Document:

exv10w1

Exhibit 10.1

ESCROW AGREEMENT 

     THIS ESCROW AGREEMENT (this “Agreement”) made and entered into as of this 3rd day of December, 2010 by and among Newport Coast Securities, Inc., a California
corporation (the “Dealer Manager”), Green Realty Trust, Inc., a Maryland corporation (the
“Company”), and UMB Bank, N.A., as escrow agent, a national banking association organized
and existing under the laws of the United States of America (the “Escrow Agent”).

RECITALS

     WHEREAS, the Company has filed with the Securities and Exchange Commission a registration
statement on Form S-11 (File No. 333-147514), containing a preliminary prospectus for the
registration of the Shares under the Securities Act of 1933, as amended (the “Securities
Act”), and the regulations thereunder (the “Regulations”). The registration statement
and any amendments thereto, and any registration statement related thereto filed under Rule 462(b)
of the Securities Act are herein called the “Registration Statement.” Any prospectus
relating to such Registration Statement and any amendments thereto are herein called the
“Prospectus.”

     WHEREAS, the Company proposes to offer and sell, on a best efforts basis through the Dealer
Manager and a group of selected dealers (each a “Selected Dealer”, collectively the
“Selected Dealers”) and directly to a group of selected investment advisors (each a
“Selected Investment Advisor”, collectively the “Select Investment Advisors”) up to
165,789,474 shares of its shares of common stock (the “Shares”), on a best-efforts basis
(the “Offering”) to investors pursuant to the Company’s Prospectus.

     WHEREAS, the Company has agreed that the subscription price paid by subscribers for shares
will be promptly refunded to such subscribers if at least $2,000,000 Shares of gross offering
proceeds (the “Minimum Offering”) has not been raised within six months from the date the
Registration Statement becomes effective with the Securities and Exchange Commission, or if the
Company elects to extend the date to a period no longer than one year (the “Closing
Date,”).

     WHEREAS, the Dealer Manager and the Company, in compliance with the terms of the proposed
offering described in the Registration Statement and Rule 15c2-4 under the Securities and Exchange
Act of 1934, as amended (the “Exchange Act”), desire to establish an escrow account (the
“Escrow Account”), as further described herein in which funds received from subscribers
will, except as otherwise specified herein, be deposited into an interest-bearing account entitled
“Green Realty Trust Incorporated Subscription Account” and the Company desires that UMB Bank, N.A.
act as escrow agent to the Escrow Account and Escrow Agent is willing to act in such capacity.

     WHEREAS, deposits received from residents of the State of Pennsylvania (the “Pennsylvania
Subscribers”) will remain in the Escrow Account until the conditions of Sections 3 and 4
hereof, respectively, have been met.

 

 

     WHEREAS, in order to subscribe for Shares during the Escrow Period (as defined below), a
subscriber must deliver an executed order form along with the full amount of its subscription: (i)
by check made payable to the order of UMB Bank, N.A., as Escrow Agent
for Green Realty Trust, Inc.,
in U.S. dollars or (ii) by wire transfer of immediately available funds or Automated ClearingHouse
(ACH) in U.S. dollars, made payable as provided in Exhibit B.

AGREEMENT

     NOW, THEREFORE, in consideration of the premises and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged by the parties, the parties covenant
and agree as follows:

1. Establishment of Escrow Account; Escrow Period. On or prior to the commencement of the
offering of Shares pursuant to the Prospectus, the Company shall establish the Escrow Account with
the Escrow Agent, which shall be entitled “UMB Bank, N.A., as Escrow Agent for Green Realty Trust,
Inc.”. This Agreement shall be effective on the date on which the Registration Statement becomes
effective. Except as otherwise set forth herein for the Pennsylvania Subscribers, the escrow
period shall commence upon the effectiveness of this Agreement and shall continue until the earlier
of (i) the date upon which the Escrow Agent receives confirmation from the Company and the Dealer
Manager that the Company has raised the Minimum Offering, (ii) the Closing Date, or (iii) the
termination of the Offering by the Company prior to the receipt of the Minimum Offering (the
“Escrow Period”).

2. Operation of the Escrow.

	     a)	 	Deposits in the Escrow Account. During the Escrow Period, persons subscribing to
purchase Shares will be instructed by the Company, the Dealer Manager and the Selected Dealers
to make checks for subscriptions payable to the order of “UMB Bank, N.A., as Escrow Agent for
Green Realty Trust, Inc.” When a Selected Dealer’s internal supervisory procedures are
conducted at the site at which the subscription agreement and check were initially received by
Selected Dealer from the subscriber, Selected Dealer shall transmit the subscription agreement
and check to the Escrow Agent by noon of the next business day following receipt of the check
and subscription agreement. When, pursuant to Selected Dealer’s internal supervisory
procedures, Selected Dealer’s final internal supervisory procedures are conducted at a
different location (the “Final Review Office”), the Selected Dealer shall transmit the
check and subscription agreement to the Final Review Office by noon of the next business day
following the Selected Dealer’s receipt of the subscription agreement and check. The Final
Review Office will, by noon of the next business day following its receipt of the subscription
agreement and check, forward both the subscription agreement and check to the Escrow Agent.
If any subscription agreement solicited by the Selected Dealer is rejected by the Dealer
Manager or the Company, then the subscription agreement and check will be promptly returned to
the rejected subscriber. The Escrow Agent shall have no liability or responsibility regarding
a Selected Dealer’s internal supervisory procedures. Completed subscription agreements and
checks in payment for the purchase price shall be remitted to the Escrow Agent’s address in
Exhibit B designated for the receipt of such agreements and funds, and wires or Automated
ClearingHouse (ACH) payments shall be transmitted directly to the Escrow Account. Subscription
agreements received by the Escrow Agent shall be scanned and emailed by the Escrow Agent to
Phoenix American Financial Services, Inc. (the “Transfer Agent”) within 24 hours of

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	 	 	receipt by the Escrow Agent. The Escrow Agent shall also deliver the original subscription
agreements to the Transfer Agent. The Escrow Agent hereby agrees to maintain the funds
contributed by the Pennsylvania Subscribers in a manner in which they may be separately
accounted for so that the requirements of Section 3 of this Agreement can be met. Deposits
shall be held in the Escrow Account until such funds are disbursed in accordance with this
Agreement. Prior to disbursement of the funds deposited in the Escrow Account (the
“Escrowed Funds”), such funds shall not be subject to claims by creditors of the
Company or any of its affiliates. If any of the instruments of payment are returned to the
Escrow Agent for nonpayment prior to receipt of the Break Escrow Affidavit (as described
below), the Escrow Agent shall promptly notify the Company in writing via mail, email or
facsimile of such nonpayment, and the Escrow Agent is authorized to debit the Escrow Account
in the amount of such returned payment and the Escrow Agent shall delete the appropriate
account from the records maintained by the Escrow Agent. The Escrow Agent will maintain a
written account of each sale, which account shall set forth, among other things, the following
information: (i) the subscriber’s name and address, (ii) the subscriber’s social security
number or tax identification number, (iii) the number of Shares purchased by such subscriber,
(iv) the amount paid by such subscriber for such Shares, and (v) the state of residence.
During the Escrow Period neither the Company nor the Dealer Manager will be entitled to any
principal funds received into the Escrow Account.

	     (b)	 	Distribution of the Funds in the Escrow Account to Subscribers other than the
Pennsylvania Subscribers. If at any time on or prior to the Closing Date, the Minimum
Offering has been raised, then upon the happening of such event, the funds in the Escrow
Account shall remain in the Escrow Account until the Escrow Agent receives written direction
provided by the Company and the Dealer Manager instructing the Escrow Agent to deliver such
funds as the Company shall direct (other than any funds received from Pennsylvania Subscribers
which cannot be released until the conditions of Sections 3 and 4 hereof, respectively, have
been met) (“Initial Closing”). An affidavit or certification from an officer of the Company
and an officer of the Dealer Manager to the Escrow Agent stating that at least the Minimum
Offering has been timely raised, shall constitute sufficient evidence for the purpose of this
Agreement that such event has occurred (the “Break Escrow Affidavit”). The Affidavit
shall indicate (i) the date on which the Minimum Offering was raised and (ii) the actual total
number of Shares sold as of such date. Thereafter, the Escrow Agent shall release funds and
any interest or other income earned, based on the conditions of Section 4 hereof, thereon from
the Escrow Account as directed by the Company pursuant to written instruction that the Company
shall provide to the Escrow Agent from time to time. Accrued and unpaid interest on such
Escrowed Funds shall be paid pursuant to Section 4 below.

	     (c)	 	If the Escrow Agent has not received a Break Escrow Affidavit on or prior to the Closing
Date, the Escrow Agent shall promptly return the funds in the Escrow Account, together with
any remaining interest thereon, to each respective subscriber, and the Escrow Agent shall
promptly create and dispatch checks and wires drawn on the Escrow Account to return the full
amount of the funds deposited in the Escrow Account, together with their pro-rata share of any
remaining interest thereon, to the respective subscribers, and the Escrow Agent shall notify
the Company and the Dealer Manager of its distribution of the funds. For the purposes of
this Agreement “remaining interest” shall mean any interest that remains in the Escrow Account
after deducting the full amount of the escrow fees and

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	 	 	expenses which have been or are due under this Agreement or have been paid hereunder. Any
amounts previously paid hereunder will be reimbursed by the Escrow Agent to such party after
applying the interest to any escrow fees and expenses that are or will be due under this
Agreement as of the Closing Date. The subscription payments returned to each subscriber shall
be free and clear of any and all claims of the Company or any of its creditors.

	     (d)	 	After the Initial Closing, upon receipt by the Escrow Agent of instructions signed by the
Dealer Manager and the Company, the Escrow Agent shall release to the Company the Escrowed
Funds (other than any funds received from Pennsylvania Subscribers which cannot be released
until the conditions of Section 3 hereof, have been met) in accordance with such instructions.
The Company shall give the Escrow Agent one business day oral notification of the contents of
such instructions. Accrued and unpaid interest on such Escrowed Funds shall be paid pursuant
to Section 4 below.

3. Distribution of the Funds from Pennsylvania Subscribers.

	     (a)	 	Notwithstanding anything to the contrary herein, disbursements of funds contributed
by Pennsylvania Subscribers may only be distributed in compliance with the provisions of this
Section 3. Irrespective of any disbursement of funds from the Escrow Account pursuant to
Section 2 hereof, the Escrow Agent will continue to place deposits from the Pennsylvania
Subscribers into the Escrow Account, until such time as the Company notifies the Escrow Agent
in writing that total subscriptions (including amounts previously disbursed as directed by the
Company and the amounts then held in the Escrow Account) equal or exceed
$82,500,000, whereupon the Escrow Agent shall disburse to the Company, at the
Company’s request, any funds from the Pennsylvania Subscribers received by the Escrow Agent
for accepted subscriptions, but not those funds of a subscriber whose subscription has been
rejected or rescinded of which the Escrow Agent has been notified by the Company, or otherwise
in accordance with the Company’s written request.

	     (b)	 	If the Company has not received total subscriptions of at least $82,500,000 within 120 days of the date the Company first receives a subscription from a Pennsylvania
Subscriber (the “Initial Escrow Period”), the Company shall notify each Pennsylvania
Subscriber of the right of Pennsylvania Subscribers to have their investment returned to them.
If, pursuant to such notice, a Pennsylvania Subscriber requests the return of his or her
subscription funds within ten (10) days after receipt of the notification (the “Request
Period”), the Escrow Agent shall promptly refund, including the pro-rata share of any interest
earned thereon, directly to each Pennsylvania Subscriber the funds deposited in the Escrow
Account on behalf of the Pennsylvania Subscriber.

	     (c)	 	The funds of Pennsylvania Subscribers who do not request the return of their funds
within the Request Period shall remain in the Escrow Account for successive 120-day
escrow periods (each a “Successive Escrow Period”), each commencing automatically upon
the termination of the prior Successive Escrow Period, and the Company and Escrow Agent
shall follow the notification and payment procedure set forth in Section 3(b) above with
respect to the Initial Escrow Period for each Successive Escrow Period, provided that any
refunds made to a Pennsylvania Subscriber after a Successive Escrow Period shall

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	 	 	include a pro-rata share of any interest earned thereon after the Initial Escrow Period, until
the occurrence of the earliest of (i) the termination of the Offering, (ii) the receipt and
acceptance by the Company of total subscriptions that equal or exceed
$82,500,000 and the disbursement of the Escrow Account on the terms specified in
this Section 3, or (iii) all funds held in the Escrow Account that were contributed by
Pennsylvania Subscribers having been returned to the Pennsylvania Subscribers in accordance
with the provisions hereof.

	 	 	If, upon termination of the Offering, the Company has not received and accepted total
subscriptions that equal or exceed $82,500,000, all funds in the Escrow Account that
were contributed by Pennsylvania Subscribers will be promptly returned in full to such
Pennsylvania Subscribers, together with their pro-rata share of any interest earned thereon
pursuant to instructions made by the Company, upon which the Escrow Agent may conclusively
rely.

4.
Distribution of Escrow Interest.

	 	 	As soon as practical but no more than 45 days after the release of the funds to the Company
pursuant to the conditions in Sections 2 and 3 hereof, the Escrow Agent shall calculate and
distribute to each subscriber whose subscription funds were held in the Escrow Account for at
least 20 days its pro-rata share of interest based on the length of time its subscription funds
have been held in the Escrow Account. Escrow interest earned, but not payable to subscribers
pursuant to this Section 4, shall be paid to the Company, as instructed by the Company in
writing.

5. Funds in the Escrow Account. Upon receipt of funds from subscribers, the Escrow Agent
shall hold such funds in escrow pursuant to the terms of this Agreement. All funds in the Escrow
Account shall at all times be placed in “Short-term Investments” (as defined below) and the Escrow
Agent agrees to reinvest all earnings and interest derived therefrom in any of the Short-term
Investments specified below.

     “Short-term Investments” include short-term obligations of, or short-term obligations
guaranteed by, the United States government or bank money-market funds comprised of these
obligations or certificates of deposit of national or state banks that have deposits insured by the
Federal Deposit Insurance Corporation, including certificates of deposit of any bank acting as a
depository or custodian for any such funds, including, without limitation, such certificates or
instruments of the Escrow Agent, all of which instruments must be capable of being readily sold or
otherwise disposed of for cash on or before the earlier of (i) the date that the Minimum Amount is
achieved, or (ii) the Expiration Date, without any dissipation of the offering proceeds invested.

               The following securities are not permissible investments:

	          (a)	 	corporate equity or debt securities;

	          (b)	 	repurchase agreements;

	          (c)	 	bankers’ acceptances;

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	          (d)	 	commercial paper;

	          (e)	 	municipal securities; and

	          (f)	 	money market funds other than bank money market accounts.

     The Escrow Agent shall be entitled to sell or redeem any such investment as necessary to make
any distributions required under this Agreement and shall not be liable or responsible for any loss
resulting from any such sale or redemption.

     Income, if any, resulting from the investment of the funds in the Escrow Account shall be
distributed according to this Agreement.

     The Escrow Agent shall provide to the Company monthly statements (or more frequently as
reasonably requested by the Company) on the account balance in the Escrow Account and the activity
in such accounts since the last report.

6. Tax Reporting. The Escrow Agent shall provide subscribers with applicable Form 1099 for
amounts paid pursuant to Section 4 above in a timely manner.

7. Duties of the Escrow Agent. The Escrow Agent shall have no duties or responsibilities
other than those expressly set forth in this Agreement, and no implied duties or obligations shall
be read into this Agreement against the Escrow Agent. The Escrow Agent is not a party to, or bound
by, any other agreement among the other parties hereto with respect to the subject matter hereof,
and the Escrow Agent’s duties shall be determined solely by reference to this Agreement. The Escrow
Agent shall have no duty to enforce any obligation of any person, other than as provided herein.
The Escrow Agent shall be under no liability to anyone by reason of any failure on the part of any
party hereto or any maker, endorser or other signatory of any document or any other person to
perform such person’s obligations under any such document.

8. Liability of the Escrow Agent; Indemnification. The Escrow Agent acts hereunder as a
depository only. The Escrow Agent is not responsible or liable in any manner for the sufficiency,
correctness, genuineness or validity of this Agreement or with respect to the form of execution of
the same. The Escrow Agent shall not be liable for any action taken or omitted by it, or any action
suffered by it to be taken or omitted, in good faith, and in the exercise of its own best judgment,
and may rely conclusively and shall be protected in acting upon any order, notice, demand,
certificate, opinion or advice of counsel (including counsel chosen by the Escrow Agent),
statement, instrument, report or other paper or document (not only as to its due execution and the
validity and effectiveness of its provisions, but also as to the truth and acceptability of any
information therein contained) which is believed by the Escrow Agent to be genuine and to be signed
or presented by the proper person(s). The Escrow Agent shall not be held liable for any error in
judgment made in good faith by an officer or employee of the Escrow Agent or the Company unless it
shall be proved that the Escrow Agent, as appropriate, was grossly negligent or reckless in
ascertaining the pertinent facts or acted intentionally in bad faith. The Escrow Agent shall not be
bound by any notice of demand, or any waiver, modification, termination or rescission of this
Agreement or any of the terms hereof, unless evidenced by a writing delivered to the Escrow Agent
signed by the proper party or parties and, if the duties or rights of the Escrow Agent are
affected, unless it shall give its prior written consent thereto.

The Escrow Agent may consult legal counsel and shall exercise reasonable care in the selection of
such counsel, in the event of any dispute or question as to the construction of any provisions

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hereof or its duties hereunder, and it shall incur no liability and shall be fully protected in
acting in accordance with the reasonable opinion or instructions of such counsel.

The Escrow Agent shall not be responsible, may conclusively rely upon and shall be protected,
indemnified and held harmless by the Company, for the sufficiency or accuracy of the form of, or
the execution, validity, value or genuineness of any document or property received, held or
delivered by it hereunder, or of the signature or endorsement thereon, or for any description
therein; nor shall the Escrow Agent be responsible or liable in any respect on account of the
identity, authority or rights of the persons executing or delivering or purporting to execute or
deliver any document, property or this Agreement.

In the event that the Escrow Agent shall become involved in any arbitration or litigation relating
to the funds in the Escrow Account, the Escrow Agent is authorized to comply with any decision
reached through such arbitration or litigation.

The Company hereby agrees to indemnify the Escrow Agent for, and to hold it harmless against, any
loss, liability or expense incurred in connection herewith without gross negligence, recklessness
or willful misconduct on the part of the Escrow Agent, including without limitation legal or other
fees arising out of or in connection with its entering into this Agreement and carrying out its
duties hereunder, including without limitation the costs and expenses of defending itself against
any claim of liability in the premises or any action for interpleader. The Escrow Agent will not be
under any obligation to institute or defend any action, suit, or legal proceeding in connection
herewith, unless first indemnified and held harmless to its satisfaction in accordance with the
foregoing, except that the Escrow Agent shall not be indemnified against any loss, liability or
expense arising out of its own gross negligence, recklessness or willful misconduct. Such indemnity
shall survive the termination or discharge of this Agreement or resignation of the Escrow Agent.

9. The Escrow Agent’s Fee. Escrow Agent shall be entitled to fees and expenses for its
regular services as Escrow Agent as set forth in Exhibit A. Additionally, Escrow Agent is
entitled to reasonable fees for extraordinary services and reimbursement of any reasonable out of
pocket and extraordinary costs and expenses related to its obligations as Escrow Agent under this
Agreement, including, but not limited to, reasonable attorneys’ fees. All of the Escrow Agent’s
compensation, costs and expenses shall be paid by the Company.

10. Security Interests. No party to this Agreement shall grant a security interest in any
monies or other property deposited with the Escrow Agent under this Agreement, or otherwise create
a lien, encumbrance or other claim against such monies or borrow against the same.

11. Dispute. In the event of any disagreement between the undersigned or the person or
persons named in the instructions contained in this Agreement, or any other person, resulting in
adverse claims and demands being made in connection with or for any papers, money or property
involved herein, or affected hereby, the Escrow Agent shall be entitled to refuse to comply with
any demand or claim, as long as such disagreement shall continue, and in so refusing to make any
delivery or other disposition of any money, papers or property involved or affected hereby, the
Escrow Agent shall not be or become liable to the undersigned or to any person named in such
instructions for its refusal to comply with such conflicting or adverse demands, and the Escrow
Agent shall be entitled to refuse and refrain to act until: (a) The rights of the adverse claimants
shall have been fully and finally adjudicated in a Court assuming and having

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jurisdiction of the parties and money, papers and property involved herein or affected hereby, or
(b) All differences shall have been adjusted by agreement and the Escrow Agent shall have been
notified thereof in writing, signed by all the interested parties.

12. Resignation of Escrow Agent. Escrow Agent may resign or be removed, at any time, for
any reason, by written notice of its resignation or removal to the proper parties at their
respective addresses as set forth herein, at least 60 days before the date specified for such
resignation or removal to take effect; upon the effective date of such resignation or removal:

	(a)	 	All cash and other payments and all other property then held by the Escrow Agent
hereunder shall be delivered by it to such successor escrow agent as may be designated in
writing by the Company, whereupon the Escrow Agent’s obligations hereunder shall cease and
terminate;

	(b)	 	If no such successor escrow agent has been designated by such date, all obligations
of the Escrow Agent hereunder shall, nevertheless, cease and terminate, and the Escrow Agent’s
sole responsibility thereafter shall be to keep all property then held by it and to deliver
the same to a person designated in writing by the Company or in accordance with the directions
of a final order or judgment of a court of competent jurisdiction; or

	(c)	 	Further, if no such successor escrow agent has been designated by such date, the
Escrow Agent may petition any court of competent jurisdiction for the appointment of a
successor agent; further the Escrow Agent may pay to such court-appointed successor agent all
monies and property deposited with Escrow Agent under this Agreement.

13. Notices. All notices, demands and requests required or permitted to be given under the
provisions hereof must be in writing and shall be deemed to have been sufficiently given, upon
receipt, if (i) personally delivered, (ii) sent by telecopy and confirmed by phone or (iii) mailed
by registered or certified mail, with return receipt requested, or by overnight courier with
signature required, delivered to the addresses set forth below, or to such other address as a party
shall have designated by notice in writing to the other parties in the manner provided by this
paragraph:

	 	 	 
	(1) If to Company:

	 	Green Realty Trust, Inc.

40 E. Chicago Avenue, #203

Chicago, Illinois 60610

Telephone: (630) 470-9105

Facsimile: (630) 470-9105

	 
	 	 
	(2) If to the Escrow Agent:

	 	UMB Bank, N.A.

1010 Grand Blvd., 4th Floor

Mail Stop: 1020409

Kansas City, Missouri 64106

Attention: Lara Stevens,

Corporate Trust

Telephone: (816) 860-3017

Facsimile: (816) 860-3029

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	(3) If to Dealer Manager:
	 	Newport Coast Securities, Inc.

18872 MacArthur Blvd

First Floor

Irvine, California 92612

Facsimile: (949) 756-0981

13. Governing Law. This Agreement shall be construed and enforced in accordance with the
laws of the State of New York without regard to the principles of conflicts of law.

14. Binding Effect; Benefit. This Agreement shall be binding upon and inure to the benefit
of the permitted successors and assigns of the parties hereto.

15. Modification. This Agreement may be amended, modified or terminated at any time by a
writing executed by the Dealer Manager, the Company and the Escrow Agent.

16. Assignability. This Agreement shall not be assigned by the Escrow Agent without the
Company’s prior written consent.

17. Counterparts. This Agreement may be executed in one or more counterparts, each of which
will be deemed an original, but all of which together will constitute one and the same instrument.
Copies, telecopies, facsimiles, electronic files and other reproductions of original executed
documents shall be deemed to be authentic and valid counterparts of such original documents for all
purposes, including the filing of any claim, action or suit in the appropriate court of law.

18. Headings. The section headings contained in this Agreement are inserted for convenience
only, and shall not affect in any way, the meaning or interpretation of this Agreement.

19. Severability. This Agreement constitutes the entire agreement among the parties and
supersedes all prior and contemporaneous agreements and undertakings of the parties in connection
herewith. No failure or delay of the Escrow Agent in exercising any right, power or remedy may be,
or may be deemed to be, a waiver thereof; nor may any single or partial exercise of any right,
power or remedy preclude any other or further exercise of any right, power or remedy. In the event
that any one or more of the provisions contained in this Agreement, shall, for any reason, be held
to be invalid, illegal or unenforceable in any respect, then to the maximum extent permitted by
law, such invalidity, illegality or unenforceability shall not affect any other provision of this
Agreement.

20. Earnings Allocation; Tax Matters; Patriot Act Compliance; OFAC Search Duties. The
Company or its agent shall be responsible for all tax reporting under this Agreement. The Company
shall provide to Escrow Agent upon the execution of this Agreement any documentation requested and
any information reasonably requested by the Escrow Agent to comply with the USA Patriot Act of
2001, as amended from time to time. The Transfer Agent, or its agent, shall complete an OFAC
search, in compliance with its policy and procedures, of each subscription and shall inform the
Company if a subscription fails the OFAC search.

21. Miscellaneous. This Agreement shall not be construed against the party preparing it,
and shall be construed without regard to the identity of the person who drafted it or the party who
caused it to be drafted and shall be construed as if all parties had jointly prepared this
Agreement and it shall be deemed their joint work product, and each and every provision of this
Agreement

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shall be construed as though all of the parties hereto participated equally in the drafting hereof;
and any uncertainty or ambiguity shall not be interpreted against any one party. As a result of the
foregoing, any rule of construction that a document is to be construed against the drafting party
shall not be applicable.

22. Termination of the Escrow Agreement. This Agreement, except for Sections 8 and 11
hereof, which shall continue in effect, shall terminate upon written notice from the Company to the
Escrow Agent. Unless otherwise provided, final termination of this Agreement shall occur on the
date that all funds held in the Escrow Account are distributed either (a) to the Company or to
subscribers and the Company has informed the Escrow Agent in writing to close the Escrow Account or
(b) to a successor escrow agent upon written instructions from the Company.

23. Relationship of Parties. The Escrow Agent is not affiliated with either the Dealer
Manager or the Company, and this Agreement does not create any partnership or joint venture among
them.

     IN WITNESS WHEREOF, the undersigned have caused this Agreement to be executed by their duly
authorized representatives as of the date first written hereinabove:

	 	 	 	 	 
	 	DEALER MANAGER: 

Newport Coast Securities, Inc.

 	 
	 	By:  	/s/ Kathleen McPherson
 	 
	 	 	Name:  	Kathleen McPherson 	 
	 	 	Title:  	President & CEO 	 
	 
	 	COMPANY:

Green Realty Trust, Inc.

 	 
	 	By:  	/s/ Wayne R. Hannah III
 	 
	 	 	Name:  	Wayne R. Hannah III 	 
	 	 	Title:  	President 	 
	 
	 
	 	ESCROW AGENT:

UMB BANK, N.A.

 	 
	 	By:  	/s/ Randy S. McPhail
 	 
	 	 	Name:  	Randy S. McPhail 	 
	 	 	Title:  	Sr. Vice President 	 

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EXHIBIT A

ESCROW FEES AND EXPENSES

	 	 	 	 	 	 	 	 	 
	Acceptance Fee
	 	 	 	 	 	 	 	 
	Review escrow agreement and establish account
	 	$	3,000	 	 	 	 	 
	Annual Fee
	 	 	 	 	 	 	 	 
	Maintain account
	 	$	3,000	 	 	 	 	 
	Transaction Fees
	 	 	 	 	 	 	 	 
	(a) per outgoing wire transfer
	 	$	30.00	 	 	 	 	 
	(b) per Form 1099 (Int., B or Misc.)
	 	$	5.00	 	 	 	 	 
	(c) per investment purchase, sale or settlement
	 	$	35.00	 	 	 	*	 

 

			
	*	 	Excludes money market mutual fund transactions

Fees specified are for the regular, routine services contemplated by the Escrow Agreement, and any
additional or extraordinary services, including, but not limited to disbursements involving a
dispute or arbitration, or administration while a dispute, controversy or adverse claim is in
existence, will be charged based upon time required at the then standard hourly rate. In addition
to the specified fees, all expenses related to the administration of the Escrow Agreement (other
than normal overhead expenses of the regular staff) such as, but not limited to, travel, postage,
shipping, courier, telephone, facsimile, supplies, legal fees, accounting fees, etc., will be
reimbursable. Acceptance and first year annual fees will be payable at the initiation of the escrow
and annual fees will be payable in advance thereafter. Other fees and expenses will be billed as
incurred.

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EXHIBIT B

Payment Instructions

Escrow Agent Wiring Instructions:

UMB Bank, N.A.

ABA Routing Number: 101000695

Account Number: 9800006823

Account Name: UMB Bank, N.A., as Escrow Agent for Green Realty Trust,
Inc.

Attention: Lara Stevens

Checks Payable Information:

UMB Bank, N.A., as Escrow Agent for

Attention: Lara Stevens, Corporate Trust

1010 Grand Boulevard, 4th Floor

M/S 1020409

Kansas City, Missouri 64106

Company Wire Instructions:

Green Realty Trust, Inc.

c/o Bank of America

231 S. LaSalle St.

Chicago, IL 60604

ABA Routing Number: 026009593

Account Number: 002873103255

FFC Account Name: XXXXXXXX Corporation

FFC: xxxxxxxxxx

Attn: xxxxxxxxx

12exv10w2

Exhibit 10.2

ADVISORY AGREEMENT

AMONG

GREEN REALTY TRUST, INC.,

GREEN REIT OPERATING PARTNERSHIP, LP,

INSIGHT GREEN REIT ADVISOR, LLC

AND

INSIGHT REAL ESTATE, LLC

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 
	1.
	 	Definitions	 	 	1	 
	 
	 	 	 	 	 	 
	2.
	 	Appointment	 	 	7	 
	 
	 	 	 	 	 	 
	3.
	 	Duties Of The Advisor	 	 	7	 
	 
	 	 	 	 	 	 
	4.
	 	Authority Of Advisor	 	 	9	 
	 
	 	 	 	 	 	 
	5.
	 	Bank Accounts	 	 	10	 
	 
	 	 	 	 	 	 
	6.
	 	Records; Access	 	 	10	 
	 
	 	 	 	 	 	 
	7.
	 	Limitations On Activities	 	 	10	 
	 
	 	 	 	 	 	 
	8.
	 	Relationship With Director	 	 	11	 
	 
	 	 	 	 	 	 
	9.
	 	Fees	 	 	11	 
	 
	 	 	 	 	 	 
	10.
	 	Expenses	 	 	12	 
	 
	 	 	 	 	 	 
	11.
	 	Other Services	 	 	13	 
	 
	 	 	 	 	 	 
	12.
	 	Reimbursement To The Advisor	 	 	13	 
	 
	 	 	 	 	 	 
	13.
	 	Investment Opportunities	 	 	14	 
	 
	 	 	 	 	 	 
	14.
	 	Other Activities Of The Advisor	 	 	14	 
	 
	 	 	 	 	 	 
	15.
	 	Term; Termination Of Agreement	 	 	15	 
	 
	 	 	 	 	 	 
	16.
	 	Termination By The Parties	 	 	15	 
	 
	 	 	 	 	 	 
	17.
	 	Assignment To An Affiliate	 	 	16	 
	 
	 	 	 	 	 	 
	18.
	 	Payments To And Duties Of Advisor Upon Termination	 	 	16	 
	 
	 	 	 	 	 	 
	19.
	 	Indemnification By The Company And The Operating Partnership	 	 	16	 
	 
	 	 	 	 	 	 
	20.
	 	Indemnification By Advisor	 	 	18	 
	 
	 	 	 	 	 	 
	21.
	 	Notices	 	 	18	 
	 
	 	 	 	 	 	 
	20.
	 	Modification	 	 	19	 
	 
	 	 	 	 	 	 
	22.
	 	Severability	 	 	19	 
	 
	 	 	 	 	 	 
	23.
	 	Construction	 	 	19	 
	 
	 	 	 	 	 	 
	24.
	 	Entire Agreement	 	 	19	 
	 
	 	 	 	 	 	 
	25.
	 	Indulgences, Not Waivers	 	 	19	 
	 
	 	 	 	 	 	 
	26.
	 	Gender	 	 	19	 
	 
	 	 	 	 	 	 
	27.
	 	Titles Not To Affect Interpretation	 	 	19	 
	 
	 	 	 	 	 	 
	28.
	 	Execution In Counterparts	 	 	19	 
	 
	 	 	 	 	 	 
	29.
	 	Initial Investment	 	 	19	 

 

 

ADVISORY AGREEMENT

     THIS ADVISORY AGREEMENT, dated as of the 3rd day of December, 2010, is among Green
Realty Trust, Inc., a Maryland corporation (the “Company”), Green REIT Operating
Partnership, LP, a Delaware limited partnership (the “Operating Partnership”), Insight
Green REIT Advisor, LLC, a Delaware limited liability company (the “Advisor”), and, solely
in connection with the obligations set forth in Section 13, Insight Real Estate, LLC, a Delaware
limited liability company (“Insight”).

W I T N E S S E T H

     WHEREAS, the Company intends to qualify as a REIT (as defined below), and to invest its funds
in investments permitted by the terms of Sections 856 through 860 of the Code (as defined below);

     WHEREAS, the Company is the general partner of the Operating Partnership and intends to
conduct all of its business and make all Investments through the Operating Partnership;

     WHEREAS, the Company and the Operating Partnership desire to avail themselves of the
experience, sources of information, advice, assistance and certain facilities of the Advisor and to
have the Advisor undertake the duties and responsibilities hereinafter set forth, on behalf of, and
subject to the supervision, of the Board of Directors of the Company, all as provided herein;

     WHEREAS, the Advisor is willing to undertake to render such services, subject to the
supervision of the Board of Directors, on the terms and conditions hereinafter set forth; and

     NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants and agreements
contained herein, the parties hereto agree as follows:

     1. DEFINITIONS. As used in this Agreement, the following
terms have the definitions hereinafter indicated:

     Acquisition Expenses. Any and all expenses, exclusive of Acquisition Fees, incurred
by the Company, the Operating Partnership, the Advisor, or any of their Affiliates in connection
with the selection, acquisition, origination, making or development of any Investments, whether or not acquired,
including, without limitation, legal fees and expenses, travel and communications expenses, costs
of appraisals, nonrefundable option payments on property not acquired, accounting fees and
expenses, title insurance premiums, and the costs of performing due diligence.

     Acquisition Fees. Any and all fees and commissions, exclusive of Acquisition
Expenses, paid by any Person to any other Person (including any fees or commissions paid by or to
any Affiliate of the Company, the Operating Partnership or the Advisor) in connection with making
or investing in Real Estate Related Assets or the purchase, development or
construction of any Real Estate Asset, including real estate commissions, selection fees,

 

 

development fees, construction fees, nonrecurring management fees, loan fees, points or any other
fees of a similar nature. Excluded shall be development fees and construction fees paid to any
Person not affiliated with the Sponsor in connection with the actual development and construction
of a project.

     Advisor. Insight Green REIT Advisor, LLC, a Delaware limited liability company, any
successor advisor to the Company, the Operating Partnership or any Person to which Insight Green
REIT Advisor, LLC or any successor advisor subcontracts substantially all of its functions.
Notwithstanding the foregoing, a Person hired or retained by Insight Green REIT Advisor, LLC to
perform property management and related services for the Company or the Operating Partnership that
is not hired or retained to perform substantially all of the functions of Insight Green REIT
Advisor, LLC with respect to the Company or the Operating Partnership as a whole shall not be
deemed to be an Advisor.

     Affiliate or Affiliated. With respect to any Person, (i) any Person directly or
indirectly owning, controlling or holding, with the power to vote, ten percent (10%) or more of the
outstanding voting securities of such other Person; (ii) any Person ten percent (10%) or more of
whose outstanding voting securities are directly or indirectly owned, controlled or held, with the
power to vote, by such other Person; (iii) any Person directly or indirectly controlling,
controlled by or under common control with such other Person; (iv) any executive officer, director,
trustee or general partner of such other Person; and (v) any legal entity for which such Person
acts as an executive officer, director, trustee or general partner.

     Articles of Incorporation. The Articles of Incorporation of the Company, as amended
from time to time.

     Asset Management Fee. The Asset Management Fee means the fee described in Paragraph
9(d).

     Average Invested Assets. For a specified period, the average of the aggregate book
value of the assets of the Company invested, directly or indirectly, in Investments before
deducting depreciation, bad debts or other non-cash reserves, computed by taking the average of
such values at the end of each month during such period.

     Board of Directors or Board. The persons holding such office, as of any particular
time, under the Articles of Incorporation, whether they be the Directors named
therein or additional or successor Directors.

     Bylaws. The bylaws of the Company, as the same are in effect from time to time.

     Capped
O & O Expenses. All Organization and Offering Expenses
other than Sales Commissions and the Dealer Manager Fee as described under the section of the Prospectus entitled “Plan of Distribution.”

     Cause. With respect to the termination of this Agreement, fraud, criminal conduct,
 misconduct or  negligent breach of fiduciary duty by the Advisor, or a material
breach of this Agreement by the Advisor.

     Code. Internal Revenue Code of 1986, as amended from time to time, or any successor
statute thereto. Reference to any provision of the Code shall mean such provision as in effect
from time to time, as the same may be amended, and any successor provision thereto, as interpreted
by any applicable regulations as in effect from time to time.

 - 2 - 

 

     Company. Company shall have the meaning set forth in the preamble of this Agreement.

     Competitive Real Estate Commission. A real estate or brokerage commission for the
purchase or sale of property which is reasonable, customary, and competitive in light of the size,
type, and location of the property.

     Contract Sales Price. The total consideration received by the Company for the sale of
an Investment.

     Dealer
Manager. Newport Coast Securities, Inc., or such other
Person or entity selected by the Board of Directors to act as the dealer manager for the Offering.
Newport Coast Securities, Inc. is a member of the Financial Industry Regulatory
Authority.

     Dealer Manager Fee. 3.0% of Gross Proceeds from the sale of Shares in the Primary
Offering, payable to the Dealer Manager for serving as the dealer manager of such Offering.

     Director. A member of the Board of Directors of the Company.

     Distributions. Any distributions of money or other property by the Company to owners
of Shares, including distributions that may constitute a return of capital for federal income tax
purposes.

     Excess Amount. Excess Amount shall have the meaning set forth in Section 12.

     Expense
Year. Expense Year shall have the meaning set forth in Section 12.

     GAAP. Generally accepted accounting principles as in effect in the United States of
America from time to time.

     Good Reason. With respect to the termination of this Agreement, (i) any failure to
obtain a satisfactory agreement from any successor to the Company or the Operating Partnership to
assume and agree to perform the Company’s or the Operating Partnership’s obligations under this
Agreement; or (ii) any material breach of this Agreement of any nature whatsoever by the Company or
the Operating Partnership.

     Gross Proceeds. The aggregate purchase price of all Shares sold for the account of
the Company through all Offerings, without deduction for Sales Commissions, volume discounts, any
marketing support and due diligence expense reimbursement or Organization and Offering Expenses.
For the purpose of computing Gross Proceeds, the purchase price of any Share for which reduced
Sales Commissions are paid to the Dealer Manager or a Soliciting Dealer (where
net proceeds to the Company are not reduced) shall be deemed to be the full amount of the
offering price per Share pursuant to the Prospectus for such Offering without reduction.

     Indemnitee. Indemnitee shall have the meaning set forth in Section 20.

     Independent Director. Independent Director shall have the meaning set forth in the
Articles of Incorporation.

     Investments. Any investments by the Company or the Operating Partnership in Real
Estate Assets and Real Estate Related Assets.

 - 3 - 

 

     Joint Ventures. The joint venture or partnership arrangements (other than with the
Operating Partnership) in which the Company or any of its subsidiaries is a co-venturer or general
partner which are established to acquire Real Properties.

     Listing. The listing of the Shares on a national securities exchange or the receipt
by the Company’s Stockholders of securities that are listed on a national securities exchange in
exchange for the Company’s common stock. Upon such Listing, the Shares shall be deemed Listed.

     Loans. Any indebtedness or obligations in respect of borrowed money or evidenced by
bonds, notes, debentures, deeds of trust, letters of credit or similar instruments, including
mortgages and mezzanine loans.

     NASAA REIT Guidelines. The Statement of Policy Regarding Real Estate Investment
Trusts published by the North American Securities Administrators Association on May 7, 2007, as may
be amended from time to time.

     Net Income. For any period, the Company’s total revenues applicable to such period,
less the total expenses applicable to such period other than additions to reserves for
depreciation, bad debts or other similar non-cash reserves and excluding any gain from the sale of
the Company’s assets.

     Offering. The public offering of Shares pursuant to a Prospectus.

     Operating Partnership. Operating Partnership shall have the meaning set forth in the
preamble of this Agreement.

     Operating Partnership Agreement. The Operating Partnership Agreement among the
Company, the Advisor and Insight Management, LLC.

     OP Unit. Units of limited partnership interest in the Operating Partnership.

     Organization and Offering Expenses. Any and all costs and expenses, other than the
Sales Commission and the Dealer Manager Fee, incurred by the Advisor or any Affiliate in connection
with the formation, qualification and registration of the Company and the marketing and
distribution of shares of the Company, including, without limitation, the following: total underwriting and
brokerage discounts and commissions (including fees of the underwriters’ attorneys), expenses
for printing, engraving, mailing and distributing costs, salaries of employees while engaged
in sales activity, telephone and other telecommunications costs, all advertising and marketing
expenses (including the costs related to investor and broker-dealer sales meetings), charges of
transfer agents, registrars, trustees, escrow holders, depositories, experts, fees, expenses and
taxes related to the filing, registration and qualification of the sale of the Shares under federal
and state laws, including accountants’ and attorneys’ fees. Organization and Offering Expenses
paid by the Company for an Offering will not exceed 3.0% of Gross Proceeds from the sale of Shares in the Primary
Offering.

     Person. An individual, corporation, partnership, trust, joint venture, limited
liability company or other entity.

 - 4 - 

 

     Pre-Paid Offering Expense. The portion of the initial capital contributed to the Company
by the Advisor and Affiliates that has been used to directly pay a portion of the Securities and
Exchange Commission filing fee associated with the Offering and certain entity formation fees.

     Primary Offering. The portion of an Offering other than the Shares offered pursuant
to the Company’s distribution reinvestment plan.

     Prospectus. Prospectus has the meaning set forth in Section 2(10) of the Securities
Act of 1933, as amended (the “Securities Act”), including a preliminary Prospectus, an
offering circular as described in Rule 253 of the General Rules and Regulations under the
Securities Act or, in the case of an intrastate offering, any document by whatever name known,
utilized for the purpose of offering and selling securities to the public.

     Real Estate Assets. Any investments by the Company or the Operating Partnership in
unimproved and improved Real Property (including, without limitation, fee or leasehold interests,
options and leases) either directly or through a Joint Venture.

     Real Estate Related Assets. Any investments by the Company or the Operating
Partnership in (i) Loans, such as first mortgages, second mortgages and mezzanine loans on Real
Property, (ii) equity securities such as common stocks, preferred stocks and convertible securities
of public or private real estate companies, and (iii) debt securities such as collateralized
mortgage backed securities, commercial mortgages and other debt securities.

     Real
Estate Sales Commission. The fee described in 9(c).

     Real Property. Real property owned from time to time by the Company or the Operating
Partnership, either directly or through joint venture arrangements or other partnerships which
consists of (i) land only, (ii) land, including the buildings located thereon, (iii) buildings only
or (iv) such investments the Board of Directors and the Advisor mutually designate as Real Property
to the extent such investments could be classified as Real Property.

     REIT. A “real estate investment trust” under Sections 856 through 860 of the Code or
as may be amended.

     Sale or Sales. Any transaction or series of transactions whereby: (i) the Company or
the Operating Partnership directly or indirectly (except as described in other subsections of this
definition) sells, grants, transfers, conveys, or relinquishes its ownership of any Real Property
or portion thereof, including the lease of any Real Property consisting of a building only, and
including any event with respect to any Real Property which gives rise to a significant amount of
insurance proceeds or condemnation awards; (ii) the Company or the Operating Partnership directly or
indirectly (except as described in other subsections of this definition) sells, grants, transfers,
conveys, or relinquishes its ownership of all or substantially all of the interest of the
Corporation or the Operating Partnership in any Joint Venture in which it is a co-venturer or
partner; (iii) any Joint Venture directly or indirectly (except as described in other subsections of
this definition) in which the Company or the Operating Partnership as a co-venturer or partner
sells, grants, transfers, conveys, or relinquishes its ownership of any Real Property or portion
thereof, including any event with respect to any Real Property which gives rise to insurance claims
or condemnation awards; or (iv) the Company or the Operating Partnership directly or indirectly
(except as described in other subsections of this definition) sells, grants, conveys or

 - 5 - 

 

relinquishes its interest in any Real Estate Related Asset or portion thereof (including with respect to any
Mortgage, all payments thereunder or in satisfaction thereof other than regularly scheduled
interest payments) of amounts owed pursuant to such Mortgage and any event which gives rise to a
significant amount of insurance proceeds or similar awards; or (v) the Company or the Operating
Partnership directly or indirectly (except as described in other subsections of this definition)
sells, grants, transfers, conveys, or relinquishes its ownership of any other asset not previously
described in this definition or any portion thereof, but not including any transaction or series of
transactions specified in clauses (i) through (v) above in which the proceeds of such transaction
or series of transactions are reinvested by the Company in one or more assets within 180 days
thereafter.

     Sales Commission. 7.0% of Gross Proceeds from the sale of Shares in the Primary
Offering payable to the Dealer Manager and reallowable to Soliciting Dealers with respect to Shares
sold by them.

     Shares. The shares of the Company’s common stock, par value $.01 per share.

     Soliciting Dealers. Broker-dealers who are members of the Financial Industry
Regulatory Authority, or that are exempt from broker-dealer registration, and who, in either case,
have executed participating broker or other agreements with the Dealer Manager to sell Shares.

     Special Committee.
The term “Special Committee” shall have the meaning as provided in Section 14(a) herein.

     Special OP Units. The separate series of limited partnership interests to be issued
in accordance with Paragraph 9(e).

     Sponsor. Any Person which (i) is directly or indirectly instrumental in organizing,
wholly or in part, the Company, (ii) will control, manage or participate in the management of the
Company, and any Affiliate of any such Person, (iii) takes the initiative, directly or indirectly,
in founding or organizing the Company, either alone or in conjunction with one or more other
Persons, (iv) receives a material participation in the Company in connection with the founding or
organizing of the business of the Company, in consideration of services or property, or both
services and property, (v) has a substantial number of relationships and contacts with the
Company, (vi) possesses significant rights to control the Company’s Investments, (vii) receives
fees for providing services to the Company which are paid on a basis that is not customary in the
industry, or (viii) provides goods or services to the Company on a basis which was not negotiated
at arm’s-length with the Company. “Sponsor” does not include wholly independent third parties such
as attorneys, accountants and underwriters whose only compensation is for professional services.

     Stockholders. The registered holders of the Company’s Shares.

     Termination Date. The date of termination of this Agreement.

     Termination Event. The termination or nonrenewal of this Agreement (i) in connection
with a merger, sale of assets or transaction involving the Company pursuant to which a majority of
the Directors then in office are replaced or removed, (ii) by the Advisor for Good Reason or (iii)
by the Company and the Operating Partnership other than for Cause.

 - 6 - 

 

     Total Operating Expenses. All costs and expenses paid or incurred by the Company, as
determined under GAAP, that are in any way related to the
operation of the Company or its business, including asset management fees and other fees paid to
Advisors, but excluding (i) the expenses of raising capital such as Organization and Offering
Expenses, legal, audit, accounting, underwriting, brokerage, listing, registration, and other fees,
printing and other such expenses and taxes incurred in connection with the issuance, distribution,
transfer, registration and Listing, (ii) interest payments, (iii) taxes, (iv) non-cash expenditures
such as depreciation, amortization and bad debt reserves, (v) incentive fees paid in compliance
with the NASAA REIT Guidelines; (vi) Acquisition Fees and Acquisition Expenses, (vii) real estate
commissions on the Sale of Real Property, and (viii) other fees and expenses connected with the
acquisition, disposition, management and ownership of real estate interests, mortgages or other
property (including the costs of foreclosure, insurance premiums, legal services, maintenance,
repair, and improvement of property). The definition of “Total Operating Expenses” set forth above
is intended to encompass only those expenses which are required to be treated as Total Operating
Expenses under the NASAA REIT Guidelines. As a result, and notwithstanding the definition set
forth above, any expense of the Company which is not part of Total Operating Expenses under the
NASAA REIT Guidelines shall not be treated as part of Total Operating Expenses for purposes hereof.

     2%/25% Guidelines. 2%/25% Guidelines shall have the meaning set forth in Section
12.

     2. APPOINTMENT. The Company and the Operating Partnership hereby appoint the Advisor to serve
as their advisor on the terms and conditions set forth in this Agreement, and the Advisor hereby
accepts such appointment.

     3. DUTIES OF THE ADVISOR. The Advisor undertakes to use its best efforts to present to the
Company and the Operating
Partnership potential investment opportunities and to provide a continuing and suitable
investment program consistent with the investment objectives and policies of the Company as
determined and adopted from time to time by the Directors. In performance of this undertaking,
subject to the supervision of the Directors and consistent with the provisions of the Articles of
Incorporation and Bylaws of the Company and the Operating Partnership Agreement, the Advisor shall,
either directly or by engaging an Affiliate:

          (a) serve as the Company’s and the Operating Partnership’s investment and financial advisor;

          (b) provide the daily management for the Company and the Operating Partnership and perform and
supervise the various administrative functions reasonably necessary for the management of the
Company and the Operating Partnership;

          (c) investigate, select, and, on behalf of the Company and the Operating Partnership, engage
and conduct business with such Persons as the Advisor deems necessary to the proper performance of
its obligations hereunder, including but not limited to consultants, accountants, correspondents,
lenders, technical advisors, attorneys, brokers, underwriters, corporate fiduciaries, escrow
agents, depositaries, custodians, agents for collection, insurers,

 - 7 - 

 

insurance agents, banks,
builders, developers, property owners, real estate management companies, real estate operating
companies, securities investment advisors, mortgagors, and any and all agents for any of the
foregoing, including Affiliates of the Advisor, and Persons acting in any other capacity deemed by
the Advisor necessary or desirable for the performance of any of the foregoing services, including
but not limited to entering into contracts in the name of the Company and the Operating Partnership
with any of the foregoing;

          (d) consult with the officers and Directors of the Company and assist the Directors in the
formulation and implementation of the Company’s financial policies, and, as necessary, furnish the
Directors with advice and recommendations with respect to the making of investments consistent with
the investment objectives and policies of the Company and in connection with any borrowings
proposed to be undertaken by the Company or the Operating Partnership;

          (e) subject to the provisions of Section 4 hereof, (i) participate in formulating an
investment strategy and asset allocation framework, (ii) locate, analyze and select potential
Investments, (iii) structure and negotiate the terms and conditions of transactions pursuant to
which acquisitions and dispositions of Investments will be made; (iv) research, identify, review
and recommend acquisitions and dispositions of Investments to the Board and make investments on
behalf of the Company and the Operating Partnership in compliance with the investment objectives
and policies of the Company; (v) arrange for financing and refinancing and make other changes in
the asset or capital structure of, and dispose of, reinvest the proceeds from the sale of, or
otherwise deal with, Investments; (vi) enter into leases and service contracts for Real Estate
Assets and, to the extent necessary, perform all other operational functions for the
maintenance and administration of such Real Estate Assets; (vii) actively oversee and manage
Investments for purposes of meeting the Company’s investment objectives; (vii) select Joint Venture
partners, structure corresponding agreements and oversee and monitor these relationships; (viii)
oversee Affiliated and non-Affiliated property managers who perform services for the Company or the
Operating Partnership; (ix) oversee Affiliated and non-Affiliated Persons with whom the Advisor
contracts to perform certain of the services required to be performed under this Agreement; (x)
manage accounting and other record-keeping functions for the Company and the Operating Partnership;
and (xi) recommend various liquidity events to the Board of Directors when appropriate.

          (f) upon request provide the Directors with periodic reports regarding prospective
investments;

          (g) make investments in and dispositions of Investments within the discretionary limits and
authority as granted by the Board;

          (h) negotiate on behalf of the Company and the Operating Partnership with banks or lenders for
Loans to be made to the Company and the Operating Partnership, and negotiate on behalf of the
Company and the Operating Partnership with investment banking firms and broker-dealers or negotiate
private sales of Shares or obtain Loans for the Company and the Operating Partnership, but in no
event in such a way so that the Advisor shall be acting

 - 8 - 

 

as broker-dealer or underwriter; and
provided, further, that any fees and costs payable to third parties incurred by the Advisor in
connection with the foregoing shall be the responsibility of the Company or the Operating
Partnership;

          (i) obtain reports (which may, but are not required to be, prepared by the Advisor or its
Affiliates), where appropriate, concerning the value of Investments or contemplated investments of
the Company and the Operating Partnership;

          (j) from time to time, or at any time reasonably requested by the Directors, make reports to
the Directors of its performance of services to the Company and the Operating Partnership under
this Agreement, including reports with respect to potential conflicts of interest involving the
Advisor or any of its affiliates;

          (k) provide the Company and the Operating Partnership with all necessary cash management
services;

          (l) do all things necessary to assure its ability to render the services described in this
Agreement;

          (m) deliver to or maintain on behalf of the Company copies of all appraisals obtained in
connection with the investments in any Real Estate Assets as may be required to be obtained by the
Board;

          (n) notify the Board of Directors of all proposed material transactions before they are
completed; and

          (o) effect any private placement of OP Units, tenancy-in-common or other interests in
Investments as may be approved by the Board.

          Notwithstanding the foregoing, the Advisor may delegate any of the foregoing duties to any
Person so long as the Advisor or any Affiliate remains responsible for the performance of the
duties set forth in this Section 3.

     4. AUTHORITY OF ADVISOR.

          (a) Pursuant to the terms of this Agreement (including the restrictions included in this
Section 4 and in Section 7), and subject to the continuing and exclusive authority of the
Directors over the management of the Company, the Directors hereby delegate to the Advisor the
authority to perform the services described in Section 3.

          (b) Notwithstanding the foregoing, any investment in Investments, including any financing of
such Investment, will require the prior approval of the Board, any particular Directors specified
by the Board or any committee of the Board, as the case may be.

 - 9 - 

 

          (c) If a transaction requires approval by the Independent Directors, the Advisor will deliver
to the Independent Directors all documents and other information required by them to properly
evaluate the proposed transaction.

          (d) The prior approval of a majority of the Independent Directors not otherwise interested in
the transaction and a majority of the Directors not otherwise interested in the transaction will be
required for each transaction to which the Advisor or its Affiliates is a party.

          (e) The Board may, at any time upon the giving of notice to the Advisor, modify or revoke the
authority set forth in this Section 4; provided, however, that such modification or revocation
shall be effective upon receipt by the Advisor and shall not be applicable to investment
transactions to which the Advisor has committed the Company or the Operating Partnership prior to
the date of receipt by the Advisor of such notification.

     5. BANK ACCOUNTS. The Advisor may establish and maintain one or more bank accounts in its own
name for the account of the Company or the Operating Partnership or in the name of the Company and
the Operating Partnership and may collect and deposit into any such account or accounts, and
disburse from any such account or accounts, any money on behalf of the Company or the Operating
Partnership, under such terms and conditions as the Directors may approve, provided that no
funds shall be commingled with the funds of the Advisor; and the Advisor shall from time to
time render appropriate accountings of such collections and payments to the Directors and to the
auditors of the Company.

     6. RECORDS; ACCESS. The Advisor shall maintain appropriate records of all its activities
hereunder and make such records available for inspection by the Directors and by counsel, auditors
and authorized agents of the Company, at any time or from time to time during normal business
hours. The Advisor shall at all reasonable times have access to the books and records of the
Company and the Operating Partnership.

     7. LIMITATIONS ON ACTIVITIES. Anything else in this Agreement to the contrary
notwithstanding, the Advisor shall refrain from taking any action which, in its sole judgment made
in good faith, would (a) adversely affect the status of the Company as a REIT, (b) subject the
Company to regulation under the Investment Company Act of 1940, as amended, or (c) violate any law,
rule, regulation or statement of policy of any governmental body or agency having jurisdiction over
the Company or its Shares, or otherwise not be permitted by the Articles of Incorporation or Bylaws
of the Company, except if such action shall be ordered by the Directors, in which case the Advisor
shall notify promptly the Directors of the Advisor’s judgment of the potential impact of such
action and shall refrain from taking such action until it receives further clarification or
instructions from the Directors. In such event the Advisor shall have no liability for acting in
accordance with the specific instructions of the Directors so given. Notwithstanding the
foregoing, the Advisor, its directors, officers, employees, stockholders, members and partners and stockholders,
members, partners, directors and officers of the Advisor’s Affiliates shall not be liable to the Company or to the
Directors or Stockholders for any act or omission by the Advisor, its directors, officers or
employees, or stockholders, directors or officers of the Advisor’s Affiliates taken or omitted to
be taken in the performance of their duties under this Agreement except as provided in Section 20
of this Agreement.

 - 10 - 

 

     8. RELATIONSHIP WITH DIRECTORS. Subject to Section 7 of this Agreement and to restrictions
advisable with respect to the qualification of the Company as a REIT, directors, officers and
employees of the Advisor or an Affiliate of the Advisor or any corporate parents of an Affiliate,
may serve as a Director and as officers of the Company, except that no director, officer or
employee of the Advisor or its Affiliates who also is a Director or officer of the Company shall
receive any compensation from the Company for serving as a Director or officer other than
reasonable reimbursement for travel and related expenses incurred in attending meetings of the
Directors and no such Director shall be deemed an Independent Director for purposes of satisfying
the Director independence requirement set forth in the Articles of Incorporation.

     9. FEES.

          (a) Acquisition Fees. The Advisor shall receive an Acquisition Fee payable by the
Company as compensation for services rendered in connection with the investigation,
selection and acquisition (by purchase, investment or exchange) of Investments. The total
Acquisition Fees paid to the Advisor or its Affiliates shall equal 2.0% of the cost of all Real
Estate Assets, including Acquisition Expenses and any debt attributed to such investments. In the
case of investments in Real Estate Related Assets, the Acquisition Fee shall equal 2.0% of the
amount funded by the Company to acquire such investments, including any third-party expenses
related to such investments and any debt the Company uses to fund the acquisition or origination of
such investments. Notwithstanding the foregoing, the Advisor will not receive an acquisition fee
for any property the Company acquires from one of its Affiliates.

          (b)
Limitation on Total Acquisition Fees and Acquisition
Expenses.
Pursuant to the NASAA REIT Guidelines, the total of all Acquisition Fees and Acquisition Expenses shall not exceed 6.0% of the “contract purchase price,” as defined in the Articles of Incorporation, of all Investments acquired.

          (c) Real Estate Sales Commissions. If the Advisor or an Affiliate provides a
substantial amount of services in connection with the Sale of one or more Real Estate Assets, the
Advisor or an Affiliate shall receive a real estate sales commission equal to the lesser of (i)
one-half of a Competitive Real Estate Commission or (ii) 3.0% of the Contract Sales Price of such
Real Estate Assets. The Real Estate Commission may be paid in addition to real estate commissions
paid to non-Affiliates, provided that the total real estate commissions paid to all Persons by the
Company with respect to the sale of such Real Estate Assets shall not exceed an amount equal to the
lesser of (i) 6.0% of the Contract Sales Price of the Real Estate Assets or (ii) the Competitive
Real Estate Commission.

          (d) Asset Management Fee. The Advisor shall receive the Asset Management Fee as
compensation for services rendered in connection with the management of the Company’s assets. The
Asset Management Fee shall be calculated monthly and consists of a monthly fee of one-twelfth of
0.75% of the aggregate value of all Investments the
Company owns, including Acquisition Fees, origination fees, acquisition origination expenses and
any debt attributable to such Investments. With the exception of any portion of the Asset
Management Fee related to the disposition of Investments, which shall be payable at the time of
such disposition, the Asset Management Fee shall be payable on the first of each month.

          (e) Operating Partnership Interests. The Advisor has made a capital contribution of
$1,000 to the Operating Partnership in exchange for OP Units. In addition, an affiliate of the
Advisor has received OP Units constituting a separate series of limited partnership interests (the
“Special OP Units”). Upon the earliest to occur of the termination of this Agreement for
Cause, a Termination Event or a Listing, all of the Special OP Units shall be

 - 11 - 

 

redeemed by the
Operating Partnership in accordance with the terms of the Operating Partnership Agreement.

          (f) Exclusion of Certain Transactions. In the event the Company or the Operating
Partnership shall propose to enter into any transaction in which a Director or an officer of the
Company, and the Advisor, or any Affiliate of the Company, the Operating Partnership or the Advisor
has a direct or indirect interest, then such transaction shall be approved by a majority of the
Board of Directors and also by a majority of the Independent Directors.

     10. EXPENSES.

          (a) In addition to the compensation paid to the Advisor pursuant to Section 9 hereof, the
Company or the Operating Partnership shall pay directly or reimburse the Advisor
for all of the expenses paid or incurred by the Advisor in connection with the services it
provides to the Company and the Operating Partnership pursuant to this Agreement (to the extent not reimbursable by another party, including those Organization and Offering Expenses incurred by the Dealer Manager that are
to be paid out of the Dealer Manager’s fee), including, but
not limited to:

               (i) Organization and Offering Expenses; provided, however, that within 60 days after the end of the month in which the
Offering terminates, the Advisor shall reimburse the Company to the
extent (A) Capped O & O Expenses borne by the
Company exceed the maximum amount permitted pursuant to the Prospectus for the Offering and (B) Organization and Offering
Expenses borne by the Company exceed 3.0% of the Gross Proceeds raised in a completed Offering;

               (ii) Acquisition Expenses incurred in connection with the selection and acquisition of
Investments, subject to the aggregate 6% cap on Acquisition Fees and Acquisition Expenses set forth in Section 9(b);

               (iii) the actual cost of goods and services used by the Company and obtained from entities not
affiliated with the Advisor;

               (iv) interest and other costs for borrowed money, including discounts, points and other
similar fees;

               (v) taxes and assessments on income of the Company or Investments;

               (vi) costs associated with insurance required in connection with the business of the Company
or by the Directors;

 - 12 - 

 

               (vii) expenses of managing and operating Investments owned by the Company, whether payable to
an Affiliate of the Company or a non-affiliated Person;

               (viii) all expenses in connection with payments to the Directors for attending meetings of the
Directors and Stockholders;

               (ix) expenses associated with a Listing, if applicable, or with the issuance and distribution
of Shares, such as selling commissions and fees, advertising expenses, taxes, legal and accounting
fees, listing and registration fees, and other Organization and Offering Expenses;

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

               (xi) expenses of organizing, revising, amending, converting, modifying, or terminating the
Company or the Articles of Incorporation;

               (xii) expenses of maintaining communications with Stockholders, including the cost of
preparation, printing, and mailing annual reports and other Stockholder reports, proxy statements
and other reports required by governmental entities;

               (xiii) administrative service expenses (including (a) personnel costs; provided, however, that
no reimbursement shall be made for costs of personnel to the extent that such personnel perform
services in transactions for which the Advisor receives Acquisition Fees, Asset Management Fees,
property management fees or real estate sales commissions, and (b) the Company’s allocable share of
other overhead of the Advisor such as rent and utilities); and

               (xiv) audit, accounting and legal fees.

          (b) Expenses incurred by the Advisor on behalf of the Company and the Operating Partnership
and payable pursuant to this Section 10 shall be reimbursed no less than monthly to the Advisor.
The Advisor shall prepare a statement documenting the expenses of the Company and the Operating
Partnership and the calculation of the Asset Management Fee during each quarter, and shall deliver
such statement to the Company and the Operating Partnership within 45 days after the end of each
quarter.

     11. OTHER SERVICES. Should the Directors request that the Advisor or any director, officer or
employee thereof render services for the Company and the Operating Partnership other than set forth
in Section 3, such services shall be separately compensated at such rates and in such amounts as
are agreed by the Advisor and the Independent Directors, subject to the limitations
contained in the Articles of Incorporation, and shall not be deemed to be services pursuant to the
terms of this Agreement.

     12. REIMBURSEMENT TO THE ADVISOR. The Company shall not reimburse the Advisor at the end of
any fiscal quarter in which Total Operating Expenses for the four

 - 13 - 

 

consecutive fiscal quarters then
ended (the “Expense Year”) exceed (the “Excess Amount”) the greater of 2% of
Average Invested Assets or 25% of Net Income (the “2%/25% Guidelines”) for such year. Any
Excess
Amount paid to the Advisor during a fiscal quarter shall be repaid to the Company or, at the
option of the Company, subtracted from the Total Operating Expenses reimbursed during the
subsequent fiscal quarter. If there is an Excess Amount in any Expense Year and the Independent
Directors determine that such excess was justified based on unusual and nonrecurring factors which
they deem sufficient, then (i) the Excess Amount may be carried over and included in Total
Operating Expenses in subsequent Expense Years and reimbursed to the Advisor in one or more of such
years, provided that there shall be sent to the Stockholders a written disclosure of such fact,
together with an explanation of the factors the Independent Directors considered in determining
that such excess expenses were justified. Such determination shall be reflected in the minutes of
the meetings of the Board of Directors. The Company will not reimburse the Advisor or its
Affiliates for services for which the Advisor or its Affiliates are entitled to receive Acquisition
Fees, Asset Management Fees, property management fees or real estate commissions. All figures used
in the foregoing computation shall be determined in accordance with generally accepted accounting
principles applied on a consistent basis.

     13. INVESTMENT
OPPORTUNITIES. In the event that Insight identifies a green property investment that is stabilized and
income-producing, for which the Company has sufficient uninvested funds, the property investment
will first be offered to the Company. Unless the Board of Directors determines not to proceed with
such property investment, the investment opportunity will not be presented to any other real estate
investment fund, program or Joint Venture owned, managed or advised by Insight or its Affiliates;
provided, however, that any such investment opportunity shall not be required to be presented to
the Company during any period in which the Company does not have sufficient available funds, or a
reasonable opportunity of obtaining available funds, with which to make the investment.

     14. BUSINESS COMBINATION.

          (a) Business Combination.  The Company shall consider becoming a self-administered
REIT once the Company’s assets and income are, in the view of the Board of Directors, of sufficient
size such that internalizing the management functions performed by the Advisor is in the best
interests of the Company and the Stockholders. If the Board of Directors should make this
determination in the future, the Company shall pay one-half, and the Advisor shall pay the other
half, of the costs of an independent investment banking firm.  This firm shall jointly advise the
Company and the Sponsor on the value of the Advisor. After the investment banking firm completes
its analyses, the Company shall require it to prepare a written report and make a formal
presentation to the Board of Directors. Following the presentation by the investment banking firm,
the Board of Directors shall form a special committee (the “Special Committee”) comprised
entirely of Independent Directors to consider a possible business combination with the Advisor. 
The Board of Directors shall, subject to applicable law, delegate all of its decision-making power
and authority to the Special Committee with respect to matters relating to a possible business
combination. The Special Committee shall be authorized to retain its own financial advisors and
legal counsel to, among other things, negotiate with representatives of the Advisor regarding a
possible business combination.

          (b) Conditions to Completion of Business Combination.  Before the Company may complete
any business combination with the Advisor in accordance with this Section 14, the following three
conditions shall be satisfied:

               (i)  the Special Committee formed in accordance with Section 14(a) hereof receives an opinion
from a qualified investment banking firm, separate and distinct from the firm jointly retained by
the Company and the Sponsor to provide a valuation analysis, concluding that the consideration to
be paid to acquire the Advisor is fair to the Stockholders from a financial point of view;

               (ii) the Board of Directors determines that such business combination is advisable and in the
best interests of the Company and the Stockholders; and

               (iii) Such business combination is approved by the Stockholders entitled to vote thereon in
accordance with the Company’s Articles of Incorporation and Bylaws.

     15. OTHER ACTIVITIES OF THE ADVISOR. Nothing herein contained shall prevent the Advisor or
any of its Affiliates from engaging in or earning fees from other activities, including, without
limitation, the rendering of advice to other Persons (including other REITs) and the management of
other programs advised, sponsored or organized by the Advisor or its Affiliates; nor shall this
Agreement limit or restrict the right of any director, officer, employee, member, partner or stockholder of the
Advisor or its Affiliates to engage in or earn fees from any other business or to render services
of any kind to any other partnership, corporation, firm, individual, trust or association and earn
fees for rendering such services. The Advisor may, with respect to any investment in which the
Company is a participant, also render advice and service to each and every other participant
therein, and earn fees for rendering such advice and service. Specifically, it is contemplated
that the Company may enter into joint ventures or other similar co-investment arrangements with
certain Persons, and pursuant to the agreements governing such joint ventures or arrangements, the
Advisor may be engaged to provide advice and service to such Persons, in which case the Advisor
will earn fees for rendering such advice and service.

     The Advisor shall report to the Directors the existence of any condition or circumstance,
existing or anticipated, of which it has knowledge, which creates or could create a conflict of

 - 14 - 

 

interest between the Advisor’s obligations to the Company and its obligations to or its interest in
any other partnership, corporation, firm, individual, trust or association. The Advisor or its
Affiliates shall promptly disclose to the Directors knowledge of such condition or circumstance.
If the Advisor, Director or Affiliates thereof have sponsored other investment programs with
similar investment objectives which have investment funds available at the same time as the
Company, it shall be the duty of the Directors (including the Independent Directors) to ensure that
the Advisor and its Affiliates adopt the method approved by the Independent Directors, by which
investments are to be allocated to the competing investment entities and to use their best efforts
to ensure that such method is applied fairly to the Company.

     16. TERM; OF AGREEMENT. This Agreement shall continue in force for a period of
one year from the date of the Prospectus pursuant to which our initial Offering is made, subject to
an unlimited number of successive one-year renewals upon mutual consent of the parties. It is the
duty of the Directors to evaluate the performance of the Advisor annually before renewing the
Agreement, and each such renewal shall be for a term of no more than one year.

     17. TERMINATION BY THE PARTIES. This Agreement may be terminated (i) immediately by the
Company or the Operating Partnership for Cause or upon the bankruptcy of the Advisor, (ii) upon 60
days
written notice without Cause and without penalty by a majority of the Independent Directors of
the Company or (iii) upon 60 days written notice without Cause and without penalty by the Advisor.
The provisions of 

Sections 18 through 31 survive termination of this Agreement.

 - 15 - 

 

     18. ASSIGNMENT TO AN AFFILIATE. This Agreement shall not be assigned by the Advisor to a non-Affiliate. This Agreement may be assigned by the Advisor to an Affiliate
with the approval of a majority of the Directors (including a majority of the Independent
Directors). The Advisor may assign any rights to receive fees or other payments under this
Agreement to any Person without obtaining the approval of the Directors. This Agreement shall not
be assigned by the Company or the Operating Partnership without the consent of the Advisor, except
in the case of an assignment by the Company or the Operating Partnership to a corporation, limited
partnership or other organization which is a successor to all of the assets, rights and obligations
of the Company or the Operating Partnership, in which case such successor organization shall be
bound hereunder and by the terms of said assignment in the same manner as the Company and the
Operating Partnership are bound by this Agreement.

     19. PAYMENTS TO AND DUTIES OF ADVISOR UPON TERMINATION.

          (a) After the Termination Date, the Advisor shall not be entitled to compensation for further
services hereunder except it shall be entitled to receive from the Company or the Operating
Partnership within 30 days after the effective date of such termination all unpaid reimbursements
of expenses and all earned but unpaid fees payable to the Advisor prior to termination of this
Agreement, subject to the 2%/25% Guidelines to the extent applicable.

          (b) The Advisor shall promptly upon termination:

               (i) pay over to the Company and the Operating Partnership all money collected and held for the
account of the Company and the Operating Partnership pursuant to this Agreement, after deducting
any accrued compensation and reimbursement for its expenses to which it is then entitled;

               (ii) deliver to the Board of Directors a full accounting, including a statement showing all
payments collected by it and a statement of all money held by it, covering the period following the
date of the last accounting furnished to the Board of Directors;

               (iii) deliver to the Board of Directors all assets, including all Investments, and documents
of the Company and the Operating Partnership then in the custody of the Advisor; and

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

     20. INDEMNIFICATION BY THE COMPANY AND THE OPERATING PARTNERSHIP. The Company and the
Operating Partnership shall indemnify and hold harmless the Advisor and its Affiliates, including
their respective officers, directors, partners, managers, members and employees (the “Indemnitees,” and each
an “Indemnitee”), from all liability, claims, damages or losses arising in the performance
of their duties hereunder, and related expenses, including reasonable attorneys’ fees, to the
extent such liability, claims, damages or losses and related expenses are not fully reimbursed by
insurance, and to the extent that such indemnification would not be inconsistent with the laws of
the State of Maryland, the Articles of Incorporation of the Company or the provisions of Section
II.G of the NASAA REIT Guidelines.

 - 16 - 

 

Notwithstanding the foregoing, the Company and the Operating
Partnership shall not provide for indemnification of an Indemnitee for any loss or liability
suffered by such Indemnitee, nor shall they provide that an Indemnitee be held harmless for any
loss or liability suffered by the Company and the Operating Partnership, unless all of the
following conditions are met:

          (a) The Indemnitee has determined, in good faith, that the course of conduct that caused the
loss or liability was in the best interest of the Company and the Operating Partnership;

          (b) The Indemnitee was acting on behalf of, or performing services for, the Company or the
Operating Partnership;

          (c) Such liability or loss was not the result of negligence or misconduct by the
Indemnitee; and

          (d) Such indemnification or agreement to hold harmless is recoverable only out of the
Company’s net assets and not from the Stockholders.

     Notwithstanding the foregoing, an Indemnitee shall not be indemnified by the Company and the
Operating Partnership for any losses, liabilities or expenses arising from or out of an alleged
violation of federal or state securities laws by such Indemnitee unless one or more of the
following conditions are met:

          (a) There has been a successful adjudication on the merits of each count involving alleged
securities law violations as to the Indemnitee;

          (b) Such claims have been dismissed with prejudice on the merits by a court of competent
jurisdiction as to the Indemnitee; or

          (c) A court of competent jurisdiction approves a settlement of the claims against the
Indemnitee and finds that indemnification of the settlement and the related costs should be made,
and the court considering the request for indemnification has been advised of the position of the
Securities and Exchange Commission and of the published position of any state securities regulatory
authority in which securities of the Company or the Operating Partnership were offered or sold as
to indemnification for violation of securities laws.

     In addition, the advancement of the Company’s or the Operating Partnership’s funds to an
Indemnitee for legal expenses and other costs incurred as a result of any legal action for which
indemnification is being sought is permissible only if all of the following conditions are
satisfied:

          (a) The legal action relates to acts or omissions with respect to the performance of duties or
services on behalf of the Company or the Operating Partnership;

 - 17 - 

 

          (b) The legal action is initiated by a third party who is not a Stockholder or the legal
action is initiated by a stockholder acting in such stockholder’s capacity as such and a court of
competent jurisdiction specifically approves such advancement; and

          (c) The Indemnitee undertakes to repay the advanced funds to the Company or the Operating
Partnership, together with the applicable legal rate of interest thereon, in cases in which such
Indemnitee is found not to be entitled to indemnification.

     21. INDEMNIFICATION BY ADVISOR. The Advisor shall indemnify and hold harmless the Company and
the Operating Partnership from contract or other liability, claims, damages, taxes or losses and
related expenses including attorneys’ fees, to the extent that such liability, claims, damages,
taxes or losses and related expenses are not fully reimbursed by insurance and are incurred by
reason of the Advisor’s bad faith, fraud, misfeasance, intentional misconduct, negligence or reckless disregard of its duties; provided, however, that the Advisor shall not be held responsible for
any action of the Board of Directors in following or declining to follow any advice or
recommendation given by the Advisor.

     22. NOTICES. Any notice, report or other communication required or permitted to be given
hereunder shall be in writing unless some other method of giving such notice, report or other
communication is required by the Articles of Incorporation, the Bylaws, or accepted by the party to
whom it is given, and shall be given by being delivered by hand, by facsimile transmission, by
courier or overnight carrier or by registered or certified mail to the addresses set forth herein:

	 	 	 
	     To the Directors and to the Company:

	 	Green Realty Trust, Inc.
	 

	 	40 E. Chicago Avenue, #203
	 

	 	Chicago, Illinois 60610
	 

	 	Facsimile: (312) 867-9751
	 

	 	Attention: Wayne R. Hannah III
	 
	 	 
	     To the Operating Partnership:

	 	Green REIT Operating Partnership, LP
	 

	 	40 E. Chicago Avenue, #203
	 

	 	Chicago, Illinois 60610
	 

	 	Facsimile: (312) 867-9751
	 

	 	Attention: Wayne R. Hannah III
	 
	 	 
	     To the Advisor:

	 	Insight Green REIT Advisor, LLC
	 

	 	40 E. Chicago Avenue, #203
	 

	 	Chicago, Illinois 60610
	 

	 	Facsimile: (312) 867-9751
	 

	 	Attention: Wayne R. Hannah III

     Any party may at any time give notice in writing to the other parties of a change in its
address for the purposes of this Section 22.

 - 18 - 

 

     23. MODIFICATION. This Agreement shall not be changed, modified, terminated, or discharged,
in whole or in part, except by an instrument in writing signed by the parties hereto, or their
respective successors or assignees.

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

     25. CONSTRUCTION. The provisions of this Agreement shall be construed and interpreted in
accordance with the laws of the State of Maryland.

     26. ENTIRE AGREEMENT. This Agreement contains the entire agreement and understanding among
the parties hereto with respect to the subject matter hereof, and supersedes all prior and
contemporaneous agreements, understandings, inducements and conditions, express or implied, oral or
written, of any nature whatsoever with respect to the subject matter hereof. The express terms
hereof control and supersede any course of performance or usage of the trade inconsistent with any
of the terms hereof. This Agreement may not be modified or amended other than by an agreement in
writing.

     27. INDULGENCES, NOT WAIVERS. Neither the failure nor any delay on the part of a party to
exercise any right, remedy, power or privilege under this Agreement shall operate as a waiver
thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude
any other or further exercise of the same or of any other right, remedy, power or privilege, nor
shall any waiver of any right, remedy, power or privilege with respect to any occurrence be
construed as a waiver of such right, remedy, power or privilege with respect to any other
occurrence. No waiver shall be effective unless it is in writing and is signed by the party
asserted to have granted such waiver.

     28. GENDER. Words used herein regardless of the number and gender specifically used, shall be
deemed and construed to include any other number, singular or plural, and any other gender,
masculine, feminine or neuter, as the context requires.

     29. TITLES NOT TO AFFECT INTERPRETATION. The titles of Sections and Subsections contained
in this Agreement are for convenience only, and they neither form a part of this Agreement nor are
they to be used in the construction or interpretation hereof.

     30. EXECUTION IN COUNTERPARTS. This Agreement may be executed in any number of counterparts,
each of which shall be deemed to be an original as against any party whose signature appears
thereon, and all of which shall together constitute one and the same instrument. This Agreement
shall become binding when one or more counterparts hereof, individually or taken together, shall
bear the signatures of all of the parties reflected hereon as the signatories.

     31. INITIAL INVESTMENT. The Advisor has made a capital contribution of $1,000 to the
Operating Partnership in exchange for OP Units. The Advisor or its
Affiliates shall not vote any Shares
it now owns, or hereafter acquires, in any vote for the election of

 - 19 - 

 

Directors or any vote regarding
the approval or termination of any contract with the Advisor or any of its Affiliates.

 - 20 - 

 

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

	 	 	 	 	 	 	 	 	 
	 	 	Green Realty Trust, Inc.	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	/s/ Wayne R. Hannah III 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	Wayne R. Hannah III	 	 
	 	 	 	 	President	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Green REIT Operating Partnership, LP	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	Green Realty Trust, Inc., Its General Partner	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	/s/ Wayne R. Hannah III 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Wayne R. Hannah III	 	 
	 

	 	 	 	 	 	President	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Insight Green REIT Advisor, LLC	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	Insight Real Estate, LLC, Its Sole Member	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	/s/ Wayne R. Hannah III 	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	Wayne R. Hannah III 	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	Title:	 	President 	 	 
	 

	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Insight Real Estate, LLC, solely in connection with the obligations set forth
in Section 13	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	/s/ Wayne R. Hannah III 	 	 
	 	 	 	 	 	 	 
	 

	 	Name:	 	Wayne R. Hannah III 	 	 
	 	 	 	 	 	 	 
	 

	 	Title:	 	President

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