Document:

Amended and Restated Advisory Agreement

  EXHIBIT 10.3 
 AMENDED AND RESTATED ADVISORY AGREEMENT 
 THIS AMENDED AND RESTATED
ADVISORY AGREEMENT, dated as of January 20, 2010, is between Macquarie CNL Global Income Trust, Inc., a corporation organized under the laws of the State of Maryland (the “Company”), Macquarie CNL Income, LP, a limited partnership
organized under the laws of the State of Delaware (the “Operating Partnership”), and Macquarie CNL Global Income Advisors, LLC, a limited liability company organized under the laws of the State of Delaware (the “Advisor”), and
amends and restates in its entirety that certain Advisory Agreement by and among the aforementioned parties, dated April 7, 2009. 
  W I T N E S S E T H 
 WHEREAS, the Company has filed with the
Securities and Exchange Commission a Registration Statement (No. 333-158478) and amendments thereto on Form S-11 registering 150,000,000 shares of its common stock, par value $0.01 per share (as defined below), to be offered to the public, and the
Company may subsequently issue Securities (as defined below) other than such shares or otherwise raise additional capital; 
 WHEREAS, the Company intends to qualify as a REIT (as defined below), and invest its funds in investments permitted by the terms of the Prospectus (as defined below) and Sections 856 through 860 of the Code (as defined below); 

WHEREAS, the Company is the sole owner of the general partner of the Operating Partnership and intends to conduct all of its business and
make all investments in Real Property, Real Estate Related Securities, Loans and Permitted Investments (each as defined below), through the Operating Partnership; 
 WHEREAS, the Company and the Operating Partnership desire to avail themselves of the experience, sources of information, advice, assistance and certain facilities of 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 of Directors (as defined below) of the Company, all as provided herein; and 
 WHEREAS, the Advisor is willing to undertake to render such services, subject to the supervision of the Board of Directors, on the terms and
conditions hereinafter set forth. 
 NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants and
agreements contained herein, the parties hereto agree as follows: 
 (1)        Definitions.    As used in this Advisory Agreement (the “Agreement”), the following terms have the definitions hereinafter indicated: 
 Acquisition Expenses.    Any and all expenses, exclusive of Acquisition Fees, incurred by the Company, the
Operating Partnership, the Advisor, or any of their Affiliates in connection with the selection, acquisition, development or construction of any investment, including any Real Property, Real Estate Related Securities, Loans or Permitted 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. 
 Acquisition Fees.    Any and all fees and commissions,
exclusive of Acquisition Expenses, paid by any Person, to any other Person (including any fees or commissions paid by or to any Affiliate of the Company, the Operating Partnership or the Advisor) in connection with the selection, evaluation,
structure, purchase, development or construction of Real Property or with making or investing in Loans, Real Estate Related Securities or Permitted Investments, including real estate commissions, selection fees, Investment Services Fees, Development
Fees, Construction Fees, nonrecurring management fees, loan fees, points or any other fees of a similar nature. Excluded

 
shall be Development Fees and Construction Fees paid to any Person not affiliated with the Advisor in connection with the actual development and construction of a project. 
  Advisor.     Macquarie CNL Global Income Advisors, LLC, a limited liability company organized under the laws of
the State of Delaware, or any successor advisor to the Company and the Operating Partnership. Notwithstanding the foregoing, a Person hired or retained by Macquarie CNL Global Income Advisors, LLC to perform 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 Macquarie CNL Global Income Advisors, LLC with respect to the Company or the Operating Partnership as a whole shall not be
deemed to be an Advisor. 
  Affiliate or Affiliated.    With respect to any Person, (a) any
Person directly or indirectly owning, controlling, or holding, with the power to vote, ten percent (10%) or more of the outstanding voting securities of such other Person; (b) any Person ten percent (10%) or more of whose outstanding
voting securities are directly or indirectly owned, controlled or held, with the power to vote, by such other Person; (c) any Person directly or indirectly controlling, controlled by or under common control with such other Person; (d) any
executive officer, director, trustee or general partner of such other Person; or (e) any legal entity for which such Person acts as an executive officer, director, trustee or general partner. Notwithstanding anything to the contrary contained
herein, CNL Global Income Advisors, LLC and its Affiliates, on the one hand, and Macquarie Real Estate Advisory Services LLC and its Affiliates, on the other hand, shall not be deemed Affiliates of each other. 
 Articles of Incorporation.    The Articles of Incorporation of the Company, as amended or restated from time to
time. 
 Asset.    Any Real Property, Real Estate Related Security, Loan, Permitted Investment or
other investment (other than investments in bank accounts or money market funds) owned by the Company, directly or indirectly through one or more of its Joint Ventures or Subsidiaries, and any other investment made by the Company, directly or
indirectly through one or more of its Joint Ventures or Subsidiaries. 
 Asset Management
Fee.    Asset Management Fee shall have the meaning set forth in Section 9(a) of this Agreement. 
 Average Invested Assets.    For a specified period, the average of the aggregate book value of the Assets before deducting depreciation, bad debts or other non-cash reserves computed by taking the average of such
values at the end of each month during such period. 
 Board of Directors, Board or Directors.    The
persons holding such office, as of any particular time, under the Articles of Incorporation of the Company, whether they be the Directors named therein or additional or successor Directors. 
 Bylaws.    The bylaws of the Company, as the same are in effect and may be amended from time to time. 

Cause.    With respect to the termination of this Agreement, (a) fraud, criminal conduct, willful
misconduct or willful or negligent breach of fiduciary duty by the Advisor; or (b) a material breach of this Agreement of any nature whatsoever by the Advisor, which breach is not cured within 30 days of notice given to the Advisor specifying
the nature of the alleged breach. 
 CNL Sponsor.    CNL Financial Group, LLC, a Florida limited
liability company. 
 Code.    The Internal Revenue Code of 1986, as amended from time to time, or
any successor statute thereto. Reference to any provision of the Code shall mean such provision as in effect from time to time, as the same may be amended, and any successor provision thereto, as interpreted by any applicable regulations as in
effect from time to time. 
  

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 Common Shares.    The common stock, par value $0.01 per share, of
the Company that may be issued from time to time in accordance with the terms of the Articles of Incorporation and applicable law. 
 Company.    Company shall have the meaning set forth in the preamble of this Agreement. 
 Company Property.    Any and all property, real, personal or otherwise, tangible or intangible, which is transferred or conveyed to the Company, the Operating Partnership, any Subsidiary or any Joint Venture of
any of the foregoing (including all rents, income, profits and gains therefrom), and which is owned or held by, or for the account of, the Company, the Operating Partnership, any Subsidiary or any Joint Venture of any of the foregoing. 

Construction Fee.    A fee or other remuneration for acting as general contractor and/or construction manager
to construct improvements, supervise and coordinate projects or to provide major repairs or rehabilitations on a property. 
 Competitive Real Estate Commission.    A real estate or brokerage commission for the purchase or sale of property which is reasonable, customary, and competitive in light of the size, type, and location of the
property. 
 Contract Purchase Price.    The amount actually paid in respect of the purchase of a
Real Property, and the amount budgeted in respect of the development, construction or improvement of a Real Property, the amount of funds advanced with respect to a Loan or the amount actually paid in respect to the purchase of other Real Estate
Related Securities or Permitted Investments, in each case exclusive of Acquisition Fees and Acquisition Expenses. 
 Development Fee.    The fee for the packaging of a Company Property, including negotiating and approving plans and assisting in obtaining zoning and necessary variances and financing for a specific Company
Property to be developed or under development, either initially or at a later date. 
 Director.    A
member of the Board of Directors of the Company. 
 Disposition Fee.    The fee payable to the
Advisor under Section 9(c). 
 Distributions.    Any distributions of money or other property by
the Company to owners of Equity Shares, including distributions that may constitute a return of capital for federal income tax purposes. 
 Distribution Reinvestment Plan.    Any reinvestment plan adopted from time to time by the Company pursuant to which the Company’s stockholders may elect to have the full
amount of their cash distributions reinvested in additional Common Shares. 
 Equity
Shares.    Transferable shares of beneficial interest of the Company of any class or series, including Common Shares or Preferred Shares. The use of the term “Equity Shares” or any term defined by reference to the
term “Equity Shares” shall refer to the particular class or series of capital stock of the Company which is appropriate under the context. 
 Excess Amount.    Excess Amount shall have the meaning set forth in Section 12 of this Agreement. 
 Excess Shares.    Equity Shares that have been designated as “Excess Shares” pursuant to the
Company’s Articles of Incorporation. 
 Expense Year.    Expense Year shall have the meaning set
forth in Section 12 of this Agreement. 
 FINRA.    The Financial Industry Regulatory Authority.

 GAAP.    Generally accepted accounting principles as in effect in the United States of America
from time to time or such other accounting basis mandated by the U.S. Securities and Exchange Commission. 
  

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 Good Reason.    With respect to the termination of this
Agreement, (a) in connection with a merger, reorganization, business combination, share exchange, acquisition by any Person or related group of Persons of beneficial ownership of all or substantially all of the Equity Shares in one or more
related transactions (pursuant to which any such transaction the Stockholders receive cash, Listed or non-Listed equity Securities for their Equity Shares, or combination thereof), sale of substantially all of the assets, or other similar
transaction involving the Company or the Operating Partnership; (b) any failure to obtain a satisfactory agreement from any successor to the Company and/or the Operating Partnership to assume and agree to perform the Company’s and/or the
Operating Partnership’s obligations under this Agreement, whether or not a majority of the Directors then in office are replaced or removed; or (c) any material breach of this Agreement of any nature whatsoever by the Company and/or the
Operating Partnership, which breach is not cured within 30 days of notice given to the Company and/or the Operating Partnership specifying the nature of the alleged breach. 
 Gross Proceeds.    The purchase price of all Equity Shares sold for the account of the Company through all
Offerings, without deduction for Organizational and Offering Expenses or volume or other discounts. For the purpose of computing Gross Proceeds, the purchase price of any Equity Share for which reduced or no Selling Commissions or Marketing Support
Fees are paid to the Managing Dealer or a Participating Broker shall be deemed to be the full amount of the Offering price per Equity Share pursuant to the Prospectus for such Offering, with the exception of Equity Shares purchased pursuant to the
Company’s Distribution Reinvestment Plan, which will be factored into the calculation using their actual purchase price. 
 Incentive Fees.    The Subordinated Share of Net Sales Proceeds, the Subordinated Incentive Fee and the Performance Fee. 
 Independent Director.    Independent Director shall have the meaning set forth in the Articles of Incorporation. 
 Initial Public Offering.    The Company’s first public offering of Equity Shares pursuant to an effective
registration statement filed under the Securities Act of 1933, as amended. 
 Invested
Capital.    The amount calculated by multiplying the total number of Common Shares issued and outstanding by the Offering price per share, without deduction for volume or other discounts or Organizational and Offering
Expenses (which price per Common Share, in the case of Common Shares purchased pursuant to the Distribution Reinvestment Plan, shall be deemed to be the actual purchase price), reduced by the amount paid to redeem Common Shares pursuant to the
Company’s redemption plan. 
 Investment Services Fee.    Investment Services Fee shall have the
meaning set forth in Section 9(b)(i) of this Agreement. 
 Joint Ventures.    Those joint
venture or partnership arrangements in which the Company, the Operating Partnership or any of its Subsidiaries is a co-venturer or partner and which are established to acquire Real Properties, Real Estate Related Securities, Loans or Permitted
Investments. 
 Liquidity Event.    A Listing or any merger, reorganization, business combination,
share exchange, acquisition by any Person or related group of Persons of beneficial ownership of all or substantially all of the Equity Shares in one or more related transactions, or other similar transaction involving the Company or the Operating
Partnership pursuant to which the Stockholders receive for their Equity Shares, as full or partial consideration, cash, Listed or non-Listed equity Securities or combination thereof. 
 Listing or Listed.    The listing of the Common Shares of the Company (or any successor thereof) on a
national securities exchange or the receipt by the Company’s Stockholders of securities that are approved for trading on a national securities exchange in exchange for the Company’s Common Shares. With regard to the Company’s Common
Shares, upon commencement of trading of the Common Shares of the Company on a national securities exchange, the Company’s Common Shares shall be deemed “Listed”. 
  

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 Loans.    Mortgage Loans and other types of debt financing
provided by or held by the Company from time to time. 
 Managing Dealer.    CNL Securities Corp., an
Affiliate of the Advisor, or such other Person or entity selected by the Board of Directors to act as the managing dealer for an Offering. CNL Securities Corp. is a member of FINRA. 
 Market Value.    The value of the Company measured in connection with an applicable Liquidity Event determined as
follows (i) in the case of the Listing of the Common Shares of the Company on a national securities exchange, by taking the average closing price or average of bid and asked price thereof, as the case may be, over a period of 30 days during
which the Common Shares are traded, with such period beginning 180 days after Listing of the Company’s Common Shares, (ii) in the case of the receipt by Stockholders of securities of another entity that are approved for trading on a
national securities exchange in connection with the consummation of such Liquidity Event, by taking the average closing price or average of bid and asked price thereof, as the case may be, over a period of 30 days during which such securities are
traded, with such period beginning 180 days after the commencement of trading of such securities or (iii) in the case of the receipt by Stockholders of securities of another entity that are trading on a national securities exchange prior to the
consummation of the Liquidity Event, by taking the average closing price or average of bid and asked price thereof, as the case may be, over a period of 30 days ending on the effective date of the Liquidity Event. Any cash consideration received by
the Stockholders in connection with any Liquidity Event shall be added to the Market Value determined in accordance with clause (i), (ii) or (iii). In the event that the Stockholders receive non-Listed equity Securities as full or partial
consideration with respect to any Liquidity Event, no value shall be attributed to such non-Listed equity Securities and the Market Value in any such Liquidity Event shall be solely with respect to Listed securities and/or cash received in such
Liquidity Event, if any, as determined above. 
 Marketing Support Fee.    The fees payable to the
Managing Dealer in connection with the sale of Equity Shares for marketing support. 
 Mortgage
Loans.    In connection with mortgage financing provided by or held by the Company, notes or other evidences of indebtedness or obligations that are secured or collateralized by Real Property owned by the borrowers.

 MRE Sponsor.     Macquarie Capital Funds Inc., a Delaware corporation. 
 NASAA REIT Guidelines.    The Statement of Policy Regarding Real Estate Investment Trusts adopted by the North
American Securities Administrators Association on May 7, 2007. 
 Net Income.    For any period,
the Company’s total revenues determined in accordance with GAAP applicable to such period, less the total expenses determined in accordance with GAAP applicable to such period other than additions to reserves for depreciation, bad debts or
other similar non-cash reserves and Acquisition Expenses and Acquisition Fees to the extent not capitalized, excluding any gain from the sale of Assets. 
 Net Sales Proceeds.    In the case of a transaction described in clause (a) of the definition of Sale, the proceeds of any such transaction less the amount of all selling
expenses incurred by or on behalf of the Company or the Operating Partnership, including all real estate commissions, closing costs and legal fees and expenses. In the case of a transaction described in clause (b) of such definition, Net Sales
Proceeds means the proceeds of any such transaction less the amount of selling expenses incurred by or on behalf of the Company or the Operating Partnership, including any legal fees and expenses and other selling expenses incurred in connection
with such transaction. In the case of a transaction described in clause (c) of such definition, Net Sales Proceeds means the Company’s or Operating Partnership’s pro rata share of the proceeds of any such transaction received by the
Joint Venture, less the amount of any selling expenses incurred by or on behalf of the Joint Venture, less the amount of any selling expenses, including legal fees and expenses, incurred by or on behalf of the Company or the Operating Partnership.
In the case of a transaction or series of transactions described in clause (d) of the definition of Sale, Net Sales Proceeds means the proceeds of any such transaction (including the aggregate of all payments under a Mortgage on or in
satisfaction thereof other than regularly scheduled interest payments) less the amount of selling expenses incurred by or on behalf of the Company, Operating Partnership or any Joint Venture, including all

  

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commissions, closing costs and legal fees and expenses. In the case of a transaction described in clause (e) of such definition, Net Sales Proceeds means the proceeds of any such transaction
received by the Company or the Operating Partnership less the amount of selling expenses incurred in connection with such transaction. With respect to each of the transactions or series of transactions described above in this definition, Net Sales
Proceeds means the proceeds of such transaction or series of transactions less the amount of any real estate commissions, closing costs, and legal fees and expenses and other selling expenses incurred by or allocated to the Company, the Operating
Partnership or any Joint Venture in connection with such transaction or series of transactions. Net Sales Proceeds shall also include any amounts that the Company determines, in its discretion, to be economically equivalent to proceeds of a Sale.
The repayment of debt shall be deducted from the proceeds of a transaction for the purpose of calculating Net Sales Proceeds. 
 Offering.    A public offering of Equity Shares pursuant to a Prospectus. 
 Operating
Partnership.    Operating Partnership shall have the meaning set forth in the preamble of this Agreement. 
  Operating Partnership Agreement.    The Amended and Restated Limited Partnership Agreement of the Operating Partnership between Macquarie CNL Income GP, LLC, a Delaware limited liability company, and the Company,
as may be amended from time to time. 
  OP Unit.    A unit of limited partnership interest in
the Operating Partnership. 
 Organizational and Offering Expenses.    Any and all costs and
expenses, including Selling Commissions and the Marketing Support Fee incurred by the Company or any of its Affiliates in connection with the formation, qualification and registration of the Company and the marketing and distribution of Equity
Shares in an Offering, including, without limitation, the following: legal, accounting and escrow fees; due diligence expenses; printing, amending, supplementing, mailing and distributing costs; personnel costs associated with processing investor
subscriptions and the preparation and dissemination of organizational and offering documents and sales materials; telecopy and telephone costs; charges of transfer agents, registrars, trustees, depositories and experts; and fees, expenses and taxes
related to the filing, registration and qualification of the Equity Shares under federal and state laws. 
 Ownership
Limit.    At any time at which the Company is required to meet the requirements of Section 856(a) of the Code in order to qualify as a REIT, with respect to each class or series of Equity Shares, 9.8% (by vote or value)
of the outstanding shares of such Equity Shares. 
 Participating Broker.    A broker-dealer who is a
member of FINRA or who is exempt from broker-dealer registration, and who, in either case, has executed a participating broker or other agreement with the Managing Dealer to sell Equity Shares. 
 Performance Fee.    The fee payable to the Advisor under Section 18(b). 
 Permitted Investments.    All investments that are permitted to be made by a REIT under the Code. 
 Person.    An individual, corporation, partnership, trust, joint venture, limited liability company or other
entity or association. 
 Preferred Shares.    Any class or series of preferred stock, par value
$0.01 per share, of the Company that may be issued from time to time in accordance with the terms of the Articles of Incorporation and applicable law. 
 Priority Return.    As of any date, an aggregate amount equal to an 8% cumulative, non-compounded, annual return on Invested Capital, prorated for any partial year. For purposes
of calculating the Priority Return for any calendar year or portion thereof, the Company will use the daily weighted average amount of Invested Capital for such period. 
  

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 Prospectus.    The most recent final prospectus of the Company
relating to the Common Shares as filed with the Securities and Exchange Commission pursuant to Rule 424(b) under the Securities Act of 1933, as amended. 
 Real Estate Asset Value.    The value of Real Properties wholly owned by the Company, the Operating Partnership and/or any of their respective Subsidiaries, determined on the
basis of cost (before non-cash reserves and depreciation), plus, in the case of Real Properties owned by any Joint Venture or partnership in which the Company, the Operating Partnership and/or any of their Subsidiaries is the co-venturer or partner,
the Company’s, Operating Partnership’s or such Subsidiary’s, as applicable, proportionate share of the value of such Real Properties determined on the basis of cost (before non-cash reserves and depreciation); provided, however, that
during periods in which the Board is determining on a regular basis the current value of the Company’s net assets for purposes of enabling fiduciaries of employee benefit plan stockholders to comply with applicable Department of Labor reporting
requirements, the “Real Estate Asset Value” shall be equal to the greater of (i) the amount determined pursuant to the foregoing or (ii) the most recent aggregate valuation of the Real Properties established by the most recent
independent valuation reports (before non-cash reserves and depreciation). For the purpose of the foregoing, the cost basis of a Real Property shall include the original contract price thereof plus any capital improvements made thereto, exclusive of
Acquisition Fees and Acquisition Expenses. 
 Real Estate Related Securities.    The real estate
related securities investments, or such investments the Board of Directors and the Advisor mutually designate as Real Estate Related Securities to the extent such investments could be classified as either Real Estate Related Securities or Real
Property, which are owned from time to time by the Company, the Operating Partnership, Subsidiaries or Joint Ventures. 
 Real Property.    (a) Land, including the buildings located thereon, (b) land only and/or (c) the buildings only, which are owned from time to time by the Company or the Operating Partnership,
either directly or through Subsidiaries, joint venture arrangements or other partnerships, or (d) such investments the Board of Directors and the Advisor mutually designate as Real Property to the extent such investments could be classified as
either Real Property or Real Estate Related Securities. Properties sold by the Company, the Operating Partnership or any of their Subsidiaries to tenancy-in-common investors shall be deemed Real Property for the purposes of this definition so long
as (x) such properties are being leased by the Company, the Operating Partnership or any of their Subsidiaries from the tenancy-in-common investors, and (y) such properties are reflected as assets of the Company in accordance with GAAP.

 REIT.    A “real estate investment trust” as defined pursuant to sections 856 through
860 of the Code. 
 Sale or Sales.    Any transaction or series of transactions whereby (a) the
Company or the Operating Partnership directly or indirectly (except as described in other subsections of this definition) sells, grants, transfers, conveys, or relinquishes its ownership of any Real Property or portion thereof, and including any
event with respect to any Real Property which gives rise to a significant amount of insurance proceeds or condemnation awards; (b) the Company or the Operating Partnership directly or indirectly (except as described in other subsections of this
definition) sells, grants, transfers, conveys, or relinquishes its ownership of all or substantially all of the interest of the Company or the Operating Partnership in any Joint Venture in which it is a co-venturer or partner; (c) any Joint
Venture directly or indirectly (except as described in other subsections of this definition) sells, grants, transfers, conveys, or relinquishes its ownership of any Real Property or portion thereof, including any event with respect to any Real
Property which gives rise to insurance claims or condemnation awards; (d) the Company or the Operating Partnership directly or indirectly (except as described in other subsections of this definition) sells, grants, conveys or relinquishes its
interest in any mortgage or portion thereof (including with respect to any mortgage, all payments thereunder or in satisfaction thereof other than regularly scheduled interest payments) of amounts owed pursuant to such mortgage and any event which
gives rise to a significant amount of insurance proceeds or similar awards; or (e) the Company, the Operating Partnership or any Joint Venture directly or indirectly (except as described in other subsections of this definition) sells, grants,
transfers, conveys, or relinquishes its ownership of any other asset not previously described in this definition or any portion thereof. 
 Securities.    Any Equity Shares, any other stock, shares or other evidences of equity or beneficial or other interests, voting trust certificates, bonds, debentures, notes or
other evidences of indebtedness, secured or unsecured,

  

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convertible, subordinated or otherwise, or in general any instruments commonly known as “securities” or any certificates of interest, shares or participations in, temporary or interim
certificates for, receipts for, guarantees of, or warrants, options or rights to subscribe to, purchase or acquire, any of the foregoing, if and only if any such item is treated as a “security” under the Securities Exchange Act of 1934 or
applicable state securities laws. 
 Selling Commissions.    Any and all commissions payable to
underwriters, managing dealers, or other broker-dealers in connection with the sale of Equity Shares through Offerings, including, without limitation, selling commissions payable to the Managing Dealer. 
 Stockholders.    The registered holders of the Company’s Equity Shares. 
 Subordinated Incentive Fee.    The fee payable to the Advisor under Section 9(e). 
 Subordinated Share of Net Sales Proceeds.    The fee payable to the Advisor under Section 9(d). 

Subsidiary.    Any corporation, limited liability company, partnership, business trust or other entity of
which the Company, directly or indirectly, owns or controls at least fifty percent (50%) of the voting securities or economic interests. 
 Termination Date.    The date of termination of this Agreement. 
 Termination Event.    The termination or non-renewal of this Agreement (a) by the Advisor for Good Reason or (b) by the Company and the Operating Partnership other
than for Cause. 
 Total Operating Expenses.    All costs and expenses paid or incurred by the
Company, as determined under GAAP, that relate in any way to the operation of the Company or to corporate business, including Asset Management Fees and other fees paid to the Advisor, but excluding (a) the expenses of raising capital such as
Organizational and Offering Expenses, legal, audit, accounting, underwriting, brokerage, listing, registration, and other fees, printing and other such expenses and tax incurred in connection with the issuance, distribution, transfer, registration
and Listing of Equity Shares, (b) interest payments, (c) taxes, (d) non-cash expenditures such as depreciation, amortization and bad debt reserves, (e) the Performance Fee, the Subordinated Incentive Fee, the Subordinated Share
of Net Sales Proceeds and any other incentive fees paid in compliance with the NASAA REIT Guidelines, (f) Acquisition Fees and Acquisition Expenses, (g) real estate commissions on the Sale of Real Property, (h) Disposition Fees
(however, any Disposition Fee paid to an Affiliate or related party of the Advisor in connection with the disposition of Securities as provided in Section 9(c) shall not be so excluded), (i) property management fees and leasing commissions
or other amounts incurred pursuant to property management agreements, (j) property or investment direct operating expenses, and (k) other fees and expenses connected with the acquisition, disposition, management and ownership of real
estate interests, mortgage loans 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.    The requirement pursuant to the NASAA REIT Guidelines that, in any 12-month period, Total Operating Expenses shall not exceed the greater of 2% of the Company’s Average Invested Assets
during such 12-month period or 25% of the Company’s Net Income over the same 12-month period. 
 (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. 
 (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 a continuing and suitable investment
program consistent with the investment objectives and policies of the Company as determined and 
  

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adopted from time to time by the Directors. In performance of this undertaking, subject to the supervision of the Directors and consistent with the provisions of the Prospectus, Articles of
Incorporation and Bylaws of the Company, and the Operating Partnership Agreement, the Advisor shall, either directly or by engaging any such Person, including an Affiliate, that it deems qualified: 
 (a)        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 Assets and investment policies; 
 (b)        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; 
 (c)        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; 
 (d)        consult with the officers and Directors of the Company and assist the Directors in the formulation and implementation of the Company’s and the Operating Partnership’s financial
policies, and, as necessary, furnish the Directors with advice and recommendations with respect to the making of investments consistent with the investment objectives and policies of the Company and in connection with any borrowings proposed to be
undertaken by the Company and/or the Operating Partnership; 
 (e)        subject to
the provisions of Sections 3(g) and 4 hereof: (i) locate, analyze and select potential investments; (ii) structure and negotiate the terms and conditions of transactions pursuant to which investments will be made; (iii) make
investments on behalf of the Company and the Operating Partnership in compliance with the investment objectives and policies of the Company; (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; and (v) enter into leases and service contracts for Real Property and, to the extent necessary, perform all other operational functions for the
maintenance and administration of such Real Property; 
 (f)        upon request,
provide the Directors with periodic reports regarding prospective investments; 
 (g)        obtain the prior approval of the Board, any particular Directors specified by the Board or any committee of the Board, as the case may be, for any and all investments in and dispositions of
Real Properties; 
 (h)        make investments in and dispositions of Real Estate
Related Securities, Loans and Permitted Investments within the discretionary limits and authority as granted by the Board; 
 (i)        negotiate 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, and negotiate on behalf of the
Company and the Operating Partnership with investment banking firms and broker-dealers or negotiate private sales of Equity Shares and Securities or obtain loans for 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; 
  

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 (j)        obtain reports (which may, but are not
required to, be prepared by the Advisor or its Affiliates), where appropriate, concerning the value of investments or contemplated investments of the Company and/or the Operating Partnership in Real Properties, Real Estate Related Securities, Loans
and Permitted Investments; 
 (k)        from time to time, or at any time reasonably
requested by the Directors, make reports to the Directors of its performance of services to the Company and the Operating Partnership under this Agreement; 
 (l)        provide the Company and the Operating Partnership with all necessary cash management services; 
 (m)      do all things necessary to assure its ability to render the services described in this Agreement;

 (n)      deliver to or maintain on behalf of the Company copies of all appraisals obtained in
connection with the investments in and valuations of Real Properties, Real Estate Related Securities, Loans and Permitted Investments as may be required to be obtained by the Board; 
 (o)        effect any private placement of OP Units, tenancy-in-common or other interests in Real
Properties as may be approved by the Board; 
 (p)        make necessary regulatory
filings, including filing tax returns on behalf of the Company and the Operating Partnership; 
 (q)        prepare or oversee third parties in preparing all financial reports, statements or analysis required by regulatory authorities or the Board; 
 (r)        provide investor relations services to the Company; 
 (s)        provide Sarbanes-Oxley compliance for the Company, the Operating Partnership and their
respective subsidiaries; 
 (t)        provide tax compliance for the Company, the
Operating Partnership and their respective subsidiaries; 
 (u)        provide foreign
currency management (including foreign currency hedging); and 
 (v)        notify the
Board of all proposed transactions not otherwise described above, the value of which exceeds an amount which may be designated by the Board from time to time, before they are completed. 
 Notwithstanding the foregoing, the Advisor may delegate any of the foregoing duties to any Person, including an Affiliate, so long as the
Advisor remains responsible for the performance of the duties set forth in this Section 3. 
 (4)      Authority of the Advisor. 
 (a)        Pursuant to the terms of this Agreement (including the restrictions included in this Section 4 and in Section 7), and subject to the continuing and exclusive authority of the
Directors over the management of the Company, the Board hereby delegates to the Advisor the authority to take those actions set forth in Section 3. 
 (b)        Notwithstanding the foregoing, any investment in a Real Property, Real Estate Related Security, Loan or Permitted Investment, including any acquisition
or disposition of Real Property by the Company or the Operating Partnership (including any financing of such acquisition), will require the prior approval of the Directors, any particular Directors specified by the Board or any committee of the
Board, or otherwise come within the authority delegated by the Board to the Advisor, as the case may be. 
  

 - 10 - 

 (c)        If a transaction requires approval by
the Independent Directors, the Advisor will deliver to the Independent Directors all documents and other information required by them to properly evaluate the proposed transaction. 
 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. 
 The Directors may, at any time upon the giving of notice to the Advisor, modify or revoke the authority set forth in this Section 4. If and to the extent the Directors so modify or revoke the authority contained herein, the Advisor
shall henceforth submit to the Directors for prior approval such proposed transactions involving investments in Real Properties, Real Estate Related Securities, Loans or Permitted Investments as thereafter require prior approval, provided, however,
that such modification or revocation shall be effective upon receipt by the Advisor and shall not be applicable to investment transactions to which the Advisor has committed the Company prior to the date of receipt by the Advisor of such
notification. 
 (5)      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 and/or
the Operating Partnership, under such terms and conditions as the Directors may approve, provided that no funds shall be commingled with the funds of the Advisor. The Advisor shall from time to time render appropriate accountings of such collections
and payments to the Directors and to the auditors of the Company. Notwithstanding the foregoing, the Advisor may delegate its duties under this Section 5 to any Person, including an Affiliate, so long as the Advisor remains responsible for the
performance of its duties under this Section 5. 
 (6)      Records;
Access.    The Advisor shall maintain appropriate records of all its activities hereunder and make such records available for inspection by the Directors and by counsel, auditors and authorized agents of the Company and the
Operating Partnership, at any time and 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 as necessary to perform its duties
pursuant to this Agreement. 
 (7)      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 of 1940, as amended; or (c) violate any law, rule, regulation or statement of policy of any governmental body or agency having jurisdiction over
the Company, its Securities, or otherwise not be permitted by the Articles of Incorporation or Bylaws of the Company, except if such action shall be ordered by the Directors, in which case the Advisor shall notify promptly the Directors 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 Directors. In such event the Advisor shall have no liability for acting in
accordance with the specific instructions of the Directors so given. Notwithstanding the foregoing, neither the Advisor nor any subadvisor, nor any of their respective directors, officers, employees, agents, members, stockholders or other Affiliates
shall be liable to the Company, the Directors or Stockholders for any act or omission by the Advisor or any subadvisor, or any of their respective directors, officers, employees, agents, members, stockholders or other Affiliates taken or omitted to
be taken in the performance of their duties under this Agreement, except as provided in Section 20 of this Agreement, and such parties shall be intended third party beneficiaries of this Section. 
 (8)      Relationship with Directors.    Subject to Section 7 of this
Agreement and to restrictions advisable with respect to the qualification of the Company as a REIT, directors, officers and employees of the Advisor or an Affiliate of the Advisor or any corporate parents of an Affiliate may serve as a Director and
as officers 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 reasonable reimbursement for travel and related expenses incurred in attending meetings of the 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. 
  

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 (9)      Fees. 
 (a)        Asset Management Fee.    The Company or the Operating
Partnership shall pay to the Advisor as compensation for the advisory services rendered to the Company and the Operating Partnership under Section 3 above a monthly fee of an amount equal to 0.08334% of the sum of the Company’s and the
Operating Partnership’s respective Real Estate Asset Value (without duplication), plus the outstanding principal amount of any Loans made, plus the amount invested in Permitted Investments (excluding Real Estate Related Securities and other
Securities), and a monthly fee of an amount equal to 0.1042% on the book value of Real Estate Related Securities and other Securities, in each case as of the end of the preceding month (the “Asset Management Fee”). The Asset
Management Fee shall be payable monthly on the first business day following the last day of such month. The Asset Management Fee shall not exceed fees which are competitive for similar services in the same geographic area, and may or may not be
taken, in whole or in part as to any year, in the sole discretion of the Advisor. All or any portion of the Asset Management Fee not taken as to any fiscal year shall be deferred without interest and may be taken in such other fiscal year as the
Advisor shall determine. 
 (b)        Acquisition Fees. 
  (i)  Investment Services Fee.    The Advisor shall receive as compensation for services rendered in
connection with the selection, evaluation, structure and purchase of Real Properties or the making or acquisition of Loans or Permitted Investments that are not Real Properties or Securities, a fee (the “Investment Services Fee”) in
the amount of (A) with respect to each (W) Real Property acquired directly by the Company or the Operating Partnership, 3.0% of the Contract Purchase Price of such asset, or (X) Loan or Permitted Investment that is not Real Property
or a Security acquired or made directly by the Company or the Operating Partnership, 2.0% of the amount invested, and (B) with respect to each (Y) Real Property acquired indirectly by the Company or the Operating Partnership through one or
more of its Affiliates or Joint Ventures, 3.0% of the Contract Purchase Price of such asset multiplied by the Company’s or the Operating Partnership’s percentage equity interest in such Affiliates or Joint Ventures, or (Z) Loan or
Permitted Investment that is not Real Property or a Security acquired or made indirectly by the Company or the Operating Partnership through one or more of its Affiliates or Joint Ventures, 2.0% of the amount of the investment, multiplied by the
Company’s or the Operating Partnership’s percentage equity interest in such Affiliates or Joint Ventures. Such fees shall be paid to the Advisor as the Company or the Operating Partnership closes on the acquisition of such Asset.
Notwithstanding the foregoing, no Investment Services Fee shall be paid to the Advisor in connection with the purchase by the Company or the Operating Partnership of Real Estate Related Securities that are Securities, Permitted Investments that are
Securities or Loans that are Securities. In the case of a development or construction project, upon completion of the project, the Advisor shall determine the actual amounts paid. To the extent the amounts actually paid vary from the budgeted
amounts on which the Investment Services Fee was initially based, the Advisor will pay or invoice the Company for 3.0% of the budget variance such that the Investment Services Fee is ultimately 3.0% of amounts expended on such development or
construction project. 
  (ii)  Other Fees.    The Company or the Operating Partnership may
pay the Advisor or its Affiliates fees that are usual and customary for comparable services in connection with the financing, development, construction or renovation of Real Property or the acquisition or disposition of Real Estate Related
Securities or Permitted Investments or the making of Loans. In connection with the acquisition of Securities, the Company or the Operating Partnership may pay a brokerage fee that is usual and customary to an Affiliate or related party of the
Advisor if, at the time of such payment, such Affiliate or related party is a properly registered and licensed broker dealer (or equivalent) in the jurisdiction in which the Securities are being acquired. Such fees are in addition to the fees
described in clause (i) above and payment of such fees will be subject to the prior approval of the Board of Directors, including a majority of the Independent Directors, and will be paid by the Company or the Operating Partnership to such
Affiliate or related party upon the closing of the acquisition of the Securities. 
 (iii)  Limitations on Acquisition
Fees.    Acquisition Fees shall be reduced to the extent necessary to limit the total compensation paid to all Persons involved in the acquisition of any Real Properties, Real Estate Related Securities or Permitted
Investments or the making of Loans to the amount customarily charged in arm’s-length transactions by other Persons or entities rendering similar services as an ongoing public activity in the same

  

 - 12 - 

 geographic location and for comparable types of Real Properties, Real Estate Related Securities, Loans or
Permitted Investments and to the extent that other acquisition fees, finder’s fees, real estate commissions, or other similar fees or commissions are paid by any Person in connection with the transaction. The total of all Acquisition Fees and
any Acquisition Expenses shall be reasonable and shall be limited in accordance with the Articles of Incorporation. 
 (c)         Disposition Fee.    If the Advisor, its Affiliates or related parties provide a substantial amount of the services (as determined in good faith by a majority of
the Independent Directors) in connection with the Sale of one or more Assets, the Advisor, Affiliate or related party shall receive a Disposition Fee in an amount equal to: (i) in the case of the Sale of Real Property, the lesser of
(A) one-half of the Competitive Real Estate Commission, or (B) 3% of the sales price of such Real Property or Properties; and (ii) in the case of the Sale of other Assets (other than Real Property or a Loan), 3% of the sales price of
such Asset that is not a Real Property or a Loan. The total of all real estate commissions paid by the Company to all Persons in connection with any Sale of one or more Real Property or Real Properties shall not exceed the lesser of (i) a
Competitive Real Estate Commission or (ii) 6% of the gross sales price of the Real Property or Real Properties. In the case of the Sale of Loans, the Advisor, Affiliate or related party shall receive a Disposition Fee in an amount equal to 1.0%
of the contract sales price of any Loan. The Advisor, Affiliate or related party will not receive a Disposition Fee upon the maturity, prepayment, workout, modification or extension of a Loan unless there is a corresponding fee paid by the borrower,
in which case the Advisor, Affiliate or related party will receive a Disposition Fee in an amount equal to the lesser of (i) 1.0% of the principal amount of the Loan or (ii) the amount of the fee paid by the borrower in connection with
such transaction. If the Company or the Operating Partnership takes ownership of a Real Property as a result of a workout or foreclosure of a Loan, the Advisor, Affiliate or related party will receive a Disposition Fee in an amount equal to 1.0% of
the sale price of such Real Property. Any Disposition Fee on any Loan in excess of 1.0% shall require the approval of the majority of the Independent Directors, provided, however, the maximum Disposition Fee on any Loan shall be limited to 3.0% of
the contract sales price. Any such Disposition Fee deemed to be earned by the Advisor, Affiliate or related party shall be paid by the Company or the Operating Partnership to the Advisor, Affiliate or related party upon the closing of the Sale.
Notwithstanding the foregoing, no Disposition Fee shall be paid to the Advisor in connection with the Sale by the Company or the Operating Partnership of Real Estate Related Securities that are Securities, Permitted Investments that are Securities,
or Loans that are Securities; provided, however, a Disposition Fee in the form of a usual and customary brokerage fee may be paid by the Company or the Operating Partnership to an Affiliate or related party of the Advisor in connection with the
disposition of Securities if, at the time of such payment, such Affiliate or related party is a properly registered and licensed broker dealer (or equivalent) in the jurisdiction in which the Securities are being sold and has provided substantial
services in connection with the disposition of the Securities. Any such Disposition Fee deemed to be earned by such Affiliate or related party shall be paid by the Company or the Operating Partnership to such Affiliate or related party upon the
closing of the Sale of the Securities. Any such Disposition Fee paid to an Affiliate or related party of the Advisor in connection with the Sale of Securities shall be included in Total Operating Expenses for purposes of calculating conformance with
the 2%/25% Guidelines. 
 (d)        Subordinated Share of Net Sales
Proceeds.    The Subordinated Share of Net Sales Proceeds shall be payable to the Advisor in an amount equal to 15% of the amount by which (i) the sum of (A) Net Sales Proceeds from Sales, and (B) the total
Distributions paid to holders of Common Shares from the Company’s inception through the measurement date, and (C) the total of any Incentive Fees paid from inception through the measurement date exceeds (ii) the sum of (A) 100%
of Invested Capital and (B) the total Distributions required to pay the holders of Common Shares a Priority Return from the Company’s inception until the measurement date, including those paid prior to the date of payment. Such amount
shall be paid no later than 30 days after the Sale generating Net Sales Proceeds closes; provided that any amount that may be payable shall be reduced by all prior Incentive Fees paid. Following Listing, no Subordinated Share of Net Sales Proceeds
will be paid to the Advisor. 
 (e)        Subordinated Incentive
Fee.    Upon a Liquidity Event, the Advisor shall be paid the Subordinated Incentive Fee in an amount equal to 15% of the amount by which (i) the sum of (A) the Market Value, and (B) the total Distributions
declared (and payable with respect to a record date prior to the effective date of the applicable Liquidity Event and a payment date after the date of such Liquidity Event) or paid to holders of Common Shares from the Company’s inception until
the effective date of the Liquidity Event, and (C) the total of any Incentive Fees paid from inception through the effective date of the Liquidity Event exceeds (ii) the sum of (A) 100% of Invested Capital and (B) the total
Distributions required to pay the holders of Common Shares a Priority Return from the Company’s inception through the effective date of the Liquidity Event, including those paid prior to 
  

 - 13 - 

 such date of determination. Such amount shall be reduced by all prior Incentive Fees paid. The Company shall
have the option to pay such fee in the form of cash or Listed Equity Shares (subject to reasonable and customary lock-up provisions) or any combination of the foregoing. 
 (f)        No Duplication of Incentive Fees.    Incentive Fees may be calculated and paid with respect to multiple transactions or events
if there is not a single transaction or event that constitutes a Liquidity Event for all of the Company’s assets or all of the Equity Shares. However, in no event will there be any duplication in the payment of Incentive Fees with respect to
any particular assets or Equity Shares of the Company. 
 (10)      Expenses. 

(a)        In addition to the compensation paid to the Advisor pursuant to Section 9
hereof, the Company or the Operating Partnership shall reimburse the Advisor for all of the expenses paid or incurred by the Advisor and its Affiliates or subadvisors, if applicable, in connection with the services provided by the Advisor (or on
behalf of the Advisor by its Affiliates or subadvisors, if applicable) to the Company and the Operating Partnership pursuant to this Agreement, including, but not limited to: 
 (i)        the Company’s Organizational and Offering Expenses; provided, however, that the
aggregate of the Organizational and Offering Expenses paid by the Company shall not exceed 15% of Gross Proceeds, and within 60 days after the end of the month in which the Offering terminates, the Advisor shall reimburse the Company or the
Operating Partnership for any Organizational and Offering Expenses to the extent that any reimbursement received by the Advisor pursuant to this Section 10(a)(i) exceeds the maximum amount permitted or, at the option of the Company or the
Operating Partnership, such excess shall be subtracted from the next reimbursement of expenses to be made by the Company or the Operating Partnership pursuant to this Section 10(a)(i). The Advisor shall pay or directly reimburse the Company to
the extent that any Organizational and Offering Expenses exceed 15% of Gross Proceeds; 
 (ii)        Acquisition Expenses incurred in connection with the selection, acquisition, development or construction of Assets; 
 (iii)        the actual cost of goods and services used by the Company and the Operating
Partnership and obtained from entities not Affiliated with the Advisor, other than Acquisition Expenses, including brokerage fees paid in connection with the purchase and sale of Real Estate Related Securities; 
 (iv)        interest and other costs for borrowed money, including discounts, points and other
similar fees; 
 (v)        taxes and assessments on income of the Company, the
Operating Partnership or its Subsidiaries or in connection with any Assets; 
 (vi)        all costs and insurance premiums required in connection with the business of the Company and the Operating Partnership, including providing Directors and Officers insurance to the
Directors; 
 (vii)        expenses of managing and operating Real Properties owned by
the Company and the Operating Partnership, whether payable to an Affiliate of the Company and the Operating Partnership or a non-Affiliated Person; 
 (viii)        payments and expense reimbursements to the Directors and meetings of the Directors and Stockholders; 
 (ix)        expenses associated with a Listing, if applicable, or with the issuance and
distribution of Equity Shares and Securities, such as selling commissions and fees, advertising expenses, taxes, legal and accounting fees and Listing and registration fees and costs; 
  

 - 14 - 

 (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, revising, amending, converting, modifying, or terminating the Company, the Operating Partnership, the Articles of Incorporation or the Operating Partnership
Agreement; 
 (xii)        expenses of maintaining communications with Stockholders,
including the cost of preparation, printing, and mailing annual reports and other Stockholder reports, proxy statements and other reports required by governmental entities; 
 (xiii)        personnel costs and related overhead costs of personnel of the Advisor or its
Affiliates, but excluding personnel providing asset management or acquisition services and named executive officers of the Advisor relating to services provided to the Company, the Operating Partnership and their Subsidiaries or assets of such
entities; and 
 (xiv)        internal or external audit, accounting, tax, legal fees
and compliance costs (including personnel costs, and related overhead, of personnel of the Advisor or its Affiliates). 
 (b)        Expenses incurred by the Advisor on behalf of the Company and the Operating Partnership and payable pursuant to this Section 10 shall be reimbursed no less than monthly to the Advisor.
The Advisor shall prepare a statement documenting the reimbursable expenses of the Company and the Operating Partnership and the calculation of the Asset Management Fee, and shall deliver such statement to the Company and the Operating Partnership
within 20 days after the end of each month. 
 (11)      Other
Services.    Should the Directors 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 of the Company, 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. 
 (12)      Limitation on Reimbursement to the
Advisor.    Commencing with the fourth full fiscal quarter following the effective date of the Company’s Initial Public Offering, for any period during which the Company’s Articles of Incorporation require
compliance with the 2%/25% Guidelines, 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 2%/25% Guidelines for such year (the “Excess Amount”), unless the Independent Directors make a finding that, based on such unusual and non-recurring factors which they deem sufficient, a higher level of expenses is justified for
such Expense Year. Such determination shall be reflected in the minutes of the meetings of the Board of Directors. If the Independent Directors do not determine that such Excess Amount is justified, any Excess Amount paid to the Advisor during a
fiscal quarter shall be repaid to the Company. If there is an Excess Amount in any Expense Year and the Independent Directors determine that such excess was justified based on unusual and nonrecurring factors which they deem sufficient, then the
Excess Amount may be paid in the Expense Year and within 60 days after the end of such Expense Year there shall be sent to the Stockholders a written disclosure of such fact, together with an explanation of the factors the Independent Directors
considered in determining that such excess expenses were justified. Further, the Company shall not reimburse the Advisor or its Affiliates for services for which the Advisor or its Affiliates are entitled to compensation in the form of a separate
fee. All figures used in the foregoing computation shall be determined in accordance with GAAP applied on a consistent basis. 
 (13)      Other Activities of the Advisor.    Nothing herein contained shall prevent the Advisor or any of its Affiliates from engaging in or earning fees from other
activities, including, without limitation, direct investment in assets that would be suitable for the Company and the Operating Partnership; 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 the Advisor or any of its Affiliates or of any director, officer, employee, member or stockholder of the Advisor or its
Affiliates to engage in or earn fees

  

 - 15 - 

 
from any other business or to render services of any kind to any other partnership, corporation, firm, individual, trust or association and earn fees for rendering such services. The Advisor
and/or its Affiliates or subadvisors may, with respect to any investment in which the Company and the Operating Partnership 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 and the Operating Partnership 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 and/or its Affiliates or subadvisors 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. 
 The Advisor shall be required to use commercially reasonable efforts to present a continuing and suitable investment program to the Company
and the Operating Partnership that is consistent with their investment policies and objectives, but neither the Advisor nor any Affiliate of the Advisor shall be obligated generally to present any particular investment opportunity to the Company and
the Operating Partnership even if the opportunity is of a character which, if presented to the Company and the Operating Partnership, could be taken by them. 
 (14)      Term; Termination of Agreement.    This Agreement shall continue in force for a period of one year from the date hereof, subject to an
unlimited number of successive one-year renewals upon mutual consent of the parties. 
 (15)      Termination by the Parties.    This Agreement may be terminated (i) immediately by the Company and/or the Operating Partnership for Cause or upon the bankruptcy of the
Advisor; (ii) upon 60 days prior written notice without Cause and without penalty by a majority of the Independent Directors of the Company; (iii) upon 60 days prior written notice without Good Reason and without penalty by the Advisor; or
(iv) immediately by the Advisor for Good Reason or upon the bankruptcy of the Company. Sections 18, 19, 20, 30 and 33 shall survive any termination of this Agreement. 
 (16)      Assignment to an Affiliate.    This Agreement shall not be assigned by
the Company or the Operating Partnership without the consent of the Advisor, except in the case of an assignment by the Company or the Operating Partnership to a corporation, limited partnership 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. 
 (17)      Subcontracts with
Affiliates.    The Advisor may subcontract with any Person it deems qualified, including an Affiliate, for a portion of the services and duties to be performed under this Agreement without obtaining the approval of the
Directors. The Advisor may further subcontract any rights to receive fees or other payments for such services or duties under this Agreement without obtaining the approval of the Directors. Notwithstanding the foregoing, in the event of any such
subcontracting by the Advisor of the services or duties to be performed by it under this Agreement, the Advisor shall remain responsible for the completion and performance of all such services and duties. 
 (18)      Payments to and Duties of Advisor Upon Termination.    Payments to the
Advisor of unpaid expense reimbursements pursuant to this Section 18 shall be subject to the 2%/25% Guidelines to the extent applicable. 
 (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 within 30 days after the Termination Date all unpaid reimbursements of expenses and all earned but unpaid fees payable to the Advisor prior to termination of this Agreement. 
 (b)        Upon a Termination Event, the Advisor shall be entitled to payment of the Performance
Fee. The Performance Fee shall be calculated upon a Liquidity Event or Sale following such Termination Event and (i) in the event of a Liquidity Event, the Performance Fee shall be calculated and paid in the same manner as the Subordinated
Incentive Fee and (ii) in the case of one or more Sales, the Performance Fee shall be calculated and paid in the same manner as the Subordinated Share of Net Sales Proceeds; provided, however, that the amount of the Performance Fee paid to the
Advisor shall be equal to the amount as calculated above multiplied by the quotient of 
  

 - 16 - 

  (A) the number of days elapsed from the initial effective date of the Agreement with Macquarie CNL
Global Income Advisors, LLC (the “Initial Effective Date”) to the effective date of the Termination Event, divided by (B) the number of days elapsed from the Initial Effective Date through the date of the Liquidity Event or the Sale,
as applicable. The Company shall have the option to pay the Performance Fee in cash, Listed Equity Shares priced at the Market Value (exclusive of the amount of any cash consideration included in the calculation thereof) or Listed equity Securities
received by Stockholders in exchange for their Common Shares priced at Market Value (exclusive of the amount of any cash consideration included in the calculation thereof), such fee to be payable within thirty (30) days following final
determination of the Performance Fee. If the Subordinated Incentive Fee or the Subordinated Share of Net Sales Proceeds is payable to the Advisor in connection with a Liquidity Event or Sale, then the Advisor shall not receive a Performance Fee
under this Section 18(b). 
  (c)        The Advisor shall be entitled to
receive all accrued but unpaid compensation and expense reimbursements in cash, Listed Equity Shares or Listed equity Securities received by Stockholder in exchange for their Common Shares within 30 days of the Termination Date or within 30 days of
the determination of the Market Value, as applicable. 
 (d)        The Advisor shall
promptly upon termination: 
  (i)        deliver 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 Directors 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 Directors; 
  (iii)        deliver to the Directors all Assets, including Real Properties and Real Estate Related Securities, and documents of the Company and the Operating
Partnership then in the custody of the Advisor; and 
  (iv)        cooperate with
the Company and the Operating Partnership to provide an orderly management transition. 
 (19)      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, employees, agents and advisors, from all liability, claims, damages, taxes or losses arising in the performance of their duties hereunder, and related expenses, including reasonable
attorneys’ fees and costs, to the extent such liability, claims, damages, taxes or losses and related expenses are not fully reimbursed by insurance, subject to any limitations imposed by the Articles of Incorporation of the Company. Any
indemnification of the Advisor may be made only out of the net assets of the Company and the Operating Partnership and not from Stockholders. 
 (20)      Indemnification by Advisor.    The Advisor shall indemnify and hold harmless the Company and the Operating Partnership from all
liability, claims, damages, taxes or losses and related expenses including reasonable attorneys’ fees and taxes, to the extent that such liability, claims, damages, taxes or losses and related expenses are not fully reimbursed by insurance and
are incurred by reason of the Advisor’s bad faith, fraud, misconduct, or gross negligence, but the Advisor shall not be held responsible for any action of the Board of Directors in following or declining to follow any advice or recommendation
given by the Advisor. 
 (21)        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 deemed given and received by being delivered by hand or on the second (2nd) business day after mailing by registered or certified United States mail, postage prepaid and return receipt requested, to
the other party at the address set forth below: 
  

 - 17 - 

			
	 To the Directors and to the Company:
	  	 Macquarie CNL Global Income Trust, Inc.
 Attention: Chief Financial Officer
 CNL Center at City Commons
 450 South Orange Avenue
 Orlando, Florida
32801
 Facsimile: (407) 540-2500
  
 with a copy to:
  
 Macquarie CNL Global Income Trust, Inc.
 c/o Macquarie Capital Funds Inc.
 One North Wacker Drive, 9th Floor
 Chicago, Illinois 60606
 Facsimile: (312) 660-9386

		
	 To the Operating Partnership:
	  	 Macquarie CNL Income, LP
 Attention: Chief Financial Officer
 CNL Center at City Commons
 450 South Orange Avenue
 Orlando, Florida 32801
 Facsimile: (407) 540-2500
  
 with a copy to:
  
 Macquarie
CNL Income, LP
 c/o Macquarie Capital Funds Inc.
 One North Wacker Drive, 9th Floor
 Chicago, Illinois 60606
 Facsimile: (312) 660-9386

		
	 To the Advisor:
	  	 Macquarie CNL Global Income Advisors, LLC
 Attn: Chief Financial Officer
 CNL Center at City Commons
 450 South Orange Avenue
 Orlando, Florida
32801
 Facsimile: (407) 540-2500
  
 with a copy to:
  
 Macquarie CNL Global Income Advisors, LLC
 c/o Macquarie Capital Funds Inc.
 One North Wacker Drive, 9th Floor
 Chicago, Illinois 60606
 Facsimile: (312) 660-9386

  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 21. 
 (22)      Amendment or Modification.    This Agreement shall not be amended,
changed, modified or discharged, in whole or in part, except by an instrument in writing signed by the parties hereto, or their respective successors or permitted assignees. 
  

 - 18 - 

 (23)      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. 
 (24)      Construction.    The
provisions of this Agreement shall be construed and interpreted in accordance with the laws of the State of Delaware, and any action brought to enforce the agreements made hereunder or any action which arises out of the relationship created
hereunder shall be brought exclusively in the federal or state courts for Orange County, Florida. 
 (25)      Entire Agreement.    This Agreement contains the entire agreement and understanding among the parties hereto with respect to the subject matter hereof, and supersedes all
prior and contemporaneous agreements, understandings, inducements and conditions, express or implied, oral or written, of any nature whatsoever with respect to the subject matter hereof. The express terms hereof control and supersede any course of
performance and/or usage of the trade inconsistent with any of the terms hereof. 
 (26)      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. 
 (27)      Gender.    Words used herein
regardless of the number and gender specifically used, shall be deemed and construed to include any other number, singular or plural, and any other gender, masculine, feminine or neuter, as the context requires. 
 (28)      Titles Not to Affect Interpretation.    The titles 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. 
 (29)      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. 
  (30)      Name.    The Advisor has proprietary interests in the names “CNL” and “Macquarie.” Accordingly, and in recognition of
this right, if at any time the Company ceases to retain the Advisor or an Affiliate thereof to perform any of the services of Advisor, the Directors of the Company will, promptly after receipt of written request from the Advisor, (a) cease to
conduct business under or use either of the names “CNL” or “Macquarie,” or any diminutive thereof, and (b) change the name of the Company to a name that does not contain the name “CNL,” “Macquarie” or any
other word or words that might, in the sole discretion of the Advisor, be susceptible of indication of some form of relationship between the Company and the Advisor or any Affiliate thereof. Consistent with the foregoing, it is specifically
recognized that the Advisor or one or more of its Affiliates has in the past and may in the future organize, sponsor or otherwise permit to exist other investment vehicles (including vehicles for investment in real estate) and financial and service
organizations having “CNL” or “Macquarie” as a part of their name, all without the need for any consent (and without the right to object thereto) by the Company or its Directors. The Company’s right to use the name
“CNL” and any associated trademarks, trade names, service marks, and other intellectual property is subject to the terms of the Brand License Agreement among CNL Intellectual Properties, Inc., a Florida corporation, as licensor, and the
Advisor, the Company and Macquarie CNL Global Income Managers, LLC, a Delaware limited liability company (the “Property Manager”), as licensees, and the terms of that agreement shall supersede any inconsistent terms of this
Agreement. The Company’s right to use the name “Macquarie” and any associated trademarks, trade names, service marks, and other intellectual property is subject to the terms of a License Deed among Macquarie Bank Limited, as licensor,
and the Advisor, the Company, and the Property Manager, and the terms of that agreement shall supersede any inconsistent terms of this Agreement. 
   

 - 19 - 

 (31)      Independent
Contractor.    Neither the Company nor the Advisor shall be construed as joint venturers or owners of each other pursuant to this Agreement, and neither shall have the power to bind or obligate the other except as set forth
herein. In all respects, the status of the Company to the Advisor under this Agreement is that of an independent contractor. 
 (32)      Interpretation.    This Agreement shall be deemed to have been drafted jointly by the parties, and therefore no provision of this Agreement shall be construed against or
interpreted to the disadvantage of any party by reason of such party having, or being deemed to have, drafted, devised or imposed such provision. 
 (33)      Non-Solicitation.    During the period commencing on the date on which this Agreement is entered into and ending one year following the
termination of the this Agreement, the Company and the Operating Partnership shall not, without the Advisor’s prior written consent, directly or indirectly, (a) solicit or encourage any person to leave the employment or other service of
the Advisor, or (b) hire, on behalf of the Company, the Operating Partnership 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. During the period commencing on the date hereof through and ending one year following the termination of this Agreement, the Company and the Operating Partnership will not, whether for its own account or for the account of any other person,
firm, corporation or other business organization, intentionally interfere with the relationship of the Advisor with, or endeavor to entice away from the Advisor, 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. 
  

 - 20 - 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date and year
first above written. 
  
  
							
	 MACQUARIE CNL GLOBAL INCOME TRUST, INC.

		
	 By:
	 	 /s/    Mark Mullen

	 Name:
	 	 Mark Mullen

	 Title:
	 	 Senior Vice President

	
	 MACQUARIE CNL INCOME, LP

		
	 By:
	 	 MACQUARIE CNL INCOME GP, LLC, a Delaware
 limited liability company

	 Its:
	 	 General Partner

			
		 	 By:
	 	 MACQUARIE CNL GLOBAL INCOME TRUST,
 INC., a Maryland corporation

		 	 Its:
	 	 Managing Member

				
		 		 	By:	 	 /s/    Mark Mullen

		 		 	 Name:
	 	 Mark Mullen

		 		 	 Title:
	 	 Senior Vice President

	
	 MACQUARIE CNL GLOBAL INCOME ADVISORS, LLC

		
	 By:
	 	 /s/    Curtis B. McWilliams

	 Name:
	 	 Curtis B. McWilliams

	 Title:
	 	 President

   

 - 21 -Master Property Management Agreement

 EXHIBIT 10.4 
 MASTER PROPERTY MANAGEMENT AND LEASING AGREEMENT 
  THIS MASTER
PROPERTY MANAGEMENT AND LEASING AGREEMENT (this “Agreement”) is made and executed as of the 20th day of January, 2010, by and between Macquarie CNL Global Income Trust, Inc., a Maryland corporation and Macquarie CNL Income, LP, a Delaware
limited partnership (collectively, “Company”), the various subsidiaries of the Company set forth on the Joinder(s) attached hereto (individually or collectively or both as the context requires, the Company and each such subsidiary, only
with respect to the property owned by it, “Owner”) and Macquarie CNL Global Income Managers, LLC, a Delaware limited liability company (“Manager”). 
  W I T N E S S E T H: 
 WHEREAS, Owner owns the Properties (as defined below); and 
  WHEREAS, Owner has employed Manager to manage and coordinate the leasing of certain of the Properties to be acquired by Owner pursuant to the Master Property Management and Leasing Agreement between Owner
and Manager (the “Original Agreement”) dated April 7, 2009 (the “Effective Date”), which Original Agreement established the terms and conditions for such services; and 
 WHEREAS, this Agreement is being executed by the Owner and Manager to reflect the name changes of the Company, the Owner and
the Manager, and, except for such name changes, the provisions of the Original Agreement are reproduced herein and remain in full force and effect as of the Effective Date. 
  NOW, THEREFORE, in consideration of the mutual covenants herein, the parties agree as follows: 
 I.        DEFINITIONS 
 Except as otherwise specified or as the context may otherwise require, the following terms have the respective meanings set forth below for all purposes of this Agreement:

 1.A.    “Account” shall have the meaning ascribed to it in
Section 2.C.9 herein. 
 1.B.    “Affiliate” means, with respect to
any Person: (i) any Person directly or indirectly owning, controlling or holding, with the power to vote, 50% or more of the outstanding voting securities of such other Person; (ii) any Person 50% 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
trustee or general partner of such other Person; and (v) any legal entity for which such Person acts as a trustee or general partner. Notwithstanding the foregoing, Macquarie Real Estate Advisory Services LLC and its Affiliates and CFG VII,
Inc. and its Affiliates shall not be deemed Affiliates of each other. 
 1.C.    “Annual Business Plan” shall have the meaning ascribed to it in Section 2.E.3 herein. 
 1.D    “BOMA” shall have the meaning ascribed to it in Section 8.I.2 herein. 
 1.E.    “Cause” means (i) with respect to the termination of this Agreement by a party, a material breach of this Agreement of any nature
whatsoever by the other party, which breach is

 
not cured within thirty (30) days after notice is given to the breaching party specifying the nature of the alleged breach, and which breach relates to all or substantially all of the
Properties, and (ii) with respect to the removal of a given Property from Schedule I hereto by a party, a material breach of this Agreement of any nature whatsoever by the other party, which breach is not cured within thirty (30) days
after notice is given to the breaching party specifying the nature of the alleged breach, and which breach relates specifically to such Property. 
 1.F.    “Change of Control” means a “CNL Change of Control” or an “MRE Change of Control”. 
 1.G.    “CNL Change of Control” means the occurrence of either of the following events
with respect to CNL: (i) James Seneff Entities, in the aggregate, own, directly or indirectly, less than fifty-one percent (51%) of the equity interests in CNL, or (ii) James Seneff Entities, in the aggregate, do not possess the
power, through voting interests, proxy, voting trusts or other similar instruments, to direct the management of CNL. For purposes of the immediately preceding sentence, “CNL” means CFG VII, Inc., a Florida corporation, and
“James Seneff Entities” means, collectively, James M. Seneff, Jr., his spouse, siblings, parents, nephews, nieces, cousins, or any children or other descendants or the spouses of any of the foregoing, of James Seneff, whether
individually or through any trust, family limited partnership or other entity in which any such individuals possess the entire beneficial or equity interest. Notwithstanding anything to the contrary, the death of James M. Seneff, Jr. or his spouse
will not be a “CNL Change of Control”. 
 1.H.    “Company” shall
have the meaning ascribed to it in the preamble of this Agreement. 
 1.I.    “Confidential Information” shall have the meaning ascribed to it in Section 8.P herein. 
 1.J.    “Controlling Agreements” shall have the meaning ascribed to it in Section 2.C.11 herein. 
 1.K.    “Documents and Forms” shall have the meaning ascribed to it in
Section 2.E.2 herein. 
 1.L.    “Eligible Severance Payment” shall
have the meaning ascribed to it in Section 3.C herein. 
 1.M.    “Embargoed
Person” shall have the meaning ascribed to it in Section 7.A.13 herein. 
 1.N.    “Gross Revenues” means all amounts actually collected as rents (except for rents paid under any vacant master lease space) or other charges for the use and occupancy of Properties including but
not limited to parking income to the extent Manager’s responsibilities include a parking facility, after hours HVAC reimbursements and other direct tenant charges, on a cash basis, but shall exclude: parking revenues to the extent a parking
facility is managed by a third party; any payments by tenants for amortization of lease improvements over building standard, determined by Owner; security deposits and reductions in security deposits as a result

  

 2 

 
of damage from tenant misuse of or damage to property; rebates, discounts or other credits received by Manager incident to purchases, contracts or other arrangements entered into pursuant to this
Agreement for the account of Owner, which items shall accrue solely to the benefit of Owner; abated rent; sales tax; lease termination/buyout settlement amounts; environmental reimbursements; property tax refunds; miscellaneous income taxable to
Owner; interest and other investment income of Owner and proceeds received by Owner for a sale, exchange, condemnation, eminent domain taking, casualty or other disposition of assets of Owner. 
 1.O.    “Improvements” means all buildings, structures and equipment from time to time
located on Properties and all parking and common areas located on Properties. 
 1.P.    “Key Personnel” shall have the meaning ascribed to it in Section 2.C.5(d) herein. 
 1.Q.    “Lease” or “Leases” means, unless the context otherwise requires, any lease, ground lease, master lease or sublease made by Owner as landlord
or by its predecessor relating to a Property or portions thereof. 
 1.R.    “Leasing Activities Agreement” shall have the meaning ascribed to it in Section 2.C.1(f) herein. 
 1.S.    “Lender” and “Lenders” shall have the meaning ascribed to it in Section 2.C.1(e) herein. 
 1.T.    “List” shall have the meaning ascribed to it in Section 7.A.13 herein.

 1.U.    “Losses” shall have the meaning ascribed to it in
Section 5.D.1 herein. 
 1.V.    “Manager” shall have the meaning
ascribed to it in the preamble of this Agreement. 
 1.W.    “Management
Fee” means the fee payable to Manager for its services hereunder. 
 1.X.    “Manager Indemnified Parties” shall have the meaning ascribed to it in Section 2.E.4 herein. 
 1.Y.    “Manager’s Employees” shall have the meaning ascribed to it in Section 2.C.5(a)(2) herein. 
 1.Z.    “Minimum Management Fee” shall have the meaning ascribed to it in
Section 4.A herein. 
 1.AA    “MRE Change of Control” means the
occurrence of any of the following events with respect to MRE: (i) Macquarie Group Entities, in the aggregate, own, directly or indirectly, less than fifty-one percent (51%) of the equity interests in MRE, (ii) Macquarie Group
Entities, in the aggregate, do not possess the power, through voting interests, proxy, voting trusts or other similar instruments, to direct the management of MRE, (iii) the acquisition (in a single transaction or in multiple transactions
occurring within any twelve-month period) by any Person, or by any Persons acting as a group (other than Macquarie Group Limited or any Affiliate of

  

 3 

 
Macquarie Group Limited), of beneficial ownership of 35% or more of the combined voting power, or 35% or more of the total fair market value, of Macquarie Group Limited’s then outstanding
stock, (iv) the consummation of (A) any merger or consolidation of, with or into Macquarie Group Limited where stockholders of Macquarie Group Limited immediately prior to the merger or consolidation do not immediately thereafter hold more
than fifty percent (50%) of the combined voting power of the surviving company’s then outstanding securities, (B) a liquidation or dissolution of Macquarie Group Limited, or (C) a sale of all or substantially all of Macquarie
Group Limited’s assets, or (v) a majority of members of Macquarie Group Limited’s board of directors is replaced during any twelve-month period by directors whose appointment or election is not endorsed by a majority of the members of
the Macquarie Group Limited’s board of directors prior to the date of the appointment or election. For purposes of the immediately preceding sentence, “MRE” means Macquarie Real Estate Advisory Services LLC, a Delaware
limited liability company, and “Macquarie Group Entities” means, collectively, Macquarie Group Limited and any successor by merger or consolidation thereto. 
 1.BB.    “OFAC” shall have the meaning ascribed to it in Section 2.C.14 herein.

 1.CC.    “Owner” shall have the meaning ascribed to it in the preamble
of this Agreement. 
 1.DD.    “Owner Indemnified Parties” shall have the
meaning ascribed to it in Section 5.D.2 herein. 
 1.EE.    “Owner’s
Representative” shall have the meaning ascribed to it in Section 8.S herein. 
 1.FF.    “Owner’s Share of Eligible Severance Payments” shall have the meaning ascribed to it in Section 3.C herein. 
 1.GG.    “Person” means an individual, corporation, association, business trust, estate, trust, partnership, limited liability company or other
legal entity. 
 1.HH.    “Prohibited Person” shall have the meaning
ascribed to it in Section 7.A.14 herein. 
 1.II.       “Properties” means all tracts (including all buildings and other improvements and property of Owner located thereon) as yet unspecified but to be acquired by Owner and other
entities controlled by the Company, specified in writing by Owner to be managed by Manager, and included on Schedule I hereto, as amended from time to time in accordance with Section 2.A or Section 6.D herein, containing improvements or on
which Owner will construct improvements. 
 1.JJ.       “Property
Financings” shall have the meaning ascribed to it in Section 8.O herein. 
 1.KK.    “Property Management Representative” shall have the meaning ascribed to it in Section 2.C.5(d) herein. 
  

 4 

 1.LL.      “Reimbursable Staff
Member” shall have the meaning ascribed to it in Section 3.C herein. 
 1.MM.    “Submanager” means any Affiliate of Manager to whom Manager has assigned or subcontracted all or part of its duties hereunder pursuant to Section 8.C(1). 
 1.NN.    “Reporting Requirements” shall have the meaning ascribed to it in
Section 2.E.2 herein. 
 1.OO.    “Updated Requirements” shall have
the meaning ascribed to it in Section 2.E.2(a) herein. 
 II.        APPOINTMENT
OF MANAGER; SERVICES TO BE PERFORMED 
 2.A.    Appointment of Manager. Owner
hereby appoints Manager as the exclusive managing agent and tenant coordinating agent of the Properties, and Manager hereby accepts such appointment on the terms and conditions hereinafter set forth. Owner hereby authorizes Manager to exercise such
powers with respect to the Properties as may be necessary for the performance of Manager’s obligations under the terms of this Agreement provided, however, Manager shall have no right or authority to commit or otherwise obligate or bind Owner
in any manner whatsoever, except to the extent specifically provided herein. From time to time during the term of this Agreement, whenever Owner or any other entity controlled by the Company shall acquire a tract containing improvements or on which
Owner or such entity will construct improvements, Owner shall be required to amend Schedule I hereto, effective on the date of such acquisition, to include such tract as a “Property” for purposes of this Agreement. 
 2.B.      General Duties. Manager shall manage, operate, maintain and lease the
Properties in accordance with the generally accepted standards for the type of property being managed in the area in accordance with all applicable loan requirements, subject, however to the management rights and responsibilities reserved or
allocated to any tenant under the leases for the respective Properties. Manager shall make available to Owner the full benefit of the judgment, experience and advice of the members of Manager’s organization and staff with respect to the
policies to be pursued by Owner relating to the management, operation, maintenance and leasing of the Properties. In addition, Manager shall provide executive oversight over all of Owner’s Properties, coordinate addressing matters that arise
from Owner holding Properties in multiple jurisdictions around the world, and provide certain accounting and tax support not provided by any submanager acting pursuant to Section 8.C. 
 2.C.    Specific Duties. Manager’s duties include the following: 
 1.        Lease Obligations. Manager shall be Owner’s exclusive leasing
agent for the Properties, and shall, to the extent permitted by applicable law and subject to this Agreement, perform all leasing functions relating to the Properties. Manager shall be paid for such leasing activities in conformity with this
Agreement, which amounts shall be in addition to the compensation otherwise payable to Manager hereunder. Without limiting the generality of the foregoing, Manager’s leasing function includes the following: 
  

 5 

 (a)        Manager shall use
commercially reasonable efforts to lease all space in the Properties which is now vacant, becomes vacant or is projected to become vacant during the term of this Agreement, subject to the limitations imposed by any Annual Business Plan approved by
Owner, and Manager’s responsibilities shall include lease negotiation coordination, tenant improvement coordination, governmental liaison, opening activities, tenant liaison, facilitating tenant move-in and similar activities. Manager may, in
its sole discretion, engage the services of other outside cooperating real estate consultants and brokers to lease space in the Properties on behalf of Owner and who shall be paid by Owner such commissions as may be included in the Annual Business
Plan approved by Owner or are otherwise established by Owner and Manager from time to time. Manager shall, so far as possible, procure references from prospective tenants, investigate such references and use its best judgment in the selection of
prospective tenants. Where appropriate, upon the occurrence of a vacancy or a projected vacancy, Manager will prepare and disseminate adequate rental listings. After a vacancy is listed, Manager will cooperate with brokers in an effort to aid in
successfully filling the vacancy. Manager shall establish procedures to ensure that ample time is available to renew existing leases or obtain new tenants in an effort to minimize vacancies and loss of income. 
 (b)        Owner shall refer all inquiries concerning the rental of space in the
Property to Manager. All negotiations with prospective tenants shall be conducted by Manager or under its direction. All leases for the Properties shall be prepared by Manager in the name of Owner and shall be in accordance with such leasing
guidelines as Owner and Manager shall agree upon from time to time. Manager shall secure Owner’s prior written approval before finalizing any lease for a Property that is not in compliance with the leasing plan set forth in the Annual Business
Plan. All leases for Properties shall be presented to and executed by Owner. Manager shall duly and punctually comply with all the obligations of Owner under all leases with tenants of space in the Property, but solely on behalf of Owner and at
Owner’s expense. 
 (c)        Manager shall prepare all
advertising and promotional materials for the Properties, which materials shall be used only after Owner’s approval and shall comply with all applicable laws, ordinances and regulations. The costs of all advertising and promotional materials
shall be at Owner’s sole cost and expense and shall either be in accordance with an approved operating budget or otherwise approved by Owner in writing. 
 (d)        Rental rates for space in the Properties shall be established by Owner. Manager shall, promptly following the execution of this
Agreement and from time to time thereafter, provide general market information and general office space rental rate surveys and make recommendations to Owner with respect to rental rates. 
  

 6 

 (e)        Manager shall assist
Owner, as requested, in obtaining any approvals of proposed leases for the Properties, the tenants and the terms thereof which may be required from the Properties’ lenders, including senior financing, mezzanine level financing or preferred
equity (each, a “Lender” and collectively, “Lenders”) in accordance with the terms of the applicable loan documents. 
 (f)        Notwithstanding anything in this Section 2.C.1 to the contrary, the parties acknowledge and agree that Manager may not be licensed to act as a real
estate broker in the state(s) in which the Properties are located and that, in such a case, Manager shall either: (a) subcontract the leasing activities described herein to a licensed real estate broker qualified (by years of experience, number
of employees, number and type of properties under management and standing in the marketplace) to manage properties of like kind in the vicinity of the Properties; or (b) if Owner elects to enter into a separate agreement with a leasing agent,
Manager shall cause the leasing activities described herein to be performed by Owner’s leasing agent by acting as Owner’s agent to enforce all of Owner’s rights and fulfill Owner’s duties under the separate agreement between
Owner and Owner’s leasing agent (the “Leasing Activities Agreement”), with the exception of the obligation to pay Owner’s leasing agent the commissions payable pursuant to the Leasing Activities Agreement (which shall remain
Owner’s responsibility). Notwithstanding anything in this Section 2.C.1 to the contrary, if Owner elects to enter into a Leasing Activities Agreement with a real estate broker licensed in the state in which the Properties are located and
remains obligated to pay the commissions due thereunder, then Manager shall not be paid for the leasing activities described in Section 4.B below. 
  2.        Maintenance. Manager’s duties and supervision in this respect shall include, without limitation, cleaning of the
interior and the exterior of the Improvements and the public common areas on the Properties and the making and supervision of repair, alterations, and decoration of the Improvements, subject to and in strict compliance with this Agreement and the
Leases. Non-budgeted expenses for any individual item of work which are not reimbursed by a tenant shall not exceed the sum of $5,000 unless specifically authorized in advance by Owner, provided that emergency repairs which are immediately necessary
for the preservation or safety of the Properties, for the safety of occupants or other persons, or required to avoid the suspension of any necessary service of the Properties may be made by Manager without prior approval of Owner if, under the
circumstances, Owner cannot be conveniently notified before the required emergency repairs must be done. 
  3.        Intentionally Omitted. 
 4.        Notice of Violations. Manager shall forward to Owner promptly upon receipt all notices of violation or other notices from any governmental authority,

  

 7 

 
board of fire underwriters or any insurance company, and shall make such recommendations regarding compliance with such notice as appropriate. 
 5.        Personnel. Subject to Section 8.C below, Manager shall employ
at all times a sufficient number of capable employees to properly, safely and economically manage, operate and maintain the Properties. Manager shall fully comply with all applicable laws and regulations and agreements having to do with
worker’s compensation, social security, unemployment insurance, hours of labor, wages, working conditions under Manager’s control and other employer-employee related subjects. All matters pertaining to the employment, supervision,
compensation, promotion and discharge of such employees are the responsibility of Manager. 
 (a)        Employees of Manager: 
 (1)    Manager, as an independent contractor, has the authority to control and direct the management and operation of the Properties in accordance with the terms hereof. 
 (2)    All persons employed in connection with the management and operation of the
Properties (“Manager’s Employees”) shall be employees of Manager or such consultants, independent contractor or contractors as may be retained by Manager and not employees of Owner. 
 (b)        It shall be the responsibility of Manager to properly train the members
of its property team and cause the appropriate team members to become familiar with the terms of this Agreement, key tenant lease provisions and vendor/contractor contract terms. 
 (c)        Schedule of Employees: Manager shall provide Owner with a schedule of
employees annually. This schedule shall include the names of employees, job title, and time allocated to the Properties. Manager agrees to identify in the annual operating budget for approval by Owner, all employees’ salaries that are directly
charged to the Properties. When such employee terminates his employment with Manager, or the employee’s employment is otherwise terminated, a new employee must be identified by notification in writing to Owner by Manager as a replacement. When
it is necessary to replace employees working at the Properties, Manager shall notify Owner, in advance, of the reasons for the replacement and the qualifications for the replacement personnel and Owner shall have the right to approve any such
replacement personnel. 
 (d)        Key Personnel: This agreement is
made with the understanding that Owner and Manager have identified the key personnel (“Key Personnel”) set forth in Appendix A attached hereto, including the employee who will be responsible for the direct management of each
Property (the “Property Management Representative”). Owner has a right

  

 8 

 
to approve any Key Personnel change. Appendix A shall be updated jointly by Owner and Manager, each acting reasonably and in good faith, upon any modification of Schedule I to add or
remove a Property pursuant to this Agreement. 
 6.        Utilities
and Supplies. Manager shall, on behalf of Owner, enter into or renew contracts for electricity, gas, steam, landscaping, fuel, oil, maintenance and other services as are customarily furnished or rendered in connection with the operation of
similar rental property in the area, or as it, in its reasonable judgment, shall deem prudent, provided that Manager shall submit to Owner for its approval such contracts for items of expense which are not contemplated in the Annual Business Plan.
Further, at the time of execution of any service contract, the cost of the services to be provided under such contract shall be comparable with general prevailing market conditions, as to each of the Properties. Unless Owner notifies Manager of its
disapproval of any such contract within ten (10) days of the Owner’s receipt of a copy of such written contract, Owner shall be deemed to have approved such contract. Manager shall also purchase all supplies which Manager deems necessary
to maintain and operate the Properties, provided that no such purchase which is outside the ordinary course of business or which is of a nature not reimbursed by tenants shall be made by Manager without the prior written consent of Owner.

 7.        Expenses. Manager shall analyze all bills received
for services, work and supplies in connection with maintaining and operating the Properties, pay all such bills from the Account (as defined below), and, if requested by Owner, pay, when due, utility and water charges, sewer rent and assessments,
and any other amount payable in respect to the Properties from the Account. All bills shall be paid by Manager within the time required to obtain discounts, if any. Owner may from time to time request that Manager forward certain bills to Owner
promptly after receipt, and Manager shall comply with any such request. It is understood that the payment of real property taxes, assessments and insurance premiums will be paid out of the Account (as hereinafter defined) by Manager at the direction
of Owner. All expenses shall be billed at net cost (i.e., less all rebates, commissions, discounts and allowances, however designed). 
 8.        Monies Collected. Manager shall, in accordance with any applicable loan requirements or other Controlling Agreement, use diligent efforts to
collect all rent and other monies from tenants of the Properties and any sums otherwise due the Properties with respect to Owner in the ordinary course of business including, but not limited to, tenants’ payments for real estate taxes,
insurance, damages and repairs, and common area maintenance, and shall deposit such monies in the Account (as defined below). In collecting such monies, Manager shall inform Owner’s tenants that all remittances are to be in the form of a check,
wire transfer, money order, automatic payments or other forms approved by Owner. Owner authorizes Manager to request, demand and collect all such rent and other monies due and, at Owner’s request, to institute legal proceedings in the name of
Owner and at Owner’s expense for the collection thereof and for the dispossession of any

  

 9 

 
tenant in default under its Lease. Manager shall not compromise with any tenant or waive Owner’s rights under any Lease without Owner’s prior written consent. Nothing in this Agreement
shall be construed as a guarantee of payment or collection by Manager of rent or other monies due from tenants of the Properties. 
 9.        Bank Account. Manager shall, in accordance with any applicable loan requirements or other Controlling Agreement, establish and maintain a separate
checking account or accounts (collectively, the “Account”) for funds relating to the Properties. Manager shall cooperate with Owner and all lenders with respect to any lock box or cash management agreements established by Owner or any
lender. All monies deposited from time to time in the Account shall be deemed to be trust funds and shall be and remain the property of Owner and shall be withdrawn and disbursed by Manager for the account of Owner only as expressly permitted by
this Agreement for the purposes of performing the obligations of Manager hereunder. No monies collected by Manager on Owner’s behalf shall be commingled with funds of Manager. The Account shall be maintained, and monies shall be deposited
therein and withdrawn therefrom, in accordance with the following: 
 (a)        All sums received from rents and other income from the Properties shall be promptly deposited by Manager in the Account. Manager shall have the right to designate two or more persons who
shall be authorized to draw against the Account, but only for purposes authorized by this Agreement. 
 (b)        All sums due to Manager hereunder, whether for compensation, reimbursement for expenditures, or otherwise, as herein provided, shall be a charge against the operating revenues of the
Properties and shall be paid and/or withdrawn by Manager from the Account. 
 (c)        All sums necessary to pay the operational expenses of the Properties, including real estate taxes and insurance premiums, as set forth in Section 2.C.7. 
 (d)        By the 20th day of each month, except as otherwise directed by Owner,
Manager shall forward to Owner net operating proceeds from the preceding month, retaining at all times, however, a reasonable reserve for the subsequent month’s cash requirements. 
 10.     Tenant Complaints. Manager shall maintain business-like relations with the tenants
of the Properties and use commercially reasonable efforts to resolve any tenant complaint or to cooperate with Owner in so doing. 
 11.     Controlling Agreements. Manager has received copies of (and will be provided with copies of future) applicable articles of incorporation, agreements of limited
partnership, joint venture agreements, operating agreements, loan agreements, deeds of trust or mortgages, each as may be amended from time to

  

 10 

 
time, of Owner (the “Controlling Agreements”) and is and will be familiar with the terms thereof. Manager shall use reasonable care to avoid any act or omission that, in the performance
of its duties hereunder, shall in any way conflict with the terms of the Controlling Agreements. 
 12.     Signs. The Manager shall place and remove, or cause to be placed and removed, leasing signs upon the Properties as the Manager deems appropriate, subject, however, to the terms and conditions of the
Leases, to any applicable ordinances, regulations and covenants or restrictions and Owner’s approval of the size and general appearance of such signs. 
 13.     Other Services. Manager shall recommend from time to time to Owner such procedures with respect to the Properties as Manager may deem
advisable for the most efficient and economic management services which normally are performed in connection with the operation of first-class office and commercial buildings or other buildings, as applicable, and perform all services normally
provided to similar premises, without additional charges to Owner. 
 14.     Office of Foreign Assets Control, Department of the Treasury (“OFAC”): 
 (a)        Manager hereby acknowledges and agrees that it will be performing OFAC searches/checks on each potential tenant (including renewals) that may be leasing
space in the Properties. Manager is required to keep verification of the OFAC check in the tenant file. Manager also agrees that a tenant shall not be permitted to sublet its space to a new tenant without Manager performing an OFAC search/check on
the potential sublessee. 
 (b)        Manager hereby acknowledges and
agrees that it will be performing OFAC (defined below) searches/checks on each potential vendor (including renewals) that may be performing work in or around the Properties. Manager is required to keep verification of the OFAC check in the vendor
file. 
 (c)        OFAC searches/checks may be done online using the
Bridger Insight Free Name Check web site at the following link: www.bridgerinsight.choicepoint.com, or any of the other free name check services that may also be available on the web. 
 (d)        All leases, lease renewals and contracts including all construction
contracts, purchase orders and service agreements and renewals thereof shall include OFAC language. 
 15.     Compliance with Laws: Manager shall, in the performance of its services hereunder, comply with all federal, state, municipal or other governmental laws, ordinances, rules or regulations affecting the
Properties. 
  

 11 

 (a)        Manager shall also be
responsible for complying with REIT testing for disallowed income subject to U.S. REIT standards. Examples of disallowed income include, but are not limited to: leasing fees, management fees, a disallowed service provided to a tenant without charge
as a condition of the lease, amenities that would normally attract a charge but are provided for free, etc. The last two examples of disallowed income are where there is a service provided for no charge, but, the income is deemed to exist as a
component of rental income. From Manager’s perspective, REIT testing for disallowed income is based upon regulatory requirements. The process involves ensuring timely completion of testing and undertaking an annual survey regarding the
property’s income. 
 (b)        Manager shall not in performance
of its services hereunder violate, and shall comply in all respects with the terms of, any ground lease, space lease, mortgage, deed of trust or other security instrument binding on or affecting any of the Properties. If Manager identifies a
conflict between the terms of any such document and the terms of this Agreement, Manager shall not take any action except to notify Owner and await Owner’s written instructions. 
 16.     Manager’s Cooperation with Sale of the Properties: Manager agrees to
facilitate, in any and all manner, and cooperate with Owner’s listing agent for the sale of the Properties. Such cooperation and assistance shall be considered a normal function of the property management duties agreed to under the terms of
this Agreement. 
 2.D.    Approval of Leases, Contracts, Etc. In fulfilling its
duties to Owner, Manager hereby is authorized to negotiate, on behalf of Owner, leases for any Properties, and to negotiate and enter into any other leases, contracts or agreements on behalf of Owner in the ordinary course of the management,
operation, maintenance and leasing of each Property, subject to the requirement that Owner execute all leases for Properties in accordance with Section 2.C.1(b), the limitations set forth above in Section 2.C, any leasing and property
management guidelines established by Owner, and the Annual Business Plan set forth in Section 2.E.3 below; provided, however that Manager shall not enter into any lease, contract or agreement on behalf of Owner that would cause a material
deviation from the Annual Business Plan. Owner hereby appoints Manager as Owner’s authorized agent for the purposes of executing, as the agent of Owner, all such leases, contracts and agreements. Manager is required to clearly identify itself
as Owner’s agent and to inform all third parties with whom Manager is dealing that Manager is acting solely as Owner’s agent with respect to the Properties and is not itself the owner of the Properties. Manager is further required to
correct any known misunderstanding with respect to the ownership of the Properties. In addition, Owner agrees to (a) specifically assume in writing all obligations of Owner under all such leases, contracts and agreements entered into by Manager
as the agent of Owner upon termination of this Agreement, and (b) indemnify, protect, defend, save and hold harmless Manager and all of the other Manager Indemnified Parties of and from any and all Losses (as defined in Section 5.D below)
that may be imposed on any or all of them in connection with or relating to the obligations of Owner under any such leases, contracts or

  

 12 

 
agreements following the termination of this Agreement. If Manager subcontracts any of the obligations required of Manager hereunder, Manager shall cause the subcontract to include
provisions which require the subcontractor (a) to a thirty (30) day termination for convenience clause, (b) to clearly identify itself as Owner’s agent and to inform all third parties with whom subcontractor is dealing that it is
acting solely as Owner’s agent with respect to the Properties and is not itself the owner of the Properties and (c) to correct any known misunderstanding with respect to the ownership of the Properties; provided, however that Manager shall
not enter into an agreement delegating its day to day property management obligations or functions hereunder without Owner’s prior written consent. 
 2.E.    Accounting, Records and Reports. 
 1.        Records. Manager shall maintain all office records and books of account and shall record therein, and keep copies of, each invoice received from services, work and supplies ordered in
connection with the maintenance and operation of the Properties and Manager’s record retention policy. Such records shall be maintained on a double entry basis. Owner and persons designated by Owner shall at all reasonable time have access to
and the right to audit and make independent examinations of such records, books and accounts and all vouchers, files and all other material pertaining to the Properties and this Agreement, all of which Manager agrees to keep safe, available and
separate from any records not pertaining to the Properties, at a place recommended by Manager and approved by Owner. 
 2.        Monthly Reports. The financial reporting responsibilities of Manager are set forth in Appendices B, C and D attached hereto (the “Reporting
Requirements”). Manager acknowledges and agrees that it has had the opportunity to review the contents of the Reporting Requirements prior to executing this Agreement, and agrees to comply with and be bound by the terms thereof and to compile
and submit all reports in the format required by Owner in accordance with its established Documents and Forms (“Documents and Forms”) which will be provided to Manager within ten (10) days. Manager acknowledges and agrees that the
Documents and Forms and Reporting Requirements are proprietary to Owner, and Manager agrees that Manager, its employees, agents or representatives shall not disseminate, release or use the Reporting Requirements for any purpose other than the
performance of Manager’s obligations hereunder. 
 (a)        Updates/Additions: The Reporting Requirements may be updated from time to time as deemed necessary by Owner, both to change or delete existing provisions and to add new provisions. In the
event of modifications or updates to the policies, procedures, forms or information contained in Reporting Requirements Owner shall provide written notification (“Update Notice”) of modifications to the Reporting Requirements (the
“Updated Requirements”) to Manager via e-mail to Manager’s designated Property Management Representative (defined below). Within five (5) business days of receipt of such Update Notice, Manager shall inform Owner in writing via
e-mail whether any such

  

 13 

 
Updated Requirements constitute a Material Updated Requirement (as defined below). If Manager informs Owner that the Updated Requirements are not Material Updated Requirements, then Owner will
use reasonable efforts to provide a courtesy e-mail copy of the notice to all other employees of Manager for which Manager has supplied valid e-mail addresses, but failure to notify any of Manager’s personnel other than the Property Management
Representative shall not affect the validity of the notice. Any Updated Requirements shall become effective upon the latter of: (1) the date specified in the e-mail notice, or (2) the sixth business day after receipt of the Update Notice
by the Property Management Representative and Manager has not provided Owner with notice that any Updated Requirements are Material Updated Requirements. 
 (b)        If Manager has informed Owner that any update/addition is a Material Updated Requirement in accordance with subsection (a) above, the Owner and
Manager agree to negotiate in good faith the amount of reimbursement of additional costs that Owner shall pay Manager to implement and provide the Material Updated Requirement(s). As used in this Agreement, a “Material Updated Requirement”
means additional requirements in the aggregate that increase the time of non-Reimbursable Staff Members on an individual Property by more than eight (8) hours per month. 
 (c)        In addition, Appendices B, C and/or D shall be updated jointly by Owner and Manager, each acting reasonably and in good
faith, upon any modification of Schedule I to add or remove a Property pursuant to this Agreement, but only if Owner or Manager requests such an update with respect to such Property based on its attributes. Any updates pursuant to this subsection
(c) shall be subject to the provisions in subsection (b) above, except that the addition of a Property to Schedule I shall not be treated as a Material Updated Requirement unless there are requirements unique to such Property that, in the
aggregate, increase the time of non-Reimbursable Staff Members on an individual Property by more than eight (8) hours per month. 
 3.        Budgets and Leasing Plans. No later than ninety (90) days before each calendar year end, Manager shall prepare and submit to Owner for its
approval an operating budget, capital budget and a marketing and leasing plan (collectively, the “Annual Business Plan”) on each Property for the calendar year immediately following such submission. The Annual Business Plan shall be in the
form approved by Owner prior to the date thereof. As often as reasonably necessary during the period covered by any such budget, Manager may submit to Owner for its approval an updated Annual Business Plan incorporating such changes as shall be
necessary to reflect cost over-runs and the like during such period. If Owner disapproves any such Annual Business Plan, Manager shall submit a revised Annual Business Plan, as applicable, within twenty (20) days of receipt of the notice of
disapproval, and Owner shall have twenty (20) days to provide notice to

  

 14 

 
Manager if it disapproves of any such revised Annual Business Plan. In the event that an operating budget has not been approved prior to each December 31, the operating budget for the prior
twelve month period shall govern to the extent of any unapproved items. In the event a capital budget has not been approved by Owner prior to each December 31, Manager shall not make any capital or extraordinary expenditures for the Properties
(other than in the event of an emergency) without the prior written consent of Owner. 
 Manager shall use
reasonable diligence and employ commercially reasonable efforts to ensure that the actual costs of maintaining and operating the Properties shall not exceed the budgeted amount in total or in any one accounting category. All expenses must be charged
to the proper account on either the operating budget or capital budget and no expense may be classified or reclassified for the purpose of avoiding an excess in the annual budgeted amount of an accounting category. Manager agrees to use commercially
reasonable efforts to inform Owner, promptly after they become known to Manager, or any material increases in costs and expenses that were not foreseen during the budget preparation period, and were, therefore, not reflected in the operating budget
or capital budget. 
 4.        Legal Requirements. Manager
shall execute and file when due all forms, reports, and returns required by law relating to the employment of its personnel. Manager shall be responsible for notifying Owner in the event it receives notice that any Improvement on a Property or any
equipment therein does not comply with the requirements of any statute, ordinance, law or regulation of any governmental body, public authority or official thereof having or claiming to have jurisdiction thereover. Manager shall promptly forward to
Owner any complaints, warnings, notices or summonses received by it relating to such matters. Owner represents that, to the best of its knowledge, each of its Properties and any equipment thereon will, upon acquisition by Owner, comply with all such
requirements. Owner authorizes Manager to disclose the ownership of each Property by Owner to any such officials. Owner agrees to indemnify, protect, defend, save and hold harmless Manager and its member(s), partner(s), stockholder(s), officers,
directors, employees, managers, successors and assigns including, but not limited to, any Submanager (collectively, the “Manager Indemnified Parties”) of and from any and all Losses (as defined in Section 5.D.1 hereof) that may be
imposed on any or all of them by reason of the failure of Owner to correct any past, present or future violation or alleged violation of any and all past, present or future laws, ordinances, statutes, or regulations of any public authority or
official thereof, having or claiming to have jurisdiction thereover, of which it has actual notice. 
 5.        Tax Returns. Except for applicable requirements relating to reporting sales tax and leases of tangible property, the preparation of which shall be the responsibility of Manager,
Manager shall have no responsibility for the preparation of any federal, state or local tax reports or returns on behalf of Owner, but Manager shall provide such information as shall be reasonably requested by Owner to assist Owner’s
preparation of such tax reports and returns. 
  

 15 

 6.        Sarbanes-Oxley
Compliance. Manager shall maintain procedures for accounting and reporting necessary for the Company to comply with the Sarbanes-Oxley Act, Public Law No. 107-204, and the rules and regulations promulgated thereunder. 
 III.        EXPENSES 
 3.A.    Owner’s Expenses. Except as otherwise specifically provided, all reasonable and customary costs and expenses incurred hereunder by
Manager in fulfilling its duties to Owner shall be the responsibility of Owner to the extent included in the Annual Business Plan described in Section 2.E.3 above or as otherwise agreed by Owner. Such costs and expenses may include wages,
salaries and other employee-related expenses of Manager or a third party, including an Affiliate, and all legal, travel and other out-of-pocket expenses which are directly related to the management of specific Properties, to the extent permitted by
the Statement of Policy Regarding Real Estate Investment Trusts adopted by the North American Securities Administrators Association, Inc. All costs and expenses for which Owner is responsible under this Agreement shall be paid by, or reimbursed to,
Manager out of the Account. In the event the Account does not contain sufficient funds to pay all such costs and expenses, Owner shall fund all sums necessary to meet such unpaid costs and expenses within thirty (30) days of receipt of notice
from Manager and an itemization of such unpaid costs and expenses. Nothing in this Agreement shall obligate Manager to advance its own funds on behalf of Owner.  
 3.B.    Manager’s Expenses. Manager shall, out of its own funds, pay all of its general, overhead and administrative expenses (including those for
off-site employees or offices not located within the Properties) except as set forth in a budget submitted by Manager and approved by Owner pursuant to Section 2.E.3 above or as otherwise specifically approved in advance by Owner. 

3.C.    Manager’s Cost to Be Reimbursed. After payment by Manager, Manager may be
reimbursed out of the Account for costs of the gross salary and wages or pro rata share thereof, federal and state unemployment taxes, social security taxes, group medical and health insurance premiums, worker’s compensation insurance,
Owner’s Share of Eligible Severance Payments (as defined below) and other benefits or burdens of Manager’s employees required to properly, adequately, safely and economically manage, operate and maintain the Properties in accordance with
this Agreement, provided that such employees have been identified by position and enumerated in an approved budget. As used herein: (1) an “Eligible Severance Payment” shall mean any severance payment made by Manager to any
Reimbursable Staff Member (as defined below) in connection with the termination of such Reimbursable Staff Member’s employment that resulted either from Owner’s termination of this Agreement, the sale of an individual property, or
Owner’s request that such Reimbursable Staff Member no longer be an on-site employee of Manager at the Property (unless such request was made for cause); (2) a “Reimbursable Staff Member” shall mean any employee of the Manager
who, prior to the termination of such employee’s employment, worked as an employee of the Manager at the Property; and (3) the “Owner’s Share of Eligible Severance Payments” shall mean one hundred percent (100%) of all
Eligible Severance Payments that are allocable to the Property, based on each such terminated Reimbursable Staff Member’s tenure working for Manager relative to the time such Reimbursable Staff Member worked as an on-site employee of Manager at
the

  

 16 

 
Property. In no event shall Manager be reimbursed by Owner for costs attributable to losses arising from negligence or fraud on the part of Manager or Manager’s employees. 
 IV.        MANAGER’S COMPENSATION 
  4.A.    Management Fee. Commencing on the Effective Date, Owner shall pay Manager a property
management fee in an amount equal to, unless otherwise agreed, the greater of (i) four and one half percent (4.5%) of Gross Revenues (the “Management Fee”) on a monthly basis from the rental income received from the Properties
over the term of this Agreement, provided, however, that subject to the approval of the Company’s independent directors, the Management Fee may be increased with respect to the management of any Property located outside of the United States,
and (ii) in the event a Property has less than fifty percent (50%) of its leaseable space leased to one or more tenants then an amount equal to four and one half percent (4.5%) of a monthly threshold amount as shall be agreed upon by
Owner and Manager and set forth on Schedule I attached hereto (the “Minimum Management Fee”), which shall be completed, or updated, as applicable, when a Joinder is executed by an Owner. Such Minimum Management Fee shall apply until such
time as the leaseable space of the Property is at least fifty percent (50%) leased. Manager’s compensation under this Section 4.A shall apply to all Leases, including renewals, extensions or expansions of Leases. The Management Fee
may include the reimbursement of the specified cost incurred by Manager of engaging another person or entity to perform Manager’s responsibilities hereunder, provided, however, that Manager shall be responsible for payment to such third
parties. Nothing herein shall prevent Manager from entering fee-splitting arrangements with third parties with respect to the Management Fee. 
  4.B.    Leasing Fee. In addition to the compensation paid to Manager under Section 4.A above, Manager shall be entitled to receive a separate fee for the Leases of
new tenants and renewals of Leases with existing tenants in an amount not to exceed the fee customarily charged in arm’s-length transactions by others rendering similar services in the same geographic area for similar properties as determined
by a survey of brokers and agents in such area, as specifically described on Appendix E. Appendix E shall be updated jointly by Owner and Manager, each acting reasonably and in good faith, upon any modification of Schedule I to add or
remove a Property pursuant to this Agreement. 
 4.C.    [Project Management
Fee. In addition to the compensation paid to Manager under Section 4.A above, Owner shall pay to Manager, with respect to any tenant or capital improvements, a separate fee in an amount equal to five percent (5%) of all hard and soft
costs and expenses actually paid or incurred in connection with the construction and installation of such improvements. As to each project, the fee shall be due and payable upon completion.] 
 4.D.    Audit Adjustment. If any audit of the records, books or accounts relating to the
Properties discloses an overpayment or underpayment of Management Fee, Owner or Manager shall promptly pay to the other party the amount of such overpayment or underpayment, as the case may be. If such audit discloses an overpayment of Management
Fee for any fiscal year of the greater of 2% or $5,000 than the correct Management Fee for such fiscal year, Manager shall bear the cost of such audit. 
  

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 V.        INSURANCE AND INDEMNIFICATION

 5.A.      Insurance to be Carried. Manager during the term of this
Agreement shall keep in force at its expense the following insurance: 
  

	 	(a)	 Commercial general liability insurance for claims of bodily injury and property damage due to the management, operation and maintenance of the
Properties. Such insurance shall have a combined single limit of not less than Ten Million Dollars ($10,000,000) each occurrence/aggregate. Owner should be named as additional insured. 

  

	 	(b)	 Workers’ Compensation insurance in accordance with statutory law and employers’ liability insurance with a limit of not less than One
Million Dollars ($1,000,000) per accident, One Million Dollars ($1,000,000) disease policy limit, and One Million Dollars ($1,000,000) disease limit each employee. 

  

	 	(c)	 Business auto liability coverage insuring bodily injury and property damage with a combined single limit of not less than One Million Dollars
($1,000,000) per accident for owned, non-owned and hired vehicles. 

  

	 	(d)	 A fidelity bond with a corporate surety or employee dishonesty/crime insurance covering all employees who handle or are responsible for the rents
and revenues from each of the Properties or for the payment of expenses from Owner’s account. The fidelity bond shall be in the amount not less then Five Million Dollars ($5,000,000) with a maximum deductible of Two Hundred Fifty Thousand
Dollars ($250,000). The bond shall include a loss payable endorsement in favor of Owner. 

  

	 	(e)	 Professional Liability coverage with limits not less then Five Million Dollars ($5,000,000) per incident and Five Million Dollars ($5,000,000)
annual aggregate covering real estate management operations and leasing operations when applicable. 

  

	 	(f)	 To the extent carried by other property managers in the same market, any other insurance reasonably required by Owner, or required by law.

  The policies required to be maintained by Manager shall be with
companies rated A- or better by Standard & Poors or A- to very good by the A.M. Best Company. Insurers shall be licensed to do business in the state in which the Property are located and domiciled in the USA. Certificates of insurance shall
be delivered to Owner prior to the Effective Date of the Agreement and not less than annually thereafter at least ten (10) days prior to the expiration date of the old policy. Each policy of insurance shall provide notification to Owner at
least thirty (30) days prior to any cancellation or modification to reduce the insurance coverage. 
  5.B.      Cooperation with Insurers. Manager shall cooperate with and provide reasonable access to the Properties to representatives of insurance companies and insurance

  

 18 

 
brokers or agents with respect to insurance which is in effect or for which application has been made. Manager shall use its best efforts to comply with all requirements of insurers. 

5.C.    Accidents and Claims. Manager shall promptly investigate and shall report in detail to
Owner all accidents, claims for damage relating to the Properties, operation or maintenance of the Properties, and any damage or destruction to the Properties and the estimated costs of repair thereof, and shall prepare for approval by Owner all
reports required by an insurance company in connection with any such accident, claim, damage, or destruction. Such reports shall be given to Owner promptly and any report not so given within five (5) days after the occurrence of any such
accident, claim, damage or destruction shall be noted in the monthly report delivered to Owner pursuant to Section 2.E.2 herein. Manager is authorized to settle any claim against an insurance company not exceeding $5,000 arising out of any
policy and, in connection with such claim, to execute proofs of loss and adjustments of loss and to collect and receipt for loss proceeds. If a claim against an insurance company exceeds $5,000, Manager shall take no action specified in the
immediately preceding sentence with respect thereto without the prior approval of Owner. 
 5.D.    Indemnification. 
 1.        General. Owner shall indemnify, protect, defend, save and hold harmless Manager and all of the other Manager Indemnified Parties from and against any and all claims, causes of action,
demands, suits, proceedings, loss, judgments, damage, awards, liens, fines, costs, attorney’s fees and expenses, of every kind and nature whatsoever (collectively, “Losses”), that may be imposed on or incurred by Manager by reason of
the willful misconduct, negligence and/or unlawful acts (such unlawfulness having been adjudicated by a court of proper jurisdiction) of Owner; provided, however, that such indemnification and exculpation shall not extend to any such Losses arising
out of the willful misconduct, negligence and/or unlawful acts (such unlawfulness having been adjudicated by a court of proper jurisdiction) of or breach of this Agreement by Manager, its agents, servants, or employees; provided, further, that such
indemnification and exculpation shall be limited to the extent that Manager recovers insurance proceeds with respect to such matter. 
 2.        Property Damage, Etc. Owner agrees to indemnify, defend, protect, save and hold harmless Manager and all of the other Manager Indemnified Parties
from any and all Losses in connection with or in any way related to each Property and from liability for damage to each Property and injuries to or death of any person whomsoever, and damage to property; provided, however, that such indemnification
and exculpation shall not extend to any such Losses arising out of the willful misconduct, negligence and/or unlawful acts (such unlawfulness having been adjudicated by a court of proper jurisdiction) of or breach of this Agreement by Manager, its
agents, servants, or employees; provided, further, that such indemnification and exculpation shall be limited to the extent that Manager recovers insurance proceeds with respect to such matter. Manager shall not be liable for any error of judgment
or for any mistake of fact or law, or for anything that it may do or refrain from doing, except in cases of willful misconduct,

  

 19 

 
negligence and/or unlawful acts (such unlawfulness having been adjudicated by a court of proper jurisdiction). Manager agrees to indemnify, defend, protect, save and hold harmless Owner and its
members, partners, stockholders, officers, directors, employees, managers, successors and assigns (collectively, the “Owner Indemnified Parties”) from any and all Losses arising out of any injury or damage to any person or property
whatsoever for which Manager is responsible occurring in, on, or about the Properties, including, without limitation, the Improvements, when such injury or damage shall be caused by the willful misconduct, negligence and/or unlawful acts (such
unlawfulness having been adjudicated by a court of proper jurisdiction) of or breach of this Agreement by Manager, its agents, servants, or employees, except to the extent that any Owner Indemnified Party recovers insurance proceeds with respect to
such matter. 
 3.        Environmental Matters. Owner hereby
warrants and represents to Manager that to the best of Owner’s knowledge none of the Properties have previously been or are presently being used to treat, deposit, store, dispose of or place any hazardous substance that may subject Manager to
liability or claims under the Comprehensive Environmental Response, Compensation and Liability Act of 1980 (42 U.S.C. Section 9607), as amended, or any other statute, law, rule, regulation or ordinance regarding the treatment, storage or
disposition of any hazardous substance. Furthermore, Owner shall indemnify, protect, defend, save and hold harmless Manager and all of the other Manager Indemnified Parties from any and all Losses involving, concerning or in any way related to any
past, current or future claims regarding the treatment, deposit, storage, disposal or placement by any party other than Manager of hazardous substances on or about the Properties. 
 4.        Indemnification Procedure. If a claim, action, or proceeding by a
third-party (a “Claim”) is made against Owner, an Owner Indemnified Party, Manager, or a Manager Indemnified Party (the “Indemnified Party”) for which the Indemnified Party intends to seek indemnity under this Section 5.D,
the Indemnified Party shall promptly notify the party against whom indemnification is sought (the “Indemnitor”) in writing of such Claim, setting forth a description of such Claim in reasonable detail (the “Indemnification
Notice”); provided, however, that failure to give such Indemnification Notice shall not relieve the Indemnitor of its obligations hereunder, except to the extent the Indemnitor has been prejudiced by such failure. The Indemnitor shall have
thirty (30) days after receipt of the Indemnification Notice to undertake, conduct and assume control, through counsel of its own choosing reasonably satisfactory to the Indemnified Party, and at its own expense, of the settlement or defense of
such Claim, so long as the Indemnitor notified the Indemnified Party of such defense in writing within thirty (30) days after the Indemnified Party has given notice of the third-party Claim and the Indemnitor conducts the defense of the
third-party Claim actively and diligently, and the Indemnified Party shall cooperate fully in connection therewith; provided, however, that the Indemnified Party may participate in such settlement or defense through counsel chosen by such
Indemnified Party and paid at its own expense; and, provided, further, that the Indemnified Party shall pay the

  

 20 

 
fees and disbursements of such separate counsel unless (a) the employment of such separate counsel has been specifically authorized in writing by the Indemnitor, (b) the Indemnitor has
failed to assume the defense of such third party Claim within thirty (30) days after receipt of the Indemnification Notice with counsel reasonably satisfactory to such Indemnified Party, or (c) the named parties to the proceeding in which
such Claim has been asserted include both the Indemnitor and such Indemnified Party and, in the reasonable opinion of counsel to such Indemnified Party, there exists one or more defenses that may be available to the Indemnified Party that are in
conflict with those available to the Indemnitor. The Indemnified Party shall not pay or settle any such Claim without the written consent of the Indemnitor, which consent shall not be unreasonably withheld. If the Indemnitor has received the
Indemnified Party’s Indemnification Notice and does not notify the Indemnified Party in writing within thirty (30) days after receipt of such notice that it elects to undertake the defense thereof, the Indemnified Party shall have the
right to undertake, at Indemnitor’s cost, risk and expense, the defense, compromise or settlement of the Claim, but shall not thereby waive any right to indemnity therefor pursuant to this Agreement. The parties hereto agree to cooperate fully
with each other in connection with the defense, negotiation or settlement of any such third-party Claim. Notwithstanding anything in this Section 5.D to the contrary, the Indemnitor shall not, except with the written consent of the Indemnified
Party (which such consent shall not be unreasonably withheld), enter into any settlement that (y) does not include as an unconditional term thereof the giving by the person or persons asserting such Claim of an unconditional release of the
Indemnified Party from liability with respect to such Claim, or (z) involves non-monetary relief or remedy that is binding upon the Indemnified Party, including any restrictions on the Indemnified Party’s ability to operate or compete.

 5.        Limitations. Notwithstanding anything to the
contrary in this Agreement, any indemnification and exculpation by Owner under this Agreement is subject to any limitations imposed under Owner’s Articles of Incorporation or any amendments thereto. 
 VI.        TERM 
  6.A.    Term. This Agreement commenced on the Effective Date and shall continue until terminated in accordance with the earlier to occur of the following:

  1.        Six years from the date of the commencement of the
term hereof. However, this Agreement will be automatically extended for successive six (6) year periods after the end of the initial term unless Owner or Manager gives at least ninety (90) days prior written notice of its intention to
terminate the Agreement; 
 2.        Immediately upon written notice
by one party to the other party upon the occurrence of any of the following: 
  

 21 

 (a)        A decree or order is
rendered by a court having jurisdiction: (i) adjudging the other party as bankrupt or insolvent, or approving as properly filed a petition seeking reorganization, readjustment, arrangement, composition or similar relief for the other party
under the federal bankruptcy laws or any similar applicable law or practice; or (ii) appointing a receiver or liquidator or trustee or assignee in bankruptcy or insolvency of the other party or a substantial part of the property of the other
party, or for the winding up or liquidation of its affairs; 
 (b)        The other party: (i) institutes proceedings to be adjudicated a voluntary bankrupt or an insolvent; (ii) consents to the filing of a bankruptcy proceeding against it;
(iii) files a petition or answer or consent seeking reorganization, readjustment, arrangement, composition or relief under any similar applicable law or practice; (iv) consents to the filing of any such petition, or to the appointment of a
receiver or liquidator or trustee or assignee in bankruptcy or insolvency for it or for a substantial part of its property; (v) makes an assignment for the benefit of creditors; (vi) is unable to or admits in writing its inability to pay
its debts generally as they become due unless such inability shall be the fault of the first party; or (vii) takes corporate or other action in furtherance of any of the aforesaid purposes; or 
 (c)        The party providing such notice having Cause (after the expiration of
the relevant cure period); or 
 3.        Mutual consent of the
parties to terminate this Agreement. 
 Upon termination, the obligations of the parties hereto shall cease, provided that
Manager and Owner shall comply with the provisions hereof applicable in the event of termination and Manager shall be entitled to receive all compensation which may be due to Manager hereunder up to the date of such termination, and provided,
further, that if this Agreement terminates pursuant to clause 2 above, the parties shall have such other remedies as may be available at law or in equity. 
 6.B.    Manager’s Obligations After Termination. Upon the termination of this Agreement, Manager shall have the following duties: 
 1.        Manager shall deliver to Owner, or its designee, all transferable or
assignable books and records with respect to the Properties. 
 2.        Manager shall transfer or assign to Owner, or its designee, all transferable or assignable service contracts and personal property relating to or used in the operation and maintenance of the
Properties, except personal property paid for and owned by Manager. Manager shall also, for a period of sixty (60) days immediately following the date of such termination, make itself available to consult with and advise Owner, or its designee,
regarding the operation, maintenance and leasing of the Properties. 
  

 22 

 3.        Manager shall render to
Owner an accounting of all funds of Owner in its possession and shall deliver to Owner a statement of Management Fees claimed to be due Manager and shall cause funds of Owner held by Manager relating to the Properties to be paid to Owner or its
designee. 
 4.        All provisions of this Agreement that require
Manager to have insurance, or to protect, defend, save, hold harmless and indemnify or to reimburse Owner shall survive any expiration or termination of this Agreement and, if Owner is or becomes involved in any claim, proceeding or litigation by
reason of having been Owner, such provisions shall apply as if this Agreement were still in effect. 
 Manager shall furnish all
such information and take all such action as Owner shall require to effectuate an orderly and systematic termination of Manager’s duties and activities under this Agreement. Manager hereby grants a limited power of attorney to Owner to endorse
any checks received in connection with the Properties and hereby assigns to Owner effective upon the date of such termination any and all rights Manager may have in and to the Properties’ records. 
 6.C.    Owner’s Obligations Upon Termination. Owner shall pay or reimburse Manager for any
sums of money due it under the Management Agreement for services and expenses prior to termination of this Agreement. All provisions of this Agreement that require Owner to have insured, or to protect, defend, save, hold harmless and indemnify or to
reimburse Manager shall survive any expiration or termination of this Agreement and, if Manager is or becomes involved in any claim, proceeding or litigation by reason of having been Manager of Owner, such provisions shall apply as if this Agreement
were still in effect. The parties understand and agree that Manager may withhold funds for sixty (60) days after the end of the month in which this Agreement is terminated to pay costs and expenses previously incurred but not yet invoiced and
to close accounts. Should the funds withheld be insufficient to meet the obligations of Manager to pay costs and expenses previously incurred, Owner will, upon demand, advance sufficient funds to Manager to ensure fulfillment of Manager’s
obligation to do so, within ten (10) days of receipt of notice and an itemization of such unpaid costs and expenses. 
 6.D.    Removal of Properties from Schedule I. From time to time during the term of this Agreement, Owner shall have the right to amend Schedule I hereto by removing a given
Property (each, a “Removable Property”) from such Schedule I if and only if: 
 1.        Owner shall sell, transfer, or convey title to such Removable Property to a bona fide, non-Affiliate; provided; however; that Owner shall give at least thirty (30) days
prior written notice of its intention to remove such Removable Property from Schedule I pursuant to this clause (1); or 
 2.        Owner has Cause (after the expiration of the relevant cure period) relating specifically to such Removable Property. 
 In addition, from time to time during the term of this Agreement, Manager shall have the right to amend Schedule I hereto by removing a
given Property from such Schedule I if and only if

  

 23 

 
Manager has Cause (after the expiration of the relevant cure period) relating specifically to such Property. 
 VII.        COVENANTS AND WARRANTIES 
 7.A. Manager covenants and warrants that: 
 1.        Manager is qualified to manage the Properties and perform the services assumed hereunder has, and will have at the relevant time the resources, capacity, expertise and ability in terms of
equipment, software, know-how and personnel to provide the services in the manner required under this Agreement; 
 2.        Manager has all rights necessary (including licenses) to provide the services it is obligated to provide under this Agreement; 
 3.        all reporting and invoicing for services will be compatible with and
integrate with Owner’s systems as communicated between the parties; 
 4.        Manager shall require any Third Party Sub-Managers to implement, at their own cost and expense, appropriate internal controls including an SAS 70 audit or similar internal audit report;

 5.        Manager’s use of any software (other than its own
software) or equipment relating to the services provided under this Agreement will not infringe the intellectual property rights of any other person; 
 6.        Manager will supply the services promptly, diligently and professionally, in accordance with the highest professional standards and practices; 

7.        the services will be fit for the purposes and meet the criteria set
out in the Reporting Requirements; 
 8.        Manager will:

 (a)        efficiently use the resources or services necessary to
provide the services; 
 (b)        perform the services in the most
cost-effective manner consistent with the required level of quality and performance; 
 9.        Manager’s signing, delivery and performance of this Agreement will not constitute: 
 (a)        a violation of any judgment, order or decree; 
 (b)        a material default under any material contract by which it or any of its assets are bound; or 
  

 24 

 (c)        an event that would,
with notice or lapse of time, or both, constitute such a default; 
 10.     Manager
has the requisite power and authority to enter into this Agreement and to carry out the obligations contemplated by this Agreement; 
 11.     Manager represents that it is and will continue to be an Equal Opportunity Employer; 
 12.     Manager represents and warrants that (a) Manager and each person or entity owning an interest in Manager is (i) not currently identified on
the Specially Designated Nationals and Blocked Persons List and/or on any other similar list maintained by OFAC pursuant to any authorizing statute, executive order or regulation (collectively, the “List”), and (ii) not a person or
entity with whom a citizen of the United States is prohibited to engage in transactions by any trade embargo, economic sanction, or other prohibition of United States law, regulation, or Executive Order of the President of the United States,
(b) none of the funds or other assets of Manager constitute property of, or are beneficially owned, directly or indirectly, by any Embargoed Person (as hereinafter defined), (c) no Embargoed Person has any interest of any nature whatsoever
in Manager (whether directly or indirectly), (d) none of the funds of Manager have been derived from any unlawful activity with the result that the investment in Manager is prohibited by law or that the Agreement is in violation of law, and
(e) Manager has implemented procedures, and will consistently apply those procedures, to ensure the foregoing representations and warranties remain true and correct at all times. The term “Embargoed Person” means any person, entity or
government subject to trade restrictions under U.S. law, including but not limited to, the International Emergency Economic Powers Act, 50 U.S.C. §1701 et seq., The Trading with the Enemy Act, 50 U.S.C. App. 1 et seq., and any Executive Orders
or regulations promulgated thereunder with the result that the investment in Manager is prohibited by law or Manager is in violation of law; and 
 13.     Manager covenants and agrees (a) to comply with all requirements of law relating to money laundering, anti-terrorism, trade embargos and economic sanctions, now or
hereafter in effect, (b) to immediately notify Owner in writing if any of the representations, warranties or covenants set forth in this paragraph or the preceding paragraph are no longer true or have been breached or if Manager has a
reasonable basis to believe that they may no longer be true or have been breached, (c) not to use funds from any “Prohibited Person” (as such term is defined in the September 24, 2001 Executive Order Blocking Property and
Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism) to make any payment due to Owner under the Agreement and (d) at the request of Owner, to provide such information as may be requested by Owner to
determine Manager’s compliance with the terms hereof. Manager hereby acknowledges and agrees that Manager’s inclusion on the List at any time during the term of the Agreement shall be a material default of the Agreement, and this Agreement
shall automatically terminate. Notwithstanding anything

  

 25 

 
herein to the contrary, Manager shall take commercially reasonable efforts not to permit the Property or any portion thereof to be used or occupied by any person or entity on the List or by any
Embargoed Person (on a permanent, temporary or transient basis), and any such use or occupancy of the Property by any such person or entity shall be a material default of the Agreement. 
 VIII.        MISCELLANEOUS 
 8.A.    Notices. All notices, approvals, consents and other communications hereunder shall be in writing, and, except when receipt is required to start the running of a
period of time, shall be deemed given and received when delivered in person or on the second (2nd) business day after its mailing by either party by registered or certified United States mail, postage prepaid and return receipt requested, to
the other party, at the addresses set forth after their respective name below or at such different addresses as either party shall have theretofore advised the other party in writing in accordance with this Section 8.A. 
  

			
	 Owner:
	    	 Macquarie CNL Global Income Trust, Inc.
 Attention: Chief Financial Officer
 CNL Center at City Commons
 450 South Orange Avenue
 Orlando, Florida 32801
  
 With a copy
to:
  
 Macquarie Capital Funds Inc.

RE: Macquarie CNL Global Income Trust, Inc.
 One North Wacker Drive, 9th Floor
 Chicago, Illinois 60606

		
	 Manager:
	    	 Macquarie CNL Global Income Managers, LLC
 c/o Macquarie CNL Global Income Advisors, LLC
 CNL Center at City
Commons
 450 South Orange Avenue
 Orlando, Florida 32801
  
 With a copy to:
  
 Macquarie Capital Funds Inc.
 Re: Macquarie CNL Global Income Trust,
Inc.
 One North Wacker Drive, 9th Floor
 Chicago, Illinois 60606

  8.B.    Governing Law;
Venue. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, and any action brought to enforce the agreements made hereunder or any action which arises out of the relationship created hereunder
shall be brought exclusively in the federal or state courts for Orange County, Florida. 
  

 26 

 8.C.    Assignment; Subcontracting. Manager may
not assign this Agreement either directly or indirectly or enter into any Change of Control transaction or arrangement without the prior written consent of Owner. Notwithstanding the foregoing, Manager may, without the consent of Owner,
(1) assign or delegate partially or in full its duties and rights under this Agreement and the fees and compensation related thereto to a duly qualified and licensed Affiliate of Manager; or (2) subcontract with a duly qualified and
licensed third-party to perform all or some of Manager’s duties and responsibilities under this Agreement as to one or more specific Properties. Manager shall promptly notify Owner in writing of any such permitted assignment, delegation or
subcontract. 
 8.D.    No Waiver. The failure of either party to seek redress for
violation or to insist upon the strict performance of any covenant or condition of this Agreement, shall not constitute a waiver thereof for the future. 
 8.E.    Amendments. This Agreement may be amended only by an instrument in writing signed by the party against whom enforcement of the amendment is sought. 
 8.F.    Headings. The headings of the various subdivisions of this Agreement are for reference
only and shall not define or limit any of the terms or provisions hereof. 
 8.G.    Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed 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 parties reflected thereon as the signatories. 
 8.H.    Entire Agreement. This Agreement contains the entire understanding and all agreements
between Owner and Manager respecting the management of the Properties. There are no representations, agreements, arrangements or understandings, oral or written, between Owner and Manager relating to the management of the Properties that are not
fully expressed herein. 
 8.I.    Dispute Resolution. 
 1.        Disputes Notice. If a dispute or difference arises
between Manager and Owner in respect of any fact, matter or thing arising out of, or in any way in connection with this Agreement, either party may give the other a written notice giving particulars of the dispute or difference. 
 2.        Expert Determination. If the dispute is not
resolved within fourteen (14) days after a notice is given under Section 8.I.1 above, the dispute maybe submitted, by the party raising it, to an expert determination, by an industry expert agreed by the parties, or, if no agreement is
reached within twenty one (21) days of the notice under Section 8.I.1 above, appointed by the President of Building Owner’s and Manager’s Association “BOMA”, or if it no longer exists such organization which most
closely fulfils the functions which were carried out by BOMA. If an expert appointed under this Section 8.I.2: becomes unavailable prior to giving his or her determination; or otherwise

  

 27 

 
does not give his or her determination within the time required by Section 8.I.3; this Section 8.I.2 will reapply. 
 3.        Procedure for Determination. The expert will: act
as an expert and not as an arbitrator; proceed in any manner he or she thinks fit; conduct any investigation which he or she considers necessary to resolve the dispute or difference; examine such documents, and interview such persons, as he or she
may require; have regard to any submissions of the parties but ignore all directions of the parties; make such directions for the conduct of the determination as he or she considers necessary; and give his or her determination within twenty seven
(27) days of the referral of the dispute or such other time agreed between the parties and need not give reasons for his or her determination. 
 4.        Agreement. The parties must enter into an agreement with the expert containing such terms as are reasonably required by the
expert, including: 
 (a)    a release of any liability which the expert may otherwise
incur for any act or omission, other than actual fraud, during the course of the determination of the dispute; and 
 (b)    a term that each party will pay one-half of the expert’s costs. 
 5.        Determination of Expert. The determination of the expert: must be in writing; and will be final and binding upon the parties. 
 6.        Continuation of Works. Despite the existence of a
dispute or difference between the parties Manager must: continue to provide the services; and otherwise comply with its obligations under the Agreement. 
 8.J.    Activities of Manager. The obligations of Manager pursuant to the terms and provisions of this Agreement shall not be construed to preclude Manager from engaging in
other activities or business ventures, whether or not such other activities or ventures are in competition with the Properties or the business of Owner. 
 8.K.    Independent Contractor. Manager and Owner shall not be construed as joint venturers or owners of each other pursuant to this Agreement, and neither shall have the power
to bind or obligate the other except as set forth herein. In all respects, the status of Manager to Owner under this Agreement is that of an independent contractor. It is expressly understood and agreed that payments hereunder shall be payments by
Owner to Manager as an independent contractor and not as an employee, partner or joint venture of Owner. 
 8.L.    No Third-Party Rights. Nothing expressed or referred to in this Agreement will be construed to give any Person other than the parties to this Agreement any legal or equitable right, remedy or claim under
or with respect to this Agreement or any provision of this Agreement, except for (a) such rights as shall inure to a successor or permitted assignee pursuant to Section 8.C herein, (b) such rights as the Manager Indemnified Parties
shall have pursuant to Sections 2.D, 2.E, and 5.D herein, and (c) such rights as the Owner Indemnified Parties shall have pursuant to Section 5.D herein. 
  

 28 

 8.M.    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. 
 8.N.    Interpretation. This Agreement shall be deemed to have been drafted
jointly by the parties, and therefore no provision of this Agreement shall be construed against or interpreted to the disadvantage of any party by reason of such party having, or being deemed to have, drafted, devised, or imposed such provision.

 8.O.    Subordination. This Agreement, and any and all rights of Manager
hereunder, are and shall be subject and subordinate to any financing (whether senior financing, mezzanine level financing, or preferred equity) respecting the Properties (or any portion thereof) (collectively, the “Property
Financings”), and any Leases with respect to the Properties or any portion thereof, and all renewals, extensions, modifications, consolidations and replacements thereof, and to each and every advance made or hereafter to be made under
any such Property Financings or Leases. This section shall be self-operative and no further instrument of subordination shall be required. In confirmation of such subordination, Manager shall promptly execute, acknowledge and deliver any instrument
that Owner, the landlord under any of the Leases or the holder of any such Property Financings or the trustee or beneficiary of any deed of trust or any of their respective successors in interest may reasonably request to evidence such
subordination. At any time and from time to time, upon not less than ten (10) business days prior notice from Manager or Owner, the certifying party shall furnish to the requesting party, or a designee thereof, an estoppel certifying that this
Agreement is unmodified and in full force and effect (or that this Agreement is in full force and effect as modified and setting forth the modifications), the date to which Manager has been paid hereunder, that to the knowledge of the certifying
party, no default or an event of default has occurred and is continuing or, if a default or an event of default shall exist, specifying in reasonable detail the nature thereof and the steps being taken to remedy the same, and such additional
information as the requesting party may reasonably request. Any subordination or estoppel furnished pursuant to this Section 8.O may be relied upon by Owner, and its affiliates, Lenders, and any prospective landlord or lender of the Property or
any portion thereof. Manager shall not unreasonably withhold its consent to any amendment to this Agreement reasonably required by such lender or lessor, provided that such amendment does not (i) increase Manager’s financial obligations
hereunder, or (ii) have a material adverse effect upon Manager’s rights hereunder, or (iii) materially increase Manager’s non-economic obligations hereunder. 
 8.P.    Confidential Information. Any and all books, records and information (regardless of the
form of disclosure or the medium used to store or represent it) which Manager first becomes aware through disclosure by Owner to Manager or otherwise through Manager’s involvement with Owner and its business operations (the “Confidential
Information”) are and shall remain the property of Owner but shall be made available to Manager for its use and knowledge in assuming the duties and responsibilities of Manager under this Agreement. Manager covenants with Owner that it: will
maintain the Confidential Information in strict confidence; will only use the Confidential Information for the purpose of carrying out its obligations under this Agreement; and will not disclose, or permit to be disclosed the

  

 29 

 
Confidential Information to any person without the prior written consent of Owner except as required by law. 
 8.Q.    Penalties for Non-performance. In the event that Manager fails to comply with the terms outlined in this Agreement or in the Reporting
Requirements, Owner may seek any remedy allowed at law or in equity. Any fee, late charge or penalty due to a third party and incurred from Manager’s non-performance, shall be paid by Manager. 
  8.R.    Owner’s Representative. Owner may, by written notice to Manager, delegate all or any
portion of its authority hereunder to a designated representative of Owner (“Owner’s Representative”). All decisions made by Owner’s Representative shall be binding on Owner until Manager has received written notice of
Owner’s termination of such delegation. Owner hereby designates Macquarie CNL Global Income Advisors, LLC, a Delaware limited liability company, as the initial Owner’s Representative with respect to all of Owner’s authority hereunder.

  [Remainder of Page Intentionally Left Blank – Signature Pages Follow] 
  

 30 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date
first above written. 
  
  
					
	MACQUARIE CNL GLOBAL INCOME TRUST, INC.
		
	By:	 	 /s/ Mark D. Mullen

	Name:	 	   Mark D. Mullen

	Title:	 	   Senior Vice President

	
	MACQUARIE CNL INCOME, LP
		
	By:	 	 Macquarie CNL Income GP, LLC, its general partner

		
	By:	 	 Macquarie CNL Global Income Trust, Inc., its managing member

			
		 	By:	 	 /s/ Mark D. Mullen

		 	Name:	 	  Mark D. Mullen
		 	Title:	 	  Senior Vice President
	
	MACQUARIE CNL GLOBAL INCOME MANAGERS, LLC
		
	By:	 	 Macquarie CNL Global Income Advisors, LLC, its manager

			
		 	By:	 	 /s/ Curtis B. McWilliams

		 	Name:	 	  Curtis B. McWilliams
		 	Title:	 	  President

   

 31 

 JOINDER 
 [to be executed by each Property owner concurrent with the addition of the Property owner’s 
 name to Schedule I] 
  The undersigned,
                                         
                   , a
                                        ,
as of this              day of
                                        ,
20        , hereby joins in the execution of the Master Property Management and Leasing Agreement dated
                                        ,
2009, to bind itself by all of the terms and conditions thereof. 
   

							
	 [
	 	  
	 	 ]
	 	

					
			
	 By:
	 	  
	 	

					
	 Name:
	 	  
	 	

					
	 Title:
	 	  
	 	

 SCHEDULE I 
 PROPERTIES TO BE MANAGED BY MANAGER 

 APPENDIX A 
 SCHEDULE OF KEY EMPLOYEES 

 APPENDIX B 
 GENERAL MONTHLY PROPERTY MANAGEMENT REPORTING 
 Monthly Report
Timeline 
 All reports are due by the end of the 1st day of the following month. Reports can be attached directly into the property management system. In the case when a
designated day does not fall on a business day, the activity is to occur on the next business day of the month with each subsequent day moved back the respective amount of days. 
 Cash activity is to be cut off in the property management on the 20th of the month to facilitate meeting final reporting deadlines per the following schedule (listed in Central time):

 Post all open cash batches by noon on the 20th of each month 
 After the next month’s tenant charges have been charged to the tenants, print the monthly statements and send out to the tenants by 2:00 pm on the 20th of each month 
 Calculate the monthly management fee and print final monthly check run by 3:00 pm on the 20th of each month 
 Owner to close A/R and A/P modules by 5:00 pm on the 20th of each month 
 Before month-end reports to be attached to
property management system by end of the second business day following the 20th of each month 
 Manager company locked out of current month
journal entries at 12:01 am on the fifth business day following the 20th of each month 
 After month-end reports to be attached to
property management system by end of day first day of the new month 
 Monthly Property Management Report 
 The Monthly Property Management Report is a narrative report summarizing the period’s activity for the property. The Monthly Property
Management Report is due by the end of the 7th of each
month and is to include all monthly operating activity through the end of the calendar month. The following format should be used and include information based on the standard templates which can be found in the Standard Monthly Property
Management Report Package document: 
 Table of contents 
  

	 	I.	 Income & Expense Summary with material variance commentary 

  

 B-1 

 II.     Accounts Receivables – over 60 days
and over $10,000 per tenant with actions/recommendations (if in collection, refer to Litigation Report) 
  

	 	III.	 Occupancy & Activity Summary 

  

	 	IV.	 Rollover Schedule – 12 to 18 months 

  

	 	V.	 Marketing Efforts 

 VI.    Major Capital & Tenant Improvements (see Extraordinary Expenditure Report for detail – add commentary to explain variance) 
  

	 	VII.	 Facilities Maintenance Update (Major repairs/preventative maintenance projects) 

  

	 	VIII.	 General Property Management & Administrative Initiatives and Issues 

  

	 	IX.	 Major Litigation Issues and Updates (Litigation Report) 

  

	 	X.	 Insurance and Real Estate Tax Issues 

  

	 	XI.	 Ownership Issues 

 Appendix: 
  

	 	-	 Extraordinary Expenditure Report 

  

	 	-	 Detailed Capital Expense Report 

  

	 	-	 Major Repairs Report 

  

	 	-	 Management Fee Calculation Reconciliation 

  

	 	-	 Excess Cash Distribution Statement 

  

	 	-	 Leasing Activity Report 

  

	 	-	 Square Footage Reconciliation Report 

  

	 	-	 Aged Delinquencies 

  

	 	-	 Detailed Variance Analysis 

  

	 	-	 Disbursements Report 

  

	 	-	 24-Month Rollover Schedule 

  

	 	-	 Letters of Credit – Upcoming Expirations 

  

 B-2 

 For detail/information regarding the monthly financial reporting requirements, review the
information in Appendix C. 
  

 B-3 

 APPENDIX C 
 MONTHLY FINANCIAL REPORTING REQUIREMENTS 
 Instructions: 
 Submit the following monthly documents in a report entitled Monthly Financial Reports in the order they
are listed below no later than the 2nd business day of the
following calendar month-end, unless otherwise identified, as a PDF file in the “Property” section within the property management system. 
  
  
 Budget to Actual Variance Analysis:

 The Budget to Actual Variance Analysis should include thorough explanations for all actual income and expense account
balances which vary from the month-to-month budget by 10% or from the year-to-date budget by 5% AND which exceeds the maximum allowable dollar variance amount of $5,000. The variance analysis should be completed according to Owner’s
chart of accounts. 
  
  
 Trial Balances: 
 The Property Manager must provide trial
balances, in Owner’s chart of accounts, providing monthly activity in addition to the applicable YTD balances for each reporting entity. 
  
  
 Balance Sheet: 
 The Balance Sheet contains the year-to-date balances for all assets, liabilities and equity for an individual property. 
  
  
 Income Statement: 
 The Income Statement Summary contains both actual and budgeted
income and actual and budgeted expense information at the major account levels for both the current month and year-to-date. 
  
  
  

 C-1 

 Bank Statement & Account Reconciliation: 
 The current month’s operating bank statement and account reconciliation for the operating accounts must be included in the monthly
reporting package. Bank statements will end on the 20th of
each month. Each bank account must have its own reconciliation. 
  
  

Fixed Asset Additions: 
 Detail of fixed asset additions from the prior month will be reviewed for tax purposes. 
  
  
 Profit & Loss Statements:

 PNL statement actual vs. budget detail should be compared on a monthly and year-to-date basis. 
  
  
 Tenant Income Detail: 
 The Tenant Income Detail shows the beginning accounts
receivable balance, current month’s charges, amounts collected by type of income, and the ending accounts receivable balance. The end-of-month balance column should show any prepaid or delinquent accounts. The ending balance for the month
should always be carried forward to the following month’s report as the beginning balance. Please total all columns by account category at the end of the report. If necessary, provide a reconciliation of this report to the general ledger
account balances. 
  
  
 Aged Accounts Receivable Report: 
 The Aged Accounts
Receivable Report includes all delinquent receivables categorized by number of days past due. This should be reconciled to the end-of-month balance on the Tenant Income Detail. Balances should not include security deposits. The report should include
comments regarding attempts to collect and should include commentary for any balances greater than $50,000 that are also 60 days aged and all balances that are 90 days aged. 
  
  
 Doubtful Accounts: 
 In the event a reserve for doubtful accounts is established
to fairly state the collection probability of receivables, a schedule is required which reconciles the reserve balance to the general ledger and provides tenant level detail and applicable comments. 
  
  
  

 C-2 

 Write-off Request Form: 
 The Write-off Request Form verifies action was recommended by the Property Manager and Owner’s asset manager (“Asset Manager”) to write-off accounts receivable
amounts. A copy of the signed form should be submitted with the monthly accounting package when applicable. All write-off requests require Owner Board approval. 
  
  
 Free Rent and Rental Abatements:

 A schedule of all free rent or rental abatement activity should be included in the monthly accounting package. The accounting
treatment and economics for such activity should be clearly explained. 
  
  
 Schedule of Deferred Rent
Concessions: 
 Property Manager will calculate and provide supporting schedules for applicable FASB 13 adjustments on a
lease-by-lease basis. Such adjustments will be included in the general ledger activity in accordance with US GAAP. Property Managers operating in Owner Yardi environment may not be subject to this requirement. Please confirm with your controller.

  
  
 Check Register: 
 The check register contains a detail of
all checks written for property expenditures during the current month. 
  
  
 Expense Detail: 
 The Expense Detail shows the expenses paid during the month by expense account. 
  
  
 Accounts Payable: 
 The Accounts Payable report represents invoices that have been
received and recorded, but checks have not been issued. If necessary, please provide a reconciliation of this report to the general ledger account balances. 
  
  
  

 C-3 

 Accrual Schedules: 
 Accrual schedules must be submitted in the monthly accounting package detailing the accrual entries made to the general ledger in the current month. 
  
  
 Capitalization Policy: 
 Owner’s policy is to capitalize all lease
commissions in excess of $1,000 and for lease terms of greater than one year. Additionally, any single expenditure for a capital asset which equals or exceeds $5,000 should be capitalized. Any capital expenditure, regardless of amount, relating to a
project where total project costs equal or exceed $5,000, should also be capitalized. Please pay close attention to the definition of a capital asset in the capitalization policy. 
  
  
 Capital Expense: 
 All types of capital expenditures shall be recorded on a
schedule and submitted with the Monthly Financial Reports package. The “Capital Expenditures” form within the Accounting section of the Documents and Forms shows an example of how building improvements and tenant improvements should be
listed. Record in detail the monthly expenditures by project or tenant, as applicable. The estimated project cost should agree with the amount budgeted or the amount per the lease proposal. Construction in progress accounts should be used for
long-term construction projects until complete to reduce the potential of calculating depreciation on accrued capital or incomplete projects. The total paid per month should agree with the monthly accounting report. Copies of invoices should
accompany the capital schedules for all entries made to these accounts. Please note on the schedule the month in which a project is completed. A project is considered complete when the improvement is first put in a state of readiness and is
available for a specifically assigned function. Refer to the Capitalization Policy section above for further explanation on what can be capitalized. 
  
  
 Lease Commission: 
 An example of recording lease commissions on a monthly basis can be found in the “Capital Expenditures” form within the Accounting
section in the Documents and Forms. This form details expenses during the month that were charged to account Capitalized Lease Commissions and/or account Non-capitalized Lease Commissions. Copies of invoices should accompany the schedule for
any entry to the lease commission capital account. Refer to the Capitalization Policy section above to determine whether a lease commission should be capitalized. 
  
  
  

 C-4 

 Security Deposits: 
 All security deposit moneys will be kept by Owner in an account in the state in which the property is located. Due to differences in state laws, special consideration will be made
for properties in states with specific requirements. If you have questions, consult with your accountant and we will consult with appropriate parties in such instances. A list of security deposits, by tenant, will be required. Include a memo with
the monthly accounting report summarizing the monthly activity of security deposits for the property (i.e., amounts received by tenant, amounts applied to income or outstanding receivable balances due to move outs, etc.). 
  
  
 General Ledger: 
 Submit a General Ledger generated by the property management
system providing all detail activity and posted entries for the applicable reporting period. 
  
  
 Invoices: 
 Send copies of all invoices for lease commissions, tenant improvements and capital improvements. Owner will calculate all depreciation and
amortization expense, thus the need for copies of the supporting documentation for audit purposes. 
  
  
 Accounting Period: 
 The accounting period cut-off day is the 20th of each month. The monthly management report and supporting detail should be submitted to the property management
system as an attachment in the Property section no later than the 2nd business day of the following month. 
  
  
 Actuals Application: 
 All monthly income and expenses must be entered into the property management system by Manager no later than the 2nd business day of the following month. 
  
  
  

 C-5 

 Reforecast: 
 Due to the importance of projecting future operating results, a reforecast of the remaining future periods will be required on a monthly basis. This reforecast will include year-to-date actual information
as well as original budget and revised projections. Comments relating to % and revised assumptions as also required. 
  
  
 Distributable Cash: 
 The Property Manager must provide a monthly calculation of excess cash available at the property indicating the cash available for
distribution to Owner. The projection should include the existing cash balance at the end of the period and applicable adjustments for accounts payable, accrued expenses, including real estate tax accrual and non-cash accruals, less a reasonable
working capital reserve. Future excess cash projections may also be required. 
  
  
 Consolidated Accounting: 

The Manager will be responsible for consolidation of the property information in a form and format acceptable to the Asset Manager.

  
  
 Standard Templates: 
 The Property Management Company must
provide monthly information via standardized templates required by Owner, such as Capital Expenditures, Budget to Actual Variance Analysis and Excess Cash Distribution. The templates can be found in the Accounting section in the Documents and
Forms. 
  

 C-6 

 APPENDIX D 
 ANNUAL REPORTING REQUIREMENTS 
 Annual Budgets:

 Annual budgets are used to monitor the performance of Owner’s real estate properties. The budgeting process begins every
fall when Owner sends detailed information outlining budget reporting deadlines to help guide you through the budgeting process. 
 Key points: 
 Questions regarding the annual budgets should be directed to your accountant.

 Budgets shall contain estimated monthly cash flows, a list and explanation of assumptions used in arriving at
projected leasing activity and rates, expenses and capital expenditures. 
 Budgets must be prepared on an
accrual basis. 
  
  
 Estimate of Deferred Maintenance & Capital Expenditure: 
 Manager shall, for each calendar year, prepare and submit to Owner a proposed Capital Budget in a format approved by Owner for releasing expenses and the replacement, repair and maintenance of equipment or improvements of a capital nature
on or about the Property. Refer to the “General Requirements” and “Construction Guidelines and Procedures” sections of the Operating Guidelines for more details. 
  
  
 Operating Expense Reimbursement Reconciliations: 
 Manager shall, for each
calendar, year prepare and submit to Owner a schedule of operating expense reimbursement reconciliations for review. 
  
  
 1099-MISC Reporting: 
 Manager will continue to be responsible for reporting 1099 information to the Internal Revenue Service. Please determine the impact if
utilizing the Yardi environment administered by Owner. If vendor history is detailed in two property management systems, information should be combined for 1099 reporting, if applicable. 
  
  

 APPENDIX E 
  
 LEASING FEE

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