Document:

Form of Amended and Restated Advisory Agreement

 EXHIBIT 10.2 
 FORM OF AMENDED AND RESTATED ADVISORY AGREEMENT 
 AMENDED AND RESTATED ADVISORY AGREEMENT

 BY AND BETWEEN 
 THE GC NET LEASE REIT, INC. 
 AND 
 THE GC NET LEASE REIT ADVISOR, LLC 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	 PAGE

	 ARTICLE I
	  	DEFINITIONS	  	1
			
	 ARTICLE II
	  	APPOINTMENT	  	10
			
	 ARTICLE III
	  	AUTHORITY OF THE ADVISOR	  	10
	 Section 3.1
	  	General	  	10
	 Section 3.2
	  	Powers of the Advisor	  	11
	 Section 3.3
	  	Approval by Directors	  	11
	 Section 3.4
	  	Modification or Revocation of Authority of Advisor	  	11
			
	 ARTICLE IV
	  	DUTIES OF THE ADVISOR	  	11
	 Section 4.1
	  	Organizational and Offering Services	  	11
	 Section 4.2
	  	Acquisition Services	  	12
	 Section 4.3
	  	Asset Management Services and Administrative Services	  	12
			
	 ARTICLE V
	  	BANK ACCOUNTS	  	14
			
	 ARTICLE VI
	  	RECORDS; ACCESS	  	14
			
	 ARTICLE VII
	  	OTHER ACTIVITIES OF THE ADVISOR	  	15
	 Section 7.1
	  	General	  	15
	 Section 7.2
	  	Policy with Respect to Allocation of Investment Opportunities	  	15
			
	 ARTICLE VIII
	  	LIMITATIONS ON ACTIVITIES	  	16
			
	 ARTICLE IX
	  	FEES	  	16
	 Section 9.1
	  	Advisor Acquisition Fees	  	16
	 Section 9.2
	  	Asset Management Fee	  	16
	 Section 9.3
	  	Disposition Fees	  	16
	 Section 9.4
	  	Subordinated Share of Net Sale Proceeds	  	16
	 Section 9.5
	  	Subordinated Incentive Fee Due Upon Listing	  	17
	 Section 9.6
	  	Changes to Fee Structure	  	17
			
	 ARTICLE X
	  	EXPENSES	  	17
	 Section 10.1
	  	Reimbursable Expenses	  	17
	 Section 10.2
	  	Other Services	  	19
	 Section 10.3
	  	Timing of and Limitations on Reimbursements	  	19
			
	 ARTICLE XI
	  	FIDELITY BOND	  	20
			
	 ARTICLE XII
	  	RELATIONSHIP OF THE ADVISOR AND COMPANY	  	20
			
	 ARTICLE XIII
	  	RELATIONSHIP WITH DIRECTORS	  	20
			
	 ARTICLE XIV
	  	REPRESENTATIONS AND WARRANTIES	  	20

  

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	 Section 14.1
	  	The Company	  	20
	 Section 14.2
	  	The Advisor	  	21
			
	 ARTICLE XV
	  	TERM; TERMINATION OF AGREEMENT	  	21
	 Section 15.1
	  	Term	  	21
	 Section 15.2
	  	Termination by Either Party	  	22
	 Section 15.3
	  	Termination by the Advisor	  	22
	 Section 15.4
	  	Termination by the Company	  	22
	 Section 15.5
	  	Survival	  	22
			
	 ARTICLE XVI
	  	PAYMENTS TO AND DUTIES OF ADVISOR UPON TERMINATION	  	22
	 Section 16.1
	  	Reimbursable Expenses and Earned Fees	  	22
	 Section 16.2
	  	Subordinated Performance Fee Due Upon Termination	  	22
	 Section 16.3
	  	Advisor’s Duties Upon Termination	  	23
			
	 ARTICLE XVII
	  	ASSIGNMENT TO AN AFFILIATE	  	23
			
	 ARTICLE XVIII
	  	INDEMNIFICATION BY THE COMPANY	  	23
	 Section 18.1
	  	Conditions of Indemnification	  	23
	 Section 18.2
	  	Advancement of Funds.	  	24
			
	 ARTICLE XIX
	  	INDEMNIFICATION BY ADVISOR	  	24
			
	 ARTICLE XX
	  	LIMITATION OF LIABILITY	  	25
			
	 ARTICLE XXI
	  	NOTICES	  	25
			
	 ARTICLE XXII
	  	MODIFICATION	  	25
			
	 ARTICLE XXIII
	  	SEVERABILITY	  	26
			
	 ARTICLE XXIV
	  	CONSTRUCTION/GOVERNING LAW	  	26
			
	 ARTICLE XXV
	  	ENTIRE AGREEMENT	  	26
			
	 ARTICLE XXVI
	  	INDULGENCES, NOT WAIVERS	  	26
			
	 ARTICLE XXVII
	  	GENDER	  	26
			
	 ARTICLE XXVIII
	  	TITLES NOT TO AFFECT INTERPRETATION	  	26
			
	 ARTICLE XXIX
	  	EXECUTION IN COUNTERPARTS	  	27
			
	 ARTICLE XXX
	  	INITIAL INVESTMENT	  	27

  

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 AMENDED AND RESTATED ADVISORY AGREEMENT 
 THIS AMENDED AND RESTATED ADVISORY AGREEMENT (the “Advisory Agreement”), dated as of
                , 2009, is entered into between THE GC NET LEASE REIT, INC., a Maryland corporation (the “Company”), and THE GC NET LEASE REIT ADVISOR, LLC, a
Delaware limited liability company (the “Advisor”). 
 W I T N E S S E T H 
 WHEREAS, the Company and Advisor entered into that certain original advisory agreement dated February 10, 2009 (the “Initial Advisory
Agreement”); 
 WHEREAS, the Company has been offering and selling shares of Common Stock in the Private Offering; 
 WHEREAS, the Company has recently filed with the Securities and Exchange Commission (“SEC”) a Registration Statement on Form S-11 (No.
333-            ) (the “Registration Statement”) to register for sale additional shares of Common Stock, and the Company may subsequently issue additional shares of Common Stock;

 WHEREAS, the Company intends to qualify as a REIT, and to invest its funds in investments permitted by the terms of the Company’s
charter and Sections 856 through 860 of the Code; 
 WHEREAS, the Company desires to continue to avail itself of the experience, sources of
information, advice, assistance and certain facilities available to the Advisor and its Affiliates and to have the Advisor continue in this capacity and undertake the amended duties and responsibilities hereinafter set forth, on behalf of, and
subject to the supervision of the Board of Directors of the Company all as provided herein; and 
 WHEREAS, the Advisor is willing to
undertake to render such amended services, subject to the supervision of the Board of Directors, on the amended 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: 
 ARTICLE I 
 DEFINITIONS 
 As used in this Advisory Agreement, the following terms have the definitions hereinafter indicated: 
 “Acquisition Expenses” means expenses related to the Company’s sourcing, selection, evaluation and acquisition of, and investment in,
Properties, whether or not acquired or made, including but not limited to legal fees and expenses, travel and communications expenses, costs of financial analysis, appraisals and surveys, nonrefundable option payments on Property not acquired,
accounting fees and expenses, computer use-related expenses, architectural and engineering reports, environmental reports, title insurance and escrow fees, and personnel and other direct expenses related to the selection and acquisition of
Properties. 
 “Acquisition Fee” means 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 

  

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Affiliate of the Company or the Advisor) in connection with the making or investing in mortgage loans or the purchase, development or construction of a
Property, including, without limitation, real estate commissions, acquisition fees, finder’s fees, selection fees, Development Fees and Construction Fees (except as provided in the following sentence), nonrecurring management fees, consulting
fees, loan fees, points, or any other fees or commissions of a similar nature. Excluded shall be any commissions or fees incurred in connection with the leasing of any Property, and Development Fees or Construction Fees paid to any Person or entity
not affiliated with the Advisor in connection with the actual development and construction of any Property. This fee is paid to the Advisor in the amount established pursuant to Section 9.1 for the services provided to the Company described in
Section 4.2. 
 “Advisor” means the Person responsible for directing or performing the day-to-day business affairs of the
Company, including a Person to which an Advisor subcontracts substantially all such functions. The Advisor is The GC Net Lease REIT Advisor, LLC or any Person which succeeds it in such capacity. 
 “Advisory Agreement” means this Amended and Restated Advisory Agreement between the Company and the Advisor pursuant to which the Advisor will
direct or perform the day-to-day business affairs of the Company, as it may be amended or restated from time to time. 
 “Affiliate” or “Affiliated” means, as to any individual, corporation, partnership, trust, limited liability company or other legal entity (other than the Company): (a) any Person or entity, directly or indirectly
owning, controlling, or holding with power to vote ten percent (10%) or more of the outstanding voting Securities of another Person or entity; (b) any Person ten percent (10%) or more of whose outstanding voting Securities are
directly or indirectly owned, controlled or held, with power to vote, by such other Person; (c) any Person or entity directly or indirectly through one or more intermediaries controlling, controlled by, or under common control with another
Person or entity; (d) any officer, director, general partner or trustee of such Person or entity; and (e) if such other Person or entity is an officer, director, general partner, or trustee of a Person or entity, the Person or entity for
which such Person or entity acts in any such capacity. 
 “Appraised Value” means value according to an appraisal made by an
Independent Appraiser. 
 “Assets” means any and all GAAP assets including but not limited to all real estate investments (real,
personal or otherwise), tangible or intangible, owned or held by, or for the account of, the Company, whether directly or indirectly through another entity or entities, including Properties. 
 “Average Invested Assets” means, for a specified period, the average of the aggregate GAAP basis book carrying values of the Assets invested,
directly or indirectly, in equity interests in and loans secured, directly or indirectly, by real estate before reserves for depreciation or bad debts or other similar non-cash reserves, computed by taking the average of such values at the end of
each month during such period. 
 “Asset Management Fee” means the fee paid to the Advisor in the amount established pursuant to
Section 9.2 for the services provided to the Company described in Section 4.3. 
 “Board of Directors” or
“Board” means the individuals holding such office, as of any particular time, under the Charter of the Company, whether they are the Directors named therein or additional or successor Directors. 
  

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

 “Capped O&O Expenses” means all Organizational and Offering Expenses (excluding Sales Commissions and the dealer manager
fee) in excess of 3.5% of the Gross Proceeds raised in a completed Offering other than Gross Proceeds from Stock sold pursuant to the Distribution Reinvestment Plan. 
 “Cash from Financings” means the net cash proceeds realized by the Company from the financing of Property or from the refinancing of any Company indebtedness. 
 “Cash from Sales” means the net cash proceeds realized by the Company from the sale, exchange or other disposition of any of its Properties
after deduction of all expenses incurred in connection therewith. Cash from Sales shall not include Cash from Financings. 
 “Charter” means the charter of the Company, including the articles of incorporation and all articles of amendment, articles of amendment and restatement, articles supplementary and other modifications thereto as filed with the
State Department of Assessments and Taxation of the State of Maryland. 
 “Code” means the Internal Revenue Code of 1986, as
amended from time to time, or any successor statute thereto. Reference to any provision of the Code shall mean such provision as in effect from time to time, as the same may be amended, and any successor provision thereto, as interpreted by any
applicable regulations as in effect from time to time. 
 “Common Stock” means shares of the Company’s common stock, $.001 par
value per share, the terms and conditions of which are set forth in the Charter. 
 “Common Stockholders” means holders of shares
of Common Stock. 
 “Company” means The GC Net Lease REIT, Inc., a corporation organized under the laws of the State of Maryland.

 “Competitive Real Estate Commission” means a real estate or brokerage commission paid for the purchase or sale of a Property
that is reasonable, customary and competitive in light of the size, type and location of the Property. 
 “Construction Fee” means
a fee or other remuneration for acting as general contractor and/or construction manager to construct, supervise or coordinate leasehold or other improvements or projects, or to provide major repairs or rehabilitation for a Property. 
 “Contract Purchase Price” means the amount actually paid or allocated in respect of the purchase, development, construction, or improvement of
a Property, exclusive of Acquisition Fees and Acquisition Expenses. 
 “Contract Sales Price” means the total consideration
provided for in the sales contract for the sale of a Property. 
 “Dealer Manager” means Griffin Capital Securities, Inc., an
Affiliate of the Advisor, or such other Person or entity selected by the Board of Directors to act as the dealer manager for the 

  

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Offering of the Stock. Griffin Capital Securities, Inc. is a member of the Financial Industry Regulatory Authority. 
 “Development Fee” means a fee for the packaging of a Property, including negotiating and approving plans, and undertaking to assist in
obtaining zoning and necessary variances and financing for the specific Property, either initially or at a later date. 
 “Director” means an individual who is a member of the Board of Directors. 
 “Disposition Fee” means the fee
paid to the Advisor in connection with the sale of a Property as described in Section 9.3 of this Advisory Agreement. 
 “Distribution Reinvestment Plan” has the meaning set forth in Section 8.8 of the Charter. 
 “Distributions” means any dividends or other distributions of money or other property paid by the Company to the holders of Common Stock or preferred stock, including distributions that may constitute a return of capital for
federal income tax purposes. 
 “Excess Expense Guidelines” has the meaning set forth in Section 10.3(b) hereof. 

“GAAP” means generally accepted accounting principles consistently applied as used in the United States. 
 “Gross Proceeds” means the aggregate purchase price of all Stock sold for the account of the Company, including Stock sold pursuant to the
Distribution Reinvestment Plan, without deduction for Sales Commissions, volume discounts, fees paid to the Dealer Manager or other Organization and Offering Expenses. Gross Proceeds does not include Stock issued in exchange for OP Units.

 “Independent Appraiser” means a person or entity, who is not an Affiliate of the Advisor or the Directors, who is engaged to a
substantial extent in the business of rendering opinions regarding the value of assets of the type held by the Company, and who is a qualified appraiser of real estate as determined by the Board. Membership in a nationally recognized appraisal
society such as the American Institute of Real Estate Appraisers or the Society of Real Estate Appraisers shall be conclusive evidence of such qualification. 
 “Independent Director” means a Director who is not, and within the last two (2) years has not been, directly or indirectly associated with the Advisor or the Sponsor by virtue of (a) ownership of
an interest in the Advisor, the Sponsor or their Affiliates, (b) employment by the Advisor, the Sponsor or their Affiliates, (c) service as an officer or director of the Advisor, the Sponsor or their Affiliates, (d) performance of
services, other than as a Director, for the Company, (e) service as a director or trustee of more than three (3) real estate investment trusts organized by the Advisor or the Sponsor or advised by the Advisor, or (f) maintenance of a
material business or professional relationship with the Advisor, the Sponsor or any of their Affiliates. A business or professional relationship is considered material if the gross revenue derived by the Director from the Advisor, the Sponsor and
Affiliates exceeds five percent (5%) of either the Director’s annual gross revenue during either of the last two (2) years or the Director’s net worth on a fair market value basis. An indirect relationship shall include
circumstances in which a Director’s spouse, parents, children, siblings, mothers- or fathers-in-law, sons- or daughters-in-law or brothers- or sisters-in-law are or have been associated with the Advisor, the Sponsor, any of their Affiliates or
the Company. 
  

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 “Initial Public Offering” means the offering and sale of Common Stock of the Company pursuant
to the Company’s first effective registration statement covering such Common Stock filed under the Securities Act. 
 “Invested
Capital” means the amount calculated by multiplying the total number of shares of Common Stock purchased by Stockholders by (a) the Offering Price for the Stock or (b) for Stock not purchased in an Offering, the issue price for the
Stock; in each case reduced by any Distributions, other than stock dividends which represent a return of capital, and any amounts paid by the Company to repurchase shares of Stock pursuant to a plan for repurchase of the Company’s Stock.

 “Joint Venture” or “Joint Ventures” means those joint venture or general partnership arrangements in which the Company
or the Operating Partnership is a co-venturer or general partner which are established to acquire Properties. 
 “Listed” means the
Securities are approved for trading on a national securities exchange or for quotation on a national market system. The term “Listing” shall have the correlative meaning. 
 “Memorandum” means the confidential private placement memorandum for the offering and sale of common stock of the Company dated
February 20, 2009 in the Private Offering. 
 “Market Value” means the aggregate market value of all of the outstanding Common
Stock, measured by taking the average closing price or average of bid and asked price, as the case may be, during the consecutive 30-day period commencing one hundred eighty (180) days following Listing. 
 “NASAA” means the North American Securities Administrators Association, Inc. 
 “NASAA Net Income” means for any period, the total revenues applicable to such period, less the total expenses applicable to such period
excluding additions to reserves for depreciation, bad debts or other similar non-cash reserves; provided, however, NASAA Net Income for purposes of calculating total allowable Operating Expenses shall exclude the gain or loss from the sale of the
Company’s Assets. 
 “NASAA REIT Guidelines” means the Statement of Policy Regarding Real Estate Investment Trusts published
by the North American Securities Administrators Association, Inc. as revised and adopted by the NASAA membership on May 7, 2007, as may be amended from time to time. 
 “Net Asset Value” means the total Assets including intangible assets relating to SFAS No. 141, Business Combinations, and SFAS No. 142, Goodwill and Other Intangible Assets (but not including other
GAAP intangibles) at cost before deducting depreciation or other non-cash reserves less total liabilities, calculated at least quarterly on a basis consistently applied. 
 “Net Sale Proceeds” means in the case of a transaction described in clause (a) of the definition of Sale, the net proceeds of any such transaction less the amount of all real estate commissions and
closing costs paid by the Operating Partnership. In the case of a transaction described in clause (b) of such definition, Net Sale Proceeds means the net proceeds of any such transaction less the amount of any legal and other selling expenses
incurred by the Operating Partnership in connection with such transaction. In the case of a transaction described in clause (c) of such definition, Net Sale Proceeds means the net proceeds of any such transaction actually distributed to the
Operating Partnership from the Joint Venture less any expenses incurred by the Operating Partnership in connection with such transaction. In the case of a transaction or series of transactions described in clause (d) of the definition of Sale,
Net Sale Proceeds means the net proceeds of any such transaction less the amount of all 

  

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commissions and closing costs paid by the Operating Partnership. In the case of a transaction described in clause (e) of such definition, Net Sale
Proceeds means the net proceeds of any such transaction less the amount of all selling costs and other expenses incurred by the Operating Partnership in connection with such transaction. Net Sale Proceeds shall also include, in the case of any lease
of a Property consisting of a building only, any amounts from tenants, borrowers or lessees that the Company, as general partner of the Operating Partnership determines, in its discretion, to be economically equivalent to the proceeds of a Sale. Net
Sale Proceeds shall not include any amounts used to repay outstanding indebtedness secured by the asset disposed of in the sale. 
 “Offering” means an offering of Stock that is registered with the SEC or exempt from registration, including the Private Offering and the Public Offering, but excluding Stock offered under any employee benefit plan. 
 “Offering Price” means, with respect to each share of Stock, the highest price at which such Stock was offered by the Company in the Offering
pursuant to which such Stock was issued, without regard to any price reductions for certain types of purchasers or volume discounts. 
 “Operating Expenses” means all direct and indirect costs and expenses incurred by the Company, as determined under GAAP, which in any way are related to the operation of the Company or to Company business, including advisory fees,
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 taxes incurred in
connection with the issuance, distribution, transfer, registration and Listing of the Stock, (b) interest payments, (c) taxes, (d) non-cash expenditures such as depreciation, amortization and bad debt reserves, (e) Acquisition
Fees and Acquisition Expenses, (f) real estate commissions on the Sale of Property, and other expenses connected with the acquisition and ownership of real estate interests, mortgage loans, or other property (such as the costs of foreclosure,
insurance premiums, legal services, maintenance, repair, and improvement of property) and (g) any incentive fees which may be paid in compliance with the NASAA REIT Guidelines. The definition of “Operating Expenses” set forth above is
intended to encompass only those expenses which are required to be treated as 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 an Operating
Expense under the NASAA REIT Guidelines shall not be treated as an Operating Expense for purposes hereof. 
 “Operating
Partnership” means The GC Net Lease REIT Operating Partnership, L.P. which is the partnership through which the Company may directly or indirectly own Properties. 
 “Operating Partnership Agreement” means the First Amended and Restated Limited Partnership Agreement of the Operating Partnership, as amended and restated from time to time. 
 “OP Unit” means a unit of limited partnership interest in the Operating Partnership. 
 “Organizational and Offering Expenses” means any and all costs and expenses incurred by the Company, the Advisor or any Affiliate of either in
connection with and in preparing the Company for registration of and subsequently offering and distributing its Stock to the public, which may include but are not limited to total underwriting and brokerage discounts and commissions (including fees
of the underwriters’ attorneys), legal, accounting and escrow fees, expenses for printing, engraving, amending, supplementing and mailing, distribution costs, compensation to employees while engaged in registering, marketing and wholesaling the
Stock, telegraph and telephone costs, all advertising and marketing expenses (including the costs related to investor and broker-dealer sales meetings), charges of transfer agents, registrars, trustees, escrow holders, depositories, experts, and
fees, expenses and taxes related to 

  

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the filing, registration and qualification of the sale of the Securities under Federal and State laws, including accountants’ and attorneys’ fees
and other accountable offering expenses. Organization and Offering Expenses may include, but are not limited to: (a) amounts to reimburse the Advisor for all marketing related costs and expenses such as compensation to and direct expenses of
the Advisor’s employees or employees of the Advisor’s Affiliates in connection with registering and marketing the Stock; (b) compensation to and direct expenses of employees of the Dealer Manager while preparing for the offering and
marketing of the Stock and in connection with their wholesaling activities but not Sales Commissions; (c) travel and entertainment expenses related to the offering and marketing of the Stock; (d) facilities and technology costs and other
costs and expenses associated with the offering and to facilitate the marketing of the Stock including web site design and management; (e) costs and expenses of conducting training and educational conferences and seminars; (f) costs and
expenses of attending broker-dealer sponsored retail seminars or conferences; and (g) payment or reimbursement of bona fide due diligence expenses. 
 “Performance Fee Note” has the meaning set forth in Section 16.2 hereof. 
 “Person”
shall mean any natural person, partnership, corporation, association, trust, limited liability company or other legal entity. 
 “Private Offering” means the offering and sale of Common Stock of the Company pursuant to the Memorandum. 
 “Property” or “Properties” means the real properties or real estate investments which are acquired by the Company either directly or through the Operating Partnership, Joint Ventures, partnerships or other entities.

 “Property Manager” means any entity that has been retained to perform and carry out property management services at one or more
of the Properties. 
 “Prospectus” means any document, notice, or other communication satisfying the standards set forth in
Section 10 of the Securities Act of 1933, and contained in a currently effective registration statement filed by the Company with, and declared effective by, the SEC, or if no registration statement is currently effective, then the Prospectus
contained in the most recently effective registration statement. 
 “Public Offering” means the Initial Public Offering or any
subsequent offering of Stock that is registered with the SEC, excluding Stock offered under any employee benefit plan. 
 “REIT”
means a corporation, trust or association which is engaged in investing in equity interests in real estate (including fee ownership and leasehold interests and interests in partnerships and Joint Ventures holding real estate) or in loans secured by
mortgages on real estate or both and that qualifies as a real estate investment trust under the REIT Provisions of the Code. 
 “REIT
Provisions of the Code” means Sections 856 through 860 of the Code and any successor or other provisions of the Code relating to real estate investment trusts (including provisions as to the attribution of ownership of beneficial interests
therein) and the regulations promulgated thereunder. 
 “Sale” or “Sales” means any transaction or series of transactions
whereby: (a) the Operating Partnership sells, grants, transfers, conveys or relinquishes its ownership of any Property or portion thereof, including the lease of any Property consisting of the building only, and including any event with respect
to any Property which gives rise to a significant amount of insurance proceeds or condemnation awards; (b) the Operating Partnership sells, grants, transfers, conveys or relinquishes its 

  

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ownership of all or substantially all of the interest of the Operating Partnership in any Joint Venture in which it is a co-venturer or partner; (c) any
Joint Venture in which the Operating Partnership is a co-venturer or partner sells, grants, transfers, conveys or relinquishes its ownership of any Property or portion thereof, including any event with respect to any Property which gives rise to
insurance claims or condemnation awards; (d) the Operating Partnership sells, grants, conveys, or relinquishes its interest in any asset, or portion thereof, including any event with respect to any asset which gives rise to a significant amount
of insurance proceeds or similar awards; or (e) the Operating Partnership sells or otherwise disposes of or distributes all of its assets in liquidation of the Operating Partnership. 
 “Sales Commissions” means any and all commissions payable to underwriters, dealer managers or other broker-dealers in connection with the sale
of Stock, including, without limitation, commissions payable to the Dealer Manager. 
 “Securities” means any class or series of
units or shares of the Company or the Operating Partnership, including common shares or preferred units or shares and any other evidences of equity or beneficial or other interests, voting trust certificates, bonds, debentures, notes or other
evidences of indebtedness, secured or unsecured, convertible, subordinated or otherwise, or in general any instruments commonly known as “Securities” or any certificates of interest, shares or participations in, temporary or interim
certificates for, receipts for, guarantees of, or warrants, options or rights to subscribe to, purchase or acquire, any of the foregoing. 
 “Securities Act” means the Securities Act of 1933, as amended. 
 “Sponsor” means Griffin Capital Corporation, a
California corporation. 
 “Stock” means shares of stock of the Company of any class or series, including Common Stock or preferred
stock. 
 “Stockholder(s)” means the registered holder(s) of the Company’s Stock. 
 “Stockholders’ 10% Return” means, as of any date, an aggregate amount equal to a 10% cumulative, non-compounded, annual return on Invested
Capital; provided, however, that for purposes of calculating the Stockholders’ 10% Return, any stock dividend shall not be included as a Distribution; and provided further that for purposes of determining the Stockholders’ 10% Return, the
return for each portion of the Invested Capital shall commence for purposes of the calculation upon the issuance of the shares issued in connection with such capital. 
 “Stockholders’ 8% Return” means, as of any date, an aggregate amount equal to a 8% cumulative, non-compounded, annual return on Invested Capital; provided, however, that for purposes of calculating the
Stockholders’ 8% Return, any stock dividend shall not be included as a Distribution; and provided further that for purposes of determining the Stockholders’ 8% Return, the return for each portion of the Invested Capital shall commence for
purposes of the calculation upon the issuance of the shares issued in connection with such capital. 
 “Stockholders’ 6%
Return” means, as of any date, an aggregate amount equal to a 6% cumulative, non-compounded, annual return on Invested Capital; provided, however, that for purposes of calculating the Stockholders’ 6% Return, any stock dividend shall not
be included as a Distribution; and provided further that for purposes of determining the Stockholders’ 6% Return, the return for each portion of the Invested Capital shall commence for purposes of the calculation upon the issuance of the shares
issued in connection with such capital. 
  

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 “Subordinated Incentive Fee Due Upon Listing” means: 
 (a) 5% of the amount by which (i) the Market Value, plus the total of all Distributions paid to Stockholders of Common Stock (excluding any stock
dividends and Distributions paid on shares of Common Stock redeemed by the Company) from the Company’s inception until the date that Market Value is determined, exceeds (ii) the sum of (A) Invested Capital and (B) the total
Distributions required to be paid to Stockholders of Common Stock in order to pay the Stockholders’ 6% Return or more but less than Stockholders’ 8% Return from inception through the date Market Value is determined; or 
 (b) 10% of the amount by which (i) the Market Value, plus the total of all Distributions paid to Common Stockholders (excluding any stock dividends
and Distributions paid on shares of Common Stock redeemed by the Company) from the Company’s inception until the date that Market Value is determined, exceeds (ii) the sum of (A) Invested Capital and (B) the total Distributions
required to be paid to Common Stockholders in order to pay the Stockholders’ 8% Return or more but less than Stockholders’ 10% Return from inception through the date Market Value is determined; or 
 (c) 15% of the amount by which (i) the Market Value, plus the total of all Distributions paid to Common Stockholders (excluding any stock dividends
and Distributions paid on shares of Common Stock redeemed by the Company) from the Company’s inception until the date that Market Value is determined, exceeds (ii) the sum of (A) Invested Capital and (B) the total Distributions
required to be paid to Common Stockholders in order to pay the Stockholders’ 10% Return or more from inception through the date Market Value is determined. 
 In the event that the Subordinated Incentive Fee Due Upon Listing is paid to the Advisor, thereafter, the Advisor will not be entitled to receive any payments of Subordinated Performance Fee Due Upon Termination or
Subordinated Share of Net Sale Proceeds. 
 “Subordinated Performance Fee Due Upon Termination” means: 
 (a) 5% of the amount, if any, by which (i) the Appraised Value of the Properties at the Termination Date, less amounts of all indebtedness secured
by the Properties, plus total Distributions (excluding any stock dividend and Distributions paid on shares of Common Stock redeemed by the Company pursuant to its share redemption program) through the Termination Date exceeds (ii) the sum of
Invested Capital plus total Distributions required to be made to the Common Stockholders in order to pay the Stockholders’ 6% Return or more but less than Stockholders’ 8% Return from inception through the Termination Date; or 

(b) 10% of the amount, if any, by which (i) the Appraised Value of the Properties at the Termination Date, less amounts of all indebtedness
secured by the Properties, plus total Distributions (excluding any stock dividend and Distributions paid on shares of Common Stock redeemed by the Company pursuant to its share redemption program) through the Termination Date exceeds (ii) the
sum of Invested Capital plus total Distributions required to be made to the Common Stockholders in order to pay the Stockholders’ 8% Return or more but less than Stockholders’ 10% Return from inception through the Termination Date; or

 (c) 15% of the amount, if any, by which (i) the Appraised Value of the Properties at the Termination Date, less amounts of all
indebtedness secured by the Properties, plus total Distributions (excluding any stock dividend and Distributions paid on shares of Common Stock redeemed by the Company pursuant to its share redemption program) through the Termination Date exceeds
(ii) the 

  

 9 

 
sum of Invested Capital plus total Distributions required to be made to the Common Stockholders in order to pay the Stockholders’ 10% Return or more
from inception through the Termination Date; 
 Such fee shall be reduced by any prior payment to the Advisor of a Subordinated Share of Net
Sale Proceeds. 
 “Subordinated Share of Net Sale Proceeds” means a fee equal to: 
 (a) 5% of Net Sale Proceeds remaining after the Common Stockholders have received Distributions of Net Sale Proceeds such that the owners of all
outstanding shares of Common Stock have received Distributions in an aggregate amount equal to the sum of (i) Invested Capital and (ii) the Stockholders’ 6% Return or more but less than Stockholders’ 8% Return. 
 (b) 10% of Net Sale Proceeds remaining after the Common Stockholders have received Distributions of Net Sale Proceeds such that the owners of all
outstanding shares of Common Stock have received Distributions in an aggregate amount equal to the sum of (i) Invested Capital and (ii) the Stockholders’ 8% Return or more but less than Stockholders’ 10% Return. 
 (c) 15% of Net Sale Proceeds remaining after the Common Stockholders have received Distributions of Net Sale Proceeds such that the owners of all
outstanding shares of Common Stock have received Distributions in an aggregate amount equal to the sum of (i) Invested Capital and (ii) the Stockholders’ 10% Return or more. 
 When determining whether the above thresholds have been met: (y) Distributions paid on shares of Common Stock redeemed by the Company (and thus not
included in the determination of Invested Capital), shall not be included as a Distribution; and (z) Net Sale Proceeds shall not be considered available for purposes of determining whether the thresholds in subparagraphs (b) and
(c) have been met to the extent of payments out of Net Sale Proceeds are used to pay the Subordinated Share of Net Sale Proceeds pursuant to subparagraphs (a) and (b), respectively. Following Listing, no Subordinated Share of Net Sale
Proceeds will be paid to the Advisor. 
 “Termination Date” means the date of termination of this Advisory Agreement. 

ARTICLE II 
 APPOINTMENT 

 The Company, through the powers vested in the Board of Directors including a majority of all Independent Directors, hereby appoints the
Advisor to serve as its advisor and asset manager on the terms and conditions set forth in this Advisory Agreement, and the Advisor hereby accepts such appointment. The Advisor undertakes to use its commercially reasonable best efforts to present to
the Company 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 Board. 
 ARTICLE III 
 AUTHORITY OF THE
ADVISOR 
 Section 3.1 General. All rights and powers to manage and control the day-to-day business and affairs of the
Company shall be vested in the Advisor. The Advisor shall have the power to delegate all or any part of its rights and powers to manage and control the business and affairs of the Company to such officers, employees, Affiliates, agents and
representatives of the Advisor or the 

  

 10 

 
Company as it may from time to time deem appropriate. Any authority delegated by the Advisor to any other Person shall be subject to the limitations on the
rights and powers of the Advisor specifically set forth in this Advisory Agreement, the Charter and the Bylaws. 
 Section 3.2
Powers of the Advisor. Subject to the express limitations set forth in this Advisory Agreement and subject to the supervision of the Board, the power to direct the management, operation and policies of the Company shall be vested in the
Advisor, which shall have the power by itself and shall be authorized and empowered on behalf and in the name of the Company to carry out any and all of the objectives and purposes of the Company and to perform all acts and enter into and perform
all contracts and other undertakings that it may in its sole discretion deem necessary, advisable or incidental thereto to perform its obligations under this Advisory Agreement. 
 Section 3.3 Approval by Directors. Notwithstanding the foregoing, any investment in Properties, including any acquisition of a
Property by the Company or any investment by the Company in a joint venture, limited partnership or similar entity owning real properties, will require the prior approval of the Board of Directors or a committee of the Board constituting a majority
of the Board. The Advisor will deliver to the Board of Directors all documents required by it to properly evaluate the proposed investment. 
 Section 3.4 Modification or Revocation of Authority of Advisor. The Board may, at any time upon the giving of notice to the Advisor, modify or revoke the authority or approvals set forth in Articles III and IV, 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. 
 ARTICLE IV 
 DUTIES OF THE ADVISOR 
 The Advisor undertakes to use its commercially reasonable best efforts to present to the Company
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 Board. In connection therewith,
the Advisor agrees to perform the following services on behalf of the Company. 
 Section 4.1 Organizational and Offering
Services. The Advisor shall manage and supervise: 
 (a) the structure and development of any Offering, including the determination of
the specific terms of the Securities to be offered by the Company; 
 (b) the preparation of all organizational and offering related
documents, and obtaining of all required regulatory approvals of such documents; 
 (c) along with the Dealer Manager, approval of the
participating broker dealers and negotiation of the related selling agreements; 
 (d) coordination of the due diligence process relating to
participating broker dealers and their review of the Prospectus and other Offering and Company documents; 
 (e) preparation and approval of
all marketing materials contemplated to be used by the Dealer Manager or others in an Offering; 
  

 11 

 (f) along with the Dealer Manager, negotiation and coordination with the transfer agent for the receipt,
collection, processing and acceptance of subscription agreements, commissions, and other administrative support functions; 
 (g) creation
and implementation of various technology and electronic communications related to an Offering; and 
 (h) all other services related to
organization of the Company or the Offering, whether performed and incurred by the Advisor or its Affiliates. 
 Section 4.2
Acquisition Services. The Advisor shall: 
 (a) serve as the Company’s investment and financial advisor and provide relevant
market research and economic and statistical data in connection with the Company’s assets and investment objectives and policies; 
 (b)
subject to Article III hereof and the investment objectives and policies of the Company: (i) locate, analyze and select potential investments; (ii) structure and negotiate the terms and conditions of transactions pursuant to which
investments in Assets will be made; (iii) acquire Assets on behalf of the Company; and (iv) arrange for financing related to acquisitions of Assets; 
 (c) perform due diligence on prospective investments and create due diligence reports summarizing the results of such work; 
 (d) prepare reports regarding prospective investments which include recommendations and supporting documentation necessary for the Board to evaluate the proposed investments; 
 (e) obtain reports (which may be prepared by the Advisor or its Affiliates), where appropriate, concerning the value of contemplated investments of the
Company; and 
 (f) negotiate and execute investments and other transactions approved by the Board. 
 Section 4.3 Asset Management Services and Administrative Services. 
 (a) Asset Management and Property Related Services. The Advisor shall: 
 (i) negotiate and service the Company’s debt facilities and other financings; 
 (ii) monitor applicable markets and obtain reports (which may be prepared by the Advisor or its Affiliates) where appropriate, concerning the value of
investments of the Company; 
 (iii) monitor and evaluate the performance of investments of the Company; provide daily management services
to the Company and perform and supervise the various management and operational functions related to the Company’s investments; 
 (iv)
coordinate with the Property Manager on its duties under any property management agreement and assist in obtaining all necessary approvals of major property transactions as governed by the applicable property management agreement; 
 (v) coordinate and manage relationships between the Company and any joint venture partners; 
  

 12 

 (vi) consult with the officers and Directors of the Company and provide assistance with the evaluation
and approval of potential property dispositions, sales or refinancings; and 
 (vii) provide the officers and Directors of the Company
periodic reports regarding prospective investments in Properties. 
 (b) Accounting, SEC Compliance and Other Administrative Services.
The Advisor shall: 
 (i) coordinate with the Company’s independent accountants and auditors to prepare and deliver to the Board an
annual report covering the Advisor’s compliance with certain material aspects of this Advisory Agreement; 
 (ii) maintain accounting
systems, records and data and any other information requested concerning the activities of the Company as shall be required to prepare and to file all periodic financial reports and returns required to be filed with the SEC and any other regulatory
agency, including annual financial statements; 
 (iii) provide tax and compliance services and coordinate with appropriate third parties,
including independent accountants and other consultants, on related tax matters; 
 (iv) maintain all appropriate books and records of the
Company; 
 (v) provide the officers of the Company and the Board with timely updates related to the overall regulatory environment
affecting the Company, as well as managing compliance with such matters, including but not limited to compliance with the Sarbanes-Oxley Act of 2002; 
 (vi) consult with the officers of the Company and the Board relating to the corporate governance structure and appropriate policies and procedures related thereto; 
 (vii) perform all reporting, record keeping, internal controls and similar matters in a manner to allow the Company to comply with applicable law
including the Sarbanes-Oxley Act of 2002; 
 (viii) investigate, select, and, on behalf of the Company, engage and conduct business with
such Persons as the Advisor deems necessary to the proper performance of its obligations hereunder, including but not limited to consultants, accountants, lenders, technical advisors, attorneys, brokers, underwriters, corporate fiduciaries, escrow
agents, depositaries, custodians, agents for collection, insurers, insurance agents, banks, builders, developers, property owners, mortgagers, construction companies and any and all Persons acting in any other capacity deemed by the Advisor
necessary or desirable for the performance of any of the foregoing services; 
 (ix) supervise the performance of such ministerial and
administrative functions as may be necessary in connection with the daily operations of the Assets; 
 (x) provide the Company with all
necessary cash management services; 
 (xi) consult with the officers of the Company and the Board and assist the Board in evaluating and
obtaining adequate insurance coverage based upon risk management determinations; 
  

 13 

 (xii) manage and perform the various administrative functions necessary for the management of the
day-to-day operations of the Company; 
 (xiii) provide or arrange for administrative services and items, legal and other services, office
space, office furnishings, personnel and other overhead items necessary and incidental to the Company’s business and operations; 
 (xiv) provide financial and operational planning services and portfolio management functions; and 
 (xv) from time-to-time, or at
any time reasonably requested by the Board, make reports to the Board on the Advisor’s performance of services to the Company under this Advisory Agreement. 
 (c) Stockholder Services. The Advisor shall: 
 (i) retain a transfer agent on behalf of the Company
to perform all necessary transfer agent functions; 
 (ii) manage and coordinate with the transfer agent the distribution process and
payments to Stockholders; 
 (iii) manage communications with Stockholders, including answering phone calls, preparing and sending written
and electronic reports and other communications; and 
 (iv) establish technology infrastructure to assist in providing Stockholder support
and service. 
 ARTICLE V 
 BANK ACCOUNTS 
 The Advisor may establish and maintain one or more bank accounts in its own name for the account of the
Company or in the name of the Company and may collect and deposit into any such account or accounts, and disburse from any such account or accounts, any money on behalf of the Company, under such terms and conditions as the Board may approve,
provided that no funds shall be commingled with the funds of the Advisor; and the Advisor shall from time to time render appropriate accountings of such collections and payments to the Board and to the auditors of the Company. 
 ARTICLE VI 
 RECORDS; ACCESS

 The Advisor shall maintain appropriate records of all its activities hereunder and make such records available for inspection by the
Board and by counsel, auditors and authorized agents of the Company, at any time or from time to time during normal business hours. The Advisor, in the conduct of its responsibilities to the Company, shall maintain adequate and separate books and
records for the Company’s operations in accordance with GAAP, which shall be supported by sufficient documentation to ascertain that such books and records are properly and accurately recorded. Such books and records shall be the property of
the Company. Such books and records shall include all information necessary to calculate and audit the fees or reimbursements paid under this Advisory Agreement. The Advisor shall utilize procedures to attempt to ensure such control over accounting
and financial transactions as is reasonably required to protect the Company’s assets from theft, error or fraudulent activity. All financial statements that the Advisor delivers to the Company shall be prepared on an accrual basis in accordance

  

 14 

 
with GAAP, except for special financial reports which by their nature require a deviation from GAAP. The Advisor shall maintain necessary liaison with the
Company’s independent accountants and shall provide such accountants with such reports and other information as the Company shall request. The Advisor shall at all reasonable times have access to the books and records of the Company.

 ARTICLE VII 
 OTHER ACTIVITIES OF THE ADVISOR 
 Section 7.1 General. Nothing herein contained shall prevent the Advisor from
engaging in other activities, including, without limitation, the rendering of advice to other Persons (including other REITs) and the management of other programs advised, sponsored or organized by the Advisor or its Affiliates; nor shall this
Advisory Agreement limit or restrict the right of any director, officer, employee, or stockholder of the Advisor or its Affiliates to engage in any other business or to render services of any kind to any other partnership, corporation, firm,
individual, trust or association. The Advisor may, with respect to any investment in which the Company is a participant, also render advice and service to each and every other participant therein. The Advisor shall report to the Board the existence
of any condition or circumstance, existing or anticipated, of which it has knowledge, which creates or could create a conflict of interest between the Advisor’s obligations to the Company and its obligations to or its interest in any other
partnership, corporation, firm, individual, trust or association. 
 Section 7.2 Policy with Respect to Allocation of Investment
Opportunities. Before the Advisor presents an investment opportunity that would in its judgment be suitable for the Company to another Advisor-sponsored program, the Advisor shall determine in its sole discretion that the investment
opportunity is more suitable for such other program than for the Company based on factors such as the following: the investment objectives and criteria of each program; the cash requirements and anticipated cash flow of each entity; the size of the
investment opportunity; the effect of the acquisition on diversification of each entity’s investments; the income tax consequences of the purchase on each entity; the policies of each program relating to leverage; the amount of funds available
to each program and the length of time such funds have been available for investment. In the event that an investment opportunity becomes available that is, in the sole discretion of the Advisor, equally suitable for both the Company and another
Advisor-sponsored program, then the Advisor may offer the other program the investment opportunity if it has had the longest period of time elapse since it was offered an investment opportunity. The Advisor will use its reasonable efforts to fairly
allocate investment opportunities in accordance with such allocation method and will promptly disclose any material deviation from such policy or the establishment of a new policy, which shall be allowed provided (a) the Board is provided with
notice of such policy at least 60 days prior to such policy becoming effective and (b) such policy provides for the reasonable allocation of investment opportunities among such programs. The Advisor shall provide the Independent Directors with
any information reasonably requested so that the Independent Directors can ensure that the allocation of investment opportunities is applied fairly. Nothing herein shall be deemed to prevent the Advisor or an Affiliate from pursuing an investment
opportunity directly rather than offering it to the Company or another Advisor-sponsored program so long as the Advisor is fulfilling its obligation to present a continuing and suitable investment program to the Company which is consistent with the
investment policies and objectives of the Company. If a subsequent development, such as a delay in the closing of a property or a delay in the construction of a property, causes any such investment, in the opinion of the Board of Directors and the
Advisor, to be more appropriate for an entity other than the entity which committed to make the investment, however, the Advisor has the right to agree that the other entity affiliated with the Advisors or its Affiliates may make the investment.

  

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 ARTICLE VIII 
 LIMITATIONS ON ACTIVITIES 
 Anything else in this Advisory 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, (c) violate any law, rule, regulation or statement of policy of any governmental body or agency having jurisdiction over the Company, its Stock or its other Securities, or (d) violate the Charter or Bylaws, except if such
action shall be ordered by the Board, in which case the Advisor shall notify promptly the Board of the Advisor’s judgment of the potential impact of such action and shall refrain from taking such action until it receives further clarification
or instructions from the Board. In such event the Advisor shall have no liability for acting in accordance with the specific instructions of the Board so given. Notwithstanding the foregoing, the Advisor, its members, managers, officers and
employees, and stockholders, directors members, managers, officers and employees of the Advisor’s Affiliates shall not be liable to the Company or to the Board or Stockholders for any act or omission by the Advisor, its members, managers,
officers or employees, or stockholders, directors, members, managers, officers or employees of the Advisor’s Affiliates except as provided in this Advisory Agreement. 
 ARTICLE IX 
 FEES 
 Section 9.1 Acquisition Fees. The Company will pay the Advisor, as compensation for the services described in Section 4.2,
Acquisition Fees in an amount up to 2.5% of the Contract Purchase Price of each Property at the time and in respect of funds expended for the acquisition or development of a Property. The total of all Acquisition Fees and Acquisition Expenses shall
be limited in accordance with the Charter. 
 Section 9.2 Asset Management Fee. Commencing on the date hereof, the Company
shall pay the Advisor an Asset Management Fee in an amount up to one-twelfth of 0.75% of the Average Invested Assets, calculated on a monthly basis as of the last day of each month for the asset management services included in the services described
in Section 4.3. 
 Section 9.3 Disposition Fees. If the Advisor or an Affiliate provides a substantial amount of the
services (as determined by a majority of the Directors, including a majority of the Independent Directors) in connection with the Sale of one or more Properties, the Advisor or such Affiliate shall receive at closing a Disposition Fee of up to 3% of
the Contract Sales Price of such Property or Properties. Any Disposition Fee payable under this section may be paid in addition to real estate commissions paid to non-Affiliates, provided that the total real estate commissions (including such
Disposition Fee) paid to all Persons by the Company for each Property shall not exceed an amount equal to the lesser of (i) 6% of the aggregate Contract Sales Price of each Property or (ii) the Competitive Real Estate Commission for each
Property. The Company will pay the Disposition Fee for a Property at the time the Property is sold. 
 Section 9.4 Subordinated
Share of Net Sale Proceeds. The Subordinated Share of Net Sale Proceeds shall be payable to the Advisor at the time or times that the Company determines that the Subordinated Share of Net Sale Proceeds has been earned by the Advisor,
provided that no Subordinated Share of Net Sale Proceeds will be paid if the Company has paid or is obligated to pay the Subordinated Incentive Fee Due Upon Listing. In the case of multiple advisors, advisors and Affiliates shall be allowed
incentive fees in accordance with the foregoing limitation, provided such fees are 

  

 16 

 
distributed by a proportional method reasonably designed to reflect the value added to the Company’s Assets by each respective advisor or Affiliate.

 Section 9.5 Subordinated Incentive Fee Due Upon Listing. Upon Listing, and as soon as practicable following the
determination of Market Value, the Advisor shall be entitled to the Subordinated Incentive Fee Due Upon Listing. The Subordinated Incentive Fee Due Upon Listing shall be due and payable to the Advisor no earlier than one hundred eighty
(180) days after Listing (the “Valuation Date”) in the form of a promissory note at an interest rate of LIBOR plus 200 basis points (the “Listing Fee Note”). In the event the Subordinated Incentive Fee Due Upon Listing is
paid to the Advisor following Listing, the Advisor will not be entitled to receive any payments of Subordinated Performance Fee Due Upon Termination or Subordinated Share of Net Sale Proceeds following receipt of the Subordinated Incentive Fee Due
Upon Listing. The Company shall repay the Listing Fee Note at such time as the Company completes the first Sale or refinancing of a Property held at the Valuation Date using Cash from Sales or Cash from Financings in an amount equal to the value
such Property contributed to the Listing Fee Note. If such amount is insufficient to pay the Listing Fee Note in full, then the Listing Fee Note shall be paid in part from the Cash from Sales from the first Sale or Cash from Financings from the
first refinancing of a Property held at the Valuation Date, and in part from the Cash from Sales from each successive Sale or Cash from Financings from each successive refinancing of Properties held at the Valuation Date in an amount equal to the
value such Properties contributed to the Listing Fee Note until the Listing Fee Note is repaid in full. If the Listing Fee Note has not been paid in full within three (3) years after the Valuation Date, then the holder of the Listing Fee
Note, its successors or assigns, may elect to convert the balance of the fee into Common Stock at a price per share equal to the average closing price of the shares of Common Stock over the ten (10) trading days immediately preceding the date
of such election if the Common Stock is Listed at such time.
 Section 9.6 Changes to Fee Structure. In the event of
Listing, the Company and the Advisor shall negotiate in good faith to establish a fee structure appropriate for a perpetual-life entity. A majority of the Independent Directors must approve the new fee structure negotiated with the Advisor. In
negotiating a new fee structure, the Independent Directors shall consider all of the factors they deem relevant, including, but not limited to: (a) the amount of the advisory fee in relation to the asset value, composition and profitability of
the Company’s portfolio; (b) the success of the Advisor in generating opportunities that meet the investment objectives of the Company; (c) the rates charged to other REITs and to investors other than REITs by advisors performing the
same or similar services; (d) additional revenues realized by the Advisor and its Affiliates through their relationship with the Company, including loan administration, underwriting or broker commissions, servicing, engineering, inspection and
other fees, whether paid by the REIT or by others with whom the REIT does business; (e) the quality and extent of service and advice furnished by the Advisor; (f) the performance of the investment portfolio of the REIT, including income,
conversion or appreciation of capital, and number and frequency of problem investments; and (g) the quality of the Property portfolio of the Company in relationship to the investments generated by the Advisor for its own account. The new fee
structure can be no more favorable to the Advisor than the current fee structure. 
 ARTICLE X 
 EXPENSES 
 Section 10.1
Reimbursable Expenses. In addition to the compensation paid to the Advisor pursuant to Article IX hereof, the Company shall pay directly or reimburse the Advisor for all of the expenses paid or incurred by the Advisor (to the extent not
reimbursable by another party, such as the Dealer Manager) in connection with the services it provides to the Company pursuant to this Advisory Agreement, including, but not limited to: 
  

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 (a) reimbursements for Organizational and Offering Expenses in connection with an Offering, provided,
however, that within 60 days after the end of the month in which a Public Offering terminates, the Advisor shall reimburse the Company to the extent (i) there are Capped O&O Expenses borne by the Company and (ii) Organization and
Offering Expenses borne by the Company (including selling commissions, dealer manager fees and non-accountable due diligence expense allowance but not including Acquisition Fees or Acquisition Expenses) exceed 15% of the Gross Proceeds raised in a
completed Public Offering; 
 (b) subject to the limitation set forth below, Acquisition Expenses incurred by the Advisor or its Affiliates;

 (c) subject to the limitation set forth below, Acquisition Fees and Acquisition Expenses payable to unaffiliated Persons incurred in
connection with the selection and acquisition of Properties; 
 (d) the actual out-of-pocket cost of goods and services used by the Company
and obtained from entities not affiliated with the Advisor including brokerage and other fees paid in connection with the purchase, operation and sale of Assets; 
 (e) interest and other costs for borrowed money, including discounts, points and other similar fees; 
 (f)
taxes and assessments on income or Property and taxes as an expense of doing business and any taxes otherwise imposed on the Company, its business or income; 
 (g) costs associated with insurance required in connection with the business of the Company or by the Board; 
 (h) expenses of managing and operating Properties owned by the Company, whether payable to an Affiliate of the Company or a non-affiliated Person; 
 (i) all expenses in connection with payments to Directors and meetings of the Directors and Stockholders; 
 (j) expenses associated with Listing or with the issuance and distribution of Securities other than the Stock issued in the Private Offering or a Public Offering, such as selling commissions and fees, advertising expenses, taxes, legal and
accounting fees, listing and registration fees; 
 (k) expenses connected with payments of Distributions in cash or otherwise made or caused
to be made by the Company to the Stockholders; 
 (l) expenses of organizing, converting, modifying, merging, liquidating or dissolving the
Company or of amending the Charter or the Bylaws; 
 (m) 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; 
 (n) administrative service expenses, including all direct and indirect costs and expenses incurred by the Advisor in fulfilling its duties hereunder and including personnel costs; 

  

 18 

 
provided, however, that no reimbursement shall be made for costs of personnel to the extent that such personnel perform services in transactions for which
the Advisor receives the Acquisition Fee or Disposition Fee. Such direct and indirect costs and expenses may include reasonable wages and salaries and other employee-related expenses of all employees of the Advisor who are directly engaged in the
operation, management, administration, and marketing of the Company, including taxes, insurance and benefits relating to such employees, and legal, travel and other out-of-pocket expenses which are directly related to their services provided by the
Advisor pursuant to this Advisory Agreement; 
 (o) audit, accounting and legal fees, and other fees for professional services relating to
the operations of the Company and all such fees incurred at the request, or on behalf of, the Independent Directors or any committee of the Board; and 
 (p) out-of-pocket costs for the Company to comply with all applicable laws, regulation and ordinances; and all other out-of-pocket costs necessary for the operation of the Company and its Assets incurred by the
Advisor in performing its duties hereunder. 
 The Company shall also reimburse the Advisor or Affiliates of the Advisor for all direct and
indirect costs and expenses incurred on behalf of the Company prior to the execution of this Advisory Agreement. 
 The total of all
Acquisition Fees and Acquisition Expenses paid by the Company in connection with the purchase of a Property by the Company shall be reasonable, and shall in no event exceed an amount equal to 6% of the Contract Purchase Price, or in the case of a
mortgage loan, 6% of the funds advanced; provided, however, that a majority of the Directors (including the majority of the Independent Directors) not otherwise interested in the transaction may approve fees and expenses in excess of these limits if
they determine the transaction to be commercially competitive, fair and reasonable to the Company. 
 Section 10.2 Other
Services. Should the Directors request that the Advisor or any member, manager, officer or employee thereof render services for the Company other than set forth in Article IV, such services shall be separately compensated at such rates and
in such amounts as are agreed by the Advisor and a majority of the Independent Directors, subject to the limitations contained in the Charter, and shall not be deemed to be services pursuant to the terms of this Advisory Agreement. 
 Section 10.3 Timing of and Limitations on Reimbursements. 
 (a) Expenses incurred by the Advisor on behalf of the Company and payable pursuant to this Article X shall be reimbursed no less frequently than monthly
to the Advisor. The Advisor shall prepare a statement documenting the expenses of the Company during each quarter, and shall deliver such statement to the Company within 45 days after the end of each quarter. Subject to the Excess Expense
Guidelines, the Company may advance funds to the Advisor for expenses the Advisor anticipates will be incurred by the Advisor within the current month and any such advances shall be deducted from the amounts reimbursed by the Company to the Advisor.

 (b) The Company shall not reimburse the Advisor at the end of any fiscal quarter (commencing four fiscal quarters after the Company’s
acquisition of its first real estate asset) Operating Expenses that, in the four consecutive fiscal quarters then ended (the “Expense Year”) exceed (the “Excess Amount”) the greater of 2% of Average Invested Assets or 25% of
NASAA Net Income (the “Excess Expense Guidelines”) for such year unless a majority of the Independent Directors determines that such excess was justified, based on unusual and nonrecurring factors which they deem sufficient. If a majority
of the Independent Directors does not approve such excess as being so justified, any Excess 

  

 19 

 
Amount paid to the Advisor during a fiscal quarter shall be repaid to the Company. If a majority of the Independent Directors determines such excess was
justified, then within 60 days after the end of any fiscal quarter of the Company for which total reimbursed Operating Expenses for the Expense Year exceed the Excess Expense Guidelines, the Advisor, at the direction of the a majority of the
Independent Directors, shall send to the Stockholders a written disclosure of such fact, together with an explanation of the factors that a majority of the Independent Directors considered in determining that such excess expenses were justified. The
Company will ensure that such determination will be reflected in the minutes of the meetings of the Board of Directors. All figures used in the foregoing computation shall be determined in accordance with GAAP. 
 ARTICLE XI 
 FIDELITY BOND 

 The Advisor shall endeavor to maintain a fidelity bond for the benefit of the Company which bond shall insure the Company from losses of
up to $1 million per occurrence and shall be of the type customarily purchased by entities performing services similar to those provided to the Company by the Advisor. 
 ARTICLE XII 
 RELATIONSHIP OF THE ADVISOR AND COMPANY 
 The Company and the Advisor are not partners or joint venturers with each other, and nothing in this Advisory Agreement shall be construed to make them
such partners or joint venturers or impose any liability as such on either of them, and neither shall have the power to bind or obligate the other except as set forth herein. In all respects, the status of the Advisor under this Advisory Agreement
is that of an independent contractor. 
 ARTICLE XIII 
 RELATIONSHIP WITH DIRECTORS 
 Subject to Article VIII of this Advisory Agreement and to restrictions
set forth in the Charter or deemed advisable with respect to the qualification of the Company as a REIT, members, managers, officers and employees of the Advisor or directors, stockholders, members, managers, officers or employees of an Affiliate of
the Advisor may serve as a Director and as officers of the Company, except that no 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. Directors who are not Independent Directors will be individuals nominated by the Advisor, provided that such
director nominees are either directors of the Advisor or have been elected by the board of directors of the Advisor as executive officers of the Advisor. 
 ARTICLE XIV 
 REPRESENTATIONS AND WARRANTIES 
 Section 14.1 The Company. To induce the Advisor to enter into this Advisory Agreement, the Company hereby represents and warrants
that: 
 (a) The Company is a corporation, duly organized, validly existing and in good standing under the laws of the State of Maryland with
all requisite corporate power and authority and all material licenses, permits and authorizations necessary to carry out the transactions contemplated by this Advisory Agreement. 
  

 20 

 (b) The Company’s execution, delivery and performance of this Advisory Agreement has been duly
authorized by the Board of Directors including a majority of all Independent Directors of the Company. This Advisory Agreement constitutes the valid and binding obligation of the Company, enforceable against the Company in accordance with its terms.
The Company’s execution and delivery of this Advisory Agreement and its fulfillment of and compliance with the respective terms hereof do not and will not (i) conflict with or result in a breach of the terms, conditions or provisions of,
(ii) constitute a default under, (iii) result in the creation of any lien, security interest, charge or encumbrance upon the Assets of the Company pursuant to, (iv) give any third party the right to modify, terminate or accelerate any
obligation under, (v) result in a violation of or (vi) require any authorization, consent, approval, exception or other action by or notice to any court or administrative or governmental body pursuant to, the Charter or Bylaws or any law,
statute, rule or regulation to which the Company is subject, or any agreement, instrument, order, judgment or decree by which the Company is bound, in any such case in a manner that would have a material adverse effect on the ability of the Company
to perform any of its obligations under this Advisory Agreement. 
 Section 14.2 The Advisor. To induce the Company to
enter into this Advisory Agreement, the Advisor represents and warrants that: 
 (a) The Advisor is a limited liability company, duly
organized, validly existing and in good standing under the laws of the State of Delaware with all requisite company power and authority and all material licenses, permits and authorizations necessary to carry out the transactions contemplated by
this Advisory Agreement. 
 (b) The Advisor’s execution, delivery and performance of this Advisory Agreement has been duly authorized.
This Advisory Agreement constitutes a valid and binding obligation of the Advisor, enforceable against the Advisor in accordance with its terms. The Advisor’s execution and delivery of this Advisory Agreement and its fulfillment of and
compliance with the respective terms hereof do not and will not (i) conflict with or result in a breach of the terms, conditions or provisions of, (ii) constitute a default under, (iii) result in the creation of any lien, security
interest, charge or encumbrance upon the Advisor’s assets pursuant to, (iv) give any third party the right to modify, terminate or accelerate any obligation under, (v) result in a violation of or (vi) require any authorization,
consent, approval, exemption or other action by or notice to any court or administrative or governmental body pursuant to, the Advisor’s limited liability company agreement, or any law, statute, rule or regulation to which the Advisor is
subject, or any agreement, instrument, order, judgment or decree by which the Advisor is bound, in any such case in a manner that would have a material adverse effect on the ability of the Advisor to perform any of its obligations under this
Advisory Agreement. 
 (c) The Advisor has received copies of the Charter, the Bylaws, the Prospectus and the Operating Partnership Agreement
and is familiar with the terms thereof, including without limitation the investment limitations included therein. The Advisor warrants that it will use reasonable care to avoid any act or omission that would conflict with the terms of the Charter,
the Bylaws, the Prospectus, or the Operating Partnership Agreement in the absence of the express direction of a majority of the Independent Directors. 
 ARTICLE XV 
 TERM; TERMINATION OF AGREEMENT 
 Section 15.1 Term. This Advisory Agreement shall continue in force until the first anniversary of the date hereof. Thereafter, this
Advisory Agreement may be renewed for an unlimited number of successive one-year terms upon mutual consent of the parties. The Company, acting through 

  

 21 

 
the Board, will evaluate the performance of the Advisor annually before renewing the Advisory Agreement, and each such renewal shall be for a term of no more
than one year. 
 Section 15.2 Termination by Either Party. This Advisory Agreement may be terminated upon 60 days written
notice without cause or penalty, by either party (by a majority of the Independent Directors of the Company or the manager of the Advisor). 
 Section 15.3 Termination by the Advisor. Subject to Section 16.2, this Advisory Agreement may be terminated immediately by the Advisor in the event of any material breach of this Advisory Agreement by the Company not
cured by the Company within 30 days after written notice thereof. 
 Section 15.4 Termination by the Company. This
Advisory Agreement may be terminated immediately by the Company in the event of (a) any material breach of this Advisory Agreement by the Advisor not cured by the Advisor within 30 days after written notice thereof; (b) a decree or order
is rendered by a court having jurisdiction (i) adjudging the Advisor as bankrupt or insolvent, or (ii) approving as properly filed a petition seeking reorganization, readjustment, arrangement, composition or similar relief for Advisor
under the federal bankruptcy laws or any similar applicable law or practice, or (iii) appointing a receiver or liquidator or trustee or assignee in bankruptcy or insolvency of the Advisor or a substantial part of the property of the Advisor, or
for the winding up or liquidation of its affairs; or (c) the Advisor (i) institutes proceedings to be adjudicated a voluntary bankrupt or an insolvent, (ii) consents to the filing of a bankruptcy proceeding against it,
(iii) files a petition or answer or consent seeking reorganization, readjustment, arrangement, composition or relief under any similar applicable law or practice, (iv) consents to the filing of any such petition, or to the appointment of a
receiver or liquidator or trustee or assignee in bankruptcy or insolvency for it or for a substantial part of its property, (v) makes an assignment for the benefit of creditors, (vi) is unable to or admits in writing its inability to pay
its debts generally as they become due unless such inability shall be the fault of the Company or the Operating Partnership, or (vii) takes corporate or other action in furtherance of any of the aforesaid purposes. 
 Section 15.5 Survival. The provisions of Articles I, VI, VII and XVI through XX survive termination of this Advisory Agreement.

 ARTICLE XVI 
 PAYMENTS TO AND DUTIES OF 
 ADVISOR UPON TERMINATION 
 Section 16.1 Reimbursable Expenses and Earned Fees. After the Termination Date, other than the Subordinated Performance Fee Due Upon
Termination, the Advisor shall not be entitled to compensation for further services hereunder except it shall be entitled to receive from the Company within 30 days after the effective date of such termination all unpaid reimbursable expenses and
all earned but unpaid fees payable to the Advisor prior to termination of this Advisory Agreement. 
 Section 16.2 Subordinated
Performance Fee Due Upon Termination. Upon termination, unless such termination is by the Company because of a material breach of this Advisory Agreement by the Advisor as a result of willful or intentional misconduct or bad faith on behalf
of the Advisor, the Advisor shall be entitled to receive from the Company the Subordinated Performance Fee Due Upon Termination payable in the form of an interest bearing promissory note bearing interest at a rate of LIBOR plus 200 basis points (the
“Performance Fee Note”). The Company shall repay the Performance Fee Note at such time as the Company completes the first Sale or refinancing of a Property held at the Termination Date using Cash from Sales or Cash from Financings in an
amount equal to the value such Property contributed to the Performance Fee Note. If such amount is insufficient to pay the 

  

 22 

 
Performance Fee Note in full, then the Performance Fee Note shall be paid in part from the Cash from Sales from the first Sale or Cash from Financings from
the first refinancing of a Property held at the Termination Date, and in part from the Cash from Sales from each successive Sale or Cash from Financings from each successive refinancing of Properties held at the Termination Date in an amount equal
to the value such Properties contributed to the Performance Fee Note until the Performance Fee Note is repaid in full. If the Performance Fee Note has not been paid in full on the earlier of (a) the date the Common Stock is Listed, or
(b) within three (3) years from the Termination Date, then the holder of the Performance Fee Note, its successors or assigns, may elect to convert the balance of the fee into Common Stock at a price per share equal to the average closing
price of the shares of Common Stock over the ten (10) trading days immediately preceding the date of such election if the Common Stock is Listed at such time. If the Common Stock is not Listed within three (3) years from the
Termination Date, the holder of the Performance Fee Note, its successors or assigns, may elect to convert the balance of the fee into shares of Common Stock at a price per share equal to the fair market value for such Shares as determined by the
Board of Directors based upon the Appraised Value of the Properties, loans, and other investments, net of any debt thereon, on the date of election. 
 Section 16.3 Advisor’s Duties Upon Termination. The Advisor shall promptly upon termination: 
 (a) pay over to the Company all money collected and held for the account of the Company pursuant to this Advisory Agreement, after deducting any accrued compensation and reimbursement for its expenses to which it is then entitled;

 (b) deliver to the Board a full accounting, including a statement showing all payments collected by it and a statement of all money held
by it, covering the period following the date of the last accounting furnished to the Board; 
 (c) deliver to the Board all Assets,
including Properties, and documents of the Company then in the custody of the Advisor; and 
 (d) cooperate with the Company to provide an
orderly management transition. 
 ARTICLE XVII 
 ASSIGNMENT TO AN AFFILIATE 
 This Advisory Agreement may be assigned by the Advisor to an Affiliate
with the approval of a majority of the Independent Directors. The Advisor may assign any rights to receive fees or other payments under this Advisory Agreement without obtaining the approval of the Directors. This Advisory Agreement shall not be
assigned by the Company without the consent of the Advisor, except in the case of an assignment by the Company to a corporation or other organization which is a successor to all of the Assets, rights and obligations of the Company, in which case
such successor organization shall be bound hereunder and by the terms of said assignment in the same manner as the Company is bound by this Advisory Agreement. 
 ARTICLE XVIII 
 INDEMNIFICATION BY THE COMPANY 
 Section 18.1 Conditions of Indemnification. The Company shall indemnify and hold harmless the Advisor and its Affiliates, including
their respective officers, directors, stockholders, members, managers, partners and employees, from all liability, claims, damages or losses arising in the performance of their duties hereunder, and related expenses, including reasonable
attorneys’ fees, to the 

  

 23 

 
extent such liability, claims, damages or losses and related expenses are not fully reimbursed by insurance, subject to any limitations imposed by the laws
of the State of Maryland and Article XII of the Charter and only if all of the following conditions are met: 
 (a) The directors or the
Advisor or its Affiliates have determined, in good faith, that the course of conduct that caused the loss or liability was in the best interests of the Company; 
 (b) The Advisor or its Affiliates were acting on behalf of or performing services for the Company; 
 (c)
Such liability or loss was not the result of negligence or misconduct by the Advisor or its Affiliates; and 
 (d) Such indemnification or
agreement to hold harmless is recoverable only out of the Company’s Net Asset Value and not from its Stockholders. 
 (e) With respect
to losses, liabilities or expenses arising from or out of an alleged violation of federal or state securities laws, one or more of the following conditions are met: (i) there has been a successful adjudication on the merits of each count
involving alleged securities law violations as to the particular indemnitee; (ii) such claims have been dismissed with prejudice on the merits by a court of competent jurisdiction as to the particular indemnitee; or (iii) a court of
competent jurisdiction approves a settlement of the claims against a particular indemnitee and finds that indemnification of the settlement and the related costs should be made, and the court considering the request for indemnification has been
advised of the position of the SEC and of the published position of any state securities regulatory authority in which securities of the Company were offered or sold as to indemnification for violations of securities laws. Notwithstanding the
foregoing, the Advisor shall not be entitled to indemnification or be held harmless pursuant to this Article XVIII for any activity which the Advisor shall be required to indemnify or hold harmless the Company pursuant to Article XIX. 
 Section 18.2 Advancement of Funds. The Company may advance funds to the Advisor and its Affiliates, including their respective
officers, directors, stockholders, members, managers and employees, for reasonable and actual legal expenses and other costs incurred as a result of any legal action for which indemnification is being sought only if all of the following conditions
are satisfied: (i) the legal action relates to acts or omissions with respect to the performance of duties or services on behalf of the Company; (ii) the legal action is initiated by a third-party who is not a Stockholder or the legal
action is initiated by a Stockholder acting in his or her capacity as such and a court of competent jurisdiction specifically approves such advancement; and (iii) the Advisor or its Affiliates, including their respective officers, directors,
stockholders, members, managers and employees, undertake to repay the advanced funds to the Company together with the applicable legal rate of interest thereon, in cases in which such Advisor or its Affiliates, including their respective officers,
directors, stockholders, members, managers and employees, are found not to be entitled to indemnification. 
 ARTICLE XIX 

INDEMNIFICATION BY ADVISOR 
 The
Advisor shall indemnify and hold harmless the Company from contract or other liability, claims, damages, taxes or losses and related expenses including attorneys’ fees, 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, willful misfeasance, misconduct, or reckless disregard of its duties, but Advisor shall not be held responsible for any action
of the Board in declining to follow any advice or recommendation given by the Advisor. 
  

 24 

 ARTICLE XX 
 LIMITATION OF LIABILITY 
 In no event will either party be liable for damages based on loss of
income, profit or savings or indirect, incidental, consequential, exemplary, punitive or special damages of the other party or person, including third parties, even if such party has been advised of the possibility of such damages in advance, and
all such damages are expressly disclaimed. 
 ARTICLE XXI 
 NOTICES 
 Any notice in this Advisory Agreement permitted to be given, made or
accepted by either party to the other, must be in writing and may be given or served by (1) overnight courier, (2) depositing the same in the United States mail, postpaid, certified, return receipt requested, or (3) facsimile
transfer. Notice deposited in the United States mail shall be deemed given when mailed. Notice given in any other manner shall be effective when received at the address of the addressee. For purposes hereof the addresses of the parties, until
changed as hereafter provided, shall be as follows: 
  

			
	To Company:	    	The GC Net Lease REIT, Inc.
		    	Attention: Kevin A. Shields
		    	2121 Rosecrans Avenue, Suite 3321
		    	El Segundo, California 90245
		    	Fax: 310-606-5910
		
	With a copy to:	    	Chairman of the Nominating and Corporate Governance
		    	Committee
		    	2121 Rosecrans Avenue, Suite 3321
		    	El Segundo, California 90245
		    	Fax: 310-606-5910
		
	To Advisor:	    	The GC Net Lease REIT Advisor, LLC
		    	Attention: Kevin A. Shields
		    	2121 Rosecrans Avenue, Suite 3321
		    	El Segundo, California 90245
		    	Fax: 310-606-5910

 Either party may at any time give notice in writing to the other party of a change in its address
for the purposes of this Article XXI. 
 ARTICLE XXII 
 MODIFICATION 
 This Advisory Agreement shall not be changed, modified, terminated, or discharged, in
whole or in part, except by an instrument in writing signed by both parties hereto, or their respective successors or assignees. 
  

 25 

 ARTICLE XXIII 
 SEVERABILITY 
 The provisions of this Advisory 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. 
 ARTICLE XXIV 
 CONSTRUCTION/GOVERNING LAW 
 The provisions of this Advisory Agreement shall be construed and interpreted in accordance with
the laws of the State of California. 
 ARTICLE XXV 
 ENTIRE AGREEMENT 
 This Advisory Agreement contains the entire agreement and understanding among the
parties hereto with respect to the subject matter hereof, and supersedes all prior and contemporaneous agreements, understandings, inducements and conditions, express or implied, oral or written, of any nature whatsoever with respect to the subject
matter hereof. The express terms hereof control and supersede any course of performance and/or usage of the trade inconsistent with any of the terms hereof. This Advisory Agreement may not be modified or amended other than by an agreement in
writing. 
 ARTICLE XXVI 
 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 Advisory 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. 
 ARTICLE XXVII 
 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. 
 ARTICLE XXVIII 
 TITLES NOT TO
AFFECT INTERPRETATION 
 The titles of paragraphs and subparagraphs contained in this Advisory Agreement are for convenience only, and
they neither form a part of this Advisory Agreement nor are they to be used in the construction or interpretation hereof. 
  

 26 

 ARTICLE XXIX 
 EXECUTION IN COUNTERPARTS 
 This Advisory 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 Advisory Agreement shall become binding when the counterparts hereof,
taken together, bear the signatures of all of the parties reflected hereon as the signatories. 
 ARTICLE XXX 
 INITIAL INVESTMENT 
 The Advisor has
purchased 100 shares of Common Stock for $1,000.00. The Advisor has purchased 20,000 OP Units for $200,000 (the “NASAA Contribution Units”). In addition, the Advisor may not sell any of the NASAA Contribution Units while the Advisor acts
in such advisory capacity to the Company, provided, that such NASAA Contribution Units may be transferred to Affiliates of the Advisor. Affiliates of the Advisor may not sell any of the NASAA Contribution Units while the Advisor acts in such
advisory capacity to the Company, provided, that such NASAA Contribution Units may be transferred to the Advisor or other Affiliates of the Advisor. The restrictions included above shall not apply to any other Securities acquired by the Advisor or
its Affiliates, including the OP Units issued to Affiliates of the Advisor in connection with the contribution of the two initial Properties acquired by the Operating Partnership from such Affiliates of the Advisor. With respect to any Securities
owned by the Advisor, the Directors, or any of their Affiliates, neither the Advisor, nor the Directors, nor any of their Affiliates may vote or consent on matters submitted to the Stockholders regarding the removal of the Advisor, Directors or any
of their Affiliates or any transaction between the Company and any of them. In determining the requisite percentage in interest of Securities necessary to approve a matter on which the Advisor, Directors and any of their Affiliates may not vote or
consent, any Securities owned by any of them shall not be included. 
 [SIGNATURES APPEAR ON NEXT PAGE] 
  

 27 

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

			
	THE COMPANY:
	
	THE GC NET LEASE REIT, INC.
		
	By:	 	  

		 	Kevin A. Shields
		 	President
	
	THE ADVISOR:
	
	THE GC NET LEASE REIT ADVISOR, LLC
		
	By:	 	  

		 	Kevin A. Shields
		 	President

  

 282009 Long Term Incentive Plan

 EXHIBIT 10.3 
 THE GC NET LEASE REIT, INC. 2009 LONG TERM INCENTIVE PLAN 

 TABLE OF CONTENTS 
  

							
	1.	  	PURPOSES OF THE PLAN AND DEFINITIONS	  	1
		  	1.1	  	PURPOSES	  	1
		  	1.2	  	DEFINITIONS	  	1
	2.	  	ELIGIBLE PERSONS	  	6
	3.	  	SHARES OF STOCK SUBJECT TO THIS PLAN	  	6
	4.	  	ADMINISTRATION	  	7
		  	4.1	  	COMMITTEE	  	7
		  	4.2	  	DURATION, REMOVAL, ETC	  	7
		  	4.3	  	MEETINGS AND ACTIONS OF COMMITTEE	  	7
		  	4.4	  	COMMITTEE’S POWERS	  	8
		  	4.5	  	TERM OF PLAN	  	9
	5.	  	GRANT OF OPTIONS	  	9
		  	5.1	  	WRITTEN AGREEMENT	  	9
		  	5.2	  	ANNUAL $100,000 LIMITATION ON ISOS	  	9
	6.	  	CERTAIN TERMS AND CONDITIONS OF OPTIONS AND OTHER AWARDS	  	9
		  	6.1	  	ALL AWARDS	  	9
		  	6.2	  	TERMS AND CONDITIONS TO WHICH ONLY NQOS ARE
SUBJECT	  	12
		  	6.3	  	TERMS AND CONDITIONS TO WHICH ONLY ISOS ARE
SUBJECT	  	13
		  	6.4	  	SURRENDER OF OPTIONS	  	13
	7.	  	RESTRICTED STOCK	  	14
		  	7.1	  	GRANT	  	14
		  	7.2	  	RESTRICTIONS	  	14
		  	7.3	  	DISTRIBUTIONS	  	14
		  	7.4	  	AUTOMATIC GRANTS TO NON-EMPLOYEE DIRECTORS	  	14
	8.	  	STOCK APPRECIATION RIGHT	  	14
	9.	  	DIVIDEND EQUIVALENT RIGHTS	  	15
		  	9.1	  	GENERAL	  	15
		  	9.2	  	RIGHTS AND OPTIONS	  	15
		  	9.3	  	PAYMENTS	  	15
	10.	  	OTHER EQUITY-BASED AWARDS	  	15
		  	10.1	  	GRANT	  	15
		  	10.2	  	TERMS AND CONDITIONS	  	15
		  	10.3	  	PAYMENT OR SETTLEMENT	  	16
	11.	  	COMPLIANCE WITH LAWS	  	16
	12.	  	EMPLOYMENT OR OTHER RELATIONSHIP	  	16
	13.	  	AMENDMENT, SUSPENSION AND TERMINATION OF THIS PLAN	  	17
	14.	  	LIABILITY AND INDEMNIFICATION OF THE COMMITTEE	  	17
	15.	  	SECURITIES LAW LEGENDS	  	17
	16.	  	SEVERABILITY	  	17
	17.	  	EFFECTIVE DATE AND STOCKHOLDER APPROVAL	  	18
	18.	  	MISCELLANEOUS	  	18
		  	18.1	  	LOANS	  	18
		  	18.2	  	FORFEITURE PROVISIONS	  	18
		  	18.3	  	LIMITATIONS APPLICABLE TO SECTION 16	  	18
		  	18.4	  	EFFECT OF PLAN UPON OTHER INCENTIVE AND COMPENSATION
PLANS	  	18
		  	18.5	  	SECTION 83(B) ELECTION PROHIBITED	  	19

  

 i 

 EMPLOYEE AND DIRECTOR LONG-TERM INCENTIVE PLAN 
 OF 
 THE GC NET LEASE REIT, INC. 

  

	1.	PURPOSES OF THE PLAN AND DEFINITIONS 

 1.1
Purposes. The purposes of the Employee and Director Long-Term Incentive Plan (the “Plan”) of The GC Net Lease REIT, Inc. (the “Company”) are to: 
 (a) provide incentives to individuals chosen to receive share-based awards because of their ability to improve operations and increase profits;

 (b) encourage selected persons to accept or continue employment or other service relationship with the Company or any Advisor or Affiliate
of the Company; and 
 (c) increase the interest of Directors in the Company’s welfare through their participation in the growth in
value of the Company’s Stock. 
 To accomplish these purposes, this Plan provides a means whereby Employees of the Company or any
Advisor or its Affiliates that the Committee deems important to the Company’s long-term success, Directors and other enumerated persons may receive Awards. 
 1.2. Definitions. For purposes of this Plan, the following terms have the following meanings: 
 “Advisor” means the Person or Persons, if any, appointed, employed or contracted with by the Company responsible for directing or performing the day-to-day business affairs of the Company, including any Person to whom the Advisor
subcontracts substantially all of such functions. The initial Advisor is The GC Net Lease REIT Advisor, LLC. 
 “Affiliate”
means any Person (other than an Advisor), whose employees (as such term is defined in the Form S-8 registration statement under the Securities Act) are eligible to receive Awards under the Plan. The determination of whether a Person is an
Affiliate shall be made by the Committee acting in its sole and absolute discretion. 
 “Applicable Laws” means the requirements
relating to the administration of Awards under U.S. state corporate laws, U.S. Federal and state securities laws, the Code, any stock exchange or quotation system on which the shares of Stock are listed or quoted and the applicable laws of any
foreign country or jurisdiction where Awards are, or will be, granted under the Plan. 
 “Articles of Incorporation” means the
articles of incorporation of the Company as the same may be amended from time to time. 
 “Award” means any award under this Plan,
including any grant of Options, Restricted Shares, Stock Appreciation Rights, Distribution Equivalent Rights or Other Equity-Based Awards. 
  

 1 

 “Award Agreement” means, with respect to each Award, the written agreement executed by the
Company and the Participant or other written document approved by the Committee setting forth the terms and conditions of the Award. 
 “Board” means the Board of Directors of the Company. 
 “Cause,” unless otherwise defined in an Employee’s
employment agreement, means (i) gross negligence or willful misconduct, (ii) an uncured breach of any of the Employee’s material duties under his or her employment agreement, (iii) fraud or other conduct against the material best
interests of his or her employer or the Company, or (iv) a conviction of a felony, if such conviction has a material adverse effect on his or her employer. If “Cause” is otherwise defined in an Employee’s employment
agreement, the definition in the employment agreement shall be effective for purposes of the Plan with respect to the Employee in question. 
 “Code” means the Internal Revenue Code of 1986, as amended from time to time, and any successor statute. 
 “Committee” has the meaning given it in Section 4.1. 
 “Common Stock” or “Stock” means common
shares of capital stock of the Company, $0.001 par value per share. 
 “Company” has the meaning given it in Section 1.1.

 “Director” means a person elected or appointed and serving as director of the Company in accordance with the Articles of
Incorporation and the Maryland General Corporation Law. 
 “Distribution Equivalent Right” means an Award of rights pursuant to
Section 8. 
 “Effective Date” has the meaning given it in Section 16. 
 “Employee” has the meaning ascribed to it for purposes of Section 3401(c) of the Code and the Treasury Regulations adopted under that
Section. An employee includes an officer or a Director who is an employee of the Company. 
 “Employment Termination” means
that a Participant has ceased, for any reason and with or without Cause, to be an Employee or Director of, or a consultant to, the Company, the Advisor or any Affiliate of the Company. However, the term “Employment Termination” shall
not include a Non-Employee Director’s ceasing to be a Director or a transfer of a Participant from the Company to the Advisor or an Affiliate or vice versa, or from one Affiliate to another, or a leave of absence duly authorized by the Company
unless the Committee has provided otherwise. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to
time, and any successor statute. 
 “Exercise Notice” has the meaning given it in Section 6.1(f). 
 “Fair Market Value” means with respect to Stock: 
  

 2 

 (i) if the Stock is listed on any established stock exchange or a national market system, including,
without limitation, the NASDAQ National Market System, the Fair Market Value of shares of Stock shall be the closing sales price for the Stock, or the mean between the high bid and low asked prices if no sales were reported, as quoted on such system
or exchange (or, if the Stock is listed on more than one exchange, then on the largest such exchange) for the date the value is to be determined (or if there are no sales or bids for such date, then for the last preceding business day on which there
were sales or bids), as reported in The Wall Street Journal or similar publication; or 
 (ii) if the Stock is regularly quoted by a
recognized securities dealer but selling prices are not reported, or if there is no market for the Stock, the Fair Market Value of the shares of Stock shall be determined in good faith by the Committee by the reasonable application of a reasonable
valuation method, with reference to all information material to the value of the Company, including by way of example, the Company’s net worth, prospective earning power, distribution-paying capacity and other relevant factors, including the
goodwill of the Company, the economic outlook in the Company’s industry, the Company’s position in the industry and its management, and the values of stock of other enterprises in the same or similar lines of business; 
 provided, however, that for purposes of granted Nonqualified Share Options or Stock Appreciation Rights, Fair Market Value of Stock shall be determined in accordance
with the requirements of Code Section 409A, and for purposes of granting Incentive Stock Options, Fair Market Value of Stock shall be determined in accordance with the requirements of Code Section 422. 
 “Grant Date” has the meaning given it in Section 6.1(c). 
 “Incentive Stock Option” or “ISO” means any Option intended to be and designated as an “incentive stock option” within the meaning of Section 422 of the Code, and any successor
provision. 
 “Non-Employee Director” means a person who is a non-employee director as defined in Rule 16b-3 or a person who is an
outside director as defined in Treasury Regulation 1.162-27(e)(3). 
 “Non-Qualified Share Option” or “NQO” means any
Option that is not an Incentive Stock Option. 
 “Option” means an option granted under Section 5. 
 “Other Equity-Based Award” means any award other than an Option, Stock Appreciation Right or Distribution Equivalent Right Award which, subject
to such terms and conditions as may be prescribed by the Committee, entitles a Participant to receive shares of Common Stock or rights or units valued in whole or in part by reference to, or otherwise based on, shares of Common Stock or
distributions on shares of Common Stock. 
 “Participant” means an eligible person who is granted an Award. 
 “Performance Goals” means any one or more of the following performance goals, intended by the Committee to constitute objective goals for
purposes of Code Section 162(m), either individually, alternatively or in any combination, applied to either the Company as 

  

 3 

 
a whole or to a business unit or Affiliate, either individually, alternatively or in combination, and measured either quarterly, annually or cumulatively
over a period of quarters or years, on an absolute basis or relative to a pre-established target, to previous quarter’s or years’ results or to a designated comparison group, any of which may be measured on an aggregate or per share basis,
in each case as specified by the Committee in the Award Agreement: 
 (i) earnings before any one or more of the following: interest, taxes,
depreciation or amortization, 
 (ii) net income (loss) (either before or after interest, taxes, depreciation and/or amortization),

 (iii) changes in the market price of the Stock (on a per share or aggregate basis), 
 (iv) economic value added, 
 (v) funds
from operations or similar measure, 
 (vi) sales or revenue, 
 (vii) acquisitions or strategic transactions, 
 (viii) operating income (loss), 
 (ix) cash flow (including, but not limited to, operating cash flow and free cash flow),

 (x) return on capital, assets, equity, or investment, 
 (xi) stockholder returns (including total returns calculated to include aggregate Stock appreciation and total dividends paid, assuming full reinvestment of dividends, during the applicable period), 
 (xii) cash available, 
 (xiii) return on
sales, 
 (xiv) gross or net profit levels, 
 (xv) productivity, 
 (xvi) expense levels or management, 
 (xvii) margins, 
 (xviii) operating
efficiency, 
 (xix) customer/tenant satisfaction, 
 (xx) working capital, 
 (xxi) earnings (loss) per share of Stock, 
 (xxii) revenue or earnings growth, 
 (xxiii) number of securities sold, 
 (xxiv) the Company’s ranking against selected peer groups, 
 (xxv) “same-store” performance from period to period, 
 (xxvi) leasing or occupancy rates, 
  

 4 

 (xxvii) objectively determinable capital deployment, 
 (xxviii) objectively determined expense management, 
 (xxix) sales or market shares, 
 (xxx) number of customers, 
 (xxxi) productivity of employees as measured by revenues, cost, or earnings per employee, 
 (xxxii) establishment of a trading market for the Company’s Stock, and 
 (xxxiii) any combination of the foregoing. 
 The Committee
may appropriately adjust any evaluation of performance under a Performance Goal to remove the effect of equity compensation expense under FAS 123R, amortization of acquired technology and intangibles, asset write-downs; litigation or claim judgments
or settlements; the effect of changes in or provisions under tax law, accounting principles or other such laws or provisions affecting reported results; accruals for reorganization and restructuring programs; discontinued operations; and any items
that are extraordinary, unusual in nature, non-recurring or infrequent in occurrence, except where such action would result in the loss of the otherwise available exemption of the Award under Section 162(m) of the Code, if applicable.

 “Performance Period” means, with respect to an Award, a period of time within which the Performance Goals relating to such Award
are to be measured. The Performance Period will be established by the Committee at the time the Award is granted. 
 “Person” means
a corporation, partnership, trust, association or any other entity. 
 “Plan” means this Employee and Director Long-Term Incentive
Plan of The GC Net Lease REIT, Inc. 
 “Related Corporation” means a parent or subsidiary corporation of the Company, as those
terms are defined in Sections 424(e) and (f) of the Code. 
 “Restricted Stock” means an Award granted under Section 7.

 “Rule 16b-3” means Rule 16b-3 adopted under Section 16(b) of the Exchange Act or any successor rule, as it may be amended
from time to time, and references to paragraphs or clauses of Rules 16b-3 refer to the corresponding paragraphs or clauses of Rule 16b-3 as it exists at the Effective Date or the comparable paragraph or clause of Rule 16b-3 or successor rule, as
that paragraph or clause may thereafter be amended. 
 “Section 16(b)” means Section 16(b) under the Exchange Act. 

“Securities Act” means the Securities Act of 1933, as amended from time to time, and any successor statute. 
 “Stock Appreciation Right” means an Award granted under Section 8. 
  

 5 

 “Ten Percent Stockholder” means any person who, at the time this definition is being applied,
owns, directly or indirectly (or is treated as owning by reason of attribution rules currently set forth in Code Section 424 or any successor statute), shares of the Company constituting more than 10% of the total combined voting power of all
classes of outstanding capital stock of the Company or any Related Corporation. 
  

	2.	ELIGIBLE PERSONS 

 Every person who, at or as of the
Grant Date, is (a) a full-time Employee of the Company, (b) a Director of the Company, (c) is an executive officer or full-time employee of the Advisor or its Affiliates who provides services to the Company and who does not have any
beneficial ownership of the Advisor and its Affiliates, or (d) someone whom the Committee designates as eligible for an Award (other than for Incentive Stock Options) because the person (i) performs bona fide consulting or advisory
services for the Company, the Advisor or any Affiliate of the Company pursuant to a written agreement (other than services in connection with the offer or sale of securities in a capital-raising transaction), and (ii) has a direct and
significant effect on the financial development of the Company or any Affiliate of the Company, shall be eligible to receive Awards hereunder; provided, however, that Incentive Stock Options may only be granted to an Employee of the Company or a
Related Corporation. 
  

	3.	SHARES OF STOCK SUBJECT TO THIS PLAN 

 The total
number of shares of Stock that may be issued under Awards is a number of shares equal to ten percent (10%) of the Company’s outstanding Stock, but may never exceed ten million (10,000,000) shares. The maximum number of shares of
Stock with respect to which ISOs may be granted under the Plan is the lesser of the total number of shares of Stock that may be issued under Awards or ten million (10,000,000) shares. Such shares of Stock may consist, in whole or in part,
of authorized and unissued Stock or shares of Stock reacquired in private transactions or open market purchases, but all shares of Stock issued under the Plan, regardless of their source, shall be counted against the Stock limitation. Any
shares of Stock that are retained by the Company upon exercise or settlement of an Award in order to satisfy the exercise price in whole or in part, or to pay withholding taxes due with respect to such exercise or settlement, shall be treated as
issued to the Participant and will thereafter not be available under the Plan. Any shares of Stock subject to unexercised portions of Options granted under the Plan which shall have been terminated, cancelled or that have expired may again be
subject to Options hereunder. Awards settled in cash will not reduce the maximum aggregate number of shares of Common Stock that may be issued under the Plan. The number of shares of Stock reserved for issuance under this Plan is subject
to adjustment in accordance with the provisions for adjustment in Section 6.1. To the extent required under Section 162(m) of the Code and the regulations thereunder, as applicable, for compensation to be treated as qualified
performance-based compensation, subject to adjustment in accordance with Section 6.1, the maximum number of shares of Stock with respect to which (a) Options, (b) Stock Appreciation Rights, or (c) other Awards to the extent they
are granted with the intent that they qualify as qualified performance-based compensation under Section 162(m) of the Code may be granted during any calendar year to any employee may not exceed one million (1,000,000). If, after grant, an
Option is cancelled, the cancelled Option shall continue to be counted against the maximum number of shares for which options may be granted to an employee during any calendar year as described in this Section 3. If, after grant, the exercise
price of an Option is reduced or the base amount on which a Stock Appreciation Right is calculated is reduced, the transaction shall be treated as the cancellation of the Option or the Stock Appreciation Right, as applicable, and the grant of a new
Option or Stock Appreciation Right, as applicable. If an Option or Stock Appreciation Right is 

  

 6 

 
deemed to be cancelled as described in the preceding sentence, the Option or Stock Appreciation Right that is deemed to be canceled and the Option or Stock
Appreciation Right that is deemed to be granted shall both be counted against the maximum number of shares for which Options or Stock Appreciation Rights may be granted to an employee during any calendar year as described in this Section 3.

  

	4.	ADMINISTRATION 

 4.1. Committee.

 (a) In General. This Plan shall be administered by the compensation committee (the “Committee”) appointed by the
Board. The number of persons who shall constitute the Committee shall be determined from time to time by a majority of all the members of the Board; provided, however, that the Committee shall not consist of fewer than two persons. 

(b) Section 162(m). To the extent the Board desires to qualify Awards granted under this Plan as “performance based compensation”
within the meaning of Section 162(m) of the Code, the Plan shall be administered by a Committee of two or more “outside directors” as defined in Treasury Regulation 1.162-27(e)(3). 
 (c) Rule 16b-3. To the extent desirable to qualify transactions under this Plan as exempt under Rule 16b-3, a Committee consisting solely of two or
more “non-employee directors” as defined in Rule 16b-3, must approve such transactions. 
 4.2. Duration, Removal,
Etc. The members of the Committee shall serve at the pleasure of the Board, which shall have the power, at any time and from time to time, to remove members from or add members to the Committee. Removal from the Committee may be
with or without cause. Any individual serving as a member of the Committee shall have the right to resign from the Committee by giving at least three days’ prior written notice to the Board. The Board, and not the remaining members of
the Committee, shall have the power and authority to fill vacancies on the Committee, however caused. The Board shall promptly fill any vacancy that causes the number of members of the Committee to be fewer than two or any other minimum number
required to comply with Rule 16b-3 or Section 162(m) of the Code, (unless the Board expressly determines not to have Awards under the Plan comply with Rule 16b-3 or Section 162(m) of the Code, respectively). 
 4.3. Meetings and Actions of Committee. The Board shall designate which of the Committee members shall be the chairperson of the
Committee. If the Board fails to designate a chairperson for the Committee, the members of the Committee shall elect one of the Committee members as chairperson, who shall act as chairperson until he or she ceases to be a member of the
Committee or until the Board (or the Committee) elects a new chairperson. The Committee may make any rules and regulations for the conduct of its business that are not inconsistent with this Plan, the Articles of Incorporation, the Bylaws of
the Company or Applicable Laws. 
  

 7 

 4.4. Committee’s Powers. Subject to the express provisions of this Plan, the
Committee shall have the authority, in its sole discretion: 
 (a) to grant Awards upon such terms and conditions (not inconsistent with the
provisions of this Plan), as the Committee may consider appropriate; 
 (b) to adopt, amend and rescind administrative and interpretive rules
and regulations relating to the Plan; 
 (c) to determine the eligible persons to whom, and the time or times at which, Awards shall be
granted; 
 (d) to determine the number of shares of Stock that shall be the subject of each Award; 
 (e) to determine the terms and provisions of each Award Agreement (which need not be identical) and any amendments thereto, including provisions defining
or otherwise relating to: 
 (i) the period or periods and extent of exercisability of any Option or Stock Appreciation Right; 
 (ii) the methods by which the exercise price of an Option may be paid, the form of payment, including, without limitation, cash, Stock, or other
property (including “cashless exercise” arrangements), and the methods by which Stock shall be delivered or deemed to be delivered to Participants; provided, however, that if Stock is used to pay the exercise price of an Option, such Stock
must have been held by the Participant for at least six months; 
 (iii) the extent to which the transferability of shares of Stock issued
or transferred pursuant to any Award is restricted; 
 (iv) the effect of Employment Termination on an Award; and 
 (v) the effect of approved leaves of absence; 
 (f) to accelerate the time of exercisability of any Option, Distribution Equivalent Right, Stock Appreciation Right or Other Equity-Based Award; 
 (g) to construe the respective Award Agreements and the Plan; 
 (h) to make determinations of the Fair
Market Value of shares of Stock; 
 (i) to waive any provision, condition or limitation set forth in an Award Agreement; 
 (j) to delegate its duties under the Plan to such agents as it may appoint from time to time; provided, however, that the Committee may not delegate its
duties with respect to making or exercising discretion with respect to Awards to eligible persons if such delegation would cause Awards not to qualify for the exemptions provided by Rule 16b-3 or Section 162(m) of the Code (unless the Board
expressly determines not to have Awards under the Plan comply with Rule 16b-3 or Section 162(m) of the Code, respectively); and 
  

 8 

 (k) to make all other determinations, perform all other acts and exercise all other powers and authority
necessary or advisable for administering the Plan. 
 The Committee may discriminate among Participants and among Awards granted to a
Participant in exercising its discretion pursuant to this Plan. The Committee may correct any defect, supply any omission or reconcile any inconsistency in the Plan, in any Award or in any Award Agreement in the manner and to the extent it
deems necessary or desirable to implement the Plan, and the Committee shall be the sole and final judge of that necessity or desirability. The determinations of the Committee on the matters referred to in this Section 4.4 shall be final
and conclusive. 
 4.5. Term of Plan. No Awards shall be granted under this Plan after 10 years from the Effective Date of
this Plan. 
  

	5.	GRANT OF OPTIONS 

 5.1. Written
Agreement. Each Option shall be evidenced by an Award Agreement. The Award Agreement shall specify whether each Option it evidences is an NQO or an ISO. 
 5.2. Annual $100,000 Limitation on ISOs. To the extent that the aggregate Fair Market Value of shares of Stock with respect to which ISOs first become exercisable by a Participant in any calendar
year exceeds $100,000, taking into account ISOs granted under this Plan and any other plan of the Company or any Related Corporation, the Options covering such additional shares of Stock becoming exercisable in that year shall cease to be ISOs and
thereafter be NQOs. For this purpose, the Fair Market Value of shares of Stock subject to Options shall be determined as of the date the Options were granted. In reducing the number of Options treated as ISOs to meet this $100,000 limit,
the most recently granted Options shall be reduced first. 
  

	6.	CERTAIN TERMS AND CONDITIONS OF OPTIONS AND OTHER AWARDS 

 Each Option shall be designated as an ISO or an NQO and shall be subject to the terms and conditions set forth in Section 6.1. The Committee may provide for different terms and conditions in any Award Agreement or amendment
thereto as provided in Section 4.4 to the extent not inconsistent with the terms of the Plan. 
 6.1. All Awards. All
Options and other Awards shall be subject to the following terms and conditions: 
 (a) Changes in Capital Structure. If the number of
outstanding shares of Stock is increased or decreased by means of a nonreciprocal transaction between an entity and its shareholders that causes the per-share Fair Market Value of the shares of Stock underlying an Award to change, such as a stock
dividend, stock split, spinoff, rights offering, or recapitalization through a large, nonrecurring cash dividend, (each an “Equity Restructuring”) then, from and after the record date for such Equity Restructuring, the number of shares of
Stock and class of Stock subject to this Plan and each outstanding Award shall be adjusted in proportion to such increase or decrease in outstanding Stock and the then-applicable exercise price of each outstanding Award shall be correspondingly
decreased or increased, as applicable. 
 (b) Certain Corporate Transactions. In the case of any reclassification or change of
outstanding Stock issuable upon exercise of an outstanding Award or in the case of any consolidation or merger of the Company with or into another entity (other than a merger in which 

  

 9 

 
the Company is the surviving entity and which does not result in any reclassification or change in the then-outstanding Stock) or in the case of any sale or
conveyance to another entity of the property of the Company as an entirety or substantially as an entirety, in each case that is not an Equity Restructuring, then, as a condition of such reclassification, change, consolidation, merger, sale or
conveyance, the Company or such successor or purchasing entity, as the case may be, shall make lawful and adequate provision whereby the holder of each outstanding Award shall thereafter have the right, on exercise of such Award, to receive the kind
and amount of securities, property and/or cash receivable upon such reclassification, change, consolidation, merger, sale or conveyance by a holder of the number of securities issuable upon exercise of such Award immediately before such
reclassification, change, consolidation, merger, sale or conveyance. Such provision shall include adjustments that shall be as nearly equivalent as may be practicable to the adjustments provided for in Section 6.1(a). Notwithstanding
the foregoing, if such a transaction occurs, in lieu of causing such rights to be substituted for outstanding Awards, the Committee may, upon 20 days’ prior written notice to Participants in its sole discretion: (i) shorten the period
during which Awards are exercisable, provided they remain exercisable, to the extent otherwise exercisable, for at least 20 days after the date the notice is given, or (ii) cancel an Award upon payment to the Participant in cash, with respect
to each Award to the extent then exercisable, of an amount which, in the sole discretion of the Committee, is determined to be equivalent to the amount, if any, by which the Fair Market Value (at the effective time of the transaction) of the
consideration that the Participant would have received if the Award had been exercised before the effective time exceeds the exercise price of the Award. The actions described in this Section 6.1(b) may be taken without regard to any
resulting tax consequences to the Participant. 
 (c) Grant Date. Each Award Agreement shall specify the date as of which it shall be
effective (the “Grant Date”), which shall not be earlier than the date on which the Committee has approved the terms and conditions of the Award and has determined the recipient of the Award and the number of shares, if any, covered by the
Award, and has taken all such other actions necessary to complete the grant of the Award. 
 (d) Time of Exercise; Vesting. Awards may,
in the sole discretion of the Committee, be exercisable or may vest, and restrictions may lapse, including without limitation, upon the achievement of any Performance Goals, if any, that may be established by the Committee as a condition to vesting
or settlement of the Award, as the case may be, at such times and in such amounts as may be specified by the Committee in the grant of the Award Performance Goals, if any, shall be established before twenty-five percent (25%) of the Performance
Period has elapsed, but in no event later than within ninety (90) days after the first day of a Performance Period. At the time any Performance Goals are established, the outcome as to whether the Performance Goals will be met must be
substantially uncertain. If any Performance Goals are established as a condition to vesting or settlement of an Award and such Performance Goal is not based solely on the increase in the Fair Market Value of the Stock, the Committee shall certify in
writing that the applicable Performance Goals were in fact satisfied before such Award is vested or settled, as applicable. To the extent an Award is subject to Performance Goals with the intent that the Award constitute performance-based
compensation under Code Section 162(m), the Committee shall comply with all applicable requirements under Code Section 162(m) and the rules and regulations promulgated thereunder in granting, modifying, and settling such Award. The
Committee may, but is not required to, structure any Award so as to qualify as performance-based compensation under Code Section 162(m) and may establish other performance criteria that do not qualify as Performance Goals hereunder. 

 

 10 

 (e) Nonassignability of Rights. Awards shall not be transferable other than with the consent of the
Committee (which consent will not be granted in the case of ISOs unless the conditions for transfer of ISOs specified in the Code have been satisfied) or by will or the laws of the descent and distribution. Awards requiring exercise shall be
exercisable during the Participant’s lifetime, only by the Participant; or in the event the Participant is disabled (within the meaning of Section 22(e)(3) of the Code), by the legal representative of the Participant; or in the event of
death of the Participant, by the legal representative of the Participant’s estate or if no legal representative has been appointed within ninety (90) days of the Participant’s death, by the person(s) taking under the laws of descent
and distribution governing the State in which the Participant was domiciled at the time of the Participant’s death; except to the extent that the Committee may provide otherwise as to any Awards other than Incentive Stock Options. 

(f) Notice and Payment. To the extent it is exercisable, an Award shall be exercisable only by written or recorded electronic notice of exercise,
in the manner specified by the Committee from time to time, delivered to the Company or its designated agent during the term of the Award (the “Exercise Notice”). The Exercise Notice shall: (i) state the number of shares of Stock
with respect to which the Award is being exercised; (ii) be signed by the holder of the Award or by the person authorized to exercise the Award pursuant to Section 6.1(e); and (iii) include such other information, instruments and
documents as may be required to satisfy any other condition to exercise set forth in the Award Agreement. Except as provided below, payment in full, in cash or check, shall be made for all shares of Stock purchased at the time notice of
exercise of an Award is given to the Company. The proceeds of any payment shall constitute general funds of the Company. At the time an Award is granted or before it is exercised, the Committee, in the exercise of its sole discretion, may
authorize any one or more of the following additional methods of payment: 
 (i) for all Participants other than officers of the Company and
Directors, acceptance of each such Participant’s full recourse promissory note for some or all (to the extent permitted by law) of the exercise price of the Stock being acquired, payable on such terms and rate of interest as determined by the
Committee, and secured in such manner, if at all, as the Committee shall approve, including, without limitation, by a security interest in the Stock which are the subject of the Award or other securities; 
 (ii) for all Participants, delivery by each such Participant of Stock already owned by such Participant for all or part of the exercise price of the
Award being exercised, provided that the Fair Market Value of such Stock is equal on the date of exercise to the exercise price of the Award being exercised, or such portion thereof as the Participant is authorized to pay and elects to pay by
delivery of such shares of Stock; 
 (iii) for all Participants, surrender by each such Participant, or withholding by the Company from the
Stock issuable upon exercise of the Award, of a number of shares of Stock subject to the Award being exercised with a Fair Market Value equal to some or all of the exercise price of the Stock being acquired, together with such documentation as the
Committee and the broker, if applicable, shall require; or 
 (iv) for all Participants, payment may be made pursuant to a cashless exercise
arrangement approved by the Committee. 
 (g) Termination of Employment from the Company, the Advisor or any Affiliate of the Company;
Removal of a Director for Cause. The Committee shall establish, in respect of each Award when granted, the effect of an Employment Termination on the rights and 

  

 11 

 
benefits thereunder and in so doing may, but need not, make distinctions based upon the cause of termination (such as retirement, death, disability or other
factors) or which party effected the termination (the employer or the Employee). All Awards granted to a Director whether or not an Employee will lapse on the date the Director ceases to be a Director of the Company as a result of his removal
for Cause. Notwithstanding any other provision in this Plan or the Award Agreement, the Committee may decide in its discretion at the time of any Employment Termination (or within a reasonable time thereafter) to extend the exercise period of
an Award (but not beyond the period specified in Section 6.2(b) or 6.3(b), as applicable) and not decrease the number of shares of Stock covered by the Award with respect to which the Award is exercisable or vested. A transfer of a
Participant from the Company to the Advisor or an Affiliate or vice versa, or from one Affiliate to another, or a leave of absence duly authorized by the Company, shall not be deemed an Employment Termination or a break in continuous employment
unless the Committee has provided otherwise. 
 (h) Other Provisions. Each Award Agreement may contain such other terms, provisions and
conditions not inconsistent with this Plan, as may be determined by the Committee, and each ISO granted under this Plan shall include such provisions and conditions as are necessary to qualify such Option as an “incentive stock option”
within the meaning of Section 422 of the Code. 
 (i) Withholding and Employment Taxes. At the time of exercise of an Award, the
lapse of restrictions on an Award, the Participant shall remit to the Company in cash all applicable Federal and state withholding and employment taxes. If and to the extent authorized and approved by the Committee in its sole discretion, a
Participant may elect, by means of a form of election to be prescribed by the Committee, to have shares of Stock which are acquired upon exercise of an Award withheld by the Company or tender other shares of Stock owned by the Participant to the
Company at the time that the amount of such taxes is determined, in order to pay the amount of such tax obligations, subject to any limitations as the Committee determines are necessary or appropriate. Any shares of Stock so withheld or
tendered shall be valued by the Company as of the date they are withheld or tendered. 
 (j) Employee Status. If the terms of any Award
provides that it may be earned or exercised only during employment or continued service or within a specified period of time after termination of employment or continued service, the Committee may decide to what extent leaves of absence for
governmental or military service, illness, temporary disability or other reasons shall not be deemed interruptions of continuous employment or service. 
 (k) Stockholder Rights. A Participant, as a result of receiving an Award, shall not have any rights as a stockholder until, and then only to the extent that, the Award is earned and settled in shares of Common
Stock. 
 6.2. Terms and Conditions to Which Only NQOs Are Subject. Options granted under this Plan which are designated
as NQOs shall be subject to the following terms and conditions: 
 (a) Exercise Price. The exercise price of an NQO shall be determined
by the Committee; provided, however, that the exercise price of an NQO shall not be less than the Fair Market Value of the Stock subject to the Option on the Grant Date. 
 (b) Option Term. Unless the Committee specifies an earlier expiration date at the Grant Date, each NQO shall expire 10 years after the Grant Date. 
  

 12 

 6.3. Terms and Conditions to Which Only ISOs Are Subject. Options granted under this Plan
which are designated as ISOs shall be subject to the following terms and conditions: 
 (a) Exercise Price. The exercise price of an ISO
shall be determined in accordance with the applicable provisions of the Code and shall in no event be less than the Fair Market Value of the Stock covered by the ISO at the Grant Date; provided, however, that the exercise price of an ISO granted to
a Ten Percent Stockholder shall not be less than 110% of such fair market value. 
 (b) Option Term. Unless an earlier expiration date
is specified by the Committee at the Grant Date, each ISO shall expire 10 years after the Grant Date; provided, however, that an ISO granted to a Ten Percent Stockholder shall expire no later than five years after the Grant Date. 
 (c) Disqualifying Dispositions. If shares of Stock acquired by exercise of an ISO are disposed of within two years after the Grant Date or within
one year after the transfer of the Stock to the optionee, the holder of the Stock immediately before the disposition shall promptly notify the Company in writing of the date and terms of the disposition, shall provide such other information
regarding the disposition as the Company may reasonably require. 
 (d) Termination of Employment. All vested ISOs must be exercised
within three months of the Employment Termination of the optionee, or at any time specified in the Award Agreement that is otherwise permissible in the case of a Participant who dies while employed or within three months of Employment Termination,
unless such Employment Termination is due to the employee’s being disabled (within the meaning of Section 22(e)(3) of the Code), in which case the ISO shall be exercised within one year of the Employment Termination; provided, however,
that such time limits may be exceeded by the Committee under the terms of the Award, in which case, the ISO will be a NQO if it is exercised after the time limits that would otherwise apply. 
 6.4. Surrender of Options. The Committee, acting in its sole discretion, may include a provision in an Award Agreement allowing the
optionee to surrender the Option covered by the agreement, in whole or in part in lieu of exercise in whole or in part, on any date that the Fair Market Value of the Stock subject to the Option exceeds the exercise price and the Option is
exercisable (to the extent being surrendered). The surrender shall be effected by the delivery of the Award Agreement, together with a signed statement which specifies the number of shares of Stock as to which the optionee is surrendering the
Option, together with a request for such type of payment. Upon such surrender, the optionee shall receive (subject to any limitations imposed by Rule 16b-3), at the election of the Committee, payment in cash or shares of Stock, or a combination
of the two, equal to (or equal in Fair Market Value to) the excess of the Fair Market Value of the shares of Stock covered by the portion of the Option being surrendered on the date of surrender over the exercise price for such shares of
Stock. The Committee, acting in its sole discretion, shall determine the form of payment, taking into account such factors as it deems appropriate. To the extent necessary to satisfy Applicable Laws, the Committee may terminate an
optionee’s rights to receive payments in cash for fractional shares of Stock. Any Award Agreement providing for such surrender privilege shall also incorporate such additional restrictions on the exercise or surrender of Options as may be
necessary to satisfy Applicable Law. 
  

 13 

	7.	RESTRICTED STOCK 

 Restricted Stock shall be subject
to the following terms and conditions: 
 7.1. Grant. The Committee may grant one or more Awards of Restricted Stock to any
Participant. Each Award of Restricted Stock shall specify the number of shares of Stock to be issued to the Participant, the date of issuance and the restrictions imposed on the shares of Stock including the conditions of release or lapse of such
restrictions. Pending the lapse of restrictions, certificates evidencing Restricted Stock (if any) shall bear a legend referring to the restrictions and shall be held by the Company. Prior to the issuance of any Restricted Stock, the Participant
receiving such Restricted Stock shall pay to the Company an amount of cash equal to the exercise price of the Restricted Stock, if any, specified by the Committee in the Award Agreement. Upon the issuance of Restricted Stock, the Participant may be
required to furnish such additional documentation or other assurances as the Committee may require in order to enforce the restrictions applicable thereto. 
 7.2. Restrictions. Except as specifically provided elsewhere in this Plan or the Award Agreement regarding Restricted Stock, Restricted Stock may not be sold, assigned, transferred, pledged or otherwise
disposed of or encumbered, either voluntarily or involuntarily, until the restrictions have lapsed and the rights to the shares of Restricted Stock have vested. The Committee may in its sole discretion provide for the lapse of such restrictions in
installments and may accelerate or waive such restrictions, in whole or in part, based on service, performance or such other factors or criteria as the Committee may determine. 
 7.3. Distributions. Unless otherwise determined by the Committee, cash distributions with respect to Restricted Stock shall be paid to the
recipient of the Award of Restricted Stock on the normal distribution payment dates, and distributions payable in shares of Stock shall be paid in the form of Restricted Stock having the same terms as the Restricted Stock upon which such
distribution is paid. Each Award Agreement for Awards of Restricted Stock shall specify whether and, if so, the extent to which the Participant shall be obligated to return to the Company any cash distributions paid with respect to any shares of
Restricted Stock which are subsequently forfeited. 
 7.4. Automatic Grants to Non-Employee Directors. Each individual who is
elected or re-elected to the Board (whether through stockholder meeting or by Directors to fill a vacancy on the Board) shall be granted 1,000 shares of Restricted Stock (the “Director Restricted Stock”) on the date of such election or
re-election. The Director Restricted Stock shall fully vest if the Non-Employee Director completes the term or partial term for which he or she was elected. Except as provided otherwise in this Section 7.4, such Director Restricted Stock shall
be subject to the same terms and conditions as are applicable to Restricted Stock. 
  

	8.	STOCK APPRECIATION RIGHTS 

 The Committee may grant
Stock Appreciation Rights to eligible persons. A Stock Appreciation Right shall entitle its holder to receive from the Company, at the time of exercise of the right, an amount in cash equal to (or, at the Committee’s discretion, shares of
Stock equal in Fair Market Value to) the excess of the Fair Market Value (at the date of exercise) of a share of Stock over a specified price fixed by the Committee in the governing Award Agreement multiplied by the number of shares of Stock as to
which the holder is exercising the Stock Appreciation Right. The specified price fixed by the Committee shall not be less than the Fair Market Value of the shares of Stock on the Grant Date of the Stock Appreciation Right. Stock 

  

 14 

 
Appreciation Rights may be granted in tandem with any previously or contemporaneously granted Option or independent of any Option. The specified price
of a tandem Stock Appreciation Right shall be the exercise price of the related Option. Any Stock Appreciation Rights granted in connection with an ISO shall contain such terms as may be required to comply with Section 422 of the Code.

  

	9.	DISTRIBUTION EQUIVALENT RIGHTS 

 9.1.
General. The Committee shall have the authority to grant Distribution Equivalent Rights to Participants upon such terms and conditions as it shall establish, subject in all events to the following limitations and provisions of
general application set forth in this Plan. Each Distribution Equivalent Right shall entitle a holder to receive, for a period of time to be determined by the Committee, a payment equal to the periodic distributions declared and paid by the
Company on one share of Stock. If the Distribution Equivalent Right relates to a specific Option, the period shall not extend beyond the earliest of the date the Option is exercised, the date any Stock Appreciation Right related to the Option
is exercised, or the expiration date set forth in the Option. To the extent the Committee deems advisable, it shall structure the Distribution Equivalent Rights such that they are either exempt from or compliant with Code Section 409A.

 9.2. Rights and Options. Each Distribution Equivalent Right may relate to a specific Option granted under this Plan and
may be granted to the optionee either concurrently with the grant of such Option or at such later time as determined by the Committee, or each Distribution Equivalent Right may be granted independent of any Option. 
 9.3. Payments. The Committee shall determine at the time of grant whether payment pursuant to a Distribution Equivalent Right shall be
immediate or deferred and if immediate, the Company shall make payments pursuant to each Distribution Equivalent Right concurrently with the payment of the periodic distributions to holders of Common Stock. If deferred, the payments shall not
be made until a date or the occurrence of an event specified by the Committee and then shall be made within 30 days after the occurrence of the specified date or event, unless the Distribution Equivalent Right is forfeited under the terms of the
Plan or applicable Award Agreement; provided, however, that the Committee may not make payment of a Distribution Equivalent Right contingent upon the exercise of the related Option or Stock Appreciation Right, to the extent the Committee desires to
preserve such Option’s or Stock Appreciation Right’s exemption from Section 409A of the Code. The Committee shall also determine in its sole discretion whether any portion of any payment shall be made in shares of Stock.

  

	10.	OTHER EQUITY-BASED AWARDS 

 10.1.
Grant. The Committee may grant one or more Other Equity-Based Awards to any Participant. Each Award specify the number of shares of Common Stock or other equity interests covered by such awards. 
 10.2. Terms and Conditions. The Committee, at the time an Other Equity-Based Award is made, shall specify the terms and conditions
which govern the award. The terms and conditions of an Other Equity-Based Award may prescribe that a Participant’s rights in the Other Equity-Based Award shall be forfeitable, nontransferable or otherwise restricted for a period of time or
subject to such other conditions as may be determined by the Committee, in its discretion and set forth in the Agreement. Other Equity-Based Awards may be granted to Participants, either alone or in addition to other awards granted under the Plan,
and Other Equity-Based Awards may be granted in the settlement of other Awards granted under the Plan. To the extent the Committee 

  

 15 

 
deems advisable, it shall structure such Other Equity-Based Awards such that they are either exempt from or compliant with Code Section 409A.

 10.3. Payment or Settlement. Other Equity-Based Awards valued in whole or in part by reference to, or otherwise based
on, shares of Common Stock, shall be payable or settled in shares of Common Stock, cash or a combination of Common Stock and cash, as determined by the Committee in its discretion. Other Equity-Based Awards denominated as equity interests other than
shares of Common Stock may be paid or settled in shares or units of such equity interests or cash or a combination of both as determined by the Committee in its discretion. 
  

	11.	COMPLIANCE WITH LAWS 

 This Plan, the granting and
vesting of Awards under this Plan, the issuance and delivery of Stock, and the payment of money or other consideration allowable under this Plan or under Awards awarded hereunder are subject to compliance with all applicable federal and state laws,
rules and regulations (including, but not limited to, state and federal securities laws and federal margin requirements) and to such approvals by any listing, regulatory or governmental authority as may, in the opinion of counsel for the Committee,
the Board or the Company, be necessary or advisable in connection therewith. Without limiting the generality of the foregoing, the Committee may, in its sole discretion, rescind, limit, amend, suspend, or alter any Award or limit a
Participant’s ability to exercise, or refuse to settle, any Award hereunder to the extent that the granting, issuance, or exercise of such Award (or any settlement thereof) or any term of such Award would jeopardize the status of the Company as
a “real estate investment trust” under the Code or other applicable state or federal law. Any securities delivered under this Plan shall be subject to such restrictions, and the person acquiring such securities shall, if requested by the
Company, provide such assurances and representations to the Company as the Committee, the Board or the Company may deem necessary or desirable to assure compliance with all applicable legal requirements. To the extent permitted by applicable
law, the Plan shall be deemed amended to the extent necessary to conform to such laws, rules and regulations. Nothing in this Plan or in any Award or Award Agreement shall require the Company to issue any Stock with respect to any Award if, in
the opinion of counsel for the Company, that issuance could constitute a violation of any Applicable Laws. As a condition to the grant or exercise of any Award, the Company may require the Participant (or, in the event of the Participant’s
death, the Participant’s legal representatives, heirs, legatees or distributees) to provide written representations concerning the Participant’s (or such other person’s) intentions with regard to the retention or disposition of the
Stock covered by the Award and written covenants as to the manner of disposal of such Stock as may be necessary or useful to ensure that the grant, exercise or disposition thereof will not violate the Securities Act, any other law or any rule of any
applicable securities exchange or securities association then in effect. The Company shall not be required to register any Stock under the Securities Act or register or qualify any Stock under any state or other securities laws. 
  

	12.	EMPLOYMENT OR OTHER RELATIONSHIP 

 Nothing in this
Plan or any Award shall in any way interfere with or limit the right of the Company, the Advisor or any Affiliate of the Company to terminate any Participant’s employment or status as a consultant or Director at any time, nor confer upon any
Participant any right to continue in the employ of, or as a Director or consultant of, the Company, the Advisor or any Affiliate of the Company. 
  

 16 

	13.	AMENDMENT, SUSPENSION AND TERMINATION OF THIS PLAN 

 The Board may at any time amend, suspend or discontinue this Plan provided that such amendment, suspension or discontinuance meets the requirements of Applicable Laws, including without limitation, the requirements for stockholder
approval. Notwithstanding the above, an amendment, alteration, suspension or discontinuation shall not be made if it would impair the rights of any Participant under any Award previously granted, without the Participant’s consent, except
to conform this Plan and Awards granted to the requirements of Applicable Laws or Section 10 hereof. 
  

	14.	LIABILITY AND INDEMNIFICATION OF THE COMMITTEE 

 No
person constituting, or member of the group constituting, the Committee shall be liable for any act or omission on such person’s part, including but not limited to the exercise of any power or discretion given to such member under this Plan,
except for those acts or omissions resulting from such member’s gross negligence or willful misconduct. The Company shall indemnify each present and future person constituting, or member of the group constituting, the Committee against,
and each person or member of the group constituting the Committee shall be entitled without further act on his or her part to indemnity from the Company for, all expenses (including the amount of judgments and the amount of approved settlements made
with a view to the curtailment of costs of litigation) reasonably incurred by such person in connection with or arising out of any action, suit or proceeding to the fullest extent permitted by law and by the Articles of Incorporation and Bylaws of
the Company. 
  

	15.	SECURITIES LAW LEGENDS 

 Certificates of shares of
Stock and Restricted Stock, if issued, may have the following legend and statements of other applicable restrictions endorsed thereon: 
 THE
SHARES OF STOCK REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE LAWS. THE SHARES MAY NOT BE OFFERED FOR SALE, SOLD, PLEDGED, TRANSFERRED OR OTHERWISE DISPOSED OF UNTIL THE
HOLDER HEREOF PROVIDES EVIDENCE SATISFACTORY TO THE ISSUER (WHICH, IN THE SOLE DISCRETION THE ISSUER, MAY INCLUDE AN OPINION OF COUNSEL SATISFACTORY TO THE ISSUER) THAT SUCH OFFER, SALE, PLEDGE, TRANSFER OR OTHER DISPOSITION WILL NOT VIOLATE ANY
APPLICABLE FEDERAL OR STATE SECURITIES LAWS. 
 This legend shall not be required for any shares of Stock issued pursuant to an effective
registration statement under the Securities Act. 
  

	16.	SEVERABILITY 

 If any provision of this Plan is held
to be illegal or invalid for any reason, that illegality or invalidity shall not affect the remaining portions of the Plan, but such provision shall be fully severable and the Plan shall be construed and enforced as if the illegal or invalid
provision had 

  

 17 

 
never been included in this Plan. Such an illegal or invalid provision shall be replaced by a revised provision that most nearly comports to the
substance of the illegal or invalid provision. If any of the terms or provisions of this Plan or any Award Agreement conflict with the requirements of Applicable Laws, those conflicting terms or provisions shall be deemed inoperative to the
extent they conflict with Applicable Law. 
  

	17.	EFFECTIVE DATE 

 The effective date of this Plan is
the earlier of the date this Plan was originally approved by the Company’s Board February 12, 2009) or the date it was approved in that form by the holders of a majority of the Company’s voting stock February 12, 2009 (the
“Effective Date”). 
  

	18.	MISCELLANEOUS 

 18.1. Loans. An
employer may, in its discretion, extend one or more loans to Employees in connection with the exercise or receipt of an Award granted under this Plan, to the extent not prohibited by law or the terms of the Plan. The terms and conditions of any
such loan shall be set by the board of directors of the employer. 
 18.2. Forfeiture Provisions. Pursuant to its general
authority to determine the terms and conditions applicable to Awards granted under the Plan, the Committee shall have the right (to the extent consistent with the applicable exemptive conditions of Rule 16b-3) to provide, in the terms of an Award
Agreement, or by separate written instrument, that (i) any proceeds, gains or other economic benefit actually or constructively received by a Participant upon the receipt or exercise of the Award, or upon the receipt or resale of any Stock
underlying such Award, must be paid to the Company, and (ii) the Award shall terminate and any unexercised portion of such Award (whether or not vested) shall be forfeited, if (a) Employment Termination occurs prior to a specified date, or
within a specified time period following receipt or exercise of the Award, or (b) the Participant, at any time, or during a specified time period, engages in any activity in competition with his employer or the Company, or which is inimical,
contrary or harmful to the interests of his employer or the Company, as may be further defined from time to time by the Committee. 
 18.3. Limitations Applicable to Section 16. Notwithstanding any other provision of this Plan, this Plan, and any Award granted to any individual who is then subject to Section 16 of the Exchange Act, shall be
subject to any additional limitations set forth in any applicable exemptive rule under Section 16 of the Exchange Act (including any amendment to Rule 16b-3) that are requirements for the application of such exemptive rule. To the extent
permitted by applicable law, the Plan shall be deemed amended to the extent necessary to conform to such applicable exemptive rule. 
 18.4. Effect of Plan Upon Other Incentive and Compensation Plans. The adoption of this Plan shall not affect any other options or compensation or incentive plans in effect for the Company. Nothing in this Plan shall
be construed to limit the right of the Company (i) to establish any other forms of incentives or compensation for employees of the Company, the Advisor or its Affiliates, or (ii) to grant or assume options or other rights or awards
otherwise than under this Plan in connection with any proper corporate purpose including, but not by way of limitation, the grant or assumption of options in connection with the acquisition by purchase, lease, merger, consolidation or otherwise of
the business, stock or assets of any corporation, partnership, limited liability company, firm or association. 
  

 18 

 18.5. Section 83(b) Election Prohibited. No Participant may make an election
under Section 83(b) of the Code with respect to any Award granted under this Plan without the Company’s consent. Each Award for which an election under Section 83(b) of the Code could be made without regard to this Section 17.5
shall, to the extent the Committee deems advisable, contain an acknowledgment by the Participant that such election may not be made without the Company’s consent. 
 [End of Plan.] 
  

 19

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