Document:

EX-10.5

 Exhibit 10.5 

BIGBEAR.AI HOLDINGS, INC. 

2021 LONG-TERM INCENTIVE PLAN 

RESTRICTED STOCK UNIT GRANT NOTICE (NON-EMPLOYEE DIRECTOR) 

Pursuant to the terms and conditions of the BigBear.ai Holdings, Inc. 2021 Long-Term Incentive Plan, as amended, restated or otherwise
modified from time to time (the “Plan”), BigBear.ai Holdings, Inc., a Delaware corporation (the “Company”), hereby grants to the individual listed below (“Participant”) the number of restricted
stock units (the “RSUs”) set forth below. This award of RSUs (this “Award”) is subject to the terms and conditions set forth herein and in the Restricted Stock Unit Agreement attached hereto as Exhibit A
(the “Agreement”), which is incorporated herein by reference. Capitalized terms used but not defined herein shall have the meanings set forth in the Plan. 

 

					
	Participant:	  	  
	    	
			
	Grant Date:	  	  
	    	
			
	Number of RSUs:	  	  
	    	
			
	Vesting Commencement Date:	  	  
	    	
		
	Vesting Schedule:	  	Subject to the Agreement, the Plan and other terms and conditions set forth herein, the RSUs will vest according to the following schedule, so long as Participant has not incurred a Termination of Service prior to the
applicable vesting date:
			
		  	 Vesting Date
	    	 Percentage of RSUs

That Vest

		  		    	

 By Participant’s signature below, Participant agrees to be bound by the terms of this Grant Notice, the
Plan and the Agreement. Participant has reviewed the Plan, this Grant Notice and the Agreement in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Grant Notice and fully understands all provisions of the
Plan, this Grant Notice and the Agreement. Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Committee upon any questions arising under the Plan, this Grant Notice or the Agreement. This
Grant Notice may be executed in one or more counterparts (including portable document format (.pdf) and facsimile counterparts), each of which shall be deemed to be an original, but all of which together shall constitute one and the same agreement.

 Notwithstanding any provision of this Grant Notice or the Agreement, if Participant has not executed this Grant Notice within 90 days
following the Grant Date set forth above, Participant will be deemed to have accepted this Award, subject to all of the terms and conditions of this Grant Notice, the Agreement and the Plan. 

[Signature Page Follows] 

							
	BIGBEAR.AI HOLDINGS, INC.	 		 	PARTICIPANT
				
	By:	 	
                     
                    
	 		 	
                     
                    

	Name:	 	
                     
                    
	 		 	
	Title:	 	
                     
                    
	 		 	

  

  
 SIGNATURE
PAGE 
 TO 

RESTRICTED STOCK UNIT GRANT NOTICE 

 Exhibit A 

RESTRICTED STOCK UNIT AGREEMENT 

Capitalized terms not specifically defined in this Agreement have the meanings specified in the Grant Notice or, if not defined in the Grant
Notice, in the Plan. 
 ARTICLE I. 

GENERAL 

1.1    Award of RSUs. The Company has granted the RSUs to Participant effective as of the grant date set forth in
the Grant Notice (the “Grant Date”). Each RSU represents the right to receive one Share as set forth in this Agreement. Participant will have no right to the distribution of any Shares or payment of any cash until the time (if ever)
the RSUs have vested. 
 1.2    Incorporation of Terms of Plan. The RSUs are subject to the terms and conditions
set forth in this Agreement and the Plan, which is incorporated herein by reference. In the event of any inconsistency between the Plan and this Agreement, the terms of the Plan will control. 

1.3    Unsecured Promise. The RSUs will at all times prior to settlement represent an unsecured Company obligation
payable only from the Company’s general assets. 
 ARTICLE II. 

VESTING; FORFEITURE AND SETTLEMENT 

2.1    Vesting; Forfeiture. 

(a)    The RSUs will vest according to the vesting schedule in the Grant Notice. In the event of Participant’s
Termination of Service for Cause, all unvested RSUs will immediately and automatically be cancelled and forfeited, except as otherwise determined by the Committee or provided in a binding written agreement between Participant and the Company. 

(b)    In the event of Participant’s Termination of Service due to resignation or Participant’s decision not to
stand for reelection as a member of the Board (if applicable), , a number of RSUs equal to the Applicable Pro Rata Portion (as defined below) shall immediately vest as of the date of such Termination of Service. As used herein, “Applicable
Pro Rata Portion” means (i) if, as of the date of the Participant’s Termination of Service, the Participant has served as a member of the Board for at least three years during any period after December 7, 2021, the total
number of RSUs subject to this Award or (ii) in any other case, an amount equal to the total number of RSUs subject to this Award multiplied by a fraction (A) the numerator of which is the number of days from the Vesting Commencement Date
through the date on which such Termination of Service occurs and (B) the denominator of which is 365. 
 (c)    In
the event of Participant’s Termination of Service for any reason other than as set forth in Section 2.1(a) or (b), any unvested RSUs will vest in their entirety as of the date of such Termination of Service. 

 (d)    Notwithstanding anything in the Grant Notice, this Agreement or
the Plan to the contrary, the RSUs will vest in their entirety upon the consummation of a Change in Control so long as Participant has not incurred a Termination of Service prior to the consummation of such Change in Control. 

2.2    Dividend Equivalents. In the event that the Company declares and pays a cash dividend in respect of its
outstanding Shares and, on the record date for such dividend, Participant holds RSUs granted pursuant to this Agreement, the Company shall record the amount of such dividend in a bookkeeping account and pay to Participant an amount in cash equal to
the cash dividends Participant would have received if Participant was the holder of record, as of such record date, of a number of Shares equal to the number of RSUs held by Participant that have not been settled as of such record date, such payment
to be made on the Settlement Date (the “Dividend Equivalents”). For purposes of clarity, if the RSUs (or any portion thereof) are forfeited by Participant pursuant to the terms of this Agreement, then Participant shall also forfeit
the Dividend Equivalents, if any, accrued with respect to such forfeited RSUs. No interest will accrue on the Dividend Equivalents between the declaration and payment of the applicable dividends and the settlement of the Dividend Equivalents. 

2.3    Settlement. As soon as administratively practicable following the vesting of RSUs pursuant to
Section 2.1 but in no event later than 60 days following the earlier of (a) the vesting date set forth in the Grant Notice and (b) the date of Participant’s Termination of Service that qualifies as a “separation from
service” within the meaning of Section 409A of the Code, the Company shall deliver to Participant a number of Shares equal to the number of RSUs subject to this Award, if any, that have become vested as of such date. All Shares issued
hereunder shall be delivered either by delivering one or more certificates for such shares to Participant or by entering such shares in book-entry form, as determined by the Committee in its sole discretion. The value of Shares shall not bear any
interest owing to the passage of time. 
 ARTICLE III. 

TAXATION AND TAX WITHHOLDING 

3.1    Representation. Participant represents to the Company that Participant has reviewed with Participant’s
own tax advisors the tax consequences of this Award and the transactions contemplated by the Grant Notice and this Agreement. Participant is relying solely on such advisors and not on any statements or representations of the Company or any of its
agents. 
 3.2    Tax Withholding. To the extent that the receipt, vesting or settlement of this Award results in
compensation income or wages to Participant for federal, state, local and/or foreign tax purposes, Participant shall make arrangements satisfactory to the Company regarding the payment of, any income tax, social insurance contribution or other
applicable taxes that are required to be withheld in respect of this Award, which arrangements include the delivery of cash or cash equivalents, Shares (including previously owned Shares (which is not subject to any pledge or other security
interest), net settlement, a broker-assisted sale, or other cashless withholding or reduction of the amount of shares otherwise issuable or delivered pursuant to this Award), other property, or any other legal consideration the Committee deems
appropriate. If such tax obligations are satisfied through net settlement or the surrender of previously owned Shares, the maximum number of Shares that may be so withheld (or surrendered) shall be the number of Shares that have

  
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an aggregate Fair Market Value on the date of withholding or surrender equal to the aggregate amount of such tax liabilities determined based on the greatest withholding rates for federal, state,
local and/or foreign tax purposes, including payroll taxes, that may be utilized without creating adverse accounting treatment for the Company with respect to this Award, as determined by the Committee. Any fraction of a Share required to satisfy
such tax obligations shall be disregarded and the amount due shall be paid instead in cash to Participant. Participant acknowledges that there may be adverse tax consequences upon the receipt, vesting or settlement of this Award or disposition of
the underlying shares and that Participant has been advised, and hereby is advised, to consult a tax advisor. Participant represents that Participant is in no manner relying on the Board, the Committee, the Company or an Affiliate or any of their
respective managers, directors, officers, employees or authorized representatives (including attorneys, accountants, consultants, bankers, lenders, prospective lenders and financial representatives) for tax advice or an assessment of such tax
consequences. 
 ARTICLE IV. 

OTHER PROVISIONS 

4.1    Adjustments. Participant acknowledges that the RSUs and the Shares subject to the RSUs are subject to
adjustment, modification and termination in certain events as provided in this Agreement and the Plan. 

4.2    Notices. All notices and other communications under this Agreement shall be in writing and shall be
delivered to the parties at the following addresses (or at such other address for a party as shall be specified by like notice): 
 If to
the Company, unless otherwise designated by the Company in a written notice to Participant (or other holder): 
 BigBear.ai Holdings, Inc.

 Attn: General Counsel 
 6811
Benjamin Franklin Drive 
 Columbia, MD 21046 

If to Participant, at Participant’s last known address on file with the Company. Any notice that is delivered personally or by overnight
courier or telecopier in the manner provided herein shall be deemed to have been duly given to Participant when it is mailed by the Company or, if such notice is not mailed to Participant, upon receipt by Participant. Any notice that is addressed
and mailed in the manner herein provided shall be conclusively presumed to have been given to the party to whom it is addressed at the close of business, local time of the recipient, on the fourth day after the day it is so placed in the mail. 

4.3    Titles. Titles are provided herein for convenience only and are not to serve as a basis for interpretation
or construction of this Agreement. 
 4.4    Conformity to Securities Laws. Participant acknowledges that the
Plan, the Grant Notice and this Agreement are intended to conform to the extent necessary with all Applicable Laws and, to the extent Applicable Laws permit, will be deemed amended as necessary to conform to Applicable Laws. 

  
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 4.5    Successors and Assigns. The Company may assign any of its
rights under this Agreement to single or multiple assignees, and this Agreement will inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer set forth in the Plan, this Agreement will be binding
upon and inure to the benefit of the heirs, legatees, legal representatives, successors and assigns of the parties hereto. 

4.6    Limitations Applicable to Section 16 Persons. Notwithstanding any other provision of the
Plan or this Agreement, if Participant is subject to Section 16 of the Exchange Act, the Plan, the Grant Notice, this Agreement, the RSUs will be subject to any additional limitations set forth in any applicable exemptive rule under
Section 16 of the Exchange Act (including any amendment to Rule 16b-3) that are requirements for the application of such exemptive rule. To the extent Applicable Laws permit, this Agreement will be deemed
amended as necessary to conform to such applicable exemptive rule. 
 4.7    Entire Agreement. The Plan, the
Grant Notice and this Agreement (including any exhibit hereto) constitute the entire agreement of the parties and supersede in their entirety all prior undertakings and agreements of the Company and Participant with respect to the subject matter
hereof. 
 4.8    Agreement Severable. In the event that any provision of the Grant Notice or this Agreement is
held illegal or invalid, the provision will be severable from, and the illegality or invalidity of the provision will not be construed to have any effect on, the remaining provisions of the Grant Notice or this Agreement. 

4.9    Limitation on Participant’s Rights. Participation in the Plan confers no rights or interests other than
as herein provided. This Agreement creates only a contractual obligation on the part of the Company as to amounts payable and may not be construed as creating a trust. Neither the Plan nor any underlying program, in and of itself, has any assets.
Participant will have only the rights of a general unsecured creditor of the Company with respect to amounts credited and benefits payable, if any, with respect to the RSUs, and rights no greater than the right to receive cash or the Shares as a
general unsecured creditor with respect to the RSUs, as and when settled pursuant to the terms of this Agreement. 

4.10    Non-Transferability. During the lifetime of Participant, the RSUs
may not be sold, pledged, assigned or transferred in any manner other than by will or the laws of descent and distribution, unless and until the Shares underlying the RSUs have been issued, and all restrictions applicable to such Shares have lapsed.
Neither the RSUs not any interest or right therein shall be liable for the debts, contracts or engagements of Participant or his or her successors in interest or shall be subject to disposition by transfer, alienation, anticipation, pledge,
encumbrance, assignment or any other means whether such disposition be voluntary or involuntary or by operation of law by judgment, levy, attachment, garnishment or any other legal or equitable proceedings (including bankruptcy), and any attempted
disposition thereof shall be null and void and of no effect, except to the extent that such disposition is permitted by the preceding sentence. 

  
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 4.11    Legends. If a stock certificate is issued with respect to
the Shares delivered hereunder, such certificate shall bear such legend or legends as the Committee deems appropriate in order to reflect the restrictions set forth in this Agreement and to ensure compliance with the terms and provisions of this
Agreement, the rules, regulations and other requirements of the Securities and Exchange Commission and any other Applicable Laws. If the Shares issued hereunder are held in book-entry form, then such entry will reflect that the Shares are subject to
the restrictions set forth in this Agreement. 
 4.12    No Right to Continued Service or Awards. Nothing in the
Plan, the Grant Notice or this Agreement confers upon Participant any right to continue in the service of the Company or any Affiliate or interferes with or restricts in any way the rights of the Company and its Affiliates, which rights are hereby
expressly reserved, to discharge or terminate the services of Participant at any time for any reason whatsoever, with or without Cause, except to the extent expressly provided otherwise in a written agreement between the Company or an Affiliate and
Participant. The grant of the RSUs is a one-time benefit and does not create any contractual or other right to receive a grant of Awards or benefits in lieu of Awards in the future. Any future Awards will be
granted at the sole discretion of the Company. 
 4.13    Satisfaction of Claims. Any issuance or transfer of
Shares or other property to Participant or Participant’s legal representative, heir, legatee or distribute, in accordance with the Plan, the Grant Notice and this Agreement shall be in full satisfaction of all claims of such person hereunder.

 4.14    Counterparts. The Grant Notice may be executed in one or more counterparts, including by way of any
electronic signature, subject to Applicable Law, each of which will be deemed an original and all of which together will constitute one instrument. 

4.15    Consent to Electronic Delivery; Electronic Signature. In lieu of receiving documents in paper format,
Participant agrees, to the fullest extent permitted by law, to accept electronic delivery of any documents that the Company may be required to deliver (including, without limitation, prospectuses, prospectus supplements, grant or award notifications
and agreements, account statements, annual and quarterly reports and all other forms of communications) in connection with this and any other Award made or offered by the Company. Electronic delivery may be via a Company electronic mail system or by
reference to a location on a Company intranet or third party website to which Participant has access. Participant hereby consents to any and all procedures the Company has established or may establish for an electronic signature system for delivery
and acceptance of any such documents that the Company may be required to deliver, and agrees that Participant’s electronic signature is the same as, and shall have the same force and effect as, Participant’s manual signature. 

4.16    Company Recoupment of Awards. Participant’s rights with respect to this Award shall in all events be
subject to (a) any right that the Company may have under any Company recoupment policy or other agreement or arrangement with Participant, or (b) any right or obligation that the Company may have regarding the clawback of
“incentive-based compensation” under Section 10D of the Exchange Act and any applicable rules and regulations promulgated thereunder from time to time by the U.S. Securities and Exchange Commission. 

  
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 4.17    Code Section 409A. Notwithstanding
anything herein or in the Plan to the contrary, the RSUs granted pursuant to this Agreement are intended to be exempt from or compliant with the applicable requirements of Section 409A of the Code and shall be limited, construed and interpreted
in accordance with such intent. If Participant is deemed to be a “specified employee” within the meaning of Section 409A of the Code, as determined by the Committee, at a time when Participant becomes eligible for settlement of the
RSUs upon his or her “separation from service” within the meaning of Section 409A of the Code, then to the extent necessary to prevent any accelerated or additional tax under Section 409A of the Code, such settlement will be
delayed until the earlier of: (a) the date that is six months following Participant’s separation from service and (b) Participant’s death. Notwithstanding the foregoing, the Company and its Affiliates make no representations that
the RSUs provided under this Agreement are exempt from or compliant with Section 409A of the Code and in no event shall the Company or any Affiliate be liable for all or any portion of any taxes, penalties, interest or other expenses that may
be incurred by the Participant on account of non-compliance with Section 409A of the Code. 
 *
* * * * 

  
 A-6Amended and Restated Investment Management Agreement

 AMENDED AND RESTATED INVESTMENT MANAGEMENT AGREEMENT 

Dated as of April 1, 2022 

This Amended and Restated Investment Management Agreement is made and entered into as of the date set forth above by and between AB Commercial
Real Estate Private Debt Fund, LLC, a Delaware limited liability company (the “Company”) and AllianceBernstein L.P., a Delaware limited partnership (the “Investment Manager”). 

R E C I T A L S: 

WHEREAS, the Company has been organized for the purpose, among others, of investing, directly or indirectly (including through one or more
Subsidiaries), in Portfolio Investments; 
 WHEREAS, the Company desires to avail itself of the experience, sources of information, advice
and assistance of the Investment Manager and to have the Investment Manager perform various investment management services for the Company; 

WHEREAS, the parties hereto previously entered into the Investment Management Agreement dated November 5, 2021 (the “Initial
Management Agreement”); 
 WHEREAS, the Investment Manager is willing to continue to perform such services under the terms and
conditions as set forth herein and in accordance with the Company Documents; and 
 WHEREAS, the parties hereto now desire to amend and
restate the Initial Management Agreement in its entirety to make certain modifications as hereinafter set forth. 
 NOW, THEREFORE, in
consideration of the mutual covenants herein contained and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree that the Initial Management Agreement shall hereby be
amended and restated in its entirety to read as follows: 
 Section 1. Definitions. 

(a) Unless otherwise expressly provided in this Agreement, the following terms used in this Agreement shall have the following meanings: 

 

					
		 	“AB Entity”	  	means AllianceBernstein Holdings L.P., AllianceBernstein Corporation, the Investment Manager, and any and all subsidiaries of any of the foregoing.
			
		 	“Administrator”	  	means any firm or firms as the Company may select for the purpose of maintaining the Company’s books and records and performing administrative services (which may include back-office and mid-office services), including tax and
accounting functions, as well as the responsibility for calculating the Net Asset Value of the Company’s Units.

					
		 	“Advisers Act”	  	means the U.S. Investment Advisers Act of 1940, as amended.
			
		 	“Affiliate”	  	means, with respect to any Person, any other Person that directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, such Person. Each executive officer, director or
the general partner of the Investment Manager (and each executive officer or director of such general partner), shall be deemed to be an “Affiliate” of the Company. Except as expressly provided in this Agreement, no Member shall be deemed
to be an “Affiliate” of the Company solely by reason of being a Member of the Company.
			
		 		  	For purposes of this definition, “control” (including “controlling”, “controlled by” and “under common control with”) means the possession, directly or indirectly, of the power to direct or
cause the direction of the management and policies of a Person, whether through ownership of voting securities, by contract or otherwise.
			
		 	“Agreement”	  	means this Amended and Restated Investment Management Agreement.
			
		 	“Business Day”	  	means a day the New York Stock Exchange, the NYSE Arca Equities or the NYSE MKT exchanges are open for business.
			
		 	“Capital Call”	  	shall have the meaning set forth in the LLC Agreement.
			
		 	“Capital Commitment”	  	means, with respect to each Member, the amount of cash such Member has agreed to contribute to the Company for the purchase of Units pursuant to the related Subscription Agreement, as may be adjusted pursuant to the terms of the LLC
Agreement.
			
		 	“Capital Contribution”	  	shall have the meaning set forth in the LLC Agreement.
			
		 	“Code”	  	means the Internal Revenue Code of 1986, as amended.
			
		 	“Commitment Facility”	  	shall have the meaning set forth in Section 4(a)(vii).
			
		 	“Company”	  	shall have the meaning set forth in the preamble of this Agreement.
			
		 	“Company Documents”	  	means the LLC Agreement and the Memorandum.
			
		 	“Company Expenses”	  	shall have the meaning set forth in the LLC Agreement.

  
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		 	“Expense Limitation Agreement”	  	means the Expense Limitation Agreement by and between the Company and Investment Manager, as the same may be amended from time to time.
			
		 	“Financing Subsidiary”	  	means a direct or indirect subsidiary of the Company, including without limitation, a bankruptcy remote special purpose entity that will enter into a credit facility or issue debt.
			
		 	“Founding Member”	  	shall have the meaning set forth in Section 7(b).
			
		 	“GAAP”	  	means U.S. generally accepted accounting principles, in effect from time to time.
			
		 	“Indemnified Losses”	  	shall have the meaning set forth in the LLC Agreement.
			
		 	“Initial Closing Date”	  	shall have the meaning set forth in the LLC Agreement.
			
		 	“Investment”	  	means each investment made, directly or indirectly as appropriate in the context used herein (including through a Subsidiary), by the Company, including Portfolio Investments, Temporary Investments and hedging transactions,
derivatives and exchange traded funds, the securities or instruments issued as a dividend thereon, in a reclassification with respect thereto or an exchange therefor.
			
		 	“Investment Manager”	  	shall have the meaning set forth in the preamble of this Agreement.
			
		 	“Lenders”	  	shall have the meaning set forth in the LLC Agreement.
			
		 	“LLC Agreement”	  	means the Amended and Restated Limited Liability Company Operating Agreement of the Company, as the same may be amended from time to time.
			
		 	“Management Fee”	  	shall have the meaning set forth in Section 7(a).
			
		 	“Member”	  	means each Person admitted as a Member of the Company in accordance with the LLC Agreement, including any Persons hereafter admitted as Members in accordance with the LLC Agreement and excluding any Persons who cease to be Members
in accordance with the LLC Agreement.
			
		 	“Memorandum”	  	means the Confidential Memorandum of the Company, as the same may be amended or supplemented from time to time.

  
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		 	“Net Asset Value”	  	shall have the meaning set forth in the LLC Agreement. “Organizational Expenses” shall have the meaning set forth in the LLC Agreement.
			
		 	“Other Accounts”	  	means other accounts to which the Investment Manager or any of its Affiliates provides investment services.
			
		 	“Other Agreements”	  	shall have the meaning set forth in the LLC Agreement.
			
		 	“Person”	  	means an individual, a corporation, a company, a voluntary association, a partnership, a joint venture, a limited liability company, a trust, an estate, an unincorporated organization, any governmental authority or agency or other
entity.
			
		 	“Portfolio Investments”	  	means such portfolio investments that may be acquired or held by the Company as set forth in the Memorandum.
			
		 	“Post Commitment Period Capital Call”	  	shall have the meaning set forth in the LLC Agreement.
			
		 	“Proceeding”	  	means any claim, demand, action, suit or proceeding (civil, criminal, administrative or investigative, which includes formal and informal inquiries and “sweep” examinations in connection with the Company’s investment
activity), actual or threatened.
			
		 	“Protected Person”	  	means: (i) each AB Entity, (ii) any member, partner, officer, employee, legal representative (e.g., executors, guardians and trustees) or Affiliate of any AB Entity, and (iii) any Person who serves at the request of the
Investment Manager hereunder on behalf of the Company as a member, partner, officer, employee or legal representative (e.g., executors, guardians and trustees) of any other Person, including, without limitation, the Company and any AB
Entity.
			
		 	“REIT”	  	means “real estate investment trust” as defined in Section 856(a) of the Code.
			
		 	“Related Investor”	  	shall have the meaning set forth in the LLC Agreement.
			
		 	“Remaining Commitment”	  	shall have the meaning set forth in the LLC Agreement.
			
		 	“Subscription Agreement”	  	means each subscription agreement between the Company and each of the Members pursuant to which the Members acquired their Units.

  
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		 	“Subsidiary”	  	means one or more subsidiary investment vehicles that are managed and/or sponsored by the Investment Manager that the Company may invest through or otherwise utilize in order to achieve certain tax, regulatory and/or administrative
efficiencies.
			
		 	“Temporary Investment”	  	means monies held by the Company invested in (i) cash, (ii) U.S. Treasury securities, (iii) short-term investment grade debt securities, (iii) money market funds, (iv) time deposits, (iv) securities issued or guaranteed by any
agency or instrumentality of the United States, and (iv) any other comparable investments approved by the Company (including investments that do not earn any interest).
			
		 	“Units”	  	means limited liability company units of the Company.

 (b) Capitalized terms that are not defined in this Agreement shall be defined as set forth in the Memorandum.

 Section 2. Interpretation and Construction. 

(a) In this Agreement, unless a clear contrary intention appears: 

(i) common nouns and pronouns and any variation thereof shall be deemed to refer to masculine, feminine, or neuter, singular or
plural, as the identity of the Person, Persons or other reference in the context requires; 
 (ii) where specific language is
used to clarify by example a general statement contained in this Agreement, such specific language shall not be deemed to modify, limit or restrict in any manner the construction of the general statement to which it relates; 

(iii) “any” shall mean “one or more”; 

(iv) “including” (and with correlative meaning “include”) means including without limiting the generality
of any description preceding such term; and 
 (v) all references to “funds”, “dollars” or
“payments” shall mean United States dollars. 
 (b) The language used in this Agreement has been chosen by the parties to express
their mutual intent, and no rule of construction or interpretation requiring this Agreement to be construed or interpreted against any party shall apply. 

(c) Unless otherwise specified in this Agreement, all accounting terms used in this Agreement shall be interpreted and all accounting
determinations hereunder shall be made in accordance with GAAP. 
  

  
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 Section 3. Appointment of the Investment Manager. The Investment Manager shall act on
behalf of the Company as its delegate and shall have all rights, power, authority, discretion, duties and responsibilities in respect of the Company, including without limitation the responsibility for the investment and re-investment of the cash, Investments and other properties comprising the assets of the Company and the day-to-day management and
administration of the Company. The Investment Manager undertakes to give the Company the benefit of its best judgment and efforts in rendering its services. 

Section 4. Authority of the Investment Manager. 

(a) In connection with its obligations hereunder, the Investment Manager shall have the authority for and in the name of the Company, subject
to Section 6, to: 
 (i) provide research and analysis and direct the formulation of investment policies and strategies
for the Company; 
 (ii) make, own, manage, supervise and dispose of Investments, and to execute and deliver in the
Company’s name any and all instruments necessary to effectuate such transactions; 
 (iii) make all elections,
investigations, evaluations and decisions (including the voting or disposition of Portfolio Investments held by the Company) binding the Company thereby that may, in the reasonable judgment of the Investment Manager, be necessary or desirable for
the acquisition or disposition of any Investment by the Company or to protect or enhance the value of any Investment in connection with amendments, waivers or modifications thereof; 

(iv) enter into any hedging transaction (including without limitation hedging for interest rate, currency and other market and
investment risks) as the Investment Manager shall determine in its reasonable discretion to be necessary or desirable in connection with any Investment; and 

(v) manage the investment activities of the Company in accordance with the LLC Agreement to the extent consistent with the
provisions hereof; 
 (vi) open, maintain and close accounts, including custodial accounts, with banks, including banks
located outside the United States, and wire funds, draw checks, or make other orders for the payment of monies; 
 (vii)
either directly or through a Financing Subsidiary, borrow funds and otherwise incur indebtedness, obtain lines of credit, loan commitments or letters of credit for the account of the Company, from one or more Lenders, for working capital purposes
(including, but not limited to, paying Company Expenses or managing cash flows from Capital Commitments), and issue guaranties with respect to any such borrowings by any Financing Subsidiary; provided that in connection with the foregoing, any such
financing and/or guaranty may be secured by an assignment, pledge, mortgage, charge or other security interest in (i) the Capital Commitments, the Company’s right to initiate Capital Calls and Post Commitment Period Capital Calls and
collect the Capital Contributions of the Members and to enforce their obligations to make Capital Contributions to purchase Units, and (ii) a Company collateral account into which the payment by the Members of

  
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their Remaining Commitments are to be made, and all claims, rights and interests relating to or arising from clause (i) or this clause (ii) (including, without limitation, the right to
exercise any remedies of the Company under or related to the LLC Agreement in respect of any such Capital Calls and Post Commitment Period Capital Calls or such Capital Contribution), which may be granted to the Lenders pursuant to any security
documentation entered into between the Company and any Lender (any such arrangement, a “Commitment Facility”); 

(viii) subject to Section 4.10 of the LLC Agreement, enter into and perform any transaction in which the Investment
Manager or any Affiliate of the Investments Manager purchases property from, sells property to, or otherwise deals with the Company, any Member or any Affiliate of any such Persons, or obtain services from any Affiliate of the Investment Manager,
any Member or any Affiliate of such Persons; 
 (ix) incur expenses and other obligations on behalf of the Company (including
the incurrence of debt, leverage or the borrowing of money) in accordance with this Agreement, and, to the extent that funds of the Company are available for such purpose, pay all such expenses and obligations; 

(x) establish reserves for contingencies and for any other Company purpose; 

(xi) prepare and file all necessary returns and statements, pay all taxes, assessments and other impositions applicable to the
assets of the Company, and, as required by applicable law, withhold amounts with respect thereto from funds otherwise distributable to any Member, or engage a service provider on behalf of the Company to provide such services; 

(xii) prepare and cause to be prepared reports, statements and other information for distribution to Members, or engage a
service provider on behalf of the Company to provide such services; 
 (xiii) maintain books and records of the Company,
including pursuant to Section 9.05 of the LLC Agreement (copies of which shall be kept at the principal place of business of the Company or other location designated by the Company), or engage a service provider on behalf of the Company to
provide such services; 
 (xiv) bring and defend actions and proceedings at law or in equity and before any governmental,
administrative or other regulatory agency, body or commission; 
 (xv) retain an Administrator and to cause the Company to
compensate the Administrator for administrative services; 
 (xvi) enter into Other Agreements with Members containing such
terms and conditions as determined by the Investment Manager; 

  
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 (xvii) provide the Administrator or other service providers to the Company with
such information and instructions as may be necessary to enable such service providers to perform their duties in accordance with the applicable agreements; 

(xviii) engage attorneys, independent accountants, other service providers and such other Persons as the Investment Manager may
deem necessary or advisable; 
 (xix) to delegate the valuation of the Company’s assets to the Administrator; 

(xx) authorize any partner, member, employee or other agent of the Investment Manager or its Affiliates or other agent of the
Company to act for and on behalf of the Company in all matters incidental to the foregoing; 
 (xxi) enter into, and take any
action under, any contract, agreement or other instrument as the Investment Manager shall reasonably determine to be necessary or desirable to further the purposes of the Company, including without limitation granting or refraining from granting any
waivers, consents and approvals with respect to any of the foregoing and any matters incident thereto; and 
 (xxii) do any
and all acts on behalf of the Company as it may deem necessary or advisable in connection with the maintenance and administration of the Company and/or the preservation of the Company’s status as a REIT. 

Section 5. Status of the Investment Manager. The Investment Manager shall, for all purposes hereof, be an independent contractor
and not an employee of the Company, and nothing in this Agreement shall be construed as making the Company a partner or co-venturer with the Investment Manager or any of its Affiliates or Other Accounts. The
Investment Manager shall not have authority to act for, represent, bind or obligate the Company, except as specifically provided in this Agreement. The Investment Manager and any of its Affiliates may serve as directors, advisers, managers or
consultants to others. 
 Section 6. Investments. All investments of the Company and other activities undertaken by the
Investment Manager on behalf of the Company shall at all times conform to and be in accordance with the requirements imposed by the following: 

(a) any provisions of applicable law; 

(b) provisions of the Company Documents; provided, however, that the Investment Manager shall not be bound by any update,
modification or amendment of the Company Documents unless and until it has been given notice thereof in accordance with Section 18 and has been provided with a copy of such update, modification or amendment; 

(c) any and all requirements that must be met and maintained by the Company in order to qualify as a REIT; and 

(d) any and all requirements that must be met and maintained by the Company in order for the Company to rely upon the exception provided by
Section 3(c)(5) of the Investment Company Act of 1940, as amended, in order for the Company not to have to register as an investment company thereunder. 

  
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 Section 7. Management Fee. 

(a) The Company will pay the Investment Manager, on a quarterly basis, a management fee (the “Management Fee”) in respect of
each Member, in arrears, equal to the Applicable Percentage (as defined below) of such Member multiplied by the sum of (i) the Net Asset Value of the Units and (ii) the product of (a) all unfunded commitment amounts under any
Portfolio Investments with ongoing funding obligations (e.g., delayed-draw term loans) and (b) the Indebtedness Fraction (as defined below), each of (i) and (ii) as of the last day of each calendar quarter. For the avoidance of doubt, the
Management Fee shall not be charged with respect to any portion of the Company’s assets that are attributable to direct leverage. The “Indebtedness Fraction” means an amount equal to one minus a fraction, the numerator of which is the
total outstanding portfolio level indebtedness of the Company, and the denominator of which is the principal amount of any Portfolio Investments held by the Company. A Member’s “Applicable Percentage” shall be as set forth below: 

 

			
	 Aggregate Capital Commitment
of a
Member
	  	Applicable Percentage
	 $50,000 - $500,000
	  	1.50%
	 $500,001 - $1,000,000
	  	1.40%
	 $1,000,001 - $3,000,000
	  	1.30%
	 $3,000,001 $5,000,000
	  	1.15%
	 $5,000,001 and over
	  	1.00%

 (b) Notwithstanding the foregoing, with respect to any Member that makes a Capital Commitment on the Initial
Closing Date (each, a “Founding Member”), the Management Fee shall be waived (and shall not be charged) with respect to such Founding Member (including any additional Capital Commitments made by such Founding Member) until the six
month anniversary of the Initial Closing Date. 
 (c) Payment of the Management Fee shall be made within ten (10) days of the last day
of each calendar quarter, or as soon as reasonably practicable thereafter. 
 (d) The Management Fee charged with respect to a Member shall
be prorated for any Capital Contribution or repurchase of Units that is effective other than as of the first day of a calendar quarter. 

(e) The Investment Manager may, in its discretion, reduce, waive or calculate differently the Management Fee charged at the Company level with
regard to the Units held by certain Members, including, without limitation, a Related Investor, so long as such reduction, waiver or calculation does not result in a preferential dividend under Section 562(c) of the Code. 

  
 - 9 - 

 Section 8. Expenses of the Investment Manager. In consideration for the Management
Fee, the Investment Manager shall pay, without reimbursement by the Company, all of its own ordinary administrative, operating and overhead expenses and, except as provided herein, the Investment Manager and its Affiliates shall be responsible for
the expenses of providing their services to the Company, including overhead expenses (including general systems and technology, but excluding systems, data and technology developed or purchased for the predominant benefit of the Company’s
investment program), office expenses and compensation of their respective employees. 
 Section 9. Expenses of the Company. 

(a) The Company shall bear its own expenses in accordance with the provisions of Section 4.08 of the LLC Agreement. To the extent that
expenses to be borne by the Company are paid by the Investment Manager, the Company shall reimburse the Investment Manager for such expenses. 

(b) The Investment Manager shall be reimbursed by the Company for Organizational Expenses. Pursuant to the Expense Limitation Agreement, the
Investment Manager may determine to limit Organizational Expenses and Company Expenses in the aggregate that are borne by the Company to the extent necessary to prevent Organizational Expenses and Company Expenses, on an annualized basis, from
exceeding a percentage determined by the Investment Manager in its discretion. This limit shall be maintained until the third anniversary of the Initial Closing Date. Pursuant to such limit, any fees waived and expenses borne by the Investment
Manager may be reimbursed by the Company during the three year period that such limit is in place, provided that no reimbursement payment shall be made that would cause the Company’s expenses to exceed the same limit. Notwithstanding the
foregoing, extraordinary expenses (including, but not limited to, litigation expenses, indemnification expenses, lender liability expenses and other expenses not incurred in the ordinary course of the Company’s business), the Management Fee,
the Incentive Fee, interest expenses, financing costs and expenses, and reserves for and costs associated with determining current expected credit losses, shall not be included as Company Expenses for purposes of calculating the foregoing expense
limit. 
 Section 10. Exculpation; Indemnification. The Company shall exculpate and indemnify each Protected Person in
accordance with Sections 4.06 and 4.07 of the LLC Agreement. 
 Section 11. Activities of the Investment Manager and Others. The
Investment Manager and its Affiliates may engage, simultaneously with their investment management activities on behalf of the Company, in other businesses, and may render services similar to those described in this Agreement for other Persons, and
shall not by reason of such engaging in other businesses or rendering of services for others be deemed to be acting in conflict with the interests of the Company. AB Entities, in their respective individual capacities, may be Members, directors,
employees, agents or officers of the Company but shall not be deemed thereby to have interests that are in conflict with the interests of the Company. 

  
 - 10 - 

 Section 12. Use of Name. The Company acknowledges that it adopted its name through
the permission of the Investment Manager. The Investment Manager hereby consents to the non-exclusive use by the Company of its name (i.e., “AB Commercial Real Estate Private Debt Fund, LLC”)
only for so long as the Investment Manager serves as the investment manager of the Company. The Company agrees to indemnify and hold harmless the Investment Manager and its Affiliates from and against any and all Indemnified Losses, which may arise
out of the Company’s use or misuse of the applicable name or out of any breach of or failure to comply with this Section 12. 

Section 13. Limitations on Reference to Investment Manager. The Company shall not distribute or circulate any sales literature,
promotional or other material which contains any reference to the Investment Manager without the prior approval of the Investment Manager and shall submit in draft form all such materials requiring approval of the Investment Manager, allowing
sufficient time for review by the Investment Manager and its counsel prior to any deadline for printing. If the Investment Manager ceases to furnish services to the Company, the Company at its expense: 

(a) as promptly as practicable, shall take all necessary action to cause the Company Documents to be amended to accomplish a change of name to
eliminate any reference to the Investment Manager; and 
 (b) within 60 days after the date as of which the Investment Manager ceases to
furnish services to the Company, shall cease to use in any other manner, including use in any sales literature or promotional material, the name of the Investment Manager. 

Section 14. Term. This Agreement shall remain in effect until December 31, 2022, and shall automatically renew from year to
year thereafter, except that it may be terminated by the Investment Manager or by the Company upon 60 days’ prior written notice by the terminating party to the other party. 

Section 15. Choice of Law. Notwithstanding the place where this Agreement may be executed by either of the parties hereto, the
parties expressly agree that all of the terms and provisions hereof shall be governed by and construed under the laws of the State of Delaware applicable to contracts made and to be entirely performed in such state. 

Section 16. Severability. If any provision of this Agreement is invalid or unenforceable under any applicable law, then such
provision shall be deemed inoperative to the extent that it may conflict therewith and shall be deemed modified to conform with such applicable law. Any provision hereof which may be held invalid or unenforceable under any applicable law shall not
affect the validity or enforceability of any other provisions hereof, and to this extent the provisions hereof shall be severable. 

Section 17. Forum. To the fullest extent permitted by law, in the event of any Proceeding arising out of the terms and conditions
of this Agreement, the parties hereto irrevocably (i) consent and submit to the personal jurisdiction of the Supreme Court, State of New York, New York County and of the US District Court for the Southern District of New York, (ii) waive
any defense based on doctrines of venue or forum non conveniens, or similar rules or doctrines, and 

  
 - 11 - 

 
(iii) agree that all claims in respect of such a Proceeding must be heard and determined exclusively in the Supreme Court, State of New York, New York County or the US District Court for the
Southern District of New York. Process in any such Proceeding may be served on any party anywhere in the world, whether within or without the jurisdiction of any such court. 

Section 18. Notices. 

(a) Each notice relating to this Agreement shall be in writing and delivered in person, by registered or certified mail, by Federal Express or
similar overnight courier service or by electronic mail (e-mail) to the intended recipient as follows: 

If to the Company: 
 AB
Commercial Real Estate Private Debt Fund, LLC 
 c/o AllianceBernstein L.P. 

1345 Avenue of the Americas 
 New
York, NY 10105 
 United States 

Telephone: (212) 969-1337 

E-mail: mark.manley@alliancebernstein.com 

If to the Investment Manager: 

AllianceBernstein L.P. 
 1345
Avenue of the Americas 
 New York, NY 10105 

United States 
 Telephone: (212) 969-1337 
 E-mail: mark.manley@alliancebernstein.com 

(b) Any party hereto may designate a new address by notice to that effect given to the other party. Unless otherwise specifically provided in
this Agreement, a notice shall be deemed to have been effectively given when delivered personally, if delivered on a Business Day; the next Business Day after personal delivery if delivered personally on a day that is not a Business Day; four
Business Days after being deposited in the United States mail, postage prepaid, return receipt requested, if mailed; on the next Business Day after being deposited for next day delivery with Federal Express or similar overnight courier; when sent,
if e-mailed on a Business Day; and the next Business Day following the day on which the e-mail is sent if e-mailed on a day that
is not a Business Day. 
 Section 19. Entire Agreement. This Agreement contains all of the terms agreed upon or made by the
parties relating to the subject matter of this Agreement, and supersedes all prior and contemporaneous agreements, negotiations, correspondence, undertakings and communications of the parties, oral or written, respecting such subject matter. 

Section 20. Amendments and Waivers. No provision of this Agreement may be amended, modified, waived or discharged except as agreed
to in writing by the parties hereto. The failure of a party to insist upon strict adherence to any term of this Agreement on any occasion shall not be considered a waiver thereof or deprive that party of the right thereafter to insist upon strict
adherence to that term or any other term of this Agreement. 

  
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 Section 21. Binding Effect; Assignment. This Agreement shall be binding upon and
inure to the benefit of the Company, the Investment Manager, each Protected Person and their respective successors and permitted assigns. Any Person that is not a signatory to this Agreement but is nevertheless conferred any rights or benefits
hereunder (e.g., officers, partners and employees of the Investment Manager and others who are entitled to indemnification hereunder) shall be entitled to such rights and benefits as if such Person were a signatory hereto, and the rights and
benefits of such Person hereunder may not be impaired without such Person’s express written consent. No assignment (as that term is defined under the Advisers Act) by either party of all or any portion of its rights, obligations or liabilities
under this Agreement shall be permitted without the prior written consent of the other party to this Agreement. 
 Section 22.
Headings. The headings of the Sections of this Agreement are for convenience of reference only, and are not to be considered in construing the terms and provisions of this Agreement. References to “Section” in this Agreement shall
be deemed to refer to the indicated Section of this Agreement, unless the context clearly indicates otherwise. 
 Section 23.
Discretion; Good Faith. Whenever in this Agreement the Investment Manager is permitted or required to make a decision (i) in its “discretion” or under a grant of similar authority or latitude, the Investment Manager shall be
entitled to consider such interests and factors as it desires, including its own interests, or (ii) in its “good faith” or under another express standard, the Investment Manager shall act under such express standard, shall not be
subject to any other or different standard imposed by applicable law and may exercise its discretion differently with respect to different Members, provided that, in making any such decision described in clauses (i) and (ii) above, the
Investment Manager shall act consistent with its fiduciary duties to the Company. 
 Section 24. Counterparts. Counterparts may
be executed through the use of separate signature pages or in any number of counterparts with the same effect as if the parties executing such counterparts had all executed one counterpart. Each party understands and agrees that any portable
document format (PDF) file, facsimile or other reproduction of its signature on any counterpart shall be equal to and enforceable as its original signature and that any such reproduction shall be a counterpart hereof that is fully enforceable in any
court or arbitral panel of competent jurisdiction. 
 Section 25. Survival. The provisions of Sections provisions of
Section 7 (to the extent that the Management Fee is earned by the Investment Manager prior to the termination of this Agreement), 9, 10, 12, 13, 15, 17, 18, 21, 25 and 26 shall survive the termination of this Agreement. 

Section 26. Waiver of Jury Trial. EACH PARTY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES ITS RIGHT TO A TRIAL BY
JURY TO THE EXTENT PERMITTED BY LAW IN ANY PROCEEDING ARISING OUT OF THE TERMS AND CONDITIONS OF THIS AGREEMENT. THIS WAIVER APPLIES TO ANY PROCEEDING, WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE. EACH PARTY ACKNOWLEDGES THAT IT HAS RECEIVED THE
ADVICE OF COMPETENT COUNSEL. 
 [The rest of this page is intentionally left blank.] 

  
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 IN WITNESS WHEREOF the parties hereto have caused this Agreement to be executed as of the date
first set forth above. 
  

			
	AB COMMERCIAL REAL ESTATE PRIVATE DEBT FUND, LLC
		
	By:	 	 /s/ Bradford Stanley

		 	 Name: Bradford Stanley
 Title: Vice
President

	
	ALLIANCEBERNSTEIN L.P.
		
	By:	 	 /s/ Bradford Stanley

		 	 Name: Bradford Stanley
 Title: Assistant
Secretary

 [Signature Page for Amended and Restated Investment Management Agreement] 

  
 S-1

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