Document:

APPRAISAL MANAGER AGREEMENT

  Exhibit 10.3 
  APPRAISAL MANAGER AGREEMENT 
 THIS APPRAISAL MANAGER AGREEMENT (the “Agreement”),
dated as of July 1, 2007, is by and among Fidelity Property Income Trust, a Maryland real estate investment trust (the “Trust”), Fidelity Property Income Trust Limited Partnership, a Delaware limited partnership (the
“Controlled Partnership”), and Cushman & Wakefield of Long Island, Inc., a New York corporation (the “Appraisal Manager”). 
 W I T N E S S E T H 
 WHEREAS, the Trust and the Controlled Partnership desire to avail themselves of
the experience, sources of information, advice and assistance of the Appraisal Manager and to have the Appraisal Manager perform the services and undertake the duties and responsibilities hereinafter set forth; and 
 WHEREAS, the Appraisal Manager is willing to render such services and undertake such duties and responsibilities on the terms and conditions hereinafter
set forth. 
 NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants and agreements contained herein, the parties
hereto agree as follows: 
 1. APPOINTMENT. The Trust and the Controlled Partnership hereby appoint the Appraisal Manager to serve as
their appraisal manager on the terms and conditions set forth in this Agreement, and the Appraisal Manager hereby accepts such appointment. 
 2. SERVICES. The Appraisal Manager shall render the following services: 
 (a) Work with the Advisor (as
defined below) and the independent valuation expert (the “Independent Valuation Expert”) as requested by the Advisor to review, revise, implement and test, as applicable, systems and policies and procedures related to the valuation
and independent appraisal of the Controlled Partnership’s investments in commercial real estate properties, including, without limitation, (i) appraisal and valuation reporting systems, and (ii) the valuation guidelines proposed by
Pyramis Global Advisors Trust Company, a New Hampshire chartered limited purpose trust company (the “Advisor”), approved by the Independent Valuation Expert and adopted by the Trust’s Board of Trustees (the
“Board”), as amended from time to time (the “Valuation Guidelines”); 
 (b) As requested by
the Advisor, manage, coordinate and review in accordance with the Valuation Guidelines independent appraisals for the commercial real estate properties held by the Trust (this includes, but is not limited to, processing the independent appraiser
engagement letters, invoices, appraisal work and information flow and reviewing the completed report, as well as handling other management, administrative and issue-resolution functions related to the Appraisal Manager’s oversight and
management of the independent appraisers as contemplated in the Valuation Guidelines); 
 (c) As requested by the Advisor,
conduct quarterly valuations in compliance with the Valuation Guidelines of commercial real estate properties held by the Trust that are not being valued by an independent appraiser that quarter (this includes, but is not limited to, reviewing
property cash flows and leasing/tenant issues, updating local real estate conditions and monitoring capital market changes); 

 (d) Provide appropriate Appraisal Manager resources to communicate with and assist the
Advisor in connection with initial valuation due diligence on possible acquisitions; and 
 (e) As requested by the Advisor,
meet with the Board to review the valuation and related activities of the Trust and the Controlled Partnership and the actions the Appraisal Manager has taken under this Agreement. 
 3. USPAP COMPLIANCE. Except as otherwise agreed with the Advisor, all valuation services rendered by the Appraisal Manager pursuant to this
Agreement (including, without limitation, all reviews of independent property appraisals and quarterly property valuations and related reports) shall comply with the applicable provisions of the Uniform Standards of Professional Appraisal Practice,
the Code of Ethics and Certification Standards of the Appraisal Institute, the Supplemental Standards and the policies and procedures of the Trust, the Controlled Partnership and the Advisor. 
 4. COMPENSATION. Compensation for services rendered by the Appraisal Manager pursuant to this Agreement shall be paid by the Controlled
Partnership in the amounts and in accordance with the terms and conditions set forth in Schedule I attached hereto. 
 5.
PERSONNEL. The Appraisal Manager agrees that, without limiting its obligations, duties or responsibilities under this Agreement (collectively, the “AM Obligations”), primary responsibility for the performance of the AM
Obligations shall be assigned to one or more senior employees of the Appraisal Manager (each, a “Responsible Senior Employee”). Such Responsible Senior Employees shall initially be Clarke Lewis. The Appraisal Manager will use its
reasonable efforts to assure that each Responsible Senior Employee continues to act in such capacity during the term of this Agreement or until a suitable replacement has been approved by the Advisor as provided in the following sentence. If any
Responsible Senior Employee ceases, for any reason, to serve in such capacity, the Appraisal Manager will notify the Advisor immediately in writing and assign primary responsibility for the AM Obligations formerly assigned to such Responsible Senior
Employee to another senior employee of the Appraisal Manager of similar experience and ability who is reasonably acceptable to the Advisor (such replacement shall thereafter be a Responsible Senior Employee). A Responsible Senior Employee shall be
deemed to be serving in such capacity until the Appraisal Manager notifies the Advisor in writing otherwise. 
 6. RECORDS. The
Appraisal Manager shall maintain for a five year period appropriate records of all its activities hereunder and make such records available for inspection by the Trust, the Controlled Partnership and by their counsel, auditors and authorized agents,
at any time or from time to time during normal business hours. 
 7. CONFIDENTIALITY. The Appraisal Manager shall not at any time
during the term of this Agreement or thereafter (a) use any of the Trust’s, the Controlled Partnership’s, the Advisor’s or any of their respective affiliates’ trade secrets, confidential business methods or 

  

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other confidential or proprietary information (“Confidential Information”) for any purpose other than as required to perform its duties and
responsibilities hereunder or (b) disclose any Confidential Information to any person other than to the Appraisal Manager’s employees as required to perform its or their duties and responsibilities hereunder. Prior to disclosing any
Confidential Information to any such employee, the Appraisal Manager shall inform such employee of the restrictions on the use and disclosure of the Confidential Information as provided in this Section 7 and shall direct such employee to limit
the use and disclosure of the Confidential Information accordingly. Upon termination of this Agreement, the Appraisal Manager will promptly return to the Advisor all Confidential Information in its possession; provided, however, that the Appraisal
Manager may retain one copy of any Confidential Information it reasonably and in good faith determines is necessary to protect its interests. 
 8. INSURANCE. The Appraisal Manager agrees to maintain professional liability coverage that includes coverage for its responsibilities under this Agreement, with limits of at least $5 million for errors and omissions, $2 million for
general business liability, and a $1 million fidelity bond, throughout the term of this Agreement. 
 9. DISCLOSURE. The Appraisal
Manager acknowledges and agrees that this Agreement may be publicly filed with or otherwise publicly disclosed to the Securities and Exchange Commission and federal, state and other regulatory bodies in connection with the offering (the
“Offering”) contemplated in the Trust’s registration statement on Form S-11 (the “Registration Statement”) and further agrees and consents to be named as the Trust’s and the Controlled Partnership’s
appraisal manager (as such role is described herein) in the Registration Statement, any other public or private filing or other document and any amendments or revisions thereto deemed necessary or advisable by the Advisor to effect the Offering or
to comply with applicable laws, rules or regulations (each, a “Disclosure Document”). In furtherance thereof, the Appraisal Manager agrees to reasonably cooperate with the Advisor and to take such further actions as may reasonably
be deemed necessary or advisable by the Advisor in connection with being so named in any such Disclosure Document, including executing any required consent or consents after being given a reasonable opportunity to review and comment on the portion
of such disclosure that is related to the Appraisal Manager. 
 10. TERM; TERMINATION OF AGREEMENT. 
 (a) This Agreement shall continue in force for a period of one year from the date hereof, subject to an unlimited number of successive
one-year renewals upon mutual consent of the parties, which consent shall be deemed to have been given unless a party notifies the other parties in writing at least 90 days prior to such renewal date. 
 (b) This Agreement may be terminated: 
 (i) At any time by written consent of all parties hereto for any reason or no reason; 
 (ii)
Upon at least 90 day’s written notice by any party to the other parties for any reason or no reason; or 
  

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 (iii) At any time, including, without limitation, immediately, by the Trust or the
Controlled Partnership with or without Cause (as defined below); provided, however that if this Agreement is terminated without Cause pursuant to this paragraph (iii) at any time during the Ongoing Phase (as defined in Schedule I
attached hereto), the Appraisal Manager shall be paid a termination fee within 30 days of such termination equal to the difference, if any, between (A) the Ongoing Quarterly Retainer (as defined in Schedule I attached hereto), minus
(B) the product of the Ongoing Quarterly Retainer multiplied by a fraction the numerator of which is the number of day’s written notice provided to the Appraisal Manager of the termination of this Agreement pursuant to this paragraph
(iii) and the denominator of which is 90. 
 For purposes of this Section 10, “Cause” means (x) fraud,
criminal conduct, willful misconduct or a breach of this Agreement by the Appraisal Manager or any person to whom primary responsibility for the performance of the AM Obligations was assigned, including, without limitation, any Responsible Senior
Employee, at the time of such fraud, criminal conduct, willful misconduct or breach or (y) if any Responsible Senior Employee ceases, for any reason, to perform the services required of a Responsible Senior Employee hereunder and a replacement
reasonably satisfactory to the Advisor as provided in Section 5 is not provided within 30 days of the date of such cessation. 
 11.
NOTICES. Any notice, report or other communication required or permitted to be given hereunder shall be in writing unless some other method of giving such notice, report or other communication is accepted by the party to whom it is given, and
shall be given by being delivered by hand or by overnight mail or other overnight delivery service to the applicable address set forth below or otherwise provided to the parties hereto as provided in the last sentence of this Section 10:

  

			
	To the Advisor, the Trust or the Controlled Partnership:	  	 Pyramis Global Advisors Trust Company
 500 Salem
Street
 Smithfield, RI 02917
 Attention: John R.
Barrie

		
		  	 With a copy to:
  
 Eric J. Graham, Esq.
 Goodwin Procter LLP
 53 State Street
 Boston, MA 02109

		
	To the Appraisal Manager:	  	 Cushman & Wakefield of Long Island, Inc.
 1747
Veterans Highway, Suite 48
 Islandia, NY 11749
 Attention: Clarke
Lewis
  
 With a copy to:
  
 Cushman & Wakefield Inc.
 51 West 52nd Street
 New
York, NY 10019-6178
 Attn: Legal Counsel

  

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 Any party may at any time give notice in writing to the other parties of a change in its address for
purposes of this Section 10. 
 12. GENERAL. 
 (a) This Agreement may not be assigned by any party hereto without the prior written consent of each other party hereto; provided,
however, that this Agreement may be assigned by the Trust or the Controlled Partnership to a corporation or other entity which is a successor to all of the assets, rights and obligations of the Trust or the Controlled Partnership without the prior
consent of any other party. 
 (b) This Agreement shall be binding upon and enforceable by, and shall inure to the benefit of,
the parties hereto and their respective successors, heirs, executors, administrators and permitted assigns, and no others. Except as expressly provided herein, nothing in this Agreement is intended to give any person not named herein the benefit of
any legal or equitable right, remedy or claim under this Agreement. 
 (c) Whenever possible, each provision of this Agreement
shall be interpreted in such a manner as to be effective and valid under applicable law, but if any provision of this Agreement shall be deemed prohibited or invalid under such applicable law, such provision shall be ineffective only to the extent
of such prohibition or invalidity, and such prohibition or invalidity shall not invalidate the remainder of such provision or the other provisions of this Agreement. 
 (d) This Agreement shall be governed by and construed in accordance with the laws of the State of Maryland, without regard to conflicts of
laws provisions. 
 (e) This Agreement and any written exhibits, agreements or documents referenced herein or therein,
constitute the entire agreement, and supersede all other prior agreements and understandings, both written and oral, among the parties with respect to the subject matter hereof. 
 (f) This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which shall
constitute one and the same document. 
 (g) The terms and provisions of this Agreement may be modified or amended and
compliance with any provision hereof may be waived only with the unanimous written consent of all the parties hereto. 
 (h)
The Trust and the Controlled Partnership, on the one hand, and the Appraisal Manager on the other are not partners or joint venturers with each other, and nothing in this Agreement shall be construed to make them such partners or joint venturers or
impose any liability as such on either of them. 
  

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 (i) The provisions of Section 7 hereof shall survive the termination of this
Agreement. 
 [Signature Page Follows] 
  

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

			
	FIDELITY PROPERTY INCOME TRUST
		
	By:	 	/s/ John R. Barrie
		 	John R. Barrie
		 	President and Chief Executive Officer
	
	FIDELITY PROPERTY INCOME TRUST LIMITED PARTNERSHIP
		
	By:	 	Fidelity Property Income Trust LLC,
its General Partner
		
	By:	 	/s/ John R. Barrie
		 	John R. Barrie
		 	Manager
	
	CUSHMAN & WAKEFIELD OF LONG ISLAND, INC.
		
	By:	 	/s/ Clarke Lewis
		 	Clarke Lewis
		 	Managing Director

  

 S-1 

 Schedule I 
 Compensation 
 From the date of this Agreement and for so long as the Advisor requests the Appraisal Manager
to perform AM Obligations other than reviewing independent property appraisals and conducting quarterly property valuations, the compensation to be paid to the Appraisal Manager in respect of services rendered by it pursuant to this Agreement during
any calendar quarter shall be $18,000 (the “Initial Quarterly Retainer”). 
 After the date the Advisor requests the
Appraisal Manager to start reviewing one or more independent property appraisals and conducting one or more quarterly property valuations (in addition to any other AM Obligations) and until this Agreement is terminated (such period, the
“Ongoing Phase”), the compensation to be paid to the Appraisal Manager in respect of services rendered pursuant to this Agreement during any calendar quarter shall be equal to the sum of (i) $6,000 (the “Ongoing
Quarterly Retainer”), plus (ii) $1,250 for each independent property appraisal reviewed by the Appraisal Manager during such calendar quarter, plus (iii) $2,500 for each property valuation conducted by the Appraisal Manager during
such calendar quarter. 
 The Initial Quarterly Retainer and Ongoing Quarterly Retainer shall be pro rated for any applicable period that is
less than a full calendar quarter. All compensation to be paid to the Appraisal Manager in respect of services rendered pursuant to this Agreement during any calendar month shall be paid within 30 days of the end of such calendar quarter. The
Appraisal Manager shall bear all costs and expenses incurred by it in connection with performing the AM Obligations under this Agreement. 
  

 Schedule I - 1Second Amendment to License Agreement dated as of June 18, 2007

 Exhibit 10.29 
 [*] Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 
 SECOND AMENDMENT TO LICENSE AGREEMENT 
 This SECOND AMENDMENT (“Second Amendment”) is made and entered into as of this 18th day of June, 2007 (“Second Amendment to License Agreement Effective Date”). 
 BETWEEN: 
 (1) Elan Pharma International Limited, a company
incorporated under the laws of Ireland, and having its registered office at Monksland, Athlone, County Westmeath, Ireland (“EPIL”); and 
 (2) MAP Pharmaceuticals, Inc., a company incorporated under the laws of Delaware, having its principal place of business at 2400 Bayshore Parkway, Suite 2000, Mountain View, CA 94043, USA (“MAP”). 
 RECITALS: 
 WHEREAS, EPIL and MAP entered into a license agreement on
February 3, 2005 whereby EPIL granted to MAP an exclusive sublicensable license to EPIL Intellectual Property for the sole purpose of, and only to the extent necessary for, using, marketing, distributing, selling, having sold, offering for
sale, importing and exporting the Product in the Field in the Territory (“License Agreement”), which was subsequently amended in writing by the parties on September 15, 2006 (“First Amendment”). (License
Agreement and First Amendment collectively referred to herein as the “Agreement”) 
 WHEREAS, the EPIL Intellectual Property licensed
in the Agreement relate to certain EPIL Patents, set out in Schedule 1 of the Agreement; 
 WHEREAS, the Parties now wish to amend the scope of the
EPIL Patents listed in Schedule 1 of the Agreement as set forth below; 
 NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, EPIL and MAP hereby agree as follows: 
 1. Schedule 1 of the Agreement is hereby deleted and replaced by
Schedule 1 affixed hereto. 
 2. All other terms and conditions of the Agreement remain unchanged and continue to be in full force and effect. 
 3. Capitalized terms not defined in this Second Amendment shall have the same meaning as set forth in the Agreement. 
 4. This Second Amendment may be signed in any number of counterparts with the same effect as if the signatures to each counterpart were upon a single instrument, and all
such counterparts together shall be deemed an original of this Second Amendment Agreement. 

 5. This Second Amendment shall be governed by and construed solely in accordance with the laws of the State of New York,
without regard to its conflict of laws principles that would require the application of any other law. 
 IN WITNESS WHEREOF EPIL AND MAP have caused
this Second Amendment to be executed by their duly authorized representatives as of the Second Amendment Effective Date. 
  

			
	ELAN PHARMA INTERNATIONAL LIMITED
		
	By:	 	 /s/ Shane Cooke

	Title:	 	Director
	Date:	 	June 18, 2007
	
	MAP PHARMACEUTICALS, INC.
		
	By:	 	 /s/ Timothy S. Nelson

	Title:	 	President and CEO
	Date:	 	June 13, 2007

  
 [*] Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

 SCHEDULE 1 EPIL PATENTS 
 [*] 
  
 [*] Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

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