Document:

Second Amended and Restated Share Redemption Program

 Exhibit 4.4 
 KBS LEGACY PARTNERS APARTMENT REIT, INC. 
 SECOND AMENDED AND RESTATED
SHARE REDEMPTION PROGRAM 
 Adopted January 17, 2013 

The board of directors of KBS Legacy Partners Apartment REIT, Inc., a Maryland corporation (the
“Company”), has adopted a Second Amended and Restated Share Redemption Program (the “SRP”), the terms and conditions of which are set forth below. Capitalized terms shall have the same meaning as set forth in the
Company’s charter unless otherwise defined herein. 

1.        Qualifying Stockholders.  “Qualifying
Stockholders” are (a) holders of the Company’s shares of Common Stock (the “Shares”) who have held their Shares for at least one year, provided that, if the Company is redeeming all of a stockholder’s Shares,
then there is no holding period requirement for Shares purchased pursuant to the Company’s dividend reinvestment plan and (b) stockholders or authorized representatives of stockholders qualifying for the special redemption provisions set
forth in paragraphs 6, 7 and 8 below. 
 2.        Share
Redemption.  Subject to the terms and conditions of this SRP, including the limitations on redemptions set forth in paragraph 4 and the procedures for redemption set forth in paragraph 5, the Company will redeem such number of Shares
as requested by a Qualifying Stockholder. 
 3.        Redemption
Price.  Unless the Shares are being redeemed in connection with a stockholder’s death, Qualifying Disability (as defined in paragraph 7 below) or Determination of Incompetence (as defined in paragraph 8 below), until the Company
establishes an estimated value per Share as described below, the price at which the Company will redeem the Shares of a Qualifying Stockholder is as follows: 
 a.        92.5% of the price paid to acquire the Shares from the Company for stockholders who have held their Shares for at least one year; 

b.        95.0% of the price paid to acquire the Shares from the Company for
stockholders who have held their Shares for at least two years; 

c.        97.5% of the price paid to acquire the Shares from the Company for
stockholders who have held their Shares for at least three years; and 

d.        100% of the price paid to acquire the Shares from the Company for
stockholders who have held their Shares for at least four years. 
 Notwithstanding the foregoing, once the
Company establishes an estimated value per Share for a purpose other than to set the price to acquire a Share in the Company’s initial public offering or follow-on public offerings, the redemption price per Share for all stockholders will be
equal to the estimated value per Share, as determined by the 

 
Company’s Advisor or another firm chosen for that purpose. The Company expects to establish an estimated value per Share for a purpose other than to set the price to acquire a Share in the
Company’s initial public offering or follow-on public offerings after the completion of the Company’s offering stage. The Company’s offering stage will be considered complete when the Company is no longer publicly offering equity
securities – whether through its initial public offering or follow-on public offerings – and has not done so for 18 months. The Company will report the redemption price in its annual report and three quarterly reports publicly filed with
the Securities and Exchange Commission. For the purpose of determining when the Company’s offering stage is complete, equity offerings do not include offerings on behalf of selling stockholders or offerings related to any dividend reinvestment
plan, employee benefit plan, or the redemption of interests in KBS Legacy Limited Partnership, the Company’s operating partnership. 
 4.        Limitations on Redemption.  Notwithstanding anything contained in this SRP to the contrary, the Company’s obligation to redeem
Shares pursuant to paragraphs 2 and 6 hereof is limited as follows: 

a.        Unless the Shares are being redeemed in connection with a
stockholder’s death, Qualifying Disability (as defined in paragraph 7) or Determination of Incompetence (as defined in paragraph 8), the Company may not redeem Shares unless the stockholder has held the Shares for one year. 

b.        During any calendar year, the Company may redeem only the number of
Shares that the Company could purchase with the amount of net proceeds from the sale of Shares under the Company’s dividend reinvestment plan during the prior calendar year. 

c.        During any calendar year, the Company may redeem no more than 5% of
the weighted-average number of Shares outstanding during the prior calendar year. 

d.        The Company has no obligation to redeem Shares if the redemption would
violate the restrictions on distributions under Maryland General Corporation Law, as amended from time to time, which prohibits distributions that would cause a corporation to fail to meet statutory tests of solvency. 

5.        Procedures for Redemption.  The Company has engaged a
third party to administer the SRP. Upon any change to the identity or the mailing address of the program administrator, the Company will notify stockholders of such change. The Company will redeem Shares on the last business day of each month (the
“Redemption Date”). For a stockholder’s Shares to be eligible for redemption in a given month, the program administrator must receive a written redemption request from the stockholder or from an authorized representative of the
stockholder setting forth the number of Shares requested to be redeemed at least five business days before the Redemption Date. If the Company cannot repurchase all Shares presented for redemption in any month because of the limitations on
redemptions set forth in paragraph 4, then the Company will honor 

  
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redemption requests on a pro rata basis, except that (i) if a pro rata redemption would result in a stockholder owning less than half of the minimum purchase requirement described in a
currently effective, or the most recently effective, registration statement of the Company as such registration statement has been amended or supplemented (the “Minimum Purchase Requirement”), then the Company would redeem all of
such stockholder’s Shares; and (ii) if a pro rata redemption would result in a stockholder owning more than half but less than all of the Minimum Purchase Requirement, then the Company would not redeem any Shares that would reduce a
stockholder’s ownership of Shares below the Minimum Purchase Requirement. If the Company is redeeming all of a stockholder’s Shares, there would be no holding period requirement for Shares purchased pursuant to the Company’s dividend
reinvestment plan. 
 If the Company does not completely satisfy a redemption request on a Redemption Date
because the program administrator did not receive the request in time or because of the limitations on redemptions set forth in paragraph 4, then the Company will treat the unsatisfied portion of the redemption request as a request for redemption at
the next Redemption Date funds are available for redemption, unless the redemption request is withdrawn. Any stockholder can withdraw a redemption request by sending written notice to the program administrator, provided such notice is received at
least five business days before the Redemption Date. 

6.        Special Provisions upon a Stockholder’s Death, Qualifying
Disability or Determination of Incompetence.  The Company will treat redemption requests made upon a stockholder’s death, Qualifying Disability (as defined in paragraph 7) or Determination of Incompetence (as defined in paragraph
8) differently, as follows: 
 a.        There is no one-year holding
requirement. 
 b.        Until the Company establishes an estimated
value per Share for a purpose other than to set the price to acquire a Share in the Company’s initial public offering or follow-on public offerings, which the Company expects to be after the completion of its offering stage (as defined in
paragraph 3 above), the redemption price is the amount paid to acquire the Shares from the Company. 

c.        Once the Company has established an estimated value per Share as
described in paragraph 6.b. above, the redemption price will be the estimated value of the Shares, as determined by the Company’s advisor or another firm chosen for that purpose. 

Except as specifically set forth in this paragraph 6, redemptions upon a stockholder’s death, Qualifying Disability
(as defined in paragraph 7) or Determination of Incompetence (as defined in paragraph 8) are subject to the same limitations and terms and conditions as other redemptions, including the limitations on redemptions set forth in paragraph 4 and the
redemption request procedures set forth in paragraph 5. 

7.        Qualifying Disability Determinations.  In order for a
disability to entitle a stockholder to the special redemption terms described in paragraph 6 (a “Qualifying 

  
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Disability”), (1) the stockholder must receive a determination of disability based upon a physical or mental condition or impairment arising after the date the stockholder
acquired the Shares to be redeemed, and (2) such determination of disability must be made by the governmental agency responsible for reviewing the disability retirement benefits that the stockholder could be eligible to receive (the
“Applicable Government Agency”). The Applicable Government Agencies are limited to the following: (i) if the stockholder paid Social Security taxes and, therefore, could be eligible to receive Social Security disability
benefits, then the Applicable Governmental Agency is the Social Security Administration or the agency charged with responsibility for administering Social Security disability benefits at that time if other than the Social Security Administration;
(ii) if the stockholder did not pay Social Security taxes and, therefore, could not be eligible to receive Social Security disability benefits, but the stockholder could be eligible to receive disability benefits under the Civil Service
Retirement System (“CSRS”), then the Applicable Governmental Agency is the U.S. Office of Personnel Management or the agency charged with responsibility for administering CSRS benefits at that time if other than the Office of
Personnel Management; or (iii) if the stockholder did not pay Social Security taxes and, therefore, could not be eligible to receive Social Security benefits but suffered a disability that resulted in the stockholder’s discharge from
military service under conditions that were other than dishonorable and, therefore, could be eligible to receive military disability benefits, then the Applicable Governmental Agency is the Department of Veterans Affairs or the agency charged with
the responsibility for administering military disability benefits at that time if other than the Department of Veterans Affairs. 
 Disability determinations by governmental agencies for purposes other than those listed above, including but not limited to worker’s compensation insurance, administration or enforcement of the
Rehabilitation Act or Americans with Disabilities Act, or waiver of insurance premiums will not entitle a stockholder to the special redemption terms described in paragraph 6. Redemption requests following an award by the applicable governmental
agency of disability benefits must be accompanied by: (1) the investor’s initial application for disability benefits and (2) a Social Security Administration Notice of Award, a U.S. Office of Personnel Management determination of
disability under CSRS, a Department of Veterans Affairs record of disability-related discharge or such other documentation issued by the Applicable Governmental Agency that the Company deems acceptable and that demonstrates an award of the
disability benefits. 
 As the following disabilities do not entitle a worker to Social Security disability
benefits, they do not qualify for special redemption terms, except in the limited circumstances when the investor is awarded disability benefits by the other Applicable Governmental Agencies described above: 

a.        disabilities occurring after the legal retirement age; and 

b.        disabilities that do not render a worker incapable of performing
substantial gainful activity. 

  
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 8.        Determination of
Incompetence.  In order for a determination of incompetence or incapacitation to entitle a stockholder to the special redemption terms described in paragraph 6 (a “Determination of Incompetence”), a state or federal
court located in the United States (a “U.S. Court”) must declare, determine or find the stockholder to be (i) mentally incompetent to enter into a contract, to prepare a will or to make medical decisions or (ii) mentally
incapacitated, in both cases such determination must be made by a U.S. court after the date the stockholder acquired the Shares to be redeemed. 
 A determination of incompetence or incapacitation by any person or entity other than a U.S. Court, or for any purpose other than those listed above, will not entitle a stockholder to the special
redemption terms described in paragraph 6. Redemption requests following a Determination of Incompetence by a U.S. Court must be accompanied by the court order, determination or the certificate of the court declaring the stockholder incompetent or
incapacitated. 
 9.        Termination, Suspension or Amendment of
the SRP by the Company.  The Company may amend, suspend or terminate the SRP for any reason upon thirty days notice to the Company’s stockholders. The Company may provide notice by including such information (a) in a Current
Report on Form 8-K or in its annual or quarterly reports, all publicly filed with the Securities and Exchange Commission or (b) in a separate mailing to the stockholders. 

The SRP provides stockholders a limited ability to redeem Shares for cash until a secondary market develops for the
Shares. If and when such a secondary market develops, the SRP will terminate. 

10.        Notice of Redemption Requests.  Qualifying
Stockholders who desire to redeem their shares must provide written notice to the Company on the form designed for such purpose, which will be provided by the Company upon request. 

11.        Liability of the Company.  The Company shall not be
liable for any act done in good faith or for any good faith omission to act. 

12.        Governing Law.  The SRP shall be governed by the laws
of the State of Maryland. 

  
 5Amendment No. 1 to Advisory Agreement

 Exhibit 10.2 
 AMENDMENT NO. 1 
 TO THE 

ADVISORY AGREEMENT 
 This amendment no. 1 to the Advisory Agreement, dated as of January 25, 2012 (the “Advisory Agreement”), between KBS Legacy Partners Apartment REIT, Inc., a Maryland corporation (the
“Company”), and KBS Capital Advisors LLC, a Delaware limited liability company (the “Advisor”), is entered as of January 8, 2013 (the “Amendment”). Capitalized terms used herein but not defined
shall have the meaning set forth in the Advisory Agreement. 
 WHEREAS, upon the terms set forth in this Amendment, the Advisor
has agreed to defer certain asset management fees payable to it by the Company; 
 NOW, THEREFORE, in consideration of the
mutual agreements and covenants contained herein, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Company and the Advisor agree to amend the Advisory Agreement as follows: 

1.     Deferral of Asset Management Fee. 

 

	 	a.	Pursuant to Section 8.03 of the Advisory Agreement, the Advisor is entitled to receive an Asset Management Fee in relation to the Company’s Real
Estate Investments and other Permitted Investments, calculated and paid in accordance with the terms of the Advisory Agreement. With respect to Asset Management Fees accruing from February 1, 2013 through July 31, 2013, the Advisor,
on behalf of itself and its affiliates, and its and their respective successors and assigns, hereby defers the Company’s obligation to pay such Asset Management Fees. Advisor further agrees that the Company will only be
obligated to pay the Advisor such deferred amounts if and to the extent that the Company’s funds from operations, as such term is defined by NAREIT and interpreted by the Company, as adjusted for the effects of straight-line rents and
acquisition costs and expenses (“AFFO”) for the immediately preceding month exceeds the amount of distributions declared for record dates of such prior month (an “AFFO Surplus”). The amount of any AFFO Surplus in a given month
shall be applied first to pay to the Advisor Asset Management Fees currently due with respect to such month (including any that would otherwise have been deferred for that month in accordance with this Amendment), and then to pay Asset Management
Fees previously deferred by the Advisor in accordance with this Amendment. 

  

	 	b.	Notwithstanding anything contain in Paragraph 1.a. herein to the contrary, any and all deferred Asset Management Fees that are unpaid shall be immediately due and
payable at such time as the owners of all outstanding Shares have received Distributions in an aggregate amount equal to the sum of: 

 i. the Stockholders’ 8% Return and 
 ii. Invested Capital. 

When determining whether the above threshold has been met: 
 (1) Any stock dividend shall not be included as a Distribution; and 

 (2) Distributions paid on Shares redeemed by the Company (and thus no longer included in
the determination of Invested Capital), shall not be included as a Distribution. 
  

	 	c.	The Advisor acknowledges and agrees that no interest shall accrue on the deferred amounts. To the extent payment of any deferred amount is due to the Advisor hereunder,
the Company shall pay the Advisor no later than the last business day of the month in which the amount of such payment is determined, or the first business day of the following month. 

2.     Ratification; Effect on Advisory Agreement. 

 

	 	a.	Ratification. The Advisory Agreement, as amended hereby, shall remain in full force and effect and is hereby ratified and confirmed in all respects.

  

	 	b.	Effect on the Advisory Agreement. On and after the date hereof, each reference in the Advisory Agreement to “this Agreement,” “herein,”
“hereof,” “hereunder,” or words of similar import shall mean and be a reference to the Advisory Agreement as amended hereby. 

 Signature page follows. 

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

									
	KBS LEGACY PARTNERS APARTMENT REIT, INC.
			
		 	By:	  	/s/ W. Dean Henry
		 		  	W. Dean Henry, Chief Executive Officer
	
	KBS CAPITAL ADVISORS LLC
			
		 	By:	  	PBren Investments, L.P., a Manager
				
		 		  	By:	 	PBren Investments, LLC, as general partner
					
		 		  		 	By:	 	/s/ Peter M. Bren
		 		  		 		 	Peter M. Bren, Manager
			
		 	By:	  	Schreiber Real Estate Investments, L.P., a Manager
				
		 		  	By:	 	Schreiber Investments, LLC, as general partner
					
		 		  		 	By:	 	/s/ Charles J. Schreiber, Jr.
		 		  		 		 	Charles J. Schreiber, Jr., Manager

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