Document:

Fifth Amendment to Credit Agreement

 Exhibit 10.1 
 FIFTH AMENDMENT TO CREDIT AGREEMENT & WAIVER 
 THIS FIFTH
AMENDMENT TO CREDIT AGREEMENT & WAIVER (this “Amendment”) is made and entered into as of August 25, 2011 by and among LUBY’S, INC., a Delaware corporation (the “Company”); each of the Lenders
which is or may from time to time become a party to the Credit Agreement (as defined below) (individually, a “Lender” and, collectively, the “Lenders”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, acting as
administrative agent for the Lenders (in such capacity, together with its successors in such capacity, the “Administrative Agent”). 
 RECITALS 
 A. The Company, the Lenders and the Administrative Agent
executed and delivered that certain Credit Agreement dated as of November 9, 2009, as amended by instruments dated as of January 31, 2010, July 26, 2010, September 30, 2010 and October 31, 2010. Said Credit
Agreement, as amended, supplemented and restated, is herein called the “Credit Agreement”. Any capitalized term used in this Amendment and not otherwise defined shall have the meaning ascribed to it in the Credit Agreement.

 B. The Company formed four new Subsidiaries, Fuddruckers Tulsa, LLC, a Texas limited liability company
(“Tulsa”), R. Wes, Inc., a Texas corporation (“Wes”), Fuddruckers of Annapolis, LLC, a Maryland limited liability company (“Annapolis”), and Fuddruckers of Howard County, LLC, a Maryland limited
liability company (“Howard”, and together with Tulsa, Wes, and Annapolis, the “New Subsidiaries”). 
 C. The Borrower did not provide at least fifteen (15) Business Days’ prior notice of the formation of the New Subsidiaries as required by Section 6.12 of the Credit Agreement (the
“Subsidiary Default”) 
 D. The Company, the Lenders and the Administrative Agent desire to amend the Credit
Agreement in certain respects. 

 NOW, THEREFORE, in consideration of the premises and the mutual agreements, representations
and warranties herein set forth, and further good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company, the Lenders and the Administrative Agent do hereby agree as follows: 

SECTION 1. Amendments to Credit Agreement. 
 (a) The definition of “Applicable Rate” set forth in Section 1.01 of the Credit Agreement is hereby to read in its entirety as follows: 

“Applicable Rate” means, for any day with respect to any ABR Loan or Eurodollar Loan or with respect to
the commitment fees payable hereunder, as the case may be, the applicable rate per annum set forth below under the caption “ABR Spread”, “Eurodollar Spread” or “Commitment Fee Rate”, as the case may be, based upon the
Total Leverage Ratio as of the most recent determination date: 
  

													
	 Total Leverage Ratio
	  	ABR Spread	 	  	Eurodollar Spread	 	  	Commitment Fee
Rate	 
	 Category 1: greater than 1.25
	  	 	2.00	  	  	 	3.75	  	  	 	0.40	  
	 Category 2: greater than 0.50 but less than or equal to 1.25
	  	 	1.50	  	  	 	3.25	  	  	 	0.35	  
	 Category 3: less than or equal to 0.50
	  	 	1.00	  	  	 	2.75	  	  	 	0.30	  

 For purposes of the foregoing, (i) the Total Leverage Ratio shall be determined as of the end of
each fiscal quarter of the Borrower’s fiscal year based upon the Borrower’s consolidated financial statements delivered pursuant to Sections 5.01(a) or (b) and (ii) each change in the Applicable Rate resulting from
a change in the Total Leverage Ratio shall be effective during the period commencing on and including the date of delivery to the Administrative Agent of such consolidated financial statements indicating such change and ending on the date
immediately preceding the effective date of the next such change; but the Total Leverage Ratio shall be deemed to be in Category 1 at the request of the Required Lenders if the Borrower fails to timely deliver the consolidated financial statements
required to be delivered by it pursuant to Sections 5.01(a) or (b), during the period from the deadline for delivery thereof until such consolidated financial statements are received. 

(b) The definition of “Commitment” set forth in Section 1.01 of the Credit Agreement is hereby to read in
its entirety as follows: 
 “Commitment” means, with respect to each Lender, the commitment, if
any, of such Lender to make Loans and to acquire participations in Letters of Credit hereunder, expressed as an amount representing the maximum aggregate amount of such Lender’s Revolving Exposure hereunder, as such commitment may be
(a) reduced or increased from time to time pursuant to Section 2.07 and (b) reduced from time to time pursuant to assignments by or to such Lender pursuant to Section 9.04. The amount of each Lender’s
Commitment as of August 25, 2011 is set forth on Schedule 2.01. The aggregate amount of the Lenders’ Commitments as of August 25, 2011 is $50,000,000. 
 (c) A new definition of “Debt Service Coverage Ratio” is hereby added to Section 1.01 of the Credit Agreement, such new definition to read in its entirety as follows:

 “Debt Service Coverage Ratio” means, as of the last day of any fiscal quarter of the
Borrower, the ratio of (a) EBITDA for the four fiscal quarters ending on such date to (b) the sum of (x) Interest Expense for such four fiscal quarter period plus (y) Phantom Amortization for such four fiscal quarter period,
determined in each case on a consolidated basis for Borrower and its Subsidiaries. 

  
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 (d) The definition of “Guarantors” set forth in Section 1.01 of
the Credit Agreement is hereby to read in its entirety as follows: 
 “Guarantors” means each of
the present or future Subsidiaries of the Borrower. 
 (e) The definition of “Guaranty” set forth in
Section 1.01 of the Credit Agreement is hereby to read in its entirety as follows: 

“Guaranty” means (i) that certain Guaranty dated as of November 9, 2009 executed by all of the
then current Subsidiaries of the Borrower in favor of the Administrative Agent and (ii) any and all other guaranties now or hereafter executed in favor of the Administrative Agent relating to the Obligations hereunder and the other Loan
Documents, as any of them may from time to time be amended, modified, restated or supplemented. 
 (f) The definition of
“Maturity Date” set forth in Section 1.01 of the Credit Agreement is hereby to read in its entirety as follows: 
 “Maturity Date” means September 1, 2014. 
 (g) A new
definition of “Maximum Loan to Value Ratio” is hereby added to Section 1.01 of the Credit Agreement, such new definition to read in its entirety as follows: 

“Maximum Loan to Value Ratio” means fifty percent (50%); provided that if the Borrower exceeds $5,000,000
in net profit after tax (excluding other comprehensive income and goodwill impairment, as determined in accordance with GAAP) at its 2012 fiscal year end, the Maximum Loan to Value Ratio shall be increased to sixty-five percent (65%). 

(h) A new definition of “Net Profit” is hereby added to Section 1.01 of the Credit Agreement, such new
definition to read in its entirety as follows: 
 “Net Profit” means, at any date, net income
after tax from continuing operations plus asset impairment charges from continuing operations, determined in accordance with GAAP. 
 (i) A new definition of “Tangible Net Worth” is hereby added to Section 1.01 of the Credit Agreement, such new definition to read in its entirety as follows: 

“Tangible Net Worth” means, at any date, (i) total assets as of such date minus (ii) the
sum of total liabilities and any intangible assets (including goodwill, franchises, licenses, patents, trademarks, trade names, copyrights, service marks and brand names) as of such date, determined in accordance with GAAP. 

  
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 (j) Section 2.07(a) of the Credit Agreement is hereby amended to read in its
entirety as follows: 
 (a) Unless previously terminated, the Commitments shall terminate on the Maturity Date.

 (k) Section 2.07(d) of the Credit Agreement is hereby amended to read in its entirety as follows: 

(d) At any time prior to the expiration of the Revolving Availability Period, and so long as no Default or Event of
Default shall have occurred which is continuing, the Borrower may elect to increase the aggregate of the Commitments to an amount not exceeding $70,000,000 minus any reductions in the Commitments pursuant to Section 2.07(b)
hereof, provided that (i) the Borrower shall give at least fifteen (15) Business Days’ prior written notice of such increase to the Administrative Agent and each existing Lender, (ii) each existing Lender shall have the right
(but not the obligation) to subscribe to its pro rata share of the proposed increase in the Commitments by giving written notice of such election to the Borrower and the Administrative Agent within ten (10) Business Days after receipt of a
notice from the Borrower as above described and only if an existing Lender does not exercise such election may the Borrower elect to add a new Lender, (iii) no Lender shall be required to increase its Commitment unless it shall have expressly
agreed to such increase in writing (but otherwise, no notice to or consent by any Lender shall be required, notwithstanding anything to the contrary set forth in Section 9.02 hereof), (iv) the addition of new Lenders shall be
subject to the terms and provisions of Section 9.04 hereof as if such new Lenders were acquiring an interest in the Loans by assignment from an existing Lenders (to the extent applicable, i.e. required approvals, minimum amounts and the
like), (v) the Borrower shall execute and deliver such additional or replacement Notes and such other documentation (including evidence of proper authorization) as may be reasonably requested by the Administrative Agent, any new Lender or any
Lender which is increasing its Commitment, (vi) no Lender shall have any right to decrease its Commitment as a result of such increase of the aggregate amount of the Commitments, (vii) the Administrative Agent shall have no obligation to
arrange, find or locate any Lender or new bank or financial institution to participate in any unsubscribed portion of such increase in the aggregate committed amount of the Commitments, and (viii) such option to increase the Commitments may
only be exercised once. The Borrower shall be required to pay (or to reimburse each applicable Lender for) any breakage costs incurred by any Lender in connection with the need to reallocate existing Loans among the Lenders following any increase in
the Commitments pursuant to this provision. 
 (l) Section 2.11(a) of the Credit Agreement is hereby amended to read
in its entirety as follows: 
 (a) The Loans comprising each ABR Borrowing shall bear interest at the lesser of
(i) the sum of the Alternate Base Rate plus the Applicable Rate or (ii) the Ceiling Rate 

  
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 (m) Section 2.11(b) of the Credit Agreement is hereby amended to read in its
entirety as follows: 
 (b) The Loans comprising each Eurodollar Borrowing shall bear interest at the lesser of
(i) the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate or (ii) the Ceiling Rate. 
 (n) Section 5.03(c) of the Credit Agreement is hereby amended to read in its entirety as follows: 
 (c) In the event that (i) either (x) an Appraisal has been provided pursuant to Section 5.14 of this Agreement or (y) any Mortgaged Property is sold pursuant to
Section 6.05 of this Agreement, and (ii) the Loan to Value Ratio exceeds the Maximum Loan to Value Ratio (such event being herein called an “Additional Real Collateral Event”), as soon as practicable and in any
event within forty-five (45) days after an Additional Real Collateral Event, Borrower shall (1) execute and deliver or cause to be executed and delivered a Mortgage or Mortgages, in form and substance reasonably satisfactory to
Administrative Agent, in favor of Administrative Agent and duly executed by Borrower or the applicable Subsidiary, covering and affecting and granting a first-priority Lien upon real property with an Appraisal value that is in an amount sufficient
to cause the Loan to Value Ratio to not exceed the Maximum Loan to Value Ratio (the real property covered by the Mortgage or Mortgages created pursuant to this Section 5.03(c) being herein called the “Additional Real
Collateral”), and such other documents (including, without limitation, surveys, environmental assessments, certificates and legal opinions, all in form and substance reasonably satisfactory to Administrative Agent) as may be required by
Administrative Agent in connection with the execution and delivery of such Mortgage or Mortgages, (2) deliver or cause to be delivered by Subsidiaries of Borrower such other documents or certificates consistent with the terms of this Agreement
and relating to the transactions contemplated hereby as Administrative Agent may reasonably request, (3) to the extent required by Administrative Agent, cause a title insurance underwriter satisfactory to Administrative Agent to issue to
Administrative Agent a mortgage policy of title insurance, in form and substance satisfactory to Administrative Agent, insuring the first-priority Lien of the applicable Mortgage in such amount as is satisfactory to Administrative Agent and
(4) deliver or cause to be delivered by Subsidiaries of Borrower evidence reasonably satisfactory to the Administrative Agent that such Additional Real Property lies in an area requiring special notices of flood hazard issues or the purchase of
flood hazard insurance. The Additional Real Collateral shall become Mortgaged Property and Scheduled Real Property for purposes of this Agreement. The real property that constitutes Additional Real Collateral shall be selected at the Borrower’s
discretion and shall be satisfactory to the Required Lenders. 
 (o) Section 5.13 of the Credit Agreement is hereby
amended to read in its entirety as follows: 
 SECTION 5.13 Financial Covenants. The Borrower will have and maintain:

 (a) Debt Service Coverage Ratio – a Debt Service Coverage Ratio of not less than (i) 2.00 to
1.00, beginning with the end of the 4Q11 and ending 1Q12, (ii) 2.25 to 1.00 beginning with the end of the 2Q12 and ending 1Q13 and (iii) 2.50 to 1.00 beginning with the end of the 2Q13 and thereafter. 

  
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 (b) Minimum EBITDA - EBITDA of not less than (i) $7,000,000 for
the third fiscal quarter of the Borrower’s 2011 fiscal year and (ii) $6,500,000 for the fourth fiscal quarter of the Borrower’s 2011 fiscal year. 
 (c) Tangible Net Worth - minimum Tangible Net Worth of not less than (1) $126,700,000 as the last day of the third fiscal quarter of the Borrower’s 2011 fiscal year and (2) at all
times during each fiscal quarter thereafter, the minimum Tangible Net Worth required as of the immediately preceding fiscal quarter plus 60% of the consolidated net income of the Borrower (if positive) for such immediately preceding fiscal quarter.

 (d) Net Profit – First Three Fiscal Quarters of 2012 (1Q12, 2Q12 and 3Q12) – minimum Net
Profit of not less than $1.00 for at least one of the first three fiscal quarters of the Borrower’s 2012 fiscal year. 
 (e) Net Profit – Two Consecutive Quarters (Beginning with 4Q12 and later) – minimum Net Profit of not less than $1.00 for at least one of any two consecutive fiscal quarters beginning
with the fourth fiscal quarter of the Borrower’s 2012 fiscal year. 
 (f) Net Profit – Four
Consecutive Quarters – minimum Net Profit of not less than $1.00 for any period of four consecutive fiscal quarters beginning with the four consecutive fiscal quarters ending with the fourth quarter of the Borrower’s 2011 fiscal year.

 (p) Section 6.08 of the Credit Agreement is hereby amended to read in its entirety as follows: 

SECTION 6.08 Restricted Payments. The Borrower will not, nor will it permit any other Loan Party to, declare or
make, or agree to pay or make, directly or indirectly, any Restricted Payment, or incur any obligation (contingent or otherwise) to do so. Notwithstanding the foregoing, at any time (i) the Borrower may declare and pay dividends with respect to
its Equity Interests payable solely in additional shares of its common stock, (ii) Subsidiaries of the Borrower may declare and pay dividends ratably with respect to their Equity Interests, (iii) the Borrower may declare and pay such
payments or prepayments of Subordinated Debt as may be permitted under the terms and provisions of any applicable Subordination Agreement, and (iv) the Borrower may pay management fees to advisors and consultants. Without limiting the
foregoing, the Borrower may declare and pay any Restricted Payments so long as (x) there are no Loans outstanding at the time of (and after giving effect to) the proposed Restricted Payments, (y) no Default or Event of Default has occurred
which is continuing (or would reasonably be expected to arise by reason of the proposed Restricted Payments) and (z) the Borrower exceeds $5,000,000 in net profit after tax (excluding other comprehensive income and goodwill impairment),
determined in accordance with GAAP, at each fiscal year end of the Borrower preceding the proposed Restricted Payments. 

  
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 (q) Section 6.13 of the Credit Agreement is hereby amended to read in its
entirety as follows: 
 SECTION 6.13 Capital Expenditures. The Borrower will not, and will not permit any
other Loan Party to, make a Capital Expenditure if, after giving effect to such Capital Expenditure, (a) any Event of Default is then existing or would arise as a result of the applicable Capital Expenditure or (b) aggregate Capital
Expenditures for the Borrower’s 2011 fiscal year would exceed $15,000,000 or aggregate Capital Expenditures for any subsequent fiscal year of the Borrower would exceed the sum of (x) the lesser of (i) $38,000,000 or (ii) an
amount equal to one hundred thirty percent (130%) of EBITDA for immediately preceding fiscal year of the Borrower plus (y) any unused availability for Capital Expenditures from the immediately preceding fiscal year (but not from any
earlier fiscal year). Acquisitions permitted under the terms and provisions of Section 6.14 hereof shall not be treated as Capital Expenditures for purposes of this Section. 

(r) Section 6.14(a) of the Credit Agreement is hereby amended to read in its entirety as follows: 

(a) Aggregate consideration paid by the Loan Parties in connection with all acquisitions occurring on or after
August 25, 2011 shall not exceed $5,000,000; 
 (s) Section 6.14(e) of the Credit Agreement is hereby amended
to read in its entirety as follows: 
 (e) the Borrower can demonstrate, on a pro forma basis, after giving
effect to such acquisition that the Total Leverage Ratio does not exceed 2.50 to 1.00; and 
 (t) Schedule 1.01(b) to the
Credit Agreement is hereby amended to be identical to Schedule 1.01(b) attached hereto. 
 (u) Schedule 2.01 to
the Credit Agreement is hereby amended to be identical to Schedule 2.01 attached hereto. 
 (v) Exhibit B to the
Credit Agreement is hereby amended to be identical to Exhibit B attached hereto. 
 SECTION 2. Waiver of Existing
Default. The Company hereby acknowledges the existence of the Default arising as a result of the Subsidiary Default. The Lenders hereby agree, subject to the terms and conditions of this Amendment, to waive the Subsidiary Default. The waiver by
the Lenders described in this Section 2 is contingent upon the satisfaction of the conditions precedent set forth in Section 3 below and is limited to the Subsidiary Default. Such waiver shall not be construed to be a consent
to or a permanent waiver of Section 6.12 of the Credit Agreement, or any other terms, provisions, covenants, warranties or agreements contained in the Credit Agreement or in any of the other Loan Documents. The Lenders reserve the right
to exercise any rights and remedies available to them in connection with any other present or future defaults with respect to the Credit Agreement or any other provision of any Loan Document. 

  
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 SECTION 3. Conditions Precedent. The effectiveness of this Amendment shall be
conditioned upon delivery to the Administrative Agent of each of the following: 
 (a) the Administrative Agent shall have
received from the Loan Parties and all of the Lenders either (1) a counterpart of this Amendment signed on behalf of such party or (2) written evidence satisfactory to the Administrative Agent (which may include telecopy or e-mail
transmission of a signed signature page of this Amendment) that such party has signed counterparts of this Amendment. 
 (b) the
Administrative Agent shall have received fully executed counterparts of a joinder agreement (the “Joinder Agreement”) executed by the New Subsidiaries, in form and substance satisfactory to the Lenders, whereby the New Subsidiaries
join in and become liable under the Guaranty and the Security Agreement executed by the other Subsidiaries of the Borrower in favor of the Administrative Agent; 
 (b) the Administrative Agent shall have received such documents, certificates and opinions as the Administrative Agent or its counsel may reasonably request relating to the organization, existence and
good standing of the Company and the New Subsidiaries and the authorization of the execution and delivery of this Amendment and the Joinder Agreement, all in form and substance reasonably satisfactory to the Administrative Agent and its counsel.

 (c) the Administrative Agent shall have received, for the pro rata benefit of the Lenders, an amendment fee in an amount
equal to the product of 0.50% times the aggregate of the Commitments of such Lenders executing this Amendment (after giving effect to the increase of the Commitments set forth herein). 

SECTION 4. Ratification. Except as expressly amended by this Amendment, the Credit Agreement and the other Loan Documents shall
remain in full force and effect. None of the rights, title and interests existing and to exist under the Credit Agreement are hereby released, diminished or impaired, and the Company hereby reaffirms all covenants, representations and warranties in
the Credit Agreement. 
 SECTION 5. Expenses. The Company shall pay to the Administrative Agent all reasonable fees and
expenses of its legal counsel incurred in connection with the execution of this Amendment. 
 SECTION 6. Certifications.
The Company hereby certifies that (a) no material adverse change in the assets, liabilities, financial condition, business or affairs of the Company has occurred and (b) no Default or Event of Default, other than the Subsidiary Default,
has occurred and is continuing or will occur as a result of this Amendment. 
 SECTION 7. Miscellaneous. This Amendment
(a) shall be binding upon and inure to the benefit of the Company, the Lenders and the Administrative Agent and their respective successors, assigns, receivers and trustees; (b) may be modified or amended only by a writing

  
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signed by the required parties; (c) shall be governed by and construed in accordance with the laws of the State of Texas and the United States of America; (d) may be executed in several
counterparts by the parties hereto on separate counterparts, and each counterpart, when so executed and delivered, shall constitute an original agreement, and all such separate counterparts shall constitute but one and the same agreement and
(e) together with the other Loan Documents, embodies the entire agreement and understanding between the parties with respect to the subject matter hereof and supersedes all prior agreements, consents and understandings relating to such subject
matter. The headings herein shall be accorded no significance in interpreting this Amendment. 
 NOTICE PURSUANT TO TEX.
BUS. & COMM. CODE §26.02 
 THE CREDIT AGREEMENT, AS AMENDED BY THIS AMENDMENT, AND ALL OTHER LOAN
DOCUMENTS EXECUTED BY ANY OF THE PARTIES PRIOR HERETO OR SUBSTANTIALLY CONCURRENTLY HEREWITH CONSTITUTE A WRITTEN LOAN AGREEMENT WHICH REPRESENTS THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR,
CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES. 

[Signature Pages Follow] 

  
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 IN WITNESS WHEREOF, the Company, the Lenders and the Administrative Agent have caused this
Amendment to be signed by their respective duly authorized officers, effective as of the date first above written. 
  

			
	LUBY’S, INC.,
	a Delaware corporation
		
	By:	 	 /s/ Christopher J. Pappas

		 	 Christopher J. Pappas,

		 	 President and Chief Executive Officer

 The undersigned Subsidiaries of the Borrower hereby join in this Amendment to evidence their
consent to execution by Borrower of this Amendment, to confirm that each Loan Document now or previously executed by the undersigned applies and shall continue to apply to this Amendment, and to acknowledge that without such consent and
confirmation, Lenders would not execute this Amendment. 
  

			
	LUBY’S HOLDINGS, INC.,
	a Delaware corporation,
	 LUBY’S LIMITED PARTNER, INC.,
 a Delaware corporation,

	 LUBCO, INC.,

a Delaware corporation,

	 LUBY’S MANAGEMENT, INC.,
 a Delaware corporation,

	 LUBY’S BEVCO, INC.,
 a Texas corporation, and

	LUBY’S FUDDRUCKERS RESTAURANTS, LLC, a Texas limited liability company
		
	By:	 	 /s/ Christopher J. Pappas

		 	 Christopher J. Pappas,

		 	 President and Chief Executive Officer

  
 [signature
page to Fifth Amendment to Credit Agreement] 

 
			
	WELLS FARGO BANK, NATIONAL ASSOCIATION, individually and as Administrative Agent
		
	By:	 	 /s/ Missy Collura

	Name: Missy Collura
	Title: Vice President

  
 [signature
page to Fifth Amendment to Credit Agreement] 

 
			
	AMEGY BANK, NATIONAL ASSOCIATION
		
	By:	 	 /s/ Kelly Nash

	Name: Kelly Nash
	Title: Assistant Vice President

  
 [signature
page to Fifth Amendment to Credit Agreement] 

 Schedule 1.01(b) 

Scheduled Real Property 
  

											
	 Location
	  	 Address
	  	 City
	  	 County
	  	 State
	  	 Zip

	Luby’s: Austin #5	  	13817 U.S. Highway 183 N	  	Austin	  	Travis	  	TX	  	78750
	Luby’s: Houston #12	  	13451 Northwest Freeway	  	Houston	  	Harris	  	TX	  	77040
	Luby’s: Houston #8	  	730 FM 1960 West	  	Houston	  	Harris	  	TX	  	77090
	Luby’s: Fort Worth #7	  	3801 Northeast Loop 820	  	Fort Worth	  	Tarrant	  	TX	  	76137
	Luby’s: San Antonio #24	  	11811 West Loop 1604 N	  	San Antonio	  	Bexar	  	TX	  	78023
	Luby’s: Fort Worth #8	  	5901 South Hulen St.	  	Fort Worth	  	Tarrant	  	TX	  	76132
	Luby’s: Arlington #3	  	5471 South Cooper Street	  	Arlington	  	Tarrant	  	TX	  	76013
	Luby’s: Houston #26	  	1600 Nasa Road One	  	Houston	  	Harris	  	TX	  	77058
	Luby’s: San Antonio #17	  	13400 San Pedro Avenue	  	San Antonio	  	Bexar	  	TX	  	78216
	Luby’s: Houston #27	  	5335 Gulf Freeway	  	Houston	  	Harris	  	TX	  	77023
	Luby’s: Fort Worth #5	  	3312 Southeast Loop 820	  	Forest Hill	  	Tarrant	  	TX	  	76140
	Luby’s: San Antonio #21	  	8511 Tesoro Drive	  	San Antonio	  	Bexar	  	TX	  	78217
	Luby’s: Houston #11	  	108 West Greens Road	  	Houston	  	Harris	  	TX	  	77067
	Luby’s: Deer Park	  	4709 Center St.	  	Deer Park	  	Harris	  	TX	  	77536
	Luby’s: Mesquite #1	  	3301 Gus Thomasson Road	  	Mesquite	  	Dallas	  	TX	  	75150
	Luby’s: San Marcos	  	200 IH-35 North	  	San Marcus	  	Hays	  	TX	  	78666
	Luby’s: Corpus Christi #3	  	1510 South Padre Island Dr.	  	Corpus Christi	  	Nueces	  	TX	  	78411
	Luby’s: Stafford	  	10575 West Airport Blvd.	  	Stafford	  	Fort Bend	  	TX	  	77477
	Luby’s: Weslaco	  	2001 Expressway 83 West	  	Weslaco	  	Hidalgo	  	TX	  	78596
	Luby’s: Bellmead	  	951 North Loop 340	  	Bellmead	  	McLennan	  	TX	  	76705
	Luby’s: Mission	  	701 East Expressway 83	  	Mission	  	Hidalgo	  	TX	  	78572
	Luby’s: Baytown	  	1201 West Baker Road	  	Baytown	  	Harris	  	TX	  	77521
	Luby’s: Beaumont	  	2695 Interstate 10 East	  	Beaumont	  	Jefferson	  	TX	  	77702
	Luby’s: Del Rio	  	2211 Avenue F	  	Del Rio	  	Val Verde	  	TX	  	78840
	Luby’s: El Paso #4	  	1188 Hawkins Boulevard	  	El Paso	  	El Paso	  	TX	  	79925
	Luby’s: Harlingen #2	  	822 Dixeland Road	  	Harlingen	  	Cameron	  	TX	  	78552
	Huntsville Seafood	  	139 IH 45 North	  	Huntsville	  	Walker	  	TX	  	77320
	Luby’s: Temple	  	3925 South General Bruce Dr.	  	Temple	  	Bell	  	TX	  	76502
	Luby’s: Houston #20	  	1727 Old Spanish Trail	  	Houston	  	Harris	  	TX	  	77054
	Luby’s: Houston #28	  	19668 Northwest Freeway	  	Houston	  	Harris	  	TX	  	77065
	Luby’s: Houston #4	  	2730 Fondren Road	  	Houston	  	Harris	  	TX	  	77063
	Luby’s: San Antonio #23	  	18206 Blanco Road	  	San Antonio	  	Bexar	  	TX	  	78258
	Luby’s: San Antonio #12	  	5307 Walzem Road	  	Windcrest	  	Bexar	  	TX	  	78239
	Luby’s: Austin #3	  	1410 E. Anderson Lane	  	Austin	  	Travis	  	TX	  	78752
	Luby’s: Austin #4	  	8176 N. Mopac Expressway	  	Austin	  	Travis	  	TX	  	78759
	Luby’s: Houston #22	  	485 S. Mason Road	  	Katy	  	Harris	  	TX	  	77450
	Luby’s: Houston #21	  	7933 Veterans Memorial Dr.	  	Houston	  	Harris	  	TX	  	77088
	Luby’s: Woodlands	  	922 Lake Front Circle	  	Woodlands	  	Montgomery	  	TX	  	77380

											
	Luby’s: Fort Worth #4	  	1200 Bridgewood Drive	  	Fort Worth	  	Tarrant	  	TX	  	76112
	Luby’s: Edinburg	  	2201 W.Univerity Drive	  	Edinburg	  	Hidalgo	  	TX	  	78539
	Luby’s: San Antonio #11	  	944 Southeast Military Dr.	  	San Antonio	  	Bexar	  	TX	  	78214
	Luby’s: Dallas #3	  	13455 Midway Road	  	Dallas	  	Dallas	  	TX	  	75244
	Luby’s: Laredo #1	  	710 W. Calton Road	  	Laredo	  	Webb	  	TX	  	78041
	Luby’s: Brownsville #1	  	2124 Boca Chica Blvd	  	Brownsville	  	Cameron	  	TX	  	78521
	Luby’s: Conroe	  	201 Longmire Rd.	  	Conroe	  	Montgomery	  	TX	  	77304
	Luby’s: De Soto	  	801 N.Beckley Rd.	  	Desoto	  	Dallas	  	TX	  	75115
	Luby’s: Duncanville	  	926 E. Highway 67	  	Duncanville	  	Dallas	  	TX	  	75137
	Luby’s: Harlingen #1	  	2506 S. 77 Sunshine Strip	  	Harlingen	  	Cameron	  	TX	  	78550
	Luby’s: Houston #5	  	11250 Northwest Freeway	  	Houston	  	Harris	  	TX	  	77092
	Lubys: Houston #10	  	12405 East Freeway	  	Houston	  	Harris	  	TX	  	77015
	Lubys: Corpus Christi #4	  	5730 Saratoga Blvd	  	Corpus Christi	  	Nueces	  	TX	  	78414
	Lubys: Houston #18	  	11595 Fuqua	  	Houston	  	Harris	  	TX	  	77034
	Lubys: Richardson	  	300 W.Campbell Road	  	Richardson	  	Dallas	  	TX	  	75080
	Lubys: San Antonio #19	  	9251 Floyd Curl Drive	  	San Antonio	  	Bexar	  	TX	  	78240
	Fuddruckers #5	  	7511 FM 1960 West	  	Houston	  	Harris	  	TX	  	77064
	Fuddruckers #8	  	2040 Nasa Road One	  	Houston	  	Harris	  	TX	  	77058
	Fuddruckers #9	  	855 Normandy	  	Houston	  	Harris	  	TX	  	77015
	Fuddruckers #13	  	2475 Kirkwood	  	Houston	  	Harris	  	TX	  	77077
	Fuddruckers #24	  	2290 Buckthorne Place	  	Woodlands	  	Montgomery	  	TX	  	77380
	Fuddruckers #26	  	11950 Kurland	  	Houston	  	Harris	  	TX	  	77034
	Fuddruckers #355	  	25407 Bell Patina Dr.	  	Katy	  	Fort Bend	  	TX	  	77494

  
 2 

 SCHEDULE 2.01 

 

					
	 Lender
	  	Commitments	 
		
	 Wells Fargo Bank, National Association
	  	$	25,000,000	  
		
	 Amegy Bank National Association
	  	$	25,000,000	  

 COMPLIANCE CERTIFICATE 

The undersigned hereby certifies that he or she is the
                     of LUBY’S, INC., a Delaware corporation (the “Borrower”), and that as such he or she is authorized to
execute this certificate on behalf of the Borrower pursuant to the Credit Agreement (the “Agreement”) dated as of November 9, 2009, by and among Borrower, WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent, and the
lenders therein named; and that a review has been made under his or her supervision with a view to determining whether the Loan Parties have fulfilled all of their respective obligations under the Agreement, the Notes and the other Loan Documents;
and further certifies, represents and warrants that to his or her knowledge (each capitalized term used herein having the same meaning given to it in the Agreement unless otherwise specified): 

(a) The financial statements delivered to the Administrative Agent concurrently with this Compliance Certificate have been prepared in
accordance with GAAP consistently followed throughout the period indicated and fairly present the financial condition and results of operations of the applicable Persons as at the end of, and for, the period indicated (subject, in the case of
quarterly financial statements, to normal changes resulting from year-end adjustments and the absence of certain footnotes). 

(b) As of the date hereof, [no Default or Event of Default] [a Default] has occurred and is continuing. [If a Default has occurred,
specify the details thereof and any action taken or proposed to be taken with respect thereto.] 
 (c) The compliance with
the provisions of Sections 5.13 and 6.13 as the effective date of the financial statements delivered to the Administrative Agent concurrently with this Compliance Certificate is as follows: 

 

	 	(i)	Section 5.13(a) – Debt Service Coverage Ratio 

  

					
	 Actual
	  	 Required
	 
		
	              to 1.00
	  	 	             to 1.00	  

  

	 	(ii)	Section 5.13(b) – EBITDA 

  

					
	 Actual
	  	Required	 
		
	$	  	$	 	  
	  
	  	  
	  
	 

 EXHIBIT B 

	 	(iii)	Section 5.13(c) – Tangible Net Worth 

  

					
	 Actual
	  	Required	 
		
	$	  	$	 	  
	  
	  	  
	  
	 

  

	 	(iv)	Section 5.13(d) – Net Profit – First Three Fiscal Quarters of 2012 (1Q12, 2Q12 and 3Q12) 

 

			
	 Actual
	  	 Required

		
	$	  	Net Profit of not less than $1.00 for at least one of the first three fiscal quarters of the Borrower’s 2012 fiscal year
	  
	  	

  

	 	(v)	Section 5.13(e) – Net Profit - Two Consecutive Quarters (4Q12 and later) 

 

			
	 Actual
	  	 Required

		
	$	  	Net Profit of not less than $1.00 for at least one of any two consecutive fiscal quarters beginning with the two consecutive fiscal quarters ending with the fourth fiscal quarter
of the Borrower’s 2012 fiscal year
	  
	  	

  

	 	(vi)	Section 5.13(f) – Net Profit – Four Consecutive Quarters 

 

			
	 Actual
	  	 Required

		
	$	  	Net Profit of not less than $1.00 for any period of four consecutive fiscal quarters beginning with the four consecutive fiscal quarters ending with the fourth quarter of the
Borrower’s 2011 fiscal year
	  
	  	

  
 EXHIBIT B

 3 

	 	(vii)	Section 6.13 – Capital Expenditures 

  

					
	 Year to Date Actual
	  	Year to Date Permitted	 
		
	$	  	$	 	  
	  
	  	  
	  
	 

 (d) There has been no change in GAAP or in the application thereof since the Effective Date which would
reasonably be expected to affect the calculation of the financial covenants set forth in the Agreement or, if any such change has occurred, the effects of such change on the financial statements of the respective Loan Parties are specified on an
attachment hereto. 
 (e) Since the date of the Agreement, no event has occurred which would be reasonably likely to have a
Material Adverse Effect. 

  
 EXHIBIT B

 4 

 DATED as of
                    , 201  . 
  

	
	  

	[SIGNATURE OF AUTHORIZED OFFICER]

  
 EXHIBIT B

 5Property Management Agreement

 Exhibit 10.1 

PROPERTY MANAGEMENT AGREEMENT 
 THIS PROPERTY MANAGEMENT AGREEMENT (this “Agreement”) is made and entered into as of August 24, 2011 (the “Effective Date”), by and between SIR COOPER
CREEK, LLC, a Delaware limited liability company (“Owner”), and STEADFAST MANAGEMENT COMPANY, INC., a California corporation (“Manager”). 

DEFINITIONS 
 Definitions. The following terms shall have the following meanings when used in this Agreement: 
 “Agreement” has the meaning given in the introductory paragraph. 
 “Annual Business Plan” has the meaning given in Section 3.11(a). 
 “Capital Budget” has the meaning given in Section 3.11(a). 
 “Depository” means such bank or federally-insured or other financial institution as Owner shall designate in writing. 

“Effective Date” has the meaning given in the introductory paragraph. 

“Fiscal Year” means the calendar year beginning January 1 and ending December 31 of
each calendar year, or such other fiscal year as determined by Owner and of which Manager is notified in writing; provided that the first Fiscal Year of this Agreement shall be the period beginning on the Effective Date and ending on
December 31 of the calendar year in which the Effective Date occurs. 
 “Governmental
Requirements” has the meaning given in Section 3.14. 
 “Gross
Collections” means all amounts actually collected as rents or other charges for use and occupancy of apartment units and from users of garage spaces (if any), leases of other non-dwelling facilities in the Property and concessionaires
(if any) in respect of the Property, including furniture rental, parking fees, forfeited security deposits, application fees, late charges, income from coin-operated machines, proceeds from rental interruption insurance, and other miscellaneous
income collected at the Property; excluding, however, all other receipts, including but not limited to, income derived from interest on investments or otherwise, proceeds of claims on account of insurance policies (other than rental interruptions
insurance), abatement of taxes, franchise fees, and awards arising out of eminent domain proceedings, discounts and dividends on insurance policies. 
 “Hazardous Materials” means any material defined as a hazardous substance under the Comprehensive Environmental Response, Compensation and Liability Act of 1980, the Resource
Conservation and Recovery Act, or any state or local statute regulating the storage, release, transportation or other disposition of hazardous material, as any of those laws may have been amended to the date hereof, and the administrative
regulations promulgated thereunder prior to the date hereof, and, whether or not defined as hazardous substances under the foregoing Governmental Requirements, petroleum products (other than petroleum products used in accordance with Governmental
Requirements by Owner or its tenants in the usual and ordinary course of their activities), PCBs and radon gas. 

“Major Capital Improvements” has the meaning given in Section 3.6. 

“Management Fee” has the meaning given in Section 4.1. 

“Manager” has the meaning given in the introductory paragraph. 

  
 1 

 “Operating Budget” has the meaning given in
Section 3.11(a). 
 “Owner” has the meaning given in the introductory paragraph.

 “Owner’s Representative” has the meaning given in Section 2.2. 

“Pass-Through Amounts” means additional fees for services provided to the Property but not
covered by the Management Fee as described in Exhibit A attached hereto and made a part hereof. 

“Property” means the multifamily apartment project listed and described on Exhibit B
attached hereto and made a part hereof. 
 “Security Deposit Account” has the meaning
given in Section 2.3. 
 “State” means the state in which the Property is located.

 APPOINTMENT OF AGENCY AND RENTAL RESPONSIBILITY 

Appointment. Owner hereby appoints Manager and Manager hereby accepts appointment as the sole and exclusive
leasing agent and manager of the Property on the terms and conditions set forth herein. Owner warrants and represents to Manager that Owner owns fee simple title to the Property with all requisite authority to hereby appoint Manager and to enter
into this Agreement. 
 Owner’s Representative. Owner shall from time to time designate one
or more persons to serve as Owner’s representative (“Owner’s Representative”) in all dealings with Manager hereunder. Whenever the approval, consent or other action of Owner is called for hereunder, such approval,
consent or action shall be binding on Owner if specified in writing and signed by Owner’s Representative. The initial Owner’s Representative shall be Kyle Winning. Any Owner’s Representative may be changed at the discretion of Owner,
at any time, and shall be effective upon Manager’s receipt of written notice identifying the new Owner’s Representative. 

  
 2 

 Leasing. Manager shall perform all promotional, leasing and
management activities required to lease apartment units in the Property. Throughout the term of this Agreement, Manager shall use its diligent efforts to lease apartment units in the Property. Manager shall advertise the Property, prepare and secure
advertising signs, space plans, circulars, marketing brochures and other forms of advertising. Owner hereby authorizes Manager pursuant to the terms of this Agreement to advertise the Property in conjunction with institutional advertising campaigns
and allocate costs on a pro rata basis among the Properties being advertised (to the extent authorized by the Annual Business Plan). All inquiries for any leases or renewals or agreements for the rental of the Property or portions thereof shall be
referred to Manager and all negotiations connected therewith shall be conducted solely by or under the direction of Manager. Manager is hereby authorized to execute, deliver and renew residential tenant leases on behalf of Owner. Manager is
authorized to utilize the services of apartment locator services and the fees of such services shall be operating expenses of the Property and, to the extent paid by Manager, reimbursable by Owner. 

Manager’s Standard of Care. Manager shall perform its duties under this Agreement in a manner
consistent with professional property management services. In no event shall the scope or quality of services provided by Manager for the Property hereunder be less than those generally performed by professional property managers of similar
properties in the market area where the Property is located. Manager shall make available to Owner the full benefit of the judgment, experience, and advice of the members and employees of Manager’s organization with respect to the policies to
be pursued by Owner in operating the Property, and will perform the services set forth herein and such other services as may be requested by Owner in managing, operating, maintaining and servicing the Property. 

SERVICES TO BE PERFORMED BY MANAGER 

Expense of Owner. All acts performed by Manager in the performance of its obligations under this Agreement
shall be performed as an independent contractor of Owner, and all obligations or expenses incurred thereby, shall be for the account of, on behalf of, and at the expense of Owner, except as otherwise specifically provided in this Article 3,
provided Owner shall be obligated to reimburse Manager only for the following: 
 Costs and
Expenses. All costs and expenses incurred by Manager on behalf of Owner in connection with the management and operation of the Property, including but not limited to all compensation payable to the employees at the Property and identified in
the Operating Budget and taxes and assessments payable in connection therewith and reasonable travel and expenses associated therewith, all marketing costs, all collection and lease enforcement costs, all maintenance and repair costs incurred in
accordance with Section 3.5 hereof, all utilities and related services, all on-site overhead costs and all other costs reasonably incurred by Manager in the operation and management of the Property, excluding, however, all of
Manager’s general overhead costs, including without limitation, all expenses incurred at Manager’s corporate headquarters and other Manager office sites other than the property management office located at the Property (i.e., office
expenses, long distance phone calls, employee training, postage, copying, supplies, electronic data processing and accounting expenses), general accounting and reporting expenses for services included among Manager’s duties under the Agreement;
and 
 Other. All sums otherwise due and payable by Owner as expenses of the Property authorized
to be incurred by Manager under the terms of this Agreement and the Operating Budget, including compensation payable under Section 4.1 hereof to Manager for its services hereunder. 

Manager may use employees normally assigned to other work centers or part-time employees to properly staff the Property,
reduced, increased or emergency work load and the like including the property manager, business manager, assistant managers, leasing directors, or other administrative personnel, maintenance employees or maintenance supervisors whose wages and
related expenses shall be reimbursed on a pro rata basis for the time actually spent at the Property. A property manager or business manager at the Property and any other persons performing functions substantially similar to those of a business
manager, including but not limited to assistant managers, leasing directors, leasing agents, sales directors, sales agents, bookkeepers, and other administrative and/or maintenance personnel performing work at the site, and on-site maintenance
personnel, shall not be considered executive employees of Manager. All reimbursable payments made by Manager hereunder shall be reimbursed from funds deposited in an account established pursuant to Section 5.2 of this Agreement. Manager shall
not be obligated to make any advance to or for the account of Owner nor shall Manager be obligated to incur any liability or obligation for the 

  
 3 

 
account of Owner without assurance that the necessary funds for the discharge thereof will be provided by Owner. In the performance of its duties as agent and manager of the Property, Manager
shall act solely as an independent contractor of Owner. All debts and liabilities to third persons incurred by Manager in the course of its operation and management of the Property shall be the debts and liabilities of Owner only, and Manager shall
not be liable for any such debt or liabilities, except to the extent Manager has exceeded its authority hereunder. 
 Covenants Concerning Payment of Operating Expenses. Owner covenants to pay all sums for reasonable operating expenses in excess of gross receipts required to operate the Property upon
written notice and demand from Manager within five days after receipt of written notice for payment thereof. 

Employment of Personnel. Manager shall use its diligent efforts to investigate, hire, pay, supervise and
discharge the personnel necessary to be employed by it to properly maintain, operate and lease the Property, including without limitation a property manager or business manager at the Property. Such personnel shall in every instance be deemed agents
or employees, as the case may be, of Manager. Owner has no right of supervision or direction of agents or employees of Manager whatsoever; however, Owner shall have the right to require the reassignment or termination of any employee. All Owner
directives shall be communicated to Manager’s senior level management employees. Manager and all personnel of Manager who handle or who are responsible for handling Owner’s monies shall be bonded in favor of Owner. Manager agrees to obtain
and keep in effect fidelity insurance in an amount not less than Two Hundred Fifty Thousand Dollars ($250,000). All reasonable salaries, wages and other compensation of personnel employed by Manager, including so-called fringe benefits,
worker’s compensation, medical and health insurance and the like, shall be deemed to be reimbursable expenses of Manager. Manager may allow its employees who work at the Property and provide services to the Property after normal business hours,
to reside at the Property for reduced rents (or rent fee as provided in the Operating Budget) in consideration of their benefit to Owner and the Property, provided such reduced rents are reflected in the Annual Business Plan. 

Utility and Service Contracts. Manager shall, at Owner’s expense and in Owner’s name or in
Manager’s name as agent for Owner, enter into contracts for water, electricity, gas, fuel, oil, telephone, vermin extermination, trash removal, cable television, security protection and other services deemed by Manager to be necessary or
advisable for the operation of the Property. Manager shall also, in Owner’s name or in Manager’s name as agent for Owner and at Owner’s expense, place orders for such equipment, tools, appliances, materials, and supplies as are
reasonable and necessary to properly maintain the Property. Owner agrees to pay or reimburse Manager for all expenses and liabilities incurred by reason of this Section provided that such amounts are in accordance with the Operating Budget.

 Maintenance and Repair of Property. Manager shall use diligent efforts to maintain, at
Owner’s expense, the buildings, appurtenances and grounds of the Property in good condition and repair, including interior and exterior cleaning, painting and decorating, plumbing, carpentry and such other normal maintenance and repair work as
may be necessary or reasonably desirable taking into consideration the amount allocated therefor in the Annual Business Plan. With respect to any expenditure not contemplated by the Annual Business Plan, Manager shall not incur any individual item
of repair or replacement in excess of Five Thousand Dollars ($5,000.00) unless authorized in writing by Owner’s Representative, except, however, emergency repairs immediately necessary for the preservation and safety of the Property or to avoid
the suspension of any service to the Property or danger of injury to persons or damage to property may be made by Manager without the approval of Owner’s Representative. Owner shall not establish standards of maintenance and repair that violate
or may violate any laws, rules, restrictions or regulations applicable to Manager or the Property or that expose Manager to risk of liability to tenants or other persons. Manager shall not be obligated by this Section to perform any Major Capital
Improvements. 
 Supervision of Major Capital Improvements or Repairs. When requested by Owner in
writing or as set forth in an Approved Business Plan, Manager or an affiliate thereof shall, at Owner’s expense and in Owner’s name or in Manager’s name as agent for Owner, supervise the installation and construction of all Major
Capital Improvements to the Property where such work constitutes other than normal maintenance and repair, for additional compensation as set forth in a separate agreement. In such events, Manager may negotiate contracts with all necessary
contractors, subcontractors, materialmen, suppliers, architects, and engineers on behalf of, and in the name of, Owner, and may compromise and settle any dispute or claim arising therefrom on behalf of and in the name of Owner; provided only that
Manager shall act in good faith and in the best interest of Owner at all times and Owner shall approve all contracts for such work. Manager will furnish or will cause to be furnished all personnel necessary for proper supervision of the work and may
assign personnel located at the Property where such work is being performed to such supervisory 

  
 4 

 
work (and such assignment shall not reduce or abate any other fees or compensation owed to Manager under this Agreement). If Owner and Manager fail to reach an agreement for Manager’s
additional compensation as provided in this Section 3.6, Owner may contract with a third party to supervise installation or construction of Major Capital Improvements. For the purposes of this Agreement, the term “Major Capital
Improvements” shall mean work having an estimated cost of $25,000 or more. 
 Owner acknowledges
that Manager, or an affiliate of Manager, may bid on any such work, and that Manager, or an affiliate of Manager, may be selected to perform part or all of the work; provided that if Manager desires to select itself, or its affiliate to do any work,
it shall first notify Owner of the terms upon which it, or its affiliate, proposes to contract for the work, and terms upon which the independent contractors have offered to perform, and shall state the reasons for preferring itself, or its
affiliate, over independent contractors and Owner shall have fifteen days to disapprove Manager, or its affiliate, and to request performance by an independent contractor. Only Owner shall have the power to compromise or settle any dispute or claim
arising from work performed by Manager, or its affiliate; and it is expressly understood that the selection of Manager, or its affiliate, will not affect any fee or other compensation payable to Manager hereunder. 

Insurance. 
 Owner Requirements. Owner agrees to maintain all forms of insurance required by law or any loan documents covering the Property and as reasonably deemed by Owner to be necessary or needed to
adequately protect Owner and Manager, including but not limited to public liability insurance, boiler insurance, fire and extended coverage insurance, and burglary and theft insurance. All insurance coverage shall be placed with such companies, in
such amounts and with such beneficial interest appearing therein as shall be reasonably acceptable to Owner. Public liability insurance shall be maintained in such amounts as Owner determines as commercially reasonable or as otherwise required by
its lenders or investors. 
 Manager Requirements. Manager agrees to maintain, at its own expense,
public liability insurance in an amount not less than Three Million Dollars ($3,000,000) and all other forms of insurance required by law or any loan documents covering the Property and as reasonably deemed by Owner and Manager to be necessary or
needed to adequately protect Owner and Manager, including but not limited to workers compensation insurance, professional liability, employee practices, and fidelity insurance. Manager shall use its diligent efforts to investigate and make a written
report to the insurance company as to all accidents, claims for damage relating to the ownership, operation and maintenance of the Property, any damage or destruction to the Property and the estimated cost of repair thereof, and shall prepare any
and all reports for any insurance company in connection therewith. All such reports shall be timely filed with the insurance company as required under the terms of the insurance policy involved. With the prior written approval of Owner, Manager is
authorized to settle any and all claims against insurance companies arising out of any policies, including the execution of proofs of loss, the adjustment of losses, signing of receipts and collection of monies (no approval by Owner shall be
required for the settlement of claims of $5,000 or less). Manager is further authorized to contract for the maintenance and repair of any damage or casualty in accordance with Section 3.6 above. Manager shall receive as an additional fee for
such services that fee designated in the loss adjustment as a general contractor’s fee, provided that insurance proceeds that exceed the cost of repairing the damage or restoring the loss are available to pay such fees. In such event Manager
shall be responsible for all costs incurred by Manager in adjusting such loss and contracting for repairs. 

Loss or Liability Claims. Owner and Manager mutually agree for the benefit of each other to look only to
the appropriate insurance coverages in effect pursuant to this Agreement in the event any demand, claim, action, damage, loss, liability or expense occurs as a result of injury to person or damage to property, regardless whether any such demand,
claim, action, damage, loss, liability or expense is caused or contributed to, by or results from the negligence of Owner or Manager or their respective subsidiaries, affiliates, employees, directors, officers, agents or independent contractors and
regardless whether the injury to person or damage to property occurs in and about the Property or elsewhere as a result of the performance of this Agreement. Except for claims that are covered by the indemnity contained in Section 3.7(d) below,
Owner agrees that Owner’s insurance shall be primary without right of subrogation against Manager with respect to all claims, actions, damage, loss or liability in or about the Property. Nevertheless, in the event such insurance proceeds are
insufficient to satisfy (or such insurance does not cover) the demand, claim, action, loss, liability or expense, Owner agrees, at its expense, to indemnify and hold Manager and its subsidiaries, affiliates, officers, directors, employees,
agents or independent contractors harmless to the extent of the 

  
 5 

 
excess liability. For purposes of this Section 3.7(c), any deductible amount under any policy of insurance shall not be deemed to be included as part of collectible insurance proceeds.

 Manager Indemnity. Notwithstanding anything contained in this Agreement to the contrary,
Manager shall indemnify and hold harmless Owner, and its representative subsidiaries, affiliates, officers, directors, employees, agents or independent contractors, from all demands, claims, actions, losses, liabilities or expenses that are not
covered by insurance and which is determined to have resulted from the gross negligence, willful misconduct or breach of this Agreement by Manager in connection with the performance of its duties and obligations under this Agreement. 

Acts of Tenants and Third Parties. In no event shall Manager have any liability to Owner or others for any
acts of vandalism, trespass or criminal activity of any kind by tenants or third parties on or with respect to the Property and Owner’s insurance shall be primary insurance without right of subrogation against Manager regarding claims arising
out of or resulting from acts of vandalism, trespass or criminal activity. 
 Collection of
Monies. Manager shall use its diligent efforts to collect all rents and other charges due from tenants, users of garage spaces, carports, storage spaces (if any), commercial lessees (if any) and concessionaires (if any) in respect of
the Property and otherwise due Owner with respect to the Property in the ordinary course of business, provided that Manager does not guarantee the creditworthiness of any tenants, users, lessees or concessionaires or collectability of accounts
receivable from any of the foregoing. Owner authorizes Manager to request, demand, collect, receive and receipt for all such rent and other charges and to institute legal proceedings in the name of Owner, and at Owner’s expense, for the
collection thereof, and for the dispossession of tenants and other persons from the Property or to cancel or terminate any lease, license or concession agreement for breach or default thereunder, and such expense may include the engaging of legal
counsel for any such matter. All monies collected by Manager shall be deposited in the separate bank account referred to in Section 5.2 herein. 
 Manager Disbursements. 
 Manager’s
Compensation and Reimbursements. From Gross Collections, Manager shall be authorized to retain and pay (1) Manager’s compensation, together with all sales or other taxes (other than income) which Manager is obligated, presently or
in the future, to collect and pay to the State or any other governmental authority with respect to the Property or employees at the Property, (2) the amounts reimbursable to Manager under this Agreement, (3) the amount of all real estate
taxes and other impositions levied by appropriate authorities with respect to the Property which, if not escrowed with any mortgagee, shall be paid upon specific written direction of Owner before interest begins to accrue thereon; and
(4) amounts otherwise due and payable as operating expenses of the Property authorized to be incurred under the terms of this Agreement. 
 Debt Service. The provisions of this Section 3.9 regarding disbursements shall include the payment of debt service related to any mortgages of the Property, unless otherwise instructed
in writing by Owner. 
 Third Parties. All costs, expenses, debts and liabilities owed to third
persons that are incurred by Manager pursuant to the terms of this Agreement and in the course of managing, leasing and operating the Property shall be the responsibility of Owner and not Manager. Owner agrees to provide sufficient working capital
funds to Manager so that all amounts due and owing may be promptly paid by Manager. Manager is not obligated to advance any funds. If at any time there is not sufficient cash in the account available to Manager pursuant to Section 5.2 with
which to promptly pay the bills due and owing, Manager will request that the necessary additional funds be deposited by Owner in an amount sufficient to meet the shortfall. Owner will deposit the additional funds requested by Manager within five
days. 
 Other Provisions. The provisions of this Section 3.9 regarding reimbursements to
Manager shall not limit Manager’s rights under any other provision of this Agreement. 
 Use and
Maintenance of Premises. Manager agrees that it will not knowingly permit the use of the Property for any purpose that might void any insurance policy held by Owner or that might render any loss thereunder uncollectible, or that would be in
violation of Governmental Requirements, or any covenant or restriction of any lease 

  
 6 

 
of the Property. Manager shall use its good faith efforts to secure substantial compliance by the tenants with the terms and conditions of their respective leases. All costs of correcting or
complying with, and all fines payable in connection with, all orders or violations affecting the Property placed thereon by any governmental authority or Board of Fire Underwriters or other similar body shall be at the cost and expense of Owner.

 Annual Business Plan. 

Submission. On or before November 1 of each Fiscal Year during the term of this Agreement, or such
earlier date as reasonably requested by Owner, its lenders or investors, Manager shall prepare and submit to Owner for Owner’s approval, an Annual Business Plan for the promotion, leasing, operations, repair and maintenance of the Property for
the succeeding Fiscal Year during which this Agreement is to remain in effect (the “Annual Business Plan”). The Annual Business Plan shall include a detailed budget of projected income and expenses for the Property for such
Fiscal Year (the “Operating Budget”) and a detailed budget of projected capital improvements for the Property for such Fiscal Year (the “Capital Budget”). 

Approval. Manager shall meet with Owner to discuss the proposed Annual Business Plan and Owner shall
approve the proposed Annual Business Plan within 20 days of its submission to Owner, or as soon thereafter as commercially practicable. To be effective, any notice which disapproves a proposed Annual Business Plan must contain specific objections in
reasonable detail to individual line items. If Owner fails to provide an effective notice disapproving a proposed Annual Business Plan within such 20-day period, the proposed Annual Business Plan shall be deemed to be approved. Owner acknowledges
that the Operating Budget is intended only to be a reasonable estimate of the income and expenses of the Property for the ensuing Fiscal Year. Manager shall not be deemed to have made any guarantee, warranty or representation whatsoever in
connection with the Operating Budget. 
 Revision. Manager may revise the Operating Budget from
time to time, as necessary, to reflect any unpredicted significant changes, variables or events or to include significant additional, unanticipated items of revenue and expense. Any such revision shall be submitted to Owner for approval, which
approval shall not be unreasonably withheld, delayed or conditioned. 
 Implementation. Manager
agrees to use diligence and to employ all reasonable efforts to ensure that the actual costs of maintaining and operating the Property shall not exceed the Operating Budget either in total or in any one accounting category. Any expense causing or
likely to cause a variance of greater than ten percent (10%) or $25,000, whichever is greater, in any one accounting category for the current month cumulative year-to-date total shall be promptly explained to Owner by Manager in the next
operating statement submitted by Manager to Owner. 
 Records, Reporting. Manager shall maintain
at the regular business office of Manager or at such other address as Manager shall advise Owner in writing, separate books and journals and orderly files, containing rental records, insurance policies, leases, correspondence, receipts, bills and
vouchers, and all other documents and papers pertaining directly to the Property and the operation thereof. All corporate statements, receipts, invoices, checks, leases, contracts, worksheets, financial statements, books and records, and all other
instruments and documents relating to or arising from the operation or management of the Property shall be and remain the property of Owner and the Owner shall have the right to inspect such records at any reasonable time upon prior notice; Manager
shall have the right to request and maintain copies of all such matters, at Manager’s cost and expense, at all reasonable times during the term of this Agreement, and for a reasonable time thereafter not to exceed three years. All on-site
records, including leases, rent rolls, and other related documents shall remain at the respective Property for which such records are maintained as the property of Owner. 

Financial Reports. 
 Monthly Reports. On or before the tenth day of each month during the term of this Agreement, Manager shall deliver or cause to be delivered to Owner’s Representative a statement of cash
flow for the Property (on a cash and not an accrual basis) for the preceding calendar month. All notices from any mortgagee claiming any default in any mortgage on the Property, and any other notice from any mortgagee not of a routine nature, shall
be promptly delivered by Manager to Owner’s Representative. 

  
 7 

 Annual Reports. Within 45 days after the end of each Fiscal
Year, Manager shall deliver to Owner’s Representative a statement of cash flow showing the results of operations for the Fiscal Year or portion thereof during which the provisions of this Agreement were in effect. 

Employee Files. Manager shall execute and file punctually when due all forms, reports and returns required
by law relating to the employment of personnel. 
 Compliance with Governmental Requirements.
Manager shall comply with all laws, ordinances and regulations relating to the management, leasing and occupancy of the Property, including any regulatory or use agreements. Owner acknowledges that Manager does not hold itself out to be an expert or
consultant with respect to, or represent that, the Property currently complies with applicable ordinances, regulations, rules, statutes, or laws of governmental entities having jurisdiction over the Properties or the requirements of the Board of
Fire Underwriters or other similar bodies (collectively, “Governmental Requirements”). Manager shall take such action as may be reasonably necessary to comply with any Governmental Requirements applicable to Manager,
including the collection and payment of all sales and other taxes (other than income taxes) which may be assessed or charged by the State or any governmental entities in connection with Manager’s compensation. If Manager discovers that the
Property does not comply with any Governmental Requirements, Manager shall take such action as may be reasonably necessary to bring the Property into compliance with such Governmental Requirements, subject to the limitation contained in
Section 3.5 of this Agreement regarding the making of alterations and repairs. Manager, however, shall not take any such action as long as Owner is contesting or has affirmed its intention to contest and promptly institute proceedings
contesting any such order or requirement. If, however, failure to comply promptly with any such order or requirement would or might expose Manager to civil or criminal liability, Manager shall have the right, but not the obligation, to cause the
same to be complied with and Owner agrees to indemnify and hold Manager harmless for taking such actions and to promptly reimburse Manager for expenses incurred thereby. Manager shall promptly, and in no event later than 72 hours from the time of
receipt, notify Owner’s Representative in writing of all such orders or notices. Manager shall not be liable for any effort or judgment or for any mistake of fact or of law, or for anything that it may do or refrain from doing, except in cases
of willful misconduct or gross negligence of Manager. 
 MANAGER’S COMPENSATION, TERM 

Fees Paid to Manager. Commencing on the date hereof, Owner shall pay to Manager a fee (the
“Management Fee”), payable monthly in arrears, in an amount equal to Three and One-half Percent (3.5%) of Gross Collections for such month. The Management Fee shall not be subject to off-sets and charges unless agreed
upon by the parties. Pass-Through Amounts shall be collected monthly by Manager, as applicable. 

Term. This Agreement shall commence on the Effective Date, and shall thereafter continue for a period of
one (1) year from the Effective Date, unless otherwise terminated as provided herein. Thereafter, if neither party gives written notice to the other at least 30 days prior to the expiration date hereof that this Agreement is to terminate, then
this Agreement shall be automatically renewed on a month-to-month basis. 
 Termination Rights.
Notwithstanding anything that may be contained herein to the contrary, with or without grounds or cause therefor, Owner may terminate this Agreement at any time by giving Manager thirty (30) days written notice thereof; provided, however, upon
a determination that this Agreement may be terminated for cause due to the gross negligence, willful misconduct or bad acts of Manager or any of its employees, Owner may immediately terminate with contract by giving Manager five (5) days
written notice thereof. Any notice given pursuant to this Article 4, shall be sent by certified mail. 

Duties on Termination. Upon any termination of this Agreement as contemplated in this Section 4.4,
Manager shall be entitled to receive all compensation and reimbursements, if any, due to Manager through the date of termination. If Owner or Manager shall materially breach its obligations hereunder, and such breach remains uncured for a period of
10 days after written notification of such breach, the party not in breach hereunder may terminate this Agreement by giving written notice to the other. Within 30 days after any termination, Manager shall deliver to Owner’s Representative, the
report required by Section 3.13(a) for any period not covered by such a report at time of termination, and within 30 days after any such termination, Manager shall deliver to Owner’s Representative, as required by Section 3.13(b), the
statement of cash flow for the Fiscal Year or portion thereof ending on the date of termination. In addition, upon termination of 

  
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this Agreement for any reason, Manager will submit to Owner within 30 days after termination any reports required hereunder, all of the cash and bank accounts of the Property, including,
without limitation, the Security Deposit Account, investments and records. Manager will, within 30 days after termination, turn over to Owner all copies of all books and records kept for the Property. If Manager desires to retain records of the
Property, Manager must reproduce them at its own expense. 
 PROCEDURES FOR HANDLING RECEIPTS AND OPERATING CAPITAL

 Security Deposits. Manager shall collect, deposit, hold, disburse and pay security
deposits as required by applicable State law and all other applicable laws, and in accordance with the terms of each tenant’s lease. The amount of each security deposit will be specified in the tenant’s lease. Security deposits will be
deposited at the direction of Owner into a separate non interest-bearing account unless required by law (the “Security Deposit Account”) at a Depository selected by Owner. The Security Deposit Account shall be established in the
name of the Manager and held separate from all other of Manager’s funds and accounts, unless the Owner informs Manager, in writing that it intends to hold the Security Deposit Account. If such account is held by Manager, only representatives of
Manager will be signatories to this account. To the extent possible, the Security Deposit Account shall be fully insured by the Federal Deposit Insurance Corporation (FDIC). Owner agrees to indemnify and hold harmless Manager, and Manager’s
representatives, officers, directors and employees for any loss or liability with respect to any use by Owner of the tenant security deposits that is inconsistent with the terms of tenant leases and applicable laws. 

Separation of Owner’s Monies. Manager shall deliver all collected rents, charges and other amounts
received in connection with the management and operation of the Property (except for tenants’ security deposits, which will be handled as specified in this Agreement) to a Depository designated by Owner. 

Depository Accounts. Except to the extent that Manager has not complied with its obligations under
Section 2.3(c), Owner and Manager agree that Manager shall have no liability for loss of funds of Owner contained in the bank accounts for the Property maintained by Owner or Manager pursuant to this Agreement due to insolvency of the bank or
financial institution in which its accounts are kept, whether or not the amounts in such accounts exceed the maximum amount of federal or other deposit insurance applicable with respect to the financial institution in question. 

Working Capital. In addition to the funds derived from the operation of the Property, Owner shall furnish
and maintain in the operating accounts of the Property such other funds as may be necessary to discharge financial commitments required to efficiently operate the Property and to meet all payrolls and satisfy, before delinquency, and to discharge
all accounts payable. Manager shall have no responsibility or obligation with respect to the furnishing of any such funds. Nevertheless, Manager shall have the right, but not the obligation, to advance funds or contribute property on behalf of Owner
to satisfy obligations of Owner in connection with this Agreement and the Property. Manager shall keep appropriate records to document all reimbursable expenses paid by Manager, which records shall be made available for inspection by Owner or its
agents on request. Owner agrees to reimburse Manager upon demand for money paid or property contributed in connection with the Property and this Agreement. 
 Authorized Signatures. Any persons from time to time designated by Manager shall be authorized signatories on all bank accounts established by Manager pursuant to this Agreement and shall
have authority to make disbursements from such accounts. Funds may be withdrawn from all bank accounts established by Manager, in accordance with this Article 5, only upon the signature of an individual who has been granted that authority by
Manager and funds may not be withdrawn from such accounts by Owner unless Manager is in default hereunder. 
 MISCELLANEOUS

 Assignment. Upon 30 days written notification, Owner may assign its rights and
obligations to any successor in title to the Property and upon such assignment shall be relieved of all liability accruing after the effective date of such assignment. This Agreement may not be assigned or delegated by Manager without the prior
written consent of Owner, which Owner may withhold in its sole discretion. Manager shall assign or provide a security interest in this Agreement at the request of Owner, its lenders or investors. Any unauthorized assignment shall be null and void
ab initio, and shall not in any event release Manager from any liabilities hereunder. 

  
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 Notices. All notices required or permitted by this Agreement
shall be in writing and shall be sent by registered or certified mail, addressed in the case of Owner to SIR Clarion Park, LLC, 18100 Von Karman Avenue, Suite 500, Irvine, CA 92612, Attn: Ana Marie del Rio; and in the case of Manager to Steadfast
Management Company, Inc., 18100 Von Karman Avenue, Suite 500, Irvine, CA 92612, Attention: Christopher Hilbert, or to such other address as shall, from time to time, have been designated by written notice by either party given to the other party as
herein provided. 
 Entire Agreement. This Agreement shall constitute the entire agreement between
the parties hereto and no modification thereof shall be effective unless in writing executed by the parties hereto. 
 No Partnership. Nothing contained in this Agreement shall constitute or be construed to be or create a partnership or joint venture between Owner, its successors or assigns, on the one part,
and Manager, its successors and assigns, on the other part. 
 No Third Party Beneficiary. Neither
this Agreement nor any part hereof nor any service relationship shall inure to the benefit of any third party, to any trustee in bankruptcy, to any assignee for the benefit of creditors, to any receiver by reason of insolvency, to any other
fiduciary or officer representing a bankrupt or insolvent estate of either party, or to the creditors or claimants of such an estate. Without limiting the generality of the foregoing sentence, it is specifically understood and agreed that such
insolvency or bankruptcy of either party hereto shall, at the option of the other party, void all rights of such insolvent or bankrupt party hereunder (or so many of such rights as the other party shall elect to void). 

Severability. If any one or more of the provisions of this Agreement, or the applicability of any such
provision to a specific situation, shall be held invalid or unenforceable, such provision should be modified to the minimum extent necessary to make it or its application valid and enforceable, and the validity and enforceability of all other
provisions of this Agreement and all other applications of such provisions shall not be affected thereby. 

Captions, Plural Terms. Unless the context clearly requires otherwise, the singular number herein shall
include the plural, the plural number shall include the singular and any gender shall include all genders. Titles and captions herein shall not affect the construction of this Agreement. 

Attorneys’ Fees. Should either party employ an attorney to enforce any of the provisions of this
Agreement, or to recover damages for breach of this Agreement, the non-prevailing party in any action agrees to pay to the prevailing party all reasonable costs, damages and expenses, including reasonable attorneys’ fees, expended or incurred
by the prevailing party in connection therewith. 
 Signs. Manager shall have the right to place
signs on the Property in accordance with applicable Governmental Requirements stating that Manager is the manager and leasing agent for the Property. 
 Survival of Indemnities. The indemnification obligations of the parties to this Agreement shall survive the termination of this Agreement to the extent of any claim or cause of action based
on an event occurring prior to the date of termination. 
 Governing Law. This Agreement shall be
construed under and in accordance with the laws of the State and is fully performable with respect to the Property in the county in which the Property is located. 

Competitive Properties. Manager may, individually or with others, engage or possess an interest in any
other project or venture of every nature and description, including but not limited to, the ownership, financing, leasing, operation, management, brokerage and sale of real estate projects including apartment projects other than the Property,
whether or not such other venture or projects are competitive with the Property and Owner shall not have any claim as to such project or venture or to the income or profits derived therefrom. 

Set Off. Without prejudice to Manager’s right to terminate this Agreement in accordance with the terms
of this Agreement, Manager may at any time and without notice to Owner, set off or transfer any sums held by Manager for or on behalf of Owner in the accounts (other than the Security Deposit Account) maintained pursuant to this

  
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Agreement in or towards satisfaction of any of Owner’s liabilities to Manager in respect of any sums due to Manager under this Agreement. 

Notice of Default. Manager shall not be deemed in default under this Agreement, and Owner’s
right to terminate Manager as a result of such default shall not accrue, until Owner has delivered written notice of default to Manager and Manager has failed to cure same within 30 days from the date of receipt of such notice. 

Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed to
be an original. 
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 This Property Management Agreement is hereby executed by duly authorized
representatives of the parties hereto as of the Effective Date. 
  

									
	 OWNER:
	 		 	 SIR COOPER CREEK, LLC,

		 		 	 a Delaware limited liability company

				
		 		 	 By:
	 	 Steadfast Income Advisor, LLC, its Manager

					
		 		 		 	 By:
	 	 /s/ Ana Marie del Rio

		 		 		 		 	      Ana Marie del Rio, Secretary

			
	 MANAGER:
	 		 	 STEADFAST MANAGEMENT COMPANY, INC.,

		 		 	 a California corporation

				
		 		 	 By:
	 	 /s/ William C. Stoll

		 		 		 	      William C. Stoll, Vice President

  
 12 

 EXHIBIT A 

Estimated Pass-Through Amounts 
  

					
	 Benefits Administration (at 3% of total emp. costs)
	  	$	350.00	  
	 IT Infrastructure, Licenses and Support
	  	$	508.33	  
	 Marketing/Training/Continuing Educations ($20.00 p.u.p.y.)
	  	$	205.00	  

  
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 Exhibit B 

THE PROPERTY 
 Legal Description: 4807 Cooper Village Terrace, Louisville, KY 40219 
 The real
property situated in the City of Louisville, County of Jefferson, State of Kentucky, and described as follows: 
 The Property
consists of 123 units. Site amenities include a leasing office and clubhouse, swimming pool and sun deck, workout facility, and business center. This Property has 13 different floor plans with 10 different unit sizes. It is situated on 11.3 acres of
land and was built in 1997-1998. 

  
 14

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