Document:

Nonqualified Deferred Compensation Plan for Non-Employee Directors

 Exhibit 10.24 
 NONQUALIFIED DEFERRED COMPENSATION PLAN FOR 
 NON-EMPLOYEE DIRECTORS OF 
 AMERICAN WATER WORKS COMPANY, INC. 
 (Effective as of January 1, 2008) 
  

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 NONQUALIFIED DEFERRED COMPENSATION PLAN FOR 
 NON-EMPLOYEE DIRECTORS OF 
 AMERICAN WATER WORKS COMPANY, INC. 

ARTICLE I 
 PURPOSE

 American Water Works Company, Inc. (“AWW”) hereby adopts this Plan, effective as of the Effective Date, in recognition of
the services provided by certain Non-Employee Directors of AWW. The Plan is intended to provide Non-Employee Directors with the opportunity to defer compensation that would otherwise be paid by AWW or any subsidiary or affiliate thereof, on account
of, or in connection with, the services performed by such Non-Employee Directors. AWW intends that the Plan shall at all times be maintained on an unfunded basis for federal income tax purposes under the Code. AWW also intends that the Plan be
operated and maintained in accordance with the requirements of section 409A of the Code and the regulations and rulings thereunder. All capitalized terms shall have the meanings set forth in ARTICLE II below. 
  

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 ARTICLE II 
 DEFINITIONS 
 For purposes of this Plan, the following terms shall have the meanings indicated,
unless the context clearly indicates otherwise: 
 Section 2-1 “Amended Enrollment Agreement” means a new
Enrollment Agreement executed by a Participant that satisfies the requirements of Section 7-4 below and that changes the time and/or form of a distribution for a particular Plan Year. 
 Section 2-2 “AWW” means American Water Works Company, Inc. or any successor thereto. 
 Section 2-3 “Beneficiary” means the person or persons (natural or otherwise) designated by the Participant as such in
accordance with Section 10-1 below. 
 Section 2-4 “Board” means the Board of Directors of AWW.

 Section 2-5 “Change of Control” means a change in: 
  

	 	(a)	the ownership of the AWW, as defined in Treas. Reg. § 1.409A-3(i)(5)(v), 

  

	 	(b)	effective control of AWW, as defined in Treas. Reg. § 1.409A-3(i)(5)(vi), or 

  

	 	(c)	the ownership of a substantial portion of the assets of AWW, as defined in Treas. Reg. § 1.409A-3(i)(5)(vii). 

 Section 2-6 “Code” means the Internal Revenue Code of 1986, as amended. 
 Section 2-7 “Committee” means the Board. 
 Section 2-8 “Deemed Investment Option” means the deemed investment options as designated by the Committee for
purposes of the Plan, as may be changed from time to time. Each Participant shall designate the Deemed Investment Options pursuant to which deemed earnings (or losses) shall be credited to the Participant’s Deferral Account in accordance with
ARTICLE V. 
 Section 2-9 “Deferral Account” means the bookkeeping account established by AWW to which
are credited Deferral Contributions, and notational earnings and losses thereon. 
 Section 2-10 “Deferral
Contribution” means the Director Fee Deferrals credited to the Plan on behalf of a Participant pursuant to Section 4-1 below. 
  

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 Section 2-11 “Director Fees” means, for each Participant, the fees
and other remuneration, excluding any grants of stock options or restricted stock, that, but for the execution of a valid Enrollment Agreement, would otherwise be paid to such Participant on account of the services rendered as a member of the Board.

 Section 2-12 “Director Fee Deferral” means that portion of a Participant’s Director Fees as to
which a Participant has made an irrevocable election to defer receipt until the date specified in the Participant’s Enrollment Agreement. 
 Section 2-13 “Effective Date” means January 1, 2008. 
 Section 2-14
“Enrollment Agreement” means the authorization form which a Non-Employee Director timely files with the Committee to make Director Fee Deferrals to the Plan. 
 Section 2-15 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 
 Section 2-16 “Non-Employee Director” means any individual who: 
  

	 	(a)	is a member of the Board, and 

  

	 	(b)	is not an employee of AWW. 

 Section 2-17
“Participant” means each Non-Employee Director who is participating in the Plan in accordance with the provisions of ARTICLE IV. In the event of a Participant’s death, the term Participant shall mean the
Participant’s Beneficiary. In the case of a Participant’s incompetency, the term Participant shall include an individual with a duly authorized power of attorney or, in the absence of a duly authorized power of attorney, the
Participant’s personal representative or guardian. An individual shall remain a Participant until that individual has received full distribution of any amount credited to the Participant’s Deferral Account. 
 Section 2-18 “Plan” means this plan, called the Nonqualified Deferred Compensation Plan for Non-Employee Directors of
American Water Works Company, Inc. 
 Section 2-19 “Plan Year” means the 12 month period beginning on
each January 1 and ending on the following December 31. 
 Section 2-20 “Separation From
Service” means a Participant’s separation from service with the Employer within the meaning of section 409A of the Code and the regulations issued thereunder. 
 Section 2-21 Specified Date” means a specific time within the meaning of section 409A of the Code and the regulations issued
thereunder that is designated by the Participant in his or her Enrollment Agreement or Amended Enrollment Agreement, as applicable; provided, however, that the Specified Date cannot be sooner than the date on which the Participant has vested in all
of the amounts credited to his or her Deferral Account pursuant to ARTICLE VI. 
  

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 Section 2-22 “Unforeseeable Emergency” means the Participant has experienced
an “unforeseeable emergency” within the meaning of Treas. Reg. §1.409A-3(i)(3)(i). 
  

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 ARTICLE III 
 ADMINISTRATION OF THE PLAN AND DISCRETION 
 Section 3-1 Administration. The
Committee shall have full power and authority to interpret the Plan, to prescribe, amend and rescind any rules, forms and procedures as it deems necessary or appropriate for the proper administration of the Plan and to make any other determinations
and to take any other such actions as it deems necessary or advisable in carrying out its duties under the Plan. All action taken by the Committee arising out of, or in connection with, the administration of the Plan or any rules adopted thereunder,
shall, in each case, lie within its sole discretion, and shall be final, conclusive and binding upon AWW, the Board, each Participant, each Beneficiary and all persons and entities having an interest therein, and a Participant’s participation
in the Plan shall constitute that Participant’s acknowledgement and acceptance of the Committee’s authority and discretion. The Committee may from time to time adopt rules and regulations governing the operation of this Plan and may employ
and rely on such employees of AWW, legal counsel, accountants, and agents, as it may deem advisable to assist in the administration of the Plan. 
 Section 3-2 Compensation of Committee; Expenses. Members of the Committee shall serve without compensation for any services relating solely to the Plan. All expenses of administering the Plan shall be paid by AWW.

 Section 3-3 Indemnification. AWW shall indemnify, defend and hold the Committee harmless from any and all claims,
losses, damages, expenses (including counsel fees) and liability (including any amounts paid in settlement of any claim) arising from any act or omission of such member, except when the same is due to gross negligence or willful misconduct.

 Section 3-4 Interpretations. Any decisions, actions or interpretations to be made under the Plan by AWW or the
Committee shall be made in its respective sole discretion, not as a fiduciary and need not be uniformly applied to similarly situated individuals and shall be final, binding and conclusive on all persons interested in the Plan. 
  

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 ARTICLE IV 
 PARTICIPATION 
 Section 4-1 Deferral Contributions. 
  

	 	(a)	Effective as of the Effective Date, and annually thereafter, all Non-Employee Directors will be offered the opportunity to make a Director Fee Deferral with respect to Director Fees
that have not yet been earned. Any Non-Employee Director may enroll in the Plan effective as of the first day of a Plan Year by filing a completed and fully executed Enrollment Agreement with the Committee by a date set by the Committee, but in any
event prior to the first day of the Plan Year in which the Director Fees to which the Enrollment Agreement relates would otherwise be paid. Pursuant to said Enrollment Agreement, the Non-Employee Directors shall irrevocably elect the percentage (up
to 100%) (whole percentages only) by which the Non-Employee Director’s Director Fees to be earned during that Plan Year, after any required authorized or required deductions, will be deferred to the Plan. 

  

	 	(b)	Any Deferral Contribution made under this Section 4-1 will be credited to the Non-Employee Director’s Deferral Account as soon as administratively practicable following
the end of the applicable period for which the deferral relates. An Enrollment Agreement executed by a Non-Employee Director will remain in effect for all subsequent Plan Years while the Non-Employee Director remains a Non-Employee Director, unless,
prior to the beginning of any Plan Year, the Non-Employee Director completes and fully executes a new Enrollment Agreement with the Committee by the date set by the Committee, but in any event prior to the first day of the Plan Year in which the new
Enrollment Agreement will become effective. 

  

	 	(c)	Notwithstanding anything herein to the contrary, if a Participant experiences an Unforeseeable Emergency the Participant may submit a request to the Committee on the form provided
by the Committee to cease the Director Fee Deferrals being made in the current Plan Year on the Participant’s behalf. If the Committee determines that the Participant has experienced an Unforeseeable Emergency the cessation of the
Participant’s Director Fee Deferrals will be effective as of the period that ends after the Committee’s determination. Any Participant who ceases Director Fee Deferrals on account of an Unforeseeable Emergency shall not be eligible to
elect to make any future Director Fee Deferrals for the remainder of the Plan Year in which the Unforeseeable Emergency occurs. For any future Plan Year, the Non-Employee Director will need to execute a new Enrollment Agreement within the time
period described above. 

  

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 Section 4-2 Time of Distribution. 
  

	 	(a)	In addition to designating the percentage of deferrals in the Enrollment Agreement as provided in Section 4-1, the Participant shall also designate the time on which such
Deferral Contributions for the Plan Year shall ultimately be paid to the Participant. A Participant may elect one of the following as a permitted time for distribution of his or her Deferral Contributions for such Plan Year:

  

	 	(i)	Separation From Service; 

  

	 	(ii)	a Specified Date; 

  

	 	(iii)	the earlier of a: 

  

	 	(A)	Separation From Service; 

  

	 	(B)	Specified Date; 

  

	 	(C)	Change of Control; or 

  

	 	(D)	any combination of the events described in subsections (A), (B), or (C) above; or 

  

	 	(iv)	the later of a Separation From Service or a Specified Date, or, if earlier, a Change of Control, if so elected by the Participant. 

  

	 	(b)	If a Participant does not make an election in the Enrollment Agreement as to the time of payment for his or her Deferral Contributions for the Plan Year as permitted in
Section 4-2(a) above, the Participant shall be deemed to have elected Separation From Service as the time of payment. 

  

	 	(c)	Except as provided in Section 7-4, the election as to the time of payment cannot be subsequently changed. 

 Section 4-3 Form of Distribution. 
  

	 	(a)	In addition to designating the percentage of deferrals in the Enrollment Agreement as provided in Section 4-2 above, Participants shall also designate the form pursuant to
which such Deferral Contributions for the Plan Year shall be paid to the Participant. A Participant may elect one of the following forms for distribution of his or her Deferral Contributions for such Plan Year: 

  

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	 	(i)	lump sum or 

  

	 	(ii)	annual installments that are paid in an equivalent amount over a period of between two (2) and ten (10) years, as designated by the Participant in the Enrollment
Agreement; 

  

	 	(b)	If a Participant does not make an election in the Enrollment Agreement as to the form of payment for his or her Deferral Contributions for the Plan Year as provided in
Section 4-3(a) above, the Participant shall be deemed to have elected lump sum as the form of payment. 

  

	 	(c)	For purposes of section 409A of the Code, each payment under this Plan shall be treated as a separate payment. In addition, an election as to a series of installment payments under
the Plan is to be treated as an election to a series of separate payments. Except as provided in Section 7-4 below, the election as to the form of payment cannot be subsequently changed. 

 Section 4-4 Newly Eligible Non-Employee Directors. The Committee, acting on behalf of AWW, may, in its discretion, permit a
Non-Employee Director who first becomes a Participant after the beginning of a Plan Year, and such Non-Employee Director is not and was not otherwise eligible to participate in this or any other nonqualified deferred compensation plan for the Plan
Year that is required to be aggregated with the Plan for purposes of section 409A of the Code, to enroll in the Plan to defer Director Fees for that Plan Year by filing a completed and fully executed Enrollment Agreement, in accordance with
Section 4-1, as soon as administratively practicable following the date the Non-Employee Director first becomes a Non-Employee Director but not later than thirty (30) days from such date. Notwithstanding the foregoing, however, any
election by a Non-Employee Director, pursuant to this Section 4-4, to make a Director Fee Deferral shall apply only with respect to Director Fees paid for services to be performed after the date on which such Enrollment Agreement is filed. For
this purpose, the election will be deemed to apply to the portion of the Director Fees paid for services performed after the Enrollment Agreement is filed, provided that this amount will be determined by the total amount of Director Fees for the
performance period multiplied by the ratio of the number of days remaining in the Plan Year after the Enrollment Agreement is filed over 365. 
 Section 4-5 Change in Status. If at any time during the Plan Year a Non-Employee Director ceases to qualify as such, then the following provisions shall apply. 
  

	 	(a)	 Cessation as a Non-Employee Director. If a Participant ceases to qualify as a Non-Employee Director at any time during the Plan Year, but remains a member of
the Board, the former Non- 

  

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Employee Director’s Participant Deferral for the Plan Year will continue in effect for the remainder of the Plan Year. The Participant shall not be
eligible to elect to make Participant Deferrals for any future Plan Year, unless the Participant subsequently qualifies as a Non-Employee Director. 

  

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 ARTICLE V 
 INVESTMENT CREDITS AND FUNDING 
 Section 5-1 Returns on Accounts. A
Participant’s Deferral Account shall be credited with returns in accordance with the Deemed Investment Options elected by the Participant from time to time; provided, however, that if the Participant does not affirmatively elect a Deemed
Investment Option, until the Participant makes an affirmative election as to the Deemed Investment Options under the Plan, the Participant will be deemed to have elected the default investment option that the Committee has designated for this
purpose. Unless otherwise provided under this Plan, Participants may allocate the amounts credited to their Deferral Account among the Deemed Investment Options available under the Plan only in whole percentages of not less than one percent. The
rate of return, whether positive or negative, credited under each Deemed Investment Option is based upon the actual investment performance of the investment fund(s) designated by the Committee from time to time, and shall equal the total return of
such investment fund net of asset based charges, including, without limitation, money management fees, fund expenses and mortality and expense risk insurance contract charges. 
 Section 5-2 Deemed Investment Options. 
  

	 	(a)	The Deemed Investment Options available under the Plan shall consist of those funds that the Committee has designated as of the Effective Date as the Deemed Investment Options under
the Plan; provided, however, the Committee reserves the right, on a prospective basis, to add or delete Deemed Investment Options. Notwithstanding that the rates of return credited to Participants’ Accounts under the Deemed Investment Options
are based upon the actual performance of the investment funds designated by the Committee, AWW shall not be obligated to invest any Deferral Contributions under this Plan, or any other amounts, in such portfolios or in any other investment funds.
The Plan shall be entirely unfunded and no provision shall at any time be made with respect to segregating any assets of AWW for payment of any distributions hereunder. 

  

	 	(b)	Notwithstanding the foregoing, however, the Committee may, but shall not be required, to authorize the establishment of a trust or the purchase of insurance to serve as a funding
vehicle for AWW’s obligations with respect to the Plan. In any event, the obligation of AWW hereunder shall constitute a general, unsecured obligation; payable solely from the general assets of AWW, and no Participant shall have any rights to
any specific assets of AWW. 

 Section 5-3 Changes in Deemed Investment Options. A Participant may change
the Deemed Investment Options to which the Participant’s Accounts are deemed to be allocated on such basis as determined by the Committee in its sole discretion. As the Participant may elect, each such change may include: 
  

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	 	(a)	reallocation of the Participant’s Deferral Account in whole percentages of not less than one percent, and/or 

  

	 	(b)	changes in investment allocation of amounts to be credited to the Participant’s Deferral Account in the future. 

 Section 5-4 Valuation of Accounts. The value of a Participant’s Deferral Account as of any date shall equal the amounts
theretofore credited to such Deferral Account, including any earnings (positive or negative) deemed to be earned on such Deferral Account in accordance with Section 5-1 above through the day preceding such date, less the amounts theretofore
deducted from such Deferral Account. 
 Section 5-5 Statement of Accounts. The Committee shall provide to each
Participant, not less frequently than quarterly (or such other period as determined by the Committee in its sole discretion), a statement in such form as the Committee deems desirable setting forth the balance standing to the credit of each
Participant in each of his or her Accounts. 
  

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 ARTICLE VI 
 VESTING 
 Each Participant shall at all times be fully vested in the amounts credited to his or her
Deferral Account. 
  

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 ARTICLE VII 
 DISTRIBUTIONS 
 Section 7-1 Distributions. A Participant shall receive a
distribution of the vested amount credited to his or her Deferral Account under the Plan at the time and in the form selected by the Participant in the Enrollment Agreement, as provided in ARTICLE IV, or the Amended Enrollment Agreement, as provided
in Section 7-4 below. A distribution paid pursuant to this Section 7-1 shall commence to be paid by AWW to the Participant as soon as administratively practicable on or following the time designated by the Participant, but no later than
sixty (60) days following such designated time, and shall be paid to the Participant entirely in cash. 
 Section 7-2 Death
of Participant. If a Participant dies prior to commencement of his or her benefit under the Plan, the Participant’s Beneficiary shall receive a lump sum cash distribution of the entire vested amount credited to the Participant’s
Deferral Account as soon as administratively practicable following the date of discovery of, or notification regarding, the Participant’s death, but no later than sixty (60) days following the discovery of, or notification regarding the
Participant’s death. If a Participant dies after commencement of his or her benefit under the Plan, the Participant’s Beneficiary shall receive a lump sum cash distribution of the remaining installments payable to the Participant under the
Plan as soon as administratively practicable following the date of discovery of, or notification regarding, the Participant’s death, but no later than sixty (60) days following the discovery of, or notification regarding the
Participant’s death. 
 Section 7-3 Distribution on Account of an Unforeseeable Emergency. In the event that the
Committee, upon written request of a Participant, determines, in its sole discretion, that the Participant has suffered an Unforeseeable Emergency, AWW shall pay from the Participant’s Deferral Account as soon as practicable following such
determination, an amount necessary to meet the Unforeseeable Emergency, after deduction of any and all taxes as may be required pursuant to Section 10-7 below. Except as otherwise provided in regulations under section 409A of the Code, the
amounts distributed to a Participant pursuant to an Unforeseeable Emergency shall not exceed the amounts necessary to satisfy such Unforeseeable Emergency, plus amounts necessary to pay taxes reasonably anticipated as a result of the distribution,
after taking into account the extent to which such hardship is or may be relieved through reimbursement of compensation by insurance or otherwise or by liquidation of the Participant’s assets (to the extent the liquidation of such assets would
not itself cause severe financial hardship). With respect to that portion of the Deferral Account which is distributed to a Participant, in accordance with this Section 7-3, the value of such amount shall be reduced from the Participant’s
Deferral Account. Notwithstanding anything in this Plan to the contrary, a Participant who receives a distribution pursuant to this Section 7-3 in any Plan Year shall not be entitled to make any further Deferral Contributions, for the remainder
of such Plan Year. No distributions pursuant to this Section 7-3 may be made from the Participant’s Deferral Account. 
  

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 Section 7-4 Change in Time and/or Form. 
  

	 	(a)	A Participant may change the time and/or form of a distribution designated in an Enrollment Agreement for a particular Plan Year by filing an Amended Enrollment Agreement with the
Committee in accordance with the requirements of this Section 7-4. Specifically, to change the time and/or form of a distribution for a particular Plan Year, the Amended Enrollment Agreement applicable to such distribution must satisfy the
following: 

  

	 	(i)	the Amended Enrollment Agreement will not become effective for the twelve (12) month period after the date on which the Amended Enrollment Agreement is filed with the
Committee; 

  

	 	(ii)	the distribution cannot commence for a period that is not less than five (5) years from the date such payment was originally scheduled to commence pursuant to the original
Enrollment Agreement; and 

  

	 	(iii)	with respect to a change in a time or form of payment on a Specified Date, the amendment to the Enrollment Agreement cannot be made less than twelve (12) months prior to the
date of the scheduled payment. 

  

	 	(b)	Notwithstanding anything herein to the contrary, with the exception of a Participant’s death, once payment has commenced the form of such payment shall not be modified.

  

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 ARTICLE VIII 
 AMENDMENT AND TERMINATION 
 The Plan may be amended, suspended, discontinued or terminated at any
time by the Committee; provided, however, that, except as provided below, no such amendment, suspension, discontinuance or termination shall reduce or in any manner adversely affect the rights of any Participant with respect to benefits that are
payable or may become payable under the Plan based upon the balance of the Participant’s Deferral Account as of the effective date of such amendment, suspension, discontinuance or termination. Notwithstanding anything to the contrary in this
ARTICLE VIII, if the Committee determines that, in order to avoid current taxation of amounts deferred under the Plan or to comply with applicable law, additional restrictions must be placed on Participants’ rights under the Plan, then the
Committee may, in its sole discretion, amend the Plan to impose such restrictions, and/or cease deferrals under the Plan with respect to all Plan Accounts, affected Accounts or the affected portions of Accounts. If the Committee terminates the Plan,
Participants shall be entitled to a distribution of their benefit under the Plan if the termination is on account of a permitted distribution event under Treas. Reg. §1.409A-3(j)(4)(ix)(A), (B), (C) or (D) and the requirements, as
applicable, of such regulations are met with respect to the termination of the Plan and distribution of benefits hereunder. 
  

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 ARTICLE IX 
 CLAIMS PROCEDURES 
 Section 9-1 Claim. A person who believes that he or she is
being denied a benefit to which he or she is entitled under the Plan (hereinafter referred to as a “Claimant”) may file a written request for such benefit with the Committee, setting forth the claim. 
 Section 9-2 Claim Decision. Upon receipt of a claim, the Committee shall advise the Claimant that a reply will be forthcoming within
ninety (90) days and shall, in fact, deliver such reply within such period. The Committee may, however, extend the reply period for an additional ninety (90) days for reasonable cause. If the claim is denied in whole or in part, the
Claimant shall be provided a written explanation, using language calculated to be understood by the Claimant, setting forth: 
  

	 	(a)	the specific reason or reasons for such denial; 

  

	 	(b)	the specific reference to relevant provisions of the Plan on which such denial is based; 

  

	 	(c)	a description of any additional material or information necessary for the Claimant to perfect the claim and an explanation why such material or such information is necessary;

  

	 	(d)	appropriate information as to the steps to be taken if the Claimant wishes to submit the claim for review; and 

  

	 	(e)	the time limits for requesting a review. 

 Section 9-3 Request for Review. Within sixty (60) days after the receipt by the Claimant of the written opinion described above, the Claimant may request in writing that the Committee review its determination. The
Claimant, or his or her duly authorized representative, may, but need not, review the pertinent documents and submit issues and comments in writing for consideration by the Committee. If the Claimant does not request a review of the initial
determination within such sixty (60) day period, the Claimant shall be barred and estopped from challenging the determination. 
 Section 9-4 Review of Decision. 
  

	 	(a)	Within sixty (60) days after the Committee’s receipt of a request for review, it will review the initial determination. After considering all materials presented by the
Claimant, the Committee will render a written opinion, written in a manner calculated to be understood by the Claimant. If the decision is adverse, the written opinion will: 

  

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	 	(i)	set forth the specific reasons for the decision and specific references to the relevant provisions of this Plan on which the decision is based; and 

  

	 	(ii)	include a statement that the Claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records and other information
relevant to the claim. 

  

	 	(b)	If special circumstances require that the sixty (60) day time period be extended, the Committee will so notify the Claimant and will render the decision as soon as possible,
but no later than one hundred twenty (120) days after receipt of the request for review. 

  

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 ARTICLE X 
 MISCELLANEOUS 
 Section 10-1 Designation of Beneficiary. Each Participant may
designate a Beneficiary or Beneficiaries (which Beneficiary may be an entity other than a natural person) to receive any payments which may be made following the Participant’s death. Such designation may be changed or canceled at any time
without the consent of any such Beneficiary. Any such designation, change or cancellation must be made in a form approved by the Committee and shall not be effective until received by the Committee, or its designee. If no Beneficiary has been named,
or the designated Beneficiary or Beneficiaries shall have predeceased the Participant, the Beneficiary shall be the Participant’s estate. If a Participant designates more than one Beneficiary, the interests of such Beneficiaries shall be paid
in equal percentages, unless the Participant has specifically designated otherwise. 
 Section 10-2 Limitation of
Participant’s Right. Nothing in this Plan shall be construed as conferring upon any Participant any right to continue in the service of AWW, nor shall it interfere with the rights to terminate the service of any Participant and/or to
take any action affecting any Participant without regard to the effect which such action may have upon such Participant as a recipient or prospective recipient of benefits under the Plan. Any amounts payable hereunder shall not be deemed salary or
other compensation to a Participant for the purposes of computing benefits to which the Participant may be entitled under any other arrangement established by AWW. 
 Section 10-3 No Limitation on Actions by AWW. Nothing contained in the Plan shall be construed to prevent AWW from taking any action which is deemed by it to be appropriate or in its best interest.
No Participant, Beneficiary, or other person shall have any claim against AWW as a result of such action. 
 Section 10-4
Obligations to AWW. If a Participant becomes entitled to a distribution of benefits under the Plan, and if at such time the Participant has outstanding any debt, obligation, or other liability representing an amount owing to AWW, then AWW
may offset such amount owed to AWW against the amount of benefits otherwise distributable, but only as such distributions would otherwise be made if paid to the Participant in accordance with such Participant’s Enrollment Agreement. Such
determination shall be made by the Committee. 
 Section 10-5 Nonalienation of Benefits. 
  

	 	(a)	Except as expressly provided herein, no Participant or Beneficiary shall have the power or right to transfer (otherwise than by will or the laws of descent and distribution),
alienate, or otherwise encumber the Participant’s interest under the Plan. AWW’s obligations under this Plan are not assignable or transferable except to: 

  

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	 	(i)	any corporation or partnership which acquires all or substantially all of AWW’s assets or 

  

	 	(ii)	any corporation or partnership into which AWW may be merged or consolidated. 

  

	 	(b)	The provisions of the Plan shall inure to the benefit of each Participant and the Participant’s Beneficiaries, heirs, executors, administrators or successors in interest.

 Section 10-6 Protective Provisions. Each Participant shall cooperate with AWW by furnishing any and all
information requested by AWW in order to facilitate the payment of benefits hereunder, taking such physical examinations as AWW may deem necessary and taking such other relevant action as may be requested by AWW. If a Participant refuses to
cooperate, AWW shall have no further obligation to the Participant under the Plan, other than payment to such Participant of the then current balance of the Participant’s Accounts in accordance with his or her prior elections. 
 Section 10-7 Withholding Taxes. AWW may make such provisions and take such action as it may deem necessary or appropriate for the
withholding of any taxes which AWW is required by any law or regulation of any governmental authority, whether federal, state or local, to withhold in connection with any deferrals to, amounts credited to and benefits payable under the Plan,
including, but not limited to, withholding of appropriate sums from any amount payable to the Participant (or his or her Beneficiary) under the Plan or otherwise payable to the Participant from other sources. Each Participant, however, shall be
responsible for the payment of all individual tax liabilities relating to any such deferrals, credits and benefits. 
 Section 10-8
Unfunded Status of Plan. The Plan is intended to constitute an “unfunded” plan of deferred compensation for Participants. Benefits payable hereunder shall be payable out of the general assets of AWW, and no segregation of any
assets whatsoever for such benefits shall be made. With respect to any payments not yet made to a Participant, nothing contained herein shall give any such Participant any rights to assets that are greater than those of a general creditor of AWW.

 Section 10-9 Severability. If any provision of this Plan is held unenforceable, the remainder of the Plan shall
continue in full force and effect without regard to such unenforceable provision and shall be applied as though the unenforceable provision were not contained in the Plan. 
 Section 10-10 Governing Law. The Plan shall be construed in accordance with and governed by the laws of the State of Delaware, without
reference to the principles of conflict of laws. 
 Section 10-11 Headings. Headings are inserted in this Plan for
convenience of reference only and are to be ignored in the construction of the provisions of the Plan. 
  

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 Section 10-12 Gender, Singular and Plural. All pronouns and any variations thereof
shall be deemed to refer to the masculine, feminine, or neuter, as the identity of the person or persons may require. As the context may require, the singular may read as the plural and the plural as the singular. 
 Section 10-13 Notice. Any notice required or permitted under the Plan shall be sufficient if in writing and hand delivered or sent by
registered or certified mail. Such notice shall be deemed given as of the date of delivery or, if delivery is made by mail, as of the date shown on the postmark on the receipt for registration or certification. Mailed notice to the Committee shall
be directed to AWW’s address. Mailed notice to a Participant or Beneficiary shall be directed to the individual’s last known address in the AWW’s records. 
 Section 10-14 Missing Participants. In the event that the Committee is unable to locate a Participant or Beneficiary within two years following the date the Participant was to commence receiving
payment, the entire amount credited to the Participant’s Accounts shall be forfeited. If, after such forfeiture, the Participant or Beneficiary later claims such benefit, such benefit shall be reinstated without interest or earnings from the
date payment was to commence pursuant to ARTICLE VII. 
 Section 10-15 Incapacity. In the event that any amount becomes
payable under the Plan to a person who, in the sole judgment of the Committee, is considered by reason of physical or mental condition to be unable to give a valid receipt therefore, the Committee may direct that such payment be made to any person
found by the Committee, in its sole judgment, to have assumed the care of such person. Any payment made pursuant to such determination shall constitute a full release and discharge of the Committee and AWW. 
 Section 10-16 Section 409A. The Plan is intended to comply with the applicable requirements of section 409A of the Code and its
corresponding regulations and related guidance, and shall be administered in accordance with section 409A of the Code to the extent section 409A of the Code applies to the Plan. Notwithstanding anything in the Plan to the contrary, elections to
defer Director Fees to the Plan, and distributions from the Plan, may only be made in a manner and upon an event permitted by section 409A of the Code. To the extent that any provision of the Plan would cause a conflict with the requirements of
section 409A of the Code, or would cause the administration of the Plan to fail to satisfy the requirements of section 409A of the Code, such provision shall be deemed null and void to the extent permitted by applicable law. 
 Executed this 12th day of November, 2007. 
  

 21Advisory Agreement

 Exhibit 10.1 
 ADVISORY AGREEMENT 
 THIS ADVISORY AGREEMENT, effective as of February 20, 2008, is between
WELLS REAL ESTATE INVESTMENT TRUST II, INC., a Maryland corporation (the “Company”), and WELLS CAPITAL, INC., a Georgia corporation (the “Advisor”). 
 W I T N E S S E T H 
 WHEREAS, the Company has filed with the Securities and Exchange Commission a
Registration Statement on Form S-11 (no. 333-125643) (the “Registration Statement”) covering the issuance of common stock; 
 WHEREAS, the Company qualifies as a REIT (as defined below), and intends to invest its funds in investments permitted by the terms of the Company’s Articles of Incorporation and Sections 856 through 860 of the Code (as defined below);

 WHEREAS, the Company desires to avail itself of the experience, sources of information, advice, assistance and certain facilities
available to 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; and 
 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. 
 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 Advisory Agreement (the “Agreement”), the
following terms have the definitions hereinafter indicated: 
 Acquisition Expenses. Any and all expenses, excluding the fee payable
to the Advisor pursuant to Section 8(b), incurred by the Company, the Advisor, or any Affiliate of either in connection with the selection, acquisition or development of any Property, 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, and title insurance premiums. 
 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 or the Advisor) in connection with purchase, development or construction of any Property. Included in the computation of such fees or commissions shall be any real estate commissions,
acquisition fees, finder’s fees, selection fees, Development Fees, Construction Fees, nonrecurring management fees, loan fees, points, or any other fees or commissions of a similar nature. Excluded shall be Development Fees and Construction
Fees paid to Persons not Affiliated with the Advisor in connection with the actual development and construction of a Property. 
  

 1 

 Adjusted Cost. The sum of (a) the actual amount invested on behalf of the Company in the
Properties plus (b) with respect to Joint Ventures, the actual amount invested on behalf of the Company in the Joint Ventures plus the Company’s allocable share of capital improvements made by the Joint Venture from cash flows generated by
the Joint Venture (in all cases excluding from the calculation thereof amounts relating to Vacant Properties), until such time as Advisor may estimate the value of all interests the Company holds in Properties or Joint Ventures for ERISA reporting
purposes; and after such time, “Adjusted Cost” means the lesser of (1) sum of (x) the actual amount invested on behalf of the Company in the Properties plus (y) with respect to Joint Ventures, the actual amount invested on
behalf of the Company in the Joint Ventures plus the Company’s allocable share of capital improvements made by the Joint Venture from cash flows generated by the Joint Venture (in all cases excluding from the calculation thereof amounts
relating to Vacant Properties), or (2) the aggregate value of the Company’s interest in the Properties and Joint Ventures as established in connection with the most recent estimated valuation to assist ERISA fiduciaries in fulfilling their
annual valuation and reporting responsibilities. 
 Advisor. Wells Capital, Inc., a Georgia corporation, any successor advisor to the
Company, or any Person(s) to which Wells Capital, Inc. or any successor advisor subcontracts substantially all of its functions. 
 Affiliate or Affiliated. An Affiliate of another Person includes only the following: (i) any Person directly or indirectly controlling, controlled by, or under common control with such other Person; (ii) any Person directly
or indirectly owning, controlling, or holding with the power to vote 10% or more of the outstanding voting securities of such other Person; (iii) any legal entity for which such Person acts as an executive officer, director, trustee, or general
partner; (iv) any Person 10% or more of whose outstanding voting securities are directly or indirectly owned, controlled, or held, with power to vote, by such other Person; and (v) any executive officer, director, trustee, or general
partner of such other Person. An entity shall not be deemed to control or be under common control with an Advisor-sponsored program unless (i) the entity owns 10% or more of the voting equity interests of such program or (ii) a majority of
the board (or equivalent governing body) of such program is comprised of Affiliates of the entity. 
 Appraised Value. Value according
to an appraisal made by an Independent Appraiser. 
 Articles of Incorporation. The Articles of Incorporation of the Company under
Title 2 of the Corporations and Associations Article of the Annotated Code of Maryland, as amended from time to time. 
 Asset Management
Fee. The Asset Management Fee payable to the Advisor as defined in Section 8(a). 
 Asset Management Fee Ceiling. The ceiling
on the Asset Management Fee as defined in Section 8(a). 
 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 Properties and Loans secured by 

  

 2 

 
real estate before reserves for depreciation or bad debts or other similar non-cash reserves, computed by taking the average of such values at the end of
each month during such period. 
 Board of Directors or Board. The persons holding such office, as of any particular time, under the
Articles of Incorporation of the Company, 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 Organizational and Offering
Expenses other than selling commissions and the dealer manager fee as described under “Plan of Distribution” in the Registration Statement. 
 Cash from Financings. Net cash proceeds realized by the Company from the financing of Property or from the refinancing of any Company indebtedness. 
 Cash from Sales. Net cash proceeds realized by the Company from the sale, exchange or other disposition of any of its assets after deduction of
all expenses incurred in connection therewith. Cash from Sales shall not include Cash from Financings. 
 Cash from Sales and
Financings. The total sum of Cash from Sales and Cash from Financings. 
 Ceiling Excess. The extent to which the Asset Management
Fee Ceiling exceeds the sum of the three previous monthly Asset Management Fee payments, as defined in Section 8(a). 
 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. 
 Company. Wells Real Estate Investment Trust
II, Inc., a corporation organized under the laws of the State of Maryland. 
 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. 
 Conflicts Committee. “Conflicts Committee” shall have the meaning set forth in the Articles of Incorporation. 
 Construction Fee. A fee or other remuneration for acting as general contractor and/or construction manager to construct improvements, supervise and coordinate projects or to provide major repairs or
rehabilitation on a Property. 
  

 3 

 Contract Sales Price. The total consideration received by the Company for the sale of a Property.

 Cumulative Return. For the period for which the calculation is being made, the percentage resulting from dividing (A) the
total Distributions paid on each Distribution date during such period (without regard to Distributions paid out of Cash from Sales and Financings), by (B) the product of (i) the average Invested Capital for such period (calculated on a
daily basis), and (ii) the number of days elapsed during such period. 
 Development Fee. A fee for the packaging of a Property,
including negotiating and approving plans, and undertaking to assist in obtaining zoning and necessary variances and necessary financing for the Property, either initially or at a later date. 
 Director. A member of the Board of Directors of the Company. 
 Disposition Fee. The Disposition Fee as defined in Paragraph 8(c). 
 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. 
 Gross Proceeds. The aggregate purchase price of all Shares sold for the account of the Company through an Offering, without deduction for
Organization and Offering Expenses. 
 Independent Appraiser. A person or entity with no material current or prior business or
personal relationship with the Advisor or the Directors, who is engaged to a substantial extent in the business of rendering opinions regarding the value of assets of the type held by the Company, and who is a qualified appraiser of real estate as
determined by the Board. Membership in a nationally recognized appraisal society such as the American Institute of Real Estate Appraisers (“M.A.I.”) or the Society of Real Estate Appraisers (“S.R.E.A.”) shall be conclusive
evidence of such qualification. 
 Invested Capital. The amount calculated by multiplying the total number of Shares purchased by
stockholders by the issue price, reduced by the portion of any Distribution that is attributable to Net Sales Proceeds and by any amounts paid by the Company to repurchase Shares pursuant to the Company’s plan for redemption of Shares.

 Joint Venture. Any joint venture, limited liability company or other Affiliate of the Company that owns, in whole or in part on
behalf of the Company, any Properties. 
 Listing. The listing of the Shares on a national securities exchange or over-the-counter
market. 
 NASAA Guidelines. The NASAA Statement of Policy Regarding Real Estate Investment Trusts as in effect on the date hereof.

  

 4 

 Net Asset Value. The excess of (i) the aggregate of the Adjusted Cost over (ii) the
aggregate outstanding debt of the Company and the Partnership (excluding debt borrowed for purposes other than acquiring or refinancing Properties). 
 Net Income. For any period, the total revenues applicable to such period, less the total expenses applicable to such period excluding additions to reserves for depreciation, bad debts or other similar non-cash
reserves; provided, however, Net Income for purposes of calculating total allowable Operating Expenses (as defined herein) shall exclude the gain from the sale of the Company’s assets. 
 Net Sales Proceeds. In the case of a transaction described in clause (i) (A) of the definition of Sale, the proceeds of any such
transaction less the amount of all real estate commissions and closing costs paid by the Company. In the case of a transaction described in clause (i) (B) of such definition, Net Sales Proceeds means the proceeds of any such transaction
less the amount of any legal and other selling expenses incurred in connection with such transaction. In the case of a transaction described in clause (i) (C) of such definition, Net Sales Proceeds means the proceeds of any such
transaction actually distributed to the Company from the joint venture. In the case of a transaction described in clause (ii) of the definition of Sale, Net Sales Proceeds means the proceeds of such transaction or series of transactions less
all amounts generated thereby and reinvested in one or more Properties within 180 days thereafter and less the amount of any real estate commissions, closing costs, and legal and other selling expenses incurred by or allocated to the Company in
connection with such transaction or series of transactions. Net Sales Proceeds shall not include any reserves established by the Company in its sole discretion. 
 Offering. Any offering of Shares that is registered with the SEC, excluding Shares offered under any employee benefit plan. 
 Operating Expenses. All costs and expenses incurred by the Company, as determined under generally accepted accounting principles, which in any way are related to the operation of the Company or to Company
business, including fees paid to the Advisor, 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 tax incurred in connection with the issuance, distribution, transfer, registration and Listing of the Shares, (ii) interest payments, (iii) taxes, (iv) non-cash expenditures such as depreciation, amortization
and bad loan reserves, (v) incentive fees paid in compliance with Section IV.F. of the NASAA Guidelines and (vi) Acquisition Fees, Acquisition Expenses, real estate commissions on resale of property, and other expenses connected with the
acquisition, disposition, and ownership of real estate interests, mortgage loans or other property (such as the costs of foreclosure, insurance premiums, legal services, maintenance, repair and improvement of property). 
 Organization and Offering Expenses. All expenses incurred by and to be paid from the assets of the Company in connection with and in preparing the
Company for registration of and subsequently offering and distributing its Shares to the public, which may include but are not limited to, total underwriting and brokerage discounts and commissions (including fees of the underwriters’
attorneys); expenses for printing, engraving and mailing; salaries of employees 

  

 5 

 
while engaged in sales activity; charges of transfer agents, registrars, trustees, escrow holders, depositaries and experts; and expenses of qualification of
the sale of the securities under Federal and State laws, including taxes and fees, accountants’ and attorneys’ fees. 
 Partnership. Wells Operating Partnership II, L.P., a Delaware limited partnership formed to own and operate properties on behalf of the Company. 
 Person. An individual, corporation, partnership, estate, trust (including a trust qualified under Section 401(a) or 501(c) (17) of the Code), a portion of a trust permanently set aside for or to be
used exclusively for the purposes described in Section 642(c) of the Code, association, private foundation within the meaning of Section 509(a) of the Code, joint stock company or other entity, or any government or any agency or political
subdivision thereof, and also includes a group as that term is used for purposes of Section 13(d)(3) of the Securities Exchange Act of 1934, as amended. 
 Property or Properties. Any real property or properties transferred or conveyed to the Company or the Partnership, either directly or indirectly. 
 Property Manager. Any entity that has been retained to perform and carry out at one or more of the Properties property management services,
excluding persons, entities or independent contractors retained or hired to perform facility management or other services or tasks at a particular Property, the costs for which are passed through to and ultimately paid by the tenant at such
Property. 
 REIT. A “real estate investment trust” under Sections 856 through 860 of the Code. 
 Sale or Sales. (i) Any transaction or series of transactions whereby: (A) the Company or the Partnership sells, grants, transfers,
conveys, or relinquishes its ownership of any Property or portion thereof, including the transfer of any Property that is the subject of a ground lease, and including any event with respect to any Property which gives rise to a significant amount of
insurance proceeds or condemnation awards; (B) the Company or the Partnership sells, grants, transfers, conveys, or relinquishes its ownership of all or substantially all of the interest of the Company or the Partnership in any joint venture in
which it is a co-venturer or partner; or (C) any joint venture in which the Company or the Partnership as a co-venturer or partner sells, grants, transfers, conveys, or relinquishes its ownership of any Property or portion thereof, including
any event with respect to any Property which gives rise to insurance claims or condemnation awards, but (ii) not including any transaction or series of transactions specified in clause (i) (A), (i) (B), or (i) (C) above in
which the proceeds of such transaction or series of transactions are reinvested in one or more Properties within 180 days thereafter. 
 Shares. The Company’s shares of common stock, par value $0.01 per share. 
 Stockholders. The registered holders
of the Shares. 
 Stockholders’ 8% Return. As of each date, an aggregate amount equal to an 8% Cumulative Return. 
  

 6 

 Subordinated Incentive Fee. The fee payable to the Advisor under certain circumstances if the
Shares are listed on a national securities exchange or over-the-counter market as defined in Paragraph 8(e). 
 Subordinated Performance
Fee Due Upon Termination. Subordinated Performance Fee Due Upon Termination means a fee equal to (1) 10% of the amount, if any, by which (a) the Appraised Value of the Company’s Properties at the Termination Date, less amounts of
all indebtedness secured by the Company’s Properties, plus total Distributions through the Termination Date exceeds (b) the sum of Invested Capital, plus Distributions attributable to Net Sales Proceeds, plus total Distributions required
to be made to the stockholders in order to pay the Stockholders’ 8% Return from inception through the termination date less (2) any prior payment to the Advisor of a Subordinated Share of Net Sales Proceeds. 
 Subordinated Share of Net Sales Proceeds. The Subordinated Share of Net Sales Proceeds as defined in Paragraph 8(d). 
 Termination Date. The date of termination of the Agreement. 
 Vacant Property. A Property that has been economically vacant for (i) the period from acquisition until the applicable measurement date, if less than six months or (ii) at least six months as of the
applicable date of measurement. 
 2%/25% Guidelines. The requirement pursuant to the NASAA Guidelines that, in any 12-month period,
total Operating Expenses not exceed the greater of 2% of the Company’s Average Invested Assets during such 12-month period or 25% of the Company’s Net Income over the same 12-month period. 
 2. Appointment. The Company hereby appoints the Advisor to serve as its advisor and asset manager on the terms and conditions set
forth in this Agreement, and the Advisor hereby accepts such appointment. 
 3. Duties and Authority of the Advisor. The
Advisor undertakes to use its reasonable efforts (1) to present to the Company potential investment opportunities to provide a continuing and suitable investment program consistent with (i) the investment objectives and policies of the
Company as determined and adopted from time to time by the Board and (ii) the investment allocation method described at Section 11(b) of this agreement and (2) to manage, administer, promote, maintain, and improve the Properties on an
overall portfolio basis in a diligent manner. The services of the Advisor are to be of scope and quality not less than those generally performed by professional asset managers of other similar property portfolios. The Advisor shall make available
the full benefit of the judgment, experience and advice of the members of the Advisor’s organization and staff with respect to the duties it will perform under this Agreement. The Advisor shall also obtain Property Managers, which may include
Affiliates of the Advisor, to manage, promote, and lease the Properties. To facilitate the Advisor’s performance of these undertakings, but subject to the restrictions included in Paragraphs 4 and 7 and to the continuing and exclusive authority
of the Board over the management of the Company and the Partnership, the Company hereby delegates to the Advisor the authority to, and the Advisor hereby agrees to, either directly or by engaging an Affiliate: 
 (a) serve as the Company’s investment and financial advisor and provide research and economic and statistical data in connection with
the Company’s assets and investment policies; 
  

 7 

 (b) provide the daily management of the Company and perform and supervise the various
administrative functions reasonably necessary for the management of the Company; 
 (c) maintain and preserve the books and
records of the Company, including a stock ledger reflecting a record of the Stockholders and their ownership of the Company’s Shares and acting as transfer agent for the Company’s Shares and maintaining the accounting and other
record-keeping functions at the Property and Company levels; 
 (d) investigate, select, and, on behalf of the Company, 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, insurance agents, banks, builders, developers, property owners, 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
with any of the foregoing; 
 (e) consult with the officers and the Board of the Company and assist the Board in the
formulation and implementation of the Company’s financial policies, and, as necessary, furnish the Board 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; 
 (f) oversee the performance by the
Property Managers of their duties, including collection and proper deposits of rental payments and payment of Property expenses and maintenance; 
 (g) conduct periodic on-site property visits to some or all (as the Advisor deems reasonably necessary) of the Properties to inspect the physical condition of the Properties and to evaluate the performance of the
related Property Manager of its duties; 
 (h) review, analyze and comment upon the operating budgets, capital budgets and
leasing plans prepared and submitted by each Property Manager and aggregate these property budgets into the Company’s overall budget; 
 (i) review and analyze on-going financial information pertaining to each Property and the overall portfolio of Properties; 
 (j) formulate and oversee the implementation of strategies for the administration, promotion, management, operation, maintenance, improvement, financing and refinancing, marketing, leasing, and disposition of
Properties on an overall portfolio basis; 
  

 8 

 (k) subject to the provisions of Paragraphs 3(l) and 4 hereof, (i) locate, analyze
and select potential investments in Properties, (ii) structure and negotiate the terms and conditions of transactions pursuant to which investment in Properties will be made; (iii) make investments in Properties on behalf of the Company or
the Partnership in compliance with the investment objectives and policies of the Company; (iv) 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 the investments in, Property; (v) enter into leases and service contracts for Property, including oversight of Affiliated companies that perform property management services for the Company; (vi) oversee
non-affiliated property managers and other non-affiliated Persons who perform services for the Company; and (vii) to the extent necessary, perform all other operational functions for the maintenance and administration of such Property;

 (l) obtain the prior approval of the Board for any and all investments in Properties (as well as any financing acquired by
the Company or the Partnership in connection with such investment); 
 (m) if a transaction requires approval by the Board of
Directors, deliver to the Board of Directors all documents required by them to properly evaluate the proposed investment in the Property; 
 (n) negotiate on behalf of the Company with banks or lenders for loans to be made to the Company, and negotiate on behalf of the Company with investment banking firms and broker-dealers or negotiate private sales of
Shares and other securities or obtain loans for the Company, but in no event in such a way so that the Advisor shall be acting 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; 
 (o) obtain reports (which may be
prepared by the Advisor or its Affiliates), where appropriate, concerning the value of investments or contemplated investments of the Company in Properties; 
 (p) from time to time, or at any time reasonably requested by the Board, provide information or make reports to the Board related to its
performance of services to the Company under this Agreement; 
 (q) from time to time, or at any time reasonably requested by
the Board, make reports to the Board of the investment opportunities it has presented to other Advisor-sponsored programs or that it has pursued directly or through an Affiliate; 
 (r) provide the Company with all necessary cash management services; 
 (s) deliver to or maintain on behalf of the Company copies of all appraisals obtained in connection with the investments in Properties;

 (t) notify the Board of all proposed material transactions before they are completed; 
 (u) at the direction of Company management, prepare the Company’s periodic reports and other filings made under the Securities
Exchange Act of 1934, as amended, and the 

  

 9 

 
Company’s Post-Effective Amendments to the Registration Statement as well as all related prospectuses, prospectus supplements and supplemental sales
literature and assist in connection with the filing of such documents with the appropriate regulatory authorities; and 
 (v)
do all things necessary to assure its ability to render the services described in this Agreement. 
 4. Modification or Revocation of
Authority of Advisor. The Board may, at any time upon the giving of notice to the Advisor, modify or revoke the authority or approvals set forth in Paragraph 3, 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 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 in the
name of the Company 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, under such terms and conditions as the Board may approve, provided that no funds
shall be commingled with the funds of the Advisor; and the Advisor shall from time to time render appropriate accountings of such collections and payments to the Board 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 Board 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.

 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, its Shares or its other securities, or the Articles of Incorporation or Bylaws, except if such action shall be
ordered by the Board, in which case the Advisor shall notify promptly the Board of the Advisor’s judgment of the potential impact of such action and shall refrain from taking such action until it receives further clarification or instructions
from the Board. In such event the Advisor shall have no liability for acting in accordance with the specific instructions of the Board so given. Notwithstanding the foregoing, the Advisor, its directors, officers, employees and stockholders, and
stockholders, directors and officers of the Advisor’s Affiliates shall not be liable to the Company or to the Board or stockholders for any act or omission by the Advisor, its directors, officers or employees, or stockholders, directors or
officers of the Advisor’s Affiliates except as provided in Paragraphs 18 and 19 of this Agreement. 
  

 10 

 8. Fees. 
 (a) Asset Management Fee. Subject to the overall limitations contained below in this Section 8(a), commencing on the date
hereof, the Advisor shall be paid for the asset management services included in the services described in Section 3 a monthly fee (the “Asset Management Fee”) in an amount equal to one-twelfth of 0.75% of the Adjusted Cost calculated
on the last day of each preceding month. Notwithstanding the foregoing, the aggregate Asset Management Fee payable to Advisor pursuant to this Section 8(a) shall not exceed 1.0% of Net Asset Value, calculated on a quarterly basis as of the last
day of each quarter (the “Asset Management Fee Ceiling”). To the extent the Asset Management Fee Ceiling exceeds the sum of the three previous monthly Asset Management Fee payments (such amount the “Ceiling Excess”), each next
succeeding monthly payment of the Asset Management Fee will be applied against the Ceiling Excess until the Ceiling Excess is eliminated, but in no event will the Advisor be required to make a cash payment on account of any Ceiling Excess.

 (b) Acquisition Fees. The Advisor shall receive, as compensation for services rendered in connection with the
investigation, selection and acquisition (by purchase, investment or exchange) of Properties, Acquisition Fees in an amount equal to 2.0% of Gross Proceeds, payable by the Company upon the Company’s receipt of Gross Proceeds; provided that upon
termination of this Agreement, the Advisor will be obligated to reimburse the Company for any Acquisition Fee that has not been allocated to the purchase price of Company Properties as provided for in Section 8.7 of the Articles of
Incorporation. 
 (c) Disposition Fee. If the Advisor or an Affiliate provides a substantial amount of the services (as
determined by the Conflicts Committee) in connection with the Sale of one or more Properties, the Advisor or such Affiliate shall receive at closing a Disposition Fee equal to 1.0% of the sales price of such Property or Properties; provided,
however, that no Disposition Fee shall be payable to the Advisor for Property Sales if such Sales involve the Company selling all or substantially all of its Properties in one or more transactions designed to effectuate a business combination
transaction (as opposed to a Company liquidation, in which case the Disposition Fee would be payable if the Advisor or an Affiliate provides a substantial amount of services as provided above). Any Disposition Fee payable under this section may be
paid in addition to real estate commissions paid to non-Affiliates, provided that the total real estate commissions (including such Disposition Fee) paid to all Persons by the Company for each Property shall not exceed an amount equal to the lesser
of (i) 6.0% of the aggregate Contract Sales Price of each Property or (ii) the Competitive Real Estate Commission for each Property. 
 (d) Subordinated Share of Net Sales Proceeds. The Subordinated Share of Net Sales Proceeds shall be payable to the Advisor in an amount equal to 10% of Net Sales Proceeds remaining after the Stockholders have
received Distributions equal to the sum of the Stockholders’ 8% Return and 100% of Invested Capital. Following Listing, no Subordinated Share of Net Sales Proceeds will be paid to the Advisor. 
 (e) Subordinated Incentive Fee. Upon Listing, the Advisor shall be entitled to the Subordinated Incentive Fee in an amount equal to
10.0% of the amount by which (i) the market value of the outstanding stock of the Company, measured by taking the average closing price or average of bid and asked price, as the case may be, over a period of 30 days during which the 

  

 11 

 
Shares are traded, with such period beginning 180 days after Listing (the “Market Value”), plus the total of all Distributions paid to Stockholders
from the Company’s inception until the date that Market Value is determined, exceeds (ii) the sum of (A) 100% of Invested Capital and (B) the total Distributions required to be paid to the Stockholders in order to pay the
Stockholders’ 8% Return from inception through the date Market Value is determined. The Company shall have the option to pay such fee in the form of cash, Shares, a promissory note or any combination of the foregoing. The Subordinated Incentive
Fee will be reduced by the amount of any prior payment to the Advisor of a Subordinated Share of Net Sales Proceeds. In the event the Subordinated Incentive Fee is paid to the Advisor following Listing, no other performance fee will be paid to the
Advisor. 
 (f) Changes to Fee Structure. In the event of Listing, the Company and the Advisor shall negotiate in good
faith to establish a fee structure appropriate for a perpetual-life entity. 
 9. Expenses. 
 (a) Reimbursable Expenses. In addition to the compensation paid to the Advisor pursuant to Paragraph 8 hereof, the Company shall
pay directly or reimburse the Advisor for all of the expenses paid or incurred by the Advisor (to the extent not reimbursable by another party, such as the dealer manager) in connection with the services it provides to the Company pursuant to this
Agreement, including, but not limited to: 
 (i) the Organization and Offering Expenses; provided, however, that within 60
days after the end of the month in which an Offering terminates, the Advisor shall reimburse the Company to the extent (i) Capped O&O Expenses borne by the Company exceed 2.0% of the Gross Proceeds raised in a completed offering and
(ii) Organization and Offering Expenses borne by the Company exceed 15% of the Gross Proceeds raised in a completed Offering; 
 (ii) Acquisition Fees and Acquisition Expenses payable to unaffiliated Persons incurred in connection with the selection and acquisition of Properties; 
 (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 or Property and taxes as an expense of doing business; 
 (vi) costs associated with insurance required in connection with the business of the Company or by the Board; 
 (vii) expenses of managing and operating Properties owned by the Company, whether payable to an Affiliate of the Company or a
non-affiliated Person; 
  

 12 

 (viii) all expenses in connection with payments to the Board and meetings of the Board
and Stockholders; 
 (ix) expenses associated with Listing or with the issuance and distribution of securities other than the
Shares, such as selling commissions and fees, advertising expenses, taxes, legal and accounting fees, listing and registration fees; 
 (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, redomesticating, merging, liquidating or dissolving the Company or of amending the Articles of Incorporation or the Bylaws; 
 (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 all costs and expenses incurred by Advisor in fulfilling its duties hereunder. Such costs and expenses may include reasonable wages and salaries and other employee-related expenses of all employees of Advisor who are
engaged in the management, administration, operations, and marketing of the Company, including taxes, insurance and benefits relating to such employees, and legal, travel and other out-of-pocket expenses which are directly related to their services
provided hereunder; and 
 (xiv) audit, accounting and legal fees. 
 No reimbursement shall be made for costs of personnel of the Advisor or its Affiliates to the extent that such personnel perform services in connection with services for
which the Advisor receives the Acquisition Fee or the Disposition Fee. 
 (b) Other Services. Should the Board request
that the Advisor or any director, officer or employee thereof render services for the Company other than set forth in Paragraph 3, such services shall be separately compensated at such rates and in such amounts as are agreed by the Advisor and the
Conflicts Committee, 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. 
 (c) Timing of and Limitations on Reimbursements. 
 (i) Expenses incurred by the Advisor on behalf of the Company and payable pursuant to this Paragraph 9 shall be reimbursed no less than
monthly to the Advisor. The Advisor shall prepare a statement documenting the expenses of the Company during each quarter, and shall deliver such statement to the Company within 45 days after the end of each quarter. 
 (ii) The Company shall not reimburse the Advisor at the end of any fiscal quarter Operating Expenses that, in the four consecutive fiscal
quarters then ended (the “Expense Year”) exceed (the “Excess Amount”) the greater of 2% of Average Invested 

  

 13 

 
Assets or 25% of Net Income (the “2%/25% Guidelines”) for such year unless the Conflicts Committee determines that such excess was justified, based
on unusual and nonrecurring factors which the Conflicts Committee deems sufficient. If the Conflicts Committee does not approve such excess as being so justified, any Excess Amount paid to the Advisor during a fiscal quarter shall be repaid to the
Company. If the Conflicts Committee determines such excess was justified, then within 60 days after the end of any fiscal quarter of the Company for which total reimbursed Operating Expenses for the Expense Year exceed the 2%/25% Guidelines, the
Advisor, at the direction of the Conflicts Committee, shall send to the stockholders a written disclosure of such fact, together with an explanation of the factors the Conflicts Committee considered in determining that such excess expenses were
justified. The Company will ensure that such determination will be reflected in the minutes of the meetings of the Board of Directors. All figures used in the foregoing computation shall be determined in accordance with generally accepted accounting
principles applied on a consistent basis. 
 10. Fidelity Bond. The Advisor shall maintain a fidelity bond for the benefit of
the Company which bond shall insure the Company from losses of up to $10,000,000 and shall be of the type customarily purchased by entities performing services similar to those provided to the Company by the Advisor. 
 11. Other Activities of the Advisor. 
 (a) General. Nothing herein contained shall prevent the Advisor from engaging in 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, or stockholder of the Advisor or its Affiliates to engage in any
other business or to render services of any kind to any other partnership, corporation, firm, individual, trust or association. 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. The Advisor shall report to the Board the existence of any condition or circumstance, existing or anticipated, of which it has knowledge, which creates or could create a conflict of interest between the
Advisor’s obligations to the Company and its obligations to or its interest in any other partnership, corporation, firm, individual, trust or association. 
 (b) Policy with Respect to Allocation of Investment Opportunities. Before the Advisor presents an investment opportunity that would
in its judgment be suitable for the Company to another Advisor-sponsored program, the Advisor shall determine in its sole discretion that the investment opportunity is more suitable for such other program than for the Company based on factors such
as the following: the investment objectives and criteria of each program; the cash requirements and anticipated cash flow of each program; the size of the investment opportunity; the effect of the acquisition on diversification of each
program’s investments by type of commercial property, geographic area and tenant base; the estimated income tax effects of the purchase on each entity; the policies of each program relating to leverage; the funds of each entity available for
investment and the length of time such funds have been available for investment. In 

  

 14 

 
the event that an investment opportunity becomes available that is, in the sole discretion of the Advisor, equally suitable for both the Company and another
Advisor-sponsored program, then the Advisor may offer the other program the investment opportunity if it has had the longest period of time elapse since it was offered an investment opportunity. The Advisor will use its reasonable efforts to fairly
allocate investment opportunities in accordance with such allocation method and will promptly disclose any material deviation from such policy or the establishment of a new policy, which shall be allowed provided (1) the Board is provided with
notice of such policy at least 60 days prior to such policy becoming effective and (2) such policy provides for the reasonable allocation of investment opportunities among such programs. The Advisor shall provide the Conflicts Committee with
any information reasonably requested so that the Conflicts Committee can insure that the allocation of investment opportunities is applied fairly. Nothing herein shall be deemed to prevent the Advisor or an Affiliate from pursuing an investment
opportunity directly rather than offering it to the Company or another Advisor-sponsored program so long as the Advisor is fulfilling its obligation to present a continuing and suitable investment program to the Company which is consistent with the
investment policies and objectives of the Company. 
 12. Relationship of Advisor and Company. The Company and the Advisor are
not partners or joint venturers with each other, and nothing in this Agreement shall be construed to make them such partners or joint venturers or impose any liability as such on either of them. 
 13. Representations and Warranties. 
 (a) Of the Company. To induce the Advisor to enter into this Agreement, the Company hereby represents and warrants that: 
 (i) The Company is a corporation, duly organized, validly existing and in good standing under the laws of the State of Maryland with all
requisite corporate power and authority and all material licenses, permits and authorizations necessary to carry out the transactions contemplated by this Agreement. 
 (ii) The Company’s execution, delivery and performance of this Agreement have been duly authorized. This Agreement constitutes the
valid and binding obligation of the Company, enforceable against the Company in accordance with its terms. The Company’s execution and delivery of this Agreement and its fulfillment of and compliance with the respective terms hereof do not and
will not (i) conflict with or result in a breach of the terms, conditions or provisions of, (ii) constitute a default under, (iii) result in the creation of any lien, security interest, charge or encumbrance upon the assets of the
Company pursuant to, (iv) give any third party the right to modify, terminate or accelerate any obligation under, (v) result in a violation of or (vi) require any authorization, consent, approval, exception or other action by or
notice to any court or administrative or governmental body pursuant to, the Articles of Incorporation or Bylaws or any law, statute, rule or regulation to which the Company is subject, or any agreement, instrument, order, judgment or decree by which
the Company is bound, in any such case in a manner that would have a material adverse effect on the ability of the Company to perform any of its obligations under this Agreement. 
  

 15 

 (b) Of the Advisor. To induce Company to enter into this Agreement, the Advisor
represents and warrants that: 
 (i) The Advisor is a corporation, duly organized, validly existing and in good standing under
the laws of the State of Georgia with all requisite corporate power and authority and all material licenses, permits and authorizations necessary to carry out the transactions contemplated by this Agreement. 
 (ii) The Advisor’s execution, delivery and performance of this Agreement have been duly authorized. This Agreement constitutes a
valid and binding obligation of the Advisor, enforceable against the Advisor in accordance with its terms. The Advisor’s execution and delivery of this Agreement and its fulfillment of and compliance with the respective terms hereof do not and
will not (i) conflict with or result in a breach of the terms, conditions or provisions of, (ii) constitute a default under, (iii) result in the creation of any lien, security interest, charge or encumbrance upon the Advisor’s
assets pursuant to, (iv) give any third party the right to modify, terminate or accelerate any obligation under, (v) result in a violation of or (vi) require any authorization, consent, approval, exemption or other action by or notice
to any court or administrative or governmental body pursuant to, the Advisor’s articles of incorporation or bylaws, or any law, statute, rule or regulation to which the Advisor is subject, or any agreement, instrument, order, judgment or decree
by which the Advisor is bound, in any such case in a manner that would have a material adverse effect on the ability of the Advisor to perform any of its obligations under this Agreement. 
 (iii) The Advisor has received copies of the Articles of Incorporation, Bylaws, and the Registration Statement and of the
Partnership’s limited partnership agreement and is familiar with the terms thereof, including without limitation the investment limitations included therein. Advisor warrants that it will use reasonable care to avoid any act or omission that
would conflict with the terms of the Articles of Incorporation, Bylaws, the Registration Statement, or the Partnership’s limited partnership agreement in the absence of the express direction of the Conflicts Committee. 
 14. Term; Termination of Agreement. This Agreement shall continue in force through April 30, 2008, subject to an unlimited number of
successive one-year renewals upon mutual consent of the parties. The Company, acting through the Board, will 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. 
 15. Termination by Either Party. This Agreement may be terminated upon 60 days written notice without cause or
penalty, by either party (by majority of the Conflicts Committee or a majority of the Board of Directors of the Advisor, as the case may be). The provisions of Sections 1, 6, 7, and 17 through 29 survive termination of this Agreement. 
 16. Assignment to an Affiliate. This Agreement may be assigned by the Advisor to an Affiliate with the approval of a majority of the
Conflicts Committee. The Advisor may assign any rights to receive fees or other payments under this Agreement without obtaining the approval of the Board. This Agreement shall not be assigned by the Company without the consent of the 

  

 16 

 
Advisor, except in the case of an assignment by the Company to a corporation or other organization which is a successor to all of the assets, rights and
obligations of the Company, in which case such successor organization shall be bound hereunder and by the terms of said assignment in the same manner as the Company is bound by this Agreement. 
 17. Payments to and Duties of Advisor upon Termination. Payments to the Advisor pursuant to this Section 17 shall be subject to the
2%/25% Guidelines to the extent applicable. 
 (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 within 30 days after the effective date of such termination the following: 
 (i) all unpaid reimbursements of expenses and all earned but unpaid fees payable to the Advisor prior to termination of this Agreement.;
and 
 (ii) the Subordinated Performance Fee Due Upon Termination, provided that no Subordinated Performance Fee Due Upon
Termination will be paid if the Company has paid or is obligated to pay the Subordinated Incentive Fee. 
 (b) The Advisor
shall promptly upon termination: 
 (i) pay over to the Company all money collected and held for the account of the Company
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 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; 
 (iii) deliver to the Board all assets, including Properties, and documents of the Company then in the custody
of the Advisor; and 
 (iv) cooperate with the Company to provide an orderly management transition. 
 18. Indemnification by the Company. The Company shall indemnify and hold harmless the Advisor and its Affiliates, including their
respective officers, directors, partners and employees, 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, subject to any limitations imposed by the laws of the State of Maryland or the Articles of Incorporation. Notwithstanding the foregoing, the Advisor
shall not be entitled to indemnification or be held harmless pursuant to this Paragraph 18 for any activity which the Advisor shall be required to indemnify or hold harmless the Company pursuant to Paragraph 19. Any indemnification of the Advisor
may be made only out of the net assets of the Company and not from Stockholders. 
 19. Indemnification by Advisor. The Advisor
shall indemnify and hold harmless the Company 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 

  

 17 

 
related expenses are not fully reimbursed by insurance and are incurred by reason of the Advisor’s bad faith, fraud, willful misfeasance, misconduct, or
reckless disregard of its duties. 
 20. 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 or by overnight mail or other overnight delivery service to the addresses set forth herein: 
  

			
	To the Board and to the Company:	 	 Wells Real Estate Investment Trust II, Inc.
 6200 The
Corners Parkway, Suite 250
 Norcross, Georgia 30092

		
	To the Advisor:	 	 Wells Capital, Inc.
 6200 The Corners Parkway, Suite
250
 Norcross, Georgia 30092

 Either party may at any time give notice in writing to the other party of a change in its address
for the purposes of this Paragraph 20. 
 21. Modification. This Agreement shall not be changed, modified, terminated, or
discharged, in whole or in part, except by an instrument in writing signed by both parties hereto, or their respective successors or assignees. 
 22. 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. 
 23. Construction. The provisions of this Agreement
shall be construed and interpreted in accordance with the laws of the State of Georgia. 
 24. 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 and/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. 
 25. 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

  

 18 

 
occurrence. No waiver shall be effective unless it is in writing and is signed by the party asserted to have granted such waiver. 
 26. 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. 
 27. Titles Not to Affect
Interpretation. The titles of paragraphs and subparagraphs 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. 

28. 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 the counterparts hereof, taken together, bear the signatures of all of
the parties reflected hereon as the signatories. 
 29. Name. Wells Capital, Inc. has a proprietary interest in the name
“Wells.” Accordingly, and in recognition of this right, if at any time the Company ceases to retain Wells Capital, Inc. or an Affiliate thereof to perform the services of Advisor, the Company will, promptly after receipt of written request
from Wells Capital, Inc., cease to conduct business under or use the name “Wells” or any derivative thereof and the Company shall use its best efforts to change the name of the Company to a name that does not contain the name
“Wells” or any other word or words that might, in the sole discretion of the Advisor, be susceptible of indication of some form of relationship between the Company and the Advisor or any Affiliate thereof. Consistent with the foregoing, it
is specifically recognized that the Advisor or one or more of its Affiliates has in the past and may in the future organize, sponsor or otherwise permit to exist other investment vehicles (including vehicles for investment in real estate) and
financial and service organizations having “Wells” as a part of their name, all without the need for any consent (and without the right to object thereto) by the Company or its Board. 
 [Signatures appear on next page.] 
  

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 IN WITNESS WHEREOF, the parties hereto have executed this Advisory Agreement this 20th day of February,
2008. 
  

			
	WELLS REAL ESTATE INVESTMENT TRUST II, INC.
		
	By:	 	 

			
	Name:	 	Douglas P. Williams
	Title:	 	Executive Vice President
	
	WELLS CAPITAL, INC.
		
	By:	 	 

			
	Name:	 	Leo F. Wells III
	Title:	 	President

  

 20

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