Document:

EX-10.2

 Exhibit 10.2 

ADVISORY AGREEMENT 
 BY
AND AMONG 
 STRATEGIC STORAGE TRUST II, INC., 

STRATEGIC STORAGE OPERATING PARTNERSHIP II, L.P. 

AND 
 STRATEGIC STORAGE
ADVISOR II, LLC 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	PAGE	 
	 ARTICLE I
	 	 DEFINITIONS
	  	 	3	  
			
	 ARTICLE II
	 	 APPOINTMENT
	  	 	10	  
			
	 ARTICLE III            
	 	 AUTHORITY OF THE ADVISOR
	  	 	10	  
	 Section 3.1
	 	 General
	  	 	10	  
	 Section 3.2
	 	 Powers of the Advisor
	  	 	10	  
	 Section 3.3
	 	 Approval by Directors
	  	 	10	  
	 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
	  	 	11	  
	 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
	  	 	15	  
			
	 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
	 	 Changes to Fee Structure
	  	 	16	  
			
	 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
	 	 NO PARTNERSHIP OR JOINT VENTURE
	  	 	19	  
			
	 ARTICLE XII
	 	 RELATIONSHIP WITH DIRECTORS
	  	 	19	  
			
	 ARTICLE XIII
	 	 REPRESENTATIONS AND WARRANTIES
	  	 	20	  
	 Section 13.1
	 	 The Company
	  	 	20	  
	 Section 13.2
	 	 The Operating Partnership
	  	 	20	  
	 Section 13.3
	 	 The Advisor
	  	 	21	  
			
	 ARTICLE XIV
	 	 TERM; TERMINATION OF AGREEMENT
	  	 	21	  
	 Section 14.1
	 	 Term
	  	 	21	  
	 Section 14.2
	 	 Termination by Any Party
	  	 	21	  

  
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	 Section 14.3
	 	 Termination by the Advisor
	  	 	21	  
	 Section 14.4
	 	 Termination by the Company
	  	 	22	  
	 Section 14.5
	 	 Survival
	  	 	22	  
			
	 ARTICLE XVI
	 	 PAYMENTS TO AND DUTIES OF PARTIES UPON TERMINATION
	  	 	22	  
	 Section 15.1
	 	 Reimbursable Expenses and Earned Fees
	  	 	22	  
	 Section 15.2
	 	 Advisor’s Duties Upon Termination
	  	 	22	  
	 Section 15.3
	 	 Non-Solicitation
	  	 	22	  
			
	 ARTICLE XVI
	 	 ASSIGNMENT TO AN AFFILIATE
	  	 	23	  
			
	 ARTICLE XVII
	 	 INCORPORATION OF THE CHARTER AND THE OPERATING PARTNERSHIP AGREEMENT
	  	 	23	  
			
	 ARTICLE XVIII
	 	 INDEMNIFICATION BY THE COMPANY AND THE OPERATING PARTNERSHIP
	  	 	23	  
			
	 ARTICLE XIX
	 	 INDEMNIFICATION BY ADVISOR
	  	 	24	  
			
	 ARTICLE XX
	 	 LIMITATION OF LIABILITY
	  	 	24	  
			
	 ARTICLE XXI
	 	 NOTICES
	  	 	24	  
			
	 ARTICLE XXII
	 	 MODIFICATION
	  	 	25	  
			
	 ARTICLE XXIII
	 	 SEVERABILITY
	  	 	25	  
			
	 ARTICLE XXIV
	 	 CONSTRUCTION/GOVERNING LAW
	  	 	25	  
			
	 ARTICLE XXV
	 	 ENTIRE AGREEMENT
	  	 	25	  
			
	 ARTICLE XXVI
	 	 INDULGENCES, NOT WAIVERS
	  	 	26	  
			
	 ARTICLE XXVII
	 	 GENDER
	  	 	26	  
			
	 ARTICLE XXVIII    
	 	 TITLES NOT TO AFFECT INTERPRETATION
	  	 	26	  
			
	 ARTICLE XXIX
	 	 EXECUTION IN COUNTERPARTS
	  	 	26	  
			
	 ARTICLE XXX
	 	 INITIAL INVESTMENT
	  	 	26	  

  
 ii 

 ADVISORY AGREEMENT 

THIS ADVISORY AGREEMENT, dated as of                 , 2013,
is entered into among STRATEGIC STORAGE TRUST II, INC., a Maryland corporation (the “Company”), STRATEGIC STORAGE OPERATING PARTNERSHIP II, L.P., a Delaware limited partnership (the “Operating Partnership”) and STRATEGIC STORAGE
ADVISOR II, LLC, a Delaware limited liability company (the “Advisor”). 
 W I T N E S S E T H 

WHEREAS, the Company has filed with the Securities and Exchange Commission (“SEC”) a Registration Statement on Form S-11 (No.
            ) (the “Registration Statement”) covering the issuance 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 is the general partner of the Operating Partnership; 

WHEREAS, the Company and the Operating Partnership desire to avail themselves of the experience, sources of information, advice, assistance
and certain facilities available to the Advisor and its Affiliates and to have the Advisor undertake the duties and responsibilities hereinafter set forth, on behalf of, and subject to the supervision of the Board of Directors of the Company, all as
provided herein; and 
 WHEREAS, the Advisor is willing to undertake to render such services, subject to the supervision of the Board of
Directors, on the terms and conditions hereinafter set forth. 
 NOW, THEREFORE, in consideration of the foregoing and of the mutual
covenants and agreements contained herein, the parties hereto agree as follows: 
 ARTICLE I 

DEFINITIONS 
 As used in
this Advisory Agreement, the following terms have the definitions hereinafter indicated: 
 “Acquisition Expenses” means expenses
incurred by the Company, the Operating Partnership, the Advisor or any of their affiliates in connection with the 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 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 

  
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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 and the
Operating Partnership described in Section 4.2. 
 “Advisor” means the Person responsible for directing or performing the
day-to-day business affairs of the Company and the Operating Partnership, including a Person to which an Advisor subcontracts substantially all such functions. The Advisor is Strategic Storage Advisor II, LLC or any Person which succeeds it in such
capacity. 
 “Advisory Agreement” means this advisory agreement between the Company, the Operating Partnership and the Advisor
pursuant to which the Advisor will direct or perform the day-to-day business affairs of the Company and the Operating Partnership, as it may be further 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 or the Operating Partnership, 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 monthly fee paid to the Advisor in the amount
established pursuant to Section 9.2 for the services provided to the Company and the Operating Partnership 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 or the Operating Partnership 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 or the Operating Partnership 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, $0.001 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 Strategic Storage Trust II, Inc., a corporation organized under the laws of the State of Maryland. 

“Competitive Real Estate Commission” means a real estate or brokerage commission paid (or, if no commission is paid, the amount that
customarily would be 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. 

  
 5 

 “Dealer Manager” means Select Capital Corporation, 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 offering of the Stock. Select Capital Corporation 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 dividends that may constitute a return of capital for federal income tax purposes. 
 “Excess
Amount” has the meaning set forth in Section 10.3(b) hereof. 
 “Excess Expense Guidelines” has the meaning set forth in
Section 10.3(b) hereof. 
 “Expense Year” 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 

  
 6 

 
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 or the Operating Partnership. 
 “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 of 1933. 

“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. 
   “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 from the sale of the Company’s or the Operating Partnership’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. 

  
 7 

 “Offering” means an offering of Stock that is registered with the SEC, excluding Stock
offered under any employee benefit plan. 
  “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 on a
national securities exchange, (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 Strategic Storage Operating Partnership II,
L.P., a Delaware limited partnership. 
 “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 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) travel and entertainment expenses related to the offering and marketing of the Stock;
(c) 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; (d) costs and expenses of conducting training and
educational conferences and seminars; (e) costs and expenses of attending broker-dealer sponsored retail seminars or conferences; and (f) payment or reimbursement of bona fide due diligence expenses. 

“Person” shall mean any natural person, partnership, corporation, association, trust, limited liability company or other legal
entity. 

  
 8 

 “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 at one or more of the Properties property
management services. 
 “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. 
 “Registration
Statement” means a registration statement filed by the Company with the Securities and Exchange Commission on Form S-11, as amended from time to time, in connection with a Public Offering. 

“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. 

“REIT Stock Amount” has the meaning set forth in the Operating Partnership Agreement. 

“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 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 

  
 9 

 
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 Strategic Storage Holdings, LLC, a Delaware limited liability company. 

“Stock” means shares of stock of the Company of any class or series, including Common Stock, preferred stock or shares-in-trust.

 “Stockholders” means the registered holders of the Company’s Stock. 

“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, and the Operating Partnership hereby appoint 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 and the Operating Partnership potential investment opportunities and to provide a
continuing and suitable investment program consistent with the investment objectives and policies of the Company as determined and adopted from time to time by the 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 and the
Operating Partnership 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 and the Operating Partnership to such officers,
employees, Affiliates, agents and representatives of the Advisor, the Company or the Operating Partnership 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, the Bylaws and the Operating Partnership Agreement. 

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 and the Operating Partnership 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 and the Operating Partnership, as applicable, to carry out any and all of the objectives and purposes of the Company and the Operating Partnership 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 the Operating Partnership or any investment by the Company or the Operating Partnership 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 

  
 10 

 
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 or the Operating Partnership 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 and the Operating
Partnership potential investment opportunities and to provide a continuing and suitable investment program consistent with the investment objectives and policies of the Company as determined and adopted from time to time by the Board. In connection
therewith, the Advisor agrees to perform the following services on behalf of the Company and the Operating Partnership. 

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; 
 (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 and the Operating Partnership’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; 

  
 11 

 (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 the
Operating Partnership; 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 the Operating Partnership; 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 and the Operating Partnership’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 and the Operating Partnership; 
 (iii) monitor and evaluate the performance of investments of the
Company and the Operating Partnership; provide daily management services to the Company and perform and supervise the various management and operational functions related to the Company’s and the Operating Partnership’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 the the Operating Partnership with any joint venture partners; 
 (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. 

  
 12 

 (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 and the Operating Partnership 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 and the Operating Partnership; 
 (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
and the Operating Partnership, engage and conduct business with such Persons as the Advisor deems necessary to the proper performance of its obligations hereunder, including but not limited to consultants, accountants, 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 and the Operating Partnership 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; 
 (xii) manage and perform the various administrative functions necessary for the management of the
day-to-day operations of the Company and the Operating Partnership; 
 (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 and the Operating Partnership’s business and operations; 

  
 13 

 (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 and the Operating Partnership 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 dividend 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 the
Operating Partnership or in the name of the Company or the Operating Partnership and may collect and deposit into any such account or accounts, and disburse from any such account or accounts, any money on behalf of the Company or the Operating
Partnership, 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 and the Operating Partnership, at any time or from
time to time during normal business hours. The Advisor, in the conduct of its responsibilities to the Company and the Operating Partnership, shall maintain adequate and separate books and records for the Company’s and the Operating
Partnership’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 and the Operating Partnership’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 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 and the Operating Partnership. 

  
 14 

 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 the Operating Partnership 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 insure 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.

 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 

  
 15 

 
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 the Operating Partnership, or (d) violate the Charter, the Bylaws or the Operating Partnership Agreement, 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 directors, officers, employees and stockholders, and stockholders, directors and officers of the Advisor’s Affiliates shall not be
liable to the Company or the Operating Partnership or to the Board or Stockholders for any act or omission by the Advisor, its directors, officers or employees, or stockholders, directors or officers 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 equal to 1.75% 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 purchase price allocable for a Property held through a Joint Venture shall equal the product of (a) the Contract Purchase Price of the Property and (b) the direct or
indirect ownership percentage in the Joint Venture held directly or indirectly by the Company or the Operating Partnership. For purposes of this Section 9.1, “ownership percentage” shall be the percentage of capital stock, membership
interests, partnership interests or other equity interests held by the Company or the Operating Partnership, without regard to classification of such interests. 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, for the asset management
services included in the services described in Section 4.3(a), the Company shall pay the Advisor a monthly Asset Management Fee in an amount equal to one-twelfth of 0.625% of the Average Invested Assets. The Advisor may elect to receive the
Asset Management Fee, in whole or in part, in shares of the Company. 
 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 in an amount equal to the lesser of: (a) 1% of the Contract Sales Price or (b) 50% of the Competitive Real Estate Commission. 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 or the Operating Partnership 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 or the Operating Partnership will pay the Disposition Fee for a property at the time
the property is sold. 
  Section 9.4 Changes to Fee Structure. In the event of a listing of the Common Stock on a
national securities exchange, 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,

  
 16 

 
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 or the Operating Partnership 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 and the Operating Partnership pursuant to this Advisory Agreement, including, but not limited to: 
 (a)
reimbursements for Organizational and Offering Expenses in connection with this offering, provided, however, that within 60 days after the end of the month in which an Offering terminates, the Advisor shall reimburse the Company to the extent
(i) there are Capped O&O Expenses borne by the Company or (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 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 the Operating Partnership 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 and the Operating Partnership, its business or income; 

(g) costs associated with insurance required in connection with the business of the Company, the Operating Partnership or by the Board; 

  
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 (h) expenses of managing and operating Properties owned by the Company or the Operating
Partnership, 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 the listing of the Common Stock on a national
securities exchange or with the issuance and distribution of Securities other than the Stock issued in 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, the Operating Partnership
or of amending the Charter, the Bylaws or the Operating Partnership Agreement; 
 (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 Advisor in fulfilling its duties
hereunder and including personnel costs; 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 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 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 the Operating
Partnership 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 and the Operating Partnership to comply with all applicable laws, regulation and ordinances; and all other out-of-pocket costs necessary for the operation of the Company, the Operating Partnership and the Assets
incurred by the Advisor in performing its duties hereunder. 
 The Company or the Operating Partnership shall also reimburse the Advisor or
Affiliates of the Advisor for all direct and indirect costs and expenses incurred on behalf of the Company or the Operating Partnership 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. 

  
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 Section 10.2 Other Services. Should the Directors request that the Advisor or
any director, officer or employee thereof render services for the Company or the Operating Partnership 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 the Operating Partnership 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 and the Operating Partnership 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 or the Operating Partnership 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 or the Operating Partnership to the Advisor. 
 (b) Upon four
fiscal quarters after the Company’s or the Operating Partnership’s acquisition of the first Property, the Company shall not reimburse the Advisor at the end of any fiscal quarter 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 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 a majority of the Independent Directors, shall send to the Stockholders a written disclosure of such fact, together with an
explanation of the factors 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 

NO PARTNERSHIP OR JOINT VENTURE 

The parties to this Agreement 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 any of them except as set forth herein. In all respects, the status of the Advisor under this
Advisory Agreement is that of an independent contractor. 
 ARTICLE XII 

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, directors, officers and employees of the Advisor or an Affiliate of the Advisor or any corporate parents of an Affiliate, or directors, officers or stockholders of any director, officer or corporate parent of
an Affiliate may serve as 

  
 19 

 
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 XIII 

REPRESENTATIONS AND WARRANTIES 

Section 13.1 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. 

(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 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 13.2 The Operating Partnership. To induce the Advisor to enter into this
Advisory Agreement, the Operating Partnership hereby represents and warrants that: 
 (a) The Operating Partnership is a Delaware limited
partnership, duly organized, validly existing and in good standing under the laws of the State of Delaware with all requisite power and authority and all material licenses, permits and authorizations necessary to carry out the transactions
contemplated by this Advisory Agreement. 
 (b) The Operating Partnership’s execution, delivery and performance of this Advisory
Agreement has been duly authorized. This Agreement constitutes the valid and binding obligation of the Operating Partnership, enforceable against the Operating Partnership in accordance with its terms. The Operating Partnership’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 Operating Partnership 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 

  
 20 

 
notice to any court or administrative or governmental body pursuant to, the Operating Partnership Agreement or any law, statute, rule or regulation to which the Operating Partnership is subject,
or any agreement, instrument, order, judgment or decree by which the Operating Partnership is bound, in any such case in a manner that would have a material adverse effect on the ability of the Operating Partnership to perform any of its obligations
under this Advisory Agreement. 
 Section 13.3 The Advisor. To induce the Company and the Operating Partnership 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 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 articles of incorporation or bylaws, 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 Registration Statement 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 Registration Statement, or the Operating Partnership Agreement in the absence of the express direction of a majority of the Independent Directors. 

ARTICLE XIV 
 TERM;
TERMINATION OF AGREEMENT 
 Section 14.1 Term. This 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 the Board, will evaluate the performance of the Advisor annually
before renewing the Agreement, and each such renewal shall be for a term of no more than one year. 
 Section 14.2 Termination by
Any Party. This Agreement may be terminated upon 60 days’ written notice without cause or penalty, by any party (by a majority of the Independent Directors of the Company or the manager of the Advisor). 

Section 14.3 Termination by the Advisor. This Agreement may be terminated immediately by the Advisor in the event of any
material breach of this Advisory Agreement by the Company or the Operating Partnership not cured within 30 days after written notice thereof. 

  
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 Section 14.4 Termination by the Company. This Agreement may be terminated
immediately by the Company or the Operating Partnership 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 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 Advisor or a substantial part of the property of Advisor, or for the winding
up or liquidation of its affairs; or (c) 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 Operating Partnership, or (vii) takes company or other action in furtherance of any of the aforesaid purposes. 

Section 14.5 Survival. The provisions of Articles I, VI, VII and XV through XX survive termination of this Advisory
Agreement. 
 ARTICLE XV 

PAYMENTS TO AND DUTIES OF 

PARTIES UPON TERMINATION 

Section 15.1 Reimbursable Expenses and Earned Fees. After the Termination Date, the Advisor shall be entitled to receive
from the Company or the Operating Partnership within thirty (30) days after the effective date of such termination all amounts then accrued and owing to the Advisor, including all unpaid reimbursable expenses and all earned but unpaid fees
payable to the Advisor prior to termination of this Advisory Agreement. 
 Section 15.2 Advisor’s Duties Upon
Termination. The Advisor shall promptly upon termination: 
 (a) pay over to the Company and the Operating Partnership all money
collected and held for the account of the Company and the Operating Partnership pursuant to this 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 and the Operating Partnership then in the custody of the Advisor; and 
 (d) cooperate with the
Company and the Operating Partnership to provide an orderly management transition. 
 Section 15.3 Non-Solicitation.
During the period commencing on the effective date of this Agreement and ending two years following the Termination Date, the Company shall not, without the Advisor’s prior written consent, directly or indirectly, (i) solicit or encourage
any employee, consultant, contractor or other Person performing services on behalf of the Advisor or its Affiliates to 

  
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leave the employment or other service of the Advisor or any of its Affiliates, or (ii) hire or pay, directly or indirectly, any compensation to, on behalf of the Company or any other Person,
any employee, consultant, contractor or other Person performing services on behalf of the Advisor or its Affiliates who has left the employment of, or engagement by, the Advisor or any of its Affiliates within the two-year period following the
termination of that person’s employment with, or engagement by, the Advisor or any of its Affiliates. During the period commencing on the effective date of this Agreement and ending two years following the Termination Date, the Company will
not, whether for its own account or for the account of any other Person, intentionally interfere with the relationship of the Advisor or any of its Affiliates with, or endeavor to entice away from the Advisor or any of its Affiliates, any Person who
during the term of this Agreement is, or during the preceding two-year period was, a tenant, co-investor, co-developer, joint venturer or other customer of the Advisor or any of its Affiliates. 

ARTICLE XVI 

ASSIGNMENT TO AN AFFILIATE 

This 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 Agreement shall not be assigned by the Company or the Operating Partnership without the consent of the Advisor,
except in the case of an assignment by the Company or the Operating Partnership, as the case may be, to a legal entity that is a successor to all of the assets, rights and obligations of the Company or the Operating Partnership, as the case may be,
in which case such successor organization shall be bound hereunder and by the terms of said assignment in the same manner as the Company or the Operating Partnership, as the case may be, is bound by this Advisory Agreement. 

ARTICLE XVII 

INCORPORATION OF THE CHARTER AND THE OPERATING PARTNERSHIP AGREEMENT 

To the extent that the Charter or the Operating Partnership Agreement as in effect on the date hereof impose obligations or restrictions on
the Advisor or grant the Advisor certain rights which are not set forth in this Agreement, the Advisor shall abide by such obligations or restrictions and such rights shall inure to the benefit of the Advisor with the same force and effect as if
they were set forth herein. 
 ARTICLE XVIII 

INDEMNIFICATION BY THE COMPANY AND THE OPERATING PARTNERSHIP 

The Company and the Operating Partnership shall indemnify and hold harmless the Advisor and its Affiliates, including their respective
officers, directors, partners 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 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 the State of Delaware, as applicable, 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 and the Operating Partnership, as applicable; 
 (b) The Advisor or its Affiliates were acting on
behalf of or performing services for the Company or the Operating Partnership; 

  
 23 

 (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 assets, including
insurance proceeds, 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 and the Operating Partnership pursuant to Article XIX. 

ARTICLE XIX 

INDEMNIFICATION BY ADVISOR 

The Advisor shall indemnify and hold harmless the Company and the Operating Partnership 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. 

ARTICLE XX 

LIMITATION OF LIABILITY 

In no event will the parties 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 the Company:	Strategic Storage Trust II, Inc. 

	 	    	Attention : H. Michael Schwartz 

	 	    	111 Corporate Drive, Suite 120 

	 	    	Ladera Ranch, California 92694 

	 	    	Fax: 949-429-6606 

  
 24 

	 	With a copy to:	Chairman of the Nominating and Corporate Governance Committee 

	 	    	111 Corporate Drive, Suite 120 

	 	    	Ladera Ranch, California 92694 

	 	    	Fax: 949-429-6606 

  

	 	To the Operating Partnership:	Strategic Storage Operating Partnership II, L.P. 

	 	    	Attention: H. Michael Schwartz 

	 	    	111 Corporate Drive, Suite 120 

	 	    	Ladera Ranch, California 92694 

	 	    	Fax: 949-429-6606 

  

	 	To the Advisor:	Strategic Storage Advisor II, LLC 

	 	    	Attention : H. Michael Schwartz 

	 	    	111 Corporate Drive, Suite 120 

	 	    	Ladera Ranch, California 92694 

	 	    	Fax: 949-429-6606 

 Any 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
Agreement shall not be changed, modified, terminated, or discharged, in whole or in part, except by an instrument in writing signed by the parties hereto, or their respective successors or assignees. 

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 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 Agreement may not be modified or amended other than by an agreement in writing. 

  
 25 

 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. 
 ARTICLE XXIX 

EXECUTION IN COUNTERPARTS 

This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original as against any party whose
signature appears thereon, and all of which shall together constitute one and the same instrument. This Agreement shall become binding when 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. In addition, the Advisor may not sell any of the OP Units while the Advisor acts in such advisory capacity to the Company or the
Operating Partnership, provided, that such OP Units may be transferred to Affiliates of the Advisor. Affiliates of the Advisor may not sell any of the OP Units while the Advisor acts in such advisory capacity to the Company or the Operating
Partnership, provided, that such OP 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. 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] 

  
 26 

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

			
	THE COMPANY:
	
	 STRATEGIC STORAGE TRUST II, INC.

		
	 By:
	 	 
		 	H. Michael Schwartz
		 	President and Chief Executive Officer
	
	THE OPERATING PARTNERSHIP:
	
	STRATEGIC STORAGE OPERATING PARTNERSHIP II, L.P.
		
	 BY:
	 	 STRATEGIC STORAGE TRUST II, INC., ITS

GENERAL PARTNER

		
	 By:
	 	 
		 	H. Michael Schwartz
		 	President and Chief Executive Officer
	
	THE ADVISOR:
	
	 STRATEGIC STORAGE ADVISOR II, LLC

		
	 By:
	 	 
		 	H. Michael Schwartz
		 	President

  
 27EX-10.4

 Exhibit 10.4 

ESCROW AGREEMENT 

This Escrow Agreement (this “Agreement”) is made and entered into as of this      day of
            , 2013 by and among Strategic Storage Trust II, Inc., a Maryland corporation (the “Company”), Select Capital Corporation, a California corporation (the
“Dealer Manager”), and UMB Bank, N.A., as Escrow Agent, a national banking association organized and existing under the laws of the United States of America (the “Escrow Agent”). 

RECITALS 
 WHEREAS, the
Company proposes to offer and sell shares of its common stock (the “Shares”), on a best efforts basis, for at least $1.5 million and up to $1.0 billion of gross offering proceeds (excluding shares of its common stock to be offered
and sold pursuant to the Company’s distribution reinvestment plan), at an initial purchase price of $10.00 per share (the “Offering”) to investors pursuant to the Company’s Registration Statement on Form S-11 (File
No. 333-190983) as amended from time to time (the “Offering Document”); 
 WHEREAS, Strategic Storage Advisor II, LLC,
a Delaware limited liability company (the “Advisor”), will externally manage and advise the Company; 
 WHEREAS, the Dealer
Manager will act as dealer manager for the Offering; 
 WHEREAS, the Company is entering into this Agreement to set forth the terms on which
the Escrow Agent will, except as otherwise provided herein, hold and disburse the proceeds from subscriptions for the purchase of the Shares in the Offering, which will be until such time as the Company has received subscriptions for Shares
resulting in total minimum capital raised of at least $1.5 million, including subscriptions from the Company’s directors, officers and other persons and entities affiliated with the Company or the Advisor (the “Required
Capital”); 
 WHEREAS, deposits received from residents of the State of Pennsylvania (the “Pennsylvania
Subscribers”) will remain in the Escrow Account (as defined below), until the conditions of Section 3 have been met; 

WHEREAS, the Company desires that the Escrow Agent act as escrow agent to the Escrow Account (as defined below), and the Escrow Agent is
willing to act in such capacity; and 
 WHEREAS, the Escrow Agent has engaged DST Systems, Inc. (the “Transfer Agent”) to
examine for “good order” subscriptions and to act as record keeper, maintaining on behalf of the Escrow Agent the ownership records for the Escrow Account. In so acting, the Transfer Agent shall be acting solely in the capacity of agent
for the Escrow Agent and not in any capacity on behalf of the Company or the Dealer Manager. 
 AGREEMENT 

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

1. Appointment and Commencement of Duties. The Company hereby appoints the Escrow Agent for purposes of holding the proceeds from the
subscriptions for Shares on the terms and conditions set forth herein (the “Escrowed Funds”). This Agreement will be effective as of the date on which the Offering Document becomes effective with the Securities and Exchange
Commission (the “Effective Date”). Except as otherwise set forth herein for the Pennsylvania Subscribers, the “Escrow Period” shall commence upon the Effective Date and shall continue until the earlier of
(i) the date upon which the Escrow Agent receives confirmation from the Company that the Company has raised the Required Capital, (ii) the termination of the Offering by the Company prior to the receipt of the Required Capital, or
(iii) the close of business on the date (the “Threshold Date”) that is one year from the Effective Date 

 
the Offering Document becomes effective with the Securities and Exchange Commission. As soon as practicable after the Effective Date, the Company shall establish an interest-bearing escrow
account with the Escrow Agent, which shall be entitled “ESCROW ACCOUNT FOR THE BENEFIT OF SUBSCRIBERS FOR COMMON STOCK OF STRATEGIC STORAGE TRUST II, INC.” (the “Escrow Account”). 

2. Operation of the Escrow Account. 

(a) Deposits in the Escrow Account. 

(1) During the Escrow Period, persons subscribing to purchase the Shares (the “Subscribers”) will be
instructed by the Dealer Manager or any soliciting broker dealers or registered investment advisors to remit the purchase price in the form of checks, drafts, wires, Automated Clearing House (ACH) or money orders (hereinafter
“instruments of payment”) payable to the order of “UMB Bank, N.A., Escrow Agent for Strategic Storage Trust II, Inc.,” or a recognizable contraction or abbreviation thereof. Completed subscription agreements and
instruments of payment for the purchase price for Shares shall be remitted by the broker dealers or registered investment advisors, as applicable, on behalf of the Subscribers to the address designated on the subscription agreement for the receipt
of such agreements and instruments of payment (the “Designated Address”) by the end of the next business day following receipt of any such instruments of payment or, if final internal supervisory review is conducted at a different
location, by the end of the next business day following receipt of any such instruments of payment by the office conducting final internal supervisory review. After subscriptions are received resulting in total minimum capital raised equal to the
Required Capital and such funds are disbursed from the Escrow Account in accordance with Section 2(b)(1)(A) hereof, subscriptions may continue to be so submitted unless otherwise instructed by the Dealer Manager or the Company; provided that
subscriptions received from Pennsylvania Subscribers shall continue to be so submitted until the conditions of Section 3 have been met. Any checks, drafts or money orders received made payable to a party other than the Escrow Agent (or after
the Required Capital is received, made payable to a party other than the party designated by the Dealer Manager or the Company) shall be returned to the soliciting dealer or other applicable party who submitted the check, draft or money order. All
instruments of payment from each such Subscriber shall, except as otherwise specified herein, be deposited into the Escrow Account by the end of the business day on which such instruments of payment are received at the Designated Address (after the
Required Capital is received, a new account may be established in the name of the Company). 
 (2) Not later than ten
(10) business days prior to any required disbursement of interest by the Escrow Agent to any Subscriber pursuant to Section 2(b)(4) hereof or other applicable provision herein, the Dealer Manager or the Company will provide or cause to be
provided to the Escrow Agent, an executed IRS Form W-9 (which may be a Substitute Form W-9 as contained in the subscription agreement provided such Substitute Form W-9 is in conformity with all applicable Internal Revenue Service rules, regulations
and guidelines) (“Form W-9”), the calculation of the number of Shares intended to be purchased, and purchase price remitted or other documentation containing such information sufficient to identify the respective Subscriber. The
Escrow Agent shall not be obligated to use any efforts to obtain such information from the Subscriber, the Company or the Dealer Manager. If such information regarding a Subscriber is not provided to the Escrow Agent in a timely manner after the
Escrow Agent’s receipt of the purchase price from such Subscriber, the Company or the Dealer Manager shall cooperate with the Escrow Agent to return such funds to the soliciting dealer or other 

  
 2 

 
applicable party who submitted the funds, unless such information for a Subscriber is provided prior to the actual return of such funds by the Escrow Agent, and no interest otherwise payable
shall be due or payable with respect to such funds under Section 2(b)(4) hereof. The Escrow Account will be established and maintained in such a way as to permit the interest income calculations described in Section 2(b)(4) hereof. 

(3) All monies received from Subscribers for the payment of Shares shall, except as otherwise specified herein, be promptly
deposited in the Escrow Account by the end of the business day on which such instruments of payment are received at the Designated Address. The Transfer Agent will maintain a written account of each sale, which account shall set forth, among other
things, the following information: (A) the Subscriber’s name and address, (B) the number of Shares intended to be purchased by the Subscriber, and (C) the amount paid by the Subscriber for the Shares. During the Escrow Period,
neither the Company nor the Transfer Agent will be entitled to any principal funds received into the Escrow Account. 
 (4)
The Escrow Agent agrees to promptly process for collection the instruments of payment upon deposit into the Escrow Account. Deposits shall be held in the Escrow Account until such funds are disbursed in accordance with Sections
2(b)(1)(A)-(B) hereof, and Section 3 hereof, as applicable. Prior to disbursement of the funds deposited in the Escrow Account, such funds shall not be subject to claims by creditors of the Company or the Dealer Manager or any of their
affiliates. If any of the instruments of payment are returned to the Escrow Agent for nonpayment prior to receipt of the Required Capital (or the Pennsylvania Required Capital, as applicable, and as defined below), the Escrow Agent shall promptly
notify the Dealer Manager, the Company and the Transfer Agent in writing by mail, email or facsimile of such nonpayment, and is authorized to debit the Escrow Account in the amount of such returned payment. 

(5) The Company hereby directs the Escrow Agent to provide the Transfer Agent with all electronic files and information needed
by the Transfer Agent to perform its duties as record keeper under the agency agreement between the Transfer Agent and the Company. 

(b) Distribution of the Escrowed Funds. 

(1) Subject to the provisions of Sections 2(b)(2)-(4) below: 

(A) Once the collected funds in the Escrow Account are an amount equal to or greater than the Required Capital, the Escrow
Agent shall promptly notify the Company and, upon receiving written instructions and certification of approval by the Company that the collected funds in the Escrow Account are an amount equal to or greater than the Required Capital, disburse to the
Company, by check or wire transfer, the funds in the Escrow Account representing the gross purchase price for the Shares (other than any funds received from Pennsylvania Subscribers which cannot be released until the conditions of Section 3
have been met), together with any interest thereon. For purposes of this Agreement, the term “collected funds” shall mean all funds received by the Escrow Agent that have cleared normal banking channels and are in the form of cash or a
cash equivalent. After the satisfaction of the aforementioned provisions of this Section 2(b)(1)(A), in the event the Company receives subscriptions made payable to the Escrow Agent, subscription proceeds may continue to be received in this
account generally, but such proceeds (other than any funds received from Pennsylvania Subscribers) are not subject to this Agreement and at the 

  
 3 

 
instruction of the Company to the Escrow Agent shall be transferred from the Escrow Account or deposited directly into, as the case may be, a commercial deposit account in the name of the Company
with the Transfer Agent (the “Deposit Account”) that has been previously established by the Company, unless otherwise directed by the Company. The Company hereby covenants and agrees that it shall do all things necessary in order to
establish the Deposit Account prior to its use. No provisions of this Agreement shall apply to the Deposit Account. 
 (B)
In order to induce the Escrow Agent to deposit into the Deposit Account any instruments for payment payable to the Escrow Agent, the Company warrants and represents that any subscription agreement or other disclosure provided to a subscriber of
Shares shall specify that, notwithstanding such instruments for payment naming the Escrow Agent as payee thereon, it shall not be maintained in an escrow account with the Escrow Agent after the Required Capital (or Pennsylvania Required Capital, as
applicable, and as defined below) has been achieved. 
 (2) Within four (4) business days prior to the Threshold Date,
the Escrow Agent shall promptly notify the Company if collected funds in the Escrow Account are not an amount equal to or greater than the Required Capital. The Company agrees that it will provide, or cause to be provided, to the Escrow Agent an
executed Form W-9 for each Subscriber by the end of the ninth (9th) day following the date of such notice if interest will be payable to any such
Subscribers. On the tenth (10th) day following the date of such notice, the Escrow Agent shall promptly return directly to each Subscriber the collected funds deposited in the Escrow Account
on behalf of such Subscriber, or shall return the instruments of payment delivered, but not yet processed for collection prior to such time, in each case, together with interest in the amounts calculated pursuant to Section 2(b)(4) for each
Subscriber at the address provided by the Dealer Manager or the Company. 
 However, the Escrow Agent shall not be required
to remit any payments until funds represented by such payments have been collected. 
 (3) If the Company rejects any
subscription for which the Escrow Agent has collected funds, the Escrow Agent shall, upon the written request of the Company, promptly issue a refund to the rejected Subscriber. If the Company rejects any subscription for which the Escrow Agent has
not yet collected funds but has submitted the Subscriber’s check for collection, the Escrow Agent shall promptly return the funds in the amount of the Subscriber’s check to the rejected Subscriber after such funds have been collected. If
the Escrow Agent has not yet submitted a rejected Subscriber’s check for collection, the Escrow Agent shall promptly remit the Subscriber’s check directly to the Subscriber. 

(4) If the Company determines that interest will be payable to Subscribers as provided in Section 2(b)(2),
Section 3, or Section 6 hereof, the Company agrees that it will inquire of the Escrow Agent whether the Escrow Agent is in possession of all Subscribers’ executed Forms W-9 or such Subscribers’ federal tax identification numbers
provided by the Company, and agrees that it will not accept subscriptions of any Subscriber for which the Escrow Agent is not in possession of an executed Form W-9 provided by the Company, provided that the Escrow Agent has so informed the Company.
The Escrow Agent shall not be required to remit any payments until funds represented by such payments have been collected by the Escrow Agent. The Escrow Agent shall issue checks for interest earned on subscription proceeds and IRS Forms

  
 4 

 
1099 relating thereto to Subscribers. If an investor fails to remit an executed Form W-9 to the Escrow Agent prior to the date the Escrow Agent returns such funds, the Escrow Agent shall withhold
30% of the earnings attributable to such investor’s funds, in accordance with United States Treasury regulations. 
 3. Distribution
of the Escrowed Funds from Pennsylvania Subscribers. 
 (a) Notwithstanding anything to the contrary herein,
disbursements of funds contributed by Pennsylvania Subscribers may only be distributed in compliance with the provisions of this Section 3. Irrespective of any disbursement of funds from the Escrow Account pursuant to Section 2 or
Section 3 hereof, the Escrow Agent will continue to place deposits from the Pennsylvania Subscribers into the Escrow Account until such time as the Company notifies the Escrow Agent in writing that total subscriptions (including amounts in the
Escrow Account previously disbursed as directed by the Company and the amounts then held in the Escrow Account) equal or exceed $50 million (the “Pennsylvania Required Capital”), whereupon the Escrow Agent shall disburse to the
Company, at the Company’s request, the principal amount of the funds from the Pennsylvania Subscribers received by the Escrow Agent for accepted subscriptions and any interest earned on such Pennsylvania Subscribers’ subscription payments
while such payments were held in the Escrow Account. However, the Escrow Agent shall not disburse to the Company those funds of a subscriber, the subscription of which has been rejected or rescinded, if the Escrow Agent has been notified by the
Company of such rejection or rescission. Following such disbursements, in the event the Company receives subscriptions from Pennsylvania Subscribers made payable to the Escrow Agent, such subscription proceeds are not subject to this Agreement and
shall be deposited into the Escrow Account or, at the instruction of the Company to the Escrow Agent, shall be transferred from the Escrow Account to, or deposited directly into, as the case may be, the Deposit Account. 

(b) If the Company has not received total subscriptions of at least the Pennsylvania Required Capital within 120 days of
the date the Company first receives a subscription from a Pennsylvania Subscriber (the “Initial Escrow Period”), the Company shall notify each Pennsylvania Subscriber by certified mail or any other means (whereby receipt of delivery
is obtained) of the right of Pennsylvania Subscribers to have their investment returned to them. If, pursuant to such notice, a Pennsylvania Subscriber requests the return of his or her subscription funds within ten (10) days after receipt of
the notification (the “Request Period”), the Escrow Agent shall promptly refund, without interest and without deduction, directly to each Pennsylvania Subscriber the funds deposited in the Escrow Account on behalf of the
Pennsylvania Subscriber. 
 (c) The funds of Pennsylvania Subscribers who do not request the return of their funds
within the Request Period shall remain in the Escrow Account for successive 120-day escrow periods (each a “Successive Escrow Period”), each commencing automatically upon the termination of the prior Successive Escrow Period, and
the Company and Escrow Agent shall follow the notification and payment procedure set forth in Section 3(b) above with respect to the Initial Escrow Period for each Successive Escrow Period, except that a pro rata share of any interest earned on
funds deposited during each Successive Escrow Period shall be paid to each Pennsylvania Subscriber as well, until the occurrence of the earliest of (i) the termination of the offering by the Company prior to the receipt of the Pennsylvania
Required Capital, (ii) the receipt and acceptance by the Company of total subscriptions that equal or exceed the Pennsylvania Required Capital and the disbursement of the Escrow Account on the terms specified in this Section 3, or
(iii) all funds held in the Escrow Account for Pennsylvania Subscribers 

  
 5 

 
have been returned to the Pennsylvania Subscribers in accordance with the provisions hereof. 

(d) If the Company has not received total subscriptions of at least the Pennsylvania Required Capital within 365 days
after the Threshold Date, all funds in the Escrow Account for Pennsylvania Subscribers will be promptly returned in full to such Pennsylvania Subscribers, together with their pro rata share of any interest earned thereon after the Initial Escrow
Period pursuant to instructions made by the Company, upon which the Escrow Agent may conclusively rely. 
 4. Escrowed Funds. Prior
to the disbursement of funds deposited in the Escrow Account in accordance with the provisions of Section 2(b) and Section 3 hereof, the Escrow Agent shall invest all of the funds deposited as well as earnings and interest derived
therefrom in UMB Bank Money Market Special, an interest-bearing bank money market account permitted under Rule 15c2-4 of the Securities Exchange Act of 1934, as amended. The Escrow Agent shall not invest funds deposited or any earnings or interest
derived therefrom in any other investment without the prior written direction or approval from the Company. 
 Income, if any, resulting
from the investment of the Escrowed Funds shall be retained by the Escrow Agent, and shall be distributed according to this Agreement. 
 5.
Interest Payable to Subscribers. If the Offering terminates prior to receipt of the Required Capital or one or more Pennsylvania Subscribers elects to have his or her subscription returned in accordance with Section 3, interest income
earned on subscription proceeds (the “Escrow Income”) deposited in the Escrow Account shall be allocated among Subscribers on a pro rata basis and without any deductions for any fees or expenses. The Escrow Agent shall remit the
Escrow Income in accordance with Section 2(b)(4). If the Company chooses to leave the Escrow Account open after receiving the Required Capital, then it shall make regular acceptances of subscriptions therein, but no less frequently than
monthly, and the Escrow Income from the last such acceptance shall be calculated and remitted to the Subscribers or the Company, as applicable, pursuant to the provisions of Section 2(b)(4). 

6. Reporting by Escrow Agent. The Escrow Agent shall report to the Company up to daily but at least weekly as instructed by the Company
or the Dealer Manager on the account balance in the Escrow Account and the activity in such account since the last report. 
 7. Duties
of the Escrow Agent. The Escrow Agent shall have no duties or responsibilities other than those expressly set forth in this Agreement, and no implied duties or obligations shall be read into this Agreement against the Escrow Agent. The Escrow
Agent is not a party to, or bound by, any other agreement among the other parties hereto, and the Escrow Agent’s duties shall be determined solely by reference to this Agreement. The Escrow Agent shall have no duty to enforce any obligation of
any person, other than as provided herein. Except as provided in Section 2(a)(1) hereof regarding ensuring that certain funds are separately accounted for on the records of the Transfer Agent, the Escrow Agent shall be under no liability to
anyone by reason of any failure on the part of any party hereto or any maker, endorser or other signatory of any document or any other person to perform such person’s obligations under any such document. 

8. Liability of the Escrow Agent; Indemnification. The Escrow Agent acts hereunder as a depository only. The Escrow Agent is not
responsible or liable in any manner for the sufficiency, correctness, genuineness or validity of this Agreement or with respect to the form of execution of the same. The Escrow Agent shall not be liable for any action taken or omitted by it, or any
action suffered by it to be taken or omitted, in good faith, and in the exercise of its own best judgment, and may rely conclusively and shall be protected in acting upon any order, notice, demand, certificate, opinion or advice of counsel
(including counsel chosen by the Escrow Agent), statement, instrument, report or other paper or document (not only as to its due execution and the validity and effectiveness of its provisions, but also as to the truth and acceptability of any
information therein contained) which is believed by the 

  
 6 

 
Escrow Agent to be genuine and to be signed or presented by the proper person(s). The Escrow Agent shall not be held liable for any error in judgment made in good faith by an officer or employee
of the Escrow Agent unless it shall be proved that the Escrow Agent was grossly negligent or reckless in ascertaining the pertinent facts or acted intentionally in bad faith. The Escrow Agent shall not be bound by any notice of demand, or any
waiver, modification, termination or rescission of this Agreement or any of the terms hereof, unless evidenced by a writing delivered to the Escrow Agent signed by the proper party or parties and, if the duties or rights of the Escrow Agent are
affected, unless it shall give its prior written consent thereto. 
 The Escrow Agent may consult legal counsel and shall exercise
reasonable care in the selection of such counsel, in the event of any dispute or question as to the construction of any provisions hereof or its duties hereunder, and it shall incur no liability and shall be fully protected in acting in accordance
with the reasonable opinion or instructions of such counsel. 
 The Escrow Agent shall not be responsible, may conclusively rely upon and
shall be protected, indemnified and held harmless by the Company, for the sufficiency or accuracy of the form of, or the execution, validity, value or genuineness of any document or property received, held or delivered by it hereunder, or of the
signature or endorsement thereon, or for any description therein; nor shall the Escrow Agent be responsible or liable in any respect on account of the identity, authority or rights of the persons executing or delivering or purporting to execute or
deliver any document, property or this Agreement. 
 In the event that the Escrow Agent shall become involved in any arbitration or
litigation relating to the Escrowed Funds, the Escrow Agent is authorized to comply with any decision reached through such arbitration or litigation. 

The Company hereby agrees to indemnify the Escrow Agent for, and to hold it harmless against, any loss, liability or expense incurred in
connection herewith without gross negligence, recklessness or willful misconduct on the part of the Escrow Agent, including without limitation legal or other fees arising out of or in connection with its entering into this Agreement and carrying out
its duties hereunder, including without limitation the costs and expenses of defending itself against any claim of liability in the premises or any action for interpleader. The Escrow Agent shall be under no obligation to institute or defend any
action, suit, or legal proceeding in connection herewith, unless first indemnified and held harmless to its satisfaction in accordance with the foregoing, except that the Escrow Agent shall not be indemnified against any loss, liability or expense
arising out of its own gross negligence, recklessness or willful misconduct. Such indemnity shall survive the termination or discharge of this Agreement or resignation of the Escrow Agent. 

9. The Escrow Agent’s Fee. The Escrow Agent shall be entitled to fees and expenses for its regular services as Escrow Agent as set
forth in Exhibit A. Additionally, the Escrow Agent is entitled to reasonable fees for extraordinary services and reimbursement of any reasonable out of pocket and extraordinary costs and expenses related to its obligations as Escrow Agent
under this Agreement, including, but not limited to, reasonable attorneys’ fees. All of the Escrow Agent’s compensation, costs and expenses shall be paid by the Company. 

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

11. Dispute. In the event of any disagreement between the undersigned or the person or persons named in the instructions contained in
this Agreement, or any other person, resulting in adverse claims and demands being made in connection with or for any papers, money or property involved herein, or affected hereby, the Escrow Agent shall be entitled to refuse to comply with any
demand or claim, as long as such disagreement shall continue, and in so refusing to make any delivery or other disposition of any money, papers or property involved or affected hereby, the Escrow Agent shall not be or become

  
 7 

 
liable to the undersigned or to any person named in such instructions for its refusal to comply with such conflicting or adverse demands, and the Escrow Agent shall be entitled to refuse and
refrain to act until: 
 (a) the rights of the adverse claimants shall have been fully and finally adjudicated in a court
assuming and having jurisdiction of the parties and money, papers and property involved herein or affected hereby, or 
 (b)
all differences shall have been adjusted by agreement and the Escrow Agent shall have been notified thereof in writing, signed by all the interested parties. 

12. Resignation of Escrow Agent. The Escrow Agent may resign or be removed, at any time, for any reason, by written notice of its
resignation or removal to the proper parties at their respective addresses as set forth herein, at least 60 days before the date specified for such resignation or removal to take effect. Upon the effective date of such resignation or removal: 

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

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

 13. Notices. All notices, demands and requests required or permitted to be given under the provisions hereof must be in writing
and shall be deemed to have been sufficiently given, upon receipt, if (a) personally delivered, (b) sent by telecopy and confirmed by phone or (c) mailed by registered or certified mail, with return receipt requested, delivered as
follows: 
  

			
	(1) If to the Company:	  	Strategic Storage Trust, Inc.
		  	Attention: H. Michael Schwartz
		  	111 Corporate Drive, Suite 120
		  	Ladera Ranch, CA 92694
		  	 Telephone: (949) 429-6600
 Facsimile: (949)
429-6606

		
	(2) If to the Escrow Agent:	  	 UMB Bank, N.A.
 Attention: Lara L. Stevens,
Corporate Trust

		  	1010 Grand Blvd., 4th Floor
		  	Mail Stop: 1020409
		  	Kansas City, MO 64106
		  	Telephone: (816) 860-3017
		  	Facsimile: (816) 860-3029
		
	(3) If to Dealer Manager:	  	 Select Capital Corporation
 Attention: James M.
Walsh

		  	31351 Rancho Viejo Rd., Suite 205
		  	San Juan Capistrano, CA 92675
		  	Telephone: (714) 656-2126
		  	Facsimile: (949) 429-5393

  
 8 

 14. Governing Law. This Agreement shall be construed and enforced in accordance with the
laws of the State of California without regard to the principles of conflicts of law. 
 15. Binding Effect; Benefit. This Agreement
shall be binding upon and inure to the benefit of the permitted successors and assigns of the parties hereto. 
 16. Modification.
This Agreement may be amended, modified or terminated at any time by a writing executed by the Company, the Dealer Manager and the Escrow Agent. 

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

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

21. Earnings Allocation; Tax Matters; Patriot Act Compliance. The Escrow Agent shall be responsible for all tax reporting under this
Agreement. The Company shall provide to the Escrow Agent upon the execution of this Agreement any documentation requested and any information reasonably requested by the Escrow Agent to comply with the USA Patriot Act of 2001, as amended from time
to time. 
 22. Sarbanes-Oxley. The Escrow Agent will reasonably cooperate with the Company in fulfilling any of the Company’s
obligations under the Sarbanes-Oxley Act of 2002, as such obligations relate to the provision of services under this Agreement, including assistance as to the documentation and auditing of the Escrow Agent’s procedures. 

23. Miscellaneous. This Agreement shall not be construed against the party preparing it, and shall be construed without regard to the
identity of the person who drafted it or the party who caused it to be drafted and shall be construed as if all parties had jointly prepared this Agreement and it shall be deemed their joint work product, and each and every provision of this
Agreement shall be construed as though all of the parties hereto participated equally in the drafting hereof; and any uncertainty or ambiguity shall not be interpreted against any one party. As a result of the foregoing, any rule of construction
that a document is to be construed against the drafting party shall not be applicable. 
 24. Termination of the Agreement. This
Agreement, except for Section 9 and Section 13 hereof, which shall continue in effect, shall terminate upon written notice from the Company to the Escrow Agent. 

  
 9 

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

			
	COMPANY:
	
	STRATEGIC STORAGE TRUST II, INC.
		
	By:	 	  

	Name:	 	H. Michael Schwartz
	Title:	 	Chairman, President, and CEO
	
	DEALER MANAGER:
	
	SELECT CAPITAL CORPORATION
		
	By:	 	  

	Name:	 	James M. Walsh
	Title:	 	Chairman and CEO
	
	ESCROW AGENT:
	
	UMB BANK, N.A.
		
	By:	 	  

	Name:	 	Lara L. Stevens
	Title:	 	Vice President

  
 10 

 EXHIBIT A 

ESCROW FEES AND EXPENSES 

One Time Acceptance Fee 
  

					
	 Review document, establish account, and
	  	$	3,250	  
		
	 Set up recon file/feeds with Transfer Agent
	  			

 Transactional Fees, if provided 

 

					
	 Outgoing Wire Transfer
	  	$	35 each	  
		
	 Web Exchange Access
	  	$	60 per month	  
		
	 Overnight Delivery/Mailings
	  	$	16.50 each	  
		
	 IRS Tax Reporting
	  	$	10 per 1099	  
		
	 Daily BAI File to Transfer Agent
	  	$	2.50 per Business Day	  
		
	 Daily Wire Ripping to Transfer Agent
	  	$	10 per Business Day	  

 One Time Acceptance Fee will be payable at the initiation of the escrow. Transactional fees, if any, will be billed quarterly
in arrears. Other fees and expenses will be billed as incurred. If the Escrow Account is open for a period longer than 1 year, an additional $2,500 will be charged for each year the Escrow Account is opened, to be billed annually in advance. 

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

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