Document:

EX-10.2

 Exhibit 10.2 

AMENDED AND RESTATED ADVISORY AGREEMENT 

This AMENDED AND RESTATED ADVISORY AGREEMENT (this “Advisory Agreement”), dated as of [_____], 2021, is entered into by and
among Strategic Storage Trust VI, Inc., a Maryland corporation (the “Company”), Strategic Storage Operating Partnership VI, L.P., a Delaware limited partnership (the “Operating Partnership”), and Strategic Storage
Advisor VI, LLC, a Delaware limited liability company (the “Advisor”), on the following terms and conditions. 
 W I T N
E S S E T H 
 WHEREAS, on February 26, 2021, the Company, the Operating Partnership, and the Advisor entered into an advisory
agreement; 
 WHEREAS, the Company, the Operating Partnership, and the Advisor desire to amend and restate such advisory agreement; 

WHEREAS, the Company has filed with the Securities and Exchange Commission (“SEC”) a Registration Statement on Form S-11 (No. 333-[_____]) (the “Registration Statement”) covering the issuance of Common Stock, and the Company may subsequently issue additional shares of Common Stock; 

WHEREAS, the Company intends to qualify as a REIT, and to invest its funds in investments permitted by the terms of the Company’s Charter
and Sections 856 through 860 of the Code; 
 WHEREAS, the Company is the general partner of the Operating Partnership; 

WHEREAS, the Company and the Operating Partnership desire to continue to avail themselves of the experience, sources of information, advice,
assistance, and certain facilities available to the Advisor and its Affiliates and to have the Advisor undertake the duties and responsibilities hereinafter set forth, on behalf of, and subject to the supervision of the Board of Directors of the
Company, all as provided herein; and 
 WHEREAS, the Advisor is willing to continue to render such services, subject to the supervision of
the Board of Directors, on the terms and conditions hereinafter set forth. 
 NOW, THEREFORE, in consideration of the foregoing and of the
mutual covenants and agreements contained herein, the parties hereto agree as follows: 
 ARTICLE 1. 

DEFINITIONS 
 Each
term defined in the preamble of this Advisory Agreement has its assigned definition, and each of the following terms has the following definition: 

“Acquisition Expenses” means expenses incurred by the Company, the Operating Partnership, the Advisor, or any of their
Affiliates in connection with the sourcing, selection, evaluation, and acquisition of, and investment in, Properties, whether or not acquired or made, including but not limited to legal fees and expenses, travel and communications expenses, costs of
financial analysis, appraisals and surveys, nonrefundable option payments on Property not acquired, accounting fees and expenses, computer use-related expenses, architectural and engineering reports,
environmental reports, title insurance and escrow fees, and personnel and other direct expenses related to the selection and acquisition of Properties. 

 “Acquisition Fee” means any and all fees and commissions, exclusive of
Acquisition Expenses, paid by any Person to any other Person (including any fees or commissions paid by or to any Affiliate of the Company or the Advisor) in connection with the making or investing in mortgage loans or the purchase, development, or
construction of a Property, including, without limitation, real estate commissions, acquisition fees, finder’s fees, selection fees, Development Fees and Construction Fees (except as provided in the following sentence), nonrecurring management
fees, consulting fees, loan fees, points, or any other fees or commissions of a similar nature. Excluded shall be any commissions or fees incurred in connection with the leasing of any Property, and Development Fees or Construction Fees paid to any
Person or entity not affiliated with the Advisor in connection with the actual development and construction of any Property. 

“Advisor” means the Person responsible for directing or performing the day-to-day business affairs of the Company and the Operating Partnership, including a Person to which an Advisor subcontracts substantially all such functions. The Advisor is Strategic Storage Advisor VI, LLC
or any Person that succeeds it in such capacity. 
 “Advisory Agreement” means this amended and restated advisory agreement
among the Company, the Operating Partnership, and the Advisor pursuant to which the Advisor will direct or perform the day-to-day business affairs of the Company and the
Operating Partnership, as it may be further amended or restated from time to time. 
 “Affiliate” means, with respect to
any other Person, any of the following: 
  

	 	(a)	 any Person directly or indirectly owning, controlling or holding, with power to vote, 10% or more of the
outstanding voting securities of such other Person; 

  

	 	(b)	 any Person 10% or more of whose outstanding voting securities are directly or indirectly owned, controlled or
held, with power to vote, by such other Person; 

  

	 	(c)	 any Person directly or indirectly controlling, controlled by or under common control with such other Person;

  

	 	(d)	 any executive officer, director, trustee or general partner of such other Person; and 

 

	 	(e)	 any legal entity for which such Person acts as an executive officer, director, trustee or general partner.

 “Asset Management Fee” means the monthly fee payable to the Advisor in the amount established pursuant
to Section 9.2. 
 “Assets” means any and all GAAP assets including but not limited to all real estate investments
(real, personal or otherwise), tangible or intangible, owned or held by, or for the account of, the Company or the Operating Partnership, whether directly or indirectly through another entity or entities, including Properties. 

  
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 “Average Invested Assets” means, for a specified period, the average of the
aggregate GAAP basis book carrying values of the assets invested, directly or indirectly, in equity interests in and loans secured, directly or indirectly, by real estate 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 of Directors” means the Company’s board of directors. 

“Bylaws” means the bylaws of the Company, as the same may be amended from time to time. 

“Charter” means the charter of the Company, including the articles of incorporation and all articles of amendment, articles
of amendment and restatement, articles supplementary, and other modifications thereto as filed with the State Department of Assessments and Taxation of the State of Maryland. 

“Class W Shares” means Class W shares of the Company’s Common Stock. 

“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. 

“Common Stock” means shares of the Company’s common stock, $0.001 par value per share, the terms and conditions of which
are set forth in the Charter. 
 “Company” has the meaning set forth in the preamble. 

“Competitive Real Estate Commission” means a real estate or brokerage commission paid (or, if no commission is paid, the
amount that customarily would be paid) for the purchase or sale of a Property that is reasonable, customary and competitive in light of the size, type and location of the Property. 

“Construction Fee” means a fee or other remuneration for acting as general contractor and/or construction manager to
construct, supervise, or coordinate leasehold or other improvements or projects, or to provide major repairs or rehabilitation for a Property. 

“Contract Purchase Price” means the amount actually paid or allocated in respect of the purchase, development, construction,
or improvement of a Property, inclusive of the amount of any debt associated with, or used to fund the investment in, such Property, but exclusive of Acquisition Fees and Acquisition Expenses. 

“Contract Sales Price” means the total consideration provided for in the sales contract for the sale of a Property. 

“Dealer Manager” means Pacific Oak Capital Markets, LLC (a Delaware limited liability company), or such other Person or
entity selected by the Board of Directors to act as the dealer manager for the offering of the Stock. 
 “Development Fee”
means a fee for the packaging of a Property, including negotiating and approving plans, and undertaking to assist in obtaining zoning and necessary variances and financing for the specific Property, either initially or at a later date. 

“Director” means an individual who is a member of the Board of Directors. 

  
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 “Disposition Fee” means the fee paid to the Advisor in connection with the
Sale of a Property as described in Section 9.3 of this Advisory Agreement. 
 “Distribution Reinvestment Plan” means
the distribution reinvestment plan of the Company approved by the Board and as set forth in the Prospectus. 

“Distributions” means any dividends or other distributions of money or other property paid by the Company to the holders of
Common Stock or preferred stock, including dividends that may constitute a return of capital for federal income tax purposes. 

“Excess Amount” has the meaning set forth in Section 10.3(b) hereof. 

“Excess Expense Guidelines” has the meaning set forth in Section 10.3(b) hereof. 

“Expense Year” has the meaning set forth in Section 10.3(b) hereof. 

“GAAP” means generally accepted accounting principles consistently applied as used in the United States. 

“Gross Proceeds” means the aggregate purchase price of all Stock sold for the account of the Company, including Stock sold
pursuant to the Distribution Reinvestment Plan, without deduction for Sales Commissions, volume discounts, fees paid to the Dealer Manager, or Other Organization and Offering Expenses. Gross Proceeds does not include Stock issued in exchange for OP
Units. 
 “Independent Director” means a Director who is not, and within the last two (2) years has not been, directly
or indirectly associated with the Advisor or the Sponsor by virtue of (a) ownership of an interest in the Advisor, the Sponsor or their Affiliates, (b) employment by the Advisor, the Sponsor or their Affiliates, (c) service as an
officer or director of the Advisor, the Sponsor or their Affiliates, (d) performance of services, other than as a Director, for the Company, (e) service as a director or trustee of more than three (3) real estate investment trusts
organized by the Advisor or the Sponsor or advised by the Advisor, or (f) maintenance of a material business or professional relationship with the Advisor, the Sponsor or any of their Affiliates. A business or professional relationship is
considered material if the gross revenue derived by the Director from the Advisor, the Sponsor and Affiliates exceeds five percent (5%) of either the Director’s annual gross revenue during either of the last two (2) years or the
Director’s net worth on a fair market value basis. An indirect relationship shall include circumstances in which a Director’s spouse, parents, children, siblings, mothers- or
fathers-in-law, sons- or daughters-in-law or brothers- or
sisters-in-law are or have been associated with the Advisor, the Sponsor, any of their Affiliates or the Company or the Operating Partnership. 

“Initial Public Offering” means the offering and sale of Common Stock of the Company pursuant to the Company’s first
effective registration statement covering such Common Stock filed under the Securities Act of 1933. 
 “Joint Venture”
means a joint venture or general partnership arrangement in which the Company or the Operating Partnership is a co-venturer or general partner and which is established to acquire one or more Properties. 

“NASAA” means the North American Securities Administrators Association, Inc. 

  
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 “NASAA Net Income” means for any period, the 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, NASAA Net Income for purposes
of calculating total allowable Operating Expenses shall exclude the gain from the sale of the Company’s or the Operating Partnership’s Assets. 

“NASAA REIT Guidelines” means the Statement of Policy Regarding Real Estate Investment Trusts published by NASAA, as revised
and adopted by the NASAA membership on May 7, 2007, as may be amended from time to time. 
 “Offering” means the
Initial Public Offering or any subsequent offering of Stock that is registered with the SEC or exempt from such registration, excluding Stock offered under any employee benefit plan. 

“OP Unit” means a unit of limited partnership interest in the Operating Partnership. 

“Operating Expenses” means all direct and indirect costs and expenses incurred by the Company, as determined under GAAP,
which in any way are related to the operation of the Company or to Company business, including advisory fees, but excluding (a) 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 of the Stock on a national securities exchange, (b) interest
payments, (c) taxes, (d) non-cash expenditures such as depreciation, amortization and bad debt reserves, (e) Acquisition Fees and Acquisition Expenses, (f) real estate commissions on the Sale of
Property, and other expenses connected with the acquisition and ownership of real estate interests, mortgage loans, or other property (such as the costs of foreclosure, insurance premiums, legal services, maintenance, repair, and improvement of
property) and (g) any incentive fees which may be paid in compliance with the NASAA REIT Guidelines. The definition of “Operating Expenses” set forth above is intended to encompass only those expenses which are required to be treated
as Operating Expenses under the NASAA REIT Guidelines. As a result, and notwithstanding the definition set forth above, any expense of the Company which is not an Operating Expense under the NASAA REIT Guidelines shall not be treated as an Operating
Expense for purposes hereof. 
 “Operating Partnership” has the meaning set forth in the preamble. 

“Operating Partnership Agreement” means the Second Amended and Restated Limited Partnership Agreement of the Operating
Partnership, as amended from time to time. 
 “Organization and Offering Expenses” means any and all costs and expenses
incurred by the Company, the Advisor, or any Affiliate of either in connection with and in preparing the Company for registration of and subsequently offering and distributing its Stock to the public, which may include but are not limited to total
underwriting and brokerage discounts and commissions (including fees of the underwriters’ attorneys), legal, accounting and escrow fees, expenses for printing, engraving, amending, supplementing and mailing, distribution costs, compensation to
employees while engaged in registering, marketing and wholesaling the Stock, telegraph and telephone costs, all advertising and marketing expenses (including the costs related to investor and broker-dealer sales meetings), charges of transfer
agents, registrars, trustees, escrow holders, depositories, experts, and fees, expenses and taxes related to the filing, registration and qualification of the sale of the Securities under Federal and State laws, including accountants’ and
attorneys’ fees and other accountable offering expenses. Organization and Offering Expenses may include, but are not limited to: (a) amounts to reimburse the Advisor for all marketing related costs and expenses such as the salaries,
bonuses and related benefits of the Advisor’s employees or employees of the Advisor’s Affiliates, including the named executive officers, in connection with registering and marketing the Stock; (b) travel and entertainment expenses
related to the 

  
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offering and marketing of the Stock; (c) facilities and technology costs and other costs and expenses associated with the offering and to facilitate the marketing of the Stock including web
site design and management; (d) costs and expenses of conducting training and educational conferences and seminars; (e) costs and expenses of attending broker-dealer sponsored retail seminars or conferences; and (f) payment or
reimbursement of bona fide due diligence expenses. 
 “Other Organization and Offering Expenses” means Organization and
Offering Expenses with respect to an Offering, other than Sales Commissions, dealer manager fees, stockholder servicing fees and dealer manager servicing fees relating to the Initial Public Offering. 

“Person” means any natural person, partnership, corporation, association, trust, limited liability company, or other legal
entity. 
 “Property” or “Properties” means a real property, real estate investment, or any other asset
(including any investments in mortgage loans and other types of real estate related debt financing, including mezzanine loans, bridge loans, convertible mortgages, wraparound mortgage loans, construction mortgage loans, loans on leasehold interests,
and participations in such loans), that is acquired by the Company either directly or through the Operating Partnership, any subsidiaries, Joint Ventures, partnerships, or other entities. 

“Property Manager” means any entity that has been retained to perform and carry out property management services at one or
more of the Properties. 
 “Prospectus” means any document, notice, or other communication satisfying the standards set
forth in Section 10 of the Securities Act of 1933, and contained in a currently effective registration statement filed by the Company with, and declared effective by, the SEC, or if no registration statement is currently effective, then the
Prospectus contained in the most recently effective registration statement. 
 “REIT” means a “real estate investment
trust” as defined pursuant to the REIT Provisions of the Code. 
 “REIT Provisions of the Code” means Sections 856
through 860 of the Code and any successor or other provisions of the Code relating to real estate investment trusts (including provisions as to the attribution of ownership of beneficial interests therein) and the regulations promulgated thereunder.

 “Sale” or “Sales” means any transaction or series of transactions whereby: (a) the Operating
Partnership sells, grants, transfers, conveys or relinquishes its ownership of any Property or portion thereof, including the lease of any Property consisting of the building only, and including any event with respect to any Property which gives
rise to a significant amount of insurance proceeds or condemnation awards; (b) the Operating Partnership sells, grants, transfers, conveys or relinquishes its ownership of all or substantially all of the interest of the Operating Partnership in
any Joint Venture in which it is a co-venturer or partner; (c) any Joint Venture in which the Operating Partnership is a co-venturer or partner sells, grants, transfers, conveys or relinquishes its ownership of any Property or portion thereof,
including any event with respect to any Property which gives rise to insurance claims or condemnation awards; (d) the Operating Partnership sells, grants, conveys, or relinquishes its interest in any asset, or portion thereof, including any
event with respect to any asset which gives rise to a significant amount of insurance proceeds or similar awards; or (e) the Operating Partnership sells or otherwise disposes of or distributes all of its assets in liquidation of the Operating
Partnership. 

  
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 “Sales Commissions” means any and all commissions payable to underwriters,
dealer managers or other broker-dealers in connection with the sale of Stock, including, without limitation, commissions payable to the Dealer Manager. 

“SEC” means the United States Securities and Exchange Commission. 

“Securities” means any class or series of units or shares of the Company or the Operating Partnership, including common
shares or preferred units or shares and any 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. 
 “Securities Act” means the Securities Act of 1933, as amended.

 “Sponsor” means SmartStop REIT Advisors, LLC, a Delaware limited liability company. 

“Stock” means shares of stock of the Company of any class or series, including Common Stock, preferred stock or shares-in-trust. 
 “Stockholders” means the
registered holders of the Company’s Stock. 
 “Termination Date” means the date of termination of this Advisory
Agreement. 
 ARTICLE 2. 

APPOINTMENT 
 The
Company, through the powers vested in the Board of Directors, including a majority of all Independent Directors, and the Operating Partnership hereby appoints the Advisor to serve as its advisor and asset manager on the terms and conditions set
forth in this Advisory Agreement, and the Advisor hereby accepts such appointment. The Advisor undertakes to use its commercially reasonable best efforts to present to the Company and the Operating Partnership potential investment opportunities and
to provide a continuing and suitable investment program consistent with the investment objectives and policies of the Company as determined and adopted from time to time by the Board of Directors. 

ARTICLE 3. 
 AUTHORITY
OF THE ADVISOR 
 3.1 General. Subject to the express limitations set forth in this Advisory Agreement and subject to
the supervision of the Board of Directors, all rights and powers to manage and control the day-to-day business and affairs of the Company and the Operating Partnership
and their subsidiaries shall be vested in the Advisor. 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, the Operating Partnership, and their
subsidiaries to such officers, employees, Affiliates, agents, and representatives of the Advisor, the Company, or the Operating Partnership as it may from time to time 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 Advisory Agreement, the Charter, the Bylaws, and the Operating Partnership Agreement. 

  
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 3.2 Powers of the Advisor. Subject to the express limitations set forth in
this Advisory Agreement and subject to the supervision of the Board of Directors, the power to direct the management, operation and policies of the Company and the Operating Partnership and their subsidiaries 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 and the Operating Partnership and their subsidiaries, as applicable, to carry out any and all of the objectives and purposes of the Company
and the Operating Partnership 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 Advisory
Agreement. 
 3.3 Approval by Directors. Notwithstanding the foregoing, any investment in Properties, including any
acquisition of a Property by the Company or the Operating Partnership or any of their subsidiaries or any investment by the Company or the Operating Partnership or any of their subsidiaries in a Joint Venture, limited partnership, or similar entity
owning real properties, will require the prior approval of the Board of Directors or a committee of the Board constituting a majority of the Board. The Advisor will deliver to the Board of Directors all documents reasonably required by it to
properly evaluate the proposed investment. 
 3.4 Modification or Revocation of Authority of Advisor. The Board of Directors
may, at any time upon the giving of notice to the Advisor, modify or revoke the authority or approvals set forth in Articles 3 and 4, provided however, that such modification or revocation shall be effective upon receipt by the Advisor and
shall not be applicable to investment transactions to which the Advisor has committed the Company, the Operating Partnership, or their subsidiaries prior to the date of receipt by the Advisor of such notification. 

ARTICLE 4. 
 DUTIES OF
THE ADVISOR 
 4.1 Undertaking. The Advisor undertakes to use its commercially reasonable best efforts to present to
the Company and the Operating Partnership potential investment opportunities and to provide a continuing and suitable investment program consistent with the investment objectives and policies of the Company as determined and adopted from time to
time by the Board of Directors. In connection therewith, the Advisor agrees to perform the services further described in this Article 4 on behalf of the Company and the Operating Partnership. 

4.2 Organization and Offering Services. The Advisor shall manage and supervise: 

(a) the structure and development of any Offering, including the determination of the specific terms of the Securities to be offered by the
Company; 
 (b) the preparation of all organization and offering related documents, and obtaining of all required regulatory approvals of
such documents, if any; 
 (c) along with the Dealer Manager, approval of the participating broker dealers and negotiation of the related
selling agreements; 
 (d) coordination of the due diligence process relating to participating broker dealers and their review of the
Prospectus and other Offering and Company documents; 
 (e) preparation and approval of all marketing materials contemplated to be used by
the Dealer Manager or others in an Offering; 

  
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 (f) along with the Dealer Manager, negotiation and coordination with the transfer agent for
the receipt, collection, processing, and acceptance of subscription agreements, commissions, and other administrative support functions; 

(g) creation and implementation of various technology and electronic communications related to an Offering; and 

(h) all other services related to organization of the Company or the Offering, whether performed and incurred by the Advisor or its
Affiliates. 
 4.3 Acquisition Services. The Advisor shall: 

(a) serve as the Company’s and the Operating Partnership’s investment and financial advisor and, as requested by the Board of
Directors, provide relevant market research and economic and statistical data in connection with the Company’s assets and investment objectives and policies; 

(b) subject to Article 3 and the investment objectives and policies of the Company: (i) locate, analyze, and select potential
investments; (ii) structure and negotiate the terms and conditions of transactions pursuant to which investments in Assets will be made; (iii) acquire Assets on behalf of the Company and the Operating Partnership; and (iv) arrange for
financing and refinancing related to acquisitions of Assets; 
 (c) perform due diligence on prospective investments and create due
diligence reports summarizing the results of such work; 
 (d) prepare reports regarding prospective investments that include
recommendations and supporting documentation necessary for the Board of Directors to evaluate the proposed investments; 
 (e) obtain
reports (which may be prepared by the Advisor or its Affiliates), where appropriate, concerning the value of contemplated investments of the Company, the Operating Partnership, and their subsidiaries; and 

(f) negotiate and execute investments and other transactions approved by the Board of Directors. 

4.4 Asset Management Services and Administrative Services. 

(a) Asset Management and Property Related Services. The Advisor shall: 

(i) negotiate and service the Company’s, the Operating Partnership’s, and their subsidiaries’ debt facilities and other
financings; 
 (ii) monitor applicable markets and obtain reports (which may be prepared by the Advisor or its Affiliates) where
appropriate, concerning the value of investments of the Company, the Operating Partnership, and their subsidiaries; 
 (iii) monitor and
evaluate the performance of investments of the Company, the Operating Partnership, and their subsidiaries; provide daily management services to the Company and perform and supervise the various management and operational functions related to the
Company’s, the Operating Partnership’s, and their subsidiaries’ investments; 
 (iv) coordinate with the Property Manager on
its duties under any property management agreement and assist in obtaining all necessary approvals of major property transactions as governed by the applicable property management agreement; 

  
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 (v) manage or assist with planning and coordination of construction or redevelopment with
respect to the Properties, or construction of any capital improvements on the Properties; 
 (vi) select Joint Venture partners, structure
corresponding agreements, oversee and manage relationships between the Company, the Operating Partnership, and their subsidiaries with any Joint Venture partners; 

(vii) consult with the officers and Directors of the Company and provide assistance with the evaluation and approval of potential property
dispositions, sales, or refinancings; and 
 (viii) provide the officers and Directors of the Company periodic reports regarding
prospective investments in Properties. 
 (b) Accounting, Regulatory Compliance, and Other Administrative Services. The Advisor
shall: 
 (i) coordinate with the Company’s independent accountants and auditors (if applicable) to prepare and deliver to the Board of
Directors an annual report covering the Advisor’s compliance with certain material aspects of this Advisory Agreement; 
 (ii)
maintain accounting systems, records, data and any other information requested concerning the activities of the Company and the Operating Partnership and their subsidiaries as shall be required to prepare and to file all periodic financial reports
and returns required to be filed with any regulatory agency; 
 (iii) provide tax and compliance services and coordinate with appropriate
third parties, including independent accountants and other consultants, on related tax matters; 
 (iv) maintain all appropriate books and
records of the Company, the Operating Partnership, and their subsidiaries; 
 (v) provide the officers of the Company and the Board of
Directors with timely updates related to the overall regulatory environment affecting the Company, as well as managing compliance with such matters; 

(vi) consult with the officers of the Company and the Board of Directors relating to the corporate governance structure and appropriate
policies and procedures related thereto; 
 (vii) perform all reporting, record keeping, internal controls, and similar matters in a manner
to allow the Company to comply with applicable law; 
 (viii) investigate, select, and, on behalf of the Company, the Operating
Partnership, and their Affiliates, engage and conduct business with such Persons as the Advisor deems necessary to the proper performance of its obligations under this Advisory Agreement, 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, banks, builders, developers, property owners, mortgagers, construction
companies, 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; 

(ix) supervise the performance of such ministerial and administrative functions as may be necessary in connection with the daily operations
of the Assets; 
 (x) provide the Company, the Operating Partnership, and their subsidiaries with all necessary cash management services;

  
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 (xi) consult with the officers of the Company and the Board of Directors and assist the
Board of Directors in evaluating and obtaining adequate insurance coverage based upon risk management determinations; 
 (xii) manage and
perform the various administrative functions necessary for the management of the day-to-day operations of the Company, the Operating Partnership, and their subsidiaries;

 (xiii) 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, the Operating Partnership’s, and their subsidiaries’ business and operations; 

(xiv) provide financial and operational planning services and portfolio management functions; and 

(xv) from time to time, or at any time reasonably requested by the Board of Directors, make reports to the Board of Directors on the
Advisor’s performance of services to the Company, the Operating Partnership, and their subsidiaries under this Advisory Agreement. 

(c) Stockholder Services. The Advisor shall: 

(i) have the authority, in its sole discretion, to retain a transfer agent on behalf of the Company to perform all necessary transfer agent
functions; 
 (ii) manage and coordinate with such transfer agent, if retained by the Advisor, the distribution process and payments to
Stockholders; 
 (iii) manage communications with Stockholders, including answering phone calls and preparing and sending written and
electronic reports and other communications; and 
 (iv) establish technology infrastructure to assist in providing Stockholder support and
service. 
 ARTICLE 5. 

BANK ACCOUNTS 
 The
Advisor may establish and maintain one or more bank accounts in its own name for the account of the Company or the Operating Partnership or their subsidiaries or in the name of the Company, the Operating Partnership, or their subsidiaries 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 or their subsidiaries, under such terms and conditions as the Board of Directors
may approve, provided that no funds shall be commingled with the funds of the Advisor; and the Advisor shall from time to time render appropriate accountings of such collections and payments to the Board of Directors and to the auditors of the
Company. 
 ARTICLE 6. 

RECORDS; ACCESS 

The Advisor shall maintain appropriate records of all its activities under or pursuant to this Advisory Agreement and make such records
available for inspection by the Board of Directors and by counsel, auditors, and authorized agents of the Company, the Operating Partnership, and their subsidiaries, at any time or from time to time during normal business hours. The Advisor, in the
conduct of its responsibilities to the Company and the Operating Partnership, shall maintain adequate and separate books and records for the Company’s and the Operating Partnership’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. Such 

  
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books and records shall include all information necessary to calculate and audit the fees or reimbursements paid under this Advisory Agreement. The Advisor shall utilize procedures to attempt to
ensure such control over accounting and financial transactions as is reasonably required to protect the Company’s and the Operating Partnership’s assets from theft, error, or fraudulent activity. All financial statements that the Advisor
delivers to the Company shall be prepared on an accrual basis in accordance with GAAP, except for special financial reports which by their nature require a deviation from GAAP. The Advisor shall maintain necessary liaison with the Company’s
independent accountants and shall provide such accountants with such reports and other information as the Company shall request. The Advisor shall at all reasonable times have access to the books and records of the Company, the Operating
Partnership, and their subsidiaries. 
 ARTICLE 7. 

OTHER ACTIVITIES OF THE ADVISOR 

Nothing contained in this Advisory Agreement shall prevent the Advisor or any of its Affiliates from engaging in or earning fees from other
activities, including, without limitation, the rendering of advice to other Persons (including other REITs) and the management of other programs advised, sponsored, or organized by the Advisor or any of its Affiliates; nor shall this Advisory
Agreement limit or restrict the right of any manager, director, officer, member, partner, employee, or stockholder of the Advisor or any of its Affiliates to engage in or earn fees from any other business or to render services of any kind to any
other Person. The Advisor may, with respect to any investment in which the Company, the Operating Partnership, or any of their subsidiaries is a participant, also render advice and service to each and every other participant therein, and earn fees
for rendering such advice and service. Specifically, it is contemplated that the Company, the Operating Partnership, and their subsidiaries may enter into Joint Ventures or other similar co-investment
arrangements with certain Persons, and pursuant to the agreements governing such Joint Ventures or other similar co-investment arrangements, the Advisor may be engaged to provide advice and service to such
Persons, in which case the Advisor will earn fees for rendering such advice and service. The Advisor shall report to the Board of Directors the existence of any condition or circumstance, existing or anticipated, of which it has knowledge, which
creates or could create a conflict of interest between the Advisor’s obligations to the Company and the Operating Partnership and their subsidiaries and the Advisor’s obligations to or its interest in any other Person. 

ARTICLE 8. 

LIMITATIONS ON ACTIVITIES 

Anything else in this Advisory Agreement to the contrary notwithstanding, the Advisor shall refrain from taking any action that, in its sole
judgment made in good faith, would (a) adversely affect the status of the Company as a REIT, (b) subject the Company to regulation under the Investment Company Act of 1940, as amended, (c) violate any law, rule, regulation, or
statement of policy of any governmental body or agency having jurisdiction over the Company, its Stock, or its other Securities, or the Operating Partnership, or (d) violate the Charter, the Bylaws, or the Operating Partnership Agreement,
except if such action shall be ordered by the Board of Directors, in which case the Advisor shall promptly notify the Board of Directors of the Advisor’s judgment of the potential impact of such action and shall refrain from taking such action
until it receives further clarification or instructions from the Board of Directors. In such event the Advisor shall have no liability for acting in accordance with the specific instructions of the Board of Directors so given. Notwithstanding the
foregoing, the Advisor, its members, managers, directors, officers, employees, and stockholders, and stockholders, members, managers, directors, officers, and employees of the Advisor’s Affiliates shall not be liable to the Company or the
Operating Partnership or to the Board of Directors or Stockholders for any act or omission by the Advisor, its directors, officers, or employees, or stockholders, directors, or officers of the Advisor’s Affiliates except as provided in this
Advisory Agreement. 

  
 12 

 ARTICLE 9. 

FEES 
 9.1
Acquisition Fee. The Company will pay the Advisor, as compensation for the services described in Section 4.3, Acquisition Fees in an amount equal to 1.0% of (a) the Contract Purchase Price of each Property acquired by
the Company, including any debt attributable to the Property, plus amounts incurred for the development, construction or other capital improvements, or (b) the funds advanced in respect of a loan or other investment. The purchase price
allocable for a Property held through a Joint Venture shall equal the product of (i) the Contract Purchase Price of the Property and (ii) the direct or indirect ownership percentage in the Joint Venture held directly or indirectly by the
Company or the Operating Partnership. For purposes of this Section 9.1, “ownership percentage” shall be the percentage of capital stock, membership interests, partnership interests or other equity interests held by the Company or the
Operating Partnership, without regard to classification of such interests. The total of all Acquisition Fees and Acquisition Expenses shall be limited in accordance with the Charter. 

9.2 Asset Management Fee. Commencing on the date hereof, for the asset management services included in the services
described in Section 4.4(a), the Company shall pay the Advisor a monthly Asset Management Fee in an amount equal to one-twelfth of 0.75% of the Average Invested Assets. The Advisor may elect to receive
the Asset Management Fee, in whole or in part, in OP Units or Stock. 
 9.3 Disposition Fee. If the Advisor or any of
its Affiliates provides a substantial amount of the services (as determined by a majority of the Directors, including a majority of the Independent Directors) in connection with the Sale of one or more Properties, the Advisor or such Affiliate shall
receive at closing a Disposition Fee in an amount equal to the lesser of: (a) 1% of the Contract Sales Price or (b) 50% of the Competitive Real Estate Commission. Any Disposition Fee payable under this section may be paid in addition to real estate
commissions paid to non-Affiliates, provided that the total real estate commissions (including such Disposition Fee) paid to all Persons by the Company or the Operating Partnership for each Property shall not
exceed an amount equal to the lesser of (i) 6% of the aggregate Contract Sales Price of each Property or (ii) the Competitive Real Estate Commission for each Property. The Company or the Operating Partnership will pay the Disposition Fee for a
property at the time the property is sold. 
 9.4 Development Fee. For each Property under development that is not
wholly owned (directly or indirectly) by either the Company or the Operating Partnership (e.g., a Joint Venture), the Advisor or its Affiliates shall be entitled to receive from such Joint Venture or other such
co-ownership entity a market-based Development Fee equal to the amount that would be payable to an unaffiliated third-party for development of a similar property in the same geographic region, which
Development Fee may be reallowed to a third party developer. 
 9.5 Loans from Affiliates. If any loans are made to the
Company by the Advisor or an Affiliate, the rate of interest that may be charged by the Advisor or such Affiliate shall be no less favorable to the Company than the terms available between non-Affiliated
persons for similar loans. Notwithstanding the foregoing, bridge financing to effectuate an acquisition of a Property by the Operating Partnership prior to raising the necessary capital in the Offering may be provided by the Advisor or an Affiliate
at the then current market rates. 

  
 13 

 ARTICLE 10. 

EXPENSES 
 10.1
Reimbursable Expenses. In addition to the compensation paid to the Advisor pursuant to Article 9 hereof, the Company or the Operating Partnership shall pay directly or reimburse the Advisor and its Affiliates for all of the
expenses paid or incurred by the Advisor and its Affiliates (to the extent not reimbursable by another party, such as the Dealer Manager) in connection with the services it provides to the Company, the Operating Partnership, and their subsidiaries
pursuant to this Advisory Agreement, including, but not limited to: 
 (a) reimbursements for Organization and Offering Expenses in
connection with an Offering; provided, however, that within 60 days after the end of the month in which an Offering terminates, the Advisor shall reimburse the Company to the extent that Organization and Offering Expenses borne by the Company
(including Sales Commissions, dealer manager fees, stockholder servicing fees, dealer manager servicing fees, and non-accountable due diligence expense allowance) exceed 15% of the Gross Proceeds raised in a
completed Offering; 
 (b) subject to the limitation set forth below, Acquisition Expenses incurred by the Advisor or its Affiliates; 

(c) subject to the limitation set forth below, Acquisition Expenses payable to unaffiliated Persons incurred in connection with the selection
and acquisition of Properties; 
 (d) the actual
out-of-pocket cost of goods and services used by the Company, the Operating Partnership, and their subsidiaries and obtained from entities not affiliated with the
Advisor including brokerage and other fees paid in connection with the purchase, operation and sale of Assets; 
 (e) interest and other
costs for borrowed money, including discounts, points, and other similar fees; 
 (f) taxes and assessments on income or Property and taxes
as an expense of doing business and any taxes otherwise imposed on the Company, the Operating Partnership, or their subsidiaries, or on their respective business or income; 

(g) costs associated with insurance required in connection with the business of the Company, the Operating Partnership, their subsidiaries, or
by the Board of Directors; 
 (h) expenses of managing and operating, or overseeing the management or operation of, Properties owned by the
Company, the Operating Partnership, or their subsidiaries, whether payable to an Affiliate of the Company or a non-affiliated Person; 

(i) all expenses in connection with payments to Directors and meetings of the Directors or Stockholders; 

(j) expenses associated with the listing of the Common Stock on a national securities exchange or with the issuance and distribution of
Securities other than the Stock issued in an Offering, such as selling commissions and fees, advertising expenses, taxes, legal and accounting fees, and listing and registration fees; 

(k) expenses connected with payments of Distributions in cash or otherwise made or caused to be made by the Company to the Stockholders; 

(l) expenses of organizing, converting, modifying, merging, liquidating, or dissolving the Company, the Operating Partnership, or their
subsidiaries, or of amending the Charter, the Bylaws, the Operating Partnership Agreement, or the governing documents of any subsidiaries; 

  
 14 

 (m) expenses of maintaining communications with Stockholders, including, as applicable, the
cost of preparation, printing, and mailing annual reports and other Stockholder reports, proxy statements, and other reports required by governmental entities (to the extent not provided by the transfer agent); 

(n) administrative service expenses, including all direct and indirect costs and expenses incurred by the Advisor and its Affiliates in
fulfilling its duties under this Advisory Agreement and including personnel costs. Such direct and indirect costs and expenses may include reasonable wages and salaries and other employee-related expenses of all employees of the Advisor or its
Affiliates, including the executive officers of the Company, who are directly engaged in the operation, management, administration, investor relations, and marketing of the Company, including taxes, insurance, and benefits relating to such
employees, and legal, travel, and other out-of-pocket expenses which are directly related to their services provided by the Advisor pursuant to this Advisory Agreement;

 (o) audit, accounting, and legal fees, and other fees for professional services relating to the operations of the Company, the Operating
Partnership, and their subsidiaries and all such fees incurred at the request, or on behalf of, the Independent Directors or any committee of the Board of Directors, whether performed by a third party or by the Advisor or its Affiliates; 

(p) costs associated with the maintenance of a Company website and third party licensing fees for software and information technology; and

 (q) out-of-pocket costs for the Company, the Operating
Partnership, and their subsidiaries to comply with all applicable laws, regulations, and ordinances; and all other out-of-pocket costs necessary for the operation of the
Company, the Operating Partnership, their subsidiaries, and the Assets incurred by the Advisor and its Affiliates in performing its duties under this Advisory Agreement. 

The Company or the Operating Partnership shall also reimburse the Advisor or Affiliates of the Advisor for all direct and indirect costs and
expenses incurred on behalf of the Company, the Operating Partnership, or their subsidiaries prior to the execution of this Advisory Agreement. 

The total of all Acquisition Fees and Acquisition Expenses paid by the Company in connection with the purchase of a Property by the Company
shall be limited in accordance with the Charter. 
 10.2 Other Services. Should the Directors request that the Advisor
or any member, manager, officer, or employee of the Advisor render services for the Company, the Operating Partnership, or their subsidiaries other than as set forth in this Advisory Agreement, such services shall be separately compensated at such
rates and in such amounts as are agreed by the Advisor and a majority of the Independent Directors, subject to any limitations contained in the Charter, and shall not be deemed to be services pursuant to the terms of this Advisory Agreement. 

10.3 Timing of and Limitations on Reimbursements.  

(a) Expenses incurred by the Advisor and its Affiliates on behalf of the Company, the Operating Partnership, and their subsidiaries and
payable pursuant to this Article 10 shall be reimbursed no less frequently than monthly to the Advisor and its Affiliates. The Advisor shall prepare a statement documenting the expenses of the Company, the Operating Partnership, and their
subsidiaries during each quarter, and shall deliver such statement to the Company within 45 days after the end of each quarter. The Company or the Operating Partnership may advance funds to the Advisor for expenses the Advisor anticipates will be
incurred by the Advisor within the current month and any such advances shall be deducted from the amounts reimbursed by the Company or the Operating Partnership to the Advisor. 

  
 15 

 (b) Commencing four fiscal quarters after commencement of the Initial Public Offering, the
Company shall not reimburse the Advisor at the end of any fiscal quarter 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 NASAA Net Income (the “Excess Expense Guidelines”) for such year unless a majority of the Independent Directors determines that such excess was justified, based on unusual and nonrecurring factors which they deem
sufficient. If a majority of the Independent Directors 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 a majority of the Independent Directors
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 Excess Expense Guidelines, the Advisor, at the direction of a
majority of the Independent Directors, shall send to the Stockholders a written disclosure of such fact (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 a majority of the Independent Directors 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 of Directors. All figures used in the foregoing computation shall be determined in accordance with GAAP. 

10.4 Advisor Support of a Portion of Other Organization and Offering Expenses. Through the completion of the primary portion of
the Company’s Initial Public Offering, the Advisor or its Affiliates shall fund on behalf of the Company, an amount equal to 1% of the gross offering proceeds from the sale of Class W Shares only in the Initial Public Offering, which
amount shall be used by the Company towards the payment of Other Organization and Offering Expenses. 
 ARTICLE 11. 

NO PARTNERSHIP OR JOINT VENTURE 

The parties to this Advisory Agreement are not partners or joint venturers with each other, and nothing in this Advisory Agreement shall be
construed to make them such partners or joint venturers or impose any liability as such on either of them, and neither shall have the power to bind or obligate any of them except as set forth in this Advisory Agreement. In all respects, the status
of the Advisor under this Advisory Agreement is that of an independent contractor. Directors who are not Independent Directors will be individuals nominated by the Advisor, provided that such director nominees are either directors of the Advisor or
have been elected by the Board of Directors of the Advisor as executive officers of the Advisor. 
 ARTICLE 12. 

RELATIONSHIP WITH DIRECTORS 

Subject to Article 8 of this Advisory Agreement, to restrictions set forth in the Charter or deemed advisable with respect to the
qualification of the Company as a REIT, and to the provision in the sentence immediately following this sentence, the following may serve as a Director or officer of the Company: (a) directors, managers, officers, and employees of the Advisor;
(b) directors, managers, officers, and employees of an Affiliate of the Advisor or any corporate parent of an Affiliate of the Advisor; and (c) directors, managers, officers, and stockholders of any director, officer, or corporate parent
of an Affiliate of the Advisor. However, no officer or employee of the Advisor, its Affiliates, or a corporate parent of an Affiliate who also is a Director or officer of the Company shall receive any compensation from the Company for serving as a
Director or officer other than reasonable reimbursement for travel and related expenses incurred in attending meetings of the Directors. 

  
 16 

 ARTICLE 13. 

REPRESENTATIONS AND WARRANTIES 

13.1 The Company. To induce the Advisor to enter into this Advisory Agreement, the Company hereby represents and warrants that:

 (a) The Company is a corporation, duly organized, validly existing, and in good standing under the laws of the State of Maryland with all
requisite corporate power and authority and all material licenses, permits, and authorizations necessary to carry out the transactions contemplated by this Advisory Agreement. 

(b) The Company’s execution, delivery, and performance of this Advisory Agreement has been duly authorized by the Board of Directors,
including a majority of all Independent Directors of the Company. This Advisory Agreement constitutes the valid and binding obligation of the Company, enforceable against the Company in accordance with its terms. The Company’s execution and
delivery of this Advisory Agreement and its fulfillment of and compliance with the respective terms hereof do not and will not (i) conflict with or result in a breach of the terms, conditions, or provisions of, (ii) constitute a default
under, (iii) result in the creation of any lien, security interest, charge, or encumbrance upon the assets of the Company pursuant to, (iv) give any third party the right to modify, terminate, or accelerate any obligation under,
(v) result in a violation of, or (vi) require any authorization, consent, approval, exception, or other action by or notice to any court or administrative or governmental body pursuant to, the Charter or Bylaws or any law, statute, rule,
or regulation to which the Company is subject, or any agreement, instrument, order, judgment, or decree by which the Company is bound, in any such case in a manner that would have a material adverse effect on the ability of the Company to perform
any of its obligations under this Advisory Agreement. 
 13.2 The Operating Partnership. To induce the Advisor to enter into
this Advisory Agreement, the Operating Partnership hereby represents and warrants that: 
 (a) The Operating Partnership is a Delaware
limited partnership, duly organized, validly existing, and in good standing under the laws of the State of Delaware with all requisite power and authority and all material licenses, permits, and authorizations necessary to carry out the transactions
contemplated by this Advisory Agreement. 
 (b) The Operating Partnership’s execution, delivery, and performance of this Advisory
Agreement has been duly authorized. This Advisory Agreement constitutes the valid and binding obligation of the Operating Partnership, enforceable against the Operating Partnership in accordance with its terms. The Operating Partnership’s
execution and delivery of this Advisory Agreement and its fulfillment of and compliance with the respective terms hereof do not and will not (i) conflict with or result in a breach of the terms, conditions, or provisions of,
(ii) constitute a default under, (iii) result in the creation of any lien, security interest, charge, or encumbrance upon the assets of the Operating Partnership pursuant to, (iv) give any third party the right to modify, terminate,
or accelerate any obligation under, (v) result in a violation of, or (vi) require any authorization, consent, approval, exception, or other action by or notice to any court or administrative or governmental body pursuant to, the Operating
Partnership Agreement or any law, statute, rule, or regulation to which the Operating Partnership is subject, or any agreement, instrument, order, judgment, or decree by which the Operating Partnership is bound, in any such case in a manner that
would have a material adverse effect on the ability of the Operating Partnership to perform any of its obligations under this Advisory Agreement. 

  
 17 

 13.3 The Advisor. To induce the Company and the Operating Partnership to enter
into this Advisory Agreement, the Advisor represents and warrants that: 
 (a) The Advisor is a limited liability company, duly organized,
validly existing, and in good standing under the laws of the State of Delaware with all requisite company power and authority and all material licenses, permits, and authorizations necessary to carry out the transactions contemplated by this
Advisory Agreement. 
 (b) The Advisor’s execution, delivery, and performance of this Advisory Agreement has been duly authorized. This
Advisory Agreement constitutes a valid and binding obligation of the Advisor, enforceable against the Advisor in accordance with its terms. The Advisor’s execution and delivery of this Advisory Agreement and its fulfillment of and compliance
with the respective terms hereof do not and will not (i) conflict with or result in a breach of the terms, conditions, or provisions of, (ii) constitute a default under, (iii) result in the creation of any lien, security interest,
charge, or encumbrance upon the Advisor’s assets pursuant to, (iv) give any third party the right to modify, terminate, or accelerate any obligation under, (v) result in a violation of, or (vi) require any authorization, consent,
approval, exemption, or other action by or notice to any court or administrative or governmental body pursuant to the Advisor’s certificate of formation or operating agreement, or any law, statute, rule, or regulation to which the Advisor is
subject, or any agreement, instrument, order, judgment, or decree by which the Advisor is bound, in any such case in a manner that would have a material adverse effect on the ability of the Advisor to perform any of its obligations under this
Advisory Agreement. 
 (c) The Advisor has received copies of the Charter, the Bylaws, the Registration Statement, and the Operating
Partnership Agreement and is familiar with the terms thereof, including without limitation the investment limitations included therein. The Advisor warrants that it will use reasonable care to avoid any act or omission that would conflict with the
terms of the Charter, the Bylaws, the Registration Statement, or the Operating Partnership Agreement in the absence of the express direction of a majority of the Independent Directors. 

ARTICLE 14. 
 TERM;
TERMINATION OF AGREEMENT 
 14.1 Term. This Advisory Agreement shall continue in force until the first anniversary of
the date hereof. Thereafter, this Advisory Agreement may be renewed for an unlimited number of successive one-year terms upon mutual consent of the parties. The Company, acting through the Board of Directors,
will evaluate the performance of the Advisor annually before renewing this Advisory Agreement, and each such renewal shall be for a term of no more than one year. 

14.2 Termination by Any Party. This Advisory Agreement may be terminated upon 60 days’ written notice without cause or
penalty, by any party (by a majority of the Independent Directors of the Company or the manager of the Advisor). 
 14.3 Termination
by the Advisor. This Advisory Agreement may be terminated immediately by the Advisor in the event of any material breach of this Advisory Agreement by the Company or the Operating Partnership not cured within 30 days after written notice of
such material breach. 
 14.4 Termination by the Company. This Advisory Agreement may be terminated immediately by the Company
or the Operating Partnership upon the occurrence of any one or more of the following: 
 (a) any material breach of this Advisory Agreement
by the Advisor not cured by the Advisor within 30 days after written notice of such material breach; 

  
 18 

 (b) a decree or order is rendered by a court having jurisdiction (i) adjudging the
Advisor as bankrupt or insolvent, (ii) approving as properly filed a petition seeking reorganization, readjustment, arrangement, composition, or similar relief for the Advisor under the federal bankruptcy laws or any similar applicable law or
practice, or (iii) appointing a receiver or liquidator or trustee or assignee in bankruptcy or insolvency of the Advisor or a substantial part of the property of the Advisor, or for the winding up or liquidation of its affairs; or 

(c) the Advisor (i) institutes proceedings to be adjudicated a voluntary bankrupt or an insolvent, (ii) consents to the filing of a
bankruptcy proceeding against it, (iii) files a petition or answer or consent seeking reorganization, readjustment, arrangement, composition, or relief under any similar applicable law or practice, (iv) consents to the filing of any such
petition, or to the appointment of a receiver or liquidator or trustee or assignee in bankruptcy or insolvency for it or for a substantial part of its property, (v) makes an assignment for the benefit of creditors, (vi) is unable to or
admits in writing its inability to pay its debts generally as they become due unless such inability shall be the fault of the Operating Partnership, or (vii) takes company or other action in furtherance of any of the aforesaid purposes. 

14.5 Survival. The provisions of this Section 14.5, Articles 1, 6, 7, and 15 through 20 survive termination of this
Advisory Agreement. 
 ARTICLE 15. 

PAYMENTS TO AND DUTIES OF 

PARTIES UPON TERMINATION 

15.1 Reimbursable Expenses and Earned Fees. After the Termination Date, the Advisor shall be entitled to receive from the
Company or the Operating Partnership within 30 days after the Termination Date all amounts then accrued and owing to the Advisor, including all unpaid reimbursable expenses and all earned but unpaid fees payable to the Advisor prior to termination
of this Advisory Agreement. 
 15.2 Advisor’s Duties Upon Termination. 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 Advisory Agreement, after deducting any accrued compensation and reimbursement for its expenses to which it is then entitled; 

(b) deliver to the Board of Directors a full accounting, including a statement showing all payments collected by it and a statement of all
money held by it, covering the period following the date of the last accounting furnished to the Board of Directors; 
 (c) deliver to the
Board of Directors all assets, including Properties, and documents of the Company, the Operating Partnership, and their subsidiaries then in the custody of the Advisor; and 

(d) cooperate with the Company and the Operating Partnership to provide an orderly management transition. 

15.3 Non-Solicitation. During the period commencing on the date of this Advisory
Agreement and ending two years following the Termination Date, the Company shall not, without the Advisor’s prior written consent, directly or indirectly, (i) solicit or encourage any employee, consultant, contractor, or other Person
performing services on behalf of the Advisor or its Affiliates to leave the employment or other service of the Advisor or any of its Affiliates, or (ii) hire or pay, directly or indirectly, any compensation to, on behalf of the Company or any
other Person, any employee, consultant, 

  
 19 

 
contractor, or other Person performing services on behalf of the Advisor or its Affiliates who has left the employment of, or engagement by, the Advisor or any of its Affiliates within the two-year period following the termination of that person’s employment with, or engagement by, the Advisor or any of its Affiliates. During the period commencing on the effective date of this Advisory Agreement
and ending two years following the Termination Date, the Company shall not, whether for its own account or for the account of any other Person, intentionally interfere with the relationship of the Advisor or any of its Affiliates with, or endeavor
to entice away from the Advisor or any of its Affiliates, any Person who during the term of this Advisory Agreement is, or during the preceding two-year period was, a tenant,
co-investor, co-developer, joint venturer, or other customer of the Advisor or any of its Affiliates. 

ARTICLE 16. 

ASSIGNMENT 
 The
Advisor shall not assign this Advisory Agreement or delegate any duty under this Advisory Agreement without the consent of a majority of the Independent Directors. The Advisor may assign any rights to receive fees or other payments under this
Advisory Agreement without obtaining the consent of the Independent Directors. This Advisory 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, as the case may be, to a legal entity that is a successor to all of the assets, rights, and obligations of the Company or the Operating Partnership, as the case may be, in which case such successor organization
shall be bound hereunder and by the terms of said assignment in the same manner as the Company or the Operating Partnership, as the case may be, is bound by this Advisory Agreement. 

ARTICLE 17. 

INCORPORATION OF THE CHARTER AND THE OPERATING PARTNERSHIP AGREEMENT 

To the extent that the Charter or the Operating Partnership Agreement as in effect on the date of this Advisory Agreement impose obligations
or restrictions on the Advisor or grant the Advisor certain rights which are not set forth in this Advisory Agreement, the Advisor shall abide by such obligations or restrictions and such rights shall inure to the benefit of the Advisor with the
same force and effect as if they were set forth in this Advisory Agreement. 
 ARTICLE 18. 

INDEMNIFICATION BY THE COMPANY AND THE OPERATING PARTNERSHIP 

The Company and the Operating Partnership shall indemnify and hold harmless the Advisor and its Affiliates, including their respective
officers, directors, partners and employees, from all contract or other liability, claims, damages, taxes, or losses, and related expenses including reasonable attorneys’ fees, arising in the performance of their duties under this Advisory
Agreement, to the extent such liability, claims, damages, taxes, or losses and related expenses are not fully reimbursed by insurance, subject to any limitations imposed by the Charter, the laws of the State of Maryland and the laws of the State of
Delaware, as applicable, and only if all of the following conditions are met: 
 (a) The directors or 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, as applicable; 

(b) The Advisor or its Affiliates were acting on behalf of or performing services for the Company or the Operating Partnership; 

  
 20 

 (c) Such liability or loss was not the result of negligence or misconduct by the Advisor or
its Affiliates; and 
 (d) Such indemnification or agreement to hold harmless is recoverable only out of the Company’s net assets,
including insurance proceeds, and not from its Stockholders. 
 With respect to losses, liabilities or expenses arising from or out of an
alleged violation of federal or state securities laws, 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 Securities and Exchange Commission 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. Notwithstanding the foregoing, the Advisor shall not be entitled to
indemnification or be held harmless pursuant to this Article 18 for any activity which the Advisor shall be required to indemnify or hold harmless the Company and the Operating Partnership pursuant to Article 19. 

ARTICLE 19. 

INDEMNIFICATION BY ADVISOR 

The Advisor shall indemnify and hold harmless the Company and the Operating Partnership, including their respective officers, directors,
partners, and employees, 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 gross negligence, bad faith, fraud, willful misfeasance, misconduct, or reckless disregard of its duties, subject to any limitations imposed by the laws of the State of
Delaware, but Advisor shall not be held responsible for any action of the Board of Directors in declining to follow any advice or recommendation given by the Advisor. 

ARTICLE 20. 

LIMITATION OF LIABILITY 

In no event will the parties be liable for damages based on loss of income, profit or savings or indirect, incidental, consequential,
exemplary, punitive, or special damages of the other party or person, including third parties, even if such party has been advised of the possibility of such damages in advance, and all such damages are expressly disclaimed. 

ARTICLE 21. 
 GENERAL
PROVISIONS 
 21.1 Notices. Any notice in this Advisory Agreement permitted to be given, made, or accepted by any
party to the other, must be in writing and may be given or served by (i) overnight courier, (ii) depositing the same in the United States mail, postpaid, certified, return receipt requested, (iii) facsimile transfer, or
(iv) electronic delivery via email. Notice deposited in the United States mail shall be deemed given when mailed. Notice given in any other manner shall be effective when received at the address of the addressee. For purposes of this Section,
the addresses, fax numbers, and email addresses of the parties, until changed as hereafter provided, shall be as follows: 
  

			
	 To the Company:
	  	Strategic Storage Trust VI, Inc.
		  	Attention: H. Michael Schwartz
		  	10 Terrace Road
		  	Ladera Ranch, California 92694
		  	Email: hms@smartstop.com
		  	Fax: 949-429-6606

  
 21 

			
		
	 With a copy to:
	  	Chairman of the Nominating and Corporate Governance Committee
		  	10 Terrace Road
		  	Ladera Ranch, California 92694
		  	Fax: 949-429-6606
		
	 To the Operating Partnership:
	  	Strategic Storage Operating Partnership VI, L.P.
		  	Attention: H. Michael Schwartz
		  	10 Terrace Road
		  	Ladera Ranch, California 92694
		  	Email: hms@smartstop.com
		  	Fax: 949-429-6606
		
	 To the Advisor:
	  	Strategic Storage Advisor VI, LLC
		  	Attention : H. Michael Schwartz
		  	10 Terrace Road
		  	Ladera Ranch, California 92694
		  	Email: hms@smartstop.com
		  	Fax: 949-429-6606

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

21.3 Severability. The provisions of this Advisory Agreement are independent of and severable from each other, and no provision
shall be affected or rendered invalid or unenforceable by virtue of the fact that for any reason any other or others of them may be invalid or unenforceable in whole or in part. 

21.4 Construction/Governing Law. The provisions of this Advisory Agreement shall be exclusively construed and exclusively
interpreted in accordance with the laws of the State of California. 
 21.5 Entire Agreement. This Advisory Agreement contains
the entire agreement and understanding among the parties to this Advisory Agreement with respect to the subject matter of this Advisory Agreement, 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 of this Advisory Agreement. The express terms of this Advisory Agreement control and supersede any course of performance and/or usage of the trade
inconsistent with any of the terms of this Advisory Agreement. 

  
 22 

 21.6 Indulgences, Not Waivers. Neither the failure nor any delay on the part
of a party to exercise any right, remedy, power, or privilege under this Advisory 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. 

21.7 Gender; Number. Words used in this Advisory Agreement 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. 

21.8 Titles Not To Affect Interpretation. The titles of paragraphs and subparagraphs contained in
this Advisory Agreement are for convenience only, and they neither form a part of this Advisory Agreement nor are they to be used in the construction or interpretation of this Advisory Agreement. 

21.9 Execution In Counterparts. This Advisory 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 on such counterpart, and all of which shall together constitute one and the same instrument. This Advisory Agreement shall become binding when
the counterparts of this Advisory Agreement, taken together, bear the signatures of all of the parties reflected in this Advisory Agreement as the signatories. 

ARTICLE 22. 
 INITIAL
INVESTMENT 
 An Affiliate of the Advisor has purchased 109.89 shares of Common Stock for $1,000.00. Affiliates of the Advisor have
purchased an aggregate of $5,002,000 in OP Units. Affiliates of the Advisor may not sell $202,000 of the OP Units while the Advisor acts in such advisory capacity to the Company or the Operating Partnership, provided, that such OP Units may be
transferred to Affiliates of the Advisor. Affiliates of the Advisor may not sell any of the OP Units while the Advisor acts in such advisory capacity to the Company or the Operating Partnership, provided, that such OP Units may be transferred to the
Advisor or other Affiliates of the Advisor. The restrictions included above shall not apply to any other Securities acquired by the Advisor or its Affiliates. With respect to any Securities owned by the Advisor, the Directors, or any of their
Affiliates, neither the Advisor, nor the Directors, nor any of their Affiliates may vote or consent on matters submitted to the Stockholders regarding the removal of the Advisor, Directors or any of their Affiliates or any transaction between the
Company and any of them. In determining the requisite percentage in interest of Securities necessary to approve a matter on which the Advisor, Directors and any of their Affiliates may not vote or consent, any Securities owned by any of them shall
not be included. 
 [SIGNATURES APPEAR ON NEXT PAGE] 

  
 23 

 To evidence the parties’ agreement to this Advisory Agreement, the parties have
executed and delivered this Advisory Agreement as of the date and year first above written. 
  

									
	COMPANY:	 		 	ADVISOR:
			
	STRATEGIC STORAGE TRUST VI, INC.,
a Maryland corporation	 		 	STRATEGIC STORAGE ADVISOR VI, LLC,
a Delaware limited liability company
					
	By:	 	 	 		 	By:	 	 
		 	H. Michael Schwartz, Chief Executive Officer	 		 		 	H. Michael Schwartz, Chief Executive Officer
			
	OPERATING PARTNERSHIP:	 		 	
			
	STRATEGIC STORAGE OPERATING
PARTNERSHIP VI, L.P., a Delaware
limited partnership	 		 	
					
	By:	 	Strategic Storage Trust VI, Inc., a Maryland corporation and its General Partner	 		 		 	
					
	By:	 	 	 		 		 	
		 	H. Michael Schwartz, Chief Executive Officer	 		 		 	

  
 24EX-10.4

 Exhibit 10.4 

EMPLOYEE AND DIRECTOR LONG-TERM INCENTIVE PLAN 

OF 
 STRATEGIC STORAGE
TRUST VI, INC. 

 TABLE OF CONTENTS 

 

							
	1.	  	PURPOSES OF THE PLAN AND DEFINITIONS	  	 	1	 
		  	1.1    PURPOSES	  	 	1	 
		  	1.2    DEFINITIONS	  	 	1	 
	2.	  	PARTICIPANTS	  	 	6	 
	3.	  	SHARES OF STOCK SUBJECT TO THIS PLAN	  	 	6	 
	4.	  	ADMINISTRATION	  	 	7	 
		  	4.1    COMMITTEE	  	 	7	 
		  	4.2    DURATION, REMOVAL, ETC.	  	 	7	 
		  	4.3    MEETINGS AND ACTIONS OF COMMITTEE	  	 	7	 
		  	4.4    COMMITTEE’S POWERS	  	 	7	 
		  	4.5    TERM OF PLAN	  	 	8	 
	5.	  	GRANT OF OPTIONS	  	 	9	 
		  	5.1    WRITTEN AGREEMENT	  	 	9	 
		  	5.2    ANNUAL $100,000 LIMITATION ON ISOS	  	 	9	 
	6.	  	CERTAIN TERMS AND CONDITIONS OF OPTIONS AND OTHER AWARDS	  	 	9	 
		  	6.1    ALL AWARDS	  	 	9	 
		  	6.2    TERMS AND CONDITIONS TO WHICH ONLY NQOS ARE
SUBJECT	  	 	12	 
		  	6.3    TERMS AND CONDITIONS TO WHICH ONLY ISOS ARE
SUBJECT	  	 	13	 
		  	6.4    SURRENDER OF OPTIONS	  	 	13	 
	7.	  	RESTRICTED STOCK	  	 	14	 
		  	7.1    GRANT	  	 	14	 
		  	7.2    RESTRICTIONS	  	 	14	 
		  	7.3     DISTRIBUTIONS	  	 	14	 
	8.	  	STOCK APPRECIATION RIGHTS	  	 	14	 
	9.	  	DIVIDEND EQUIVALENT RIGHTS	  	 	15	 
		  	9.1    GENERAL	  	 	15	 
		  	9.2    RIGHTS AND OPTIONS	  	 	15	 
		  	9.3    PAYMENTS	  	 	15	 
	10.	  	OTHER EQUITY-BASED AWARDS	  	 	15	 
		  	10.1    GRANT	  	 	15	 
		  	10.2    TERMS AND CONDITIONS	  	 	15	 
		  	10.3    PAYMENT OR SETTLEMENT	  	 	15	 
	11.	  	COMPLIANCE WITH LAWS	  	 	16	 
	12.	  	EMPLOYMENT OR OTHER RELATIONSHIP	  	 	16	 
	13.	  	AMENDMENT, SUSPENSION AND TERMINATION OF THIS PLAN	  	 	16	 
	14.	  	LIABILITY AND INDEMNIFICATION OF THE COMMITTEE	  	 	17	 
	15.	  	SECURITIES LAW LEGENDS	  	 	17	 
	16.	  	SEVERABILITY	  	 	17	 
	17.	  	EFFECTIVE DATE AND STOCKHOLDER APPROVAL	  	 	18	 
	18.	  	MISCELLANEOUS	  	 	18	 
		  	 18.1    LOANS
	  	 	18	 
		  	 18.2    FORFEITURE
PROVISIONS
	  	 	18	 
		  	 18.3    LIMITATIONS APPLICABLE
TO SECTION 16
	  	 	18	 
	    	  	 18.4    EFFECT OF
PLAN UPON OTHER INCENTIVE AND COMPENSATION PLANS
	  	 	18	 
		  	 18.5    SECTION 83(B)
ELECTION PROHIBITED
	  	 	18	 

  
 i 

 EMPLOYEE AND DIRECTOR LONG-TERM INCENTIVE PLAN 

OF 
 STRATEGIC STORAGE
TRUST VI, INC. 
  

	1.	 PURPOSES OF THE PLAN AND DEFINITIONS 

1.1. Purposes. The purposes of the Employee and Director Long-Term Incentive Plan (the “Plan”) of Strategic
Storage Trust VI, Inc. (the “Company”) are to: 
 (a) provide incentives to individuals chosen to receive share-based awards
because of their ability to improve operations and increase profits; 
 (b) encourage selected persons to accept or continue employment or
other service relationship with the Company, its Affiliate or a Subsidiary, or an Advisor or its Affiliate; and 
 (c) increase the interest
of Directors in the Company’s welfare through their participation in the growth in value of the Company’s Stock. 
 To accomplish
these purposes, this Plan provides a means whereby Employees that the Committee deems important to the Company’s long-term success, Directors, and other enumerated persons may receive Awards. 

1.2. Definitions. For purposes of this Plan, the following terms have the following meanings: 

“Advisor” means the Person or Persons, if any, appointed, employed or contracted with by the Company responsible for directing or
performing the day-to-day business affairs of the Company, including any Person to whom the Advisor subcontracts substantially all of such functions. The initial
Advisor is Strategic Storage Advisor VI, LLC. 
 “Affiliate” means, with respect to any other Person, any of the following: 

(a) any Person directly or indirectly owning, controlling or holding, with power to vote, 10% or more of the outstanding voting securities of
such other Person; 
 (b) any Person 10% or more of whose outstanding voting securities are directly or indirectly owned, controlled or
held, with power to vote, by such other Person; 
 (c) any Person directly or indirectly controlling, controlled by or under common control
with such other Person; 
 (d) any executive officer, director, trustee or general partner of such other Person; and 

(e) any legal entity for which such Person acts as an executive officer, director, trustee or general partner. 

“Applicable Laws” means the requirements relating to the administration of Awards under U.S. state corporate laws, U.S. Federal and
state securities laws, the Code, any stock exchange or quotation system on which the shares of Stock are listed or quoted, and the applicable laws of any foreign country or jurisdiction where Awards are, or will be, granted under the Plan. 

  
 1 

 “Articles of Incorporation” means the articles of incorporation of the Company as
the same may be amended from time to time. 
 “Award” means any award under this Plan, including any grant of Options, Restricted
Shares, Restricted Stock Units, LTIP Units, Stock Appreciation Rights, Distribution Equivalent Rights, or Other Equity-Based Awards. 

“Award Agreement” means, with respect to each Award, the written agreement executed by the Company and the Participant, or other
written document approved by the Committee setting forth the terms and conditions of the Award. 
 “Board” means the Board of
Directors of the Company. 
 “Cause,” unless otherwise defined in an Employee’s employment agreement, severance plan or
agreement or other similar agreement, means (i) gross negligence or willful misconduct, (ii) an uncured breach of any of the Employee’s material duties under his or her employment agreement, severance plan or agreement or other
similar agreement, (iii) fraud or other conduct against the material best interests of his or her employer or the Company, or (iv) a conviction of a felony, if such conviction has a material adverse effect on his or her employer. If
“Cause” is otherwise defined in an Employee’s employment agreement, severance plan or agreement or other similar agreement the definition in such employment agreement, severance plan or agreement or other similar agreement shall be
effective for purposes of the Plan with respect to the Employee in question. 
 “Code” means the Internal Revenue Code of 1986, as
amended from time to time, and any successor statute, and any formal guidance and Treasury Regulations issued thereunder. 

“Committee” has the meaning given it in Section 4.1. 

“Common Stock” or “Stock” means common shares of capital stock of the Company, $0.001 par value per share. 

“Company” has the meaning given it in Section 1.1. 

“Consultant” means a person providing services to the Company or Affiliate in a capacity other than as an Employee or Director. 

“Director” means a person elected or appointed and serving as a member of the board of directors of the Company in accordance with
the Articles of Incorporation and the Maryland General Corporation Law. 
 “Distribution Equivalent Right” means an Award of
rights pursuant to Section 9. 
 “Effective Date” has the meaning given it in Section 17. 

“Employee” means any person employed by the Company, its Affiliate, or an Advisor or its Affiliate, as evidenced by payroll records.
An Employee includes an officer or a Director who is an employee of the Company or its Affiliates. 
 “Employment Termination”
means that a Participant has ceased, for any reason and with or without Cause, to be an Employee or Director of, or a Consultant to, the Company, its Affiliate, a Subsidiary, or an Advisor or its Affiliate. However, the term “Employment
Termination” shall not include an Employee Director’s ceasing to be a Director, or a transfer of a Participant from the Company to its Affiliate or a Subsidiary, or an Advisor or its Affiliate, or vice versa, or among one to another, or a
duly-authorized leave of absence, unless the Committee has provided otherwise. 

  
 2 

 “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to
time, and any successor statute. 
 “Exercise Notice” has the meaning given it in Section 6.1(f). 

“Fair Market Value” means with respect to Stock: 

(i) if the Stock is listed on any established stock exchange or a national market system, including, without limitation, the NASDAQ National
Market System, the Fair Market Value of shares of Stock shall be the closing sales price for the Stock, or the mean between the high bid and low asked prices if no sales were reported, as quoted on such system or exchange (or, if the Stock is listed
on more than one exchange, then on the largest such exchange) for the date the value is to be determined (or if there are no sales or bids for such date, then for the last preceding business day on which there were sales or bids), as reported in The
Wall Street Journal or similar publication; or 
 (ii) if the Stock is regularly quoted by a recognized securities dealer but selling
prices are not reported, or if there is no market for the Stock, the Fair Market Value of the shares of Stock shall be determined in good faith by the Committee by the reasonable application of a reasonable valuation method, with reference to all
information material to the value of the Company, including by way of example, the Company’s net worth, prospective earning power, distribution-paying capacity and other relevant factors, including the goodwill of the Company, the economic
outlook in the Company’s industry, the Company’s position in the industry and its management, and the values of stock of other enterprises in the same or similar lines of business; 

provided, however, that for purposes of granted Nonqualified Share Options or Stock Appreciation Rights, Fair Market Value of Stock shall be determined in
accordance with the requirements of Code Section 409A, and for purposes of granting Incentive Stock Options, Fair Market Value of Stock shall be determined in accordance with the requirements of Code Section 422. 

“Grant Date” has the meaning given it in Section 6.1(c). 

“Incentive Stock Option” or “ISO” means any option to purchase Common Stock from the Company that is granted under
Section 5 of the Plan and that is intended to meet the requirements of Section 422 of the Code. 
 “LTIP Unit” means a
limited partnership unit of the Operating Partnership as may be designated as a “LTIP Unit” in the Operating Partnership Agreement. 

“Non-Employee Director” means a person who is a
non-employee director as defined in Rule 16b-3. 
 “Non-Qualified Stock Option” or “NQO” means any Option that is not an Incentive Stock Option. 

“Operating Partnership” means Strategic Storage Operating Partnership VI, L.P., a Delaware limited partnership and the operating
partnership of the Company. 

  
 3 

 “Operating Partnership Agreement” means the First Amended and Restated Limited
Partnership Agreement of the Operating Partnership, as may be subsequently amended. 
 “Option” means an ISO or an NQO granted
under Section 5. 
 “Other Equity-Based Award” means any award other than an Option, Stock Appreciation Right or Distribution
Equivalent Right Award which, subject to such terms and conditions as may be prescribed by the Committee, entitles a Participant to receive shares of Common Stock or rights or units valued in whole or in part by reference to, or otherwise based on,
shares of Common Stock or distributions on shares of Common Stock, including LTIP Units and Restricted Stock Units. 

“Participant” means an eligible Person who is granted an Award. 

“Performance Goals” means any one or more of the following performance goals, either individually, alternatively or in any
combination, applied to either the Company as a whole or to a business unit or Affiliate, either individually, alternatively or in combination, and measured either quarterly, annually or cumulatively over a period of quarters or years, on an
absolute basis or relative to a pre-established target, to previous quarter’s or years’ results or to a designated comparison group, any of which may be measured on an aggregate or per share basis,
in each case as specified by the Committee in the Award Agreement: 
  

	 	(i)	 earnings before any one or more of the following: interest, taxes, depreciation or amortization,

  

	 	(ii)	 net income (loss) (either before or after interest, taxes, depreciation and/or amortization),

  

	 	(iii)	 changes in the market price of the Stock (on a per share or aggregate basis), 

 

	 	(iv)	 economic value added, 

 

	 	(v)	 funds from operations or similar measure, 

 

	 	(vi)	 sales or revenue, 

  

	 	(vii)	 acquisitions or strategic transactions, 

 

	 	(viii)	 operating income (loss), 

 

	 	(ix)	 cash flow (including, but not limited to, operating cash flow and free cash flow), 

 

	 	(x)	 return on capital, assets, equity, or investment, 

 

	 	(xi)	 stockholder returns (including total returns calculated to include aggregate Stock appreciation and total
dividends paid, assuming full reinvestment of dividends, during the applicable period), 

  

	 	(xii)	 cash available, 

  

	 	(xiii)	 return on sales, 

  

	 	(xiv)	 gross or net profit levels, 

 

	 	(xv)	 productivity, 

  

	 	(xvi)	 expense levels or management, 

 

	 	(xvii)	 margins, 

  

	 	(xviii)	 operating efficiency, 

 

	 	(xix)	 customer/tenant satisfaction, 

 

	 	(xx)	 working capital, 

  

	 	(xxi)	 earnings (loss) per share of Stock, 

 

	 	(xxii)	 revenue or earnings growth, 

 

	 	(xxiii)	 number of securities sold, 

 

	 	(xxiv)	 the Company’s ranking against selected peer groups, 

  
 4 

	 	(xxv)	 “same-store” performance from period to period, 

 

	 	(xxvi)	 leasing or occupancy rates, 

 

	 	(xxvii)	 objectively determinable capital deployment, 

 

	 	(xxviii)	 objectively determined expense management, 

 

	 	(xxix)	 sales or market shares, 

 

	 	(xxx)	 number of customers, 

 

	 	(xxxi)	 productivity of employees as measured by revenues, cost, or earnings per employee, 

 

	 	(xxxii)	 establishment of a trading market for the Company’s Stock, and 

 

	 	(xxxiii)	 any combination of the foregoing. 

The Committee may appropriately adjust any evaluation of performance under a Performance Goal to remove the effect of equity compensation expense under ASC
718, amortization of acquired technology and intangibles, asset write-downs; litigation or claim judgments or settlements; the effect of changes in or provisions under tax law, accounting principles or other such laws or provisions affecting
reported results; accruals for reorganization and restructuring programs; discontinued operations; and any items that are extraordinary, unusual in nature, non-recurring or infrequent in occurrence. 

“Performance Period” means, with respect to an Award, a period of time within which the Performance Goals relating to such Award are
to be measured, if applicable. The Performance Period, if applicable, will be established by the Committee at the time the Award is granted. 

“Person” means a corporation, partnership, trust, association, or any other entity. 

“Plan” means this Employee and Director Long-Term Incentive Plan of the Company. 

“Related Corporation” means a parent or subsidiary corporation of the Company, as those terms are defined in Sections 424(e) and
(f) of the Code. 
 “Restricted Stock” means an Award granted under Section 7. 

“Restricted Stock Units” or “RSUs” means an Award issued under the Plan which entitles the holder, upon satisfaction of
the vesting and other conditions set forth in the applicable Award Agreement, to be issued Stock or cash equivalents. In the discretion of the Committee, an Award of RSUs may be settled in Stock, in cash, or in a combination of Stock and cash. 

“Rule 16b-3” means Rule 16b-3 adopted under
Section 16(b) of the Exchange Act or any successor rule, as it may be amended from time to time, and references to paragraphs or clauses of Rules 16b-3 refer to the corresponding paragraphs or clauses of
Rule 16b-3 as it exists at the Effective Date or the comparable paragraph or clause of Rule 16b-3 or successor rule, as that paragraph or clause may thereafter be
amended. 
 “Section 16(b)” means Section 16(b) under the Exchange Act. 

“Securities Act” means the Securities Act of 1933, as amended from time to time, and any successor statute. 

“Stock Appreciation Right” means an Award granted under Section 8. 

  
 5 

 “Subsidiary” means a corporation or other business entity in which the Company
directly or indirectly has an ownership interest of 50% or more. 
 “Ten Percent Stockholder” means any Person who, at the time
this definition is being applied, owns, directly or indirectly (or is treated as owning by reason of attribution rules currently set forth in Code Section 424), shares of the Company constituting more than 10% of the total combined voting power
of all classes of outstanding capital stock of the Company or any Related Corporation. 
  

	2.	 PARTICIPANTS 

Any Employee, Consultant, Director or other Person approved by the Committee shall be eligible to be designated a Participant; provided,
however, that: 
 (a) Incentive Stock Options may only be granted to an Employee of the Company or a Related Corporation; and 

(b) Any Award of Stock Options or Stock Appreciation Rights made to a Participant with respect to whom the Company is not an “eligible
issuer of service recipient stock” within the meaning of Treasury Regulation Section 1.409A-1(b)(5)(iii)(E)(1)(which generally includes only the entity for which the service provider provides direct
services on the Grant Date of the Award and any parent entity that has a controlling interest in such entity ) must contain terms and conditions intended to comply with the nonqualified deferred compensation requirements of Section 409A of the
Code. 
  

	3.	 SHARES OF STOCK SUBJECT TO THIS PLAN 

The total number of shares of Stock that may be issued under Awards is a number of shares equal to ten percent (10%) of the Company’s
outstanding Stock, but may never exceed ten million (10,000,000) shares. The maximum number of shares of Stock with respect to which ISOs may be granted under the Plan is the lesser of the total number of shares of Stock that may be issued
under Awards or ten million (10,000,000) shares. Such shares of Stock may consist, in whole or in part, of authorized and unissued Stock or shares of Stock reacquired in private transactions or open market purchases, but all shares of Stock
issued under the Plan, regardless of their source, shall be counted against the Stock limitation. Any shares of Stock that are retained by the Company upon exercise or settlement of an Award in order to satisfy the exercise price in whole or in
part, or to pay withholding taxes due with respect to such exercise or settlement, shall be treated as issued to the Participant and will thereafter not be available under the Plan. Any shares of Stock subject to unexercised portions of Options
granted under the Plan which shall have been terminated, cancelled or that have expired may again be subject to Options hereunder. Awards settled in cash will not reduce the maximum aggregate number of shares of Common Stock that may be issued
under the Plan. The number of shares of Stock reserved for issuance under this Plan is subject to adjustment in accordance with the provisions for adjustment in Section 6.1. If, after grant, an Option is cancelled, the cancelled Option
shall continue to be counted against the maximum number of shares for which options may be granted to an Employee during any calendar year as described in this Section 3. If, after grant, the exercise price of an Option is reduced or the base
amount on which a Stock Appreciation Right is calculated is reduced, the transaction shall be treated as the cancellation of the Option or the Stock Appreciation Right, as applicable, and the grant of a new Option or Stock Appreciation Right, as
applicable. If an Option or Stock Appreciation Right is deemed to be cancelled as described in the preceding sentence, the Option or Stock Appreciation Right that is deemed to be canceled and the Option or Stock Appreciation Right that is deemed to
be granted shall both be counted against the maximum number of shares for which Options or Stock Appreciation Rights may be granted to an Employee during any calendar year as described in this Section 3. 

  
 6 

	4.	 ADMINISTRATION 

4.1. Committee. 

(a) In General. This Plan shall be administered by the compensation committee (the “Committee”) appointed by the
Board. The number of persons who shall constitute the Committee shall be determined from time to time by a majority of all the members of the Board; provided, however, that the Committee shall not consist of fewer than two persons. In the event
the Board does not appoint a Committee, the Board shall administer the Plan. 
 (b) Rule
16b-3. To the extent desirable to qualify transactions under this Plan as exempt under Rule 16b-3, a Committee consisting solely of two or more “non-employee directors” as defined in Rule 16b-3, must approve such transactions. 

4.2. Duration, Removal, Etc. The members of the Committee shall serve at the pleasure of the Board, which shall have
the power, at any time and from time to time, to remove members from or add members to the Committee. Removal from the Committee may be with or without cause. Any individual serving as a member of the Committee shall have the right to
resign from the Committee by giving at least three days’ prior written notice to the Board. The Board, and not the remaining members of the Committee, shall have the power and authority to fill vacancies on the Committee, however
caused. The Board shall promptly fill any vacancy that causes the number of members of the Committee to be fewer than two or any other minimum number required to comply with Rule 16b-3 (unless the Board
expressly determines not to have Awards under the Plan comply with Rule 16b-3). 
 4.3.
Meetings and Actions of Committee. The Board shall designate which of the Committee members shall be the chairperson of the Committee. If the Board fails to designate a chairperson for the Committee, the members of the
Committee shall elect one of the Committee members as chairperson, who shall act as chairperson until he or she ceases to be a member of the Committee or until the Board (or the Committee) elects a new chairperson. The Committee may make any
rules and regulations for the conduct of its business that are not inconsistent with this Plan, the Articles of Incorporation, the Bylaws of the Company or Applicable Laws. 

4.4. Committee’s Powers. Subject to the express provisions of this Plan, the
Committee shall have the authority, in its sole discretion: 
 (a) to grant Awards upon such terms and conditions (not inconsistent with the
provisions of this Plan), as the Committee may consider appropriate; 
 (b) to adopt, amend, and rescind administrative and interpretive
rules and regulations relating to the Plan; 
 (c) to determine the eligible Persons to whom, and the time or times at which, Awards shall
be granted; 
 (d) to determine the number of shares of Stock that shall be the subject of each Award; 

  
 7 

 (e) to determine the terms and provisions of each Award Agreement (which need not be
identical) and any amendments thereto, including provisions defining or otherwise relating to: 
 (i) the period or periods and extent of
exercisability of any Option or Stock Appreciation Right; 
 (ii) the methods by which the exercise price of an Option may be paid, the
form of payment, including, without limitation, cash, Stock, or other property (including “cashless exercise” arrangements), and the methods by which Stock shall be delivered or deemed to be delivered to Participants; provided, however,
that if Stock is used to pay the exercise price of an Option, such Stock must have been held by the Participant for at least six months; 

(iii) the extent to which the transferability of shares of Stock issued or transferred pursuant to any Award is restricted; 

(iv) the effect of Employment Termination on an Award; and 

(v) the effect of approved leaves of absence; 

(f) to accelerate the time of exercisability of any Option, Distribution Equivalent Right, Stock Appreciation Right or Other Equity-Based
Award; 
 (g) to adopt such procedures, addenda and sub-plans as are necessary or appropriate to
permit participation in the Plan by Person who are foreign nationals or employed outside the United States to the extent that such participation is desired by the Committee. 

(h) to construe the respective Award Agreements and the Plan; 

(i) to make determinations of the Fair Market Value of shares of Stock; 

(j) to waive any provision, condition, or limitation set forth in an Award Agreement; 

(k) to delegate its duties under the Plan to such agents as it may appoint from time to time; provided, however, that the Committee may not
delegate its duties with respect to making or exercising discretion with respect to Awards to eligible persons if such delegation would cause Awards not to qualify for the exemptions provided by Rule 16b-3
(unless the Board expressly determines not to have Awards under the Plan comply with Rule 16b-3); and 

(l) to make all other determinations, perform all other acts and exercise all other powers and authority necessary or advisable for
administering the Plan. 
 The Committee may discriminate among Participants and among Awards granted to a Participant in exercising its
discretion pursuant to this Plan. The Committee may correct any defect, supply any omission or reconcile any inconsistency in the Plan, in any Award or in any Award Agreement in the manner and to the extent it deems necessary or desirable to
implement the Plan, and the Committee shall be the sole and final judge of that necessity or desirability. The determinations of the Committee on the matters referred to in this Section 4.4 shall be final and conclusive. 

4.5. Term of Plan. No Awards shall be granted under this Plan after 10 years from the Effective Date of this Plan.

  
 8 

	5.	 GRANT OF OPTIONS 

5.1. Written Agreement. Each Option shall be evidenced by an Award Agreement. The Award Agreement shall specify
whether each Option it evidences is an NQO or an ISO (in the absence of any such specification, an Option shall be an NQO). Each Option shall be designated as an ISO or an NQO and shall be subject to the terms and conditions set forth in
Section 6.1. If a NQO is granted to a Participant with respect to whom the Company is not an “eligible issuer of service recipient stock” within the meaning of Treasury Regulation
Section 1.409A-1(b)(5)(iii)(E)(1)(which generally includes only the entity for which the service provider provides direct services on the Grant Date of the Award and any parent entity that has a
controlling interest in such entity ), such Award Agreement shall contain terms and conditions intended to comply with the nonqualified deferred compensation requirements of Section 409A of the Code. 

5.2. Annual $100,000 Limitation on ISOs. To the extent that the aggregate Fair Market Value of shares of Stock with
respect to which ISOs first become exercisable by a Participant in any calendar year exceeds $100,000, taking into account ISOs granted under this Plan and any other plan of the Company or any Related Corporation, the Options covering such
additional shares of Stock becoming exercisable in that year shall cease to be ISOs and thereafter be NQOs. For this purpose, the Fair Market Value of shares of Stock subject to Options shall be determined as of the date the Options were
granted. In reducing the number of Options treated as ISOs to meet this $100,000 limit, the most recently granted Options shall be reduced first. 
  

	6.	 CERTAIN TERMS AND CONDITIONS OF OPTIONS AND OTHER AWARDS 

The Committee may provide for different terms and conditions in any Award Agreement or amendment thereto as provided in Section 4.4 to the
extent not inconsistent with the terms of the Plan. 
 6.1. All Awards. All Options and other Awards shall be
subject to the following terms and conditions: 
 (a) Changes in Capital Structure. If the number of outstanding shares of Stock
is increased or decreased by means of a nonreciprocal transaction between the Company and its stockholders that causes the per-share Fair Market Value of the shares of Stock underlying an Award to change, such
as a stock dividend, stock split, spinoff, rights offering, or recapitalization through a large, nonrecurring cash dividend, (each an “Equity Restructuring”) then, from and after the record date for such Equity Restructuring, the number of
shares of Stock and class of Stock subject to this Plan and each outstanding Award shall be adjusted in proportion to such increase or decrease in outstanding Stock and the then-applicable exercise price of each outstanding Award shall be
correspondingly decreased or increased, as applicable. 
 (b) Certain Corporate Transactions. In the case of any
reclassification or change of outstanding Stock issuable upon exercise of an outstanding Award or in the case of any consolidation or merger of the Company with or into another entity (other than a merger in which the Company is the surviving entity
and which does not result in any reclassification or change in the then-outstanding Stock) or in the case of any sale or conveyance to another entity of the property of the Company as an entirety or substantially as an entirety, in each case that is
not an Equity Restructuring, then, as a condition of such reclassification, change, consolidation, merger, sale, or conveyance, the Company or such successor or purchasing entity, as the case may be, shall make lawful and adequate provision whereby
the holder of each outstanding Award shall thereafter have the right, on exercise of such Award, to receive the kind and amount of securities, property, and/or cash receivable upon such reclassification, change, consolidation, merger, sale, or
conveyance by a holder of the number of securities issuable upon exercise of such Award immediately before such reclassification, change, consolidation, merger, sale, or conveyance. Such provision shall include adjustments that shall be as
nearly equivalent as may be practicable to the adjustments provided for in Section 6.1(a). Notwithstanding the foregoing, if 

  
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such a transaction occurs, in lieu of causing such rights to be substituted for outstanding Awards, the Committee may, in its sole discretion: (i) shorten the period during which Awards are
exercisable, provided they remain exercisable, to the extent otherwise exercisable, for at least 20 days after the date written notice is given to the Participant, or (ii) cancel an Award (both vested and unvested portions) upon payment to the
Participant in cash, with respect to each Award to the extent then exercisable, of an amount which, in the sole discretion of the Committee, is determined to be equivalent to the amount, if any, by which the Fair Market Value (at the effective time
of the transaction) of the consideration that the Participant would have received if the Award had been exercised before the effective time exceeds the exercise price of the Award (if any such Award is underwater, it shall be deemed to have $0 value
and shall be cancelled with no payment). The actions described in this Section 6.1(b) may be taken without regard to any resulting tax consequences to the Participant. 

(c) Grant Date. Each Award Agreement shall specify the date as of which it shall be effective (the “Grant Date”), which
shall not be earlier than the date on which the Committee has approved the terms and conditions of the Award and has determined the recipient of the Award and the number of shares, if any, covered by the Award, and has taken all such other actions
materially necessary to complete the grant of the Award. 
 (d) Time of Exercise; Vesting. Awards may, in the sole discretion of
the Committee, be exercisable or may vest, and restrictions may lapse, including without limitation, upon the achievement of any Performance Goals, if any, that may be established by the Committee as a condition to vesting or settlement of the
Award, as the case may be, at such times and in such amounts as may be specified by the Committee in the grant of the Award. Performance Goals, if any, shall be established before twenty-five percent (25%) of the Performance Period has elapsed, but
in no event later than within ninety (90) days after the first day of a Performance Period. At the time any Performance Goals are established, the outcome as to whether the Performance Goals will be met must be substantially uncertain. If any
Performance Goals are established as a condition to vesting or settlement of an Award and such Performance Goal is not based solely on the increase in the Fair Market Value of the Stock, the Committee shall certify in writing that the applicable
Performance Goals were in fact satisfied before such Award is vested or settled, as applicable. 
 (e) Nonassignability of
Rights. Awards shall not be transferable other than with the consent of the Committee (which consent will not be granted in the case of ISOs unless the conditions for transfer of ISOs specified in the Code have been satisfied) or by will or
the laws of the descent and distribution. Awards requiring exercise shall be exercisable during the Participant’s lifetime, only by the Participant; or in the event the Participant is disabled (within the meaning of Section 22(e)(3)
of the Code), by the legal representative of the Participant; or in the event of death of the Participant, by the legal representative of the Participant’s estate or if no legal representative has been appointed within ninety (90) days of
the Participant’s death, by the Person(s) taking under the laws of descent and distribution governing the State in which the Participant was domiciled at the time of the Participant’s death; except to the extent that the Committee may
provide otherwise as to any Awards other than Incentive Stock Options. 
 (f) Notice and Payment. Unless otherwise specifically
provided in the applicable Award Agreement, to the extent it is exercisable, an Award shall be exercisable only by written or recorded electronic notice of exercise, in the manner specified by the Committee from time to time, delivered to the
Company or its designated agent during the term of the Award (the “Exercise Notice”). The Exercise Notice shall: (i) state the number of shares of Stock with respect to which the Award is being exercised; (ii) be signed by
the holder of the Award or by the person authorized to exercise the Award pursuant to Section 6.1(e); and (iii) include such other 

  
 10 

 
information, instruments and documents as may be required to satisfy any other condition to exercise set forth in the Award Agreement. Except as specifically provided in the applicable Award
Agreement or provided below, payment in full, in cash or check, shall be made for all shares of Stock purchased and all applicable tax withholding at the time notice of exercise of an Award is given to the Company. The proceeds of any payment
shall constitute general funds of the Company. At the time an Award is granted or before it is exercised, the Committee, in the exercise of its sole discretion, may authorize any one or more of the following additional methods of payment: 

(i) for all Participants other than officers of the Company and Directors, acceptance of each such Participant’s full recourse promissory
note for some or all (to the extent permitted by law) of the exercise price of the Stock being acquired and all applicable tax withholding, payable on such terms and rate of interest as determined by the Committee, and secured in such manner, if at
all, as the Committee shall approve, including, without limitation, by a security interest in the Stock which is the subject of the Award or other securities; 

(ii) for all Participants, delivery by each such Participant of Stock already owned by such Participant for all or part of the exercise price
of the Award being exercised and all applicable tax withholding, provided that the Fair Market Value of such Stock is equal on the date of exercise to the exercise price of the Award being exercised and all applicable tax withholding, or such
portion thereof as the Participant is authorized to pay and elects to pay by delivery of such shares of Stock; 
 (iii) for all
Participants, surrender by each such Participant, or withholding by the Company from the Stock issuable upon exercise of the Award, of a number of shares of Stock subject to the Award being exercised with a Fair Market Value equal to some or all of
the exercise price of the Stock being acquired and all applicable tax withholding, together with such documentation as the Committee shall require; or 

(iv) for all Participants, payment may be made pursuant to a cashless exercise arrangement approved by the Committee. 

(g) Termination of Employment; Removal of Employee or Director for Cause. The Committee shall establish, in respect of each Award
when granted, the effect of an Employment Termination on the rights and benefits thereunder and in so doing may, but need not, make distinctions based upon the cause of termination (such as retirement, death, disability or other factors) or which
party effected the termination (the employer or the Employee). Unless specifically provided otherwise in the applicable Award Agreement, all Awards granted to any Person, whether or not an Employee, will lapse on the date such Person’s
employment or service with the Company, its Affiliate, a Subsidiary or an Advisor or its Affiliate terminates. Notwithstanding any other provision in this Plan or the Award Agreement, however, the Committee may decide in its discretion at the time
of any Employment Termination (or within a reasonable time thereafter) to extend the exercise period of an Award (but not beyond the period specified in Section 6.2(b) or 6.3(b) and Section 409A of the Code, as applicable) and not decrease
the number of shares of Stock covered by the Award with respect to which the Award is exercisable or vested.
 (h) Other
Provisions. Each Award Agreement may contain such other terms, provisions, and conditions not inconsistent with this Plan, as may be determined by the Committee, and each ISO granted under this Plan shall include such provisions and
conditions as are necessary to qualify such Option as an “incentive stock option” within the meaning of Section 422 of the Code. 

  
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 (i) Withholding and Employment Taxes. At the time of exercise of an Award or the
lapse of restrictions on an Award, the Participant shall remit to the Company the minimum statutory amount of all applicable Federal and state withholding and employment taxes, subject to any limitations as the Committee determines are necessary or
appropriate.
 (j) Employee Status/Continued Service. If the terms of any Award provide that it may be earned or exercised only
during employment or continued service or within a specified period of time after termination of employment or continued service, the Committee may decide to what extent leaves of absence for governmental or military service, illness, temporary
disability, or other reasons shall not be deemed interruptions of continuous employment or service. 
 (k) Stockholder Rights. A
Participant, as a result of receiving an Award, shall not have any rights as a stockholder until, and then only to the extent that, the Award is earned and settled in shares of Common Stock. As a condition to the issuance of Common Stock as part of
the grant of an Award or its vesting or exercise (as applicable), the Company may require a Participant (or beneficiary, as the case may be) to become a party to the Company’s stockholders’ agreement and any
buy-sell, redemption, repurchase, restriction or other similar agreement that the Company may require. 

6.2. Terms and Conditions to Which Only NQOs Are Subject. Options granted under this Plan which are designated as
NQOs shall be subject to the following terms and conditions: 
 (a) Exercise Price. The exercise price of an NQO shall be
determined by the Committee; provided, however, that the exercise price of an NQO shall not be less than the Fair Market Value of the Stock subject to the Option on the Grant Date. 

(b) Option Term. Unless the Committee specifies an earlier expiration date at the Grant Date, each NQO shall expire 10 years after
the Grant Date. 
 (c) Service Providers of Advisor/Affiliate. An NQO granted to a Participant with respect to whom the Company is
not an “eligible issuer of service recipient stock” within the meaning of Treasury Regulation Section 1.409A-1(b)(5)(iii)(E)(1)(which generally includes only the entity for which the service
provider provides direct services on the Grant Date of the Award and any parent entity that has a controlling interest in such entity ) must contain terms and conditions intended to comply with the nonqualified deferred compensation requirements of
Section 409A of the Code. 

  
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 6.3. Terms and Conditions to Which Only ISOs Are Subject. Options
granted under this Plan which are designated as ISOs shall be subject to the following terms and conditions: 
 (a) Exercise
Price. The exercise price of an ISO shall be determined in accordance with the applicable provisions of the Code and shall in no event be less than the Fair Market Value of the Stock covered by the ISO at the Grant Date; provided, however,
that the exercise price of an ISO granted to a Ten Percent Stockholder shall not be less than 110% of such Fair Market Value. 
 (b)
Option Term. Unless an earlier expiration date is specified by the Committee at the Grant Date, each ISO shall expire 10 years after the Grant Date; provided, however, that an ISO granted to a Ten Percent Stockholder shall expire no
later than five years after the Grant Date. 
 (c) Disqualifying Dispositions. If shares of Stock acquired by exercise of an ISO
are disposed of within two years after the Grant Date or within one year after the transfer of the Stock to the Participant, the holder of the Stock immediately before the disposition shall promptly notify the Company in writing of the date and
terms of the disposition and shall provide such other information regarding the disposition as the Company may reasonably require. 
 (d)
Termination of Employment. All vested ISOs must be exercised within three months of the Employment Termination of the Participant, or at any earlier time specified in the Award Agreement, unless such Employment Termination is due to the
Employee’s death or being disabled (within the meaning of Section 22(e)(3) of the Code), in which case the ISO shall be exercised within one year of the Employment Termination; provided, however, that such time limits may be exceeded by
the Committee under the terms of the Award, in which case, the ISO will be a NQO if it is exercised after the time limits that would otherwise apply. 

6.4. Surrender of Options. The Committee, acting in its sole discretion, may include a provision in an Award
Agreement allowing the Participant to surrender the Option, in whole or in part in lieu of exercise in whole or in part, on any date that the Fair Market Value of the Stock subject to the Option exceeds the exercise price and the Option is
exercisable (to the extent being surrendered). The surrender shall be effected by the delivery of the Award Agreement, together with a signed statement which specifies the number of shares of Stock as to which the Participant is surrendering
the Option, together with a request for such type of payment. Upon such surrender, the Participant shall receive (subject to any limitations imposed by Rule 16b-3), at the election of the Committee,
payment in cash or shares of Stock, or a combination of the two, equal to (or equal in Fair Market Value to) the excess of the Fair Market Value of the shares of Stock covered by the portion of the Option being surrendered on the date of surrender
over the exercise price for such shares of Stock. The Committee, acting in its sole discretion, shall determine the form of payment, taking into account such factors as it deems appropriate. To the extent necessary to satisfy Applicable
Laws, the Committee may terminate a Participant’s rights to receive payments in cash for fractional shares of Stock. Any Award Agreement providing for such surrender privilege shall also incorporate such additional restrictions on the
exercise or surrender of Options as may be necessary to satisfy Applicable Law. 

  
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	7.	 RESTRICTED STOCK 

Restricted Stock shall be subject to the following terms and conditions: 

7.1. Grant. The Committee may grant one or more Awards of Restricted Stock to any Participant. Each Award of Restricted
Stock shall specify the number of shares of Stock to be issued to the Participant, the date of issuance, and the restrictions imposed on the shares of Stock including the conditions of release or lapse of such restrictions. Pending the lapse of
restrictions, certificates evidencing Restricted Stock (if any) shall bear a legend referring to the restrictions and shall be held by the Company. Upon the issuance of Restricted Stock, the Participant may be required to furnish such additional
documentation or other assurances as the Committee may require in order to enforce the restrictions applicable thereto or Applicable Law. 

7.2. Restrictions. Except as specifically provided elsewhere in this Plan or the Award Agreement regarding Restricted
Stock, Restricted Stock may not be sold, assigned, transferred, pledged, or otherwise disposed of or encumbered, either voluntarily or involuntarily, until the restrictions have lapsed and the rights to the shares of Restricted Stock have vested.
The Committee may in its sole discretion provide for the lapse of such restrictions in installments and may accelerate or waive such restrictions, in whole or in part, based on service, performance, or such other factors or criteria as the Committee
may determine. 
 7.3. Distributions. Unless otherwise determined by the Committee, cash distributions with respect to
Restricted Stock shall be paid to the Participant granted the Award of Restricted Stock on the normal distribution payment dates, and distributions payable in shares of Stock shall be paid in the form of Restricted Stock having the same terms as the
Restricted Stock upon which such distribution is paid. Each Award Agreement for Awards of Restricted Stock shall specify whether and, if so, the extent to which, the Participant shall be obligated to return to the Company any cash distributions paid
with respect to any shares of Restricted Stock which are subsequently forfeited. 
  

	8.	 STOCK APPRECIATION RIGHTS 

The Committee may grant Stock Appreciation Rights to eligible Persons. A Stock Appreciation Right shall entitle its holder to receive from
the Company, at the time of exercise of the right, an amount in cash equal to (or, at the Committee’s discretion, shares of Stock equal in Fair Market Value to) the excess of the Fair Market Value (at the date of exercise) of a share of Stock
over a specified base price fixed by the Committee in the governing Award Agreement multiplied by the number of shares of Stock as to which the holder is exercising the Stock Appreciation Right. The specified base price fixed by the Committee
shall not be less than the Fair Market Value of the shares of Stock on the Grant Date of the Stock Appreciation Right. Stock Appreciation Rights may be granted in tandem with any previously or contemporaneously granted Option in accordance with
Section 409A of the Code or independent of any Option. The specified base price of a tandem Stock Appreciation Right shall be the exercise price of the related Option. Any Stock Appreciation Rights granted in connection with an ISO
shall contain such terms as may be required to comply with Sections 422 and 409A of the Code. Stock Appreciation Rights granted to a Participant with respect to whom the Company is not an “eligible issuer of service recipient stock” within
the meaning of Treasury Regulation Section 1.409A-1(b)(5)(iii)(E)(1)(which generally includes only the entity for which the service provider provides direct services on the Grant Date of the Award and any
parent entity that has a controlling interest in such entity) shall contain terms and conditions intended to comply with the nonqualified deferred compensation requirements of Section 409A of the Code. 

  
 14 

	9.	 DISTRIBUTION EQUIVALENT RIGHTS 

9.1. General. The Committee shall have the authority to grant Distribution Equivalent Rights to Participants upon
such terms and conditions as it shall establish, subject in all events to the following limitations and provisions of general application set forth in this Plan and Section 409A of the Code. Each Distribution Equivalent Right shall entitle
the Participant to receive, for a period of time to be determined by the Committee, a payment equal to the periodic distributions declared and paid by the Company on one share of Stock. If the Distribution Equivalent Right relates to a specific
Option, the period shall not extend beyond the earliest of the date the Option is exercised, the date any Stock Appreciation Right related to the Option is exercised, or the expiration date set forth in the Option. To the extent the Committee deems
advisable, it shall structure the Distribution Equivalent Rights such that they are either exempt from or compliant with Code Section 409A. 

9.2. Rights and Options. Each Distribution Equivalent Right may relate to a specific Option granted under this Plan
and may be granted to the Participant either concurrently with the grant of such Option or at such later time as determined by the Committee, or each Distribution Equivalent Right may be granted independent of any Option. 

9.3. Payments. The Committee shall determine at the time of grant whether payment pursuant to a Distribution
Equivalent Right shall be immediate or deferred and if immediate, the Company shall make payments pursuant to each Distribution Equivalent Right concurrently with the payment of the periodic distributions to holders of Common Stock. If
deferred, the payments shall not be made until a date or the occurrence of an event specified by the Committee and then shall be made within 30 days after the occurrence of the specified date or event, unless the Distribution Equivalent Right is
forfeited under the terms of the Plan or applicable Award Agreement; provided, however, that the Committee may not make payment of a Distribution Equivalent Right contingent upon the exercise of the related Option or Stock Appreciation Right, to the
extent such payment would cause such Option or Stock Appreciation Right to violate Section 409A of the Code. The Committee shall also determine in its sole discretion whether any portion of any payment shall be made in shares of Stock or
cash. 
  

	10.	 OTHER EQUITY-BASED AWARDS 

10.1. Grant. The Committee may grant one or more Other Equity-Based Awards to any Participant. Each Award will
specify the number of shares of Common Stock or other equity interests covered by such Awards. 
 10.2. Terms and
Conditions. The Committee, at the time an Other Equity-Based Award is made, shall specify the terms and conditions which govern the Award. The terms and conditions of an Other Equity-Based Award may prescribe that a Participant’s
rights in the Other Equity-Based Award shall be forfeitable, nontransferable, or otherwise restricted for a period of time or subject to such other conditions as may be determined by the Committee, in its discretion and set forth in the Award
Agreement. Other Equity-Based Awards may be granted to Participants, either alone or in addition to other Awards granted under the Plan, and Other Equity-Based Awards may be granted in the settlement of other Awards granted under the Plan to the
extent permitted by Section 409A of the Code and Applicable Law. To the extent the Committee deems advisable, it shall structure such Other Equity-Based Awards such that they are either exempt from or compliant with Code Section 409A. 

10.3. Payment or Settlement. Other Equity-Based Awards valued in whole or in part by reference to, or otherwise
based on, shares of Common Stock, shall be payable or settled in shares of Common Stock, cash or a combination of Common Stock and cash, as determined by the Committee in its discretion. Other Equity-Based Awards denominated as equity interests
other than shares of Common Stock may be paid or settled in shares or units of such equity interests, cash, or a combination of both, as determined by the Committee in its discretion. 

  
 15 

	11.	 COMPLIANCE WITH LAWS 

This Plan, the granting and vesting of Awards under this Plan, the issuance and delivery of Stock, and the payment of money or other
consideration allowable under this Plan or under Awards awarded hereunder, are subject to compliance with all Applicable Laws (including, but not limited to, state and federal securities laws and federal margin requirements) and to such approvals by
any listing, regulatory, or governmental authority as may, in the opinion of counsel for the Committee, the Board, or the Company, be necessary or advisable in connection therewith. Without limiting the generality of the foregoing, the
Committee may, in its sole discretion, rescind, limit, amend, suspend, or alter any Award or limit a Participant’s ability to exercise, or refuse to settle, any Award hereunder to the extent that the granting, issuance, or exercise of such
Award (or any settlement thereof) or any term of such Award would jeopardize the status of the Company as a “real estate investment trust” under the Code or other Applicable Laws. Any securities delivered under this Plan shall be subject
to such restrictions, and the Person acquiring such securities shall, if requested by the Company, provide such assurances and representations to the Company as the Committee, the Board or the Company may deem necessary or desirable, to assure
compliance with all Applicable Laws. To the extent permitted by Applicable Law, the Plan shall be deemed amended to the extent necessary to conform to such laws, rules and regulations. Nothing in this Plan or in any Award or Award Agreement
shall require the Company to issue any Stock with respect to any Award if, in the opinion of counsel for the Company, that issuance could constitute a violation of any Applicable Laws. As a condition to the grant or exercise of any Award, the
Company may require the Participant (or, in the event of the Participant’s death, the Participant’s legal representatives, heirs, legatees, or distributees) to provide written representations concerning the Participant’s (or such
other Person’s) intentions with regard to the retention or disposition of the Stock covered by the Award and written covenants as to the manner of disposal of such Stock as may be necessary or useful to ensure that the grant, exercise, or
disposition thereof will not violate the Securities Act, any other Applicable Law or any rule of any applicable securities exchange or securities association then in effect. The Company shall not be required to register any Stock under the
Securities Act or register or qualify any Stock under any state or other securities laws. 
  

	12.	 EMPLOYMENT OR OTHER RELATIONSHIP 

Nothing in this Plan or any Award shall in any way interfere with or limit the right of the Company, its Affiliate or a Subsidiary, or an
Advisor or its Affiliate to terminate any Participant’s employment services, or status as a Consultant or Director at any time, nor confer upon any Participant any right to continue in the employ or service of, or as a Director or Consultant
of, the Company, its Affiliate or a Subsidiary, or an Advisor or its Affiliate. 
  

	13.	 AMENDMENT, SUSPENSION, AND TERMINATION OF THIS PLAN 

The Board may at any time amend, suspend, or discontinue this Plan provided that such amendment, suspension, or discontinuance meets the
requirements of Applicable Laws; provided, further, that stockholder approval shall be required for any amendment of the Plan that (a) materially increases the number of shares of Common Stock available for issuance under the Plan,
(b) materially expands the class of individuals eligible to receive Awards under the Plan, (c) materially increases the benefits accruing to Participants under the Plan or materially reduces the price at which shares of Common Stock may be
issued or purchased under the Plan, (d) extends the term of the Plan, or (e) expands the types of Awards available for issuance under the Plan. Except as permitted under Section 11 hereof or to conform this Plan to the requirements of
Applicable Laws or any amendment that disqualifies or impairs the status of an Option to be treated as an Incentive Stock Option, rights under any Award granted before an amendment of the Plan shall not be impaired by any such amendment to the Plan
except with the written consent of the affected Participant. 

  
 16 

	14.	 LIABILITY AND INDEMNIFICATION OF THE COMMITTEE 

No Person constituting, or member of the group constituting, the Committee shall be liable for any act or omission on such Person’s part,
including but not limited to the exercise of any power or discretion given to such member under this Plan, except for those acts or omissions resulting from such member’s gross negligence or willful misconduct. The Company shall indemnify
each present and future Person constituting, or member of the group constituting, the Committee against, and each Person or member of the group constituting the Committee shall be entitled without further act on his or her part to indemnity from the
Company for, all expenses (including the amount of judgments and the amount of approved settlements made with a view to the curtailment of costs of litigation) reasonably incurred by such Person in connection with or arising out of any action, suit
or proceeding to the fullest extent permitted by law and by the Articles of Incorporation and Bylaws of the Company. 
  

	15.	 SECURITIES LAW LEGENDS 

Certificates of shares of Stock and Restricted Stock, if issued, may have the following legend and statements of other applicable restrictions
endorsed thereon: 
 THE SHARES OF STOCK REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, OR ANY STATE LAWS. THE SHARES MAY NOT BE OFFERED FOR SALE, SOLD, PLEDGED, TRANSFERRED OR OTHERWISE DISPOSED OF UNTIL THE HOLDER HEREOF PROVIDES EVIDENCE SATISFACTORY TO OF THE ISSUER (WHICH, IN THE SOLE DISCRETION OF THE ISSUER, MAY
INCLUDE AN OPINION OF COUNSEL SATISFACTORY TO THE ISSUER) THAT SUCH OFFER, SALE, PLEDGE, TRANSFER OR OTHER DISPOSITION WILL NOT VIOLATE ANY APPLICABLE FEDERAL OR STATE SECURITIES LAWS. 

This legend shall not be required for any shares of Stock issued pursuant to an effective registration statement under the Securities Act.

  

	16.	 SEVERABILITY 

If any provision of this Plan is held to be illegal or invalid for any reason, that illegality or invalidity shall not affect the remaining
portions of the Plan, but such provision shall be fully severable and the Plan shall be construed and enforced as if the illegal or invalid provision had never been included in this Plan. Such an illegal or invalid provision shall be replaced
by a revised provision that most nearly comports to the substance of the illegal or invalid provision. If any of the terms or provisions of this Plan or any Award Agreement conflict with the requirements of Applicable Laws, those conflicting
terms or provisions shall be deemed inoperative to the extent they conflict with Applicable Law. 

  
 17 

	17.	 EFFECTIVE DATE 

The effective date of this Plan is the earlier of the date this Plan was originally approved by the Company’s Board (February 26, 2021) or
the date it was approved in that form by the holders of a majority of the Company’s voting stock (February 26, 2021) (the “Effective Date”). 
  

	18.	 MISCELLANEOUS 

18.1. Loans. An employer may, in its discretion, extend one or more loans to Employees in connection with the
exercise or receipt of an Award granted under this Plan, to the extent not prohibited by Applicable Law or the terms of the Plan. The terms and conditions of any such loan shall be set by the board of directors of the employer. 

18.2. Forfeiture Provisions. Pursuant to its general authority to determine the terms and conditions applicable to
Awards granted under the Plan, the Committee shall have the right (to the extent consistent with the applicable exemptive conditions of Rule 16b-3) to provide, in the terms of an Award Agreement, or by
separate written instrument, that (i) any proceeds, gains, or other economic benefit actually or constructively received by a Participant upon the receipt or exercise of the Award, or upon the receipt or resale of any Stock underlying such
Award, must be paid to the Company, and (ii) the Award shall terminate and any unexercised portion of such Award (whether or not vested) shall be forfeited, if (a) Employment Termination occurs prior to a specified date, or within a
specified time period following receipt or exercise of the Award, or (b) the Participant, at any time, or during a specified time period, engages in any activity in competition with his employer or the Company, its Affiliates or a Subsidiary,
or an Advisor or its Affiliate, or which is inimical, contrary, or harmful to the interests of his employer or the Company, its Affiliates or a Subsidiary, or an Advisor or its Affiliate, as may be further defined from time to time by the Committee.

 18.3. Limitations Applicable to Section 16. Notwithstanding any other
provision of this Plan, this Plan, and any Award granted to any individual who is then subject to Section 16 of the Exchange Act, shall be subject to any additional limitations set forth in any applicable exemptive rule under Section 16 of
the Exchange Act (including any amendment to Rule 16b-3) that are requirements for the application of such exemptive rule. To the extent permitted by Applicable Law, the Plan shall be deemed amended to
the extent necessary to conform to such applicable exemptive rule. 
 18.4. Effect of Plan Upon Other Incentive and
Compensation Plans. The adoption of this Plan shall not affect any other options or compensation or incentive plans in effect for the Company, its Affiliates or a Subsidiary, or an Advisor or its Affiliate. Nothing in this Plan shall be
construed to limit the right of the Company, its Affiliates or a Subsidiary, or an Advisor or its Affiliate (i) to establish any other forms of incentives or compensation for its employees, or (ii) to grant or assume options or other
rights or awards otherwise than under this Plan in connection with any proper corporate purpose including, but not by way of limitation, the grant or assumption of options in connection with the acquisition by purchase, lease, merger, consolidation,
or otherwise of the business, stock or assets of any corporation, partnership, limited liability company, firm, or association. 

18.5. Electronic Delivery. Any reference herein to a “written” agreement or document shall include any
agreement or document delivered electronically or posted on the Company’s intranet. 

  
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 18.6. Compliance with Section 409A. To
the extent that the Board determines that any Award granted hereunder is subject to Section 409A of the Code, the Award Agreement evidencing such Award shall include provisions intended to cause such Award to be compliant with, or exempt from,
Section 409A of the Code. To the extent applicable, the Plan and Award Agreements shall be interpreted accordingly. Notwithstanding anything to the contrary in this Plan (and unless the Award Agreement specifically provides otherwise), if the
shares of Common Stock are publicly traded and a Participant holding an Award that constitutes “deferred compensation” under Section 409A of the Code is a “specified employee” for purposes of Section 409A of the Code,
no distribution or payment of any amount shall be made upon a “separation from service” before the day following the date that is six months after the date of such Participant’s “separation from service” (as such term is
defined in Section 409A of the Code and Treasury Reg. Section 1.409A-1(h) without regard to alternative definitions thereunder) or, if earlier, the date of the Participant’s death. 

18.7. Governing Law. This Plan shall be governed by and construed in accordance with the laws of the State of Maryland,
except as superseded by applicable Federal law. 
 18.8. No Assignment. No Awards (other than unrestricted Awards) or
any other payment under the Plan shall be subject in any manner to alienation, anticipation, sale, transfer (except by will or the laws of descent and distribution), assignment, pledge, or encumbrance; provided, however, the Committee may (but need
not) permit other transfers where the Committee concludes that transferability (i) does not result in accelerated taxation, (ii) does not cause any Option intended to be an ISO to fail to be described in Code Section 422(b)(other than
a transfer pursuant to a domestic relations order that is acceptable to the Committee, which may result in the Option being deemed to be a Nonstatutory Stock Option as a result of such transfer), and (iii) is otherwise appropriate and
desirable, taking into account any state or federal securities laws applicable to transferable Awards. During the lifetime of the Participant, no Award shall be payable to or exercisable by anyone other than the Participant to whom it was granted,
other than (a) the duly appointed conservator or other lawfully-designated representative of the Participant in the case of a permanent disability involving a mental incapacity or (b) the transferee in the case of an Award transferred in
accordance with the preceding sentence. 
 18.9. Section 83(b) Election Prohibited. No Participant may make an
election under Section 83(b) of the Code with respect to any Award granted under this Plan without the Company’s consent. Each Award for which an election under Section 83(b) of the Code could be made without regard to this
Section 18.7 shall, to the extent the Committee deems advisable, contain an acknowledgment by the Participant that such election may not be made without the Company’s consent. 

  
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