Document:

EX-10.1

 Exhibit 10.1 

 
 FORM OF ADVISORY AGREEMENT 

AMONG 

RREEF PROPERTY TRUST, INC., 
 RREEF PROPERTY OPERATING PARTNERSHIP, LP, 
 AND 

RREEF AMERICA L.L.C. 

 TABLE OF CONTENTS 

 

							
	1.	  	Definitions	  	 	1	  
	2.	  	Appointment	  	 	6	  
	3.	  	Duties of the Advisor	  	 	6	  
	4.	  	Authority of Advisor	  	 	10	  
	5.	  	Sub-Advisors	  	 	10	  
	6.	  	Bank Accounts	  	 	11	  
	7.	  	Records; Access	  	 	11	  
	8.	  	Limitations on Activities	  	 	11	  
	9.	  	Other Activities of the Advisor	  	 	11	  
	10.	  	Relationship with Directors	  	 	12	  
	11.	  	Advisory Fee	  	 	12	  
	12.	  	Expenses	  	 	13	  
	13.	  	Other Services	  	 	15	  
	14.	  	Reimbursement to the Advisor	  	 	15	  
	15.	  	Relationship of the Parties	  	 	16	  
	16.	  	Term of Agreement	  	 	16	  
	17.	  	Termination by the Parties	  	 	16	  
	18.	  	Assignment to an Affiliate	  	 	16	  
	19.	  	Payments to and Duties of Advisor Upon Termination	  	 	16	  
	20.	  	Indemnification by the Company and the Operating Partnership	  	 	17	  
	21.	  	Indemnification by Advisor	  	 	17	  
	22.	  	Non-Solicitation	  	 	17	  
	23.	  	Miscellaneous	  	 	18	  
	24.	  	Initial Investment	  	 	19	  

  

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 ADVISORY AGREEMENT 

THIS ADVISORY AGREEMENT (this “Agreement”), dated as of the          day of
                , 2012 and effective as of the date the Registration Statement (as defined below) is declared effective by the Securities and Exchange Commission
(the “Effective Date”), is by and among RREEF Property Trust, Inc., a Maryland corporation (the “Company”), RREEF Property Operating Partnership, LP, a Delaware limited partnership (the “Operating
Partnership”), and RREEF America L.L.C., a Delaware limited liability company (collectively, the “Parties”). Capitalized terms used herein shall have the meanings ascribed to them in Section 1 below. 

W I T N E S S E T H 
 WHEREAS, the Company intends to qualify as a REIT, and to invest its funds in investments permitted by the terms of Sections 856 through 860 of the Code; 

WHEREAS, the Company is the general partner of the Operating Partnership and intends to conduct all of its business and make all or
substantially all Investments through the Operating Partnership; 
 WHEREAS, the Company and the Operating Partnership
previously desire to avail themselves of the knowledge, experience, sources of information, advice, assistance and certain facilities available to the Advisor and to have the Advisor undertake the duties and responsibilities hereinafter set forth,
on behalf of, and subject to the supervision of, the Board, all as provided herein; and 
 WHEREAS, the Advisor is willing to
undertake to render such services, subject to the supervision of the Board, on the terms and conditions hereinafter set forth. 

NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants and agreements contained herein, the parties agree as
follows: 
 1. DEFINITIONS. As used in this Agreement, the following terms have the definitions hereinafter indicated:

 Acquisition Expenses. Any and all expenses incurred by the Company, the Operating Partnership, the Advisor, or
any of their Affiliates in connection with the selection, evaluation, structuring, acquisition, origination or development of any Investments, whether or not acquired, including, without limitation, legal fees and expenses, travel and communications
expenses, costs of appraisals, nonrefundable option payments on property not acquired, accounting fees and expenses, title insurance premiums, and the costs of performing due diligence. 

Advisor. RREEF America L.L.C., a Delaware limited liability company, any successor advisor to the Company, the Operating
Partnership or any Person to which RREEF America L.L.C. or any successor advisor subcontracts substantially all of its functions. Notwithstanding the foregoing, a Person hired or retained by RREEF America L.L.C. to perform sub-advisory or property
management and related services for the Company or the Operating Partnership that is not hired or retained to perform substantially all of the functions of RREEF America L.L.C. with respect to the Company or the Operating Partnership as a whole
shall not be deemed to be an Advisor. 
 Advisory Fee. The fee payable to the Advisor pursuant to Section 11.

 Affiliate or Affiliated. With respect to any Person, (i) any Person directly or indirectly owning,
controlling or holding, with the power to vote, 10.0% or more of the outstanding voting securities of such other Person; (ii) any Person 10.0% or more of whose outstanding voting securities are directly or indirectly owned, controlled or held,
with the power to vote, by such other Person; (iii) any Person directly or indirectly controlling, controlled by or under common control with such other Person; (iv) any executive officer, director, trustee or general partner of such other
Person; and (v) any legal entity for which such Person acts as an executive officer, director, trustee or general partner. 

Annual Total Return. As further described in Section 11, the investment return provided to Stockholders, which shall
be calculated independently for the Class A Shares and the Class B Shares and shall be equal to, for all such Shares outstanding during the calendar year (or such other applicable period), (i) distributions declared and accrued per
Class A Share or Class B Share over the calendar year (or such other applicable period) plus (ii) change in Class A NAV per Class A Share or Class B NAV per Class B Share over the calendar year (or such other applicable period).

 Articles of Incorporation. The Articles of Incorporation of the Company filed with the Maryland State
Department of Assessments and Taxation in accordance with the Maryland General Corporation Law, as amended from time to time. 

  

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 Average Invested Assets. For a specified period, the average of the aggregate
book value of the Investments before deducting reserves for depreciation, amortization, bad debts or other similar non-cash reserves, computed by taking the average of such values at the end of each month during such period. 

Board. The board of directors of the Company, as of any particular time. 

Business Day. Any day the New York Stock Exchange is open for trading. 

Bylaws. The bylaws of the Company, as amended from time to time. 

Cause. With respect to the termination of this Agreement, fraud, criminal conduct, willful misconduct or willful or
negligent breach of fiduciary duty by the Advisor in connection with performing its duties hereunder. 
 Change of
Control. Any event (including, without limitation, issue, transfer or other disposition of shares of capital stock of the Company or equity interests in the Operating Partnership, merger, share exchange or consolidation) after which any
“person” (as that term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended) is or becomes the “beneficial owner” (as defined in Rule 13d-3 of the Securities Exchange Act of 1934, as amended),
directly or indirectly, of securities of the Company or the Operating Partnership representing greater than 50% or more of the combined voting power of Company’s or the Operating Partnership’s then outstanding securities, respectively;
provided, that, a Change of Control shall not be deemed to occur as a result of any widely distributed public offering of the Shares. 
 Class A NAV. The portion of the NAV allocable to Class A Shares, calculated pursuant to the Valuation Guidelines. 

Class A Shares. Shares of the Company’s $0.01 par value common stock that have been designated as Class A.

 Class A Stockholders. The record holders of the Class A Shares as maintained in the books and records
of the Company or its transfer agent. 
 Class B NAV. The portion of the NAV allocable to Class B Shares,
calculated pursuant to the Valuation Guidelines. 
 Class B Shares. Shares of the Company’s $0.01 par value
common stock that have been designated as Class B. 
 Class B Stockholders. The record holders of the Class B
Shares as maintained in the books and records of the Company or its transfer agent. 
 Code. Internal Revenue Code
of 1986, as amended from time to time, or any successor statute thereto. Reference to any provision of the Code shall mean such provision as in effect from time to time, as the same may be amended, and any successor provision thereto, as interpreted
by any applicable regulations as in effect from time to time. 

  

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 Company. Company shall have the meaning set forth in the preamble of this
Agreement. 
 Dealer Manager. SC Distributors, LLC, or such other Person or entity selected by the Board to act as
the dealer manager for an Offering. 
 Dealer Manager Fee. The dealer manager fee payable to the Dealer Manager as
described in the Prospectus. 
 Director. A member of the Board. 

Distribution Fee. The distribution fee payable to the Dealer Manager with respect to the Class A Shares and
reallowable to Participating Broker-Dealers with respect to Class A Shares sold by them as described in the Prospectus. 

Distributions. Any distributions of money or other property by the Company to owners of Shares, including distributions
that may constitute a return of capital for federal income tax purposes. 
 Effective Date. Effective Date shall
have the meaning set forth in the preamble of this Agreement. 
 Excess Amount. Excess Amount shall have the
meaning set forth in Section 14. 
 Expense Year. Expense Year shall have the meaning set forth in
Section 14. 
 Fixed Component. The non-variable component of the Advisory Fee as described in
Section 11(b). 
 GAAP. Generally accepted accounting principles as in effect in the United States of America
from time to time. 
 Gross Proceeds. The aggregate purchase price of all Shares sold for the account of the
Company through an Offering, without deduction for Selling Commissions, volume discounts, any due diligence expense reimbursement or Organization and Offering Expenses. For the purpose of computing Gross Proceeds from the sale of Class A
Shares, the purchase price of any Class A Share for which reduced Selling Commissions are paid to the Dealer Manager or a Participating Broker-Dealer (where net proceeds to the Company are not reduced) shall be deemed to be the full amount of
the offering price per Class A Share pursuant to the Prospectus for such Offering without reduction. 
 Independent
Director. Independent Director shall have the meaning set forth in the Articles of Incorporation. 
 Independent
Valuation Advisor. A firm that is (i) engaged to a substantial degree in the business of conducting appraisals on commercial real estate properties, (ii) not affiliated with the Advisor and (iii) engaged by the Company with
the approval of the Board to appraise the Real Properties pursuant to the Valuation Guidelines. 
 Initial
Investment. Initial Investment shall have the meaning set forth in Section 24. 
 Investment Company Act.
The Investment Company Act of 1940, as amended. 
 Investment Guidelines. The investment guidelines adopted by
the Board, as amended from time 

  

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to time, pursuant to which the Advisor has discretion to acquire and dispose of Investments for the Company without the prior approval of the Board. 

Investments. Any investments by the Company or the Operating Partnership in Real Property and Real Estate Related Assets.

 Joint Ventures. The joint venture or partnership arrangements (other than with the Operating Partnership and
including in the form of limited liability companies) in which the Company or any of its subsidiaries is a co-venturer, general partner, limited partner or otherwise, which are established to acquire or hold Investments. 

Loans. Any indebtedness or obligations in respect of borrowed money or evidenced by bonds, notes, debentures, deeds of
trust, letters of credit or similar instruments, including mortgages and mezzanine loans. 
 NASAA REIT Guidelines.
The Statement of Policy Regarding Real Estate Investment Trusts published by the North American Securities Administrators Association on May 7, 2007, and in effect on the Effective Date. 

NAV. The Company’s net asset value, calculated pursuant to the Valuation Guidelines. 

Net Income. For any period, the Company’s total revenues applicable to such period, less the total expenses applicable
to such period other than additions to reserves for depreciation, bad debts or other similar non-cash reserves and excluding any gain from the sale of the Company’s assets. 

Offering. Any public offering of Shares pursuant to an effective registration statement filed under the Securities Act,
other than a public offering of Shares under a distribution reinvestment plan and Shares offered under any employee benefit plan. 
 Operating Partnership. Operating Partnership shall have the meaning set forth in the preamble of this Agreement. 
 Operating Partnership Agreement. The Limited Partnership Agreement of the Operating Partnership, as amended from time to time. 

Organizational and Offering Expenses. All expenses incurred by and to be paid from the assets of the Company in connection
with and in preparing the Company for registration of, and subsequently offering and distributing to the public, its Shares, whether incurred before or after the date of this Agreement, which may include but are not limited to: total underwriting
and brokerage discounts and commissions (including fees of the underwriters’ attorneys); expenses for printing, engraving and mailing; salaries of employees while engaged in sales activity; all advertising and marketing expenses (including the
costs related to investor and broker-dealer sales meetings); charges of transfer agents, registrars, trustees, escrow holders, depositories and experts; and fees, expenses and taxes related to the filing, registration and qualification of the sale
of the Shares under federal and state laws, including accountants’ and attorneys’ fees and expenses. 

Participating Broker-Dealers. Broker-dealers who are members of the Financial Industry Regulatory Authority, Inc., or that
are exempt from broker-dealer registration, and who, in either case, have executed participating broker-dealer or other agreements with the Dealer Manager to sell Shares in an Offering. 

  

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 Performance Component. The variable component of the Advisory Fee as described
in Section 11(b). 
 Person. An individual, corporation, business trust, estate, trust, partnership, joint
venture, limited liability company or other legal entity. 
 Priority Return Percentage. Priority Return
Percentage shall have the meaning set forth in Section 11(c). 
 Prospectus. A “Prospectus” under
Section 2(10) of the Securities Act, including a preliminary Prospectus, an offering circular as described in Rule 253 of the General Rules and Regulations under the Securities Act or, in the case of an intrastate offering, any document by
whatever name known, utilized for the purpose of offering and selling securities of the Company to the public. 
 Real
Estate Equity Securities. Equity securities such as common stocks, preferred stocks and convertible securities of public or private real estate companies. 
 Real Estate Loans. Any indebtedness or obligations in respect of borrowed money backed principally by real estate, such as mortgage, mezzanine, bridge and other loans on Real Property and
debt securities, such as collateralized mortgage backed securities and other debt securities. 
 Real Estate Related
Assets. Any investments by the Company or the Operating Partnership in Real Estate Loans and Real Estate Equity Securities. 
 Real Property. Land, rights in land (including leasehold interests), and any buildings, structures, improvements, furnishings, fixtures or equipment located on or used in connection
with land and rights or interests in land owned from time to time by the Company, the Operating Partnership or subsidiary thereof, either directly or through Joint Ventures. 
 Registration Statement. The registration statement on Form S-11, as may be amended from time to time, of the Company filed with the Securities and Exchange Commission related to the
registration of the Shares for the Company’s initial Offering. 
 REIT. A “real estate investment
trust” under Sections 856 through 860 of the Code or as may be amended. 
 Securities Act. The
Securities Act of 1933, as amended from time to time, or any successor statute thereto. Reference to any provision of the Securities Act shall mean such provision as in effect from time to time, as the same may be amended, and any successor
provision thereto, as interpreted by any applicable regulations as in effect from time to time. 
 Selling Commission.
That percentage of Gross Proceeds from the sale of Class A Shares in the Offering payable to the Dealer Manager and reallowable to Participating Broker-Dealers with respect to Class A Shares sold by them as described in the Prospectus.

 Shares. The Class A Shares and Class B Shares. 

Stockholders. The Class A Stockholders and Class B Stockholders. 

Sub-Advisor. Sub-Advisor and Sub-Advisors shall have the meaning set forth in Section 5. 

  

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 Termination Date. The date of termination of this Agreement or expiration of
this Agreement in the event this Agreement is not renewed for an additional term. 
 Total Operating Expenses. All
costs and expenses paid or incurred by the Company, as determined under GAAP, that are in any way related to the operation of the Company or its business, including the Advisory Fee, but excluding (i) the expenses of raising capital such as
Organization and Offering Expenses, legal, audit, accounting, underwriting, brokerage, listing, registration, and other fees, printing and other such expenses and taxes incurred in connection with the issuance, distribution, transfer and
registration of securities, (ii) interest payments, (iii) taxes, (iv) non-cash expenditures such as depreciation, amortization and bad debt reserves, (v) incentive fees paid in compliance with the NASAA REIT Guidelines;
(vi) acquisition fees and Acquisition Expenses, (vii) real estate commissions on the sale of Real Property, and (viii) other fees and expenses connected with the acquisition, disposition, management and ownership of real estate
interests, mortgages or other property (including the costs of foreclosure, insurance premiums, legal services, maintenance, repair, and improvement of property). The definition of “Total Operating Expenses” set forth above is intended to
encompass only those expenses which are required to be treated as Total Operating Expenses under the NASAA REIT Guidelines. As a result, and notwithstanding the definition set forth above, any expense of the Company which is not part of Total
Operating Expenses under the NASAA REIT Guidelines shall not be treated as part of Total Operating Expenses for purposes hereof. 
 2%/25% Guidelines. 2%/25% Guidelines shall have the meaning set forth in Section 14. 
 Valuation Guidelines. The valuation guidelines adopted by the Board, as amended from time to time. 
 2. APPOINTMENT. The Company and the Operating Partnership hereby appoint the Advisor to serve as their advisor on the terms and conditions set forth in this Agreement, and the Advisor hereby
accepts such appointment. By accepting such appointment, the Advisor acknowledges that it has a contractual and fiduciary responsibility to the Company and the Stockholders. 
 3. DUTIES OF THE ADVISOR. The Advisor undertakes to use its commercially reasonable efforts to present to the Company and the Operating Partnership potential investment opportunities and to provide
the Company and the Operating Partnership with a continuing and suitable investment program consistent with the investment objectives and policies of the Company as determined and adopted from time to time by the Board. In performance of this
undertaking, subject to the supervision of the Board and consistent with the provisions of the Company’s most recent Prospectus for the Shares, the Articles of Incorporation and Bylaws and the Operating Partnership Agreement, the Advisor shall,
either directly or indirectly by engaging a duly qualified Affiliate of the Advisor or a duly qualified third party: 
 (a)
consult with the officers of the Company and the Board and assist the Board in the formulation and implementation of the Company’s financial, investment, valuation and other policies; 

(b) find, evaluate, present and recommend to the Company investment opportunities consistent with the Company’s Investment
Guidelines, policies and objectives; 
 (c) serve as the Company’s and the Operating Partnership’s investment and
financial advisor and provide research and economic and statistical data in connection with the Company’s and the Operating Partnership’s Investments and investment policies; 

(d) determine the proper allocation of the Company’s and the Operating Partnership’s Investments among (i) Real Property,
(ii) Real Estate Equity Securities, (iii) Real Estate Loans and (iv) cash and cash equivalents and other short-term investments; 

  

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 (e) select Joint Venture partners and service providers for the Company, such as the
Company’s transfer agent, structure corresponding agreements and oversee and monitor these relationships; 
 (f) provide
the daily management of the Company and the Operating Partnership and perform and supervise the various administrative functions reasonably necessary for the management of the Company and the Operating Partnership; 

(g) subject to the provisions of Section 4 hereof, (i) to the extent within the Advisor’s authority as set forth in the
Investment Guidelines, identify, analyze and complete acquisitions and dispositions of Investments; (ii) to the extent outside the Advisor’s authority as set forth in the Investment Guidelines, identify, analyze and recommend
acquisitions and dispositions of Investments to the Board and complete such transactions on behalf of the Company and the Operating Partnership in accordance with the direction of the Board; (iii) structure and negotiate the terms and
conditions of transactions pursuant to which acquisitions and dispositions of Investments will be made; (iv) arrange for financing and refinancing and make other changes in the asset or capital structure of, and dispose of, reinvest the
proceeds from the sale of, or otherwise deal with, Investments; (v) enter into leases and service contracts for Investments and, to the extent necessary, perform all other operational functions for the maintenance and administration of such
Investments, including the servicing of mortgages and selecting, engaging and supervising the performance of third party property managers and leasing agents for property management and leasing services; (vi) actively oversee and manage
Investments for purposes of meeting the Company’s investment objectives; (vii) review and analyze each Property’s operating and capital budget; and (viii) to the extent necessary, perform all other operational functions for the
maintenance and administration of such Investments; 
 (h) oversee recruitment and hiring of personnel who will have direct
responsibility for the operations of each Real Property acquired by the Company, which may include, but is not limited to, on-site managers and building and maintenance personnel, and direct and establish policies for such personnel; 

(i) investigate, select, and, on behalf of the Company and the Operating Partnership, engage and conduct business with such Persons as
the Advisor deems necessary to the proper performance of its obligations hereunder, including but not limited to consultants, accountants, correspondents, lenders, technical advisors, attorneys, brokers, underwriters, corporate fiduciaries, escrow
agents, depositaries, custodians, agents for collection, insurers, insurance agents, banks, builders, developers, property owners, real estate management companies, real estate operating companies, securities investment advisors, mortgagors, and any
and all agents for any of the foregoing, including Affiliates of the Advisor, and Persons acting in any other capacity deemed by the Advisor necessary or desirable for the performance of any of the foregoing services, including, but not limited to,
entering into contracts in the name of the Company and the Operating Partnership with any of the foregoing; 
 (j) arrange and
secure on behalf of the Company and the Operating Partnership with banks or lenders for Loans to be made to the Company and the Operating Partnership, but in no event in such a way so that the Advisor shall be acting as broker-dealer or underwriter;
and provided, further, that any fees and costs payable to third parties incurred by the Advisor in connection with the foregoing shall be the responsibility of the Company or the Operating Partnership; 

(k) monitor the operating performance of the Investments and provide periodic reports to the Board with respect thereto, including
comparative information with respect to such operating 

  

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performance and budgeted or projected operating results, and prepare and review on the Company’s behalf, with the participation of one designated principal executive officer and principal
financial officer of the Company to the extent required by applicable rule or regulation, all reports and returns required by the Securities and Exchange Commission, Internal Revenue Service and other state or federal governmental agencies;

 (l) from time to time, or at any time reasonably requested by the Board, make reports to the Board of its performance of
services to the Company and the Operating Partnership under this Agreement, including reports with respect to potential conflicts of interest involving the Advisor or any of its Affiliates; 

(m) calculate, at the end of each Business Day, the Class A NAV and Class B NAV in accordance with the Valuation Guidelines, and in
connection therewith, obtain appraisals performed by an Independent Valuation Advisor and other independent third party appraisal firms concerning the value of the Real Properties; 

(n) provide input in connection with the valuations performed by the Independent Valuation Advisor, including periodic asset and
portfolio level information with respect to the Company’s Real Property and Real Estate Related Assets; 
 (o) monitor the
Company’s Real Property and Real Estate Related Assets for events that may be expected to have a material impact on the most recent estimated values provided by the Independent Valuation Advisor and notify the Independent Valuation Advisor with
respect to such events; 
 (p) if deemed appropriate by the Advisor, select and manage other independent valuation experts to
provide valuation services with respect to the Real Estate Related Assets and other Investments that are not subject to the appraisals conducted by the Independent Valuation Advisor; 

(q) monitor the Independent Valuation Advisor’s valuation process to ensure that it complies with the Company’s valuation
guidelines and report on such compliance to the Board on a quarterly basis; 
 (r) deliver to, or maintain on behalf of, the
Company copies of all appraisals obtained in connection with the investments in any Real Property; 
 (s) provide the Company
and the Operating Partnership with all necessary cash management services; 
 (t) arrange, negotiate, coordinate and manage
operations of any Joint Venture interests held by the Company or the Operating Partnership and conduct all matters with any Joint Venture partners; 
 (u) communicate on the Company’s or the Operating Partnership’s behalf with the respective holders of any of the Company’s or the Operating Partnership’s equity or debt securities as
required to satisfy the reporting and other requirements of any governmental bodies or agencies and to maintain effective relations with such holders; 
 (v) evaluate and recommend to the Board hedging strategies and modifications thereto in effect and cause the Company to engage in overall hedging strategies consistent with the Company’s status as a
REIT and with the Company’s investment policies approved by the Board; 
 (w) advise the Company regarding the maintenance
of the Company’s exemption from the Investment Company Act and monitor compliance with the requirements for maintaining an exemption from such act; 

  

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 (x) advise the Company regarding the Company’s ability to elect REIT status, and
thereafter maintenance of the Company’s status as a REIT, and monitor compliance with the various REIT qualification tests and other rules set out in the Code and the regulations promulgated thereunder; 

(y) take all necessary actions to enable the Company and the Operating Partnership to make required tax filings and reports, including
soliciting Stockholders for required information to the extent provided by the REIT provisions of the Code; 
 (z) invest or
reinvest any money of the Company or the Operating Partnership (including investing in short-term investments pending investment in long-term Investments, payment of fees, costs and expenses, or payments of distributions to the Stockholders and the
Operating Partnership’s partners), and advise the Company and the Operating Partnership as to the Company’s or the Operating Partnership’s respective capital structure and capital raising; 

(aa) cause the Company and the Operating Partnership to retain qualified accountants and legal counsel, as applicable, to assist in
developing appropriate accounting procedures, compliance procedures and testing systems with respect to financial reporting obligations and compliance with the REIT provisions of the Code and to conduct compliance reviews thereto, as required;

 (bb) cause the Company and the Operating Partnership to qualify to do business in all applicable jurisdictions and to obtain
and maintain all appropriate licenses; 
 (cc) assist the Company in maintaining the registration of the Shares under federal
and state securities laws and complying with all federal, state and local regulatory requirements applicable to the Company in respect of the Offering and the Company’s business activities (including the Sarbanes-Oxley Act of 2002, as amended),
including preparing or causing to be prepared all supplements to the Prospectus, post-effective amendments to the registration statement for any Offering and financial statements required under applicable regulations and contractual undertakings and
all reports and documents, if any, required under the Securities Act and the Securities Exchange Act of 1934, as amended; 

(dd) handle and resolve all claims, disputes or controversies (including all litigation, arbitration, settlement or other proceedings or
negotiations) in which the Company and the Operating Partnership may be involved or to which the Company and the Operating Partnership may be subject, arising out of the Company’s or the Operating Partnership’s day-to-day operations,
subject to such limitations or parameters as may be imposed from time to time by the Board; 
 (ee) use commercially reasonable
efforts to cause expenses incurred by or on behalf of the Company and the Operating Partnership to be reasonable or customary and within any budgeted parameters or expense guidelines set by the Board from time to time; 

(ff) arrange for (1) the disposal of Real Properties and (2) the sale or disposition of Real Estate Related Assets on the
Company’s behalf in compliance with the Company’s investment objectives and policies as stated in the Company’s most recent Prospectus for Shares; 
 (gg) perform such other services as may be required from time to time for the management and other activities relating to the Company’s and the Operating Partnership’s respective business and
assets as the Board shall reasonably request or the Advisor shall deem appropriate under the particular circumstances; and 

  

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 (hh) use commercially reasonable efforts to cause the Company and the Operating Partnership
to comply with all applicable laws. 
 4. AUTHORITY OF ADVISOR. 

(a) Pursuant to the terms of this Agreement (including the restrictions included in this Section 4 and in Section 8), and
subject to the continuing and exclusive authority of the Board over the management of the Company, the Board (by virtue of its approval of this Agreement and authorization of the execution hereof by the officers of the Company) hereby delegates to
the Advisor the authority to take, or cause to be taken, any and all actions and to execute and deliver any and all agreements, certificates, assignments, instruments or other documents and to do any and all things that, in the judgment of the
Advisor, may be necessary or advisable in connection with the Advisor’s duties described in Section 3, including the making of any Investment that fits within the Company’s investment objectives, strategy and guidelines, policies and
limitations and within the discretionary limits and authority as granted to the Advisor from time to time by the Board. 
 (b)
Notwithstanding the foregoing, any investment in an Investment that does not fit within the Investment Guidelines will require the prior approval of the Board or any duly authorized committee of the Board, as the case may be. 

(c) If a transaction requires approval by the Directors, the Advisor will deliver to the Directors all documents and other information
required by them to properly evaluate the proposed transaction. 
 (d) The prior approval of a majority of the Independent
Directors not otherwise interested in the transaction and a majority of the Directors not otherwise interested in the transaction will be required for each transaction to which the Advisor or its Affiliates is a party. 

(e) The Board may, at any time upon the giving of notice to the Advisor, amend the Investment Guidelines or modify or revoke the
authority set forth in this Section 4; provided, however, that such modification or revocation shall be effective upon receipt by the Advisor or such later date as is specified by the Board and included in the notice provided to the Advisor and
such modification or revocation shall not be applicable to investment transactions to which the Advisor has committed the Company or the Operating Partnership prior to the date of receipt by the Advisor of such notification, or if later, the
effective date of such modification or revocation specified by the Board. 
 5. SUB-ADVISORS. The Advisor is hereby
authorized to enter into one or more sub-advisory agreements with other investment advisors, including any Affiliate of the Advisor (each, a “Sub-Advisor”), pursuant to which the Advisor may obtain the services of the Sub-Advisor(s)
to assist the Advisor in fulfilling any of its responsibilities hereunder, subject to the oversight of the Advisor and the Board. 
 (a) The Advisor and not the Company shall be responsible for any compensation payable to any Sub-Advisor. Notwithstanding the foregoing, the Company shall reimburse the Advisor for any expenses properly
incurred by the Sub-Advisor, to the extent such expenses would be reimbursable if incurred by the Advisor pursuant to the terms of Section 11 hereof, in order for the Advisor to timely reimburse the Sub-Advisor for such out-of-pocket costs.

 (b) Any sub-advisory agreement entered into by the Advisor shall be in accordance with the requirements of the Articles of
Incorporation and other applicable federal and state laws and regulations. 

  

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 6. BANK ACCOUNTS. The Advisor may establish and maintain one or more bank accounts in
the name of the Company and the Operating Partnership and may collect and deposit into any such account or accounts, and disburse from any such account or accounts, any money on behalf of the Company or the Operating Partnership, under such terms
and conditions as the Board may approve, provided that no funds shall be commingled with the funds of the Advisor; and the Advisor shall from time to time render, upon request by the Board, its audit committee or the auditors of the Company,
appropriate accountings of such collections and payments to the Board, its audit committee and the auditors of the Company, as applicable. 
 7. RECORDS; ACCESS. The Advisor shall maintain appropriate records of all its activities hereunder and make such records available for inspection by the Board and by counsel, auditors and
authorized agents of the Company, at any time or from time to time during normal business hours. The Advisor shall at all reasonable times have access to the books and records of the Company and the Operating Partnership. 

8. LIMITATIONS ON ACTIVITIES. Anything else in this Agreement to the contrary notwithstanding, the Advisor shall refrain from
taking any action which, in its sole judgment made in good faith, would (a) adversely affect the status of the Company as a REIT, (b) subject the Company to regulation under the Investment Company Act, or (c) violate any law, rule,
regulation or statement of policy of any governmental body or agency having jurisdiction over the Company, the Shares or its other securities or (d) not be permitted by the Articles of Incorporation or Bylaws, except if such action shall be
ordered by the Board, in which case the Advisor shall notify promptly the Board of the Advisor’s judgment of the potential impact of such action and shall refrain from taking such action until it receives further clarification or instructions
from the Board. In such event, the Advisor shall have no liability for acting in accordance with the specific instructions of the Board so given. Notwithstanding the foregoing, the Advisor, its directors, officers, employees and members, and
partners, directors, officers, members and stockholders of the Advisor’s Affiliates shall not be liable to the Company or to the Board or Stockholders for any act or omission by the Advisor, its directors, officers, employees, or members, and
partners, directors, officers, members or stockholders of the Advisor’s Affiliates taken or omitted to be taken in the performance of their duties under this Agreement except as provided in Section 21 of this Agreement. 

9. OTHER ACTIVITIES OF THE ADVISOR. 
 (a) Relationship. Nothing herein contained shall prevent the Advisor or any of its Affiliates from engaging in or earning fees from other activities, including, without limitation, the
rendering of advice to other Persons (including other REITs) and the management of other programs advised, sponsored or organized by the Advisor or its Affiliates; nor shall this Agreement limit or restrict the right of any director, officer,
member, partner, employee, or stockholder of the Advisor or its Affiliates to engage in or earn fees from any other business or to render services of any kind to any other Person. The Advisor may, with respect to any investment in which the Company
is a participant, also render advice and service to each and every other participant therein, and earn fees for rendering such advice and service. Specifically, it is contemplated that the Company may enter into joint ventures or other similar
co-investment arrangements with certain Persons, and pursuant to the agreements governing such joint ventures or arrangements, the Advisor may be engaged to provide advice and service to such Persons, in which case the Advisor will earn fees for
rendering such advice and service. For the avoidance of doubt, it is understood that neither the Company nor the Board has the authority to determine the salary, bonus or any other compensation paid by the Advisor to any director, officer, member,
partner, employee, or stockholder of the Advisor or its Affiliates, including any person who is also a director or officer employee of the Company. 

  

- 11 - 

 (b) Time Commitment. The Advisor shall, and shall cause its Affiliates and
their respective employees, officers and agents to, devote to the Company such time as shall be reasonably necessary to conduct the business and affairs of the Company in an appropriate manner consistent with the terms of this Agreement. The Company
acknowledges that the Advisor and its Affiliates and their respective employees, officers and agents may also engage in activities unrelated to the Company and may provide services to Persons other than the Company or any of its Affiliates.

 (c) Investment Opportunities. The Advisor shall use its commercially reasonable efforts to present to the
Company and the Operating Partnership a number of potential investment opportunities appropriate for the portfolio of the Company and the Operating Partnership consistent with the investment policies and objectives of the Company, but neither the
Advisor nor any Affiliate of the Advisor shall be obligated generally to present any particular investment opportunity to the Company or the Operating Partnership even if the opportunity is of a character that, if presented to the Company or the
Operating Partnership, could be taken by the Company or the Operating Partnership. In the event an investment opportunity is located, the allocation method set forth in the most recent Prospectus for Shares shall govern the allocation of the
opportunity among the Company and the Operating Partnership, on the one hand, and other competing investment entities, on the other hand, and the Advisor shall use its best efforts to apply such allocation method fairly to the Company; provided any
changes to the allocation method shall be presented in advance and approved by the Board, including a majority of the Independent Directors. The Advisor shall report to the Board the existence of any condition or circumstance, existing or
anticipated of which is has knowledge, which creates or could create a conflict of interest between the Advisor’s obligations to the Company and the Operating Partnership and its obligations to or its interest in any other Person. The Advisor
or its Affiliates shall promptly disclose to the Board knowledge of such condition or circumstance. 
 10. RELATIONSHIP WITH
DIRECTORS AND OFFICERS. Subject to Section 8 of this Agreement and to restrictions advisable with respect to the qualification of the Company as a REIT, directors, managers, officers and employees of the Advisor or an Affiliate of the
Advisor or any corporate parent of an Affiliate, may serve as a Director or officer of the Company, except that no director, officer or employee of the Advisor or its Affiliates who also is a Director or officer of the Company shall receive any
compensation from the Company for serving as a Director or officer other than (a) reasonable reimbursement for travel and related expenses incurred in attending meetings of the Board or (b) as otherwise approved by the Board, including a
majority of the Independent Directors, and no such Director shall be deemed an Independent Director for purposes of satisfying the Director independence requirement set forth in the Articles of Incorporation. 

11. ADVISORY FEE. 
 (a) The Advisor shall receive the Advisory Fee as compensation for services rendered hereunder. The Advisor is not entitled to acquisition, disposition or financing fees. 

(b) The Advisory Fee will be comprised of two separate components: (1) a fixed component in an amount equal to
1/365th of 1.0% of NAV for each day (the “Fixed
Component”); provided, however, that the Fixed Component will not be earned and, therefore, will not begin to accrue until the date on which the combined NAV for both Class A Shares and Class B Shares has reached $50,000,000; and (2) a
performance component (the “Performance Component”) that is paid annually and calculated based on the Annual Total Return allocable to each class of shares of the Company’s common stock. 

(c) The Performance Component will not be paid with respect to the Class A Shares or the Class B Shares, each of which is evaluated
independently when calculating the Performance Component, for 

  

- 12 - 

 
any calendar year in which the Annual Total Return allocable to the applicable class expressed as a percentage of Stockholders’ invested capital as of the last Business Day of such calendar
year is less than or equal to 6.0% (the “Priority Return Percentage”). For each class, the dollar amount of the Performance Component will equal 25.0% of the difference between the Annual Total Return and the Priority Return
Percentage allocable to Class A Shares or Class B Shares, as applicable. In no event will the Performance Component exceed 10.0% of the Annual Total Return allocable to Class A Shares or Class B Shares, as applicable, for any calendar
year. In the event Class A NAV per share or Class B NAV per share decreases below $12.00 on any day during the measurement period, any subsequent increase in such NAV per share to $12.00 (or such other adjusted number) shall not be included in the
calculation of the Performance Component with respect to that class, provided that the Company may decrease this threshold if (i) there has been a fundamental and unexpected change in the overall real estate market and (ii) the Board, including a
majority of Independent Directors, has determined that such change is necessary to appropriately incent the Advisor to perform in a manner that maximizes stockholder value and is in the best interests of the Company’s stockholders.
Notwithstanding the foregoing, the NAV thresholds for each class are also subject to adjustment by the Board to account for any stock dividend, stock split, recapitalization or any other similar change in the Company’s capital structure or any
distributions made after the commencement of this offering that the Board has deemed to be a return of capital to the applicable class of stockholders. If the Performance Component is payable with respect to Class A Shares or Class B Shares
pursuant to this Section 11(c), the Advisor will be entitled to such payment even in the event that the Annual Total Return to Class A Stockholders or Class B Stockholders (or any particular Stockholder) expressed as a percentage on a
cumulative basis over any longer or shorter period has been less than the Priority Return Percentage. The Advisor shall not be obligated to return any portion of any Advisory Fee paid based on the Company’s subsequent performance. The
Performance Component may be earned in a given period for one or more of the Company’s classes of common stock. 
 (d) The
Advisor shall, on a daily basis, (i) accrue a liability reserve account equal to the amount due for both the Fixed Component and the Performance Component, such accrual to be reflected in the NAV per share calculations for such day; and
(ii) calculate the Annual Total Return allocable to Class A Shares and Class B Shares, prorated as of the end of such day and, based on such calculation, adjust the balance of liability reserve accrual to reflect the estimated amount due
on account of the Performance Component. 
 (e) The Advisory Fee is payable in cash. The Fixed Component will accrue daily and
is payable monthly in arrears (after the close of business and NAV calculations for the last Business Day for such month). The Performance Component for each calendar year for which the fee is payable shall be paid on or before the earlier of
(i) promptly after the audited financial statements for such calendar year become available or (ii) March 15 of the year following such calendar year, provided that if this Agreement terminates or its term expires without renewal
prior to December 31 of any calendar year, then the Performance Component for such partial year shall be payable promptly after the Company files its unaudited financial statements on Form 10-Q for the quarter that includes the Termination
Date, but in no event later than March 15 of the year following the partial year for such quarterly unaudited financial statements. The Performance Component shall be payable for each calendar year in which this Agreement is in effect, even if
the Agreement is in effect for less than a full calendar year. 
 (f) In the event this Agreement is terminated or its term
expires without renewal, the Advisory Fee will be calculated and due and payable after the calculation of NAV on the Termination Date. If the Advisory Fee is payable with respect to any partial calendar month or calendar year (a “Partial
Period”), the Fixed Component will be prorated based on the number of days during such Partial Period and the Performance Component will be calculated based on the Annual Total Return achieved for such Partial Period. 

(g) In the event the Company or the Operating Partnership commences a liquidation of its Investments during any calendar year, the
Company will pay the Advisor the Fixed Component from the proceeds of the liquidation and the Performance Component will be calculated at the end of the liquidation period prior to the distribution of the liquidation proceeds to the Stockholders.

 12. EXPENSES. 
 (a) As required by the NASAA REIT Guidelines, the cumulative Selling Commissions, Dealer Manager Fees, Distribution Fees and Organizational and Offering Expenses paid by the Company will not exceed 15.0%
of Gross Proceeds from the sale of Shares in the Offering. 

  

- 13 - 

 (b) In addition to the compensation paid to the Advisor pursuant to Section 11 hereof,
the Company or the Operating Partnership shall pay directly or reimburse the Advisor for all of the expenses paid or incurred by the Advisor in connection with the services it provides to the Company and the Operating Partnership pursuant to this
Agreement, including, but not limited to: 
 (i) Organizational and Offering Expenses; provided that within
60 days after the end of the month in which an Offering terminates, the Advisor shall reimburse the Company to the extent the Organizational and Offering Expenses, Selling Commissions, Dealer Manager Fees and Distribution Fees borne by the
Company exceed 15.0% of the Gross Proceeds raised in the completed Offering; 
 (ii) Acquisition Expenses
incurred in connection with the selection and acquisition of Investments, including such expenses incurred related to assets pursued or considered but not ultimately acquired by the Company, subject to limitations set forth in the Articles of
Incorporation; 
 (iii) the actual cost of goods, services and materials used by the Company and obtained from
Persons not affiliated with the Advisor, including property management and leasing services; 
 (iv) interest
and other costs for borrowed money, including discounts, points and other similar fees; 
 (v) taxes and
assessments on income or property, taxes as an expense of doing business and any other taxes otherwise imposed on the Company and its business, assets or income; 

(vi) costs associated with insurance required in connection with the business of the Company or by the Board; 

(vii) expenses of managing, improving, developing, operating and selling Investments, whether payable to the Advisor, an
Affiliate of the Advisor or a non-affiliated Person including wages and salaries and other personnel related expenses of all on-site and off-site employees of the Advisor or its Affiliate who are engaged in the operation, management, maintenance and
leasing or access control of the Investment; 
 (viii) all expenses in connection with payments to the Directors
for attending meetings of the Board and Stockholders; 
 (ix) expenses associated with the issuance and
distribution of Shares and other securities of the Company, such as underwriting fees, advertising expenses, legal and accounting fees, taxes and registration fees; 

(x) expenses connected with payments of Distributions in cash or otherwise made or caused to be made by the Company to
the Stockholders; 
 (xi) expenses of organizing, reorganizing, redomesticating, merging, liquidating or
dissolving the Company or of amending the Articles of Incorporation or the Bylaws; 
 (xii) expenses incurred in
connection with the formation, organization and continuation of any corporation, partnership, joint venture or other entity through which the Company’s investments are made or in which any such entity invests; 

  

- 14 - 

 (xiii) expenses of any third-party transfer agent for the Shares and of
maintaining communications with Stockholders, including the cost of the preparation, printing, and mailing annual reports and other Stockholder reports, proxy statements and other reports required by governmental entities; 

(xiv) expenses of all litigation or regulatory proceedings or investigations instituted or threatened against the
Company; 
 (xv) administrative service expenses, including all costs incurred by the Advisor in performing the
services described in Section 3 hereof, including but not limited to reasonable salaries, wages and other personnel-related expenses of all employees of the Advisor or its Affiliates who are engaged in the management, administration, operations
and marketing of the Company and its business, including taxes, insurance and benefits relating to such employees, and legal, travel and other out-of-pocket expenses which are directly related to their services provided hereunder, provided that no
reimbursement shall be made for costs of such employees of the Advisor or its Affiliates to the extent that such employees perform services for which the Advisor receives a separate fee and provided further that personnel costs shall not be
reimbursed for individuals who serve as executive officers of the Company; 
 (xvi) audit, accounting and legal
fees and other fees or expenses associated with regulatory compliance. 
 (xvii) fees or expenses of third
parties for services provided to the Company, including, but not limited to, the services of the Independent Valuation Advisor, third-party property managers, leasing or brokerage agents, project managers, real estate and mortgage brokers, and
architectural, engineering or other consultants or third-party service providers engaged by the Advisor to assist it in performing its duties and responsibilities set forth under Section 3 hereof (except for any compensation payable to any
Sub-Advisor pursuant to Section 5 hereof); and 
 (xviii) all fees and expenses for professional services
incurred at the request, or on behalf of, the Board, the Independent Directors or any committee of the Board. 
 (c) Expenses
incurred by the Advisor on behalf of the Company and the Operating Partnership and payable pursuant to this Section 11 shall be reimbursed no less than monthly to the Advisor. The Advisor shall prepare a statement documenting the expenses of
the Company and the Operating Partnership and the calculation of the Advisory Fee during each quarter, and shall deliver such statement to the Company and the Operating Partnership within 45 days after the end of each quarter. 

(d) Organizational and Offering Expenses incurred by the Advisor prior to the Effective Date shall be reimbursed by the Company to the
Advisor in 60 equal monthly installments commencing with the first anniversary following the Effective Date. 
 13. OTHER
SERVICES. Should the Board request that the Advisor or any director, officer or employee thereof render services for the Company and the Operating Partnership other than set forth in Section 3, such services shall be separately compensated
at such rates and in such amounts as are agreed by the Advisor and the Independent Directors, subject to the limitations contained in the Articles of Incorporation, and shall not be deemed to be services pursuant to the terms of this Agreement.

 14. REIMBURSEMENT TO THE ADVISOR. The Company shall not reimburse the Advisor at the end of any fiscal quarter for
Total Operating Expenses that in the four consecutive fiscal quarters then ended (the “Expense Year”) exceed (the “Excess Amount”) the greater of 2.0% of Average Invested Assets or 25.0% of Net Income (the
“2%/25% Guidelines”) for such 12-month period unless the Independent Directors determine that such Excess Amount was justified, based on unusual and nonrecurring factors that the Independent Directors deem sufficient. If the
Independent Directors do not approve such Excess Amount as being so justified, the Advisor shall reimburse the Company the amount by which the Total Operating Expenses exceeded the 2%/25% Guidelines. If the Independent Directors determine such
excess was justified, then, within 60 days after the end of any fiscal quarter of the Company for which Total Operating Expenses for the Expense Year exceed the 2%/25% Guidelines, the Advisor, at the direction of the Independent Directors,
shall cause such fact to be disclosed to the Stockholders in writing (or the Company shall disclose such fact to the Stockholders in the next quarterly report of the Company or by filing a Current Report on Form 8-K with the Securities and Exchange
Commission within 60 days of such quarter end), together with an explanation of the factors the Independent Directors considered in determining that such excess were justified. The Company will ensure that such determination will be reflected
in the minutes of the meetings of the Board. All figures used in the foregoing computation shall be determined in accordance with GAAP applied on a consistent basis. 

  

- 15 - 

 15. RELATIONSHIP OF THE PARTIES. The Company and the Operating Partnership, on the
one hand, and the Advisor on the other, are not partners or joint venturers with each other, and nothing in this Agreement shall be construed to make them such partners or joint venturers or impose any liability as such on either of them.

 16. TERM OF AGREEMENT. This Agreement shall continue in force for a period of one year from the Effective Date,
subject to an unlimited number of successive one-year renewals upon mutual consent of the parties. It is the duty of the Board to evaluate the performance of the Advisor annually before renewing the Agreement, and each such renewal shall be for a
term of no more than one year. 
 17. TERMINATION BY THE PARTIES. This Agreement may be terminated (i) at the option
of either party immediately upon a Change of Control; (ii) immediately by the Company or the Operating Partnership for Cause or upon the bankruptcy of the Advisor; or (iii) upon 60 days’ written notice without Cause or penalty by
a majority vote of the Independent Directors; or (iii) upon 60 days’ written notice by the Advisor. The provisions of Sections 19 through 23 survive termination of this Agreement. 

18. ASSIGNMENT TO AN AFFILIATE. This Agreement may be assigned by the Advisor to an Affiliate of the Advisor with the approval of
a majority of the Directors (including a majority of the Independent Directors). The Advisor may assign any rights to receive fees or other payments under this Agreement to any Person without obtaining the consent of the Board. This Agreement shall
not be assigned by the Company or the Operating Partnership without the approval of the Advisor, except in the case of an assignment by the Company or the Operating Partnership to a corporation or other organization which is a successor to all of
the assets, rights and obligations of the Company or the Operating Partnership, in which case such successor organization shall be bound hereunder and by the terms of said assignment in the same manner as the Company and the Operating Partnership
are bound by this Agreement. This Agreement shall be binding on successors to the Company resulting from a Change in Control or sale of all or substantially all the assets of the Company or the Operating Partnership, and shall likewise be binding on
any successor to the Advisor. 
 19. PAYMENTS TO AND DUTIES OF ADVISOR UPON TERMINATION. 

(a) After the Termination Date, the Advisor shall not be entitled to compensation for further services hereunder except it shall be
entitled to receive from the Company or the Operating Partnership 

  

- 16 - 

 
within 30 days after the effective date of such termination all unpaid reimbursements of expenses and all earned but unpaid fees payable to the Advisor prior to termination of this
Agreement, subject to the 2%/25% Guidelines to the extent applicable. 
 (b) The Advisor shall promptly upon termination:

 (i) pay over to the Company and the Operating Partnership all money collected and held for the account of the
Company and the Operating Partnership pursuant to this Agreement, after deducting any accrued compensation and reimbursement for its expenses to which it is then entitled; 

(ii) deliver to the Board a full accounting, including a statement showing all payments collected by it and a statement
of all money held by it, covering the period following the date of the last accounting furnished to the Board; 

(iii) deliver to the Board all assets, including all Investments, and documents of the Company and the Operating
Partnership then in the custody of the Advisor; and 
 (iv) cooperate with, and take all reasonable actions
requested by, the Company and the Operating Partnership to provide an orderly management transition. 
 20. INDEMNIFICATION
BY THE COMPANY AND THE OPERATING PARTNERSHIP. The Company and the Operating Partnership shall indemnify and hold harmless the Advisor and its Affiliates, including their respective officers, directors, partners and employees, from all liability,
claims, damages or losses arising in the performance of their duties hereunder, and related expenses, including reasonable attorneys’ fees, to the extent such liability, claims, damages or losses and related expenses are not fully reimbursed by
insurance, and to the extent that such indemnification would not be inconsistent with the laws of the State of Maryland, the Articles of Incorporation or the provisions of Section II.G of the NASAA REIT Guidelines. 

21. INDEMNIFICATION BY ADVISOR. The Advisor shall indemnify and hold harmless the Company and the Operating Partnership from
contract or other liability, claims, damages, taxes or losses and related expenses including attorneys’ fees, to the extent that (i) such liability, claims, damages, taxes or losses and related expenses are not fully reimbursed by
insurance and (ii) are incurred by reason of the Advisor’s bad faith, fraud, willful misconduct, gross negligence or reckless disregard of its duties; provided, however, that the Advisor shall not be held responsible for any action of the
Board in following or declining to follow any advice or recommendation given by the Advisor. 
 22. NON-SOLICITATION.
During the period commencing on the Effective Date and ending one year following the Termination Date, the Company shall not, without the Advisor’s prior written consent, directly or indirectly, (i) solicit or encourage any person to
leave the employment or other service of the Advisor or its Affiliates, or (ii) hire, on behalf of the Company or any other person or entity, any person who has left the employment within the one year period following the termination of that
person’s employment the Advisor or its Affiliates. During the period commencing on the date hereof through and ending one year following the Termination Date, the Company will not, whether for its own account or for the account of any other
Person, intentionally interfere with the relationship of the Advisor or its Affiliates with, or endeavor to entice away from the Advisor or its Affiliates, any person who during the term of the Agreement is, or during the preceding one-year period,
was a tenant, co-investor, co-developer, joint venturer or other customer of the Advisor or its Affiliates. Notwithstanding the foregoing, the provisions of this Section 22 shall not apply to any period following a termination or non-renewal of
this Agreement for Cause. 

  

- 17 - 

 23. MISCELLANEOUS. 

(a) Notices. Any notice, report or other communication required or permitted to be given hereunder shall be in writing
unless some other method of giving such notice, report or other communication is required by the Articles of Incorporation, the Bylaws, or accepted by the party to whom it is given, and shall be given by being delivered by hand, by courier or
overnight carrier or by registered or certified mail to the addresses set forth herein: 
  

			
	 To the Company or the Operating Partnership:
	  	 101 California Street
 26th
Floor
 San Francisco, CA, 94111

Attention: James N. Carbone, Chief Executive Officer and President, RREEF
      Property Trust, Inc.
  
 and
  
 345 Park
Avenue

24th Floor
 New York, NY 10154
 Attention: Julianna S. Ingersoll, Chief Financial Officer, RREEF Property
     
Trust, Inc., and Chairman of the Audit Committee of the Board of
     Directors of RREEF Property Trust,
Inc.

		
	 To the Advisor:
	  	 345 Park Avenue
 24th Floor
 New York, NY 10154
 Attention: Julianna S. Ingersoll, Director

 
 and
  

101 California Street
 26th Floor

San Francisco, CA, 94111
 Attention: James N.
Carbone, Managing Director

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

(c) Severability. The provisions of this Agreement are independent of and severable from each other, and no provision shall
be affected or rendered invalid or unenforceable by virtue of the fact that for any reason any other or others of them may be invalid or unenforceable in whole or in part. 
 (d) Governing Law; Exclusive Jurisdiction; Jury Trial. The provisions of this Agreement shall be construed and interpreted in accordance with the laws of the State of New York without regard
to the conflicts-of-law principles that would require the application of any other law. The parties hereby irrevocably submit to the exclusive jurisdiction of the courts of the State of New York and the Federal

  

- 18 - 

 
courts of the United States of America located in Borough of Manhattan, New York for purposes of any suit, action or other proceeding arising from this Agreement, and hereby waive, and agree not
to assert, as a defense in any action, suit or proceeding for the interpretation or enforcement hereof or thereof, that it is not subject thereto or that such action, suit or proceeding may not be brought or is not maintainable in such courts or
that the venue thereof may not be appropriate or that this Agreement or any such document may not be enforced in or by such courts. Each of the parties hereby consent to and grant any such court jurisdiction over the person of such parties and over
the subject matter of any such dispute. EACH OF THE PARTIES TO THIS AGREEMENT HEREBY IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT. 

(e) Entire Agreement. This Agreement contains the entire agreement and understanding among the parties hereto with respect
to the subject matter hereof, and supersedes all prior and contemporaneous agreements, understandings, inducements and conditions, express or implied, oral or written, of any nature whatsoever with respect to the subject matter hereof. The express
terms hereof control and supersede any course of performance or usage of the trade inconsistent with any of the terms hereof. 

(f) Indulgences, Not Waivers. Neither the failure nor any delay on the part of a party to exercise any right, remedy, power
or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the same or of any other right, remedy, power or
privilege, nor shall any waiver of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence. No waiver shall be effective unless it
is in writing and is signed by the party asserted to have granted such waiver. 
 (g) Gender; Number. Words used
herein regardless of the number and gender specifically used, shall be deemed and construed to include any other number, singular or plural, and any other gender, masculine, feminine or neuter, as the context requires. 

(h) Headings. The titles and headings of Sections and Subsections contained in this Agreement are for convenience only, and
they neither form a part of this Agreement nor are they to be used in the construction or interpretation hereof. 
 (i)
Execution in Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original as against any party whose signature appears thereon, and all of which shall together constitute
one and the same instrument. This Agreement shall become binding when one or more counterparts hereof, individually or taken together, shall bear the signatures of all of the parties reflected hereon as the signatories. 

24. INITIAL INVESTMENT. The Advisor or one of its Affiliates has contributed $200,000 (the “Initial Investment”) in
exchange for the initial issuance of Shares of the Company. The Advisor or its Affiliates may not sell any of the Shares purchased with the Initial Investment while the Advisor acts in an advisory capacity to the Company. The restrictions included
above shall not apply to any Shares acquired by the Advisor or its Affiliates other than the Shares acquired through the Initial Investment. Neither the Advisor not its Affiliates shall vote any Shares they now own, or hereafter acquire, or consent
that such Shares be voted, on matters submitted to the Stockholders regarding (i) the removal of RREEF America L.L.C. or any of its Affiliates as the Advisor; (ii) the removal of any member of the Board; or (iii) any transaction by
and between the Company and the Advisor, a member of the Board or any of their Affiliates. 

  

- 19 - 

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

					
	RREEF Property Trust, Inc.
		
	By:	 	 
		 	James N. Carbone
		 	 Chief Executive Officer and President

	
	RREEF Property Operating Partnership, LP
		
	By:	 	 RREEF Property Trust, Inc.,
 Its General Partner

			
		 	By:	 	 
		 		 	 James N. Carbone

		 		 	Chief Executive Officer and President
	
	 RREEF America L.L.C.

		
	By:	 	 
		 	Timothy E. Ellsworth
		 	Managing Director
		
	By:	 	 
		 	W. Todd Henderson
		 	Managing Director

  
  
  

 
  
  

 
  

  

- 22 -EX-10.5

 Exhibit 10.5 

 
  

RREEF PROPERTY TRUST, INC. 
 2012 INCENTIVE PLAN 
  

 

 RREEF PROPERTY TRUST, INC. 

2012 INCENTIVE PLAN 
  

					
	ARTICLE 1	 	 PURPOSE
	  	1
	 1.1
	 	 General
	  	1
	ARTICLE 2	 	 DEFINITIONS
	  	1
	 2.1
	 	 Definitions
	  	1
	ARTICLE 3	 	 EFFECTIVE TERM OF PLAN
	  	6
	 3.1
	 	 Effective Date
	  	6
	 3.2
	 	 Term of Plan
	  	6
	ARTICLE 4	 	 ADMINISTRATION
	  	6
	 4.1
	 	 Committee
	  	6
	 4.2
	 	 Actions and Interpretations by the Board
	  	7
	 4.3
	 	 Authority of the Board
	  	7
	ARTICLE 5	 	 SHARES SUBJECT TO THE PLAN
	  	8
	 5.1
	 	 Number of Shares
	  	8
	 5.2
	 	 Share Counting
	  	8
	 5.3
	 	 Stock Distributed
	  	9
	ARTICLE 6	 	 ELIGIBILITY
	  	9
	 6.1
	 	 General
	  	9
	ARTICLE 7	 	 STOCK OPTIONS
	  	9
	 7.1
	 	 General
	  	9
	 7.2
	 	 Incentive Stock Options
	  	10
	ARTICLE 8	 	 STOCK APPRECIATION RIGHTS
	  	10
	 8.1
	 	 Grant of Stock Appreciation Rights
	  	10
	ARTICLE 9	 	 RESTRICTED STOCK, RESTRICTED STOCK UNITS AND DEFERRED STOCK UNITS
	  	11
	 9.1
	 	 Grant of Restricted Stock, Restricted Stock Units and Deferred Stock Units
	  	11
	 9.2
	 	 Issuance and Restrictions
	  	11
	 9.3
	 	 Dividends on Restricted Stock
	  	11
	 9.4
	 	 Forfeiture
	  	11
	 9.5
	 	 Delivery of Restricted Stock
	  	11
	ARTICLE 10	 	 PERFORMANCE AWARDS
	  	12
	 10.1
	 	 Grant of Performance Awards
	  	12
	 10.2
	 	 Performance Goals
	  	12
	ARTICLE 11	 	 QUALIFIED STOCK-BASED AWARDS
	  	12
	 11.1
	 	 Grant of Dividend Equivalents
	  	12
	ARTICLE 12	 	 STOCK OR OTHER STOCK-BASED AWARDS
	  	13
	 12.1
	 	 Grant of Stock or Other Stock-Based Awards
	  	13
	ARTICLE 13	 	 PROVISIONS APPLICABLE TO AWARDS
	  	13
	 13.1
	 	 Award Certificates
	  	13
	 13.2
	 	 Form of Payment of Awards
	  	13
	 13.3
	 	 Limits on Transfer
	  	13
	 13.4
	 	 Beneficiaries
	  	13
	 13.5
	 	 Stock Trading Restrictions
	  	14
	 13.6
	 	 Acceleration for Any Reason
	  	14
	 13.7
	 	 Forfeiture Events
	  	14
	 13.8
	 	 Substitute Awards
	  	14

					
	ARTICLE 14	 	 CHANGES IN CAPITAL STRUCTURE
	  	14
	 14.1
	 	 Mandatory Adjustments
	  	14
	 14.2
	 	 Discretionary Adjustments
	  	15
	 14.3
	 	 General
	  	15
	ARTICLE 15	 	 AMENDMENT, MODIFICATION AND TERMINATION
	  	15
	 16.1
	 	 Amendment, Modification and Termination
	  	15
	 15.2
	 	 Awards Previously Granted
	  	15
	 15.3
	 	 Compliance Amendments
	  	16
	ARTICLE 16	 	 GENERAL PROVISIONS
	  	16
	 16.1
	 	 Rights of Participants
	  	16
	 16.2
	 	 Withholding
	  	17
	 16.3
	 	 Special Provisions Related to Section 409A of the Code
	  	17
	 16.4
	 	 Unfunded Status of Awards
	  	18
	 16.5
	 	 Relationship to Other Benefits
	  	19
	 16.6
	 	 Expenses
	  	19
	 16.7
	 	 Titles and Headings
	  	19
	 16.8
	 	 Gender and Number
	  	19
	 16.9
	 	 Fractional Shares
	  	19
	 16.10
	 	 Government and Other Regulations
	  	19
	 16.11
	 	 Governing Law
	  	20
	 16.12
	 	 Severability
	  	20
	 16.13
	 	 No Limitations on Rights of Company
	  	20

 RREEF PROPERTY TRUST, INC. 

2012 INCENTIVE PLAN 
 ARTICLE 1 
 PURPOSE 

1.1. GENERAL. The purpose of the RREEF Property Trust, Inc. 2012 Incentive Plan (the “Plan”) is to promote
the success, and enhance the value, of RREEF Property Trust, Inc. (the “Company”), by linking the personal interests of employees (to the extent the Company hires any employees), officers, directors and consultants of the
Company or any Affiliate (as defined below) to those of Company stockholders and by providing such persons with an incentive for outstanding performance. The Plan is further intended to provide flexibility to the Company in its ability to motivate,
attract, and retain the services of employees, officers, directors and consultants upon whose judgment, interest, and special effort the successful conduct of the Company’s operation is largely dependent. Accordingly, the Plan permits the grant
of incentive awards from time to time to selected employees, officers, directors and consultants of the Company and its Affiliates. 
 ARTICLE 2 
 DEFINITIONS 

2.1. DEFINITIONS. When a word or phrase appears in this Plan with the initial letter capitalized, and the word or phrase does not
commence a sentence, the word or phrase shall generally be given the meaning ascribed to it in this Section or in Section 1.1 unless a clearly different meaning is required by the context. The following words and phrases shall have the
following meanings: 
 (a) “Affiliate” means (i) any Subsidiary or Parent, or (ii) an
entity that directly or through one or more intermediaries controls, is controlled by or is under common control with, the Company, as determined by the Board. 
 (b) “Award” means an award of Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units, Deferred Stock Units, Performance Awards, Dividend Equivalents, Other
Stock-Based Awards, or any other right or interest relating to Stock or cash, granted to a Participant under the Plan. 
 (c) “Award Certificate” means a written document, in such form as the Board prescribes from time to time, setting forth the terms and conditions of an Award. Award Certificates may be in
the form of individual award agreements or certificates or a program document describing the terms and provisions of an Award or series of Awards under the Plan. The Board may provide for the use of electronic, internet or other non-paper Award
Certificates, and the use of electronic, internet or other non-paper means for the acceptance thereof and actions thereunder by a Participant. 
 (d) “Beneficial Owner” shall have the meaning given such term in Rule 13d-3 of the General Rules and Regulations under the 1934 Act. 

(e) “Board” means the Board of Directors of the Company. 

(f) “Cause” as a reason for a Participant’s termination of employment shall have the meaning
assigned such term in the employment, severance or similar agreement, if any, between such Participant and the Company or an Affiliate; provided, however, that if there is no such employment, severance or similar agreement in which
such term is defined, and unless otherwise 

 
defined in the applicable Award Certificate, “Cause” shall mean any of the following acts by the Participant, as determined by the Board: gross neglect of duty, prolonged absence from
duty without the consent of the Company, material breach by the Participant of any published Company code of conduct or code of ethics; or willful misconduct, misfeasance or malfeasance of duty which is reasonably determined to be detrimental to the
Company. With respect to a Participant’s termination of directorship, “Cause” means an act or failure to act that constitutes cause for removal of a director under applicable Maryland law. The determination of the Board as to the
existence of “Cause” shall be conclusive on the Participant and the Company. 
 (g) “Change in
Control” means and includes the occurrence of any one of the following events but shall specifically exclude a Public Offering: 
 (i) during any consecutive 12-month period, individuals who, at the beginning of such period, constitute the Board (the “Incumbent Directors”) cease for any reason to constitute at least
a majority of such Board, provided that any person becoming a director after the beginning of such 12-month period and whose election or nomination for election was approved by a vote of at least a majority of the Incumbent Directors then on the
Board shall be an Incumbent Director; provided, however, that no individual initially elected or nominated as a director of the Company as a result of an actual or threatened election contest with respect to the election or removal of
directors (“Election Contest”) or other actual or threatened solicitation of proxies or consents by or on behalf of any Person other than the Board (“Proxy Contest”), including by reason of any agreement intended to
avoid or settle any Election Contest or Proxy Contest, shall be deemed an Incumbent Director; or 
 (ii) any
person becomes a Beneficial Owner, directly or indirectly, of either (A) 35% or more of the then-outstanding shares of common stock of the Company (“Company Common Stock”) or (B) securities of the Company representing 35%
or more of the combined voting power of the Company’s then outstanding securities eligible to vote for the election of directors (the “Company Voting Securities”); provided, however, that for purposes of this
subsection (ii), the following acquisitions of Company Common Stock or Company Voting Securities shall not constitute a Change in Control: (w) an acquisition directly from the Company, (x) an acquisition by the Company or a Subsidiary,
(y) an acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any Subsidiary, or (z) an acquisition pursuant to a Non-Qualifying Transaction (as defined in subsection (iii) below); or

 (iii) the consummation of a reorganization, merger, consolidation, statutory share exchange or similar form of
corporate transaction involving the Company or a Subsidiary (a “Reorganization”), or the sale or other disposition of all or substantially all of the Company’s assets (a “Sale”) or the acquisition of assets or
stock of another corporation or other entity (an “Acquisition”), unless immediately following such Reorganization, Sale or Acquisition: (A) all or substantially all of the individuals and entities who were the Beneficial
Owners, respectively, of the outstanding Company Common Stock and outstanding Company Voting Securities immediately prior to such Reorganization, Sale or Acquisition beneficially own, directly or indirectly, more than 35% of, respectively, the then
outstanding shares of common stock and the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of the entity resulting from such Reorganization, Sale or
Acquisition (including, without limitation, an entity which as a result of such transaction owns the Company or all or substantially all of the Company’s assets or stock 

  
 - 2 -

 
either directly or through one or more subsidiaries, the “Surviving Entity”) in substantially the same proportions as their ownership, immediately prior to such Reorganization,
Sale or Acquisition, of the outstanding Company Common Stock and the outstanding Company Voting Securities, as the case may be, and (B) no person (other than (x) the Company or any Subsidiary, (y) the Surviving Entity or its ultimate
parent entity, or (z) any employee benefit plan (or related trust) sponsored or maintained by any of the foregoing) is the Beneficial Owner, directly or indirectly, of 35% or more of the total common stock or 35% or more of the total voting
power of the outstanding voting securities eligible to elect directors of the Surviving Entity, and (C) at least a majority of the members of the board of directors of the Surviving Entity were Incumbent Directors at the time of the
Board’s approval of the execution of the initial agreement providing for such Reorganization, Sale or Acquisition (any Reorganization, Sale or Acquisition which satisfies all of the criteria specified in (A), (B) and (C) above shall
be deemed to be a “Non-Qualifying Transaction”). 
 (h) “Charter” means the
articles of incorporation of the Company, as such articles of incorporation may be amended from time to time. 

(i) “Code” means the Internal Revenue Code of 1986, as amended from time to time. For purposes of this
Plan, references to sections of the Code shall be deemed to include references to any applicable regulations thereunder and any successor or similar provision. 
 (j) “Committee” means the committee of the Board described in Article 4. 
 (k) “Company” means RREEF Property Trust, Inc., a Maryland corporation, or any successor corporation. 

(l) “Continuous Service” means the absence of any interruption or termination of service as an employee,
officer, consultant or director of the Company or any Affiliate, as applicable; provided, however, that for purposes of an Incentive Stock Option, “Continuous Service” means the absence of any interruption or termination of
service as an employee of the Company or any Parent or Subsidiary, as applicable, pursuant to applicable tax regulations. Continuous Service shall not be considered interrupted in the following cases: (i) a Participant transfers employment
between the Company and an Affiliate or between Affiliates, (ii) in the discretion of the Board as specified at or prior to such occurrence, in the case of a spin-off, sale or disposition of the Participant’s employer from the Company or
any Affiliate, or (iii) any leave of absence authorized in writing by the Company prior to its commencement; provided, however, that for purposes of Incentive Stock Options, no such leave may exceed 90 days, unless reemployment
upon expiration of such leave is guaranteed by statute or contract. If reemployment upon expiration of a leave of absence approved by the Company is not so guaranteed, on the 91st day of such leave any Incentive Stock Option held by the Participant
shall cease to be treated as an Incentive Stock Option and shall be treated for tax purposes as a Nonstatutory Stock Option. Whether military, government or other service or other leave of absence shall constitute a termination of Continuous Service
shall be determined in each case by the Board at its discretion, and any determination by the Board shall be final and conclusive; provided, however, that for purposes of any Award that is subject to Section 409A of the Code, the
determination of a leave of absence must comply with the requirements of a “bona fide leave of absence” as provided in Treas. Reg. Section 1.409A-1(h). 

(m) “Deferred Stock Unit” means a right granted to a Participant under Article 9 to receive Shares (or
the equivalent value in cash or other property if the Board so provides) at a future time as determined by the Board, or as determined by the Participant within guidelines established by the Board in the case of voluntary deferral elections.

  
 - 3 -

 (n) “Disability” of a Participant means that the
Participant (i) is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not
less than 12 months, or (ii) is, by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, receiving income
replacement benefits for a period of not less than three months under an accident and health plan covering employees of the Participant’s employer. If the determination of Disability relates to an Incentive Stock Option, Disability means
Permanent and Total Disability as defined in Section 22(e)(3) of the Code. In the event of a dispute, the determination of whether a Participant is Disabled will be made by the Board and may be supported by the advice of a physician competent
in the area to which such Disability relates. 
 (o) “Dividend Equivalent” means a right granted
to a Participant under Article 11. 
 (p) “Effective Date” has the meaning assigned such term in
Section 3.1. 
 (q) “Eligible Participant” means an employee, officer, consultant or
director of the Company or any Affiliate. 
 (r) “Exchange” means any national securities
exchange on which the Stock may from time to time be listed or traded. 
 (s) “Fair Market
Value,” on any date, means (i) if the Stock is listed on a securities exchange, the closing sales price on the principal such exchange on such date or, in the absence of reported sales on such date, the closing sales price on the
immediately preceding date on which sales were reported, or (ii) if the Stock is not listed on a securities exchange, the mean between the bid and offered prices as quoted by the applicable interdealer quotation system for such date, provided
that if the Stock is not quoted on an interdealer quotation system or it is determined that the fair market value is not properly reflected by such quotations, Fair Market Value will be (a) equal to the Company’s net asset value per Share
for so long as the Company is conducting a public offering of its Stock at a sales price that is equal to the Company’s net asset value per Share, or (b) determined by such other method as the Board determines in good faith to be
reasonable and in compliance with Section 409A of the Code. 
 (t) “Full-Value Award” means
an Award other than in the form of an Option or SAR, and which is settled by the issuance of Stock (or at the discretion of the Board, settled in cash valued by reference to Stock value). 

(u) “Grant Date” of an Award means the first date on which all necessary corporate action has been taken
to approve the grant of the Award as provided in the Plan, or such later date as is determined and specified as part of that authorization process. Notice of the grant shall be a provided to the grantee within a reasonable time after the Grant Date.

 (v) “Incentive Stock Option” means an Option that is intended to be an incentive stock option
and meets the requirements of Section 422 of the Code or any successor provision thereto. 

  
 - 4 -

 (w) “Non-Employee Director” means a director of the Company
who meets the requirements set forth for an “independent director” in the Charter. 
 (x)
“Nonstatutory Stock Option” means an Option that is not an Incentive Stock Option. 
 (y)
“Option” means a right granted to a Participant under Article 7 of the Plan to purchase Stock at a specified price during specified time periods. An Option may be either an Incentive Stock Option or a Nonstatutory Stock Option.

 (z) “Other Stock-Based Award” means a right, granted to a Participant under Article 12, that
relates to or is valued by reference to Stock or other Awards relating to Stock. 
 (aa)
“Parent” means a corporation, limited liability company, partnership or other entity which owns or beneficially owns a majority of the outstanding voting stock or voting power of the Company. Notwithstanding the above, with respect
to an Incentive Stock Option, Parent shall have the meaning set forth in Section 424(e) of the Code. 
 (bb)
“Participant” means an Eligible Participant who has been granted an Award under the Plan; provided that in the case of the death of a Participant, the term “Participant” refers to a beneficiary designated pursuant to
Section 13.4 or the legal guardian or other legal representative acting in a fiduciary capacity on behalf of the Participant under applicable state law and court supervision. 

(cc) “Performance Award” means any award granted under the Plan pursuant to Article 10. 

(dd) “Person” means any individual, entity or group, within the meaning of Section 3(a)(9) of the
1934 Act and as used in Section 13(d)(3) or 14(d)(2) of the 1934 Act. 
 (ee) “Plan” means
the RREEF Property Trust, Inc. 2012 Incentive Plan, as amended from time to time. 
 (ff) “Public
Offering” means a public offering of any class or series of the Company’s equity securities pursuant to a registration statement filed by the Company under the 1933 Act. 

(gg) “Restricted Stock” means Stock granted to a Participant under Article 9 that is subject to certain
restrictions and to risk of forfeiture. 
 (hh) “Restricted Stock Unit” means the right granted
to a Participant under Article 9 to receive shares of Stock (or the equivalent value in cash or other property if the Board so provides) in the future, which right is subject to certain restrictions and to risk of forfeiture. 

(ii) “Shares” means shares of the Company’s Stock. If there has been an adjustment or substitution
pursuant to Article 14, the term “Shares” shall also include any shares of stock or other securities that are substituted for Shares or into which Shares are adjusted pursuant to Article 14. 

  
 - 5 -

 (jj) “Stock” means (i) the $0.01 par value
Class A common stock of the Company, (ii) the $0.01 par value Class B common stock of the Company, and (iii) such other securities of the Company as may be substituted for either such class of Stock pursuant to Section 14.1.

 (kk) “Stock Appreciation Right” or “SAR” means a right granted to a
Participant under Article 8 to receive a payment equal to the difference between the Fair Market Value of a Share as of the date of exercise of the SAR over the base price of the SAR, all as determined pursuant to Article 8. 

(ll) “Subsidiary” means any corporation, limited liability company, partnership or other entity of which
a majority of the outstanding voting stock or voting power is beneficially owned directly or indirectly by the Company. Notwithstanding the above, with respect to an Incentive Stock Option, Subsidiary shall have the meaning set forth in
Section 424(f) of the Code. 
 (mm) “1933 Act” means the Securities Act of 1933, as amended
from time to time. 
 (nn) “1934 Act” means the Securities Exchange Act of 1934, as amended from
time to time. 
 ARTICLE 3 
 EFFECTIVE TERM OF PLAN 
 3.1. EFFECTIVE DATE. The Plan will become
effective on the date that it is adopted by the Board (the “Effective Date”). 
 3.2. TERMINATION OF
PLAN. Unless earlier terminated as provided herein, the Plan shall continue in effect until the tenth anniversary of the Effective Date. The termination of the Plan on such date shall not affect the validity of any Award outstanding on the date
of termination, which shall continue to be governed by the applicable terms and conditions of the Plan. 
 ARTICLE 4

 ADMINISTRATION 
 4.1. COMMITTEE. The Plan shall be administered by the Board or, at the discretion of the Board from time to time, the Plan may be administered by a Committee appointed by the Board (which Committee
shall consist of at least two directors). It is intended that at least two of the directors appointed to serve on the Committee shall be “non-employee directors” within the meaning of Rule 16b-3 promulgated under the 1934 Act and that any
such members of the Committee who do not so qualify shall abstain from participating in any decision to make or administer Awards that are made to Eligible Participants who at the time of consideration for such Award are persons subject to the
short-swing profit rules of Section 16 of the 1934 Act. However, the mere fact that a Committee member shall fail to qualify as a non-employee director or shall fail to abstain from such action shall not invalidate any Award made by the
Committee which Award is otherwise validly made under the Plan. The members of the Committee shall be appointed by, and may be changed at any time and from time to time in the discretion of, the Board. The Board may delegate any or all of its
authority and responsibility under the Plan to the Committee to act as administrator of the Plan for any and all purposes. To the extent the Board has delegated any authority and responsibility or during any time that the Committee is acting as
administrator of the Plan, the Committee and its members shall have all the powers and protections of the Board hereunder, and any reference herein to the Board (other than in this Section 4.1) shall include the Committee. To the extent any
action of the Board under the Plan conflicts with actions taken by the Committee, the actions of the Board shall control. 

  
 - 6 -

 4.2. ACTION AND INTERPRETATIONS BY THE BOARD. For purposes of administering the Plan,
the Board may from time to time adopt rules, regulations, guidelines and procedures for carrying out the provisions and purposes of the Plan and make such other determinations, not inconsistent with the Plan, as the Board may deem appropriate. The
Board may correct any defect, supply any omission or reconcile any inconsistency in the Plan or in any Award in the manner and to the extent it deems necessary to carry out the intent of the Plan. The Board’s interpretation of the Plan, any
Awards granted under the Plan, any Award Certificate and all decisions and determinations by the Board with respect to the Plan are final, binding, and conclusive on all parties. Each member of the Board is entitled to, in good faith, rely or act
upon any report or other information furnished to that member by any officer or other employee of the Company or any Affiliate, the Company’s or an Affiliate’s independent certified public accountants, Company counsel or any executive
compensation consultant or other professional retained by the Company to assist in the administration of the Plan. No member of the Board will be liable for any good faith determination, act or omission in connection with the Plan or any Award.

 4.3. AUTHORITY OF THE BOARD. Except as provided in Section 4.1 hereof, the Board has the exclusive power,
authority and discretion to: 
 (a) grant Awards; 

(b) designate Participants; 
 (c) determine the type or types of Awards to be granted to each Participant; 
 (d) determine the number of Awards to be granted and the number of Shares or dollar amount to which an Award will relate; 

(e) determine the terms and conditions of any Award granted under the Plan; 

(f) prescribe the form of each Award Certificate, which need not be identical for each Participant; 

(g) decide all other matters that must be determined in connection with an Award; 

(h) establish, adopt or revise any rules, regulations, guidelines or procedures as it may deem necessary or advisable to
administer the Plan; 
 (i) make all other decisions and determinations that may be required under the Plan or as
the Board deems necessary or advisable to administer the Plan; 
 (j) amend the Plan or any Award Certificate as
provided herein; and 
 (k) adopt such modifications, procedures, and subplans as may be necessary or desirable
to comply with provisions of the laws of the United States or any non-U.S. jurisdictions in which the Company or any Affiliate may operate, in order to assure the viability of the benefits of Awards granted to participants located in the United
States or such other jurisdictions and to further the objectives of the Plan. 

  
 - 7 -

 ARTICLE 5 
 SHARES SUBJECT TO THE PLAN 
 5.1. NUMBER OF SHARES. Subject to
adjustment as provided in Sections 5.2 and Section 14.1, the aggregate number of Shares reserved and available for issuance pursuant to Awards granted under the Plan shall be 300,000 (comprised solely of Shares of Class B Stock);
provided, however, that no Awards shall be granted under the Plan on any date on which the aggregate number of Shares subject to Awards previously issued under the Plan, together with the proposed Awards to be granted on such date,
shall exceed two percent (2%) of the Company’s total outstanding Shares on such date. The maximum number of Shares that may be issued upon exercise of Incentive Stock Options granted under the Plan shall be 300,000. 

5.2. SHARE COUNTING. Shares covered by an Award shall be subtracted from the Plan share reserve as of the Grant Date, but shall be
added back to the Plan share reserve in accordance with this Section 5.2. 
 (a) To the extent that an Award
is canceled, terminates, expires, is forfeited or lapses for any reason, any unissued or forfeited Shares originally subject to the Award will be added back to the Plan share reserve and again be available for issuance pursuant to Awards granted
under the Plan. 
 (b) Shares subject to Awards settled in cash will be added back to the Plan share reserve and
again be available for issuance pursuant to Awards granted under the Plan. 
 (c) Shares withheld or repurchased
from an Award or delivered by a Participant to satisfy minimum tax withholding requirements will be added back to the Plan share reserve and again be available for issuance pursuant to Awards granted under the Plan. 

(d) If the exercise price of an Option is satisfied in whole or in part by delivering Shares to the Company (by either
actual delivery or attestation), the number of Shares so tendered (by delivery or attestation) shall be added to the Plan share reserve and will be available for issuance pursuant to Awards granted under the Plan. 

(e) To the extent that the full number of Shares subject to an Option or SAR is not issued upon exercise of the Option or
SAR for any reason, including by reason of net-settlement of the Award, the unissued Shares originally subject to the Award will be added back to the Plan share reserve and again be available for issuance pursuant to other Awards granted under the
Plan. 
 (f) To the extent that the full number of Shares subject to an Award other than an Option or SAR is not
issued for any reason, including by reason of failure to achieve maximum performance goals, the unissued Shares originally subject to the Award will be added back to the Plan share reserve and again be available for issuance pursuant to Awards
granted under the Plan. 
 (g) Substitute Awards granted pursuant to Section 13.8 of the Plan shall not
count against the Shares otherwise available for issuance under the Plan under Section 5.1. 
 (h) Subject
to applicable Exchange requirements, shares available under a stockholder-approved plan of a company acquired by the Company (as appropriately adjusted to Shares to reflect the transaction) may be issued under the Plan pursuant to Awards granted to
individuals who were not employees of the Company or its Affiliates immediately before such transaction and will not count against the maximum share limitation specified in Section 5.1. 

  
 - 8 -

 5.3. STOCK DISTRIBUTED. Any Stock distributed pursuant to an Award may consist, in
whole or in part, of authorized and unissued Stock, treasury Stock or Stock purchased on the open market. 
 ARTICLE 6

 ELIGIBILITY 
 6.1. GENERAL. Awards may be granted only to Eligible Participants. Incentive Stock Options may be granted only to Eligible Participants who are employees of the Company or a Parent or Subsidiary as
defined in Section 424(e) and (f) of the Code. Eligible Participants who are service providers to an Affiliate may be granted Options or SARs under this Plan only if the Affiliate qualifies as an “eligible issuer of service recipient
stock” within the meaning of Treas. Reg. Section 1.409A-1(b)(5)(iii)(E). 
 ARTICLE 7 

STOCK OPTIONS 
 7.1. GENERAL. The Board may grant Options to Participants on the following terms and conditions: 
 (a) EXERCISE PRICE. The exercise price per Share under an Option shall be determined by the Board, provided that the exercise price for any Option (other than an Option issued as a substitute Award
pursuant to Section 13.8) shall not be less than the Fair Market Value as of the Grant Date. 
 (b) TIME
AND CONDITIONS OF EXERCISE. The Board shall determine the time or times at which an Option may be exercised in whole or in part, subject to Section 7.1(d), including a provision that an Option that is otherwise exercisable and has an
exercise price that is less than the Fair Market Value of the Stock on the last day of its term will be automatically exercised on such final date of the term by means of a “net exercise,” thus entitling the optionee to Shares equal to the
intrinsic value of the Option on such exercise date, less the number of Shares required for tax withholding. The Board shall also determine the performance or other conditions, if any, that must be satisfied before all or part of an Option may be
exercised or vested. 
 (c) PAYMENT. The Board shall determine the methods by which the exercise price of
an Option may be paid, the form of payment, and the methods by which Shares shall be delivered or deemed to be delivered to Participants. As determined by the Board at or after the Grant Date, payment of the exercise price of an Option may be made
in, in whole or in part, in the form of (i) cash or cash equivalents, (ii) delivery (by either actual delivery or attestation) of previously-acquired Shares based on the Fair Market Value of the Shares on the date the Option is exercised,
(iii) withholding of Shares from the Option based on the Fair Market Value of the Shares on the date the Option is exercised, (iv) broker-assisted market sales, or (iv) any other “cashless exercise” arrangement. 

(d) EXERCISE TERM. Except for Nonstatutory Options granted to Participants outside the United States, no Option
granted under the Plan shall be exercisable for more than ten years from the Grant Date. 

  
 - 9 -

 (e) NO DEFERRAL FEATURE. No Option shall provide for any feature for
the deferral of compensation other than the deferral of recognition of income until the exercise or disposition of the Option. 
 (f) NO DIVIDEND EQUIVALENTS. No Option shall provide for Dividend Equivalents. 
 7.2. INCENTIVE STOCK OPTIONS. The terms of any Incentive Stock Options granted under the Plan must comply with the requirements of Section 422 of the Code. Without limiting the foregoing, any
Incentive Stock Option granted to a Participant who at the Grant Date owns more than 10% of the voting power of all classes of Shares of the Company must have an exercise price per Share of not less than 110% of the Fair Market Value per Share on
the Grant Date and an Option term of not more than five years. If all of the requirements of Section 422 of the Code (including the above) are not met, the Option shall automatically become a Nonstatutory Stock Option. 

ARTICLE 8 

STOCK APPRECIATION RIGHTS 
 8.1. GRANT OF STOCK APPRECIATION RIGHTS. The Board may grant Stock Appreciation Rights to Participants on the following terms and conditions: 

(a) RIGHT TO PAYMENT. Upon the exercise of a SAR, the Participant has the right to receive, for each Share with
respect to which the SAR is being exercised, the excess, if any, of: 
 (1) the Fair Market Value of one Share on
the date of exercise; over 
 (2) the base price of the SAR as determined by the Board and set forth in the Award
Certificate, which shall not be less than the Fair Market Value of one Share on the Grant Date. 
 (b) TIME
AND CONDITIONS OF EXERCISE. The Board shall determine the time or times at which a SAR may be exercised in whole or in part, including a provision that a SAR that is otherwise exercisable and has a base price that is less than the Fair Market
Value of the Stock on the last day of its term will be automatically exercised on such final date of the term, thus entitling the holder to cash or Shares equal to the intrinsic value of the SAR on such exercise date, less the cash or number of
Shares required for tax withholding. Except for SARs granted to Participants outside the United States, no SAR shall be exercisable for more than ten years from the Grant Date. 

(c) NO DEFERRAL FEATURE. No SAR shall provide for any feature for the deferral of compensation other than the
deferral of recognition of income until the exercise or disposition of the SAR. 
 (d) NO DIVIDEND
EQUIVALENTS. No SAR shall provide for Dividend Equivalents. 
 (e) OTHER TERMS. All SARs shall be
evidenced by an Award Certificate. Subject to the limitations of this Article 8, the terms, methods of exercise, methods of settlement, form of consideration payable in settlement (e.g., cash, Shares or other property), and any other terms and
conditions of the SAR shall be determined by the Board at the time of the grant and shall be reflected in the Award Certificate. 

  
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 ARTICLE 9 
 RESTRICTED STOCK, RESTRICTED STOCK UNITS 
 AND DEFERRED STOCK UNITS

 9.1. GRANT OF RESTRICTED STOCK, RESTRICTED STOCK UNITS AND DEFERRED STOCK UNITS. The Board may make Awards of
Restricted Stock, Restricted Stock Units or Deferred Stock Units to Participants in such amounts and subject to such terms and conditions as may be selected by the Board. An Award of Restricted Stock, Restricted Stock Units or Deferred Stock Units
shall be evidenced by an Award Certificate setting forth the terms, conditions, and restrictions applicable to the Award. 

9.2. ISSUANCE AND RESTRICTIONS. Restricted Stock, Restricted Stock Units or Deferred Stock Units shall be subject to such
restrictions on transferability and other restrictions as the Board may impose (including, for example, limitations on the right to vote Restricted Stock or the right to receive dividends on the Restricted Stock). These restrictions may lapse
separately or in combination at such times, under such circumstances, in such installments, upon the satisfaction of performance goals or otherwise, as the Board determines at the time of the grant of the Award or thereafter. Except as otherwise
provided in an Award Certificate or any special Plan document governing an Award, a Participant shall have none of the rights of a stockholder with respect to Restricted Stock Units or Deferred Stock Units until such time as Shares of Stock are paid
in settlement of such Awards. 
 9.3 DIVIDENDS ON RESTRICTED STOCK. In the case of Restricted Stock,
the Board may provide that ordinary cash dividends declared on the Shares before they are vested (i) will be forfeited, (ii) will be deemed to have been reinvested in additional Shares or otherwise reinvested (subject to Share availability
under Section 5.1 hereof), or (iii) in the case of Restricted Stock that is not subject to performance-based vesting, will be paid or distributed to the Participant as accrued (in which case, such dividends must be paid or distributed no
later than the 15th day of the 3rd month following the later of (A) the calendar year in which the
corresponding dividends were paid to stockholders, or (B) the first calendar year in which the Participant’s right to such dividends is no longer subject to a substantial risk of forfeiture). 

9.4. FORFEITURE. Subject to the terms of the Award Certificate and except as otherwise determined by the Board at the time of the
grant of the Award or thereafter, upon termination of Continuous Service during the applicable restriction period or upon failure to satisfy a performance goal during the applicable restriction period, Restricted Stock or Restricted Stock Units that
are at that time subject to restrictions shall be forfeited. 
 9.5. DELIVERY OF RESTRICTED STOCK. Shares of Restricted
Stock shall be delivered to the Participant at the Grant Date either by book-entry registration or by delivering to the Participant, or a custodian or escrow agent (including, without limitation, the Company or one or more of its employees)
designated by the Board, a stock certificate or certificates registered in the name of the Participant. If physical certificates representing shares of Restricted Stock are registered in the name of the Participant, such certificates must bear an
appropriate legend referring to the terms, conditions, and restrictions applicable to such Restricted Stock. 

  
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 ARTICLE 10 
 PERFORMANCE AWARDS 
 10.1. GRANT OF PERFORMANCE AWARDS. The Board
may grant any Award under this Plan, including cash-based Awards, with performance-based vesting criteria, on such terms and conditions as may be selected by the Board. Any such Awards with performance-based vesting criteria are referred to herein
as Performance Awards. The Board shall have the complete discretion to determine the number of Performance Awards granted to each Participant, and to designate the provisions of such Performance Awards as provided in Section 4.3. All
Performance Awards shall be evidenced by an Award Certificate or a written program established by the Board, pursuant to which Performance Awards are awarded under the Plan under uniform terms, conditions and restrictions set forth in such written
program. 
 10.2. PERFORMANCE GOALS. The Board may establish performance goals for Performance Awards which may be based
on any criteria selected by the Board. Such performance goals may be described in terms of Company-wide objectives or in terms of objectives that relate to the performance of the Participant, an Affiliate or a division, region, department or
function within the Company or an Affiliate. If the Board determines that a change in the business, operations, corporate structure or capital structure of the Company or the manner in which the Company or an Affiliate conducts its business, or
other events or circumstances render performance goals to be unsuitable, the Board may modify such performance goals in whole or in part, as the Board deems appropriate. If a Participant is promoted, demoted or transferred to a different business
unit or function during a performance period, the Board may determine that the performance goals or performance period are no longer appropriate and may (i) adjust, change or eliminate the performance goals or the applicable performance period
as it deems appropriate to make such goals and period comparable to the initial goals and period, or (ii) make a cash payment to the participant in an amount determined by the Board. 

ARTICLE 11 

DIVIDEND EQUIVALENTS 
 11.1. GRANT OF DIVIDEND EQUIVALENTS. The Board may grant Dividend Equivalents with respect to Full-Value Awards granted hereunder, subject to such terms and conditions as may be selected by the
Board. Dividend Equivalents shall entitle the Participant to receive payments equal to ordinary cash dividends or distributions with respect to all or a portion of the number of Shares subject to a Full-Value Award, as determined by the Board. The
Board may provide that Dividend Equivalents (i) will be deemed to have been reinvested in additional Shares or otherwise reinvested, or (ii) except in the case of Performance Awards, will be paid or distributed to the Participant as
accrued (in which case, such Dividend Equivalents must be paid or distributed no later than the 15th day of the
3rd month following the later of (A) the calendar
year in which the corresponding dividends were paid to stockholders, or (B) the first calendar year in which the Participant’s right to such Dividends Equivalents is no longer subject to a substantial risk of forfeiture). Unless otherwise
provided by the Board, Dividend Equivalents accruing on unvested Full-Value Awards shall, as provided in the Award Certificate, either (i) be reinvested in the form of additional Shares, which shall be subject to the same vesting provisions as
provided for the host Award, or (ii) be credited by the Company to an account for the Participant and accumulated without interest until the date upon which the host Award becomes vested, and any Dividend Equivalents accrued with respect to
forfeited Awards will be reconveyed to the Company without further consideration or any act or action by the Participant. 

  
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 ARTICLE 12 
 STOCK OR OTHER STOCK-BASED AWARDS 
 12.1. GRANT OF STOCK OR OTHER
STOCK-BASED AWARDS. The Board may, subject to limitations under applicable law, grant to Participants such other Awards that are payable in, valued in whole or in part by reference to, or otherwise based on or related to Shares, as deemed by the
Board to be consistent with the purposes of the Plan, including without limitation membership interests in a Subsidiary or operating partnership, Shares awarded purely as a “bonus” and not subject to any restrictions or conditions,
convertible or exchangeable debt securities, other rights convertible or exchangeable into Shares, and Awards valued by reference to book value of Shares or the value of securities of or the performance of specified Parents or Subsidiaries. The
Board shall determine the terms and conditions of such Awards. 
 ARTICLE 13 

PROVISIONS APPLICABLE TO AWARDS 
 13.1. AWARD CERTIFICATES. Each Award shall be evidenced by an Award Certificate. Each Award Certificate shall include such provisions, not inconsistent with the Plan, as may be specified by the
Board. 
 13.2. FORM OF PAYMENT FOR AWARDS. At the discretion of the Board, payment of Awards may be made in cash, Stock,
a combination of cash and Stock, or any other form of property as the Board shall determine. In addition, payment of Awards may include such terms, conditions, restrictions and/or limitations, if any, as the Board deems appropriate, including, in
the case of Awards paid in the form of Stock, restrictions on transfer and forfeiture provisions. Further, payment of Awards may be made in the form of a lump sum, or in installments, as determined by the Board. 

13.3. LIMITS ON TRANSFER. No right or interest of a Participant in any unexercised or restricted Award may be pledged, encumbered,
or hypothecated to or in favor of any party other than the Company or an Affiliate, or shall be subject to any lien, obligation, or liability of such Participant to any other party other than the Company or an Affiliate. No unexercised or restricted
Award shall be assignable or transferable by a Participant other than by will or the laws of descent and distribution; provided, however, that the Board may (but need not) permit other transfers (other than transfers for value) where
the Board concludes that such transferability (i) does not result in accelerated taxation, (ii) does not cause any Option intended to be an Incentive Stock Option to fail to be described in Section 422(b) of the Code, and
(iii) is otherwise appropriate and desirable, taking into account any factors deemed relevant, including without limitation, state or federal tax or securities laws applicable to transferable Awards. 

13.4. BENEFICIARIES. Notwithstanding Section 13.3, a Participant may, in the manner determined by the Board, designate a
beneficiary to exercise the rights of the Participant and to receive any distribution with respect to any Award upon the Participant’s death. A beneficiary, legal guardian, legal representative, or other person claiming any rights under the
Plan is subject to all terms and conditions of the Plan and any Award Certificate applicable to the Participant, except to the extent the Plan and Award Certificate otherwise provide, and to any additional restrictions deemed necessary or
appropriate by the Board. If no beneficiary has been designated or survives the Participant, any payment due to the Participant shall be made to the Participant’s estate. Subject to the foregoing, a beneficiary designation may be changed or
revoked by a Participant, in the manner provided by the Company, at any time provided the change or revocation is filed with the Board. 

  
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 13.5. STOCK TRADING RESTRICTIONS. All Stock issuable under the Plan is subject to any
stop-transfer orders and other restrictions as the Board deems necessary or advisable to comply with federal or state securities laws, rules and regulations and the rules of any national securities exchange or automated quotation system on which the
Stock is listed, quoted, or traded. The Board may place legends on any Stock certificate or issue instructions to the transfer agent to reference restrictions applicable to the Stock. 

13.6. ACCELERATION FOR ANY REASON. The Board may in its sole discretion at any time determine that all or a portion of a
Participant’s Options, SARs, and other Awards in the nature of rights that may be exercised shall become fully or partially exercisable, that all or a part of the time-based vesting restrictions on all or a portion of the outstanding Awards
shall lapse, and/or that any performance-based criteria with respect to any Awards shall be deemed to be wholly or partially satisfied, in each case, as of such date as the Board may, in its sole discretion, declare. The Board may discriminate among
Participants and among Awards granted to a Participant in exercising its discretion pursuant to this Section 13.6. Notwithstanding anything in the Plan, including this Section 13.6, the Board may not accelerate the payment of any Award if
such acceleration would violate Section 409A(a)(3) of the Code. 
 13.7. FORFEITURE EVENTS. Awards under the Plan
shall be subject to any compensation recoupment policy that the Company may adopt from time to time that is applicable by its terms to the Participant. In addition, the Board may specify in an Award Certificate that the Participant’s rights,
payments and benefits with respect to an Award shall be subject to reduction, cancellation, forfeiture or recoupment upon the occurrence of certain specified events, in addition to any otherwise applicable vesting or performance conditions of an
Award. Such events may include, but shall not be limited to, (i) termination of employment for cause, (ii) violation of material Company or Affiliate policies, (iii) breach of noncompetition, confidentiality or other restrictive
covenants that may apply to the Participant, (iv) other conduct by the Participant that is detrimental to the business or reputation of the Company or any Affiliate, or (v) a later determination that the vesting of, or amount realized
from, a Performance Award was based on materially inaccurate financial statements or any other materially inaccurate performance metric criteria, whether or not the Participant caused or contributed to such material inaccuracy. 

13.8. SUBSTITUTE AWARDS. The Board may grant Awards under the Plan in substitution for stock and stock-based awards held by
employees of another entity who become employees of the Company or an Affiliate as a result of a merger or consolidation of the former employing entity with the Company or an Affiliate or the acquisition by the Company or an Affiliate of property or
stock of the former employing corporation. The Board may direct that the substitute awards be granted on such terms and conditions as the Board considers appropriate in the circumstances. 

ARTICLE 14 

CHANGES IN CAPITAL STRUCTURE 
 14.1. MANDATORY ADJUSTMENTS. In the event of a nonreciprocal transaction between the Company and its stockholders that causes the per-share value of the Stock to change (including, without
limitation, any stock dividend, stock split, spin-off, rights offering, or large nonrecurring cash dividend), the authorization limits under Section 5.1 shall be adjusted proportionately, and the Board shall make such adjustments to the Plan
and Awards as it deems necessary, in its sole discretion, to prevent dilution or enlargement of rights immediately resulting from such transaction. Action by the Board may include: (i) adjustment of the number and kind of shares that may be
delivered under the Plan; (ii) adjustment of the number and kind of shares subject to outstanding Awards; (iii) adjustment of the exercise price of outstanding Awards or the measure to be used to determine the amount of the benefit payable
on an Award; and (iv) any other adjustments that the Board determines to be equitable. Notwithstanding the foregoing, the Board shall not make any adjustments to outstanding Options or SARs

  
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that would constitute a modification or substitution of the stock right under Treas. Reg. Section 1.409A-1(b)(5)(v) that would be treated as the grant of a new stock right or change in the
form of payment for purposes of. Without limiting the foregoing, in the event of a subdivision of the outstanding Stock (stock-split), a declaration of a dividend payable in Shares, or a combination or consolidation of the outstanding Stock into a
lesser number of Shares, the authorization limits under Section 5.1 shall automatically be adjusted proportionately, and the Shares then subject to each Award shall automatically, without the necessity for any additional action by the Board, be
adjusted proportionately without any change in the aggregate purchase price therefor. 
 14.2 DISCRETIONARY ADJUSTMENTS.
Upon the occurrence or in anticipation of any corporate event or transaction involving the Company (including, without limitation, any merger, reorganization, recapitalization, combination or exchange of shares, or any transaction described in
Section 14.1), the Board may, in its sole discretion, provide (i) that Awards will be settled in cash rather than Stock, (ii) that Awards will become immediately vested and non-forfeitable and exercisable (in whole or in part) and
will expire after a designated period of time to the extent not then exercised, (iii) that Awards will be assumed by another party to a transaction or otherwise be equitably converted or substituted in connection with such transaction,
(iv) that outstanding Awards may be settled by payment in cash or cash equivalents equal to the excess of the fair market value of the underlying Stock, as of a specified date associated with the transaction (or the per-shares transaction
price), over the exercise or base price of the Award, (v) that performance targets and performance periods for Performance Awards will be modified, or (vi) any combination of the foregoing. The Board’s determination need not be
uniform and may be different for different Participants whether or not such Participants are similarly situated. 
 14.3
GENERAL. Any discretionary adjustments made pursuant to this Article 14 shall be subject to the provisions of Section 14.2. To the extent that any adjustments made pursuant to this Article 14 cause Incentive Stock Options to cease
to qualify as Incentive Stock Options, such Options shall be deemed to be Nonstatutory Stock Options. 
 ARTICLE 15

 AMENDMENT, MODIFICATION AND TERMINATION 
 15.1. AMENDMENT, MODIFICATION AND TERMINATION. The Board or the Committee may, at any time and from time to time, amend, modify or terminate the Plan without stockholder approval; provided,
however, that if an amendment to the Plan would, in the reasonable opinion of the Board or the Committee, constitute a material change requiring stockholder approval under applicable laws, policies or regulations or the applicable listing or
other requirements of an Exchange, then such amendment shall be subject to stockholder approval; and provided, further, that the Board or Committee may condition any other amendment or modification on the approval of stockholders of
the Company for any reason, including by reason of such approval being necessary or deemed advisable (i) to comply with the listing or other requirements of an Exchange, or (ii) to satisfy any other tax, securities or other applicable
laws, policies or regulations. 
 15.2. AWARDS PREVIOUSLY GRANTED. At any time and from time to time, the Board may
amend, modify or terminate any outstanding Award without approval of the Participant; provided, however: 
 (a) Subject to the terms of the applicable Award Certificate, such amendment, modification or termination shall not, without the Participant’s consent, reduce or diminish the value of such Award
determined as if the Award had been exercised, vested, cashed in or otherwise settled on the date of such amendment or termination (with the per-share value of an Option or SAR for this purpose being calculated as the excess, if any, of the Fair
Market Value as of the date of such amendment or termination over the exercise or base price of such Award); 

  
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 (b) The original term of an Option or SAR may not be extended without the
prior approval of the stockholders of the Company; 
 (c) No termination, amendment, or modification of the Plan
shall adversely affect any Award previously granted under the Plan, without the written consent of the Participant affected thereby. An outstanding Award shall not be deemed to be “adversely affected” by a Plan amendment if such amendment
would not reduce or diminish the value of such Award determined as if the Award had been exercised, vested, cashed in or otherwise settled on the date of such amendment (with the per-share value of an Option or SAR for this purpose being calculated
as the excess, if any, of the Fair Market Value as of the date of such amendment over the exercise or base price of such Award). 
 15.3. COMPLIANCE AMENDMENTS. Notwithstanding anything in the Plan or in any Award Certificate to the contrary, the Board may amend the Plan or an Award Certificate, to take effect retroactively or
otherwise, as deemed necessary or advisable for the purpose of conforming the Plan or Award Certificate to any present or future law relating to plans of this or similar nature (including, but not limited to, Section 409A of the Code), and to
the administrative regulations and rulings promulgated thereunder. By accepting an Award under this Plan, a Participant agrees to any amendment made pursuant to this Section 15.3 to any Award granted under the Plan without further consideration
or action. 
 ARTICLE 16 
 GENERAL PROVISIONS 
 16.1. RIGHTS OF PARTICIPANTS. 

(a) No Participant or any Eligible Participant shall have any claim to be granted any Award under the Plan. Neither the
Company, its Affiliates nor the Board is obligated to treat Participants or Eligible Participants uniformly, and determinations made under the Plan may be made by the Board selectively among Eligible Participants who receive, or are eligible to
receive, Awards (whether or not such Eligible Participants are similarly situated). 
 (b) Nothing in the Plan,
any Award Certificate or any other document or statement made with respect to the Plan, shall interfere with or limit in any way the right of the Company or any Affiliate to terminate any Participant’s employment or status as an officer, or any
Participant’s service as a director, at any time, nor confer upon any Participant any right to continue as an employee, officer, or director of the Company or any Affiliate, whether for the duration of a Participant’s Award or otherwise.

 (c) Neither an Award nor any benefits arising under this Plan shall constitute an employment contract with the
Company or any Affiliate and, accordingly, subject to Article 15, this Plan and the benefits hereunder may be terminated at any time in the sole and exclusive discretion of the Board without giving rise to any liability on the part of the Company or
an of its Affiliates. 
 (d) No Award gives a Participant any of the rights of a stockholder of the Company
unless and until Shares are in fact issued to such person in connection with such Award. 

  
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 16.2. WITHHOLDING. The Company or any Affiliate shall have the authority and the
right to deduct or withhold, or require a Participant to remit to the Company or such Affiliate, an amount sufficient to satisfy federal, state, and local taxes (including the Participant’s FICA obligation) required by law to be withheld with
respect to any exercise, lapse of restriction or other taxable event arising as a result of the Plan. The obligations of the Company under the Plan will be conditioned on such payment or arrangements and the Company or such Affiliate will, to the
extent permitted by law, have the right to deduct any such taxes from any payment of any kind otherwise due to the Participant. Unless otherwise determined by the Board at the time the Award is granted or thereafter, any such withholding requirement
may be satisfied, in whole or in part, by withholding from the Award Shares having a Fair Market Value on the date of withholding equal to the minimum amount (and not any greater amount) required to be withheld for tax purposes, all in accordance
with such procedures as the Board establishes. All such elections shall be subject to any restrictions or limitations that the Board, in its sole discretion, deems appropriate. 

16.3. SPECIAL PROVISIONS RELATED TO SECTION 409A OF THE CODE. 

(a) General. It is intended that the payments and benefits provided under the Plan and any Award shall either be
exempt from the application of, or comply with, the requirements of Section 409A of the Code. The Plan and all Award Certificates shall be construed in a manner that effects such intent. Nevertheless, the tax treatment of the benefits provided
under the Plan or any Award is not warranted or guaranteed. Neither the Company, its Affiliates nor their respective directors, officers, employees or advisers (other than in his or her capacity as a Participant) shall be held liable for any taxes,
interest, penalties or other monetary amounts owed by any Participant or other taxpayer as a result of the Plan or any Award. 
 (b) Definitional Restrictions. Notwithstanding anything in the Plan or in any Award Certificate to the contrary, to the extent that any amount or benefit that would constitute non-exempt
“deferred compensation” for purposes of Section 409A of the Code (“Non-Exempt Deferred Compensation”) would otherwise be payable or distributable, or a different form of payment (e.g., lump sum or installment) of such
Non-Exempt Deferred Compensation would be effected, under the Plan or any Award Certificate by reason of the occurrence of a Change in Control, or the Participant’s Disability or separation from service, such Non-Exempt Deferred Compensation
will not be payable or distributable to the Participant, and/or such different form of payment will not be effected, by reason of such circumstance unless the circumstances giving rise to such Change in Control, Disability or separation from service
meet any description or definition of “change in control event”, “disability” or “separation from service”, as the case may be, in Section 409A of the Code and applicable regulations (without giving effect to any
elective provisions that may be available under such definition). This provision does not prohibit the vesting of any Award upon a Change in Control, Disability or separation from service, however defined. If this provision prevents the
payment or distribution of any amount or benefit, or the application of a different form of payment of any amount or benefit, such payment or distribution shall be made at the time and in the form that would have applied absent the Change in
Control, Disability or separation from service, as applicable. 
 (c) Allocation among Possible
Exemptions. If any one or more Awards granted under the Plan to a Participant could qualify for any separation pay exemption described in Treas. Reg. Section 1.409A-1(b)(9), but such Awards in the aggregate exceed the dollar limit permitted
for the separation pay exemptions, the Company (acting through the Board or the Chief Financial Officer) shall determine which Awards or portions thereof will be subject to such exemptions. 

  
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 (d) Six-Month Delay in Certain Circumstances. Notwithstanding
anything in the Plan or in any Award Certificate to the contrary, if any amount or benefit that would constitute Non-Exempt Deferred Compensation would otherwise be payable or distributable under this Plan or any Award Certificate by reason of a
Participant’s separation from service during a period in which the Participant is a Specified Employee (as defined below), then, subject to any permissible acceleration of payment by the Board under Treas. Reg. Section 1.409A-3(j)(4)(ii)
(domestic relations order), (j)(4)(iii) (conflicts of interest), or (j)(4)(vi) (payment of employment taxes): 

(i) the amount of such Non-Exempt Deferred Compensation that would otherwise be payable during the six-month period
immediately following the Participant’s separation from service will be accumulated through and paid or provided on the first day of the seventh month following the Participant’s separation from service (or, if the Participant dies during
such period, within 30 days after the Participant’s death) (in either case, the “Required Delay Period”); and 
 (ii) the normal payment or distribution schedule for any remaining payments or distributions will resume at the end of the Required Delay Period. 

For purposes of this Plan, the term “Specified Employee” has the meaning given such term in
Section 409A of the Code and the final regulations thereunder. 
 (e) Installment Payments. If,
pursuant to an Award, a Participant is entitled to a series of installment payments, such Participant’s right to the series of installment payments shall be treated as a right to a series of separate payments and not to a single payment. For
purposes of the preceding sentence, the term “series of installment payments” has the meaning provided in Treas. Reg. Section 1.409A-2(b)(2)(iii) (or any successor thereto). 

(f) Timing of Release of Claims. Whenever an Award conditions a payment or benefit on the Participant’s
execution and non-revocation of a release of claims, such release must be executed and all revocation periods shall have expired within 60 days after the date of termination of the Participant’s employment; failing which such payment or benefit
shall be forfeited. If such payment or benefit is exempt from Section 409A of the Code, the Company may elect to make or commence payment at any time during such 60-day period. If such payment or benefit constitutes Non-Exempt Deferred
Compensation, then, subject to subsection (d) above, (i) if such 60-day period begins and ends in a single calendar year, the Company may make or commence payment at any time during such period at its discretion, and (ii) if such
60-day period begins in one calendar year and ends in the next calendar year, the payment shall be made or commence during the second such calendar year (or any later date specified for such payment under the applicable Award), even if such signing
and non-revocation of the release occur during the first such calendar year included within such 60-day period. 

(g) Permitted Acceleration. The Company shall have the sole authority to make any accelerated distribution
permissible under Treas. Reg. Section 1.409A-3(j)(4) to Participants of deferred amounts, provided that such distribution(s) meets the requirements of Treas. Reg. Section 1.409A-3(j)(4). 

16.4. UNFUNDED STATUS OF AWARDS. The Plan is intended to be an “unfunded” plan for incentive and deferred compensation.
With respect to any payments not yet made to a Participant pursuant to an Award, nothing contained in the Plan or any Award Certificate shall give the Participant any rights that are greater than those of a general creditor of the Company or any
Affiliate. In its sole discretion, the Board may authorize the creation of grantor trusts or other arrangements to meet the obligations created under the Plan to deliver Shares or payments in lieu of Shares or with respect to Awards. This Plan is
not intended to be subject to ERISA. 

  
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 16.5. RELATIONSHIP TO OTHER BENEFITS. No payment under the Plan shall be taken into
account in determining any benefits under any pension, retirement, savings, profit sharing, group insurance, welfare or benefit plan of the Company or any Affiliate unless provided otherwise in such other plan. Nothing contained in the Plan will
prevent the Company from adopting other or additional compensation arrangements, subject to stockholder approval if such approval is required; and such arrangements may be either generally applicable or applicable only in specific cases. 

16.6. EXPENSES. The expenses of administering the Plan shall be borne by the Company and its Affiliates. 

16.7. TITLES AND HEADINGS. The titles and headings of the Sections in the Plan are for convenience of reference only, and in the
event of any conflict, the text of the Plan, rather than such titles or headings, shall control. 
 16.8. GENDER AND
NUMBER. Except where otherwise indicated by the context, any masculine term used herein also shall include the feminine; the plural shall include the singular and the singular shall include the plural. 

16.9. FRACTIONAL SHARES. No fractional Shares shall be issued and the Board shall determine, in its discretion, whether cash shall
be given in lieu of fractional Shares or whether such fractional Shares shall be eliminated by rounding up or down. 
 16.10.
GOVERNMENT AND OTHER REGULATIONS. 
 (a) Notwithstanding any other provision of the Plan, no Participant
who acquires Shares pursuant to the Plan may, during any period of time that such Participant is an affiliate of the Company (within the meaning of the rules and regulations of the Securities and Exchange Commission under the 1933 Act), sell such
Shares, unless such offer and sale is made (i) pursuant to an effective registration statement under the 1933 Act, which is current and includes the Shares to be sold, or (ii) pursuant to an appropriate exemption from the registration
requirement of the 1933 Act, such as that set forth in Rule 144 promulgated under the 1933 Act. 
 (b)
Notwithstanding any other provision of the Plan, if at any time the Board shall determine that the registration, listing or qualification of the Shares covered by an Award upon any Exchange or under any foreign, federal, state or local law or
practice, or the consent or approval of any governmental regulatory body, is necessary or desirable as a condition of, or in connection with, the granting of such Award or the purchase or receipt of Shares thereunder, no Shares may be purchased,
delivered or received pursuant to such Award unless and until such registration, listing, qualification, consent or approval shall have been effected or obtained free of any condition not acceptable to the Board. Any Participant receiving or
purchasing Shares pursuant to an Award shall make such representations and agreements and furnish such information as the Board may request to assure compliance with the foregoing or any other applicable legal requirements. The Company shall not be
required to issue or deliver any certificate or certificates for Shares under the Plan prior to the Board’s determination that all related requirements have been fulfilled. The Company shall in no event be obligated to register any securities
pursuant to the 1933 Act or applicable state or foreign law or to take any other action in order to cause the issuance and delivery of such certificates to comply with any such law, regulation or requirement. 

  
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 16.11. GOVERNING LAW. To the extent not governed by federal law, the Plan and all
Award Certificates shall be construed in accordance with and governed by the laws of the State of Maryland. 
 16.12.
SEVERABILITY. In the event that any provision of this Plan is found to be invalid or otherwise unenforceable under any applicable law, such invalidity or unenforceability will not be construed as rendering any other provisions contained
herein as invalid or unenforceable, and all such other provisions will be given full force and effect to the same extent as though the invalid or unenforceable provision was not contained herein. 

16.13. NO LIMITATIONS ON RIGHTS OF COMPANY. The grant of any Award shall not in any way affect the right or power of the Company
to make adjustments, reclassification or changes in its capital or business structure or to merge, consolidate, dissolve, liquidate, sell or transfer all or any part of its business or assets. The Plan shall not restrict the authority of the
Company, for proper corporate purposes, to draft or assume awards, other than under the Plan, to or with respect to any person. If the Board so directs, the Company may issue or transfer Shares to an Affiliate, for such lawful consideration as the
Board may specify, upon the condition or understanding that the Affiliate will transfer such Shares to a Participant in accordance with the terms of an Award granted to such Participant and specified by the Board pursuant to the provisions of the
Plan. 
 ************* 

  
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 The foregoing is hereby acknowledged as being the RREEF Property Trust, Inc. 2012
Incentive Plan as adopted by the Board on November 27, 2012, and by the stockholder on November 28, 2012. 
  

					
	RREEF PROPERTY TRUST, INC.
			
		 	By:	 	 /s/ AIMEE E. SAMFORD

			
		 	 Name:
	 	 Aimee E. Samford

			
		 	Title:	 	 Secretary

  
 - 21 -

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00210-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00210-of-00352.parquet"}]]