Document:

Amendment No. 11 to the Credit Agreement

 Exhibit 10.1 
 AMENDMENT NO. 11 
 This AMENDMENT NO. 11 (“AMENDMENT”) is made as of August 21,
2009, by and among DOVER MOTORSPORTS, INC., a Delaware corporation, DOVER INTERNATIONAL SPEEDWAY, INC., a Delaware corporation, GATEWAY INTERNATIONAL MOTORSPORTS CORPORATION, an Illinois corporation, MEMPHIS INTERNATIONAL MOTORSPORTS CORPORATION, a
Tennessee corporation, and NASHVILLE SPEEDWAY USA, INC., a Tennessee corporation (collectively, “BORROWERS”); MIDWEST RACING, INC., a California corporation (“NEW BORROWER”), PNC BANK, NATIONAL ASSOCIATION, as agent
(“AGENT”); PNC BANK, NATIONAL ASSOCIATION, in its capacity as issuer of letters of credit (“ISSUING BANK”); and WILMINGTON TRUST COMPANY, PNC BANK, NATIONAL ASSOCIATION, and WILMINGTON SAVINGS FUND SOCIETY, FSB (collectively,
“LENDERS”). 
 RECITALS 
 The BORROWERS, the AGENT, the ISSUING BANK and the LENDERS are parties to that certain Credit Agreement executed February 17, 2004 and effective as of February 19, 2004, as previously amended (“CREDIT AGREEMENT”),
pursuant to which the LENDERS and the ISSUING BANK are providing to the BORROWERS certain credit facilities (“CREDIT FACILITIES”). 
 The BORROWERS’ repayment obligations in connection with the CREDIT FACILITIES are evidenced by: (a) the Second Amended and Restated Revolving Loan Promissory Note in the stated principal amount of Forty-Four Million Three Hundred
Twenty-One Thousand Four Hundred Twenty-Four Dollars ($44,321,424.00) from the BORROWERS to the order of Mercantile-Safe Deposit and Trust Company effective as of April 30, 2007 (“PNC NOTE”); (b) the Amended and Restated
Revolving Loan Promissory Note in the stated principal amount of Seventeen Million One Hundred Forty-Two Thousand Eight Hundred Fifty-Six Dollars ($17,142,856.00) from the BORROWERS to the order of Wilmington Trust Company effective as of
October 12, 2005 (“WILMINGTON TRUST NOTE”); and (c) the Amended and Restated Revolving Loan Promissory Note in the stated principal amount of Fourteen Million Two Hundred Eighty-Five Thousand Seven Hundred Twenty Dollars
($14,285,720.00) from the BORROWERS to Wilmington Savings Fund Society, FSB effective as of October 12, 2005 (“WILMINGTON SAVINGS NOTE”). 
 As used herein the term “LOAN DOCUMENTS” means collectively the CREDIT AGREEMENT, the PNC NOTE, the WILMINGTON TRUST NOTE, the WILMINGTON SAVINGS NOTE and all other documents evidencing the obligations in
connection with the CREDIT FACILITIES. 
 The BORROWERS have requested that the AGENT, the LENDER and the ISSUING BANK agree to modify
certain financial covenants contained in the CREDIT AGREEMENT. The AGENT, the LENDER and the ISSUING BANK are willing to consent to the BORROWERS’ request subject to the terms contained in this AMENDMENT and provided that the NEW BORROWER shall
assume as a co-borrower, on a joint and several basis, all of the BORROWERS’ obligations under the LOAN DOCUMENTS. 
 The NEW BORROWER
has a closely related and intertwined business relationship with the BORROWERS and receives a direct financial benefit from the CREDIT FACILITIES. Consequently, the NEW BORROWER is willing to assume as a co-borrower all of the obligations of the
BORROWERS under the LOAN DOCUMENTS. 
 NOW, THEREFORE, in consideration of the premises, and other good and valuable consideration, the
receipt and adequacy of which are hereby acknowledged, the parties agree as follows: 
 Section 1. Recitals. The parties
acknowledge the accuracy of the above recitals and hereby incorporate the recitals into this AMENDMENT. 
 Section 2. Assumption by
New Borrower. The NEW BORROWER hereby assumes all of the obligations of the BORROWERS under the LOAN DOCUMENTS on a joint and several basis. The term 

 
“BORROWERS” as used in the LOAN DOCUMENTS means jointly and severally the BORROWERS and the NEW BORROWER. The NEW BORROWER hereby agrees to execute
and deliver to the AGENT and the LENDERS a Borrower Joinder And Assumption Agreement pursuant to which the NEW BORROWER more fully sets forth its assumption of the obligations of the BORROWERS under the LOAN DOCUMENTS. 
 Section 3. Amendment to Credit Agreement. Effective as of the date of this AMENDMENT, the CREDIT AGREEMENT is hereby amended as follows:

 a. Amended Definition. The definitions of “ADJUSTED LIBOR RATIO,” “ADJUSTED BASE RATE,”
“APPLICABLE MARGIN” and “BASE RATE” contained in Article 1 of the CREDIT AGREEMENT are hereby amended by deleting their present language in their entirety and substituting in lieu thereof the following: 
 Adjusted LIBOR Rate. The term “ADJUSTED LIBOR RATE” means, for any INTEREST PERIOD, the higher of: (a) three and three-quarters
percent (3.75%) per annum; or (b) that rate per annum, rounded upwards, if necessary, to the nearest one hundredth of one percent (.01%), equal to the sum of: (a) the quotient obtained by dividing (i) the LIBOR RATE by
(ii) 1.00 minus the RESERVE REQUIREMENT; plus (b) the APPLICABLE MARGIN. 
 Adjusted Base Rate. The term
“ADJUSTED BASE RATE” means the higher of: (a) three and three-quarters percent (3.75%) per annum; or (b) that rate per annum equal to the sum of the BASE RATE plus the APPLICABLE MARGIN. 
 Applicable Margin. The term “APPLICABLE MARGIN” means: (a) for any BASE RATE BORROWING two hundred fifty (250) BASIS POINTS;
and (b) for any LIBOR BORROWING three hundred fifty (350) BASIS POINTS. 
 Base Rate. The term “BASE RATE” means
the highest of (a) the PRIME RATE, and (b) the sum of the FEDERAL FUNDS OPEN RATE plus fifty (50) basis points (0.50%), and (c) the sum of the DAILY LIBOR RATE plus one hundred (100) basis points (1.0%), so
long as a DAILY LIBOR RATE is offered, ascertainable and not unlawful. 
 b. Additional Definitions. Article 1 of the
CREDIT AGREEMENT is hereby amended by inserting the following new definitions: 
 Daily LIBOR Rate. The term “DAILY LIBOR
RATE” means, for any day, the rate per annum determined by the AGENT by dividing (x) the PUBLISHED RATE by (y) a number equal to 1.00 minus the RESERVE REQUIREMENT. 
 Extraordinary Disposition. The term “EXTRAORDINARY DISPOSITION” means the sale, transfer, license, lease or other disposition (including
any sale and leaseback transaction) of any real or personal property by a BORROWER (other than the MEMPHIS SALE) in which the cash or non-cash payments or consideration received by the BORROWERS is in excess of Five Hundred Thousand Dollars
($500,000.00). 
 Federal Funds Open Rate. “FEDERAL FUNDS OPEN RATE” shall mean, for any day, the rate per annum
(based on a year of 360 days and actual days elapsed) which is the daily federal funds open rate as quoted by ICAP North America, Inc. (or any successor) as set forth on the Bloomberg Screen BTMM for that day opposite the caption “OPEN”
(or on such other substitute Bloomberg Screen that displays such rate), or as set forth on such other recognized electronic source used for the purpose of displaying such rate as selected by the AGENT (an “Alternate Source”) (or if such
rate for such day does not appear on the Bloomberg Screen BTMM (or any substitute screen) or on any Alternate Source, or if there shall at any time, for any reason, no longer exist a Bloomberg Screen 

  

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BTMM (or any substitute screen) or any Alternate Source, a comparable replacement rate determined by the AGENT at such time (which determination shall be
conclusive absent manifest error); provided however, that if such day is not a BUSINESS DAY, the FEDERAL FUNDS OPEN RATE for such day shall be the “open” rate on the immediately preceding BUSINESS DAY. The rate of interest charged shall be
adjusted as of each BUSINESS DAY based on changes in the FEDERAL FUNDS OPEN RATE without notice to the BORROWERS. 
 Memphis Sale. The
term “MEMPHIS SALE” means the sale of either: (a) all of the issued and outstanding stock in Memphis International Motorsports Corporation; or (b) substantially all of the assets of Memphis International Motorsports Corporation.

 Net Available Proceeds. The term “NET AVAILABLE PROCEEDS” means any cash payments, and the fair-market cash value of any
non-cash consideration, received by any of the BORROWERS directly or indirectly in connection with the sale, transfer, license, lease or other disposition of any assets of a BORROWER, net of (a) the amount of any legal, title, accounting,
recording tax expenses, commissions and other reasonable and necessary fees and expenses payable by the BORROWERS in connection with the subject transaction, and (b) any federal, state and local income or other taxes reasonably estimated to be
payable by the BORROWERS as a result of such transaction. 
 Prime Rate. The term “PRIME RATE” shall mean the rate publicly
announced by the AGENT from time to time as its prime rate. The Prime Rate is determined from time to time by the AGENT as a means of pricing some loans to its borrowers. The Prime Rate is not tied to any external rate of interest or index, and does
not necessarily reflect the lowest rate of interest actually charged by the AGENT to any particular class or category of customers. 
 Published Rate. The term “PUBLISHED RATE” shall mean the rate of interest published each BUSINESS DAY in the Wall Street Journal “Money Rates” listing under the caption “London Interbank Offered Rates”
for a one month period (or, if no such rate is published therein for any reason, then the PUBLISHED RATE shall be the eurodollar rate for a one month period as published in another publication selected by the AGENT). 
 c. Section 2.12.a. Section 2.12.a of the CREDIT AGREEMENT is hereby amended by deleting its present language in its
entirety and substituting in lieu thereof the following: 
 a. Mandatory Reductions. The amount of the TOTAL COMMITMENT shall be
reduced as follows: (i) the NET AVAILABLE PROCEEDS from the MEMPHIS SALE shall be immediately paid to the AGENT to reduce the principal amount outstanding under the REVOLVING LOANS and to permanently reduce the amount of the TOTAL COMMITMENT by
an amount equal to the NET AVAILABLE PROCEEDS from the MEMPHIS SALE; (ii) the NET AVAILABLE PROCEEDS from any EXTRAORDINARY DISPOSITION shall be immediately paid to the AGENT to reduce the principal amount outstanding under the REVOLVING LOANS
and to permanently reduce the amount of the TOTAL COMMITMENT by an amount equal to the NET AVAILABLE PROCEEDS received in connection with such EXTRAORDINARY DISPOSITION; and (iii) on July 1, 2010 the amount of the TOTAL COMMITMENT shall be
automatically reduced by Five Million Dollars ($5,000,000.00). 
 d. Section 5.16. Section 5.16 of the CREDIT
AGREEMENT is hereby amended by deleting its present language in its entirety and substituting in lieu thereof the following: 
 Section 5.16. Leverage Ratio. The BORROWER shall maintain a LEVERAGE RATIO of not more than: (a) 5.0 to 1.0 as of September 30, 2009, provided, however, that in the 

  

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event the MEMPHIS SALE occurs prior to September 30, 2009 such maximum ratio shall be 3.5 to 1.0; (b) 5.0 to 1.0 as of December 31, 2009,
provided, however, that in the event the MEMPHIS SALE occurs prior to December 31, 2009 such maximum ratio shall be 3.5 to 1.0; (c) 4.75 to 1.0 as of March 31, 2010, provided, however, that in the event the MEMPHIS SALE occurs prior
to March 31, 2010 such maximum ratio shall be 3.0 to 1.0; and (d) 3.0 to 1.0 as of June 30, 2010, and as of the end of each fiscal quarter thereafter. 
 e. Section 5.17. Section 5.17 of the CREDIT AGREEMENT is hereby amended by deleting its present language in its entirety
and substituting in lieu thereof the following: 
 Section 5.17. Fixed Charge Coverage Ratio. The BORROWERS shall maintain a FIXED
CHARGE COVER RATIO of not less than: (a) 1.55 to 1.0 as of September 30, 2009; (b) 1.65 to 1.0 as of December 31, 2009, provided, however, that in the event the MEMPHIS SALE occurs by September 30, 2009 such minimum ratio
shall be 1.75 to 1.0; and (c) 1.75 to 1.0 as of March 31, 2010 and as of the end of each fiscal quarter thereafter. 
 f. Section 5.18. Section 5.18 of the CREDIT AGREEMENT is hereby amended by deleting its present language in its entirety and substituting in lieu thereof the following: 
 Section 5.18. Tangible Net Worth. The BORROWERS shall maintain, as of the end of each fiscal quarter, a CONSOLIDATED
TANGIBLE NET WORTH of not less than: (a) Sixty-Two Million Five Hundred Thousand Dollars ($62,500,000.00) as of September 30, 2009; and (b) Fifty-Five Million Dollars ($55,000,000.00) as of December 31, 2009; provided, however,
that in the event the MEMPHIS SALE occurs prior to December 31, 2009 the minimum required CONSOLIDATED TANGIBLE NET WORTH as of December 31, 2009 shall be Sixty Million Dollars ($60,000,000.00); and further provided that the amount of
CONSOLIDATED TANGIBLE NET WORTH required to be maintained pursuant to this section shall be increased as of December 31st
 of each year, commencing with the FISCAL YEAR ending December 31, 2010, by an amount equal to twenty-five percent (25%) of the aggregate positive CONSOLIDATED NET INCOME of the BORROWERS for
the FISCAL YEAR ending on such December 31st, as evidenced by the
BORROWERS’ audited financial statements for such FISCAL YEAR which are delivered to the AGENT pursuant to Section 5.12.2 hereof. There shall be no decrease in the amount of the acquired CONSOLIDATED TANGIBLE NET WORTH for any negative
CONSOLIDATED NET INCOME of the BORROWERS. 
 g. Section 6.5. Section 6.5 of the CREDIT AGREEMENT is hereby
amended by deleting its present language in its entirety and substituting in lieu thereof the following: 
 Section 6.5. Restricted
Payments. None of the BORROWERS shall make any RESTRICTED PAYMENTS except: (a) any BORROWER which is a wholly-owned subsidiary of another BORROWER may pay dividends or other distributions to the BORROWER which is its parent; and (b) so
long as no DEFAULT or EVENT OF DEFAULT exists or is caused thereby, payments to retire or obtain the surrender of outstanding stock options in a BORROWER issued to employees in connection with employee incentive plans, provided that the aggregate
amount of all such payments in any FISCAL YEAR does not exceed Five Hundred Thousand Dollars ($500,000.00). 
 Section 3. Security
Interest. In consideration for the LENDERS’ agreements contained herein, the BORROWERS and the NEW BORROWER (collectively, the “OBLIGORS”) shall execute and deliver to the AGENT, on the date of this AMENDMENT, a Security
Agreement, Pledge Agreements, blank stock powers, a Mortgage, Deeds of Trust and such other documents (collectively, “SECURITY DOCUMENTS”), in forms acceptable to the AGENT, necessary to grant to the AGENT for the benefit of the LENDERS
and the ISSUING 

  

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BANK, security interests and liens in substantially all of the OBLIGORS’ real and personal property, including, but not limited to: (a) all now
owned or hereafter acquired accounts, inventory, equipment, fixtures, general intangibles, investment property, documents, instruments, chattel paper, goods and letter of credit rights; (b) all capital stock in each of the OBLIGORS other than
Dover Motorsports, Inc.; and (c) all parcels of real property owned by the OBLIGORS located in the states of Delaware and Tennessee; provided, however, that the security interests and liens granted in such documents shall not attach to the
collateral described therein unless the OBLIGORS’ “LEVERAGE RATIO” (as defined in the CREDIT AGREEMENT) as of September 30, 2009 is 3.5 to 1.0 or greater (“ATTACHMENT EVENT”) as evidenced by the financial statements of
the OBLIGORS delivered to the AGENT pursuant to Section 5.12.1 of the CREDIT AGREEMENT. Prior to the occurrence of the ATTACHMENT EVENT the security interests and liens granted in the SECURITY DOCUMENTS shall be of no force or effect and the
SECURITY DOCUMENTS shall be held in escrow by the AGENT. If the ATTACHMENT EVENT occurs: (a) the SECURITY DOCUMENTS shall be released from escrow and shall be in full force and effect; (b) the AGENT shall be authorized to attach to the
mortgage relating to the Delaware property of Dover International Speedway, Inc., as Exhibit A thereto, the legal description of all of the real property located in Kent County, Delaware owned by Dover International Speedway, Inc.; (c) the
AGENT shall be authorized to complete the blanks relating to the principal amount of indebtedness for recording tax purposes contained in each of the Deeds of Trust relating to the Tennessee properties with the amount set forth on the
“Affidavit Relative to Multistate Collateral” hereafter delivered to the AGENT by the BORROWERS, or in the event the BORROWERS fail to deliver such Affidavit in an appropriate form, the amount of Seventy-Three Million Dollars
($73,000,000.00) or such lesser amount as the LENDERS determine; (d) the AGENT shall be authorized to record the financing statements, mortgages, deeds of trust and other documents necessary in order to perfect the liens granted in the SECURITY
DOCUMENTS; (e) the AGENT shall obtain title insurance policies in an aggregate amount of Thirty-Five Million Dollars ($35,000,000.00) insuring the AGENT’S first priority mortgage liens in the real property of the OBLIGORS located in
Delaware and Tennessee and otherwise in form acceptable to the AGENT (“TITLE POLICIES”); and (f) the BORROWERS shall immediately pay to the AGENT all recording costs, recording taxes, title insurance premiums and cost, attorney fees
and other fees and costs incurred in connection with the perfection of the liens granted in the SECURITY DOCUMENTS and the obtaining of the TITLE POLICIES, and in the event the BORROWERS fail to make such payment within five calendar days after
being requested by the AGENT the BORROWERS authorize the making of “REVOLVING LOANS” (as defined in the CREDIT AGREEMENT) to make payment of such costs, fees, premiums and taxes. In the event the ATTACHMENT EVENT does not occur as
evidenced by the OBLIGORS’ financial statements for the period ending September 30, 2009, the SECURITY DOCUMENTS shall be of no further force and effect and shall be returned to the OBLIGORS. 
 Section 4. Amendment to Wilmington Trust Note. The WILMINGTON TRUST NOTE is hereby amended and restated in its entirety in accordance with
the terms and provisions of the Second Amended and Restated Revolving Loan Promissory Note of even date herewith from the BORROWERS to the order of Wilmington Trust Company in the stated principal amount of Fifteen Million Six Hundred Forty-Two
Thousand Eight Hundred Fifty-Six Dollars and Ten Cents ($15,642,856.10). 
 Section 5. Amendment to Wilmington Savings Note. The
WILMINGTON SAVINGS NOTE is hereby amended and restated in its entirety in accordance with the terms and provisions of the Third Amended and Restated Revolving Loan Promissory Note of even date herewith from the BORROWERS to the order of Wilmington
Savings Fund Society, FSB in the stated principal amount of Thirteen Million Thirty-Five Thousand Seven Hundred Nineteen Dollars and Fifty Cents ($13,035,719.50). 
 Section 6. Amendment to PNC Note. The PNC NOTE is hereby amended and restated in its entirety in accordance with the terms and provisions of the Third Amended and Restated Revolving Loan Promissory Note of
even date herewith from the BORROWERS to the order of PNC Bank, Delaware in the stated principal amount of Forty-Four Million Three Hundred Twenty-One Thousand Four Hundred Twenty-Four Dollars and Forty Cents ($44,321,424.40). 
 Section 7. Other Terms. Except as specifically modified herein, all other terms and provisions of the CREDIT AGREEMENT and all other
documents evidencing or otherwise documenting the terms and provisions of the credit facilities being provided by the LENDERS and the ISSUING BANK to the OBLIGORS remain in full force and effect and are hereby ratified and confirmed. 
  

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 Section 8. Fees And Expenses. On the date of this AMENDMENT the BORROWERS shall pay to the
AGENT, for the benefit of the LENDERS, a fee in the amount of One Hundred Eighty-Two Thousand Five Hundred Dollars ($182,500.00). In addition, the BORROWERS shall pay to the AGENT upon the request of the AGENT all fees and expenses in connection
with the structuring, preparation and negotiation of this AMENDMENT and all of the documents executed in connection herewith. 
 Section 9. Choice of Law. The laws of the State of Maryland (excluding, however, conflict of law principals) shall govern and be applied to determine all issues relating to this AMENDMENT and the rights and obligations of the
parties hereto, including the validity, construction, interpretation and enforceability of this AMENDMENT. 
 Section 10.
Representations and Warranties. The OBLIGORS hereby make the representations and warranties set forth in Article 4 of the CREDIT AGREEMENT, in the same manner as provided in Section 2.1.b of the CREDIT AGREEMENT (regarding the
confirmation of such representations and warranties upon the making of any advances). 
 Section 11. Counterparts; Delivery by
Telecopier. This AMENDMENT may be executed in counterparts, and any counterpart delivered by telecopier or electronic transmission will be effective as an original. Any party delivering its counterpart of this AMENDMENT by telecopier or
electronic transmission shall forthwith deliver the original thereof by another method permitted under the CREDIT AGREEMENT for the delivery of notices; provided, that failure to do so shall not impair the effectiveness of the delivery by telecopier
or electronic transmission. 
 [signatures commence on following page] 
  

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 IN WITNESS WHEREOF, the parties have executed this AMENDMENT with the specific intention of creating a
document under seal. 
  

					
	BORROWERS:
	
	 DOVER MOTORSPORTS, INC.,
 A Delaware
Corporation

			
	By:	 	 /s/ Thomas G. Wintermantel
	 	(SEAL)
	Name:	 	 Thomas G. Wintermantel
	 	
	Title:	 	 Treasurer & Asst. Secretary
	 	
	
	 DOVER INTERNATIONAL SPEEDWAY, INC.,
 A
Delaware Corporation

			
	By:	 	 /s/ Thomas G. Wintermantel
	 	(SEAL)
	Name:	 	 Thomas G. Wintermantel
	 	
	Title:	 	 Treasurer & Asst. Secretary
	 	
	
	 GATEWAY INTERNATIONAL MOTORSPORTS CORPORATION,
 An Illinois Corporation

			
	By:	 	 /s/ Thomas G. Wintermantel
	 	(SEAL)
	Name:	 	 Thomas G. Wintermantel
	 	
	Title:	 	 Treasurer & Asst. Secretary
	 	
	
	 MEMPHIS INTERNATIONAL MOTORSPORTS CORPORATION,
 A Tennessee Corporation

			
	By:	 	 /s/ Thomas G. Wintermantel
	 	(SEAL)
	Name:	 	 Thomas G. Wintermantel
	 	
	Title:	 	 Treasurer & Asst. Secretary
	 	
	
	 NASHVILLE SPEEDWAY USA, INC.,
 A
Tennessee Corporation

			
	By:	 	 /s/ Thomas G. Wintermantel
	 	(SEAL)
	Name:	 	 Thomas G. Wintermantel
	 	
	Title:	 	 Treasurer & Asst. Secretary
	 	

  

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	NEW BORROWER:
	
	 MIDWEST RACING, INC.,
 A California
Corporation

			
	By:	 	 /s/ Thomas G. Wintermantel
	 	(SEAL)
	Name:	 	 Thomas G. Wintermantel
	 	
	Title:	 	 Treasurer & Asst. Secretary
	 	
	
	AGENT:
	
	PNC BANK, NATIONAL ASSOCIATION
			
	By:	 	 /s/ C. Douglas Sawyer
	 	(SEAL)
	Name:	 	 C. Douglas Sawyer
	 	
	Title:	 	 Sr. Vice President
	 	
	
	LENDERS:
	
	WILMINGTON TRUST COMPANY
			
	By:	 	 /s/ Michael B. Gast
	 	(SEAL)
	Name:	 	 Michael B. Gast
	 	
	Title:	 	 Vice President
	 	
	
	PNC BANK, NATIONAL ASSOCIATION
			
	By:	 	 /s/ C. Douglas Sawyer
	 	(SEAL)
	Name:	 	 C. Douglas Sawyer
	 	
	Title:	 	 Sr. Vice President
	 	
	
	WILMINGTON SAVINGS FUND SOCIETY, FSB
			
	By:	 	 /s/ Glenn L. Kocher, Jr.
	 	(SEAL)
	Name:	 	 Glenn L. Kocher, Jr.
	 	
	Title:	 	 Senior Vice President
	 	

  

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	ISSUING BANK:
	
	PNC BANK, NATIONAL ASSOCIATION
			
	By:	 	 /s/ C. Douglas Sawyer
	 	(SEAL)
	Name:	 	 C. Douglas Sawyer
	 	
	Title:	 	 Sr. Vice President
	 	

  

 9Amended and Restated Share Redemption Program

 Exhibit 4.4 
 AMENDED AND RESTATED SHARE REDEMPTION PROGRAM 
 The board of directors of KBS
Strategic Opportunity REIT, Inc., a Maryland corporation (the “Company”), has adopted an Amended and Restated Share Redemption Program (the “SRP”), the terms and conditions of which are set forth below. Capitalized terms shall
have the same meaning as set forth in the Company’s charter unless otherwise defined herein. 
 1.        Qualifying Stockholders.    “Qualifying Stockholders” are (a) holders of the Company’s shares of Common Stock (the “Shares”) who have
held their Shares for at least one year, provided that, if the Company is redeeming all of a stockholder’s Shares, then there is no holding period requirement for Shares purchased pursuant to the Company’s dividend reinvestment plan and
(b) stockholders or authorized representatives of stockholders qualifying for the special redemption provisions set forth in paragraphs 6, 7 and 8 below. 
 2.        Share Redemption.    Subject to the terms and conditions of this SRP, including the limitations on redemptions set
forth in paragraph 4 and the procedures for redemption set forth in paragraph 5, the Company will redeem such number of Shares as requested by a Qualifying Stockholder. 
 3.        Redemption Price.    Unless the Shares are being redeemed in connection with a stockholder’s death, Qualifying
Disability (as defined in paragraph 7 below) or Determination of Incompetence (as defined in paragraph 8 below), the price at which the Company will redeem the Shares of a Qualifying Stockholder is as follows: 
                a.        The lower of $9.25 or 92.5% of the price paid to acquire the Shares from the Company for
stockholders who have held their Shares for at least one year; 
                b.        The lower of $9.50 or 95.0% of the price paid to acquire the Shares from the Company for
stockholders who have held their Shares for at least two years; 
                c.        The lower of $9.75 or 97.5% of the price paid to acquire the Shares from the Company for
stockholders who have held their Shares for at least three years; and 
                d.        The lower of $10.00 or 100% of the price paid to acquire the Shares from the Company for
stockholders who have held their Shares for at least four years. 
 Notwithstanding the foregoing, once the Company
establishes an estimated value per Share, the redemption price per Share for all stockholders will be equal to the estimated value per Share, as determined by the Company’s advisor or another firm chosen for that purpose. The Company expects to
establish an estimated value per Share after completion of its offering stage. The Company will consider its offering stage complete when the Company is no longer offering equity securities – whether through its 

 
initial public offering or follow-on public or private offerings – and has not done so for 18 months. The Company will report the redemption price in
its annual report and three quarterly reports publicly filed with the Securities and Exchange Commission. For the purpose of determining when the Company’s offering stage is complete, equity offerings do not include offerings on behalf of
selling stockholders or offerings related to any dividend reinvestment plan, employee benefit plan, or the redemption of interests in KBS Strategic Opportunity Limited Partnership, the Company’s operating partnership. 
 4.        Limitations on Redemption.    Notwithstanding anything
contained in this SRP to the contrary, the Company’s obligation to redeem Shares pursuant to paragraphs 2 and 6 hereof is limited as follows: 
                a.        Unless the Shares are being redeemed in connection with a stockholder’s
death, Qualifying Disability (as defined in paragraph 7) or Determination of Incompetence (as defined in paragraph 8), the Company may not redeem Shares unless the stockholder has held the shares for one year. 
                b.        During any calendar year, the Company may redeem only the number of Shares that the Company can
purchase with the amount of net proceeds from the sale of Shares under the Company’s dividend reinvestment plan during the prior calendar year. 
                c.        During any calendar year, the Company may redeem no more than 5% of the
weighted-average number of Shares outstanding during the prior calendar year. 
                d.        The Company has no obligation to redeem Shares if the redemption would violate the restrictions on
distributions under Maryland General Corporation Law, as amended from time to time, which prohibits distributions that would cause a corporation to fail to meet statutory tests of solvency. 
 5.            Procedures for Redemption.    The
Company has engaged a third party to administer the SRP. Upon any change to the identity or the mailing address of the program administrator, the Company will notify stockholders of such change. The Company will redeem Shares on the last business
day of each month (the “Redemption Date”). For a stockholder’s Shares to be eligible for redemption in a given month, the program administrator must receive a written redemption request from the stockholder or from an authorized
representative of the stockholder setting forth the number of Shares requested to be redeemed at least five business days before the Redemption Date. If the Company cannot repurchase all Shares presented for redemption in any month because of the
limitations on redemptions set forth in paragraph 4, then the Company will honor redemption requests on a pro rata basis, except that (i) if a pro rata redemption would result in a stockholder owning less than half of the minimum purchase
requirement described in a currently effective, or the most recently effective, registration statement of the Company as such registration statement has been amended or supplemented (the “Minimum Purchase Requirement”), then the Company
would redeem all of such stockholder’s Shares; and (ii) if a pro rata redemption would result in a stockholder 

 
owning more than half but less than all of the Minimum Purchase Requirement, then the Company would not redeem any Shares that would reduce a
stockholder’s ownership of Shares below the Minimum Purchase Requirement. If the Company is redeeming all of a stockholder’s Shares, there would be no holding period requirement for Shares purchased pursuant to the Company’s dividend
reinvestment plan. 
 If the Company does not completely satisfy a redemption request at month-end because the program
administrator did not receive the request in time or because of the limitations on redemption set forth in paragraph 4, then the Company will treat the unsatisfied portion of the redemption request as a request for redemption at the next Redemption
Date funds are available for redemption, unless the redemption request is withdrawn. Any stockholder can withdraw a redemption request by sending written notice to the program administrator, provided such notice is received at least five business
days before the Redemption Date. 
 6.        Special Provisions upon a
Stockholder’s Death, Qualifying Disability or Determination of Incompetence.    The Company will treat redemption requests made upon a stockholder’s death, Qualifying Disability (as defined in paragraph 7) or
Determination of Incompetence (as defined in paragraph 8) differently, as follows: 
                a.        There is no one-year holding requirement. 
                b.        Until the Company establishes an estimated value per share, which the Company expects to be after
the completion of its offering stage (as defined in paragraph 3 above), the redemption price is the amount paid to acquire the Shares from the Company. 
                c.        Once the Company has established an estimated value per share, the redemption
price will be the estimated value of the Shares, as determined by the Company’s advisor or another firm chosen for that purpose. 
 Except as specifically set forth in this paragraph 6, redemptions upon a stockholder’s death, Qualifying Disability (as defined in paragraph 7) or Determination of Incompetence (as defined in paragraph 8) are
subject to the same limitations and terms and conditions as other redemptions, including the limitations on redemptions set forth in paragraph 4 and the redemption request procedures set forth in paragraph 5. 
 7.        Qualifying Disability Determinations.    In order for a
disability to entitle a stockholder to the special redemption terms described in paragraph 6 (a “Qualifying Disability”), (1) the stockholder must receive a determination of disability based upon a physical or mental condition or
impairment arising after the date the stockholder acquired the Shares to be redeemed, and (2) such determination of disability must be made by the governmental agency responsible for reviewing the disability retirement benefits that the
stockholder could be eligible to receive (the “Applicable Government Agency”). The Applicable Government Agencies are limited to the following: (i) if the stockholder paid Social Security taxes and, therefore, could be eligible to
receive Social Security disability 

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

                a.        disabilities occurring after the legal retirement age; and 
                b.        disabilities that do not render a worker incapable of performing substantial gainful activity.

 8.            Determination of
Incompetence.    In order for a determination of incompetence or incapacitation to entitle a stockholder to the special redemption terms described in paragraph 6 (a “Determination of Incompetence”), a state or
federal court located in the United States (a “U.S. Court”) must declare, determine or find the stockholder to be (i) mentally incompetent to enter into a contract, to prepare a will or to make medical decisions or (ii) mentally
incapacitated, in both cases such determination 

 
must be made by a U.S. court after the date the stockholder acquired the Shares to be redeemed. 
 A determination of incompetence or incapacitation by any person or entity other than a U.S. Court, or for any purpose other than those
listed above, will not entitle a stockholder to the special redemption terms described in paragraph 6. Redemption requests following a Determination of Incompetence by a U.S. Court must be accompanied by the court order, determination or the
certificate of the court declaring the stockholder incompetent or incapacitated. 
 9.        Termination, Suspension or Amendment of the SRP by the Company.    The Company may amend, suspend or terminate the SRP for any reason upon thirty days notice to
the Company’s stockholders. The Company may provide notice by including such information (a) in a Current Report on Form 8-K or in its annual or quarterly reports, all publicly filed with the Securities and Exchange Commission or
(b) in a separate mailing to the stockholders. 
 The SRP provides stockholders a limited ability to redeem Shares for
cash until a secondary market develops for the Shares. If and when such a secondary market develops, the SRP will terminate. 
 10.        Address for Notice of Redemption Requests.    Qualifying Stockholders who desire to redeem their shares must provide written notice to the Company on the form
provided by the Company. 
 11.        Liability of the
Company.    The Company shall not be liable for any act done in good faith or for any good faith omission to act. 
 12.        Governing Law.    The SRP shall be governed by the laws of the State of Maryland.

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