Document:

EX-10.4

 Exhibit 10.4 
 TAX MATTERS AGREEMENT 
 This TAX MATTERS AGREEMENT (this
“Agreement”) is entered into as of [            ], 2013, by and among Marcus & Millichap Company, a California corporation (“MMC”), and
Marcus & Millichap, Inc., a Delaware corporation and a wholly owned subsidiary of MMC (“MMREIS”) (MMC and MMREIS are sometimes collectively referred to herein as the “Companies” and, as the context
requires, individually referred to herein as the “Company”). 
 RECITALS 

WHEREAS, the Board of Directors of MMC has determined that it would be appropriate and desirable to separate completely the MMREIS
brokerage business from MMC; 
 WHEREAS, as of the date hereof, MMC is the common parent of an affiliated group of corporations,
including MMREIS, which has elected to file consolidated Federal income tax returns; 
 WHEREAS, pursuant to the Contribution
Agreement (as defined below), MMC has undertaken to contribute all of its stock of Marcus & Millichap Real Estate Investment Services, Inc. to MMREIS; 
 WHEREAS, MMC has agreed to effect the Debt-for-Equity Exchange and the Distribution; 
 WHEREAS, the parties desire to provide for and agree upon the allocation between the parties of liabilities for Taxes arising prior to, at the time of, and subsequent to the Distribution (as defined
below), and to provide for and agree upon other matters relating to Taxes; 
 NOW THEREFORE, in consideration of the mutual
agreements contained herein, the parties hereby agree as follows: 
 Section 1. Definition of Terms. For purposes of this Agreement
(including the recitals hereof), the following terms have the following meanings: 
 “Active Trade or Business”
means (i) with respect to MMREIS, the active conduct (as defined in Section 355(b)(2) of the Code and the Treasury Regulations thereunder) of the MMREIS brokerage business as conducted immediately prior to the IPO and (ii) with
respect to MMC, the active conduct (as defined in Section 355(b)(2) of the Code and the Treasury Regulations thereunder) of MMC’s business as conducted immediately prior to the IPO other than the MMREIS brokerage business. 

“Adjustment Request” means any formal or informal claim or request filed with any Tax Authority, or with any
administrative agency or court, for the adjustment, refund, or credit of Taxes, including (i) any amended Tax Return claiming adjustment to the Taxes as reported on the Tax Return or, if applicable, as previously adjusted, (ii) any claim
for equitable recoupment or other offset, and (iii) any claim for refund or credit of Taxes previously paid. 

“Affiliate” means, with respect to any Person, a Person that, directly or indirectly, controls, is controlled by or is
under common control with, the Person specified. “Control” means beneficial ownership of more than fifty percent (50%) of the stock of an entity by voting power or value. 

“Agreement” means this Tax Matters Agreement. 

 “Business Day” means any day other than Saturday, Sunday or any other day
on which banks located in San Francisco, California, are required or authorized by law to remain closed. 

“Code” means the U.S. Internal Revenue Code of 1986, as amended. 

“Companies” and “Company” have the meaning provided in the first sentence of this Agreement.

 “Contribution” means the contribution of the stock of Marcus & Millichap Real Estate Investment
Services, Inc. to MMREIS pursuant to the Contribution Agreement. 
 “Contribution Agreement” means the
Contribution Agreement by and among MMREIS and the shareholders of Marcus & Millichap Real Estate Investment Services, Inc., including MMC. 
 “Controlling Party” has the meaning set forth in Section 9.02(c) of this Agreement. 
 “Debt-for-Equity Exchange” means an exchange by MMC of MMREIS Common Stock for debt owed by MMC in connection with the Distribution. 

“Deconsolidation Date” means the last date on which MMREIS qualifies as a member of the affiliated group (as defined in
Section 1504 of the Code) of which MMC is the common parent. 
 “Dispute” has the meaning set forth in
Section 13.01 of this Agreement. 
 “Distribution” means the distribution of the stock of MMREIS by MMC to
its shareholders. 
 “Distribution Date” means the date or dates on which the Distribution occurs. 

“Employment Tax” means any income, withholding or payroll Taxes payable by the Companies or their subsidiaries in
respect of wages or other amounts payable to employees (including FICA and FUTA Taxes) and any interest, penalties and additions to tax in respect of any such Tax. 
 “Fifty Percent or Greater Interest” has the meaning ascribed to such term for purposes of Sections 355(d) and (e) of the Code. 

“Filing Date” has the meaning set forth in Section 6.04(d) of this Agreement. 

“Final Determination” means the final resolution of liability for any Tax, which resolution may be for a specific issue
or adjustment or for a taxable period, (i) by IRS Form 870 or 870-AD (or any successor forms thereto), on the date of acceptance by or on behalf of the taxpayer, or by a comparable form under the laws of a State, local, or foreign taxing
jurisdiction, except that a Form 870 or 870-AD or comparable form shall not constitute a Final Determination to the extent that it reserves (whether by its terms or by operation of law) the right of the taxpayer to file a claim for refund or the
right of the Tax Authority to assert a further deficiency in respect of such issue or adjustment or for such taxable period (as the case may be); (ii) by a decision, judgment, decree, or other order by a court of competent jurisdiction, which
has become final and unappealable; (iii) by a closing agreement or accepted offer in compromise under Sections 7121 or 7122 of the Code, or a comparable agreement under the laws of a State, local, or foreign taxing jurisdiction; (iv) by
any allowance of a refund or credit in respect of an overpayment of any Tax, but only after the expiration of all periods during which such refund may be recovered (including by way of offset) by the jurisdiction imposing such Tax; (v) by a
final settlement resulting from a treaty-based competent authority determination; or (vi) by any other final disposition, including by reason of the expiration of the applicable statute of limitations or by mutual agreement of the parties.

  
 2 

 “Group” means the MMC Group or the MMREIS Group, or both, as the context
requires. 
 “Income Tax” means any United States federal income Tax, state income Tax or foreign income Tax
(including any such Taxes imposed by means of withholding and including any interest, penalties or additions to tax in respect thereto); provided that Income Tax shall not include Employment Taxes. 

“Indemnitee” has the meaning set forth in Section 12.02 of this Agreement. 

“Indemnitor” has the meaning set forth in Section 12.02 of this Agreement. 

“IPO” means the initial public offering of MMREIS. 

“IRS” means the United States Internal Revenue Service. 

“Joint Return” means any Tax Return relating to Income Tax that actually includes, by election or otherwise, one or more
members of the MMC Group together with one or more members of the MMREIS Group. 
 “MMC” has the meaning
provided in the first sentence of this Agreement. 
 “MMC Entity” means an entity that is a member of the MMC
Group immediately after the Distribution or thereafter becomes a member of the MMC Group. 
 “MMC Group” means
the affiliated group (as that term is defined in Section 1504 of the Code and the Treasury Regulations thereunder) of which MMC is the common parent, as determined immediately after the Distribution. 

“MMC Separate Return” means any Tax Return relating to Income Taxes of or including any member of the MMC Group
(including any consolidated, combined or unitary return) that does not include any member of the MMREIS Group. 

“MMREIS” has the meaning provided in the first sentence of this Agreement. 

“MMREIS Carryback” means any net operating loss, net capital loss, excess tax credit, or other similar Tax item of any
member of the MMREIS Group which may or must be carried from one Tax Period to another prior Tax Period under the Code or other applicable Tax Law. 
 “MMREIS Common Stock” means common stock of MMREIS. 

“MMREIS Entity” means an entity that is a member of the MMREIS Group immediately after the Distribution or thereafter
becomes a member of the MMREIS Group. 
 “MMREIS Group” means the affiliated group (as that term is defined in
Section 1504 of the Code and the Treasury Regulations thereunder) of which MMREIS is the common parent, as determined immediately after the Distribution. 

  
 3 

 “MMREIS Separate Return” means any Tax Return relating to Income Taxes of
or including any member of the MMREIS Group (including any consolidated, combined or unitary return) that does not include any member of the MMC Group. 
 “Non-Controlling Party” has the meaning set forth in Section 9.02(c) of this Agreement. 
 “Notified Action” has the meaning set forth in Section 6.03(a) of this Agreement. 
 “Payment Date” means (i) with respect to any MMC federal consolidated income Tax Return, (A) the due date for any required installment of estimated taxes determined under
Section 6655 of the Code, (B) the due date (determined without regard to extensions) for filing the return determined under Section 6072 of the Code, or if earlier (C) the date the return is filed, as the case may be, and
(ii) with respect to any other Tax Return, the corresponding dates determined under the applicable Tax Law. 

“Payor” has the meaning set forth in Section 4.03 of this Agreement. 

“Person” means an individual, a partnership, a corporation, a limited liability company, an association, a joint stock
company, a trust, a joint venture, an unincorporated organization or a governmental entity or any department, agency or political subdivision thereof, without regard to whether any entity is treated as disregarded for U.S. federal income tax
purposes. 
 “Post-Deconsolidation Period” means any Tax Period beginning after the Deconsolidation Date.

 “Pre-Deconsolidation Period” means any Tax Period ending on or before the Deconsolidation Date. 

“Preliminary Tax Advisor” has the meaning set forth in Section 13.03 of this Agreement. 

“Prime Rate” means the base rate on corporate loans charged by Citibank, N.A. from time to time, compounded daily on the
basis of a year of 365 or 366 (as applicable) days and actual days elapsed. 
 “Privilege” means any privilege
that may be asserted under applicable law, including, any privilege arising under or relating to the attorney-client relationship (including the attorney-client and work product privileges), the accountant-client privilege and any privilege relating
to internal evaluation processes. 
 “Representation Letters” means the statements of facts and
representations, officer’s certificates, representation letters and any other materials (including, without limitation, a Ruling Request and any related supplemental submissions to the IRS or other Tax Authority) delivered or deliverable by
MMC, MMREIS, their Affiliates or representatives thereof in connection with the rendering by Tax Advisors, and/or the issuance by the IRS or other Tax Authority, of the Tax Opinions/Rulings. 

“Required Party” has the meaning set forth in Section 4.03 of this Agreement. 

“Responsible Company” means, with respect to any Tax Return, the Company having responsibility for preparing and filing
such Tax Return under this Agreement. 
 “Retention Date” has the meaning set forth in Section 8.01 of
this Agreement. 

  
 4 

 “Ruling” means a private letter ruling issued by the IRS to MMC in
connection with the Contribution and Distribution. 
 “Ruling Request” means any letter filed by MMC with the
IRS or other Tax Authority requesting a ruling regarding certain tax consequences of the Separation Transactions (including all attachments, exhibits, and other materials submitted with such ruling request letter) and any amendment or supplement to
such ruling request letter. 
 “Separate Return” means an MMC Separate Return or an MMREIS Separate Return, as
the case may be. 
 “Separation Transactions” means the Contribution, the Debt-for-Equity Exchange and the
Distribution. 
 “Straddle Period” means any Tax Period that begins before or on the Deconsolidation Date and
ends after the Deconsolidation Date. 
 “Tax” or “Taxes” means any income, gross income, gross
receipts, profits, capital stock, franchise, withholding, payroll, social security, workers compensation, unemployment, disability, property, ad valorem, value added, stamp, excise, severance, occupation, service, sales, use, license, lease,
transfer, import, export, alternative minimum, estimated or other tax (including any fee, assessment, or other charge in the nature of or in lieu of any tax), imposed by any governmental entity or political subdivision thereof, and any interest,
penalty, additions to tax, or additional amounts in respect of the foregoing. 
 “Tax Advisor” means a tax
counsel or accountant of recognized national standing. 
 “Tax Attribute” means a net operating loss, net
capital loss, unused investment credit, unused foreign tax credit, excess charitable contribution, general business credit, research and development credit or any other Tax Item that could reduce a Tax or create a Tax Benefit. 

“Tax Authority” means, with respect to any Tax, the governmental entity or political subdivision thereof that imposes
such Tax and the agency (if any) charged with the collection of such Tax for such entity or subdivision. 
 “Tax
Benefit” means any refund, credit, or other reduction in otherwise required liability for Taxes. 
 “Tax
Contest” means an audit, review, examination, or any other administrative or judicial proceeding with the purpose or effect of redetermining Taxes (including any administrative or judicial review of any claim for refund). 

“Tax-Free Status” means the qualification of the Contribution, the Debt-for-Equity Exchange and the Distribution, taken
together, (i) as a reorganization described in Sections 355(a) and 368(a)(1)(D) of the Code, (ii) as a transaction in which the stock distributed thereby is “qualified property” for purposes of Sections 355(d), 355(e) and 361(c)
of the Code, and (iii) as a transaction in which MMC, MMREIS and the shareholders of MMC recognize no income or gain for U.S. federal income tax purposes pursuant to Sections 355, 361 and 1032 of the Code, other than, in the case of MMC and
MMREIS, intercompany items or excess loss accounts taken into account pursuant to the Treasury Regulations promulgated pursuant to Section 1502 of the Code, and in the case of the shareholders of MMC, any income from distributions of cash to
them. 

  
 5 

 “Tax Item” means, with respect to any Income Tax, any item of income, gain,
loss, deduction, or credit. 
 “Tax Law” means the law of any governmental entity or political subdivision
thereof relating to any Tax. 
 “Tax Opinions/Rulings” means the opinions of Tax Advisors and/or the rulings by
the IRS or other Tax Authorities deliverable to MMC in connection with the Contribution, the Debt-for-Equity Exchange, the Distribution, the IPO or otherwise with respect to the Separation Transactions. 

“Tax Period” means, with respect to any Tax, the period for which the Tax is reported as provided under the Code or
other applicable Tax Law. 
 “Tax Records” means any (i) Tax Returns, (ii) Tax Return workpapers,
(iii) documentation relating to any Tax Contests, and (iv) any other books of account or records (whether or not in written, electronic or other tangible or intangible forms and whether or not stored on electronic or any other medium)
required to be maintained under the Code or other applicable Tax Laws or under any record retention agreement with any Tax Authority, in each case filed with respect to or otherwise relating to Taxes that are the subject of this Agreement.

 “Tax-Related Losses” means (i) all Taxes (including interest and penalties thereon) imposed pursuant to
any settlement, Final Determination, judgment or otherwise; (ii) all accounting, legal and other professional fees, and court costs incurred in connection with such Taxes, as well as any other out-of-pocket costs incurred in connection with
such Taxes; and (iii) all costs, expenses and damages associated with stockholder litigation or controversies and any amount paid by MMC (or any MMC Affiliate) or MMREIS (or any MMREIS Affiliate) in respect of the liability to shareholders, in
each case resulting from the failure of the Contribution, the Debt-for-Equity Exchange and/or the Distribution to have Tax-Free Status. 
 “Tax Return” or “Return” means any report of Taxes due, any claim for refund of Taxes paid, any information return with respect to Taxes, or any other similar report,
statement, declaration, or document required to be filed under the Code or other Tax Law with respect to Taxes, including any attachments, exhibits, or other materials submitted with any of the foregoing, and including any amendments or supplements
to any of the foregoing. 
 “Transfer Pricing Adjustment” means any proposed or actual allocation by a Tax
Authority of any Tax Item between or among any MMC Entity and any MMREIS Entity with respect to any Tax Period ending prior to or including the final Distribution Date. 
 “Treasury Regulations” means the regulations promulgated from time to time under the Code as in effect for the relevant Tax Period. 

“Unqualified Tax Opinion” means an unqualified “will” opinion of a Tax Advisor, which Tax Advisor is
acceptable to MMC (under Section 6.01(c)) or MMREIS (under Section 6.02(c)) on which MMC or MMREIS, as the case may be, may rely to the effect that a transaction will not affect the Tax-Free Status. Any such opinion must assume that the
Contribution, the Debt-for-Equity Exchange and the Distribution would have qualified for Tax-Free Status if the transaction in question did not occur. 

  
 6 

 Section 2. Allocation of Tax Liabilities. 

Section 2.01. General Rule. 
 (a) MMC Liability. MMC shall be liable for, and shall indemnify and hold harmless the MMREIS Group from and against any liability for, Taxes which are allocated to MMC under this Section 2.

 (b) MMREIS Liability. MMREIS shall be liable for, and shall indemnify and hold harmless the MMC Group from and against
any liability for, Taxes which are allocated to MMREIS under this Section 2. 
 Section 2.02. Allocation of Income
Taxes. Except as provided in Section 2.03, Section 2.04 or Section 2.05, Income Taxes shall be allocated as follows: 
 (a) Pre-Deconsolidation Allocation. MMC shall be responsible for any and all Income Taxes of the MMC Entities and the MMREIS Entities due with respect to any income Tax Return (including any
increase in such Tax as a result of a Final Determination) for all Pre-Deconsolidation Periods and to that portion of a Straddle Period that ends on the Deconsolidation Date. 
 (b) Post-Deconsolidation Allocation to MMREIS. MMREIS shall be responsible for any and all Income Taxes due with respect to any income Tax Return of any MMREIS Entity (including any increase in
such Tax as a result of a Final Determination) for all Post-Deconsolidation Periods and to that portion of a Straddle Period that begins after the Deconsolidation Date. 
 (c) Allocations With Respect to Straddle Periods. For purposes of this Section 2.02, with respect to a Straddle Period, the Companies shall determine the Tax attributable to the portion of the
Straddle Period that ends on the Deconsolidation Date by an interim closing of the books of the Companies and the members of their respective Groups as of the Deconsolidation Date. For this purpose, such portion of the Straddle Period shall be
deemed to end at the end of the day on the Deconsolidation Date. 
 Section 2.03. Other Taxes. Employment Taxes,
sales and use Taxes, ad valorem and property Taxes and all other Taxes other than Income Taxes shall be borne by the entity(ies) on which such taxes are imposed under pertinent Tax Law. 

Section 2.04. MMREIS Liability. MMREIS shall be liable for, and shall indemnify and hold harmless the MMC Group from
and against, any liability for: 
 (a) any Tax allocated to MMREIS or any other MMREIS Entity pursuant to Sections 2.01
through 2.03; 
 (b) any Tax or other damages resulting from a breach by MMREIS of any covenant in this Agreement; and

 (c) any Tax-Related Losses for which MMREIS is responsible pursuant to Section 6.04 of this Agreement. 

  
 7 

 Section 2.05. MMC Liability. MMC shall be liable for, and shall indemnify
and hold harmless the MMREIS Group from and against, any liability for: 
 (a) any Income Taxes imposed as a result of the
triggering of an excess loss account occurring by reason of the Distribution or income attributable to a deferred intercompany transaction occurring on or prior to the Deconsolidation Date pursuant to the Treasury Regulations promulgated under
Section 1502 of the Code (or comparable provisions of any state law); 
 (b) any Tax allocated to MMC or any other MMC
Entity pursuant to Sections 2.01 through 2.03; 
 (c) any Tax or other damages resulting from a breach by MMC of any
covenant in this Agreement; and 
 (d) any Tax-Related Losses for which MMC is responsible pursuant to Section 6.04 of this
Agreement. 
 Section 3. Preparation and Filing of Tax Returns. 

Section 3.01. MMC’s Responsibility. MMC has the exclusive obligation and right to prepare and file, or to cause to
be prepared and filed: 
 (a) all Joint Returns; 
 (b) all MMC Separate Returns; 
 (c) all MMREIS Separate Returns for
Pre-Deconsolidation Periods and Straddle Periods; and 
 (d) all Tax Returns for members of the MMC Group. 

Section 3.02. MMREIS’s Responsibility. Except as provided in Section 3.01, the members of the MMREIS Group
shall prepare and file, or shall cause to be prepared and filed, their own Tax Returns. 
 Section 3.03. Tax Reporting
Practices. 
 (a) MMC General Rule. Except as provided in Section 3.03(c), MMC shall prepare any Tax Return
which it has the obligation and right to prepare and file, or cause to be prepared and filed, under Section 3.01, in accordance with reasonable Tax accounting practices selected by MMC. 

(b) MMREIS General Rule. Except as provided in Section 3.03(c), MMREIS shall prepare any Tax Return which it has the
obligation and right to prepare and file, or cause to be prepared and filed, under Section 3.02, in accordance with reasonable tax accounting practices selected by MMREIS. 

(c) Reporting of Separation Transactions. The Companies agree to report, and to cause the members of their respective Groups to
report, the Tax treatment of the Separation Transactions on any Tax Return in a manner consistent with the Ruling Request and the Tax Opinions/Rulings, taking into account the jurisdiction in which such Tax Returns are filed. 

Section 3.04. Consolidated or Combined Tax Returns. MMREIS will elect and join, and will cause its respective
Affiliates to elect and join, in filing any Joint Returns that MMC determines are required to be filed or that MMC chooses to file pursuant to Section 3.01(a). 

  
 8 

 Section 3.05. Right to Review Tax Returns. The Responsible Company with respect
to any material Tax Return shall make the portion of such Tax Return and related workpapers which are relevant to the determination of the other Company’s rights or obligations under this Agreement available for review by the other Company to
the extent (i) such Tax Return relates to Taxes for which the requesting party or its Affiliates would reasonably be expected to be liable either under this Agreement or pertinent Tax Law, (ii) such Tax Return relates to Taxes for which
the requesting party would reasonably be expected to have a claim for Tax Benefits under this Agreement, or (iii) the requesting party reasonably determines that it must inspect such Tax Return to confirm compliance with the terms of this
Agreement. The Responsible Company shall make such portion of such Tax Return available for review by the other Company at least thirty (30) days prior to the scheduled filing date of such Tax Return (which shall be no later than the extended
due date of such Tax Return). Such other Company shall provide to the Responsible Company any comments it may have with respect to such Tax Return within twenty (20) days after receipt of such Tax Return. The Companies shall attempt in good
faith to resolve any issues arising out of the review of such Tax Return. 
 Section 3.06. MMREIS Carrybacks and Claims
for Refund. MMREIS hereby agrees that, unless MMC consents in writing, (i) no Adjustment Request with respect to any Joint Return shall be filed, and (ii) any available elections to waive the right to claim in any
Pre-Deconsolidation Period with respect to any Joint Return any MMREIS Carryback arising in a Post-Deconsolidation Period shall be made, and no affirmative election shall be made to claim any such MMREIS Carryback. 

Section 3.07. Apportionment of Tax Attributes. MMC and MMREIS shall cooperate in good faith to determine the amount of
any Tax Attributes that should be allocated or apportioned to the MMC Group and the MMREIS Group, respectively, under applicable law. If the Companies are not able to resolve any such issues regarding the allocation of such Tax Attributes, then the
matter shall be resolved in the manner set forth in Section 13. The Companies shall prepare all Tax Returns in accordance with the determinations made pursuant to this Section 3.07. 
 Section 4. Tax Payments. 
 Section 4.01. Payment of Taxes With
Respect to Certain Joint Returns. In the case of any Joint Return, at least three Business Days prior to any Payment Date in respect of any such Joint Return, MMC shall compute the amount of Tax required to be paid to the applicable Tax
Authority (taking into account the requirements of Section 3.03 relating to reasonable accounting practices) with respect to such Joint Return on such Payment Date. MMC shall pay such amount to such Tax Authority on or before such Payment Date
(and provide notice and proof of payment to MMREIS). 
 Section 4.02. Indemnification Payments. 

(a) If any Company (the “Payor”) is required under applicable Tax Law to pay to a Tax Authority a Tax that another
Company (the “Required Party”) is liable for under this Agreement, the Required Party shall reimburse the Payor within 20 Business Days of delivery by the Payor to the Required Party of an invoice for the amount due, accompanied by
evidence of payment and a statement detailing the Taxes paid and describing in reasonable detail the particulars relating thereto. The reimbursement shall include interest on the Tax payment computed at the Prime Rate based on the number of days
from the date of the payment to the Tax Authority to the date of reimbursement under this Section 4.03. 
 (b) All
indemnification payments under this Agreement shall be made by MMC directly to MMREIS and by MMREIS directly to MMC; provided, however, that if the Companies mutually agree with respect to any such indemnification payment, any member of the
MMC Group, on the one hand, may make such indemnification payment to any member of the MMREIS Group, on the other hand, and vice versa. All indemnification payments shall be treated in the manner described in Section 12.01. 

  
 9 

 Section 5. Tax Refunds. 
 Section 5.01. Tax Refunds. MMC (or the applicable MMC Entity) shall be entitled to any refund (and any interest thereon received from the applicable Tax Authority) of Taxes for which
MMC (or any other MMC Entity) is liable hereunder. MMREIS (or the applicable MMREIS Entity) shall be entitled to any refund (and any interest thereon received from the applicable Tax Authority) of Taxes for which MMREIS (or any other MMREIS Entity)
is liable hereunder. A Company receiving a refund to which the other Company is entitled hereunder shall pay over such refund to such other Company within twenty (20) Business Days after such refund is received (together with interest computed
at the Prime Rate based on the number of days from the date the refund was received to the date the refund was paid over). 
 Section 6.
Tax-Free Status. 
 Section 6.01. Restrictions on MMREIS. 

(a) MMREIS agrees that it will not take or fail to take, or permit any MMREIS Affiliate, as the case may be, to take or fail to take, any
action (i) where such action or failure to act would be inconsistent with or cause to be untrue any statement, information, covenant or representation in any Ruling Request, Representation Letters or Tax Opinions/Rulings or (ii) which
adversely affects or could reasonably be expected to adversely affect the Tax-Free Status of the Contribution, the Debt-for-Equity Exchange or the Distribution. 
 (b) MMREIS agrees that, from the date hereof until the first Business Day after the two-year anniversary of the final Distribution Date, it will (i) maintain its status as a company engaged in the
Active Trade or Business for purposes of Section 355(b)(2) of the Code, (ii) not engage in any transaction that would result in it ceasing to be a company engaged in the Active Trade or Business for purposes of Section 355(b)(2) of
the Code, (iii) cause each MMREIS Entity whose Active Trade or Business is relied upon in the Tax Opinions/Rulings for purposes of qualifying a transaction as tax-free pursuant to Section 355 of the Code or other Tax Law to maintain its
status as a company engaged in such Active Trade or Business for purposes of Section 355(b)(2) of the Code and any such other applicable Tax Law and (iv) not engage in any transaction or permit an MMREIS Entity to engage in any transaction
that would result in an MMREIS Entity described in clause (iii) hereof ceasing to be a company engaged in the relevant Active Trade or Business for purposes of Section 355(b)(2) or such other applicable Tax Law, taking into account
Section 355(b)(3) of the Code for purposes of clauses (i) through (iv) hereof. 
 (c) MMREIS agrees that, from
the date hereof until the first Business Day after the two-year anniversary of the final Distribution Date, it will not and will not permit any MMREIS Entity described in clause (iii) of Section 6.01(b) to take any action or actions
(including any action or transaction that would be reasonably likely to be inconsistent with any representation made in any Ruling Request, Representation Letters or the Tax Opinions/Rulings) which in the aggregate would be reasonably likely to have
the effect of causing or permitting one or more persons (whether or not acting in concert) to acquire directly or indirectly stock representing a Fifty Percent or Greater Interest in MMREIS or otherwise jeopardize the Tax-Free Status, unless prior
to taking any such action, (A) MMREIS shall have requested that MMC obtain a Ruling in accordance with Sections 6.03(b) and (d) of this Agreement to the effect that such transaction will not affect the Tax-Free Status and MMC shall

  
 10 

 
have received such a Ruling in form and substance satisfactory to MMC, (B) MMREIS shall provide MMC with an Unqualified Tax Opinion in form and substance satisfactory to MMC, or (C) MMC
shall have waived the requirement to obtain such Ruling or Unqualified Tax Opinion. 
 Section 6.02. Restrictions on
MMC. 
 (a) MMC agrees that it will not take or fail to take, or permit any MMC Affiliate, as the case may be,
to take or fail to take, any action (i) where such action or failure to act would be inconsistent with or cause to be untrue any statement, information, covenant or representation in any Ruling Request, Representation Letters or Tax Opinions/
Rulings, or (ii) which adversely affects or could reasonably be expected to adversely affect the Tax-Free Status of the Contribution, the Debt-for-Equity Exchange or the Distribution; provided, however, that this Section 6.02 shall
not be construed as obligating MMC to consummate the Contribution, the Debt-for-Equity Exchange or the Distribution. 

(b) MMC agrees that, from the date hereof until the first Business Day after the two-year anniversary of the final Distribution Date, it
will (i) maintain its status as a company engaged in the Active Trade or Business for purposes of Section 355(b)(2) of the Code, (ii) not engage in any transaction that would result in it ceasing to be a company engaged in the Active
Trade or Business for purposes of Section 355(b)(2) of the Code, (iii) cause each MMC Entity whose Active Trade or Business is relied upon in the Tax Opinions/Rulings for purposes of qualifying a transaction as tax-free pursuant to
Section 355 of the Code or other Tax Law to maintain its status as a company engaged in such Active Trade or Business for purposes of Section 355(b)(2) of the Code and any such other applicable Tax Law and (iv) not engage in any
transaction or permit an MMC Entity to engage in any transaction that would result in an MMC Entity described in clause (iii) hereof ceasing to be a company engaged in the relevant Active Trade or Business for purposes of Section 355(b)(2)
or such other applicable Tax Law, taking into account Section 355(b)(3) of the Code for purposes of clauses (i) through (iv) hereof. 
 (c) MMC agrees that, from the date hereof until the first Business Day after the two-year anniversary of the final Distribution Date, it will not and will not permit any MMC Entity described in clause
(iii) of Section 6.02(b) to take any action or actions (including any action or transaction that would be reasonably likely to be inconsistent with any representation made in any Ruling Request, Representation Letters or the Tax
Opinions/Rulings) which would be reasonably likely to jeopardize the Tax-Free Status, unless prior to taking any such action, (A) MMC shall have obtained a Ruling in accordance with Section 6.03(c) of this Agreement to the effect that such
transaction will not affect the Tax-Free Status, MMC shall have provided a copy of such Ruling to MMREIS, and such Ruling shall be in form and substance satisfactory to MMREIS, (B) MMC shall provide MMREIS with an Unqualified Tax Opinion in
form and substance satisfactory to MMREIS, or (C) MMREIS shall have waived the requirement to obtain such Ruling or Unqualified Tax Opinion. 
 Section 6.03. Procedures Regarding Opinions and Rulings. 
 (a) If
MMREIS notifies MMC that it desires to take one of the actions described in Section 6.01(c) (a “Notified Action”), MMC and MMREIS shall reasonably cooperate to attempt to obtain the Ruling (if potentially available) or
Unqualified Tax Opinion referred to in Section 6.01(c), unless MMC shall have waived the requirement to obtain such Ruling or Unqualified Tax Opinion. 
 (b) MMC agrees that at the reasonable request of MMREIS pursuant to Section 6.01(c), MMC shall cooperate with MMREIS and use commercially reasonable efforts to seek to obtain, as expeditiously as
possible, a Ruling (if potentially available) or an Unqualified Tax Opinion for the purpose of permitting MMREIS to take the Notified Action. In no event shall MMC be required to file 

  
 11 

 
any Ruling Request under this Section 6.03(b) unless MMREIS represents that (A) it has read the Ruling Request, and (B) all information and representations, if any, relating to any
member of the MMREIS Group, contained in the Ruling Request documents are (subject to any qualifications therein) true, correct and complete. MMREIS shall reimburse MMC for all reasonable costs and expenses, including expenses relating to the
utilization of MMC Group personnel, incurred by the MMC Group in obtaining a Ruling or Unqualified Tax Opinion requested by MMREIS within ten Business Days after receiving an invoice from MMC therefor. 

(c) MMC shall have the right to obtain a Ruling or an Unqualified Tax Opinion at any time in its discretion in order to enable MMC or any
other MMC Entity to take any actions described in Section 6.02(c). If MMC determines to obtain a Ruling or an Unqualified Tax Opinion, MMREIS shall (and shall cause each Affiliate of MMREIS to) cooperate with MMC and use commercially reasonable
efforts to take any and all actions reasonably requested by MMC in connection with obtaining the Ruling or Unqualified Tax Opinion (including, without limitation, by making any representation or covenant or providing any materials or information
requested by the IRS or Tax Advisor; provided that MMREIS shall not be required to make (or cause any Affiliate of MMREIS to make) any representation or covenant that is inconsistent with historical facts or as to future matters or events over which
it has no control); provided further that MMREIS shall not be required to make any representation or covenant with respect to a Ruling Request unless MMC represents that (A) it has read the Ruling Request, and (B) all information and
representations, if any, relating to any member of the MMC Group, contained in the Ruling Request documents are (subject to any qualifications therein) true, correct and complete. MMC shall reimburse MMREIS for all reasonable costs and expenses,
including expenses relating to the utilization of MMREIS Group personnel, incurred by the MMREIS Group in connection with such cooperation within ten Business Days after receiving an invoice from MMREIS therefor. 

(d) MMREIS hereby agrees that MMC shall have sole and exclusive control over the process of obtaining any Ruling, and that only MMC shall
apply for a Ruling. In connection with obtaining a Ruling pursuant to Section 6.03(b), (A) MMC shall keep MMREIS informed in a timely manner of all material actions taken or proposed to be taken by MMC in connection therewith; (B) MMC
shall (1) reasonably in advance of the submission of any Ruling Request documents provide MMREIS with a draft copy thereof, (2) reasonably consider MMREIS’s comments on such draft copy, and (3) provide MMREIS with a final copy;
and (C) MMC shall provide MMREIS with notice reasonably in advance of, and MMREIS shall have the right to attend, any formally scheduled meetings with the IRS (subject to the approval of the IRS) that relate to such Ruling. Neither MMREIS nor
any MMREIS Affiliate shall independently seek any guidance from the IRS or any other Tax Authority (whether written, verbal or otherwise) at any time concerning the Contribution, the Debt-for-Equity Exchange or the Distribution (including the impact
of any other transaction on the Contribution, the Debt-for-Equity Exchange or the Distribution). 
 Section 6.04.
Liability for Tax-Related Losses. 
 (a) Notwithstanding anything in this Agreement to the contrary (and in each case
regardless of whether Ruling, Unqualified Tax Opinion or waiver described in clause (A), (B) or (C) of Section 6.01(c) may have been provided), subject to Section 6.04(c), MMREIS shall be responsible for, and shall indemnify and
hold harmless MMC and its Affiliates and each of their respective officers, directors and employees from and against, one hundred percent (100%) of any Tax-Related Losses that are attributable to or result from any one or more of the following:
(A) the acquisition (other than pursuant to the Contribution, the Debt-for-Equity Exchange, the IPO, or the Distribution) of all or a portion of MMREIS’s stock, the stock of its subsidiaries and/or its or its subsidiaries’ assets by
any means whatsoever by any Person, (B) any negotiations, understandings, agreements or arrangements by MMREIS with respect to transactions or events (including, without limitation, stock issuances pursuant

  
 12 

 
to the exercise of stock options or otherwise, option grants, capital contributions or acquisitions, or a series of such transactions or events) that cause the Distribution to be treated as part
of a plan pursuant to which one or more Persons acquire directly or indirectly stock of MMREIS representing a Fifty Percent or Greater Interest therein, (C) any act or failure to act by MMREIS or any MMREIS Affiliate described in
Section 6.01 (regardless of whether such act or failure to act may be covered by a Ruling, Unqualified Tax Opinion or waiver described in clause (A), (B) or (C) of Section 6.01(c)) or (D) any breach by MMREIS of its
agreement and representations set forth in Section 6.01. 
 (b) Notwithstanding anything in this Agreement to the contrary
(and in each case regardless of whether a Ruling, Unqualified Tax Opinion or waiver described in clause (A), (B) or (C) of Section 6.02(c) may have been provided), subject to Section 6.04(c), MMC shall be responsible for, and
shall indemnify and hold harmless MMREIS and its Affiliates and each of their respective officers, directors and employees from and against, one hundred percent (100%) of any Tax-Related Losses that are attributable to, or result from any one
or more of the following: (A) the acquisition (other than pursuant to the Contribution, the Debt-for-Equity Exchange, the IPO, or the Distribution) of all or a portion of MMC’s stock, the stock of its subsidiaries and/or its assets by any
means whatsoever by any Person, (B) any negotiations, understandings, agreements or arrangements by MMC with respect to transactions or events (including, without limitation, stock issuances pursuant to the exercise of stock options or
otherwise, option grants, capital contributions or acquisitions, or a series of such transactions or events) that cause the Distribution to be treated as part of a plan pursuant to which one or more Persons acquire directly or indirectly stock of
MMC representing a Fifty Percent or Greater Interest therein, (C) any act or failure to act by MMC or a member of the MMC Group described in Section 6.02 (regardless of whether such act or failure to act may be covered by a Ruling,
Unqualified Tax Opinion or waiver described in clause (A), (B) or (C) of Section 6.02(c)) or (D) any breach by MMC of its agreement and representations set forth in Section 6.02. 

(c) (i) To the extent that any Tax-Related Loss is subject to indemnity under both Sections 6.04(a) and (b), responsibility for such
Tax-Related Loss shall be shared by MMC and MMREIS according to relative fault. 
 (ii) Notwithstanding anything
in Section 6.04(b) or (c)(i) or any other provision of this Agreement to the contrary, with respect to (I) any Tax-Related Loss resulting from Section 355(e) of the Code (other than as a result of an acquisition of a Fifty Percent or
Greater Interest in MMC) and (II) any other Tax-Related Loss resulting (for the absence of doubt, in whole or in part) from (i) an acquisition after the Distribution of any stock or assets of MMREIS (or any other MMREIS Entity) by any means
whatsoever by any Person or (ii) any action or failure to act by MMREIS affecting the voting rights of MMREIS stock, MMREIS shall be responsible for, and shall indemnify and hold harmless MMC and its Affiliates and each of their respective
officers, directors and employees from and against, one hundred percent (100%) of such Tax-Related Loss. 

(iii) Notwithstanding anything in Section 6.04(a) or (c)(i) or any other provision of this Agreement to the contrary,
with respect to (I) any Tax-Related Loss resulting from Section 355(e) of the Code (other than as a result of an acquisition of a Fifty Percent or Greater Interest in MMREIS) and (II) any other Tax-Related Loss resulting (for the absence
of doubt, in whole or in part) from (i) an acquisition after the Distribution of any stock or assets of MMC (or any other MMC Entity) by any means whatsoever by any Person or (ii) any action or failure to act by MMC affecting the voting
rights of MMC stock, MMC shall be responsible for, and shall indemnify and hold harmless MMREIS and its Affiliates and each of their respective officers, directors and employees from and against, one hundred percent (100%) of such Tax-Related
Loss. 

  
 13 

 (d) MMREIS shall pay the MMC the amount of any Tax-Related Losses described in clause
(i) of the definition of Tax-Related Losses for which MMREIS is responsible under this Section 6.04 no later than two Business Days prior to the date MMC files, or causes to be filed the applicable Tax Return for the year of the
Contribution or Distribution, as applicable (the “Filing Date”) (provided that if such Tax-Related Losses arise pursuant to a Final Determination described in clause (i), (ii) or (iii) of the definition of “Final
Determination,” then such payment shall be made no later than two Business Days after the date of such Final Determination with interest calculated at the Prime Rate plus two percent, compounded semiannually, from the date that is two Business
Days prior to the Filing Date through the date of such Final Determination). MMREIS shall pay MMC the amount of any Tax-Related Losses described in clause (ii) or (iii) of the definition of Tax-Related Losses for which MMREIS is
responsible under this Section 6.04 no later than two Business Days after the date MMC pays such Tax-Related Losses. MMC shall pay MMREIS the amount of any Tax-Related Losses described in clause (ii) or (iii) of the definition of
Tax-Related Loss for which MMC is responsible under this Section 6.04 no later than two Business Days after the date MMREIS pays such Tax-Related Losses. 
 Section 7. Assistance and Cooperation. 
 Section 7.01.
Assistance and Cooperation. 
 (a) The Companies shall cooperate (and cause their respective Affiliates to cooperate)
with each other and with each other’s agents, including accounting firms and legal counsel, in connection with Tax matters relating to the Companies and the members of their respective Groups, including (i) the preparation and filing of
Tax Returns, (ii) determining the liability for and amount of any Taxes due (including estimated Taxes) or the right to and amount of any refund of Taxes, (iii) examinations of Tax Returns, and (iv) any administrative or judicial
proceeding in respect of Taxes assessed or proposed to be assessed. Such cooperation shall include making all information and documents in their possession relating to the other Company and the members of its Group and pertinent to the matters
described in the preceding sentence available to such other Company as provided in Section 8. Each of the Companies shall also make available to the other, as reasonably requested and available, personnel (including officers, directors,
employees and agents of the Companies or their respective Affiliates) responsible for preparing, maintaining, and interpreting information and documents relevant to Taxes covered by this Agreement, and personnel reasonably required as witnesses or
for purposes of providing information or documents in connection with any administrative or judicial proceedings relating to such Taxes. In the event that a member of the MMC Group, on the one hand, or a member of the MMREIS Group, on the other
hand, suffers a Tax detriment as a result of a Transfer Pricing Adjustment, the Companies shall cooperate pursuant to this Section 7 to seek any competent authority relief that may be available with respect to such Transfer Pricing Adjustment.
MMREIS shall cooperate with MMC and take any and all actions reasonably requested by MMC in connection with obtaining the Tax Opinions/Rulings (including, without limitation, by making any new representation or covenant, confirming any previously
made representation or covenant or providing any materials or information requested by any Tax Advisor or Tax Authority; provided that, MMREIS shall not be required to make or confirm any representation or covenant that is inconsistent with
historical facts or as to future matters or events over which it has no control). 
 (b) Any information or documents provided
under this Section 7 shall be kept confidential by the Company receiving the information or documents, except as may otherwise be necessary in connection with the filing of Tax Returns or in connection with any administrative or judicial
proceedings relating to Taxes. Notwithstanding any other provision of this Agreement or any other agreement, (i) neither MMC nor any MMC Affiliate shall be required to provide MMREIS or any MMREIS Affiliate or any other Person access to or
copies of any information (including the 

  
 14 

 
proceedings of any Tax Contest) other than information that relates to MMREIS, the business or assets of MMREIS or any MMREIS Affiliate, or MMREIS’s rights and obligations under this
Agreement and (ii) in no event shall MMC or any MMC Affiliate be required to provide MMREIS, any MMREIS Affiliate or any other Person access to or copies of any information if such action could reasonably be expected to result in the waiver of
any Privilege. In addition, in the event that MMC determines that the provision of any information to MMREIS or any MMREIS Affiliate could be commercially detrimental, violate any law or agreement or waive any Privilege, the parties shall use
reasonable best efforts to permit compliance with its obligations under this Section 7 in a manner that avoids any such harm or consequence. Notwithstanding any other provision of this Agreement or any other agreement, (i) neither MMREIS
nor any MMREIS Affiliate shall be required to provide MMC or any MMC Affiliate or any other Person access to or copies of any information (including the proceedings of any Tax Contest) other than information that relates to MMC, the business or
assets of MMC or any MMC Affiliate or MMC’s rights and obligations under this Agreement and (ii) in no event shall MMREIS or any MMREIS Affiliate be required to provide MMC, any MMC Affiliate or any other Person access to or copies of any
information if such action could reasonably be expected to result in the waiver of any Privilege. In addition, in the event that MMREIS determines that the provision of any information to MMC or any MMC Affiliate could be commercially detrimental,
violate any law or agreement or waive any Privilege, the parties shall use reasonable best efforts to permit compliance with its obligations under this Section 7 in a manner that avoids any such harm or consequence. 

Section 7.02. Income Tax Return Information. MMREIS and MMC acknowledge that time is of the essence in relation to any
request for information, assistance or cooperation made by MMC or MMREIS pursuant to Section 7.01 or this Section 7.02. MMREIS and MMC acknowledge that failure to conform to the reasonable deadlines set by MMC or MMREIS could cause
irreparable harm. Each Company shall provide to the other Company information and documents relating to its Group required by the other Company to prepare Tax Returns, including, but not limited to, any pro forma returns required by the Responsible
Company for purposes of preparing such Tax Returns. Any information or documents the Responsible Company requires to prepare such Tax Returns shall be provided in such form as the Responsible Company reasonably requests and at or prior to the time
reasonably specified by the Responsible Company so as to enable the Responsible Company to file such Tax Returns on a timely basis. 
 Section 7.03. Reliance by MMC. If any member of the MMREIS Group supplies information to a member of the MMC Group in connection with a Tax liability and an officer of a member of the MMC
Group signs a statement or other document under penalties of perjury in reliance upon the accuracy of such information, then upon the written request of such member of the MMC Group identifying the information being so relied upon, the chief
financial officer of MMREIS (or any officer of MMREIS as designated by the chief financial officer of MMREIS) shall certify in writing that to his or her knowledge (based upon consultation with appropriate employees) the information so supplied is
accurate and complete. 
 Section 7.04. Reliance by MMREIS. If any member of the MMC Group supplies information to a
member of the MMREIS Group in connection with a Tax liability and an officer of a member of the MMREIS Group signs a statement or other document under penalties of perjury in reliance upon the accuracy of such information, then upon the written
request of such member of the MMREIS Group identifying the information being so relied upon, the chief financial officer of MMC (or any officer of MMC as designated by the chief financial officer of MMC) shall certify in writing that to his or her
knowledge (based upon consultation with appropriate employees) the information so supplied is accurate and complete. 

  
 15 

 Section 8. Tax Records. 
 Section 8.01. Retention of Tax Records. Each Company shall preserve and keep all Tax Records exclusively relating to the assets and activities of its Group for Pre-Deconsolidation Periods, and
MMC shall preserve and keep all other Tax Records relating to Taxes of the Groups for Pre-Deconsolidation Tax Periods, for so long as the contents thereof may become material in the administration of any matter under the Code or other applicable Tax
Law, but in any event until the later of (i) the expiration of any applicable statutes of limitations, or (ii) seven years after the Deconsolidation Date (such later date, the “Retention Date”). After the Retention Date,
each Company may dispose of such Tax Records upon 60 Business Days’ prior written notice to the other Company. If, prior to the Retention Date, (a) a Company reasonably determines that any Tax Records which it would otherwise be required
to preserve and keep under this Section 8 are no longer material in the administration of any matter under the Code or other applicable Tax Law and the other Company agrees, then such first Company may dispose of such Tax Records upon 60
Business Days’ prior notice to the other Company. Any notice of an intent to dispose given pursuant to this Section 8.01 shall include a list of the Tax Records to be disposed of describing in reasonable detail each file, book, or other
record being disposed. The notified Company shall have the opportunity, at its cost and expense, to copy or remove, within such 60 Business Day period, all or any part of such Tax Records. If, at any time prior to the Retention Date, one of the
Companies determines to decommission or otherwise discontinue any computer program or information technology system used to access or store any Tax Records, then such Company may decommission or discontinue such program or system upon 90 days’
prior notice to the other Company and the other Company shall have the opportunity, at its cost and expense, to copy, within such 60 Business Day period, all or any part of the underlying data relating to the Tax Records accessed by or stored on
such program or system. 
 Section 8.02. Access to Tax Records. Each Company shall, and shall cause the members of
its Group to, make available to the other Company for inspection and copying during normal business hours upon reasonable notice all Tax Records (and, for the avoidance of doubt, any pertinent underlying data accessed or stored on any computer
program or information technology system) in their possession and each Company shall permit the other Company and its Affiliates, authorized agents and representatives and any representative of a Taxing Authority or other Tax auditor direct access,
at the cost and expense of such other Company, during normal business hours upon reasonable notice to any computer program or information technology system used to access or store any Tax Records, in each case to the extent reasonably required by
the other Company in connection with the preparation of Tax Returns or financial accounting statements, audits, litigation, or the resolution of items under this Agreement. 
 Section 8.03. Preservation of Privilege. Notwithstanding anything to the contrary herein, no member of either Company’s Group shall provide access to, copies of, or otherwise disclose to
any Person any documentation relating to Taxes existing as of the date hereof to which Privilege may reasonably be asserted without the prior written consent of the other Company, such consent not to be unreasonably withheld. 

Section 9. Tax Contests. 
 Section 9.01. Notice. Each of the Companies shall provide prompt notice to the other Company of any written communication from a Tax Authority regarding any pending Tax audit, assessment or
proceeding or other Tax Contest of which it becomes aware related to Taxes for Tax Periods for which it is indemnified by the other Company hereunder or for which it may be required to indemnify the other Company hereunder. Such notice shall attach
copies of the pertinent portion of any written communication from a Tax Authority and contain factual information (to the extent known) 

  
 16 

 
describing any asserted Tax liability in reasonable detail and shall be accompanied by copies of any notice and other documents received from any Tax Authority in respect of any such matters. If
an indemnified party has knowledge of an asserted Tax liability with respect to a matter for which it is to be indemnified hereunder and such party fails to give the indemnifying party prompt notice of such asserted Tax liability and the
indemnifying party is entitled under this Agreement to contest the asserted Tax liability, then (i) if the indemnifying party is precluded from contesting the asserted Tax liability in any forum as a result of the failure to give prompt notice,
the indemnifying party shall have no obligation to indemnify the indemnified party for any Taxes arising out of such asserted Tax liability, and (ii) if the indemnifying party is not precluded from contesting the asserted Tax liability in any
forum, but such failure to give prompt notice results in a material monetary detriment to the indemnifying party, then any amount which the indemnifying party is otherwise required to pay the indemnified party pursuant to this Agreement shall be
reduced by the amount of such detriment. 
 Section 9.02. Control of Tax Contests. 

(a) Separate Returns. The Company having the liability for any Tax pursuant to Section 2 hereof shall have exclusive
control over the Tax Contest in respect of such Tax liability, including exclusive authority with respect to any settlement of such Tax liability, subject to Sections 9.02(c) and (d) below. 

(b) Joint Returns. For purposes of clarity, in the case of any Tax Contest with respect to any Joint Return, MMC shall have
exclusive control over the Tax Contest in respect of such Joint Return, including exclusive authority with respect to any settlement of such Tax liability, subject to Sections 9.02(c) and (d) below. 

(c) Settlement Rights. The Controlling Party shall have the sole right to contest, litigate, compromise and settle any Tax Contest
without obtaining the prior consent of the Non-Controlling Party. Unless waived by the parties in writing, in connection with any potential adjustment in a Tax Contest as a result of which adjustment the Non-Controlling Party may reasonably be
expected to become liable to make any indemnification payment to the Controlling Party under this Agreement: (i) the Controlling Party shall keep the Non-Controlling Party informed in a timely manner of all actions taken or proposed to be taken
by the Controlling Party with respect to such potential adjustment in such Tax Contest; (ii) the Controlling Party shall timely provide the Non-Controlling Party copies of any written materials relating to such potential adjustment in such Tax
Contest received from any Tax Authority; (iii) the Controlling Party shall timely provide the Non-Controlling Party with copies of any correspondence or filings submitted to any Tax Authority or judicial authority in connection with such
potential adjustment in such Tax Contest; (iv) the Controlling Party shall consult with the Non-Controlling Party and offer the Non-Controlling Party a reasonable opportunity to comment before submitting any written materials prepared or
furnished in connection with such potential adjustment in such Tax Contest; and (v) the Controlling Party shall defend such Tax Contest diligently and in good faith. The failure of the Controlling Party to take any action specified in the
preceding sentence with respect to the Non-Controlling Party shall not relieve the Non-Controlling Party of any liability and/or obligation which it may have to the Controlling Party under this Agreement in respect of such Tax Contest except to the
extent that the Non-Controlling Party was actually harmed by such failure, and in no event shall such failure relieve the Non-Controlling Party from any other liability or obligation which it may have to the Controlling Party. If the Non-Controlling
Party may reasonably be expected to become liable to make any indemnification payment to the Controlling Party under this Agreement as a result of a Tax Contest, then the Non-Controlling party shall have the right, at its sole cost and expense, to
participate in such Tax Contest and the Controlling Party shall not settle or otherwise resolve such Tax Contest without the Non-Controlling Party’s consent, with such consent not to be unreasonably withheld. In the case of any Tax Contest
described in Section 9.02(a) or (b), “Controlling Party” means the Company entitled to control the Tax Contest under such Section and “Non-Controlling Party” means the other Company. 

  
 17 

 (d) Power of Attorney. Each member of the MMREIS Group shall execute and deliver to
MMC (or such member of the MMC Group as MMC shall designate) any power of attorney or other similar document reasonably requested by MMC (or such designee) in connection with any Tax Contest (as to which MMC is the Controlling Party) described in
this Section 9. Each member of the MMC Group shall execute and deliver to MMREIS (or such member of the MMREIS Group as MMREIS shall designate) any power of attorney or other similar document requested by MMREIS (or such designee) in connection
with any Tax Contest (as to which MMREIS is the Controlling Party) described in this Section 9. 
 Section 10. Effective Date.
This Agreement shall be effective as of the date hereof. 
 Section 11. Survival of Obligations. The representations,
warranties, covenants and agreements set forth in this Agreement shall be unconditional and absolute and shall remain in effect without limitation as to time. 
 Section 12. Treatment of Payments. 
 Section 12.01. Treatment
of Tax Indemnity Payments. In the absence of any change in Tax treatment under the Code or except as otherwise required by other applicable Tax Law, any Tax indemnity payments made by a Company under this Agreement shall be reported for Tax
purposes by the payor and the recipient as distributions or capital contributions, as appropriate, occurring immediately before the Deconsolidation (but only to the extent the payment does not relate to a Tax allocated to the payor in accordance
with Section 1552 of the Code or the regulations thereunder or Treasury Regulation Section 1.1502-33(d) (or under corresponding principles of other applicable Tax Laws)) or as payments of an assumed or retained liability. Except to the
extent provided in Section 12.02, any Tax indemnity payment made by a Company under this Agreement shall be increased as necessary so that after making all payments in respect to Taxes imposed on or attributable to such indemnity payment, the
recipient Company receives an amount equal to the sum it would have received had no such Taxes been imposed. 

Section 12.02. Interest Under This Agreement. Anything herein to the contrary notwithstanding, to the extent one Company
(“Indemnitor”) makes a payment of interest to another Company (“Indemnitee”) under this Agreement with respect to the period from the date that the Indemnitee made a payment of Tax to a Tax Authority to the date
that the Indemnitor reimbursed the Indemnitee for such Tax payment, the amount of such payment shall not be adjusted to take into account any associated Tax Benefit to the Indemnitor or increase in Tax to the Indemnitee resulting from the interest
payment being treated as interest expense to the Indemnitor (and deductible to the extent provided by law) and as interest income by the Indemnitee (and includible in income to the extent provided by law). 

Section 13. Disagreements. 
 Section 13.01. Discussion. The Companies mutually desire that friendly collaboration will continue between them. Accordingly, they will try, and they will cause their respective Group members
to try, to resolve in an amicable manner all disagreements and misunderstandings connected with their respective rights and obligations under this Agreement, including any amendments hereto. In furtherance thereof, in the event of any dispute or
disagreement (a “Dispute”) between any member of the MMC Group and any member of the MMREIS Group as to the interpretation of any provision of this Agreement or the performance of obligations hereunder, the Tax departments of the
Companies shall negotiate in good faith to resolve the Dispute. 

  
 18 

 Section 13.02. Escalation. If such good faith negotiations do not resolve the
Dispute, then the matter, upon written request of either Company, will be referred for resolution to representatives of the parties at a senior level of management of the parties. 

Section 13.03. Referral to Tax Advisor. If the parties are not able to resolve the Dispute through the escalation process
referred to above, then the matter will be referred to a Tax Advisor acceptable to each of the Companies to act as an arbitrator in order to resolve the Dispute. In the event that the Companies are unable to agree upon a Tax Advisor within
15 Business Days following the completion of the escalation process, the Companies shall each separately retain an independent, nationally recognized law or accounting firm (each, a “Preliminary Tax Advisor”), which Preliminary
Tax Advisors shall jointly select a Tax Advisor on behalf of the Companies to act as an arbitrator in order to resolve the Dispute. The Tax Advisor may, in its discretion, obtain the services of any third-party appraiser, accounting firm or
consultant that the Tax Advisor deems necessary to assist it in resolving such disagreement. The Tax Advisor shall furnish written notice to the Companies of its resolution of any such Dispute as soon as practical, but in any event no later than 30
Business Days after its acceptance of the matter for resolution. Any such resolution by the Tax Advisor will be conclusive and binding on the Companies. Following receipt of the Tax Advisor’s written notice to the Companies of its resolution of
the Dispute, the Companies shall each take or cause to be taken any action necessary to implement such resolution of the Tax Advisor. Each Company shall pay its own fees and expenses (including the fees and expenses of its representatives) incurred
in connection with the referral of the matter to the Tax Advisor (and the Preliminary Tax Advisors, if any). All fees and expenses of the Tax Advisor (and the Preliminary Tax Advisors, if any) in connection with such referral shall be shared equally
by the Companies. 
 Section 13.04. Injunctive Relief. Nothing in this Section 13 will prevent either Company
from seeking injunctive relief if any delay resulting from the efforts to resolve the Dispute through the process set forth above could result in serious and irreparable injury to either Company. Notwithstanding anything to the contrary in this
Agreement, MMC and MMREIS are the only members of their respective Groups entitled to commence a dispute resolution procedure under this Agreement, and each of MMC and MMREIS will cause its respective Group members not to commence any dispute
resolution procedure other than through such party as provided in this Section 13. 
 Section 14. Late Payments. Any amount
owed by one party to another party under this Agreement which is not paid when due shall bear interest at the Prime Rate plus two percent, compounded semiannually, from the due date of the payment to the date paid. To the extent interest required to
be paid under this Section 14 duplicates interest required to be paid under any other provision of this Agreement, interest shall be computed at the higher of the interest rate provided under this Section 14 or the interest rate provided
under such other provision. 
 Section 15. Expenses. Except as otherwise provided in this Agreement, each party and its
Affiliates shall bear their own expenses incurred in connection with preparation of Tax Returns, Tax Contests, and other matters related to Taxes under the provisions of this Agreement. 

Section 16. General Provisions. 
 Section 16.01. Addresses and Notices. Each party giving any notice required or permitted under this Agreement will give the notice in writing and use one of the following methods of delivery
to the party to be notified, at the address set forth below or another address of which the sending party has 

  
 19 

 
been notified in accordance with this Section 16.01: (a) personal delivery; (b) facsimile or telecopy transmission with a reasonable method of confirming transmission;
(c) commercial overnight courier with a reasonable method of confirming delivery; or (d) pre-paid, United States of America certified or registered mail, return receipt requested. Notice to a party is effective for purposes of this
Agreement only if given as provided in this Section 16.01 and shall be deemed given on the date that the intended addressee actually receives the notice. 
 If to MMC: 
 Marcus & Millichap Company 

777 South California Avenue 
 Palo Alto, CA 94304 
 If to MMREIS: 

Marcus & Millichap, Inc. 
 23975 Park Sorrento, Suite 400 
 Calabasas, CA 91302

 A party may change the address for receiving notices under this Agreement by providing written notice of the change of address to the other
parties. 
 Section 16.02. Binding Effect. This Agreement shall be binding upon and inure to the benefit of the
parties hereto and their successors and assigns. 
 Section 16.03. Waiver. The parties may waive a provision of this
Agreement only by a writing signed by the party intended to be bound by the waiver. A party is not prevented from enforcing any right, remedy or condition in the party’s favor because of any failure or delay in exercising any right or remedy or
in requiring satisfaction of any condition, except to the extent that the party specifically waives the same in writing. A written waiver given for one matter or occasion is effective only in that instance and only for the purpose stated. A waiver
once given is not to be construed as a waiver for any other matter or occasion. Any enumeration of a party’s rights and remedies in this Agreement is not intended to be exclusive, and a party’s rights and remedies are intended to be
cumulative to the extent permitted by law and include any rights and remedies authorized in law or in equity. 

Section 16.04. Severability. If any provision of this Agreement is determined to be invalid, illegal or unenforceable, the
remaining provisions of this Agreement remain in full force, if the essential terms and conditions of this Agreement for each party remain valid, binding and enforceable. 
 Section 16.05. Authority. Each of the parties represents to the other that (a) it has the corporate or other requisite power and authority to execute, deliver and perform this Agreement,
(b) the execution, delivery and performance of this Agreement have been duly authorized by all necessary corporate or other action, (c) it has duly and validly executed and delivered this Agreement, and (d) this Agreement is a legal,
valid and binding obligation, enforceable against it in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors’ rights generally and general equity
principles. 
 Section 16.06. Further Action. The parties shall execute and deliver all documents, provide all
information, and take or refrain from taking action as may be necessary or appropriate to achieve the purposes of this Agreement, including the execution and delivery to the other parties and their Affiliates and representatives of such powers of
attorney or other authorizing documentation as is reasonably necessary or appropriate in connection with Tax Contests (or portions thereof) under the control of such other parties in accordance with Section 9. 

  
 20 

 Section 16.07. Integration. This Agreement, together with each of the exhibits
and schedules appended hereto, contains the entire agreement between the Companies with respect to the subject matter hereof and supersedes all other agreements, whether or not written, in respect of any Tax matters covered by this Agreement between
or among any member or members of the MMC Group, on the one hand, and any member or members of the MMREIS Group, on the other hand. All such other agreements, including prior tax allocation or tax sharing agreements between members of the MMC Group
and/or members of the MMREIS Group, shall be of no further effect between the Companies, and the Companies and their Affiliates shall have no remaining rights or obligations existing thereunder. In the event of any inconsistency between this
Agreement or any other agreements relating to the transactions contemplated by the Separation Transactions, with respect to the subject matter hereof, the provisions of this Agreement shall control. Each of the Companies is executing this Agreement
on behalf of the members of its Group, intending such members to be bound by the terms hereof. 
 Section 16.08.
Construction. The language in all parts of this Agreement shall in all cases be construed according to its fair meaning and shall not be strictly construed for or against any party. The captions, titles and headings included in this Agreement
are for convenience only, and do not affect this Agreement’s construction or interpretation. Unless otherwise indicated, all “Section” references in this Agreement are to sections of this Agreement. 

Section 16.09. No Double Recovery. No provision of this Agreement shall be construed to provide an indemnity or other
recovery for any costs, damages, or other amounts for which the damaged party has been fully compensated under any other provision of this Agreement or under any other agreement or action at law or equity. Unless expressly required in this
Agreement, a party shall not be required to exhaust all remedies available under other agreements or at law or equity before recovering under the remedies provided in this Agreement. 

Section 16.10. Counterparts. The parties may execute this Agreement in multiple counterparts, each of which constitutes an
original as against the party that signed it, and all of which together constitute one agreement. This Agreement is effective upon delivery of one executed counterpart from each party to the other party. The signatures of the parties need not appear
on the same counterpart. The delivery of signed counterparts by facsimile or email transmission that includes a copy of the sending party’s signature is as effective as signing and delivering the counterpart in person. 

Section 16.11. Governing Law. The internal laws of the State of California (without reference to its principles of conflicts
of law) govern the construction, interpretation and other matters arising out of or in connection with this Agreement and each of the exhibits and schedules hereto and thereto (whether arising in contract, tort, equity or otherwise). 

Section 16.12. Jurisdiction. If any dispute arises out of or in connection with this Agreement, except as expressly
contemplated by another provision of this Agreement, the parties irrevocably (and the parties will cause each other member of their respective Group to irrevocably) (a) consent and submit to the exclusive jurisdiction of federal and state
courts located in California, (b) waive any objection to that choice of forum based on venue or to the effect that the forum is not convenient, and (c) WAIVE TO THE FULLEST EXTENT PERMITTED BY LAW ANY RIGHT TO TRIAL OR ADJUDICATION BY
JURY. 

  
 21 

 Section 16.13. Amendment. The parties may amend this Agreement only by a written
agreement signed by each party to be bound by the amendment and that identifies itself as an amendment to this Agreement. 

Section 16.14. Subsidiaries. If, at any time, a Company acquires or creates one or more subsidiaries that are includable in
such Company’s Group, they shall be subject to this Agreement and all references to such Company’s Group herein shall thereafter include a reference to such subsidiaries. 

Section 16.15. Injunctions. The parties acknowledge that irreparable damage would occur in the event that any of the
provisions of this Agreement, including Section 6.01, were not performed in accordance with its specific terms or were otherwise breached. The parties hereto shall be entitled to an injunction or injunctions to prevent breaches of the
provisions of this Agreement, including Sections 6.01 and 6.02, and to enforce specifically the terms and provisions hereof in any court having jurisdiction, such remedy being in addition to any other remedy to which they may be entitled at law or
in equity. 
 [Signature page follows] 

  
 22 

 IN WITNESS WHEREOF, each party has caused this Agreement to be executed on its behalf by a
duly authorized officer on the date first set forth above. 
  

			
	Marcus & Millichap Company
		
	 By:
	 	 
	 Title:
	 	 
		
	 By:
	 	 
	 Title:
	 	 
	
	Marcus & Millichap, Inc.
		
	 By:
	 	 
	 Title:
	 	 
		
	 By:
	 	 
	 Title:
	 	 

  
 [Signature
Page to Tax Matters Agreement]EX-10.5

 Exhibit 10.5 

FORM OF 
 TRANSITION
SERVICES AGREEMENT 
 THIS TRANSITION SERVICES AGREEMENT (this “Agreement”) is made and entered into as of this [__]th day of
[            ], 2013 between Marcus & Millichap, Inc., a Delaware corporation (“MMI”), and Marcus & Millichap Company, a California corporation, and its
subsidiary M&M Corporate Services, Inc., a California corporation (together referred to herein as “MMC”) (collectively, the “parties” or individually a “party”). 

WHEREAS, MMI and MMC have entered into a Separation and Distribution Agreement dated as of
[            ], 2013 (the “Separation Agreement”) which, among other matters, contemplates that one or more parties thereto will provide, or cause one or more of its
Subsidiaries to provide, to the other parties and their respective Subsidiaries, certain transitional, administrative and support services on the terms set forth in this Agreement. Each party when providing a service under this Agreement (together
with any Subsidiaries or Affiliates providing services) is referred to as “Provider” and each party when receiving a service under this Agreement (together with any Subsidiaries or Affiliates receiving services) is referred to as
“Recipient.” 
 NOW, THEREFORE, in consideration of the mutual agreements, provisions and covenants contained herein, the parties
hereto agree as follows: 
 ARTICLE I 

SERVICES PROVIDED 
 1.1
Transition Services. 
 (a) Upon the terms and subject to the conditions of this Agreement, the relevant Provider shall provide to
the relevant Recipient the services indicated on the Schedules hereto (each, a “Transition Service” and, collectively, the “Transition Services”) during the time period for such Transition Service set forth in the applicable
Schedule (each, a “Time Period”). 
 (b) Subject to the other provisions of this Agreement, the Transition Services set forth on
such Schedules may be amended from time to time, as the relevant parties shall agree in writing to add, omit or redefine any of the Transition Services, the term for which such Transition Services are to be rendered and/or the compensation therefor.

 1.2 Personnel. 
 (a)
Each party in its capacity as Provider shall make a sufficient number of competent employees (and/or third party contractors to the extent that third party services are routinely utilized to provide similar services to other businesses of such
Provider or are reasonably necessary for the efficient performance of any Transition Service) to render the Transition Services to be provided under this Agreement when required, for so long as Provider provides said services to itself. Except to
the extent specific individuals are designated on a 

 
Schedule, a Provider of a Transition Service shall determine both the staffing required and the particular personnel assigned to perform the Transition Service, including but not limited to,
clerical staff, technicians, professionals or others. The personnel assigned by a Provider under this Agreement to perform Transition Services for a Recipient shall not be deemed to be in the employ of the Recipient. 

(b) Each Recipient shall not, without the Provider’s prior written consent, solicit any employees of a Provider assigned by the Provider
to the Recipient for the performance of such services while such employee is employed by Provider or within the six-month period after the date any employee ceases to provide Transition Services. 

1.3 Representatives. 

(a) Each of MMI and MMC shall designate a representative to act as its primary contact person for the provision of all Transition Services
(each, a “Primary Coordinator”). The initial Primary Coordinators shall be designated in writing by notice to the others in accordance with paragraph (b) on or before the Distribution Date. The initial coordinators for each specific
Transition Service shall be the individuals named in the Schedule relating to such Transition Service (each, a “Service Coordinator”). Each party may treat an act of another party’s Primary Coordinator or Service Coordinator as
authorized by such other party without inquiring behind such act or ascertaining whether such Primary Coordinator or Service Coordinator had actual authority so to act; provided, however, that neither the Primary Coordinator nor the
Service Coordinator shall have authority to amend or modify the Agreement. All communications relating to the provision of the Transition Services shall be directed to the Primary Coordinators. 

(b) Each of the relevant Provider and the relevant Recipient of a Transition Service shall notify the other in writing of any change in its
Primary Coordinator and/or its Service Coordinator for each Transition Service. Any such notice shall (i) set forth the name of the Primary Coordinator or Service Coordinator to be replaced and the name of the replacement, and (ii) certify
that the replacement Primary Coordinator is authorized to act for such party in all matters relating to this Agreement or that the replacement Service Coordinator is authorized to act for such party in all matters relating to the relevant Transition
Service, as applicable, as provided in Section 1.3 (a) above. 
 1.4 Level of Transition Services. 

(a) Each party, in its capacity as Provider, shall exercise the same degree of care when performing Transition Services as it exercises in
performing the same or similar services for its own account, with priority equal to that provided to its own businesses. Nothing in this Agreement shall require any party in its capacity as Provider to favor the businesses of a Recipient over its
own businesses. Provider shall perform its obligations hereunder in good faith and in accordance with principles of fair dealing. 
 (b)
Transition Services provided by third parties shall be subject to the terms and conditions of this Agreement and any agreements between the Provider of such Transition Services and such third parties. 

  
 2 

 1.5 Corrective Efforts/Limitation of Liability. Notwithstanding anything to the contrary
contained in this Agreement, if a Provider incorrectly (whether or not through negligence, inadvertence or poor judgment) performs or fails to perform any Transition Service, the Provider, at the Recipient’s request, shall use commercially
reasonable efforts to correct or re-perform the Transition Service at no additional cost to the Recipient, but shall have no other obligation to attempt to correct, correct or remediate the subject Transition Service. In the event Recipient does not
request such correction of the Transition Service or Provider either does not correct the performance or is unable for any reason to attempt to correct the performance, any damages recoverable by Recipient shall be strictly limited to the amount
paid by Recipient to Provider for the item of Service in respect of which a claim is made. IN NO EVENT SHALL EITHER PARTY BE LIABLE TO THE OTHER FOR ANY INCIDENTAL, CONSEQUENTIAL OR SPECIAL DAMAGES, OR LOSS OF PROFITS OR OPPORTUNITIES, FINES,
PENALTIES, OR ANY EXEMPLARY OR PUNITIVE DAMAGES ARISING OUT OF ANY BREACH OF THIS AGREEMENT OR ANY OTHER THEORY OF LIABILITY, REGARDLESS OF THE CIRCUMSTANCES FROM WHICH SUCH DAMAGES OR LOSSES AROSE. 

1.6 Force Majeure. Any failure or omission by a party in the performance of any obligation under this Agreement shall not be deemed a
breach of this Agreement or create any liability, if the failure or omission arises from any cause or causes beyond the control of the party, including, but not limited to, the following, which for purposes of this Agreement shall be regarded as
beyond the control of each of the parties hereto: acts of God, fire, storm, flood, earthquake, governmental regulation or direction, acts of the public enemy, war, rebellion, insurrection, riot, invasion, strike or lockout; provided,
however, that the party shall resume the performance whenever such causes are removed. Notwithstanding the foregoing, if a party cannot perform under this Agreement for a period of 45 days due to such cause or causes, the affected party may
terminate this Agreement with the defaulting party by providing written notice thereto. 
 1.7 Modification of Procedures. Each
party, in its capacity as Provider, may make changes from time to time in its standards and procedures for performing any of the Transition Services for which it is responsible; provided, however, that, except as provided in
Section 1.1(b) or required by Law, no party in its capacity as Provider shall implement any substantial changes affecting a Recipient of a Transition Service unless: 

(a) Provider has furnished Recipient notice (which shall be the same notice such Provider shall provide its own businesses) thereof; 

(b) Provider changes the procedures for its own businesses at the same time; and 

(c) Provider gives Recipient a reasonable period of time for Recipient (i) to adapt its operations to accommodate the changes or
(ii) to reject the proposed changes. In the event Recipient fails to accept or reject a proposed change on or before a date specified in the notice of change, Recipient shall be deemed to have accepted the change. Subject to Section 1.8,
in the event Recipient rejects a proposed change but does not terminate the provision of the Transition Service, Recipient shall pay any charges resulting from Provider’s need to maintain different versions of the same systems, procedures,
technologies, or services or resulting from requirements of third party vendors or suppliers. 

  
 3 

 1.8 No Obligation to Continue to Use Services. Except as provided in the Schedules, no
Recipient shall have any obligation to continue to use any of the Transition Services and a Recipient may delete any or all Transition Services from the Transition Services that a Provider is providing to the Recipient by giving the Provider written
notice thereof in accordance with the notice provisions of this Agreement and the applicable Schedules. 
 1.9 Provider Access.
Recipient shall provide the personnel of a Provider with access to its equipment, office space, telecommunications and computer equipment and systems, and any other areas and equipment to the extent reasonably required for personnel of a Provider to
perform any Transition Service, subject to the Confidentiality provisions in Article III below. 
 ARTICLE II 

COMPENSATION 
 2.1
Consideration. As consideration for the Transition Services, each party in its capacity as Recipient shall pay to each Provider the aggregate amount specified in the Schedules relating to the Transition Services provided by Provider to
Recipient. Provider acknowledges that it has not “marked up” the charges for its services. 
 2.2 Invoices. The monthly
fixed charges or fees for Transition Services set forth on the Schedules shall be paid on the first day of each month in which the Transition Services are to be performed. Any fees not payable as fixed amounts shall be invoiced monthly by the
Provider to the Recipient no later than the 30th day of the calendar month next following the calendar month in which the Transition Services were performed. All invoices shall be sent by the Provider to the Recipient at the following address or to
such other address as the Recipient shall have specified by notice in writing to the Provider of the Transition Services: 
 To MMI: 

Marcus & Millichap, Inc. 

23975 Park Sorrento, Suite 400 

Calabasas, California 91302 

Attention: Chief Financial Officer 

To MMC: 
 Marcus &
Millichap Company 
 777 California Avenue 

Palo Alto, California 94304 

Attention: Chief Financial Officer 

  
 4 

 2.3 Payment of Amounts Due. Payment of all amounts due for Transition Services shall be
made by check or electronic funds transmission in U.S. Dollars, without any offset or deduction of any nature whatsoever, within 30 days of the invoice date or as specified in the applicable Schedules. All payments shall be made in accordance with
the terms of the applicable Schedules, the instructions set forth on or accompanying the invoice or as otherwise agreed to in writing between the relevant Provider and the relevant Recipient. Books and Records of a Provider pertaining to the
Transition Services provided and all reimbursed costs shall be available for inspection and audit by the Recipient during normal business hours for three months following the delivery of the invoice for the period for which the Transition Services
were provided. 
 2.4 Provider’s Rights on Failure to Pay. If any fixed fee or invoice is not paid when due, the Provider shall
have the right, in its sole and absolute discretion, without any liability to the Recipient that has not paid such fixed fee or invoice or anyone claiming by or through the Recipient, to immediately cease providing any or all of the Transition
Services provided by the Provider to the Recipient until such payment is received. 
 ARTICLE III 

CONFIDENTIALITY 
 3.1
Obligation. 
 (a) All information with respect to any Recipient obtained by a party in its capacity as Provider shall be held and
used by Provider only in accordance with Section 6.09 of the Separation Agreement. 
 (b) All information with respect to any Provider
obtained by a party in its capacity as Recipient shall be held and used by the Recipient only in accordance with Section 6.09 of the Separation Agreement. 

ARTICLE IV 
 TERM AND TERMINATION

 4.1 Term. This Agreement shall become effective on the Contribution Date and shall remain in force with respect to a party until
the expiration of the longest Time Period specified in any Schedule affecting such party as either Provider or Recipient, including any extension thereof, unless all of the Transition Services to be performed or received by such party are deleted or
this Agreement is earlier terminated with respect to such party, in each case, in accordance with the terms of this Agreement. 
 4.2
Extension. The Time Period for which a Transition Service shall be provided may be extended by written agreement among the Recipient and the Provider of the Transition Service. 

  
 5 

 4.3 Termination. Recipient may terminate this Agreement or any of the Transition Services
set out in the schedules attached hereto for any reason upon 60 days written notice to the Provider. Further, if any party (the “Defaulting Party”) shall fail to perform or default in the performance of any of its obligations under this
Agreement (other than a payment default subject to Section 2.4), the party entitled to the benefit of the performance (the “Non-Defaulting Party”) may give written notice to the Defaulting Party specifying the nature of the failure or
default and stating that the Non-Defaulting Party intends to terminate this Agreement with respect to the Defaulting Party if the failure or default is not cured within 15 days of the written notice. If any failure or default so specified is not
cured within the 15-day period, the Non-Defaulting Party may elect immediately to terminate this Agreement with respect to the Defaulting Party; provided, however, that if the failure or default relates to a dispute contested in good
faith by the Defaulting Party, the Non-Defaulting Party may not terminate this Agreement pending resolution of the dispute in accordance with Article V hereof. Such termination shall be effective upon giving a written notice of termination from the
Non-Defaulting Party to the Defaulting Party and shall be without prejudice to any other remedy which may be available to the Non-Defaulting Party against the Defaulting Party. 

4.4 Termination of Obligations. All obligations of each Provider to provide each Transition Service for which the Provider is
responsible shall immediately cease upon the expiration of the Time Period (and any extension thereof in accordance with Section 4.2) for the Transition Service, and each Provider’s obligations to provide all of the Transition Services for
which the Provider is responsible shall immediately cease upon the termination of this Agreement with respect to the Provider and all relevant Recipients. Upon the cessation of a Provider’s obligation to provide any Transition Service, the
Recipient of the Transition Service shall immediately cease using, directly or indirectly, the Transition Service (including, without limitation, any and all software of Provider or third party software provided through Provider, telecommunications
services or equipment, or computer systems or equipment). 
 4.5 Survival of Certain Obligations. Without prejudice to the survival
of the other agreements of the parties, the following obligations shall survive the termination of this Agreement: (a) the obligations of each party under Articles III, IV and VI; and (b) each Provider’s right to receive the
compensation for the Transition Services provided in Section 2.1 accruing prior to the effective date of termination. 
 ARTICLE V 

DISPUTE RESOLUTION 
 5.1
Contribution to Control. Any and all controversies, disputes or claims arising out of, relating to, in connection with or resulting from this Agreement (or any amendment thereto or any transaction contemplated hereby or thereby), including as
to its existence, interpretation, performance, non-performance, validity, breach or termination, including any claim based on contract, tort, statute or constitution and any claim raising questions of law, whether arising before or after termination
of this Agreement, shall be deemed an Agreement Dispute as defined in Section 9.13 of the Separation Agreement and shall be resolved exclusively by, in accordance with, and subject to the limitations set forth in Article IX of the Separation
Agreement. 

  
 6 

 ARTICLE VI 

INDEMNIFICATION 
 6.1
Recipients’ Indemnity for Transition Services. Each party in its capacity as Recipient shall indemnify, defend and hold harmless each Provider, and the Provider’s directors, officers, employees and agents, against any and all
Liabilities incurred by any of them in connection with Transition Services provided under this Agreement except to the extent of Provider’s gross negligence or intentional misconduct. 

6.2 Providers’ Indemnity for Transition Services. Each party in its capacity as Provider shall indemnify, defend and hold harmless
each Recipient, and the Recipient’s directors, officers, employees and agents, against all Liabilities incurred by any of them in connection with Transition Services provided under this Agreement except to the extent of Provider’s gross
negligence or intentional misconduct; provided, however, that any Liabilities claimed by Recipient and the Recipient’s directors, officers, employees and agents shall be limited to the amount of the charges paid to Provider for
such item of Transition Service in respect of which a claim is made; and provided, further, that Provider will defend, indemnify and hold harmless each Recipient of Transition Services from such Provider, and such Recipient’s
directors, officers, employees and agents, against all Liabilities incurred by any of them in connection with the Provider’s operation, maintenance or use of a motor vehicle in the course of providing Transition Services to the Recipient. 

ARTICLE VII 
 MISCELLANEOUS 

7.1 Complete Agreement; Construction. This Agreement, including the Schedules hereto, and the Separation Agreement shall constitute the
entire agreement among the parties with respect to the subject matter hereof and shall supersede all prior agreements, negotiations, commitments and writings with respect to such subject matter. In the event of any inconsistency between this
Agreement and any Schedule hereto, the Schedule shall prevail. In the event of any inconsistency between this Agreement and the Separation Agreement, this Agreement shall prevail except for inconsistencies with respect to Sections 6.09 and 9.13 and
Article IX of the Separation Agreement, which sections shall prevail over any inconsistent provision of this Agreement. 
 7.2 Other
Agreements. This Agreement is not intended to address, and should not be interpreted to address, the matters expressly covered by the Separation Agreement. 

7.3 Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original but all of
which together shall constitute one and the same Agreement. 

  
 7 

 7.4 Notices. All Notices required or permitted under this Agreement shall be in writing
and shall be sufficiently given or made (a) if hand delivered or sent by telecopy (with delivery confirmed by voice or otherwise), (b) if sent by nationally recognized overnight courier or (c) if sent by registered or certified U.S.
mail, postage prepaid, return receipt requested, and in each case addressed as follows: 
 If to MMI: 

Marcus & Millichap, Inc. 

23975 Park Sorrento, Suite 400 

Calabasas, California 91302 

Attention: Chief Financial Officer 

If to MMC: 
 Marcus &
Millichap Company 
 777 California Avenue 

Palo Alto, California 94304 

Attention: Chief Financial Officer 
 or at such
other address as shall be furnished by any of the parties in a Notice. Any Notice shall be deemed to have been duly given or made when the Notice is received. 

7.5 Waivers. The failure of any party to require strict performance by any other party of any provision in or rights and remedies with
respect to this Agreement will not waive or diminish that party’s right to demand strict performance thereafter of that or any other provision hereof or right or remedy. 

7.6 Amendments. After the execution of this Agreement by all parties, and solely to the extent that a change is desired by and
restricted to any two parties without affecting the rights of the third party hereto, such two parties may separately amend in writing any provision of this Agreement which governs the rights exchanged between them without notifying the third party
hereto. Except as expressly provided herein, this Agreement may be amended or supplemented or its provisions waived only by an agreement in writing signed by each of the parties. 

7.7 Assignment. 
 (a) No
party to this Agreement shall (i) consolidate with or merge into any Person or permit any Person to consolidate with or merge into such party (other than a merger or consolidation in which the party is the surviving or continuing corporation),
or (ii) sell, assign, transfer, lease or otherwise dispose of, in one transaction or a series of related transactions, all or substantially all of its Assets, unless the resulting, surviving or transferee Person expressly assumes, by instrument
in form and substance reasonably satisfactory to the other parties, all of the obligations of the party under this Agreement. 
 (b) Except
as expressly provided in paragraph (a), neither this Agreement nor any of the rights, interests or obligations hereunder shall be assignable, directly or indirectly, by any party without the prior written consent of the other parties, and any
attempt to so assign without such consent shall be void. 

  
 8 

 7.8 Successors and Assigns. Subject to Section 7.7, this Agreement shall be binding
upon, inure to the benefit of and be enforceable by the successors and permitted assigns of the parties. 
 7.9 Third Party
Beneficiaries. This Agreement is solely for the benefit of the parties and the members of their respective Groups and Affiliates and their respective successors and assigns and should not be deemed to confer upon third parties any remedy, claim,
liability, reimbursement, cause of action or other right in excess of those existing without reference to this Agreement. 
 7.10
Schedules. The Schedules shall be construed with and as an integral part of this Agreement to the same extent as if they had been set forth verbatim herein. 

7.11 Governing Law. This Agreement shall be governed by, and construed and enforced in accordance with, the Law of the State of
Delaware without regard to the principles of conflicts of Laws thereunder. Notwithstanding the foregoing, the Federal Arbitration Act, 9 U.S.C. §§1-15, shall govern the arbitrability of disputes. 

7.12 Severability. If any provision of this Agreement or the application thereof to any Person or circumstance is determined to be
invalid, void or unenforceable in any respect, the remaining provisions hereof, the application of such provision to Persons or circumstances other than those as to which it has been held invalid, void or unenforceable, shall remain in full force
and effect and in no way be affected, impaired or invalidated thereby, so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner adverse to any party. 

7.13 Subsidiaries. Each of the parties shall cause to be performed, and hereby guarantees the performance of, all actions, agreements
and obligations set forth herein to be performed by any Subsidiary of such party or by any entity that is contemplated to be a Subsidiary of such party on and after the Distribution Date. 

7.14 Title and Headings. Titles and headings to sections herein are inserted for the convenience of reference only and are not intended
to be a part of or to affect the meaning or interpretation of this Agreement. 
 7.15 Laws and Government Regulations. Each party in
its capacity as Recipient shall be responsible for (a) compliance with all Laws affecting its businesses and (b) any use it may make of the Transition Services to assist it in complying with such Laws. While a party in its capacity as
Provider shall not have any responsibility for the compliance by any Recipient with such Laws, Provider shall use reasonable commercial efforts to cause the Transition Services to be designed in such manner that the Transition Services shall be able
to assist the Recipient in complying with applicable legal and regulatory responsibilities. 
 7.16 Relationship of Parties. Nothing
in this Agreement shall be construed to create a partnership, agency or other relationship between the parties or to make any party liable for any debts or obligations incurred by another party. 

  
 9 

 7.17 Definitions. Capitalized terms used in this Agreement and not otherwise defined
herein have the meanings ascribed to such terms in the Separation Agreement. 
 IN WITNESS WHEREOF, the parties hereto have caused this
Transition Services Agreement to be executed as of the day and year first above written. 
  

					
	MARCUS & MILLICHAP, INC.
		
	By:	 	 
		 	Name:	 	
		 	Title:	 	

  

					
	MARCUS & MILLICHAP COMPANY
		
	By:	 	 
		 	Name:	 	
		 	Title:	 	

  

					
	By:	 	 
		 	 Name:
	 	
		 	 Title:
	 	

  

					
	M&M CORPORATE SERVICES, INC.
		
	By:	 	 
		 	Name:	 	
		 	Title:	 	

  

					
	By:	 	 
		 	 Name:
	 	
		 	 Title:
	 	

  
 10 

 Schedule 1.01 

Benefits Administration 
 Provider: M&M
Corporate Services (“MMCS”) 
 Recipient(s): MMI and all subsidiaries 

Description of Service: The medical, dental, disability, life insurance and worker’s compensation plans will remain linked with the Marcus &
Millichap Company and affiliate plan until renewal of the plans takes place in April, 2014. At that point separate plans will be issued for MMI only. During this transition period, MMI will be allocated premium costs consistent with historical
allocations which are based on the actual number of participants in each plan associated with MMI and its subsidiary entities for the medical plan and based on total payroll attributed to MMI and its subsidiaries for the workers compensation plan.
Additionally, MMCS will provide nominal benefits administration coordination services until the renewals take place. 
 MMC and MMI will continue to receive
ADP payroll administration services under the same ADP contract for up to six months. During this transition period, MMI will be allocated the portion of ADP’s fees consistent with historical allocations and MMI payroll. Additionally, the 401K
plan administration and certain flexible spending account services provided by outside vendors will be shared for a transitional period. 
 Payment: None,
other than a reimbursement for allocated premium or service costs. 
 Time Period: Until April, 2014 

Notice Period for Deletion of Transition Services: 60 days 

Other Material Terms: N/A 
 Service Coordinator for Provider:
Marianne Empedocles 
 Service Coordinator for each Recipient: Martin Louie 

  
 11 

 Schedule 1.02 

Legal 
 Provider: Marcus & Millichap
Company 
 Recipient(s): MMI 
 Description of Service:
In-house legal services relating to corporate matters, including without limitation corporate governance, SEC filings, the omnibus equity plan, and matters involving the company’s board of directors, shareholders, lenders and insurers. 

Payment: A monthly allocation of base salary based on the amount of time incurred for the described services. The estimated monthly amount ranges between
$9,000 to $15,000. 
 Time Period: From between 6 to 18 months. 

Notice Period for Deletion of Transition Services: 60 days 

Other Material Terms: Services to be covered by MMI insurance where appropriate 

Service Coordinator for Provider: Robert Kennis 
 Service
Coordinator for each Recipient: John Kerin 

  
 12 

 Schedule 1.03 

Management of SAP Accounting System 
 Provider:
MMCS 
 Recipient(s): MMI 
 Description of Service: Management
of the SAP accounting system. 
 Payment: A monthly allocation of compensation based on the amount of time incurred by one person for the described
services. The estimated monthly amount ranges between $9,000 to $13,000. 
 Time Period: Up to 12 months 

Notice Period for Deletion of Transition Services: 90 days 

Other Terms: 
 Service Coordinator for Provider: Alex
Yarmolinsky 
 Service Coordinator for each Recipient: Martin Louie 

  
 13

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00221-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00221-of-00352.parquet"}]]