as other redemptions, including the limitations on redemptions set forth in paragraph 4 and the redemption request
procedures set forth in paragraph 5. 
  

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 7. Qualifying Disability Determinations. In order for a disability to entitle a
stockholder to the special redemption terms described in paragraph 6 (a “Qualifying Disability”), (1) the stockholder must receive a determination of disability based upon a physical or mental condition or impairment arising after the
date the stockholder acquired the Shares to be redeemed, and (2) such determination of disability must be made by the governmental agency responsible for reviewing the disability retirement benefits that the stockholder could be eligible to
receive (the “Applicable Government Agency”). The Applicable Government Agencies are limited to the following: (i) if the stockholder paid Social Security taxes and, therefore, could be eligible to receive Social Security disability
benefits, then the Applicable Governmental Agency is the Social Security Administration or the agency charged with responsibility for administering Social Security disability benefits at that time if other than the Social Security Administration;
(ii) if the stockholder did not pay Social Security taxes and, therefore, could not be eligible to receive Social Security disability benefits, but the stockholder could be eligible to receive disability benefits under the Civil Service
Retirement System (“CSRS”), then the Applicable Governmental Agency is the U.S. Office of Personnel Management or the agency charged with responsibility for administering CSRS benefits at that time if other than the Office of Personnel
Management; or (iii) if the stockholder did not pay Social Security taxes and, therefore, could not be eligible to receive Social Security benefits but suffered a disability that resulted in the stockholder’s discharge from military
service under conditions that were other than dishonorable and, therefore, could be eligible to receive military disability benefits, then the Applicable Governmental Agency is the Department of Veterans Affairs or the agency charged with the
responsibility for administering military disability benefits at that time if other than the Department of Veterans Affairs. 

Disability determinations by governmental agencies for purposes other than those listed above, including but not limited to worker’s
compensation insurance, administration or enforcement of the Rehabilitation Act or Americans with Disabilities Act, or waiver of insurance premiums will not entitle a stockholder to the special redemption terms described in paragraph 6. Redemption
requests following an award by the applicable governmental agency of disability benefits must be accompanied by: (1) the investor’s initial application for disability benefits and (2) a Social Security Administration Notice of Award,
a U.S. Office of Personnel Management determination of disability under CSRS, a Department of Veterans Affairs record of disability-related discharge or such other documentation issued by the Applicable Governmental Agency that the Company deems
acceptable and that demonstrates an award of the disability benefits. 
 As the following disabilities do not entitle a worker
to Social Security disability benefits, they do not qualify for special redemption terms, except in the limited circumstances when the investor is awarded disability benefits by the other Applicable Governmental Agencies described above: 

a. disabilities occurring after the legal retirement age; and 

b. disabilities that do not render a worker incapable of performing substantial gainful activity. 

 

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 8. Determination of Incompetence. In order for a determination of incompetence or
incapacitation to entitle a stockholder to the special redemption terms described in paragraph 6 (a “Determination of Incompetence”), a state or federal court located in the United States (a “U.S. Court”) must declare, determine
or find the stockholder to be (i) mentally incompetent to enter into a contract, to prepare a will or to make medical decisions or (ii) mentally incapacitated, in both cases such determination must be made by a U.S. court after the date
the stockholder acquired the Shares to be redeemed. 
 A determination of incompetence or incapacitation by any person or entity
other than a U.S. Court, or for any purpose other than those listed above, will not entitle a stockholder to the special redemption terms described in paragraph 6. Redemption requests following a Determination of Incompetence by a U.S. Court must be
accompanied by the court order, determination or the certificate of the court declaring the stockholder incompetent or incapacitated. 

9. Termination, Suspension or Amendment of the SRP by the Company. The Company may amend, suspend or terminate the SRP for any
reason upon thirty days notice to the Company’s stockholders. The Company may provide notice by including such information (a) in a Current Report on Form 8-K or in its annual or quarterly reports, all publicly filed with the Securities
and Exchange Commission or (b) in a separate mailing to the stockholders. 
 The SRP provides stockholders a limited
ability to redeem Shares for cash until a secondary market develops for the Shares. If and when such a secondary market develops, the SRP will terminate. 

10. Notice of Redemption Requests. Qualifying Stockholders who desire to redeem their shares must provide written notice to the
Company on the form provided by the Company. 
 11. Liability of the Company. The Company shall not be liable for any act
done in good faith or for any good faith omission to act. 
 12. Governing Law. The SRP shall be governed by the laws of
the State of Maryland. 
  

 5Escrow Agreement

 Exhibit 4.5 

ESCROW AGREEMENT 

THIS ESCROW AGREEMENT (this “Agreement”) is made and entered into as of this 17th day of September, 2010 by and
among KBS Capital Markets Group, LLC, a California limited liability company (the “Dealer Manager”), KBS Real Estate Investment Trust III, Inc., a Maryland corporation (the “Company”), and UMB Bank, N.A., as escrow
agent, a national banking association organized and existing under the laws of the United States of America (the “Escrow Agent”). 

RECITALS 

WHEREAS, the Company proposes to offer and sell shares of common stock (the “Shares”), on a best-efforts basis,
for at least $2.5 million and up to $2.0 billion of gross offering proceeds (excluding the shares of its common stock to be offered and sold pursuant to the Company’s distribution reinvestment plan), at an initial purchase price of up to $10.00
per share (the “Offering”) to investors pursuant to the Company’s Registration Statement on Form S-11 (File No. 333-164703), as amended from time to time (the “Offering Document”). 

WHEREAS, the Dealer Manager will be engaged by the Company to offer and sell the Shares on a best efforts basis through a network
of participating broker-dealers (the “Dealers”). 
 WHEREAS, the Company has agreed that the
subscription price paid by subscribers for shares will be refunded to such subscribers if at least $2.5 million of gross offering proceeds from persons who are not affiliated with the Company, its sponsors or KBS Capital Advisors, LLC (the
“Advisor”) (such amount, the “Minimum Offering”) has not been raised within one year from the date the Offering Document becomes effective with the Securities and Exchange Commission (the “Closing
Date”). 
 WHEREAS, the Dealer Manager and the Company desire to establish an escrow account (the
“Escrow Account”) as further described herein, in which funds received from subscribers will, except as otherwise specified herein, be deposited and the Company desires that the Escrow Agent act as escrow agent to the Escrow Account
and Escrow Agent is willing to act in such capacity. 
 WHEREAS, deposits received from residents of the State of
Pennsylvania (the “Pennsylvania Subscribers”) and deposits received from residents of the State of Tennessee (the “Tennessee Subscribers”) will remain in the Escrow Account until the conditions of Sections 3
and 4, respectively, have been met. 
 WHEREAS, the Escrow Agent has engaged DST Systems (the “Processing
Agent”), to examine for “good order” subscriptions and to act as record keeper, maintaining on behalf of the Escrow Agent the ownership records for the Escrow Account. In so acting, Processing Agent shall be acting solely in the
capacity of agent for the Escrow Agent and not in any capacity on behalf of the Company or the Dealer Manager. 

WHEREAS, in order to subscribe for Shares during the Escrow Period (as defined below), a subscriber must deliver the full amount
of the purchase price for the Shares: (i) by check made payable to the order of “UMB Bank, N.A., as Escrow Agent for KBS Real Estate 

 
Investment Trust III, Inc.,” in U.S. dollars; or (ii) by draft or wire transfer of immediately available funds or Automated ClearingHouse (ACH) in U.S. dollars, made payable as provided
in Section 12(b) (collectively, the “Payment Instruments”). 
 AGREEMENT 

NOW, THEREFORE, the Dealer Manager, the Company and Escrow Agent agree to the terms of this Agreement as follows: 

1.      Establishment of Escrow Account; Escrow Period. On or prior to the commencement of the offering of Shares
pursuant to the Offering Document, the Company shall establish the Escrow Account with the Escrow Agent, which shall be entitled “UMB Bank, N.A., as Escrow Agent for KBS Real Estate Investment Trust III, Inc.” This Agreement shall be
effective on the date on which the Offering Document becomes effective. Except as otherwise set forth herein for the Pennsylvania Subscribers and the Tennessee Subscribers, the “Escrow Period” shall commence upon the effectiveness
of this Agreement and shall continue until the earlier of: (a) the date upon which the Escrow Agent receives confirmation from the Company and the Dealer Manager that the Company has raised the Minimum Offering; (b) the Closing Date; or
(c) the termination of the Offering by the Company prior to the receipt of the Minimum Offering. 
  

	2.	Operation of the Escrow. 

(a) Deposits in the Escrow Account. During the Escrow Period, persons subscribing to purchase Shares will be instructed by the
Company, the Dealer Manager and the Dealers to make Payment Instruments for subscriptions payable to the order of “UMB Bank, N.A., as Escrow Agent for KBS Real Estate Investment Trust III, Inc.” Completed subscription agreements and
Payment Instruments for the purchase price for the Shares shall be remitted by the broker dealers or registered investment advisors, as applicable, on behalf of persons subscribing to purchase shares directly to the Escrow Agent as provided in
Section 12(b) by the end of the next business day following receipt of any such Payment Instruments or, if final internal supervisory review is conducted at a different location, by the end of the next business day following receipt of any such
Payment Instruments by the office conducting final internal supervisory review. The Escrow Agent hereby agrees to maintain the funds contributed by the Pennsylvania Subscribers and the Tennessee Subscribers in a manner in which they may be
separately accounted for by the records of the Processing Agent so that the requirements of Sections 3 and 4 of this Agreement can be met. Deposits shall be held in the Escrow Account until such funds are disbursed in accordance with this
Section 2. Prior to disbursement of the funds deposited in the Escrow Account, upon receipt of the Payment Instruments, Escrow Agent shall fax or scan a listing of the subscriber name and purchase price to Processing Agent, together with all
other subscription documents sent with the Payment Instruments. Prior to disbursement of the funds deposited in the Escrow Account, such funds shall not be subject to claims by creditors of the Company or any of its affiliates. If any of the Payment
Instruments are returned to the Escrow Agent for nonpayment prior to receipt of the Break Escrow Affidavit (as described below), the Escrow Agent shall promptly notify the Processing Agent and the Company in writing via mail, email or facsimile of
such nonpayment, and the Escrow Agent is authorized to debit the Escrow Account, as applicable in the amount of such returned payment and the Processing Agent 

 

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shall delete the appropriate account from the records maintained by the Processing Agent. Within 30 days from the date of receipt of each subscription, the Company will determine whether or not
the subscription is to be accepted or rejected in whole or in part. Within 10 business days of receipt by the Escrow Agent of written notice from the Company, or as soon thereafter as practicable, that a subscription has been rejected, the Escrow
Agent shall transfer by check the funds and all interest, if any, earned thereon, of any subscribers whose subscription has been rejected since the commencement of the Offering. The Processing Agent will maintain a written account of each sale,
which account shall set forth, among other things, the following information: (i) the subscriber’s name and address; (ii) the subscriber’s social security number; (iii) the number of Shares purchased by such subscriber; and
(iv) the amount paid by such subscriber for such Shares. During the Escrow Period neither the Company nor the Dealer Manager will be entitled to any principal funds received into the Escrow Account. 

(b) Distribution of the Escrowed Funds. If at any time on or prior to the Closing Date, the Minimum Offering has been raised, then
upon the happening of such event, the funds in the Escrow Account shall remain in the Escrow Account until the Escrow Agent receives written direction provided by the Company and the Dealer Manager instructing the Escrow Agent to deliver the
principal amount of such escrowed funds as the Company shall direct (other than any funds received from Pennsylvania Subscribers and Tennessee Subscribers which cannot be released until the conditions of Sections 3 and 4, respectively, have
been met); provided, however, that the Escrow Agent shall not disburse the funds of a subscriber, the subscription of which has been rejected or rescinded, if the Escrow Agent has been notified by the Company of such rejection or rescission. An
affidavit or certification from an officer of the Company and an officer of the Dealer Manager to the Escrow Agent and Processing Agent stating that at least the Minimum Offering has been timely raised, shall constitute sufficient evidence for the
purpose of this Agreement that such event has occurred (the “Break Escrow Affidavit”). The Affidavit shall indicate: (i) the date on which the Minimum Offering was raised; and (ii) the actual total number of Shares sold as
of such date. Thereafter, the Escrow Agent shall distribute directly to the subscribers any interest earned on such subscriber’s subscription payments while such payments were held in the Escrow Account. 

(c) Return of Escrowed Funds. If the Escrow Agent has not received a Break Escrow Affidavit on or prior to the Closing Date, the
Escrow Agent shall promptly create and dispatch checks and wires drawn on the Escrow Account to return the principal amount of the funds in the Escrow Account, together with any interest thereon, without deduction for fees, penalties or expenses, to
the respective subscribers, and the Escrow Agent shall notify the Company and the Dealer Manager of its distribution of the funds. The subscription payments returned to each subscriber (including those, if any, returned to Pennsylvania Subscribers
and Tennessee Subscribers pursuant to Sections 3 and 4, respectively) shall be free and clear of any and all claims of the Company or any of its creditors. 
  

	3.	Distribution of the Funds from Pennsylvania Subscribers. 

(a) Notwithstanding anything to the contrary herein, disbursements of funds contributed by Pennsylvania Subscribers may only be
distributed in compliance with the provisions of this Section 3. Irrespective of any disbursement of funds from the Escrow 

 

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Account pursuant to Section 2 hereof, the Escrow Agent will continue to place deposits from the Pennsylvania Subscribers into the Escrow Account, until such time as the Company notifies the
Escrow Agent in writing that gross offering proceeds (including amounts in the Escrow Account previously disbursed as directed by the Company and the amounts then held in the Escrow Account) equal or exceed $100,000,000 (from persons who are not
affiliated with the Company, its sponsors or the Advisor), whereupon the Escrow Agent shall: (i) disburse to the Company, at the Company’s request, the principal amount of the funds from the Pennsylvania Subscribers received by the Escrow
Agent for accepted subscriptions; and (ii) disburse directly to the Pennsylvania Subscribers any interest earned on such Pennsylvania Subscribers’ subscription payments while such payments were held in the Escrow Account. However, the
Escrow Agent shall not disburse to the Company those funds of a subscriber, the subscription of which has been rejected or rescinded, if the Escrow Agent has been notified by the Company of such rejection or rescission. 

(b) If the Company has not received gross offering proceeds of at least $100,000,000 (from persons who are not affiliated with the
Company, its sponsors or the Advisor) within 120 days of the date the Company first receives a subscription from a Pennsylvania Subscriber (the “Initial Escrow Period”), the Company, within 10 days of the end of the Initial Escrow
Period, shall notify each Pennsylvania Subscriber by certified mail or any other means (whereby receipt of delivery is obtained) of the right of Pennsylvania Subscribers to have their investment returned to them. If, pursuant to such notice, a
Pennsylvania Subscriber requests the return of his or her subscription funds within ten (10) days after receipt of the notification (the “Request Period”), the Escrow Agent shall promptly refund, with a pro rata share of any
interest earned thereon and without deduction, directly to each Pennsylvania Subscriber, the funds deposited in the Escrow Account on behalf of the Pennsylvania Subscriber. 

(c) The funds of Pennsylvania Subscribers who do not request the return of their funds within the Request Period shall remain in the
Escrow Account for successive 120-day escrow periods (each a “Successive Escrow Period”), each commencing automatically upon the termination of the prior Successive Escrow Period, and the Company and Escrow Agent shall follow the
notification and payment procedure set forth in Section 3(b) above with respect to the Initial Escrow Period for each Successive Escrow Period, until the occurrence of the earliest of: (i) the termination of the offering by the Company
prior to the receipt of at least $100,000,000 of gross offering proceeds (from persons who are not affiliated with the Company, its sponsors or the Advisor); (ii) the receipt and acceptance by the Company of gross offering proceeds that equal
or exceed $100,000,000 (from persons who are not affiliated with the Company, its sponsors or the Advisor) and the disbursement of the funds held in the Escrow Account on the terms specified in this Section 3; or (iii) all funds held in
the Escrow Account that were contributed by Pennsylvania Subscribers having been returned to the Pennsylvania Subscribers in accordance with the provisions hereof. 

(d) If the Company has not received gross offering proceeds of at least $100,000,000 (from persons who are not affiliated with the
Company, its sponsors or the Advisor) within 365 days after the Closing Date, all funds in the Escrow Account that were contributed by Pennsylvania Subscribers will be promptly returned in full to such Pennsylvania Subscribers, together with
their pro rata share of any interest earned thereon 
  

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pursuant to instructions made by the Company, upon which the Escrow Agent may conclusively rely. 
  

	4.	Distribution of the Funds from Tennessee Subscribers. 

(a) Notwithstanding anything to the contrary herein, disbursements of funds contributed by Tennessee Subscribers may only be distributed
in compliance with the provisions of this Section 4. Irrespective of any disbursement of funds from the Escrow Account pursuant to Section 2 hereof, the Escrow Agent will continue to place deposits from the Tennessee Subscribers into the
Escrow Account, until such time as the Company notifies the Escrow Agent in writing that gross offering proceeds (including amounts in the Escrow Account previously disbursed as directed by the Company and the amounts then held in the Escrow
Account) equal or exceed $10,000,000 (from persons who are not affiliated with the Company, its sponsors or the Advisor), whereupon the Escrow Agent shall: (i) disburse to the Company, at the Company’s request, the principal amount of the
funds from the Tennessee Subscribers received by the Escrow Agent for accepted subscriptions; and (ii) disburse directly to the Tennessee Subscribers any interest earned on such Tennessee Subscribers’ subscription payments while such
payments were held in the Escrow Account. However, the Escrow Agent shall not disburse those funds of a subscriber, the subscription of which has been rejected or rescinded, if the Escrow Agent has been notified by the Company of such rejection or
rescission. 
 (b) If the Company has not received gross offering proceeds of at least $10,000,000 (from persons who are not
affiliated with the Company, its sponsors or the Advisor) within 365 days after the Closing Date, all funds in the Escrow Account that were contributed by Tennessee Subscribers will be promptly returned in full to such Tennessee Subscribers,
together with their pro rata share of any interest earned thereon pursuant to instructions made by the Company upon which the Escrow Agent may conclusively rely. 
  

	5.	Escrowed Funds. 

 (a) Upon
receipt of funds from subscribers to the Offering, the Escrow Agent shall hold such funds in escrow pursuant to the terms of this Agreement. All such funds held in the Escrow Account shall be invested and reinvested in bank accounts or bank money
market accounts permitted under Rule 15c2-4 of the Securities Exchange Act of 1934, as amended, at the direction of the Company. All funds in the Escrow Account shall at all times be placed in interest-bearing accounts. 

(b) The Escrow Agent shall be entitled to sell or redeem any such investment as necessary to make any distributions required under this
Agreement and shall not be liable or responsible for any loss resulting from any such sale or redemption. 
 (c) Income, if any,
resulting from the investment of the funds received from subscribers to the Offering shall be distributed according to this Agreement. 

(d) The Escrow Agent shall provide to the Company monthly statements (or more frequently as reasonably requested by the Company) on the
account balance of the Escrow Account and the activity in the account since the last report. 
 6.      Duties
of the Escrow Agent. The Escrow Agent shall have no duties or responsibilities other than those expressly set forth in this Agreement, and no implied duties or obligations shall 

 

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be read into this Agreement against the Escrow Agent. The Escrow Agent is not a party to, or bound by, any other agreement among the other parties hereto, and the Escrow Agent’s duties shall
be determined solely by reference to this Agreement. The Escrow Agent shall have no duty to enforce any obligation of any person, other than as provided herein. The Escrow Agent shall be under no liability to anyone by reason of any failure on the
part of any party hereto or any maker, endorser or other signatory of any document or any other person to perform such person’s obligations under any such document. 

 

	7.	Liability of the Escrow Agent and the Processing Agent; Indemnification. 

(a) The Escrow Agent acts hereunder as a depository only. The Escrow Agent is not responsible or liable in any manner for the sufficiency,
correctness, genuineness or validity of this Escrow Agreement or with respect to the form of execution of the same. Each of the Escrow Agent and the Processing Agent shall not be liable for any action taken or omitted by it, or any action suffered
by it to be taken or omitted, in good faith, and in the exercise of its own best judgment, and may rely conclusively and shall be protected in acting upon any order, notice, demand, certificate, opinion or advice of counsel (including counsel chosen
by the Escrow Agent or the Processing Agent), statement, instrument, report or other paper or document (not only as to its due execution and the validity and effectiveness of its provisions, but also as to the truth and acceptability of any
information therein contained) which is believed by the Escrow Agent or the Processing Agent to be genuine and to be signed or presented by the proper person(s). Each of the Escrow Agent and the Processing Agent shall not be held liable for any
error in judgment made in good faith by an officer or employee of either unless it shall be proved that the Escrow Agent or the Processing Agent, as appropriate, was grossly negligent or reckless in ascertaining the pertinent facts or acted
intentionally in bad faith. The Escrow Agent shall not be bound by any notice of demand, or any waiver, modification, termination or rescission of this Agreement or any of the terms hereof, unless evidenced by a writing delivered to the Escrow Agent
signed by the proper party or parties and, if the duties or rights of the Escrow Agent are affected, unless it shall give its prior written consent thereto. 

(b) Either of the Escrow Agent and the Processing Agent may consult legal counsel and shall exercise reasonable care in the selection of
such counsel, in the event of any dispute or question as to the construction of any provisions hereof or its duties hereunder, and it shall incur no liability and shall be fully protected in acting in accordance with the reasonable opinion or
instructions of such counsel. 
 (c) Each of the Escrow Agent and the Processing Agent shall not be responsible, may conclusively
rely upon and shall be protected, indemnified and held harmless by the Company, for the sufficiency or accuracy of the form of, or the execution, validity, value or genuineness of any document or property received, held or delivered by it hereunder,
or of the signature or endorsement thereon, or for any description therein; nor shall the Escrow Agent or the Processing Agent be responsible or liable in any respect on account of the identity, authority or rights of the persons executing or
delivering or purporting to execute or deliver any document, property or this Agreement. 
 (d) In the event that either the
Escrow Agent or the Processing Agent shall become involved in any arbitration or litigation relating to the funds received from subscribers to 

 

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the Offering, each is authorized to comply with any decision reached through such arbitration or litigation. 

(e) The Company hereby agrees to indemnify both the Escrow Agent and the Processing Agent for, and to hold it harmless against, any loss,
liability or expense incurred in connection herewith without gross negligence, recklessness or willful misconduct on the part of either of the Escrow Agent or the Processing Agent, including without limitation legal or other fees arising out of or
in connection with its entering into this Agreement and carrying out its duties hereunder, including without limitation the costs and expenses of defending itself against any claim of liability in the premises or any action for interpleader. Neither
the Escrow Agent, nor the Processing Agent, shall be under any obligation to institute or defend any action, suit, or legal proceeding in connection herewith, unless first indemnified and held harmless to its satisfaction in accordance with the
foregoing, except that neither shall be indemnified against any loss, liability or expense arising out of its own gross negligence, recklessness or willful misconduct. Such indemnity shall survive the termination or discharge of this Agreement or
resignation of the Escrow Agent. 
 8.      The Escrow Agent’s Fee. Escrow Agent shall be entitled to
fees and expenses for its regular services as Escrow Agent as set forth in Exhibit A. Additionally, Escrow Agent is entitled to reasonable fees for extraordinary services and reimbursement of any reasonable out of pocket and extraordinary
costs and expenses related to its obligations as Escrow Agent under this Agreement, including, but not limited to, reasonable attorneys’ fees. All of the Escrow Agent’s compensation, costs and expenses shall be paid by the Company.

 9.      Security Interests. No party to this Escrow Agreement shall grant a security interest in any
monies or other property deposited with the Escrow Agent under this Escrow Agreement, or otherwise create a lien, encumbrance or other claim against such monies or borrow against the same. 

10.    Dispute. In the event of any disagreement between the undersigned or the person or persons named in instructions given
pursuant to this Agreement, or any other person, resulting in adverse claims and demands being made in connection with or for any papers, money or property involved herein, or affected hereby, the Escrow Agent shall be entitled to refuse to comply
with any demand or claim, as long as such disagreement shall continue, and in so refusing to make any delivery or other disposition of any money, papers or property involved or affected hereby, the Escrow Agent shall not be or become liable to the
undersigned or to any person named in such instructions for its refusal to comply with such conflicting or adverse demands, and the Escrow Agent shall be entitled to refuse and refrain to act until: (a) the rights of the adverse claimants shall
have been fully and finally adjudicated in a court of competent jurisdiction over the parties and money, papers and property involved herein or affected hereby; or (b) all differences shall have been adjusted by agreement and the Escrow Agent
shall have been notified thereof in writing, signed by all the interested parties. 
 11.    Resignation of Escrow
Agent. Escrow Agent may resign or be removed, at any time, for any reason, by written notice of its resignation or removal to the proper parties at their respective addresses as set forth herein, at least 60 days before the date specified for
such resignation or removal to take effect; upon the effective date of such resignation or removal: 
  

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 (a) all cash and other payments and all other property then held by the Escrow Agent
hereunder shall be delivered by it to such successor escrow agent as may be designated in writing by the Company, whereupon the Escrow Agent’s obligations hereunder shall cease and terminate; or 

(b) if no such successor escrow agent has been designated by such date, all obligations of the Escrow Agent hereunder shall, nevertheless,
cease and terminate, and the Escrow Agent’s sole responsibility thereafter shall be to keep all property then held by it and to deliver the same to a person designated in writing by the Company or in accordance with the directions of a final
order or judgment of a court of competent jurisdiction; and 
 (c) further, if no such successor escrow agent has been designated
by such date, the Escrow Agent may petition any court of competent jurisdiction for the appointment of a successor agent; further the Escrow Agent may pay into such court all monies and property deposited with Escrow Agent under this Agreement.

 12.    Notices. All notices, demands and requests required or permitted to be given under the provisions hereof
must be in writing and shall be deemed to have been sufficiently given, upon receipt, if (i) personally delivered, (ii) sent by telecopy and confirmed by phone or (iii) mailed by registered or certified mail, with return receipt
requested, delivered to the addresses set forth below, or to such other address as a party shall have designated by notice in writing to the other parties in the manner provided by this paragraph: 

 

			
	(a) If to Company:	  	KBS Real Estate Investment Trust III, Inc.
		  	620 Newport Center Drive, Suite 1300
		  	Newport Beach, CA 92660
		  	Telephone: (949) 417-6500
		  	Facsimile: (949) 417-6520
		
		  	Company Wire Instructions:
		  	To be provided by the Company
		
	(b) If to the Escrow Agent:	  	UMB Bank, N.A.
		  	1010 Grand Blvd., 4th Floor
		  	Mail Stop: 1020409
		  	Kansas City, Missouri 64106
		  	Attention: Lara Stevens,
		  	Corporate Trust
		  	Telephone: (816) 860-3017
		  	Facsimile: (816) 860-3029
		
		  	Escrow Agent Wiring Instructions:
		  	UMB Bank, N.A.
		  	ABA Routing Number: 101000695
		  	Account Number: To be provided by UMB Bank, N.A.
		  	 Account Name: UMB Bank, N.A., as Escrow Agent for KBS Real

Estate Investment Trust III, Inc.

		
		  	Checks Payable Information:

  

 8 

			
		  	 UMB Bank, N.A., as Escrow Agent for KBS Real Estate Investment

Trust III, Inc.

		  	 Attention: Lara Stevens, Corporate Trust

1010 Grand Boulevard,
4th Floor

M/S 1020409
 Kansas City, Missouri
64106

		
	(c) If to Dealer Manager:	  	KBS Capital Markets Group, LLC
		  	660 Newport Center Drive, Suite 1200
		  	Newport Beach, CA 92660
		  	Attention: Hans Henselman, Chief Compliance Officer
		  	Telephone: (949) 717-6247
		  	Facsimile: (949) 717-6201

13.    Governing Law. This Agreement shall be construed and enforced in accordance with the laws of the State of Missouri
without regard to the principles of conflicts of law. 
 14.    Binding Effect; Benefit. This Agreement shall be
binding upon and inure to the benefit of the permitted successors and assigns of the parties hereto. 

15.    Modification. This Agreement may be amended, modified or terminated at any time by a writing executed by the Dealer
Manager, the Company and the Escrow Agent. 
 16.    Assignability. This Agreement shall not be assigned by the
Escrow Agent without the Company’s prior written consent. 
 17.    Counterparts. This Agreement may be executed
in one or more counterparts, each of which will be deemed an original, but all of which together will constitute one and the same instrument. Copies, telecopies, facsimiles, electronic files and other reproductions of original executed documents
shall be deemed to be authentic and valid counterparts of such original documents for all purposes, including the filing of any claim, action or suit in the appropriate court of law. 

18.    Headings. The section headings contained in this Agreement are inserted for convenience only, and shall not affect in
any way, the meaning or interpretation of this Agreement. 
 19.    Severability. This Agreement constitutes the
entire agreement among the parties and supersedes all prior and contemporaneous agreements and undertakings of the parties in connection herewith. No failure or delay of the Escrow Agent in exercising any right, power or remedy may be, or may be
deemed to be, a waiver thereof; nor may any single or partial exercise of any right, power or remedy preclude any other or further exercise of any right, power or remedy. In the event that any one or more of the provisions contained in this
Agreement, shall, for any reason, be held to be invalid, illegal or unenforceable in any respect, then to the maximum extent permitted by law, such invalidity, illegality or unenforceability shall not affect any other provision of this Agreement.

 20.    Earnings Allocation; Tax Matters; Patriot Act Compliance; OFAC Search Duties. The Company or its agent
shall be responsible for all tax reporting under this Escrow Agreement. The Company shall provide to Escrow Agent upon the execution of this Agreement any 

 

 9 

 
documentation requested and any information reasonably requested by the Escrow Agent to comply with the USA Patriot Act of 2001, as amended from time to time. The Escrow Agent, or its agent,
shall complete an OFAC search, in compliance with its policy and procedures, of each Payment Instrument and shall inform the Company if a Payment Instrument fails the OFAC search. 

21.    Miscellaneous. This Agreement shall not be construed against the party preparing it, and shall be construed without
regard to the identity of the person who drafted it or the party who caused it to be drafted and shall be construed as if all parties had jointly prepared this Agreement and it shall be deemed their joint work product, and each and every provision
of this Agreement shall be construed as though all of the parties hereto participated equally in the drafting hereof; and any uncertainty or ambiguity shall not be interpreted against any one party. As a result of the foregoing, any rule of
construction that a document is to be construed against the drafting party shall not be applicable. 
 22.    Third Party
Beneficiaries. The Processing Agent shall be a third party beneficiary under this Agreement, entitled to enforce any rights, duties or obligations owed to it under this Agreement notwithstanding the terms of any other agreements between the
Processing Agent and any Party hereto. 
 23.    Termination of the Escrow Agreement. This Agreement, except for
Sections 7 and 11 hereof, which shall continue in effect, shall terminate upon written notice from the Company to the Escrow Agent. Unless otherwise provided, final termination of this Agreement shall occur on the date that all funds held in the
Escrow Account are distributed either: (a) to the Company or to subscribers and the Company has informed the Escrow Agent in writing to close the Escrow Account; or (b) to a successor escrow agent upon written instructions from the
Company. 
 24.    Relationship of Parties. The Dealer Manager and the Company are unaffiliated with the Escrow
Agent, and this Agreement does not create any partnership or joint venture among either the Dealer Manager or the Company and the Escrow Agent. 

[SIGNATURE PAGES FOLLOW] 
  

 10 

 IN WITNESS WHEREOF, the undersigned have caused this Agreement to be executed by
their duly authorized representatives as of the date first written hereinabove. 
  

			
	DEALER MANAGER:
	
	KBS CAPITAL MARKETS GROUP, LLC 
		
	By:	 	 /s/ Michael R. Crimmins

	Name:	 	Michael R. Crimmins
	Title:	 	Chief Executive Officer
	
	COMPANY:
	
	KBS REAL ESTATE INVESTMENT TRUST III, INC.
		
	By: 	 	 /s/ David E. Snyder

	Name:	 	David E. Snyder
	Title:	 	Chief Financial Officer
	
	ESCROW AGENT: 
	
	UMB BANK, N.A.
		
	By: 	 	 /s/ Lara L. Stevens

	Name:	 	Lara L. Stevens
	Title:	 	Vice President

  

 11 

 EXHIBIT A 

ESCROW FEES AND EXPENSES 
  

				
	 Acceptance Fee
	  		
		
	 Review escrow agreement and establish account
	  	$	3,000
		
	 DST Agency Engagement
	  	$	250
		
	 Annual Fee
	  		
		
	 Annual Escrow Agent
	  	$	2,500
		
	 Transaction Fees
	  		
		
	 (a) Per outgoing wire transfer
	  	$	15.00
		
	 (b) IRS Tax Reporting per Form 1099 (Int., B or Misc.)
	  	$	10.00
		
	 (c) Per Overnight Delivery/Mailing
	  	$	16.50
		
	 (d) Web Exchange Access per month
	  	$	15.00
		
	 (e) Daily Recon File to Transfer Agent per Business Day
	  	$	2.50

 Fees specified are for the regular,
routine services contemplated by the Escrow Agreement, and any additional or extraordinary services, including, but not limited to disbursements involving a dispute or arbitration, or administration while a dispute, controversy or adverse claim is
in existence, will be charged based upon time required at the then standard hourly rate. In addition to the specified fees, all expenses related to the administration of the Escrow Agreement (other than normal overhead expenses of the regular staff)
such as, but not limited to, travel, postage, shipping, courier, telephone, facsimile, supplies, legal fees, accounting fees, etc., will be reimbursable. Acceptance fee and first year Annual Escrow Agent fee will be payable at the initiation of the
escrow. Thereafter, the Annual Escrow Agent fee will be billed in advance and transaction fees will be billed in arrears. Other fees and expenses will be billed as incurred. 

 

 12

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