Document:

Exchange Agreement

 Exhibit 10.1 

EXCHANGE AGREEMENT 

THIS EXCHANGE AGREEMENT (this “Agreement”), dated as of November 25, 2014 (the
“Effective Date”), is entered into by and among Revolution Lighting Technologies, Inc., a Delaware corporation (the “Company”) and RVL 1 LLC, a Delaware limited liability
company (the “Holder”). 
 RECITALS 

WHEREAS, the Company has agreed to issue and sell up to 8,000,000 shares, plus an over-allotment option to
the underwriters of up to 1,200,000 shares (collectively, the “Issuance Shares”) of the Common Stock, par value $0.001 per share, of the Company (the “Common Stock”) in an underwritten public offering
(the “Common Stock Offering”) pursuant to the Underwriting Agreement, dated as of the date hereof, between the Company and Roth Capital Partners, LLC (the “Underwriting Agreement”); 

WHEREAS, the Company has filed with the Secretary of State of Delaware (i) a Certificate of
Designations, Preferences and Rights of the Series B Convertible Preferred Stock (the “Series B Certificate of Designations”), (ii) a Certificate of Designations, Preferences and Rights of the Series C Senior Convertible
Preferred Stock (the “Series C Certificate of Designations”), (iii) a Certificate of Designations, Preferences and Rights of the Series E Senior Convertible Redeemable Preferred Stock (the “Series E
Certificate of Designations”) and (iv) a Certificate of Designations, Preferences and Rights of the Series G Senior Convertible Redeemable Preferred Stock (the “Series G Certificate of Designations”);

 WHEREAS, the Holder holds (i) 2 shares (the “Series B Preferred
Shares”) of Series B Convertible Preferred Stock, par value $0.001 per share, of the Company (the “Series B Preferred Stock”), which represent all of the issued and outstanding shares of Series B Preferred Stock
of the Company, (ii) 10,224 shares (the “Series C Preferred Shares”) of the Series C Senior Convertible Preferred Stock, par value $0.001 per share, of the Company (the “Series C Preferred
Stock”), which represent all of the issued and outstanding shares of Series C Preferred Stock of the Company, (iii) 5,000 shares (the “Series E Preferred Shares”) of the Series E Convertible Redeemable
Preferred Stock, par value $0.001 per share, of the Company (the “Series E Preferred Stock”), which represent all of the issued and outstanding shares of Series E Preferred Stock of the Company, and (iv) 18,000 shares
(the “Series G Preferred Shares”) of Series G Senior Convertible Redeemable Preferred Stock, par value $0.001 per share, of the Company (the “Series G Preferred Stock”), which represent all of the
issued and outstanding shares of Series G Preferred Stock of the Company; 
 WHEREAS, the Company has received the
appraisal, dated as of November 21, 2014, of Cherry Bekaert LLP, as an independent fair value measurement advisor, which estimates the “fair value” pursuant to Accounting Standards Codification (ASC) 820 of the Series B Preferred
Shares, the Series C Preferred Shares, the Series E Preferred Shares and the Series G Preferred Shares, in the aggregate, to be $59,882,251, as of the date of such appraisal; 

WHEREAS, in exchange for the issuance to the Holder of certain additional shares of Common Stock (the “Additional
Shares”), the Holder has agreed, in connection with the 

 
Common Stock Offering, to (i) convert all outstanding Series B Preferred Shares in accordance with the provisions of the Series B Certificate of Designations (the “Series B
Conversion”) into the number of shares of Common Stock (the “Series B Conversion Shares”) specified in the conversion notice for the Series B Preferred Shares (the “Series B Conversion
Notice”), (ii) convert all outstanding Series C Preferred Shares, plus any accrued and unpaid dividends thereon, in accordance with the provisions of the Series C Certificate of Designations (the “Series C
Conversion”) into the number of shares of Common Stock (the “Series C Conversion Shares”) specified in the conversion notice for the Series C Preferred Shares (the “Series C Conversion
Notice”), (iii) convert all outstanding Series E Preferred Shares, plus any accrued and unpaid dividends thereon, in accordance with the provisions of the Series E Certificate of Designations (the “Series E
Conversion”) into the number of shares of Common Stock (the “Series E Conversion Shares”) specified in the conversion notice for the Series E Preferred Shares (the “Series E Conversion
Notice”) and (iv) convert all of the Series G Preferred Shares, plus any accrued and unpaid dividends thereon, in accordance with the provisions of the Series G Certificate of Designations (the “Series G
Conversion” and, collectively with the Series B Conversion, the Series C Conversion and the Series E Conversion, the “Preferred Share Conversion”) into the number of shares of Common Stock (the “Series
G Conversion Shares” and, collectively with the Series B Conversion Shares, the Series C Conversion Shares and the Series E Conversion Shares, the “Conversion Shares”; the Conversion Shares and the Additional
Shares are referred to collectively herein as the “Exchange Shares”) specified in the conversion notice for the Series G Preferred Shares (the “Series G Conversion Notice” and, collectively with the
Series B Conversion Notice, the Series C Conversion Notice and the Series E Conversion Notice, the “Conversion Notices”); and 

WHEREAS, the Holder and the Company have agreed that the aggregate number of Exchange Shares to be issued pursuant to this Agreement
will be 36,300,171, with the allocation of that amount among the Additional Shares, the Series B Conversion Shares, the Series C Conversion Shares, the Series E Conversion Shares and the Series G Conversion Shares to be determined according to the
amounts specified in the final Conversion Notices. 
 NOW, THEREFORE, in consideration of the mutual covenants and
undertakings contained herein, and subject to and on the terms and conditions set forth herein, the parties hereto hereby agree as follows: 

Section 1. Conversion Notices. At or prior to the Exchange Time (as defined below), the Holder shall deliver to the Company the
Conversion Notices relating to the Preferred Share Conversion, duly executed by the Holder, in each case substantially in the form attached hereto as Exhibit A, and the Company hereby agrees to consummate the Preferred
Share Conversion as specified therein. 
 Section 2. Preferred Share Exchange.  

(a) Subject to the satisfaction of the conditions set forth herein, effective immediately prior to the delivery of the Issuance Shares
pursuant to Section 4(a) of the Underwriting Agreement on the Closing Date, as defined in the Underwriting Agreement (the “Exchange Time”) the Company shall issue and deliver to the Holder one or more stock certificates
representing all of the Exchange Shares, in each case registered in the name of the 

  
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Holder and bearing the legend specified in Section 5(e), and (ii) the Holder shall deliver to the Company stock powers duly endorsed in blank and original stock
certificates with respect to each of the Series B Preferred Shares, the Series C Preferred Shares, the Series E Preferred Shares and the Series G Preferred Shares. 

(b) The parties acknowledge that the Exchange Shares shall be issued to the Holder in satisfaction and exchange for all rights, title,
interest and claims of the Holder in and pursuant to the Series B Preferred Shares, the Series C Preferred Shares, the Series E Preferred Shares and the Series G Preferred Shares, as the case may be, including in each case accrued and unpaid
dividends thereon, without the payment of any additional consideration. 
 Section 3. Hold Harmless Agreement. As previously
disclosed by the Company, an affiliate of the Holder, Aston Capital, LLC, a Delaware limited liability company (“Aston”) provided approximately $9.9 million in financing in 2013 to a group of the Company’s
customers under the same ownership as each other who used the proceeds for the purchase of Company products. The Holder and Aston wish to reconfirm their agreement and understanding that (a) the Company has no obligations to Aston with respect
to the financing arrangements between the customer and Aston, (b) neither the Company nor its Subsidiaries shall be liable, responsible or accountable in damages or otherwise to the Holder, Aston or their respective affiliates for any action
taken or omitted to be taken by any of them in connection with such financing or purchase transaction, and (c) the Holder and Aston shall jointly and severally indemnify the Company and its Subsidiaries for any and all loss, liability, damage,
claim or expense whatsoever, in each case incurred in connection with or as a result of such financing or purchase transaction, except the Company’s obligations to the customer in respect of its standard warranty on the products sold.

 Section 4. Representations and Warranties of the Company. The Company hereby represents and warrants to, and covenants
with the Holder as follows: 
 (a) Organization and Qualification. The Company is a corporation duly organized, validly
existing and in good standing under the laws of the State of Delaware and the Company is qualified to do business as a foreign corporation in each jurisdiction in which such qualification is required, except where failure to be so qualified would
not reasonably be expected to result in a Material Adverse Effect (as defined below). Each Subsidiary (as defined below) is duly organized, validly existing and in good standing under the laws of its jurisdiction of formation and is qualified to do
business as a foreign entity in each jurisdiction in which such qualification is required, except where failure to be so qualified would not reasonably be expected to result in a Material Adverse Effect. For purposes of this Agreement, the term
“Material Adverse Effect” means: (a) a material adverse effect on the condition (financial or otherwise), properties, assets (including intangible assets), business, operations or results of operations of the Company and
the Subsidiaries, taken as a whole, or (b) a material adverse effect on the ability of the Company to perform its obligations under this Agreement. Schedule 4(a) sets forth each direct or indirect subsidiary of the Company (each a
“Subsidiary” and collectively, the “Subsidiaries). 
 (b) Authorized Capital Stock. As of
the date hereof and prior to the consummation of the Common Stock Offering, the Preferred Share Conversion and the issuance 

  
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of the Additional Shares contemplated hereby, the authorized capital stock of the Company consists of (i) 150,000,000 shares of Common Stock, of which 85,494,207 shares are issued and
outstanding, and (ii) 5,000,000 shares of preferred stock, par value $0.001 per share, of which (A) 1,000,000 have been designated Series B Preferred Stock, 2 shares of which are issued and outstanding, (B) 25,000 have been designated
Series C Preferred Stock, 10,224 shares of which are issued and outstanding, (C) 10,000 have been designated Series E Preferred Stock, 5,000 shares of which are issued and outstanding and (D) 36,000 have been designated Series G Preferred
Stock, 18,000 shares of which are issued and outstanding. Except as set forth on Schedule 4(b), the Company has not issued any shares since October 17, 2014, other than pursuant to employee or director equity incentive plans or
purchase plans approved by the Board of Directors of the Company (the “Board”) and upon the exercise or conversion of options, warrants and preferred stock outstanding on such date. The issued and outstanding shares of the
Common Stock of the Company have been duly authorized and validly issued, are fully paid and nonassessable, have been issued in compliance with all federal and state securities laws and were not issued in violation of or subject to any preemptive
rights or other rights to subscribe for or purchase securities. Except as set forth in Schedule 4(b) or as contemplated by this Agreement, the Company does not have outstanding any options to purchase, or any preemptive rights or other
rights to subscribe for or to purchase, any securities or obligations convertible into, or any agreements or commitments to issue or sell, shares of capital stock or other securities of the Company and there are no agreements or commitments
obligating the Company to repurchase, redeem, or otherwise acquire capital stock or other securities of the Company. Except as set forth in Schedule 4(b) or as contemplated by this Agreement, there are no agreements to which the
Company is a party or by which it is bound with respect to the voting (including without limitation voting trusts or proxies), registration under the Securities Act of 1933, as amended (the “Securities Act”), or sale or
transfer (including without limitation agreements relating to pre-emptive rights, rights of first refusal, rights of first offer, buy-sell rights, co-sale rights or “drag-along” rights) of any securities of the Company. With respect to
each Subsidiary, (i) the Company directly or indirectly owns 100% of each such Subsidiary’s capital stock, (ii) all the issued and outstanding shares of each such Subsidiary’s capital stock have been duly authorized and validly
issued, are fully paid and nonassessable, have been issued in compliance with applicable federal and state securities laws, and were not issued in violation of or subject to any preemptive rights or other rights to subscribe for or purchase
securities, (iii) there are no outstanding options to purchase, or any preemptive rights or other rights to subscribe for or to purchase, any securities or obligations convertible into, or any contracts or commitments to issue or sell, shares
of any Subsidiary’s capital stock, and (iv) there are no agreements or commitments obligating any Subsidiary to repurchase, redeem, or otherwise acquire capital stock or other securities of the Company or any such Subsidiary. The Company
does not directly or indirectly own, or have a right to acquire, any equity or similar interest in, or any interest convertible or exchangeable or exercisable for, any equity or similar interest in, any Person, other than the Subsidiaries. For
purposes of this Agreement, the term “Person” shall mean any individual, partnership, company, limited liability company, joint venture, association, joint-stock company, trust, unincorporated organization, government or
agency or political subdivision thereof, or other entity. 
 (c) Issuance, Sale and Delivery of the Shares. When issued, delivered
and paid for in accordance with the terms hereof, the Exchange Shares will be duly authorized, validly issued, fully paid and nonassessable and shall be free and clear of all liens, claims, 

  
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encumbrances and restrictions, except as imposed by applicable securities laws. No further approval or authorization of the Board will be required for the issuance and sale of the Exchange Shares
to be sold by the Company pursuant to the terms hereof. 
 (d) Due Execution, Delivery and Performance of Agreement. The Company has
full legal right, corporate power and authority to authorize, execute and deliver this Agreement, perform its obligations hereunder and consummate the transactions contemplated hereby. The execution and delivery of this agreement, the performance of
the Company’s obligations hereunder and the consummation of the transactions contemplated hereby have been duly authorized by the Company. The execution and performance of this Agreement by the Company and the consummation of the transactions
contemplated hereby will not (i) violate any provision of the organizational documents of the Company, (ii) result in the creation of any lien, pledge, hypothecation, charge, mortgage, security interest, encumbrance, restriction, adverse
claim, interference or right of third party of any nature upon any material assets of the Company pursuant to the terms or provisions of, or will not conflict with, result in the breach or violation of, or constitute, either by itself or upon notice
or the passage of time or both, a default under, any material agreement, commitment, undertaking, mortgage, deed of trust, lease, franchise, license, indenture, permit or other instrument of any nature to which the Company or any Subsidiary is a
party or by which the Company or its properties, or any Subsidiary or any Subsidiary’s properties, may be bound or affected, or (iii) violate any statute or any authorization, judgment, decree, order, rule or regulation of any court or any
regulatory body, administrative agency or other governmental or quasi-governmental body applicable to the Company or any Subsidiary or any of their respective properties. No consent, approval, authorization, order, filing with, or action by or in
respect of any court, regulatory body, administrative agency or other governmental or quasi-governmental body is required for the execution and delivery of this Agreement or the consummation of the transactions contemplated hereby, other than such
as have been made or obtained. Upon the execution and delivery of this Agreement, and assuming the valid execution thereof by the Holder, this Agreement will constitute the valid and binding obligations of the Company, enforceable in accordance with
its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors’ and contracting parties’ rights generally and except as enforceability may be subject
to general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law). 
 (e)
Board Approval. The Board has duly delegated the approval of this Agreement and the consummation of the transactions contemplated hereby (including the issuance of the Exchange Shares) to the Audit Committee of the Board (the
“Audit Committee”). The Audit Committee has, as of the date of this Agreement, at a meeting duly called and held, duly adopted resolutions to approve this Agreement and the consummation of the transactions contemplated hereby
(including the issuance of the Exchange Shares). 
 (f) Valid Offering. Assuming the representations and warranties of the Holder
contained herein are true and complete, the offer, conversion, exchange, and issuance of the Exchange Shares will be exempt from the registration requirements of the Securities Act and will have been registered or qualified (or are exempt from
registration and qualification) under the registration or qualification requirements of all applicable state securities laws. Neither the Company nor any Person acting on its behalf will knowingly take any action that would cause the loss of any
such exemption. 

  
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 (g) Litigation. There are no judicial, administrative, arbitral or mediation-related
actions, suits, proceedings (public or private) or claims or proceedings by or before any regulatory body, agency, court, tribunal or governmental or quasi-governmental entity, foreign or domestic (“Governmental Entity”)
pending or, to the knowledge of the Company, threatened that are reasonably likely to prohibit or restrain the ability of the Company to enter into this Agreement or consummate the transactions contemplated hereby. 

(h) SEC Filings; Financial Statements. 

(i) The Company has filed all forms, reports and documents required to be filed with the Securities and Exchange Commission (the
“SEC”) since January 1, 2012 , all of which are available to the Holder on the website maintained by the SEC at http://www.sec.gov/ (the “SEC Website”). All such required forms, reports and
documents (including those that the Company may file subsequent to the date hereof) are referred to herein collectively as the “Company SEC Reports.” In addition, all documents filed as exhibits to the Company SEC Reports
(“Exhibits”) are available on the SEC Website. All documents required to be filed as Exhibits to the Company SEC Reports have been so filed. As of their respective filing dates, the Company SEC Reports (i) complied in
all material respects with the requirements of the Securities Act or the Securities and Exchange Act of 1934, as amended (the “Exchange Act”), as the case may be, and the rules and regulations of the SEC thereunder applicable
to such Company SEC Reports, and (ii) did not at the time they were filed (or if amended or superseded by a subsequent filing prior to the date of this Agreement, then on the date of such subsequent filing) contain any untrue statement of a
material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. The Company is engaged only in the
business described in the Company SEC Reports and the Company SEC Reports contain a complete and accurate description in all material respects of the Company’s and the Subsidiaries’ business. 

(ii) Each of the consolidated financial statements (including, in each case, any related notes thereto) contained in the Company SEC Reports
(the “Company Financials”) (i) complied as to form in all material respects with applicable accounting requirements and with the published rules and regulations of the SEC with respect thereto as of their respective
dates, (ii) was prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) applied on a consistent basis throughout the periods involved and consistent with each other (except as
may be indicated in the notes thereto or, in the case of unaudited interim financial statements, as may be permitted by the SEC on Form 10-Q under the Exchange Act) and (iii) fairly presented in all material respects the consolidated financial
position of the Company and the Subsidiaries’ as at the respective dates thereof and the consolidated results of operations and cash flows for the periods indicated, except that the unaudited interim financial statements were or are reasonably
expected to be subject to normal and recurring year-end adjustments. There has been no material change in the Company’s accounting policies except as described in the notes to the Company Financials. The balance sheet of the Company contained
in the Company SEC Report for the quarter ended September 30, 

  
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2014, is hereinafter referred to as the “Company Balance Sheet.” Neither the Company nor any Subsidiary has incurred any obligations or liabilities (absolute, accrued,
contingent or otherwise) of any nature required to be disclosed on a balance sheet or in the related notes to the consolidated financial statements prepared in accordance with GAAP which are, individually or in the aggregate, material to the
business, operations, results of operations or condition (financial or otherwise) of the Company and the Subsidiaries taken as a whole, except liabilities (i) reflected on, reserved against, or disclosed in the notes to the Company Balance
Sheet, or (ii) incurred since the date of the Company Balance Sheet in the ordinary course of business consistent with past practice. 

(i) Absence of Certain Developments. Except as expressly contemplated by this Agreement or the Underwriting Agreement, since
September 30, 2014 through the date hereof, (i) the Company has conducted business only in the ordinary course of its business, and (ii) there has not been any Material Adverse Effect. 

(j) NASDAQ Compliance and Listing. The Common Stock is registered pursuant to Section 12(b) of the Exchange Act and is listed on
the NASDAQ Capital Market. The Company has taken no action designed to, or likely to have the effect of, terminating the registration of the Common Stock under the Exchange Act or delisting the Common Stock from the NASDAQ Capital Market. No order
ceasing or suspending trading in any securities of the Company or prohibiting the Common Stock Offering or the issuance and/or sale of the Exchange Shares pursuant to this Agreement is in effect and no proceedings for such purpose are pending or
threatened. The Company is in compliance with the continued listing requirements and standards of the NASDAQ Capital Market with respect to the Common Stock. 

Section 5. The Holder’s Representations and Warranties. The Holder hereby represents and warrants to, and covenants with, the
Company as follows: 
 (a) Investment Representations and Covenants. The Holder is knowledgeable, sophisticated and experienced in
making, and is qualified to make, decisions with respect to investments in securities including the Exchange Shares it is receiving hereunder. The Holder is acquiring the Exchange Shares in the ordinary course of its business and for its own account
for investment only and with no present intention of distributing any of such Exchange Shares or any arrangement or understanding with any other persons regarding the distribution of such Exchange Shares within the meaning of Section 2(11) of
the Securities Act. The Holder will not, directly or indirectly, offer, sell, pledge, transfer or otherwise dispose of (or solicit any offers to buy, purchase or otherwise acquire or take a pledge of) any of the Exchange Shares except in compliance
with the Securities Act, applicable state securities laws and the respective rules and regulations promulgated thereunder. The Holder is an “accredited investor” within the meaning of Rule 501 of Regulation D promulgated under the
Securities Act. The Holder understands that its acquisition of the Exchange Shares has not been registered under the Securities Act or registered or qualified under any state securities laws in reliance on specific exemptions therefrom, which
exemptions may depend upon, among other things, the bona fide nature of its investment intent as expressed herein. 
 (b) Authorization;
Validity of Agreement. The Holder has full right, power, authority and capacity to enter into this Agreement and to consummate the transactions 

  
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contemplated hereby and has taken all necessary action to authorize the execution, delivery and performance of this Agreement. Upon the execution and delivery of this Agreement, assuming the
valid execution thereof by the Company and the other parties thereto, this Agreement shall constitute valid and binding obligations of the Holder enforceable in accordance with its terms, except as enforceability may be limited by applicable
bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors’ and contracting parties’ rights generally and except as enforceability may be subject to general principles of equity (regardless of whether such
enforceability is considered in a proceeding in equity or at law). 
 (c) No Conflict. The execution, delivery and performance of
this Agreement and the consummation of the transactions contemplated hereby by the Holder will not result in any violation of, be in conflict with or constitute a default under, any law, statute, regulation, ordinance, material contract or
agreement, instrument, judgment, decree or order to which the Holder is a party or by which it is bound, except as would not reasonably be expected to have a material adverse effect on the ability of the Holder to consummate the transactions
contemplated hereby. 
 (d) No Legal, Tax or Investment Advice. The Holder understands that nothing in this Agreement, the SEC
Documents or any other materials presented to the Holder in connection with the exchange for the Exchange Shares constitutes legal, tax or investment advice. The Holder has consulted such legal, tax and investment advisors as it, in its sole
discretion, has deemed necessary or appropriate in connection with its exchange for the Exchange Shares. The Holder acknowledges that it has not relied on any representation or warranty from the Company or any other Person in making its investment
or decision to invest in the Company, except as expressly set forth in this Agreement. 
 (e) Restrictive Legend. The Holder
understands that, until such time as a registration statement covering the Exchange Shares has been declared effective or the Exchange Shares may be sold pursuant to Rule 144 under the Securities Act without any restriction as to the number of
securities as of a particular date that can then be immediately sold, the Exchange Shares shall bear a restrictive legend in substantially the following form (and a stop-transfer order may be placed against transfer of the certificates for the
Exchange Shares): 
 “THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. THE SECURITIES MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER SAID ACT, OR AN OPINION OF COUNSEL, IN FORM, SUBSTANCE AND SCOPE REASONABLY ACCEPTABLE TO THE COMPANY,
THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR UNLESS SOLD PURSUANT TO RULE 144 UNDER SAID ACT.” 

  
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 Section 6. Covenants. 

(a) General. 
 (i) At
and from time to time after the Closing Date, at the request of any party hereto, the other parties shall execute and deliver such additional certificates, instruments, and other documents and take such other actions as such party may reasonably
request in order to carry out the purposes of this Agreement. 
 (ii) Each party hereto shall promptly inform the other party of any
communication from any Governmental Entity regarding any of the transactions contemplated by this Agreement. If any party or affiliate thereof receives a request for additional information or documentary material from any such Governmental Entity in
respect of the transactions contemplated hereby, then such party will endeavor in good faith to make, or cause to be made, as soon as reasonably practicable and after consultation with the other party, an appropriate response in compliance with such
request. 
 (b) Public Announcements. The Company and the Holder will consult with each other and will mutually agree (the agreement
of each party not to be unreasonably withheld) upon the content and timing of any press release or other public statement in respect of the transactions contemplated hereby and shall not issue any such press release or make any such public statement
prior to such consultation and agreement, except as may be required by applicable law. 
 (c) NASDAQ Matters. 

(i) The Company shall comply with all requirements of the NASDAQ Capital Market with respect to the Common Stock Offering and the issuance of
the Exchange Shares pursuant to this Agreement. The Company shall take all necessary actions, including without limitation (x) providing appropriate notice to the NASDAQ Capital Market with respect to the Exchange Shares in order to obtain the
listing of the Exchange Shares on the NASDAQ Capital Market as soon as reasonably practicable and (y) to the extent required, compliance with NASDAQ Listing Rule 5635 and Rule 14d-2 under the Exchange Act. Following the Closing Date and for so
long as the Company qualifies as a “Controlled Company” (as defined in the NASDAQ Listing Rules), the Company shall comply with such requirements of the NASDAQ Capital Market as shall permit the Company to rely on the “Controlled
Company” exemption from the requirements of NASDAQ Listing Rules 5605(b), (d) and (e), including without limitation, complying with the disclosure requirements set forth in Instruction 1 to Item 407(a) of Regulation S-K of the
Securities Act of 1933, as amended. 
 (ii) To the extent required by NASDAQ Listing Rule 5635, RVL shall execute a stockholder consent
approving the Common Stock Offering and/or the issuance of the Exchange Shares pursuant to this Agreement. 
 Section 7.
Survival. The representations and warranties contained herein or in any certificate or other writing delivered pursuant hereto or in connection herewith shall survive the Closing Date until the eighteen (18) month anniversary of the Closing
Date and any investigation or finding made by or on behalf of the Holder or the Company; provided that the representations and warranties in Sections 4(a), (b), (c) and (d) shall survive indefinitely or until
the latest date permitted by law. The covenants and agreements contained herein or in any certificate or other writing delivered pursuant hereto or in connection herewith shall survive the Closing Date

  
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indefinitely or for the shorter period explicitly specified herein or therein. Notwithstanding the preceding sentences, any breach of representation, warranty, covenant or agreement in respect of
which indemnity may be sought under this Agreement shall survive the time at which it would otherwise terminate pursuant to the preceding sentences, if written notice of the inaccuracy or breach thereof giving rise to such right of indemnity shall
have been given to the party against whom such indemnity may be sought prior to such time. 
 Section 8. Closing Conditions. The
respective obligations of the parties hereunder to consummate the transactions contemplated by this Agreement, including the effectiveness of the Conversion Notices and issuance of the Exchange Shares, are subject to (a) the satisfaction of the
conditions specified in Section 6 of the Underwriting Agreement and (b) the receipt of the approval of the listing of the Exchange Shares on the NASDAQ Capital Market. 

Section 9. Broker’s Fee. Except as set forth in Schedule 9, each of the parties hereto hereby represents to the
other party that, on the basis of any actions and agreements by it, no Person has acted, directly or indirectly, as a broker, finder or financial advisor for such party in connection with the transactions contemplated by this Agreement and no Person
is entitled to any fee or commission or like payment in respect thereof. 
 Section 10. Assignment. This Agreement and the
rights and obligations hereunder shall not be assigned, delegated, or otherwise transferred (whether by operation of law, by contract, or otherwise) without the prior written consent of the other parties hereto. The Company shall execute such
acknowledgements of such assignments and collateral assignments in such forms as the other parties may from time to time reasonably request. Any attempted assignment, delegation, or transfer in violation of this Section 10 shall
be void and of no force or effect. 
 Section 11. Expenses. Upon the Closing Date, the Company shall pay the legal, accounting,
financing and due diligence expenses incurred by the Holder in connection with such transactions contemplated hereby up to a maximum of $50,000, and (b) the legal and other costs and expenses incurred by the Company in connection with the
transactions contemplated hereby will be borne by the Company. 
 Section 12. Notices. All notices, requests, consents and other
communications hereunder shall be in writing, shall be mailed by first-class registered or certified airmail, facsimile (with receipt confirmed by telephone) or nationally recognized overnight express courier postage prepaid, and shall be deemed
given when so mailed and shall be delivered as addressed as follows: 
  

	 	(a)	if to the Company, to: 

 Revolution Lighting Technologies, Inc. 

177 Broad Street 
 Stamford, CT
06901 
 Attention: President 

Telecopy No.: (204) 504-1150 

  
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 with copies to: 

Baker, Donelson, Bearman, Caldwell & Berkowitz, PC 

200 South Orange Avenue, Suite 2900 

Orlando, Florida 32801 
 Attn.:
Suzan A. Abramson, Esq. 
 Telecopy No.: (407) 264-8243 

Telephone No.: (407) 367-5436 

or to such other person at such other place as the Company shall designate in writing; and 

 

	 	(b)	if to the Holder, to: 

 RVL 1 LLC 

177 Broad Street 
 Stamford, CT
06901 
 Attention: Robert V. LaPenta 

with a copy to: 
 Lowenstein
Sandler LLP 
 1251 Avenue of the Americas 

New York, NY 10020 
 Attention:
Marita A. Makinen, Esq. 
 Telephone No.: (212) 419-5843 

Telecopy No.: (973) 535-3357 
 or at such
other address as may have been furnished to the Company in writing. 
 Section 13. Changes. This Agreement may not be modified
or amended except pursuant to an instrument in writing signed by each of the parties hereto. 
 Section 14. Headings. The
headings of the various Sections of this Agreement have been inserted for convenience of reference only and shall not be deemed to be part of this Agreement. 

Section 15. Severability. In case any provision contained in this Agreement should be invalid, illegal or unenforceable in any
respect, the validity, legality and enforceability of the remaining provisions contained herein shall not in any way be affected or impaired thereby. 

Section 16. Counterparts. This Agreement may be executed in two or more counterparts, each of which shall constitute an original,
but all of which, when taken together, shall constitute but one instrument, and shall become effective when one or more counterparts have been signed by each party hereto and delivered to the other parties. The submission of a signature page
transmitted by facsimile (or other electronic transmission, including pdf) shall be considered as an “original” signature page for purposes of this Agreement. 

  
 -11- 

 Section 17. Entire Agreement. This Agreement, the attached Exhibits and Schedules,
and the other agreements, documents and instruments contemplated hereby and referenced herein contain the entire understanding of the parties, and there are no further or other agreements or understanding, written or oral, in effect between the
parties relating to the subject matter hereof. 
 Section 18. No Strict Construction. Each of the parties hereto acknowledges
that this Agreement has been prepared jointly by the parties hereto, and shall not be strictly construed against any party. 
 [Signature
Pages Follow] 

  
 -12- 

 IN WITNESS WHEREOF, this Agreement has been executed and delivered as of the date and year
first above written by the undersigned, or a duly authorized officer or representative thereof, as the case may be. 
  

					
	REVOLUTION LIGHTING TECHNOLOGIES, INC.
		
	By:	 	 /s/ Charles J. Schafer

		 	Name:	 	Charles J. Schafer
		 	Title:	 	President and Chief Financial Officer
	
	RVL 1 LLC
		
	By:	 	 /s/ James DePalma

		 	Name:	 	James DePalma
		 	Title:	 	Managing Member
	
	Solely for the purposes of Section 3 of this Agreement:
	
	ASTON CAPITAL, LLC
		
	By:	 	 /s/ James DePalma

		 	Name:	 	James DePalma
		 	Title:	 	Vice Chairman

 Exhibit A 

Form of Conversion Notice 

RVL 1 LLC 
 c/o Aston Capital LLC

 177 Broad Street 
 Stamford, CT
06901 
 November [—], 2014 

Revolution Lighting Technologies, Inc. 
 177 Broad Street 

Stamford, CT 06901 
 Attention: Robert V. LaPenta, Chief Executive
Officer 
 Re: Notice of Election to [(i) Receive In Kind Dividend and (ii)] Convert Series
[—] Preferred Stock 
 Dear Mr. LaPenta: 

Reference is hereby made to that certain Certificate of Designations, Preferences and Rights of the Series [—] Preferred Stock of Revolution Lighting Technologies, Inc. (the “Corporation”), as filed with the Secretary of State for the State of Delaware on
[—] (the “Certificate of Designations”). Capitalized terms used herein but not otherwise defined shall have the meanings ascribed to such terms in the Certificate of Designations.

 [Pursuant to Section 4(a) of the Certificate of Designations, RVL 1 LLC (“RVL”), as holder of [—] shares of Series [—] Preferred Stock (the “RVL Shares”), hereby elects to be paid the Series
[—] Dividend, as accrued but unpaid through November 21, 2014, in kind through the issuance of [—] shares of Series [—] Preferred Stock (the “PIK Dividend”), calculated in accordance with the Certificate of Designations.] 

Pursuant to Section 7(a) of the Certificate of Designations, RVL hereby elects to convert
[—] shares of Series [—] Preferred Stock held by RVL[, equivalent to the RVL Shares plus the PIK Dividend,] into [—] fully paid and nonassessable shares of Common Stock (the “Optional Conversion”). In accordance with the Certificate of Designations, such number of shares of Common Stock is
calculated by: (i) multiplying [—] shares of Series [—] Preferred Stock by the Series
[—] Stated Value ($[—]); and (ii) dividing the result obtained pursuant to clause (i) above by the Series [—] Conversion Price ($[—]). 
 This notice
and the election[s] made hereunder with respect to [the PIK Dividend and] the Optional Conversion shall be effective immediately upon the satisfaction of the conditions set forth in Section 8 of that certain Exchange Agreement, dated as of
November 25, 2014, by and between the Corporation and RVL (the “Exchange Agreement”). For the avoidance of doubt, the election[s] described herein shall not be deemed to be made, and this notice shall be of no force or effect,
unless and until the conditions set forth in Section 8 of the Exchange Agreement shall have been satisfied. 

 
					
	Very truly yours,
	
	RVL 1 LLC
		
	By:	 	  

		 	Name:	 	James A. DePalma
		 	Title:	 	Vice Chairman, Senior Managing PartnerExhibit 10.2  Form of Advisory Agreement

Exhibit 10.2

ADVISORY AGREEMENT
AMONG
NORTHSTAR/RXR NEW YORK METRO INCOME, INC.,
NORTHSTAR/RXR OPERATING PARTNERSHIP, LP,
NSAM J-NS/RXR LTD
AND
NORTHSTAR ASSET MANAGEMENT GROUP INC.
 

TABLE OF CONTENTS
	
			
	ARTICLE 1 - DEFINITIONS
	 
	1

	ARTICLE 2 - APPOINTMENT
	 
	5

	ARTICLE 3 - DUTIES OF THE ADVISOR
	 
	5

	3.01 Offering Services
	 
	5

	3.02 Acquisition Services
	 
	6

	3.03 Asset Management Services
	 
	6

	3.04 Accounting and Other Administrative Services
	 
	7

	3.05 Stockholder Services
	 
	8

	3.06 Financing Services
	 
	8

	3.07 Disposition Services
	 
	8

	ARTICLE 4 - AUTHORITY OF ADVISOR
	 
	8

	4.01 Powers of the Advisor
	 
	8

	4.02 Approval by the Board
	 
	8

	4.03 Modification or Revocation of Authority of Advisor
	 
	8

	ARTICLE 5 - BANK ACCOUNTS
	 
	9

	ARTICLE 6 - RECORDS AND ACCESS
	 
	9

	ARTICLE 7 - LIMITATION ON ACTIVITIES
	 
	9

	ARTICLE 8 - FEES
	 
	9

	8.01 Acquisition Fees
	 
	9

	8.02 Asset Management Fees
	 
	10

	8.03 Disposition Fees
	 
	10

	8.04 Operating Partnership Interests
	 
	10

	8.05 Changes to Fee Structure
	 
	10

	8.06 Payment in Shares
	 
	10

	ARTICLE 9 - EXPENSES
	 
	11

	9.01 General
	 
	11

	9.02 Timing of and Additional Limitations on Reimbursements
	 
	12

	ARTICLE 10 - OTHER SERVICES
	 
	12

	ARTICLE 11 - VOTING AGREEMENT
	 
	12

	ARTICLE 12 - RELATIONSHIP OF ADVISOR AND COMPANY; OTHER  ACTIVITIES OF THE ADVISOR
	 
	13

	12.01 Relationship
	 
	13

	12.02 Time Commitment
	 
	13

	12.03 Investment Opportunities and Allocation
	 
	13

	ARTICLE 13 --THE NORTHSTAR NAME
	 
	13

	ARTICLE 14 - TERM AND TERMINATION OF THE AGREEMENT
	 
	14

	14.01 Term
	 
	14

	14.02 Termination by the Parties
	 
	14

	14.03 Payments on Termination and Survival of Certain Rights and Obligations
	 
	14

	ARTICLE 15 - ASSIGNMENT
	 
	14

	ARTICLE 16 - INDEMNIFICATION AND LIMITATION OF LIABILITY
	 
	15

i

	
			
	16.01 Indemnification
	 
	15

	16.02 Limitation on Indemnification
	 
	15

	16.03 Limitation on Payment of Expenses
	 
	15

	16.04 Indemnification by Advisor
	 
	15

	ARTICLE 17 - NON-SOLICITATION
	 
	16

	ARTICLE 18 - MISCELLANEOUS
	 
	16

	18.01 Notices
	 
	16

	18.02 Modification
	 
	16

	18.03 Severability
	 
	16

	18.04 Construction
	 
	16

	18.05 Entire Agreement
	 
	17

	18.06 Waiver
	 
	17

	18.07 Gender
	 
	17

	18.08 Titles Not to Affect Interpretation
	 
	17

	18.09 Counterparts
	 
	17

ii

ADVISORY AGREEMENT
THIS ADVISORY AGREEMENT (this “Agreement”), dated as of [•], 2014, and effective as of the date that the Registration Statement (as defined below) is declared effective by the Securities and Exchange Commission (the “Effective Date”), is entered into by and among NorthStar/RXR New York Metro Income, Inc., a Maryland corporation (the “Company”), NorthStar/RXR Operating Partnership, LP, a Delaware limited partnership (the “Operating Partnership”), NSAM J-NS/RXR Ltd, a Jersey limited company (the “Advisor”) and, solely in connection with the obligations set forth in Article 13, NorthStar Asset Management Group Inc., a Delaware corporation (“NSAM”).  Capitalized terms used herein shall have the meanings ascribed to them in Section 1 below.
W I T N E S S E T H
WHEREAS, the Company intends to qualify as a REIT, and to invest its funds in investments permitted by the terms of Sections 856 through 860 of the Code;
WHEREAS, the Company is the general partner of the Operating Partnership and intends to conduct all of its business and make all or substantially all Investments through the Operating Partnership;
WHEREAS, the Company and the Operating Partnership desire to avail themselves of the knowledge, experience, sources of information, advice, assistance and certain facilities available to the Advisor and to have the Advisor undertake the  duties and responsibilities set forth herein, on behalf of, and subject to the supervision of, the Board 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, on the terms and conditions hereinafter set forth. 
NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants and agreements contained herein, the parties hereto agree as follows: 
ARTICLE 1
DEFINITIONS
As used in this Agreement, the following terms shall have the meanings specified below: 
Acquisition Expenses means any and all expenses, excluding Acquisition Fees incurred by the Company, the Operating Partnership, the Advisor, the Sub-Advisor or any of their Affiliates in connection with the selection or acquisition of any Investments, whether or not acquired or originated, as applicable, including, without limitation, legal fees and expenses, travel and communications expenses, costs of appraisals, nonrefundable option payments on properties or other investments not acquired, accounting fees and expenses, title insurance premiums and the costs of performing due diligence. 
Acquisition Fees means the fee payable to the Advisor pursuant to Section 8.01 plus all other fees and commissions, excluding Acquisition Expenses, paid by any Person to any Person, including the Sub-Advisor, in connection with making or investing in any Investments or the purchase, development or construction of any Property by the Company. Included in the computation of such fees or commissions shall be any real estate commission, selection fee, Development Fee, Construction Fee, nonrecurring management fee, loan fees or points or any fee of a similar nature, however designated. Excluded shall be development fees and construction fees paid to Persons not Affiliated with the Advisor in connection with the actual development and construction of a Property.
Advisers Act has the meaning set forth in Article 15.
Advisor means: (i) NSAM J-NS/RXR Ltd, a Jersey limited company; or (ii) any successor advisor to the Company. 
Advisor Entities means the Advisor and the Sub-Advisor.
Affiliate or Affiliated means with respect to any Person: (i) any Person directly or indirectly controlling, controlled by, or under common control with such other Person; (ii) any Person directly or indirectly owning, 

1

controlling, or holding with the power to vote 10.0% or more of the outstanding voting securities of such other Person; (iii) any legal entity for which such Person acts as an executive officer, director, trustee, or general partner; (iv) any Person 10.0% or more of whose outstanding voting securities are directly or indirectly owned, controlled, or held, with power to vote, by such other Person; and (v) any executive officer, director, trustee, or general partner of such other Person. An entity shall not be deemed to control or be under common control with a program sponsored by the sponsor of the Company unless (A) the entity owns 10.0% or more of the voting equity interests of such program or (B) a majority of the Board (or equivalent governing body) of such program is composed of Affiliates of the entity. 
Asset Management Fee means the fees payable to the Advisor pursuant to Section 8.02. 
Average Invested Assets means, for a specified period, the average of the aggregate book value of the assets of the Company invested, directly or indirectly, in Investments before reserves for depreciation or bad debts or other similar non-cash reserves, computed by taking the average of such values at the end of each month during such period. 
Board means the board of directors of the Company, as of any particular time. 
Bylaws means the bylaws of the Company, as amended from time to time. 
Cause means with respect to the termination of this Agreement, fraud, criminal conduct, misconduct, negligence or breach of fiduciary duty by the Advisor, or a material breach of this Agreement by the Advisor. 
Charter means the articles of incorporation of the Company, as amended from time to time. 
Code means the Internal Revenue Code of 1986, as amended from time to time, or any successor statute thereto. Reference to any provision of the Code shall mean such provision as in effect from time to time, as the same may be amended, and any successor provision thereto, as interpreted by any applicable regulations as in effect from time to time. 
Company means NorthStar/RXR New York Metro Income, Inc., a corporation organized under the laws of the State of Maryland. 
Construction Fee means a fee or other remuneration for acting as general contractor and/or construction manager to construct improvements, supervise and coordinate projects or provide major repairs or rehabilitations on a Property.
Contract Sales Price means the total consideration received by the Company for the Sale, partial Sale or syndication of an Investment. 
Cost of Investments means the sum of: (i) with respect to the acquisition or origination of a Property, Loan or other permitted investment to be wholly owned, directly or indirectly, by the Company, the amount actually paid or allocated to fund the acquisition, origination, development, construction or improvement of the Property, Loan or other permitted investment, inclusive of expenses associated with such Property, Loan or other permitted investment and the amount of any debt associated with, or used to fund the investment in, such Property, Loan or other permitted investment; and (ii) with respect to the acquisition or origination of a Property, Loan or other permitted investment through any Joint Venture, the portion of the amount actually paid or allocated to fund the acquisition, origination, development, construction or improvement of the Property, Loan or other permitted investment, inclusive of expenses associated with such Property, Loan or other permitted investment and expenses of the Joint Venture, plus the amount of any debt associated with, or used to fund the investment in, such Property, Loan or other permitted investment that is attributable to the Company’s investment in such Joint Venture.
Dealer Manager means NorthStar Realty Securities, LLC, a Delaware limited liability company, or such other Person or entity selected by the Board to act as dealer manager for the Offering. 
Development Fee means a fee for the packaging of a Property, including the negotiation and approval of plans, and any assistance in obtaining zoning and necessary variances and financing for a specific Property, either initially or at a later date.

2

Disposition Fee means the fees payable to the Advisor pursuant to Section 8.03. 
Distribution means any distributions of money or other property by the Company to Stockholders, including distributions that may constitute a return of capital for federal income tax purposes. 
Excess Amount has the meaning set forth in Section 9.02.
Expense Year has the meaning set forth in Section 9.02.
FINRA means the Financial Industry Regulatory Authority, Inc.
GAAP means generally accepted accounting principles as in effect in the United States of America from time to time. 
Good Reason means either: (i) any failure by the Company or the Operating Partnership to obtain a satisfactory agreement from any successor to the Company or the Operating Partnership to assume and agree to perform the Company’s or the Operating Partnership’s obligations under this Agreement; or (ii) any material breach of this Agreement of any nature whatsoever by the Company or the Operating Partnership.
Gross Proceeds means the aggregate purchase price of all Shares sold for the account of the Company through an Offering, without deduction for Organization and Offering Expenses, and not including Shares sold pursuant to the Company’s distribution reimbursement plan. 
Independent Directors has the meaning set forth in the Charter.
Initial Public Offering means the initial public offering of Shares registered on Registration Statement No. 333-[•] on Form S-11. 
Investments means any investments by the Company or the Operating Partnership in Properties, Loans and all other permitted investments in which the Company or the Operating Partnership may acquire an interest, either directly or indirectly, including through ownership interests in a Joint Venture, pursuant to its Charter, Bylaws or operating partnership agreement, as applicable, and the investment objectives and policies adopted by the Board from time to time, other than short-term investments acquired for purposes of cash management.
Joint Venture means any joint venture, limited liability company, partnership or other entity pursuant to which the Company is a co-venturer or partner with respect to the ownership of any Investments. 
Listing means the listing of the Shares on a national securities exchange.  Upon such Listing, the Shares shall be deemed “Listed.”
Loans means mortgage loans and other types of debt financing investments made by the Company or the Operating Partnership, either directly or indirectly, including through ownership interests in a Joint Venture, including, without limitation, mezzanine loans, B-notes, bridge loans, convertible debt, wraparound mortgage loans, construction mortgage loans, loans on leasehold interests, and participations in such loans. 
NASAA REIT Guidelines means the Statement of Policy Regarding Real Estate Investment Trusts published by the North American Securities Administrators Association as in effect on the Effective Date. 
Net Income means, for any period, the Company’s total revenues applicable to such period, less the total expenses applicable to such period excluding additions to reserves for depreciation, bad debts or other similar non-cash reserves; provided, however, Net Income for purposes of calculating total allowable Operating Expenses (as defined herein) shall exclude the gain from the sale of the Company’s assets. 
NSAM means NorthStar Asset Management Group Inc., a corporation organized under the laws of the State of Delaware.
Offering means any offering of Shares that is registered with the SEC, excluding Shares offered under any employee benefit plan. 

3

Operating Expenses means all costs and expenses paid or incurred by the Company, as determined under GAAP, that in any way are related to the operation of the Company or its business, including fees paid to the Advisor, but excluding: (i) the expenses of raising capital such as Organization and Offering Expenses, legal, audit, accounting, underwriting, brokerage, listing, registration, and other fees, printing and other such expenses and taxes incurred in connection with the issuance, distribution, transfer, registration and Listing; (ii) interest payments; (iii) taxes; (iv) non-cash expenditures such as depreciation, amortization, bad debt reserves and equity-based compensation; (v) incentive fees; and (vi) Acquisition Fees, origination fees, Acquisition Expenses, real estate commissions on the resale of real property and other fees and expenses connected with the acquisition, financing, disposition, management and ownership of real estate interests, loans or other property, including the costs of foreclosure, insurance premiums, legal services, maintenance, repair, and improvement of property.  The definition of “Operating Expenses” set forth above is not intended to expand the type of expenses that are treated as “Total Operating Expenses” under the NASAA REIT Guidelines.  
Operating Partnership means NorthStar/RXR Operating Partnership, LP, a Delaware limited partnership formed to own and operate Investments on behalf of the Company.
Operating Partnership Agreement means the limited partnership agreement among the Company and NorthStar/RXR NTR OP Holdings, LLC.
OP Units means the units of limited partnership interest in the Operating Partnership.
Organization and Offering Expenses means any and all costs and expenses incurred by or on behalf of the Company and to be paid from the assets of the Company in connection with the formation of the Company and the qualification and registration of an Offering, and the marketing and distribution of Shares, including, without limitation, total underwriting and brokerage discounts and commissions (including fees of the underwriters’ attorneys), expenses for printing, preparing and amending registration statements or supplementing prospectuses, mailing and distributing costs, salaries of employees while engaged in sales activity, telephone and other telecommunications costs, all advertising and marketing expenses, charges of transfer agents, registrars, trustees, escrow holders, depositories and experts and fees, expenses and taxes related to the filing, registration and qualification of the sale of the Shares under federal and state laws, including taxes and fees and accountants’ and attorneys’ fees.
Person means an individual, corporation, partnership, estate, trust (including a trust qualified under Section 401(a) or 501(c) (17) of the Code), a portion of a trust permanently set aside for or to be used exclusively for the purposes described in Section 642(c) of the Code, association, private foundation within the meaning of Section 509(a) of the Code, joint stock company or other entity, or any government or any agency or political subdivision thereof, and also includes a group as that term is used for purposes of Section 13(d)(3) of the Securities Exchange Act of 1934, as amended. 
Property means any real property or properties, including leasehold interests in any real property or properties, transferred or conveyed to the Company or the Operating Partnership, either directly or indirectly, including through ownership interests in a Joint Venture. 
Prospectus means the Company’s final prospectus for any public offering within the meaning of Section 2(10) of the Securities Act of 1933, as amended.
Registration Statement means the registration statement filed by the Company with the SEC on Form S-11 (Reg. No. 333-[•]), as amended from time to time, in connection with the Initial Public Offering. 
REIT means a “real estate investment trust” under Sections 856 through 860 of the Code. 
Sale means any transaction or series of transactions whereby: (A) the Company or the Operating Partnership sells, grants, transfers, conveys, or relinquishes its ownership of any Investment or portion thereof, including the transfer of any Property that is the subject of a ground lease, including any event with respect to any Investment that gives rise to a significant amount of insurance proceeds or condemnation awards, and including the issuance by one of the Company’s subsidiaries of any asset-backed securities or collateralized debt obligations as part of a securitization transaction; (B) the Company or the Operating Partnership sells, grants, transfers, conveys, or relinquishes its ownership of all or substantially all of the interest of the Company or the Operating Partnership in 

4

any Joint Venture in which it is a partner; or (C) any Joint Venture in which the Company or the Operating Partnership is a co-venturer or partner, sells, grants, transfers, conveys, or relinquishes its ownership of any Investment or portion thereof, including any event with respect to any Investment that gives rise to insurance claims or condemnation awards, and including the issuance by such Joint Venture or one of its subsidiaries of any asset-backed securities or collateralized debt obligations as part of a securitization transaction. 
SEC means the United States Securities and Exchange Commission.
Securities means any 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, 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. 
Shares means shares of common stock of the Company, par value $0.01 per share. 
Special OP Units means the separate series of limited partnership interests to be issued in accordance with Section 8.04.
Stockholders means the registered holders of the Shares. 
Sub-Advisor means (i) RXR NTR Sub-Advisor LLC or (ii) any successor sub-advisor which enters into similar arrangements with the Advisor. 
Sub-Advisory Agreement means the Sub-Advisory Agreement among the Advisor, the Sub-Advisor, the Operating Partnership and the Company. 
Termination Date means the date of termination of the Agreement determined in accordance with Article 14 hereof. 
2%/25% Guidelines means the requirement pursuant to the NASAA REIT Guidelines that, in any period of four consecutive fiscal quarters, total Operating Expenses not exceed the greater of 2.0% of the Company’s Average Invested Assets during such 12-month period or 25.0% of the Company’s Net Income over the same 12-month period, unless the Board makes certain determinations. 
ARTICLE 2
APPOINTMENT
The Company and the Operating Partnership hereby appoint the Advisor to serve as their advisor and asset manager on the terms and conditions set forth in this Agreement, and the Advisor hereby accepts such appointment. 
ARTICLE 3
DUTIES OF THE ADVISOR
The Advisor is responsible for managing, operating, directing and supervising the operations and administration of the Company and its assets.  The Advisor, either directly or through the Sub-Advisor, Affiliates or third parties it retains, undertakes to use its commercially reasonable efforts to present to the Company and the Operating Partnership potential investment opportunities, to make investment decisions on behalf of the Company subject to the limitations in the Company’s Charter, the direction and oversight of the Board and Section 4.03 hereof, and to provide the Company with a continuing and suitable investment program consistent with the investment objectives and policies of the Company as determined and adopted from time to time by the Board.  The Advisor will oversee and remain responsible for all duties delegated to the Sub-Advisor.  Subject to the limitations set forth in this Agreement, including Article 4 hereof, and the continuing and exclusive authority of the Board over the management of the Company, the Advisor shall, either directly or by engaging the Sub-Advisor, Affiliates or third parties, perform the following duties: 
3.01 Offering Services. The Advisor shall manage and supervise: 

5

(i) Development of the Initial Public Offering and any subsequent or simultaneous Offering approved by the Board, including the determination of the specific terms of the securities to be offered by the Company, preparation of all offering and related documents, and obtaining all required regulatory approvals of such documents; 
 (ii) Along with the Dealer Manager, approval of the participating broker-dealers and negotiation of the related selling agreements; 
 (iii) Coordination of the due diligence process relating to participating broker-dealers and their review of the Registration Statement and other Offering and Company documents; 
 (iv) Preparation and approval of all marketing materials contemplated to be used by the Dealer Manager or others relating to the Offering; 
 (v) Along with the Dealer Manager, negotiation and coordination with the transfer agent of the receipt, collection, processing and acceptance of subscription agreements, commissions, and other administrative support functions; 
 (vi) Creation and implementation of various technology and electronic communications related to the Offering; and 
 (vii) All other services related to the Offering, other than services that (a) relate to the underwriting, marketing, distribution or sale of Securities in the Initial Public Offering and any subsequent or simultaneous Offering approved by the Board, (b) are to be performed by the Dealer Manager, (c) the Company elects to perform directly or (d) would require the Advisor to register as a broker-dealer with the SEC, FINRA or any state. 
3.02 Acquisition Services. 
The Advisor shall:
 (i) Serve as the Company’s investment and financial advisor and obtain certain market research and economic and statistical data in connection with the Company’s Investments and investment objectives and policies; 
 (ii) Subject to Article 4 hereof and the investment objectives and policies of the Company: (a) locate, analyze and select potential Investments; (b) structure and negotiate the terms and conditions of transactions pursuant to which the Investments will be made; and (c) acquire Investments on behalf of the Company; 
 (iii) Oversee the due diligence process related to prospective investments; 
 (iv) Prepare reports regarding prospective investments which include recommendations and supporting documentation necessary for the Board to evaluate the prospective investments; 
 (v) Obtain reports, where appropriate, concerning the value and condition of prospective investments of the Company; and 
 (vi) Negotiate and execute approved Investments and other transactions. 
3.03 Asset Management Services. 
The Advisor shall:
(i) Investigate, select, and, on behalf of the Company, engage and conduct business with such Persons as the Advisor deems necessary to the proper performance of its obligations hereunder, including but not limited to consultants, accountants, lenders, technical advisors, attorneys, brokers, underwriters, corporate fiduciaries, escrow agents, depositaries, custodians, agents for collection, insurers, insurance agents, developers, construction companies, contractors, sub-contractors and any and all Persons acting in any other capacity deemed by the Advisor necessary or desirable for the performance of any of the foregoing services; 
 (ii) Monitor applicable markets and obtain reports where appropriate, concerning the value and condition of Investments of the Company; 

6

 (iii) Monitor and evaluate the performance of Investments of the Company, provide daily management services to the Company and perform and supervise the various management and operational functions related to the Company’s Investments; 
(iv) Formulate and oversee the implementation of strategies for the administration, promotion, management, operation, maintenance, improvement, redevelopment, repositioning, financing and refinancing, marketing, leasing and disposition of Investments on an overall portfolio basis;
(v) Coordinate and manage relationships between the Company and any Joint Venture partners; and 
 (vi) Provide financial and operational planning services and investment portfolio management functions. 
3.04 Accounting and Other Administrative Services.  
The Advisor shall:
(i) Manage and perform the various administrative functions necessary for the management of the day-to-day operations of the Company; 
(ii) From time-to-time, or at any time reasonably requested by the Board, make reports to the Board on the Advisor’s performance of services to the Company under this Agreement; 
(iii) Make reports to the Board, at least annually, of the allocation of Investments that have been allocated by NSAM to the Company and any other programs advised, sponsored or organized by NSAM or its Affiliates;  
(iv) Coordinate with the Company’s independent auditors to prepare and deliver to the Company’s audit committee an annual report covering the Advisor’s compliance with certain material aspects of this Agreement; 
(v) Provide or arrange for administrative services and items, legal and other services, office space, office furnishings, personnel and other overhead items necessary and incidental to the Company’s business and operations; 
(vi) Provide financial and operational planning services and portfolio management functions; 
(vii) Maintain accounting data and any other information concerning the activities of the Company as shall be needed to prepare and file all periodic financial reports and returns required to be filed with the SEC and any other regulatory agency, including annual financial statements; 
(viii) Maintain all appropriate books and records of the Company; 
(ix) Oversee tax and compliance services and risk management services and coordinate with appropriate third parties, including independent accountants and other consultants, on related tax matters; 
(x) Supervise the performance of such ministerial and administrative functions as may be necessary in connection with the daily operations of the Company; 
(xi) Provide the Company with all necessary cash management services; 
(xii) Manage and coordinate with the transfer agent the distribution process and payments to Stockholders; 
(xiii) Consult with the officers of the Company and the Board, and assist in evaluating and obtaining adequate insurance coverage based upon risk management determinations; 
(xiv) Provide the officers of the Company and the Board with timely updates related to the overall regulatory environment affecting the Company, as well as managing compliance with such matters; 
(xv) Consult with the officers of the Company and the Board relating to the corporate governance structure and appropriate policies and procedures related thereto; and 
(xvi) Oversee all reporting, record keeping, internal controls and similar matters in a manner to allow the Company to comply with applicable law including the Sarbanes-Oxley Act of 2002. 

7

3.05 Stockholder Services. 
The Advisor shall:
 (i) Manage communications with Stockholders, including answering phone calls, preparing and sending written and electronic reports and other communications; and 
 (ii) Establish technology infrastructure to assist in providing Stockholder support and service. 
3.06 Financing Services. 
The Advisor shall:
(i) Identify and evaluate potential financing and refinancing sources, engaging a third-party broker if necessary; 
 (ii) Negotiate terms, arrange and execute financing agreements; 
 (iii) Manage relationships between the Company and its lenders; and 
 (iv) Monitor and oversee the service of and compliance with the Company’s debt facilities and other borrowings. 
3.07 Disposition Services. 
The Advisor shall:
 (i) Consult with the Board and provide assistance with the evaluation and approval of potential asset dispositions, sales, syndications or other liquidity events; and 
 (ii) Structure and negotiate the terms and conditions of transactions pursuant to which Investments may be sold. 
ARTICLE 4
AUTHORITY OF ADVISOR
4.01 Powers of the Advisor.  Subject to the express limitations set forth in this Agreement, any restrictions imposed by law, rule or regulation and the continuing and exclusive authority of the Board over the management of the Company, the power to direct the management, operation and policies of the Company, including making, financing and disposing of Investments, and the performance of those services described in Article 3 hereof, shall be vested in the Advisor, which shall have the power by itself and shall be authorized and empowered on behalf and in the name of the Company to carry out any and all of the objectives and purposes of the Company and to perform all acts and enter into and perform all contracts and other undertakings that it may in its sole discretion deem necessary, advisable or incidental thereto to perform its obligations under this Agreement.  The Advisor shall have the power to delegate all or any part of its rights and powers to manage and control the business and affairs of the Company to the Sub-Advisor and to such officers, employees, Affiliates, agents and representatives of the Advisor, the Sub-Advisor or the Company as it may deem appropriate. Any authority delegated by the Advisor to any other Person shall be subject to the limitations on the rights and powers of the Advisor specifically set forth in this Agreement or the Charter.  
4.02 Approval by the Board.  Notwithstanding the foregoing, the Advisor may not take any action on behalf of the Company without the prior approval of the Board or duly authorized committees thereof if the Charter or Maryland General Corporation Law require the prior approval of the Board.  If the Board or a committee of the Board must approve a proposed investment, financing or disposition or chooses to do so, the Advisor will deliver to the Board or committee, as applicable, all documents required by it to evaluate such investment, financing or disposition.  
4.03 Modification or Revocation of Authority of Advisor.  The Board may, at any time upon the giving of notice to the Advisor, modify or revoke the authority or approvals set forth in Article 3 and this Article 4 hereof; provided, however, that such modification or revocation shall be effective upon receipt by the Advisor and shall not 

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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. 
ARTICLE 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 or the Operating Partnership, under such terms and conditions as the Board may approve, provided that no funds shall be commingled with the funds of the Advisor.  The Advisor shall from time to time render appropriate accountings of such collections and payments to the Board and the independent auditors of the Company. 
ARTICLE 6
RECORDS AND ACCESS
The Advisor, in the conduct of its responsibilities to the Company, shall maintain adequate and separate books and records for the Company’s operations in accordance with GAAP, which shall be supported by sufficient documentation to ascertain that such books and records are properly and accurately recorded. Such books and records shall be the property of the Company and shall be available for inspection by the Board and by counsel, auditors and other authorized agents of the Company, at any time or from time to time during normal business hours. The Advisor shall at all reasonable times have access to the books and records of the Company and the Operating Partnership. 
ARTICLE 7
LIMITATION ON ACTIVITIES
Notwithstanding any provision in this Agreement to the contrary, the Advisor shall not take any action that, in its sole judgment made in good faith, would: (i) adversely affect the ability of the Company to qualify or continue to qualify as a REIT under the Code unless the Board has determined that the Company will not seek or maintain REIT qualification for the Company; (ii) subject the Company to regulation under the Investment Company Act of 1940, as amended; (iii) violate any law, rule, regulation or statement of policy of any governmental body or agency having jurisdiction over the Company, its Shares or its other securities; (iv) require the Advisor to register as a broker-dealer with the SEC or any state; or (v) violate the Charter or Bylaws. In the event an action that would violate (i) through (v) of the preceding sentence but such action has been ordered by the Board, the Advisor shall notify the Board of the Advisor’s judgment of the potential impact of such action and shall refrain from taking such action until it receives further clarification or instructions from the Board. In such event, the Advisor shall have no liability for acting in accordance with the specific instructions of the Board so given. 
ARTICLE 8
FEES
8.01 Acquisition Fees.  As compensation for the investigation, selection, sourcing and acquisition or origination (by purchase, investment or exchange) of Investments, the Company shall pay an Acquisition Fee to the Advisor Entities or their Affiliates for each such Investment (whether an acquisition or origination).  With respect to the origination or acquisition of an Investment to be wholly owned, directly or indirectly, by the Company, the Acquisition Fee payable to the Advisor Entities or their Affiliates shall be equal to an amount of up to (i) 2.25% of the cost of a Property Investment acquired by the Company, inclusive of the Acquisition Expenses associated with such Property Investment and the amount of any debt associated with, or used to fund the investment in, such Property; and (ii) 1.0% of the amount, funded or allocated to originate or acquire Investments, other than Property, inclusive of the Acquisition Expenses associated with such Investment and the amount of any debt associated with, or used to fund the investment in, such Investment.  With respect to the acquisition or origination of an Investment through any Joint Venture in which the Company or the Operating Partnership is, directly or indirectly, a partner, the Acquisition Fee payable to the Advisor Entities or their Affiliates shall be equal to an amount of up to (i) 2.25% of the Company’s proportionate share of the cost of a Property Investment acquired by the Joint Venture, inclusive of the Acquisition 

9

Expenses associated with such Property Investment and the amount of any debt associated with, or used to fund the investment, in such Property Investment and (ii) 1.0%, of the Company’s proportionate share of the amount actually paid or allocated to fund the acquisition or origination of any other Investment by the Joint Venture, inclusive of the Acquisition Expenses associated with such Investment, plus the amount of any debt associated with, or used to fund the investment in, such Investment or origination of any other Investment by the Joint Venture.  Notwithstanding anything herein to the contrary, the payment of Acquisition Fees by the Company shall be subject to the limitations on acquisition fees contained in (and defined in) the Company’s Charter. Generally, the Acquisition Fee payable to the Advisor Entities or their Affiliates shall be paid at the closing of the transaction upon receipt of the invoice by the Company.  However, payment of the Acquisition Fee may be deferred or waived (or paid in Shares), in whole or in part, as to any transaction in the sole discretion of the Advisor.  Any such deferred or waived Acquisition Fee shall be paid to the Advisor without interest at such subsequent date as the Advisor shall request or in accordance with the terms of the waiver or deferral, as the case may be.
8.02 Asset Management Fees.  The Company shall pay the Advisor Entities or their Affiliates as compensation for the services described in Section 3.03 hereof a monthly fee (the “Asset Management Fee”) in an amount equal to one-twelfth of 1.25% of the sum of the Cost of Investments (or in the case of a Loan, the principal amount), less any principal repaid by borrowers on Loans or Securities investments, as of the end of each month.  For purposes of calculating the Asset Management Fee, the Cost of Investments for each Investment shall be prorated for the number of days during the applicable month that the Company owns such Investment. The Asset Management Fee shall generally be payable on the last day of the month that immediately follows the month in which such Asset Management Fee was earned, or the first business day following the last day of such month. However, payment of the Asset Management Fee may be deferred or waived, in whole or in part (or received in Shares) in the sole discretion of the Advisor. Any such deferred or waived Asset Management Fees shall be paid to the Advisor or its Affiliates without interest at such subsequent date as the Advisor shall request or in accordance with the terms of the waiver or deferral, as the case may be.  
 8.03 Disposition Fees.  If the Advisor Entities or any of their Affiliates provide a substantial amount of services, and based on the services, as determined by the Independent Directors, in connection with a Sale (except for the Sale of any Securities that are traded on a national securities exchange), partial Sale or syndication, the Advisor Entities or such Affiliate shall receive a Disposition Fee in an amount of 2.0% of the Contract Sales Price of each Property sold and 1.0% of the Contract Sales Price of each Loan or Security sold. The Advisor shall also receive a Disposition Fee upon the maturity, prepayment, workout, modification or extension of a Loan or other debt-related investment if there is a corresponding fee paid by the borrower to the Company, in which event the Advisor Entities shall receive the lesser of (i) 1.0% of the principal amount of the Loan or debt-related investment prior to such transaction or (ii) the amount of the fee paid by the borrower to the Company in connection with such transaction. The payment of any Disposition Fees by the Company shall be subject to the limitations contained in the Company’s Charter. Generally, the Disposition Fee payable to the Advisor Entities shall be paid at the closing of the transaction upon receipt of the invoice by the Company; provided, however, that such Disposition Fee shall be paid to an Affiliate of the Advisor that is registered as a FINRA member broker-dealer if applicable laws or regulations prohibit such payment to be made to a Person that is not a FINRA member broker-dealer. However, payment of the Disposition Fee may be deferred or waived (or accepted in Shares), in whole or in part, as to any transaction in the sole discretion of the Advisor. Any such deferred or waived Disposition Fees shall be paid to the Advisor Entities or their Affiliates without interest at such subsequent date as the Advisor shall request or in accordance with the terms of the waiver or deferral, as the case may be. 
8.04 Operating Partnership Interests.    In addition, an Affiliate of NSAM and RXR Realty LLC has made a capital contribution of $1,000 to the Operating Partnership in exchange for Special OP Units.  The Special OP Units shall be entitled to the distributions provided for, and shall be subject to redemption by the Operating Partnership, in accordance with the terms of the Operating Partnership Agreement. 
8.05 Changes to Fee Structure.  In the event of Listing, the Company and the Advisor shall negotiate in good faith to establish a fee structure appropriate for a perpetual-life entity.
8.06 Payment in Shares.  In the event the Advisor, in its sole discretion, elects to be paid any of the fees set forth in this Article 8 in Shares (in lieu of cash payment), the number of Class A Shares shall be equal to (A) the cash 

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amount of such fee; divided by (B) $10.00 or, if an Offering is ongoing, $9.00; provided, however, that if an estimated value per share of our Class A common stock has been determined, then the value of any payment in Shares to the Advisor shall be based on such estimated value per share. 
ARTICLE 9
EXPENSES
9.01 General.  In addition to the compensation paid to the Advisor Entities pursuant to Article 8 hereof, the Company shall pay directly or reimburse the Advisor Entities or their Affiliates for all of the expenses paid or incurred by the Advisor Entities or their Affiliates on behalf of the Company or in connection with the services provided to the Company pursuant to this Agreement, including, but not limited to: 
(i)  All Organization and Offering Expenses; provided, however, that the Advisor, or an Affiliate of the Advisor, shall be responsible for the payment of the Company’s Organizational and Offering Expenses to the extent the total of such expenses exceeds the 15.0% of Gross Proceeds from the Company’s Offering; provided that within 60 days after the end of the month in which an Offering terminates, the Advisor shall reimburse the Company to the extent the Company incurred Organization and Offering Expenses exceeding 15.0% of the Gross Proceeds raised in the completed Offering.  The Company shall not reimburse the Advisor for any individual retirement account custodian fees that the Advisor pays on behalf of Stockholders;
(ii)  Acquisition Fees and Acquisition Expenses incurred in connection with the selection and acquisition of Investments, including such expenses incurred related to assets pursued or considered but not ultimately acquired by the Company, provided that, notwithstanding anything herein to the contrary, the payment of Acquisition Fees and Acquisition Expenses by the Company shall be subject to the limitations contained in the Company’s Charter; 
(iii)  The actual out-of-pocket cost of goods and services used by the Company and obtained from entities not Affiliated with the Advisor; 
(iv)  Interest and other costs for borrowed money or securitization transactions, including discounts, points and other similar fees; 
(v)  Taxes and assessments on income or Properties, taxes as an expense of doing business and any other taxes otherwise imposed on the Company and its business, assets or income; 
(vi)  Out-of-pocket costs associated with insurance required in connection with the business of the Company or by its officers and Board; 
(vii)  Expenses of managing, improving, developing, operating and selling Investments owned, directly or indirectly, by the Company, as well as expenses of other transactions relating to such Investments, including but not limited to prepayments, maturities, workouts and other settlements of Loans and other Investments; 
(viii)  All out-of-pocket expenses in connection with payments to the Board and meetings of the Board and Stockholders; 
(ix)  Personnel and related employment costs incurred by the Advisor, the Sub-Advisor or their Affiliates in performing the services described in Article 3 hereof, including but not limited to reasonable salaries and wages, benefits and overhead of all employees directly involved in the performance of such services, provided that no reimbursement shall be made for costs of such employees of the Advisor or its Affiliates to the extent that such employees (A) perform services for which the Advisor receives Acquisition Fees or Disposition Fees or (B) serve as executive officers of the Company; 
 (x)  Out-of-pocket expenses of providing services for and 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; 
(xi)  Audit, accounting and legal fees, and other fees for professional services relating to the operations of the Company and all such fees incurred at the request, or on behalf of, the Board or any other committee of the Board; 

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(xii)  Out-of-pocket costs for the Company to comply with all applicable laws, regulations and ordinances; 
(xiii)  Expenses connected with payments of Distributions made or caused to be made by the Company to the Stockholders; 
(xiv)  Expenses of organizing, redomesticating, merging, liquidating or dissolving the Company or of amending the Charter or the Bylaws; and 
(xv)  All other out-of-pocket costs incurred by the Advisor in performing its duties hereunder and the costs of the Sub-Advisor in performance of its delegated duties under a sub-advisory agreement. 
9.02 Timing of and Additional Limitations on Reimbursements. 
(i)  Expenses incurred by the Advisor or the Sub-Advisor on behalf of the Company and reimbursable pursuant to this Article 9 shall be reimbursed no less than monthly to the Advisor. The Advisor shall prepare a statement documenting the expenses of the Company during each quarter and shall deliver such statement to the Company within 45 days after the end of each quarter. 
(ii)  Notwithstanding anything else in this Article 9 to the contrary, the expenses enumerated in this Article 9 shall not become reimbursable to the Advisor or the Sub-Advisor unless and until the Company has raised $2 million in the Initial Public Offering. 
(iii)  Commencing upon the fourth fiscal quarter after the commencement of the Initial Public Offering, the following limitation on Operating Expenses shall apply:   The Company shall not reimburse the Advisor at the end of any fiscal quarter for Operating Expenses that in the four consecutive fiscal quarters then ended (the “Expense Year”) exceed (the “Excess Amount”) the greater of 2% of Average Invested Assets or 25% of Net Income (the “2%/25% Guidelines”) for such year unless the Board determines that such excess was justified, based on unusual and nonrecurring factors that the Board deems sufficient. If the Board does not approve such excess as being so justified, any Excess Amount paid to the Advisor during a fiscal quarter shall be repaid to the Company. If the Board determines such excess was justified, then, within 60 days after the end of any fiscal quarter of the Company for which total reimbursed Operating Expenses for the Expense Year exceed the 2%/25% Guidelines, the Advisor, at the direction of the Board, shall cause such fact to be disclosed to the Stockholders in writing (or the Company shall disclose such fact to the Stockholders in the next quarterly report of the Company or by filing a Current Report on Form 8-K with the SEC within 60 days of such quarter end), together with an explanation of the factors the Board considered in determining that such excess expenses were justified. The Company will ensure that such determination will be reflected in the minutes of the meetings of the Board. All figures used in the foregoing computation shall be determined in accordance with GAAP applied on a consistent basis. 
ARTICLE 10
OTHER SERVICES 
Should: (i) the Operating Partnership request that the Advisor or any manager, officer or employee thereof render services for the Company other than as set forth in this Agreement; or (ii) there are changes to the regulatory environment in which the Advisor or Company operates that would increase significantly the level of services performed such that the costs and expenses borne by the Advisor for which the Advisor is not entitled to separate reimbursement for personnel and related employment direct costs and overhead under Article 9 of this Agreement would increase significantly, such services shall be separately compensated at such rates and in such amounts as are agreed by the Advisor and the Independent Directors, subject to the limitations contained in the Charter, and shall not be deemed to be services pursuant to the terms of this Agreement. 
ARTICLE 11
VOTING AGREEMENT
The Advisor agrees that, with respect to any Shares now or hereinafter owned by it or its Affiliates, none of them will vote or consent on matters submitted to the Stockholders of the Company regarding: (i) the removal of the Advisor or any of its Affiliates; or (ii) any transaction between the Company and the Advisor or any of its 

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Affiliates.  This voting restriction shall survive until such time that the Advisor or any of its Affiliates is no longer serving as the Advisor. 
ARTICLE 12
RELATIONSHIP OF ADVISOR AND COMPANY;
OTHER ACTIVITIES OF THE ADVISOR
12.01 Relationship.  The Company and the Advisor are not partners or joint venturers with each other, and nothing in this Agreement shall be construed to make them such partners or joint venturers. Nothing herein contained shall prevent the Advisor from engaging in other activities, including, without limitation, the rendering of advice to other Persons (including other REITs) and the management of other programs advised, sponsored or organized by the Advisor or its Affiliates. Nor shall this Agreement limit or restrict the right of any manager, director, officer, employee or equityholder of the Advisor or its Affiliates to engage in any other business or to render services of any kind to any other Person. The Advisor may, with respect to any investment in which the Company is a participant, also render advice and service to each and every other participant therein. The Advisor shall promptly disclose to the Board the existence of any condition or circumstance, existing or anticipated, of which it has knowledge, that creates or could create a conflict of interest between the Advisor’s obligations to the Company and its obligations to or its interest in any other Person. 
12.02 Time Commitment. The Advisor shall, and shall cause its Affiliates and their respective employees, officers and agents to, devote to the Company such time as shall be reasonably necessary to conduct the business and affairs of the Company in an appropriate manner consistent with the terms of this Agreement. The Company acknowledges that the Advisor and its Affiliates and their respective employees, officers and agents may also engage in activities unrelated to the Company and may provide services to Persons other than the Company or any of its Affiliates. 
12.03 Investment Opportunities and Allocation. The Advisor shall be required to use commercially reasonable efforts to present a continuing and suitable investment program to the Company that is consistent with the investment policies and objectives of the Company, but neither the Advisor nor any Affiliate of the Advisor shall be obligated generally to present any particular Investment opportunity to the Company even if the opportunity is of a character that, if presented to the Company, could be taken by the Company. In the event an Investment opportunity is identified, the allocation procedures set forth under the caption “Conflicts of Interest—Allocation of Investment Opportunities” in any Prospectus (as may be amended from time to time) shall govern the allocation of the opportunity among the Company, NorthStar Realty Finance Corp., NSAM, or any of their Affiliates and any investment vehicles sponsored or managed by NorthStar Realty Finance Corp. or NSAM or any of their Affiliates. 
ARTICLE 13 
THE NORTHSTAR NAME 
NSAM and its Affiliates have a proprietary interest in the name “NorthStar.”  NSAM hereby grants to the Company a non-transferable, non-assignable, non-exclusive royalty-free right and license to use the name “NorthStar” during the term of this Agreement. Accordingly, and in recognition of this right, if at any time the Company ceases to retain the Advisor or one of its Affiliates to perform advisory services for the Company, the Company will, promptly after receipt of written request from NSAM, cease to conduct business under or use the name “NorthStar” or any derivative thereof and the Company shall change its name and the names of any of its subsidiaries to a name that does not contain the name “NorthStar” or any other word or words that might, in the reasonable discretion of NSAM, be susceptible of indication of some form of relationship between the Company and NSAM or any its Affiliates.  At such time, the Company will also make any changes to any trademarks, servicemarks or other marks necessary to remove any references to the word “NorthStar.” Consistent with the foregoing, it is specifically recognized that NSAM 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 loans, real estate-related debt securities and other real estate assets) and financial and service organizations having “NorthStar” as a part of their name, all without the need for any consent (and without the right to object thereto) by the Company.   NSAM shall govern the Company’s use of the name “NorthStar” and the Company’s use of the “NorthStar” name will be in strict 

13

accordance with any quality standards and specifications that may be established by Advisor and communicated to Company from time to time.
ARTICLE 14
TERM AND TERMINATION OF THE AGREEMENT
14.01 Term.  This Agreement shall have an initial term of one year from the Effective Date and may be renewed for an unlimited number of successive one-year terms upon mutual consent of the parties. The Company (acting through the Independent Directors) will evaluate the performance of the Advisor annually before renewing this Agreement, and each such renewal shall be for a term of no more than one year.  Any such renewal must be approved by the Independent Directors. 
14.02 Termination by the Parties.  This Agreement may be terminated:
(i)  immediately by the Company or the Operating Partnership for Cause or upon the bankruptcy of the Advisor;  
(ii)  upon 60 days written notice without Cause and without penalty by a majority of the Independent Directors of the Company; or
(iii)  upon 60 days written notice with Good Reason by the Advisor.
The provisions of Article 13, Section 14.03 and Articles 16 through 18 of this Agreement shall survive termination of this Agreement.
14.03 Payments on Termination and Survival of Certain Rights and Obligations.   Payments to the Advisor pursuant to this Section 14.03 shall be subject to the 2%/25% Guidelines to the extent applicable. 
(i)  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 effective date of such termination all unpaid reimbursements of expenses and all earned but unpaid fees payable to the Advisor prior to termination of this Agreement, subject to the 2%/25% Guidelines to the extent applicable.
(ii)  The Advisor shall promptly upon termination: 
(a)  pay over to the Company and the Operating Partnership all money collected and held for the account of the Company and the Operating Partnership pursuant to this Agreement, if any, after deducting any accrued compensation and reimbursement for its expenses to which it is then entitled; 
(b)  deliver to the Board a full accounting, including a statement showing all payments collected by it and a statement of all money held by it, covering the period following the date of the last accounting furnished to the Board; 
(c)  deliver to the Board all assets and documents of the Company then in the custody of the Advisor; and 
(d)  cooperate with the Company to provide an orderly transition of advisory functions. 
ARTICLE 15
ASSIGNMENT
This Agreement may be assigned by the Advisor with the approval of a majority of the Board (and with respect to any assignment to an Affiliate, also with the approval of a majority of the Independent Directors). The Advisor may assign any rights to receive fees or other payments under this Agreement without obtaining the approval of the Board. 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 or other organization that 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.  Nothing herein shall be deemed to prohibit or otherwise restrict any transfers or additional issuances of equity interests in the Advisor nor shall any such transfer or issuance be deemed an assignment for purposes of this Article 15; provided, however, 

14

notwithstanding anything in this provision or generally in this Article 15 to the contrary, the Advisor shall not assign (as that term is defined by the U.S. Investment Advisers Act of 1940, as amended (the “Advisers Act”) this Agreement without the Company’s consent.
ARTICLE 16
INDEMNIFICATION AND LIMITATION OF LIABILITY
16.01 Indemnification.  Except as prohibited by the restrictions provided in this Section 16.01, Section 16.02 and Section 16.03, the Company and the Operating Partnership shall indemnify, defend and hold harmless the Advisor and its Affiliates, including their respective officers, directors, equity holders, partners, members and employees, from all liability, claims, damages or losses arising in the performance of their duties hereunder, and related expenses, including reasonable attorneys’ fees, to the extent such liability, claims, damages or losses and related expenses are not fully reimbursed by insurance. Any indemnification of the Advisor may be made only out of the net assets of the Company and not from Stockholders. 
Notwithstanding the foregoing, the Company shall not indemnify the Advisors or its Affiliates for any loss, liability or expense arising from or out of an alleged violation of federal or state securities laws by such party unless one or more of the following conditions are met: (i) there has been a successful adjudication on the merits of each count involving alleged securities law violations as to the particular indemnitee; (ii) such claims have been dismissed with prejudice on the merits by a court of competent jurisdiction as to the particular indemnitee; or (iii) a court of competent jurisdiction approves a settlement of the claims against a particular indemnitee and finds that indemnification of the settlement and the related costs should be made, and the court considering the request for indemnification has been advised of the position of the SEC and of the published position of any state securities regulatory authority in which securities of the Company were offered or sold as to indemnification for violations of securities laws. 
16.02 Limitation on Indemnification.  Notwithstanding the foregoing, the Company and the Operating Partnership shall not provide for indemnification of the Advisor or its Affiliates for any liability or loss suffered by any of them, nor shall any of them be held harmless for any loss or liability suffered by the Company, unless all of the following conditions are met: 
(i) The Advisor or its Affiliates have determined, in good faith, that the course of conduct that caused the loss or liability was in the best interests of the Company and the Operating Partnership. 
(ii) The Advisor or its Affiliates were acting on behalf of or performing services for the Company or the Operating Partnership. 
(iii) Such liability or loss was not the result of negligence or misconduct by the Advisor or its Affiliates. 
(iv) Such indemnification or agreement to hold harmless is recoverable only out of the Company’s net assets and not from the Stockholders.
16.03 Limitation on Payment of Expenses.  The Company shall pay or reimburse reasonable legal expenses and other costs incurred by the Advisors or its Affiliates in advance of the final disposition of a proceeding only if (in addition to the procedures required by the Maryland General Corporation Law, as amended from time to time) all of the following are satisfied: (a) the proceeding relates to acts or omissions with respect to the performance of duties or services on behalf of the Company or the Operating Partnership, (b) the legal proceeding was initiated by a third party who is not a Stockholder or, if by a Stockholder acting in his or her capacity as such, a court of competent jurisdiction approves such advancement and (c)  the Advisor or its Affiliates undertake to repay the amount paid or reimbursed by the Company Operating Partnership, together with the applicable legal rate of interest thereon, if it is ultimately determined that the particular indemnitee is not entitled to indemnification. 
16.04 Indemnification by Advisor.  The Advisor shall indemnify and hold harmless the Company and the Operating Partnership from contract or other liability, claims, damages, taxes or losses and related expenses including attorneys’ fees, to the extent that such liability, claims, damages, taxes or losses and related expenses are not fully reimbursed by insurance and are incurred by reason of the Advisor’s bad faith, fraud, misfeasance, intentional 

15

misconduct, negligence or reckless disregard of its duties; provided, however, that the Advisor shall not be held responsible for any action of the Board in following or declining to follow any advice or recommendation given by the Advisor.
ARTICLE 17
NON-SOLICITATION
During the period commencing on the Effective Date and ending one year following the Termination Date, the Company shall not, without the Advisor’s prior written consent, directly or indirectly; (i) solicit or encourage any person to leave the employment or other service of the Advisor or its Affiliates; or (ii) hire, on behalf of the Company or any other person or entity, any person who has left the employment within the one year period following the termination of that person’s employment with the Advisor or its Affiliates.  During the period commencing on the date hereof through and ending one year following the Termination Date, the Company will not, whether for its own account or for the account of any other Person, intentionally interfere with the relationship of the Advisor or its Affiliates with, or endeavor to entice away from the Advisor or its Affiliates, any person who during the term of the Agreement is, or during the preceding one-year period, was a tenant, co-investor, co-developer, joint venturer or other customer of the Advisor or its Affiliates.
ARTICLE 18
MISCELLANEOUS
18.01 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 Charter, the Bylaws or is accepted by the party to whom it is given, and shall be given by being delivered by hand or by overnight mail or other overnight delivery service to the addresses set forth herein: 
	
		
	To the Board, the Company or the Operating Partnership:
	NorthStar/RXR New York Metro Income, Inc.
399 Park Avenue
18th Floor
New York, New York 10022

	
		
	To the Advisor:
	NSAM J-NS/RXR Ltd
c/o NSAM Luxembourg S.à r.l. 
6ème étage, 6A route de Trèves 
L-2633 Senningerberg 
Grand-Duchy of Luxembourg  
Attention: General Counsel

Either party may at any time give notice in writing to the other party of a change in its address for the purposes of this Section 18.01. 
18.02 Modification.  This Agreement shall not be changed, modified, terminated or discharged, in whole or in part, except by an instrument in writing signed by both parties hereto, or their respective successors or permitted assigns. 
18.03 Severability.  Each provision of this Agreement shall be considered separate from the others and, if for any reason, any provision or its application is determined by a court of competent jurisdiction to be invalid, illegal or unenforceable, then such invalid, illegal or unenforceable provision shall not impair the operation of or affect any other provisions of this Agreement, and either (a) such invalid, illegal or unenforceable provision shall be construed and enforced to the maximum extent legally permissible or (b) the parties shall substitute for the invalid, illegal or unenforceable provision a valid, legal and enforceable provision with a substantially similar effect and intent.
18.04 Construction.  The provisions of this Agreement shall be construed and interpreted in accordance with the laws of the State of New York applicable to contracts to be made and performed entirely in said state. 

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18.05 Entire Agreement.  This Agreement contains the entire agreement and understanding between 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. 
18.06 Waiver.  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. 
18.07 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. 
18.08 Titles Not to Affect Interpretation.  The titles of Articles and Sections 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. 
18.09 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. 
[The remainder of this page is intentionally left blank.
Signature page follows.]

17

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

	
		
	NorthStar/RXR New York Metro Income, Inc.

	 
	 

	By:
	________________________________________

	Name:
	Ronald J. Lieberman

	Title:
	Executive Vice President, General Counsel and Secretary

	
		
	NorthStar/RXR Operating Partnership, LP

	 
	 

	By:
	NorthStar/RXR New York Metro Income, Inc.

	 
	its General Partner

	 
	 

	By:
	________________________________________

	Name:
	Ronald J. Lieberman

	Title:
	Executive Vice President, General Counsel and Secretary

 
	
		
	NSAM J-NS/RXR Ltd

	 
	 

	By:
	________________________________________

	Name:
	Ronald J. Lieberman

	Title:
	Executive Vice President, General Counsel and Secretary

	
		
	NorthStar Asset Management Group Inc.

	By:
	________________________________________

	Name:
	Ronald J. Lieberman

	Title:
	Executive Vice President, General Counsel and Secretary

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