Document:

EX-10.1

 Exhibit 10.1 

FORM OF 
 THIRD AMENDED
AND RESTATED ADVISORY AGREEMENT 
 AMONG 

JONES LANG LASALLE INCOME PROPERTY TRUST, INC., 

JLLIPT HOLDINGS LP 
 AND

 LASALLE INVESTMENT MANAGEMENT, INC. 

 TABLE OF CONTENTS 

 

							
			
	  1.	  	Definitions	  	 	1	 
			
	  2.	  	Appointment	  	 	7	 
			
	  3.	  	Duties of the Advisor	  	 	7	 
			
	  4.	  	Authority of Advisor	  	 	11	 
			
	  5.	  	Sub-Advisors	  	 	12	 
			
	  6.	  	Bank Accounts	  	 	12	 
			
	  7.	  	Records; Access	  	 	12	 
			
	  8.	  	Limitations on Activities	  	 	12	 
			
	  9.	  	Relationship with Directors	  	 	13	 
			
	10.	  	Advisory Fee	  	 	13	 
			
	11.	  	Expenses	  	 	14	 
			
	12.	  	Other Services	  	 	16	 
			
	13.	  	Reimbursement to the Advisor	  	 	16	 
			
	14.	  	Other Activities of the Advisor	  	 	17	 
			
	15.	  	Relationship of the Parties	  	 	18	 
			
	16.	  	Term of Agreement	  	 	18	 
			
	17.	  	Termination by the Parties	  	 	18	 
			
	18.	  	Assignment to an Affiliate	  	 	18	 
			
	19.	  	Payments to and Duties of Advisor Upon Termination	  	 	18	 
			
	20.	  	Indemnification by the Company and the Operating Partnership	  	 	19	 
			
	21.	  	Indemnification by Advisor	  	 	19	 
			
	22.	  	Non-Solicitation	  	 	19	 
			
	23.	  	Miscellaneous	  	 	20	 

 FORM OF THIRD AMENDED AND RESTATED ADVISORY AGREEMENT 

THIS FORM OF THIRD AMENDED AND RESTATED ADVISORY AGREEMENT (this “Agreement”), dated as of
[      ], 2018 (the “Effective Date”), is by and among Jones Lang LaSalle Income Property Trust, Inc., a Maryland corporation (the “Company”), JLLIPT Holdings LP, a Delaware
limited partnership (the “Operating Partnership”) and LaSalle Investment Management, Inc., a Maryland corporation (the “Advisor” and together with the Company and the Operating Partnership, the
“Parties”). Capitalized terms used herein shall have the meanings ascribed to them in Section 1 below. 
 W I T N E
S S E T H 
 WHEREAS, the Operating Partnership was initially formed as a limited liability company on March 10, 2005 and was
converted to a limited partnership on March 27, 2017 under the laws of the State of Delaware by making the appropriate filings with the Secretary of State of Delaware, paying the necessary fees and executing the limited partnership agreement
between the Company, as the initial limited partner, and the Company’s wholly owned subsidiary, JLLIPT Holdings GP, LLC, as general partner; 

WHEREAS the Company contributed to the Operating Partnership substantially all of the assets it owns and the Operating Partnership assumed all
liabilities associated with such assets as of [      ], in exchange for limited partnership units of the Operating Partnership, as set forth in that certain contribution agreement, dated as of
[      ], by and between the Company and the Partnership, in order that, going forward, the Company shall hold all or substantially all of its real properties through the Operating Partnership; 

WHEREAS, the Company and the Advisor entered into that certain Second Amended and Restated Advisory Agreement, dated June 5, 2014 (the
“Second Amended and Restated Advisory Agreement”), the initial one-year term of which was renewed on June 5, 2015 and June 5, 2016 for additional
one-year terms, respectively; and 
 WHEREAS, the Parties now desire to amend and restate the Second
Amended and Restated Advisory Agreement to include the Operating Partnership as a party pursuant to the terms hereof. 
 NOW, THEREFORE, in
consideration of the foregoing and of the mutual covenants and agreements contained herein, the Parties agree as follows: 
  

	 	1.	DEFINITIONS. 

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

Advisor. LaSalle Investment Management, Inc., a Maryland corporation, any successor advisor to the Company, the Operating
Partnership or any Person to which LaSalle Investment Management, Inc. or any successor advisor subcontracts substantially all of its functions. Notwithstanding the foregoing, a 

  
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Person hired or retained by LaSalle Investment Management, Inc. to perform sub-advisory or property management and related services for the Company or the
Operating Partnership that is not hired or retained to perform substantially all of the functions of LaSalle Investment Management, Inc. with respect to the Company or the Operating Partnership as a whole shall not be deemed to be an Advisor. 

Advisory Fee. The fee payable to the Advisor pursuant to Section 10. 

Affiliate or Affiliated. With respect to any Person, (i) any Person directly or indirectly owning, controlling or
holding, with the power to vote, 10.0% or more of the outstanding voting securities of such other Person; (ii) any Person 10.0% or more of whose outstanding voting securities are directly or indirectly owned, controlled or held, with the power
to vote, by such other Person; (iii) any Person directly or indirectly controlling, controlled by or under common control with such other Person; (iv) any executive officer, director, trustee or general partner of such other Person; and
(v) any legal entity for which such Person acts as an executive officer, director, trustee or general partner. 
 Affiliated
Director. A Director who is also a director, manager, officer or employee of the Advisor or an Affiliate of the Advisor or any corporate parent of an Affiliate. 

Annual Total Return. As further described in Section 11, the investment return provided to Stockholders, which shall
be calculated independently for the Class A Shares, the Class D Shares, the Class A-I Shares, the Class M-I Shares and the Class M Shares, and
shall be equal to, for all such Shares outstanding during the calendar year (or such other applicable period), (i) Distributions declared and accrued per Class A Share, Class D Share,
Class A-I Share, Class M-I Share or Class M Share over the calendar year (or such other applicable period) plus (ii) any change in Class A NAV
per Class A Share, Class A-I NAV per Class A-I Share, Class D NAV per Class D Share, Class M-I NAV
per Class M-I Share or Class M NAV per Class M Share over the calendar year (or such other applicable period). 

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

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

 Board. The board of directors of the Company, as of any particular time. 

Business Day. Any day on which the New York Stock Exchange is open for unrestricted trading. 

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

Cause. With respect to the termination of this Agreement, fraud, criminal conduct, willful misconduct or
willful or negligent breach of fiduciary duty by the Advisor in connection with performing its duties hereunder. 

Class A NAV. The portion of the NAV allocable to Class A Shares, calculated
pursuant to the Valuation Guidelines. 
 Class A Shares. Shares of the
Company’s $0.01 par value common stock that have been designated as Class A. 

  
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 Class A Stockholders. The registered holders of the Class A Shares. 

Class D NAV. The portion of the NAV allocable to Class D Shares, calculated pursuant to the Valuation Guidelines. 

Class D Shares. Shares of the Company’s $0.01 par value common stock that have been designated as Class D. 

Class D Stockholders. The registered holders of the Class D Shares. 

Class A-I NAV. The portion of the NAV allocable to Class A-I Shares,
calculated pursuant to the Valuation Guidelines. 
 Class A-I Shares. Shares of
the Company’s $0.01 par value common stock that have been designated as Class A-I. 

Class A-I Stockholders. The registered holders of the Class A-I Shares. 
 Class M-I
NAV. The portion of the NAV allocable to Class M-I Shares, calculated pursuant to the Valuation Guidelines. 

Class M-I Shares. Shares of the Company’s $0.01 par value common stock
that have been designated as Class M-I. 

Class M-I Stockholders. The registered holders of the Class M-I Shares. 
 Class M NAV. The portion of the NAV allocable to
Class M Shares, calculated pursuant to the Valuation Guidelines. 
 Class M Shares. Shares of the Company’s
$0.01 par value common stock that have been designated as Class M. 
 Class M Stockholders. The registered holders
of the Class M Shares. 
 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. Company shall have the meaning set forth in the preamble of this Agreement. 

Dealer Manager. LaSalle Investment Management Distributors, LLC, or such other Person or entity selected by the Board to act as
the dealer manager for an Offering. 
 Dealer Manager Fee. The dealer manager fee payable to the Dealer Manager for serving as
dealer manager for an Offering as described in the Prospectus or Private Placement Memorandum for such Offering. 
 Director.
A member of the Board. 

  
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 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. 

Effective Date. Effective Date shall have the meaning set forth in the Preamble. 

Excess Amount. Excess Amount shall have the meaning set forth in Section 13. 

Expense Year. Expense Year shall have the meaning set forth in Section 13. 

Fixed Component. The non-variable component of the Advisory Fee as
described in Section 10(b). 
 GAAP. Generally accepted accounting principles as in effect in the
United States of America from time to time. 
 Gross Proceeds. The aggregate purchase price of all Shares
sold for the account of the Company through all Public Offerings, without deduction for Selling Commissions, volume discounts, any due diligence expense reimbursement or Organizational and Offering Expenses. For the purpose of computing Gross
Proceeds from the sale of any Shares in a Public Offering, the purchase price of any Share for which reduced Selling Commissions are paid to the Dealer Manager or a Participating Broker-Dealer (where net proceeds to the Company are not reduced)
shall be deemed to be the full amount of the offering price per such Share pursuant to the Prospectus for such Public Offering without reduction. 

Indemnitee. Indemnitee and Indemnitees shall have the meaning set forth in Section 20 herein. 

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

 Independent Valuation Advisor. A firm that is (i) engaged to a substantial degree in the business of conducting
appraisals on commercial real estate properties, (ii) not Affiliated with the Advisor and (iii) engaged by the Company with the approval of the Board to appraise the Real Properties pursuant to the Valuation Guidelines. 

Investment Company Act. The Investment Company Act of 1940, as amended. 

Investment Guidelines. The investment guidelines adopted by the Board, as amended from time to time, pursuant
to which the Advisor has discretion to acquire and dispose of Investments for the Company without the prior approval of the Board. 

Investments. Any investments by the Company or the Operating Partnership in Real Property and Real Estate
Related Assets. 
 Joint Ventures. The joint venture or partnership arrangements (other than with the
Operating Partnership and including in the form of limited liability companies) in which the Company or any of its subsidiaries is a co-venturer, general partner, limited partner or otherwise, which are
established to acquire Real Properties. 

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

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

NAV. The Company’s net asset value, calculated pursuant to the Valuation Guidelines. 

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

Offering. A Private Placement or Public Offering. 

Operating Partnership. Operating Partnership shall have the meaning set forth in the preamble of this
Agreement. 
 Operating Partnership Agreement. The Limited Partnership Agreement of the Operating
Partnership, as amended from time to time. 
 Organizational and Offering Expenses. All expenses incurred
by or on behalf of the Company in connection with the preparation, qualification and registration of an Offering, and the subsequent offering and distribution of Shares, whether incurred before or after the date of this Agreement, 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 while engaged in sales activity; telephone and
other telecommunications costs; all advertising and marketing expenses (including the costs related to investor and broker-dealer sales meetings); charges of transfer agents, registrars, trustees, escrow holders, depositories and experts; and fees,
expenses and taxes related to the filing, registration and qualification of the sale of the Shares under federal and state laws, including accountants’ and attorneys’ fees and expenses. 

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

Performance Component. The variable component of the Advisory Fee as described in Section 10(b). 

Person. An individual, corporation, partnership, trust, joint venture, limited liability company or other
entity. 
 Primary Offering. The portion of an Offering other than the Shares offered pursuant to the
Company’s distribution reinvestment plan. 
 Priority Return Percentage. Priority Return Percentage
has the meaning set forth in Section 10(c). 

  
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 Private Placement. An unregistered sale of Shares pursuant
to an applicable exemption from the registration requirements of the Securities Act and state securities laws. 
 Private Placement
Memorandum. A memorandum utilized for the purpose of offering and selling Shares in a Private Placement. 

Prospectus. A “Prospectus” under Section 2(10) of the Securities Act, including a preliminary
Prospectus, an offering circular as described in Rule 253 of the General Rules and Regulations under the Securities Act or, in the case of an intrastate offering, any document by whatever name known, utilized for the purpose of offering and
selling securities to the public in a Public Offering. 
 Public Offering. The public offering of Shares
pursuant to a Prospectus. 
 Real Estate Related Assets. Any investments, directly or indirectly, by the Company
in interests in real property of whatever nature, including, but not limited to (i) mortgage, mezzanine, bridge and other loans on Real Property, (ii) equity securities or interests in corporations, limited liability companies,
partnerships and other joint ventures having an equity interest in real property, real estate investment trusts, ground leases, tenant-in-common interests, participating
mortgages, convertible mortgages or other debt instruments convertible into equity interests in real property by the terms thereof, options to purchase real estate, real property
purchase-an-leaseback transactions and other transactions and investments with respect to real estate, and (iii) debt securities such as collateralized mortgage
backed securities, commercial mortgages and other debt securities. 
 Real Property. Real property owned
from time to time by the Company, the Operating Partnership or a subsidiary thereof, either directly or through Joint Ventures, which consists of (i) land only, (ii) land, including the buildings located thereon, (iii) buildings only
or (iv) such investments the Board and the Advisor mutually designate as Real Property to the extent such investments could be classified as Real Property. 

Registration Statement. A registration statement on Form S-11, as may
be amended from time to time, of the Company filed with the Securities and Exchange Commission related to the registration of Shares for a Public Offering. 

REIT. A “real estate investment trust” under Sections 856 through 860 of the Code or as may be
amended. 
 Related Party. With respect to any Person, any other Person whose ownership of Shares would be
attributed to the first such Person under Code Section 544 (as modified by Code Section 856(h)(1)(B)). 
 Securities
Act. The Securities Act of 1933, as amended. 
 Selling Commission. That percentage of
Gross Proceeds from the sale of Shares in an Offering payable to the Dealer Manager and reallowable to Participating Broker-Dealers with respect to Shares sold by them as described in the Prospectus or Private Placement Memorandum for such Offering.

 Shares. The Class A Shares, Class D Shares,
Class A-I Shares, Class M-I Shares and Class M Shares. 

  
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 Stockholders. The Class A Stockholders, Class D
Stockholders, Class A-I Stockholders, Class M-I Stockholders and Class M Stockholders. 

Sub-Advisor. Sub-Advisor and Sub-Advisors shall have the meaning set forth in Section 5. 
 Termination
Date. The date of termination of this Agreement or expiration of this Agreement in the event this Agreement is not renewed for an additional term. 

Total Operating Expenses. All costs and expenses paid or incurred by the Company, as determined under GAAP,
that are in any way related to the operation of the Company or its business, including the Advisory Fee, but excluding (i) the expenses of raising capital such as Organizational and Offering Expenses, legal, audit, accounting, underwriting,
brokerage, listing, registration, and other fees, printing and other such expenses and taxes incurred in connection with the issuance, distribution, transfer and registration of securities, (ii) interest payments, (iii) taxes, (iv) non-cash expenditures such as depreciation, amortization and bad debt reserves, (v) incentive fees paid in compliance with the NASAA REIT Guidelines; (vi) acquisition fees and Acquisition
Expenses, (vii) real estate commissions on the sale of Real Property, and (viii) other fees and expenses connected with the acquisition, disposition, management and ownership of real estate interests, mortgages or other property (including
the costs of foreclosure, insurance premiums, legal services, maintenance, repair, and improvement of property). The definition of “Total Operating Expenses” set forth above is intended to encompass only those expenses which are required
to be treated as Total Operating Expenses under the NASAA REIT Guidelines. As a result, and notwithstanding the definition set forth above, any expense of the Company which is not part of Total Operating Expenses under the NASAA REIT Guidelines
shall not be treated as part of Total Operating Expenses for purposes hereof. 
 2%/25% Guidelines. 2%/25%
Guidelines shall have the meaning set forth in Section 13. 
 Valuation Guidelines. The valuation
guidelines adopted by the Board, as amended from time to time. 
  

	 	2.	APPOINTMENT. 

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

	 	3.	DUTIES OF THE ADVISOR. 

 The Advisor undertakes to use its commercially reasonable
efforts to manage the day-to-day operations of the Company’s business, present to the Company and the Operating Partnership potential investment opportunities and
provide the Company and the Operating Partnership with a continuing and suitable investment program consistent with the investment objectives and policies of the Company as determined and adopted from time to time by the Board. In performance of
this undertaking, subject to the supervision of the Board and consistent with the provisions of the Articles of Incorporation, Bylaws and the Operating Partnership Agreement, the Advisor shall, either directly or indirectly by engaging an Affiliate
or a third party: 
 (a) serve as the Company’s and the Operating Partnership’s investment and financial advisor and provide
research and economic and statistical data in connection with the Company’s and the Operating Partnership’s Investments and investment policies; 

  
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 (b) provide the daily management for the Company and the Operating Partnership and perform
and supervise the various administrative functions reasonably necessary for the management of the Company, including the collection of revenues and the payment of the Company’s debts and obligations; maintenance of appropriate computer services
to perform such administrative functions; maintaining the Company’s books and records; and organizing meetings of the Board and the Operating Partnership; 

(c) recommend to the Company and the Operating Partnership the proper allocation of the Company’s Investments between (i) Real
Property, (ii) Real Estate Related Assets, and (iii) cash and cash equivalents and other short-term investments; 
 (d) consult
with the officers and Directors of the Company and assist the Directors in the formulation and implementation of the Company’s financial, investment, valuation and other policies; 

(e) subject to the provisions of Section 4 hereof, (i) to the extent within the Advisor’s authority as set forth in the
Investment Guidelines, identify, analyze and complete acquisitions and dispositions of Investments; (ii) to the extent outside the Advisor’s authority as set forth in the Investment Guidelines, identify, analyze and recommend
acquisitions and dispositions of Investments to the Board and complete such transactions on behalf of the Company and the Operating Partnership in accordance with the direction of the Board; (iii) structure and negotiate the terms and
conditions of transactions pursuant to which acquisitions and dispositions of Investments will be made; (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, Investments; (v) enter into leases and service contracts for Investments and, to the extent necessary, perform all other operational functions for the maintenance and administration of such
Investments; (vi) actively oversee and manage Investments for purposes of meeting the Company’s investment objectives; (vii) select Joint Venture partners, structure corresponding agreements and oversee and monitor these
relationships; (viii) oversee Affiliated and non-Affiliated property managers who perform services for the Company; (ix) oversee Affiliated and non-Affiliated
Persons with whom the Advisor contracts to perform certain of the services required to be performed under this Agreement; and (x) manage accounting and other record-keeping functions for the Company; 

(f) arrange and secure on behalf of the Company and the Operating Partnership with banks or lenders for Loans to be made to the Company and
the Operating Partnership, 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 or the Operating Partnership; 
 (g) monitor the operating performance of the
Investments and provide periodic reports with respect thereto to the Board, including comparative information with respect to such operating performance and budgeted or projected operating results; 

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

(i) calculate, at the end of each Business Day, the Class A NAV, Class D NAV, Class A-I
NAV, Class M-I NAV and Class M NAV as provided in the Valuation Guidelines, and in connection therewith, obtain appraisals performed by an Independent Valuation Advisor concerning the value of the
Real Properties; 

  
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 (j) deliver to, or maintain for a period of time in accordance with the Investment Advisers
Act of 1940, as amended and the rules and regulation promulgated thereunder, on behalf of, the Company copies of all appraisals obtained in connection with the investments in any Real Property; 

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

(l) arrange, negotiate, coordinate and manage operations of any Joint Venture interests held by the Company or the Operating Partnership and
conduct all matters with any Joint Venture partners; 
 (m) communicate on the Company’s or the Operating Partnership’s behalf
with the respective holders of any of the Company’s or the Operating Partnership’s equity or debt securities as required to satisfy the reporting and other requirements of any governmental bodies or agencies and to maintain effective
relations with such holders, and related thereto provide copy writing, creative management, project management and print production management; 

(n) evaluate and recommend to the Board hedging strategies and modifications thereto in effect and cause the Company and the Operating
Partnership to engage in overall hedging strategies consistent with the Company’s status as a REIT and with the Company’s investment policies approved by the Board; 

(o) advise the Company regarding the maintenance of the Company’s exemption from the Investment Company Act and monitor compliance with
the requirements for maintaining an exemption from such Act; 
 (p) advise the Company regarding the maintenance of the Company’s
status as a REIT and monitor compliance with the various REIT qualification tests and other rules set out in the Code and the regulations promulgated thereunder; 

(q) take all necessary actions to enable the Company and the Operating Partnership to make required tax filings and reports, including
soliciting Stockholders for required information to the extent provided by the REIT provisions of the Code; 
 (r) invest or reinvest any
money of the Company or the Operating Partnership (including investing in short-term investments pending investment in long-term Investments, payment of fees, costs and expenses, or payments of distributions to the Stockholders and the Operating
Partnership’s partners), and advise the Company and the Operating Partnership as to the Company’s or the Operating Partnership’s respective capital structure and capital raising; 

(s) investigate, select, and, on behalf of the Company and the Operating Partnership, engage and conduct business with such Persons as the
Advisor deems necessary to the proper performance of its obligations hereunder, including but not limited to consultants, accountants, correspondents, lenders, technical advisors, attorneys, brokers, underwriters, corporate fiduciaries, escrow
agents, depositaries, custodians, agents for collection, insurers, insurance agents, banks, builders, developers, property owners, real estate management companies, real estate operating companies, securities investment advisors, mortgagors, and any
and all agents for any of the foregoing, including Affiliates of the Advisor, and Persons acting in any other capacity deemed by the Advisor necessary or desirable for the performance of any of the foregoing services, including, but not limited to,
entering into contracts in the name of the Company and the Operating Partnership with any of the foregoing; 

  
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 (t) cause the Company and the Operating Partnership to retain qualified accountants and
legal counsel, as applicable, to assist in developing appropriate accounting procedures, compliance procedures and testing systems with respect to financial reporting obligations and compliance with the REIT provisions of the Code and to conduct
compliance reviews thereto, as required; 
 (u) cause the Company and the Operating Partnership to qualify to do business in all applicable
jurisdictions and to obtain and maintain all appropriate licenses; 
 (v) assist the Company in maintaining the registration of the Shares
under federal and state securities laws with respect to any Public Offering and complying with all federal, state and local regulatory requirements applicable to the Company with respect to such Offering and the Company’s business activities
(including the Sarbanes-Oxley Act of 2002, as amended), including, with respect to any Public Offering, preparing or causing to be prepared all supplements to the Prospectus, post-effective amendments to the registration statement and financial
statements required under applicable regulations and contractual undertakings and all reports and documents, if any, required under the Securities Act and the Securities Exchange Act of 1934, as amended; 

(w) take all necessary actions to enable the Company to make required tax filings and reports, including soliciting Stockholders for required
information to the extent provided by the REIT provisions of the Code; 
 (x) handle and resolve all claims, disputes or controversies
(including all litigation, arbitration, settlement or other proceedings or negotiations) in which the Company and the Operating Partnership may be involved or to which the Company and the Operating Partnership may be subject, arising out of the
Company’s or the Operating Partnership’s day-to-day operations, subject to such limitations or parameters as may be imposed from time to time by the Board;

 (y) use commercially reasonable efforts to cause expenses incurred by or on behalf of the Company and the Operating Partnership to be
reasonable or customary and within any budgeted parameters or expense guidelines set by the Board from time to time; 
 (z) supervise one or
more Independent Valuation Advisors and, if and when necessary, recommend to the Board its replacement; 
 (aa) in connection with any
Offering, assist the Dealer Manager administratively with the selection process, implementation and training of Participating Broker-Dealers and facilitate the ongoing due diligence review of the Company and the Offering conducted by Participating
Broker-Dealers; 
 (bb) establish and manage ongoing operational and administrative processes for the Company, including engaging and
negotiating contract terms with and supervising the performance by vendors of transfer agent services, call center and investor relations services, distribution payment processing, stockholder tax reporting, proxy voting, information technology
requirements and reporting to Participating Broker-Dealers; 
 (cc) develop marketing materials for the Company; 

(dd) assist in permissible public relations activities relating to the Company, including but not limited to the (i) development and
administration of press releases, (ii) media relations, (iii) media coverage and by-lined articles, and (iv) subject to principal approval of the Dealer Manager and regulatory approvals, if
required, the development and maintenance of a Company website to provide access for investors to financial reporting, financial advisor access to sales materials, and general information relating to the Company, such as filings with the Securities
and Exchange Commission and informational presentations; 

  
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 (ee) assist in the administration of the Company’s distribution reinvestment plan,
Share transfers, Share redemptions and all exception requests; 
 (ff) arrange for the provision of data and customary information resources
to interested parties such as custodians, trust departments, third-party reporting services and registered investment advisor platforms; 

(gg) provide and administer all back office administrative services that may be required for the day-to-day operations of the Company; 
 (hh) perform such other services as may be required from
time to time for the management and other activities relating to the Company’s and the Operating Partnership’s respective business and assets as the Board shall reasonably request or the Advisor shall deem appropriate under the particular
circumstances; and 
 (ii) use commercially reasonable efforts to cause the Company and the Operating Partnership to comply with all
applicable laws. 
  

	 	4.	AUTHORITY OF ADVISOR. 

 (a) Pursuant to the terms of this Agreement (including the
restrictions included in this Section 4 and in Section 8), and subject to the continuing and exclusive authority of the Board over the management of the Company, the Board (by virtue of its approval of this Agreement and authorization of
the execution hereof by the officers of the Company) hereby delegates to the Advisor the authority to take, or cause to be taken, any and all actions and to execute and deliver any and all agreements, certificates, assignments, instruments or other
documents and to do any and all things that, in the judgment of the Advisor, may be necessary or advisable in connection with the Advisor’s duties described in Section 3, including the making of any Investment that fits within the
Company’s investment objectives, strategy and guidelines, policies and limitations as described in the Prospectus or Private Placement Memorandum and within the discretionary limits and authority as granted to the Advisor from time to time by
the Board. 
 (b) Notwithstanding the foregoing, any investment in an Investment that does not fit within the Investment Guidelines will
require the prior approval of the Board or any duly authorized committee of the Board, as the case may be. 
 (c) If a transaction requires
approval by the Directors, the Advisor will deliver to the Directors all documents and other information required by them to properly evaluate the proposed transaction. 

(d) The prior approval of a majority of the Independent Directors not otherwise interested in the transaction and a majority of the Directors
not otherwise interested in the transaction will be required for each transaction to which the Advisor or its Affiliates is a party. 
 (e)
The Board may, at any time upon the giving of notice to the Advisor, amend the Investment Guidelines or modify or revoke the authority set forth in this Section 4; provided, however, that such modification or revocation shall be effective upon
receipt by the Advisor and shall not be applicable to investment transactions to which the Advisor has committed the Company or the Operating Partnership prior to the date of receipt by the Advisor of such notification. 

  
 11 

	 	5.	SUB-ADVISORS. 

 The Advisor is hereby authorized
to enter into one or more sub-advisory agreements with other investment advisors, including any Affiliate of the Advisor (each, a “Sub-Advisor”),
pursuant to which the Advisor may obtain the services of the Sub-Advisor(s) to assist the Advisor in fulfilling any of its responsibilities set forth under Sections 3(e) and 3(g) hereunder, subject to the
oversight of the Advisor and the Board. 
 (a) The Advisor and not the Company shall be responsible for any compensation payable to any Sub-Advisor. Notwithstanding the foregoing, the Company shall reimburse the Advisor for any expenses properly incurred by the Sub-Advisor, to the extent such expenses would be
reimbursable if incurred by the Advisor pursuant to the terms of Section 11 hereof, in order for the Advisor to timely reimburse the Sub-Advisor for such out-of-pocket costs. 
 (b) Any sub-advisory agreement
entered into by the Advisor shall be in accordance with the requirements of the Articles of Incorporation and other applicable federal and state law. 
  

	 	6.	BANK ACCOUNTS. 

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

	 	7.	RECORDS; ACCESS. 

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

	 	8.	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, or (c) violate any law, rule, regulation or statement of policy of any governmental body or agency having jurisdiction over the Company or its Shares, or otherwise not be permitted by the Articles of Incorporation or Bylaws of the
Company, except if such action shall be ordered by the Directors, in which case the Advisor shall notify promptly the Directors of the Advisor’s judgment of the potential impact of such action and shall refrain from taking such action until it
receives further clarification or instructions from the Directors. In such event, the Advisor shall have no liability for acting in accordance with the specific instructions of the Directors so given. Notwithstanding the foregoing, the Advisor, its
directors, officers, employees and members, and partners, directors, officers, members and stockholders of the Advisor’s Affiliates shall not be liable to the Company or to the Directors or Stockholders for any act or omission by the Advisor,
its directors, officers, employees, or members, and partners, directors, officers, members or stockholders of the Advisor’s Affiliates taken or omitted to be taken in the performance of their duties under this Agreement except as provided in
Section 21 of this Agreement. 

  
 12 

	 	9.	RELATIONSHIP WITH DIRECTORS. 

 Subject to Section 8 of this Agreement and to
restrictions advisable with respect to the qualification of the Company as a REIT, directors, managers, officers and employees of the Advisor or an Affiliate of the Advisor or any corporate parent of an Affiliate, may serve as a Director or officer
of the Company, except that no director, officer or employee of the Advisor or its Affiliates who also is a Director or officer of the Company shall receive any compensation from the Company for serving as a Director or officer other than
(a) reasonable reimbursement for travel and related expenses incurred in attending meetings of the Directors or (b) as otherwise approved by the Board, including a majority of the Independent Directors, and no such Director shall be deemed
an Independent Director for purposes of satisfying the Director independence requirement set forth in the Articles of Incorporation. For so long as this Agreement is in effect, the Advisor shall have the right to nominate, subject to the approval of
such nomination by the Board, three Affiliated Directors to the slate of Directors to be voted on by the stockholders at the Company’s annual meeting of stockholders; provided, however, that such number of director nominees shall be reduced as
necessary by a number that will result in a majority of the Directors being Independent Directors. Furthermore, the Board shall consult with the Advisor in connection with (i) its selection of each Independent Director for nomination to the
slate of Directors to be voted on at the annual meeting of stockholders, and (ii) filling any vacancies created by the removal, resignation, retirement or death of any Director. 

 

	 	10.	ADVISORY FEE. 

 (a) The Advisor is not entitled to acquisition, disposition or financing
fees 
 (b) The Advisor shall receive the Advisory Fee as compensation for services rendered hereunder. 

(c) The Advisory Fee will be comprised of two separate components: (1) a fixed component in an amount equal to 1/365th of 1.25% of NAV for each day (the “Fixed Component”); and (2) a performance component (the “Performance Component”) that is paid annually and calculated
based on the Annual Total Return allocable to each class of shares of the Company’s common stock. 
 (d) The Performance Component will
not be paid with respect to the Class A Shares, the Class D Shares, Class A-I Shares, the Class M-I Shares or the Class M Shares, each of which
is evaluated independently when calculating the Performance Component, for any calendar year in which the Annual Total Return allocable to the applicable class expressed as a percentage is less than or equal to 7.0% (the “Priority Return
Percentage”). For each class, the dollar amount of the Performance Component will equal 10.0% of the difference between (i) the Annual Total Return allocable to Class A Shares, Class D Shares,
Class A-I Shares, Class M-I Shares or Class M Shares, as applicable, and (ii) the amount required to provide Class A Stockholders, Class D
Stockholders, Class A-I Stockholders, Class M-I Stockholders or Class M Stockholders, as applicable, an Annual Total Return equal to the Priority Return
Percentage. In the event the Class A NAV per share, Class D NAV per share, Class A-I NAV per share, Class M-I NAV per share or Class M NAV per
share decreases below $10.00 on any day during the measurement period, subject to adjustment pursuant to any stock dividend, stock split, recapitalization, or other similar change in the capital structure of the Company, any subsequent increase in
such NAV per share to $10.00 (or such other adjusted number) shall not be included in the calculation of the Performance Component with respect to that class. If the Performance Component is payable with respect to Class A Shares,

  
 13 

 
Class D Shares, Class A-I Shares, Class M-I Shares or Class M Shares pursuant to this
Section 10(c), the Advisor will be entitled to such payment even in the event that the Annual Total Return to Class A Stockholders, Class D Stockholders, Class A-I Stockholders, Class M-I Stockholders or Class M Stockholders, as applicable (or any particular Stockholder), expressed as a percentage on a cumulative basis over any longer or shorter period has been less than the
Priority Return Percentage. The Advisor shall not be obligated to return any portion of any Advisory Fee paid based on the Company’s subsequent performance. The Performance Component may be earned in a given period for one or more of the
Company’s classes of common stock. 
 (e) The Advisor shall, on a daily basis, (i) accrue a liability reserve account equal to the
amount due for both the Fixed Component and the Performance Component, such accrual to be reflected in the NAV per share calculations for such day; and (ii) calculate the Annual Total Return allocable to Class A Shares, Class D
Shares, Class A-I Shares, Class M-I Shares and Class M Shares, prorated as of the end of such day and, based on such calculation, adjust the balance of
liability reserve accrual to reflect the estimated amount due on account of the Performance Component. 
 (f) The Advisory Fee will accrue
daily and is payable in cash. The Fixed Component is payable monthly in arrears (after the close of business and NAV calculations for the last Business Day for such month). The Performance Component is payable promptly after the audited financial
statements for each calendar year become available, provided that if this Agreement or its term expires without renewal prior to December 31 of any calendar year, then the prorated Performance Component for such partial year shall be payable
promptly after the Company files (i) its unaudited financial statements on Form 10-Q for the calendar quarter that includes the Termination Date, or (ii) in the case of a Termination Date that occurs
during the fourth calendar quarter of a calendar year, its audited financial statements on Form 10-K for the year ended that includes the Termination Date. The Performance Component shall be payable for each
calendar year in which this Agreement is in effect, even if the Agreement is in effect for less than a full calendar year. In the event this Agreement is terminated or its term expires without renewal, the Advisory Fee will be calculated and due and
payable after the calculation of NAV on the Termination Date. If the Advisory Fee is payable with respect to any partial calendar month or calendar year, the Fixed Component will be prorated based on the number of days elapsed during any partial
calendar month and the Performance Component will be prorated based on the number of days elapsed during, and Annual Total Return achieved, for the period of such partial calendar year. 

(g) In the event the Company or the Operating Partnership commences a liquidation of its Investments during any calendar year, the Company
will pay the Advisor the fixed component of the Advisory Fee from the proceeds of the liquidation and the performance component of the Advisory Fee will be calculated at the end of the liquidation period prior to the distribution of the liquidation
proceeds to the Stockholders. 
  

	 	11.	EXPENSES. 

 (a) As required by the NASAA REIT Guidelines, the cumulative Selling
Commissions, Dealer Manager Fees and Organizational and Offering Expenses paid by the Company attributable to any Public Offering will not exceed 15.0% of Gross Proceeds from the sale of Shares in the Primary Offering of such Public Offering. 

  
 14 

 (b) In addition to the compensation paid to the Advisor pursuant to Section 10 hereof,
the Company or the Operating Partnership shall pay directly or reimburse the Advisor for all of the expenses paid or incurred by the Advisor in connection with the services it provides to the Company and the Operating Partnership pursuant to this
Agreement, including, but not limited to: 
 (i) Organizational and Offering Expenses; provided that within 60 days after the end of the
month in which a Public Offering terminates, the Advisor shall reimburse the Company to the extent the Organizational and Offering Expenses, Selling Commissions and Dealer Manager Fees borne by the Company attributable to such Public Offering exceed
15.0% of the Gross Proceeds raised in the completed Public Offering; 
 (ii) Acquisition Expenses incurred in connection with the selection
and acquisition of Investments, including such expenses incurred related to assets pursued or considered but not ultimately acquired by the Company or the Operating Partnership, subject to limitations set forth in the Articles of Incorporation; 

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

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

(v) taxes and assessments on income of the Company or Investments, taxes as an expense of doing business and any other taxes otherwise imposed
on the Company and its business, assets or income; 
 (vi) costs associated with insurance required in connection with the business of the
Company or by the Board; 
 (vii) expenses of managing, improving, developing, operating and selling Investments, whether payable to an
Affiliate of the Company or a non-affiliated Person; 
 (viii) all expenses in connection with
payments to the Directors for attending meetings of the Board and Stockholders; 
 (ix) expenses connected with payments of Distributions in
cash or otherwise made or caused to be made by the Company to the Stockholders; 
 (x) expenses of organizing, redomesticating, merging,
liquidating or dissolving the Company or of amending the Articles of Incorporation or the Bylaws; 
 (xi) expenses incurred in connection
with the formation, organization and continuation of any corporation, partnership, joint venture or other entity through which the Company’s investments are made or in which any such entity invests; 

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

(xiii) expenses of all litigation or regulatory proceedings or investigations instituted or threatened against the Company; 

  
 15 

 (xiv) administrative service expenses, including but not limited to personnel and related
employment costs incurred by the Advisor or its Affiliates in performing the services described in Section 3 hereof, including but not limited to reasonable salaries, bonuses and wages, benefits and overhead of all individuals whose primary job
function relates to the Company’s business, provided that no reimbursement shall be made for costs of such employees of the Advisor or its Affiliates to the extent that such employees perform services for which the Advisor receives a separate
fee and provided further that in the event that personnel costs are reimbursed for individuals who serve as executive officers of the Company, the Advisor shall cause the Company to include disclosures of the amount of such costs in its next
quarterly or annual report filed with the Securities and Exchange Commission; 
 (xv) audit, accounting and legal fees and other fees or
expenses for professional services relating to the operations of the Company; 
 (xvi) fees or expenses of third parties for services
provided to the Company, including, but not limited to, the services of third party property managers, leasing or brokerage agents, project managers, real estate and mortgage brokers, and architectural, engineering or other consultants or third
party service providers engaged by the Advisor to assist it in performing its duties and responsibilities set forth under Section 3 hereof (except for any compensation payable to any Sub-Advisor pursuant
to Section 5 hereof); and 
 (xvii) all such fees incurred at the request, or on behalf of, the Board, the Independent Directors or any
committee of the Board. 
 (c) Expenses incurred by the Advisor on behalf of the Company and the Operating Partnership and payable pursuant
to this Section 11 shall be reimbursed no less than monthly to the Advisor. The Advisor shall prepare a statement documenting the expenses of the Company and the Operating Partnership and the calculation of the Advisory Fee during each quarter,
and shall deliver such statement to the Company and the Operating Partnership within forty-five (45) days after the end of each quarter. 

(d) Organizational and Offering Expenses incurred by the Advisor with respect to a Public Offering prior to the effective date of the
Registration Statement relating to such Public Offering shall be reimbursed by the Company to the Advisor over a period of 36 months following the date such Registration Statement is declared effective by the Securities and Exchange Commission. 

 

	 	12.	OTHER SERVICES. 

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

	 	13.	REIMBURSEMENT TO THE ADVISOR. 

 The Company shall not reimburse the Advisor at the end of
any fiscal quarter for Total Operating Expenses that in the four consecutive fiscal quarters then ended (the “Expense Year”) exceeded (the “Excess Amount”) the greater of 2.0% of Average Invested Assets or 25.0% of
Net Income (the “2%/25% Guidelines”) for such 12-month period unless the Independent Directors determine that such excess was justified, based on unusual and nonrecurring factors that the
Independent Directors deem sufficient. If the Independent Directors do 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 Independent Directors
determine 

  
 16 

 
such excess was justified, then, within sixty (60) days after the end of any fiscal quarter of the Company for which total reimbursed Total Operating Expenses for the Expense Year exceed the
2%/25% Guidelines, the Advisor, at the direction of the Independent Directors, shall cause such fact to be disclosed to the Stockholders in writing (or the Company shall disclose such fact to the Stockholders in the next quarterly report of the
Company or by filing a Current Report on Form 8-K with the Securities and Exchange Commission within sixty (60) days of such quarter end), together with an explanation of the factors the Independent
Directors considered in determining that such excess were justified. The Company will ensure that such determination will be reflected in the minutes of the meetings of the Board. All figures used in the foregoing computations shall be determined in
accordance with GAAP applied on a consistent basis. 
  

	 	14.	OTHER ACTIVITIES OF THE ADVISOR 

 (a) Relationship. Nothing herein
contained shall prevent the Advisor or any of its Affiliates from engaging in or earning fees from other activities, including, without limitation, the rendering of advice to other Persons (including other REITs) and the management of other programs
advised, sponsored or organized by the Advisor or its Affiliates; nor shall this Agreement limit or restrict the right of any director, officer, member, partner, employee, or stockholder of the Advisor or its Affiliates to engage in or earn fees
from any other business or to render services of any kind to any other partnership, corporation, firm, individual, trust or association and earn fees for rendering such services. The Advisor may, with respect to any investment in which the Company
is a participant, also render advice and service to each and every other participant therein, and earn fees for rendering such advice and service. Specifically, it is contemplated that the Company may enter into joint ventures or other similar co-investment arrangements with certain Persons, and pursuant to the agreements governing such joint ventures or arrangements, the Advisor may be engaged to provide advice and service to such Persons, in which case
the Advisor will earn fees for rendering such advice and service. 
 (b) Time Commitment. The Advisor shall, and
shall cause its Affiliates and their respective employees, officers and agents to, devote to the Company such time as shall be reasonably necessary to conduct the business and affairs of the Company in an appropriate manner consistent with the terms
of this Agreement. The Company acknowledges that the Advisor and its Affiliates and their respective employees, officers and agents may also engage in activities unrelated to the Company and may provide services to Persons other than the Company or
any of its Affiliates. 
 (c) Investment Opportunities. The Advisor shall use its commercially reasonable efforts
to present to the Company a number of potential investment opportunities appropriate for the portfolio of the Company consistent with the investment policies and objectives of the Company, but neither the Advisor nor any Affiliate of the Advisor
shall be obligated generally to present any particular investment opportunity to the Company even if the opportunity is of a character that, if presented to the Company, could be taken by the Company. In the event an investment opportunity is
located, the allocation procedure set forth in the Prospectus shall govern the allocation of the opportunity among the Company, on the one hand, and other clients of the Advisor, on the other hand; provided any changes to the procedure shall be
presented in advance and approved by the Board, including a majority of the Independent Directors. 

  
 17 

	 	15.	RELATIONSHIP OF THE PARTIES. 

 The Company and the Operating Partnership, on the one
hand, and the Advisor on the other, are not partners or joint venturers with each other, and nothing in this Agreement shall be construed to make them such partners or joint venturers or impose any liability as such on either of them. 

 

	 	16.	TERM OF AGREEMENT. 

 This Agreement shall continue in force for a period of one year from
the Effective Date, subject to an unlimited number of successive one-year renewals upon mutual consent of the parties. It is the duty of the Directors to evaluate the performance of the Advisor annually before
renewing the Agreement, and each such renewal shall be for a term of no more than one year. 
  

	 	17.	TERMINATION BY THE PARTIES. 

 This Agreement may be terminated (i)immediately by the
Company or the Operating Partnership for Cause or upon the bankruptcy of the Advisor or upon a material breach of this Agreement by the Advisor; provided, that such material breach is not capable of being cured or has not been cured within sixty
(60) days after the giving of notice thereof by the Company to the Advisor; (ii) upon sixty (60) days’ written notice without Cause or penalty by a majority vote of the Independent Directors; or (iii) upon sixty
(60) days’ written notice by the Advisor. The provisions of Sections 19 through 22 survive termination of this Agreement. 
  

	 	18.	ASSIGNMENT TO AN AFFILIATE. 

 This Agreement may be assigned by the Advisor to an
Affiliate with the prior written consent of the Company or the Operating Partnership, it being agreed that such consent shall not unreasonably be withheld or delayed by the Company or the Operating Partnership. The Advisor may assign any rights to
receive fees or other payments under this Agreement to any Person without obtaining the consent of the Company or the Operating Partnership. This Agreement shall not be assigned by the Company or the Operating Partnership without the consent of the
Advisor, except in the case of an assignment by the Company or the Operating Partnership to a corporation, limited partnership or other organization which is a successor to all of the assets, rights and obligations of the Company or the Operating
Partnership, in which case such successor organization shall be bound hereunder and by the terms of said assignment in the same manner as the Company and the Operating Partnership are bound by this Agreement. 

 

	 	19.	PAYMENTS TO AND DUTIES OF ADVISOR UPON TERMINATION. 

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

(b) The Advisor shall promptly upon termination: 

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

  
 18 

 (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 all Investments, and documents of the Company and the Operating Partnership then in the
custody of the Advisor; and 
 (iv) cooperate with the Company and the Operating Partnership to provide an orderly management transition.

  

	 	20.	INDEMNIFICATION BY THE COMPANY AND THE OPERATING PARTNERSHIP. 

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

 

	 	21.	INDEMNIFICATION BY ADVISOR. 

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

	 	22.	NON-SOLICITATION. 

 During the period commencing
on the Effective Date and ending one year following the Termination Date, the Company shall not, without the Advisor’s prior written consent, directly or indirectly, (i) solicit or encourage any person to leave the employment or other
service of the Advisor or its Affiliates, or (ii) hire, on behalf of the Company or any other person or entity, any person who has left the employment within the one year period following the termination of that person’s employment the
Advisor or its Affiliates. During the period commencing on the date hereof through and ending one year following the Termination Date, the Company will not, whether for its own account or for the account of any other Person, intentionally interfere
with the relationship of the Advisor or its Affiliates with, or endeavor to entice away from the Advisor or its Affiliates, any person who during the term of the Agreement is, or during the preceding one-year
period, was a tenant, co-investor, co-developer, joint venturer or other customer of the Advisor or its Affiliates. 

  
 19 

	 	23.	MISCELLANEOUS. 

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

					
	To the Company or the Operating Partnership:	  	 Jones Lang LaSalle Income Property Trust, Inc. 
333 West Wacker Drive, Suite 2300

Chicago, Illinois 60606
 Attention: Chief Executive
Officer
	  	
			
		  	with a simultaneous copy to:	  	
			
		  	 Alston & Bird LLP
 1201 W. Peachtree
St.
 Atlanta, Georgia 30309
 Attention: Rosemarie A.
Thurston
	  	
			
	To the Advisor:	  	 LaSalle Investment Management, Inc. 
333 West Wacker Drive, Suite 2300

Chicago, Illinois 60606
 Attention: Chief Executive
Officer
	  	
			
		  	with a simultaneous copy to:	  	
			
		  	 LaSalle Investment Management, Inc. 
333 West Wacker Drive, Suite 2300

Chicago, Illinois 60606
 Attention: General Counsel
	  	

 Any party may at any time give notice in writing to the other parties of a change in its address for the
purposes of this Section 23. 
 (b) Modification. This Agreement shall not be changed, modified, terminated, or
discharged, in whole or in part, except by an instrument in writing signed by the parties hereto, or their respective successors or assignees. 

(c) 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. 

(d) Governing Law; Exclusive Jurisdiction; Jury Trial. The provisions of this Agreement shall be construed and interpreted in
accordance with the laws of the State of Maryland without regard to the conflicts-of-law principles that would require the application of any other law. The parties
hereby irrevocably submit to the exclusive jurisdiction of the courts of the State of Illinois and the Federal courts of the United States of America located in Chicago, Illinois for purposes of any suit, action or other proceeding arising from this
Agreement, and hereby waive, and agree not to assert, as a defense in any action, suit or proceeding for the interpretation or enforcement hereof or thereof, that it is not subject thereto or that such action, suit or proceeding may not be brought
or is not maintainable in such courts or that the venue thereof may not be appropriate or that this Agreement or any such document may not be enforced in or by such courts. Each of the parties hereby consent to and grant any such court jurisdiction
over the person of such parties and over the subject matter of any such dispute. EACH OF THE 

  
 20 

 
PARTIES TO THIS AGREEMENT HEREBY IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT. 

(e) Entire Agreement. This Agreement contains the entire agreement and understanding among the parties hereto with respect to
the subject matter hereof, and supersedes and replaces 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,
including the Second Amended and Restated Advisory Agreement. The express terms hereof control and supersede any course of performance or usage of the trade inconsistent with any of the terms hereof. 

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

(h) Titles Not to Affect Interpretation. The titles of Sections and Subsections contained in this Agreement are for
convenience only, and they neither form a part of this Agreement nor are they to be used in the construction or interpretation hereof. 

(i) Execution in Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be
an original as against any party whose signature appears thereon, and all of which shall together constitute one and the same instrument. This Agreement shall become binding when one or more counterparts hereof, individually or taken together, shall
bear the signatures of all of the parties reflected hereon as the signatories. 
 [Signatures on following page.] 

  
 21 

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

			
	Jones Lang LaSalle Income Property Trust, Inc.
		
	By:	 	 
		 	C. Allan Swaringen
		 	President and Chief Executive Officer
	
	 JLLIPT Holdings LP

		 	By: JLLIPT Holdings GP, LLC, its General Partner
		 	  By: Jones Lang LaSalle Income Property Trust, Inc., its sole Member and Manager
	
		
	By:	 	 
		 	C. Allan Swaringen
		 	President and Chief Executive Officer
	
	LaSalle Investment Management, Inc.
		
	By:	 	 
		 	Jason B. Kern
		 	President and Chief Executive Officer

  
 22EX-10.3

 Exhibit 10.3 
  

 
  

FOURTH AMENDED AND RESTATED 

JONES LANG LASALLE INCOME PROPERTY TRUST, INC. 

INDEPENDENT DIRECTORS COMPENSATION PLAN 
  

 
  

AS OF NOVEMBER 9, 2017 

 FOURTH AMENDED AND RESTATED 

JONES LANG LASALLE INCOME PROPERTY TRUST, INC. 

INDEPENDENT DIRECTORS COMPENSATION PLAN 

ARTICLE 1 
 PURPOSE

 1.1. PURPOSE. The purpose of the Plan is to attract, retain and compensate highly-qualified individuals who are not
employees of Jones Lang LaSalle Income Property Trust, Inc. or any of its subsidiaries or affiliates for service as members of the Board by providing them with competitive compensation. The Plan is a sub-plan
of the Jones Lang LaSalle Income Property Trust, Inc. 2012 Incentive Plan (the “Incentive Plan”). 
 1.2.
ELIGIBILITY. Independent Directors of the Company who are Eligible Participants, as defined below, shall automatically be participants in the Plan. 

ARTICLE 2 
 DEFINITIONS

 2.1. DEFINITIONS. Capitalized terms used herein and not otherwise defined shall have the meanings given such terms in
the Incentive Plan. Unless the context clearly indicates otherwise, the following terms shall have the following meanings: 

“Amended and Restated Plan” means the Third Amended and Restated Jones Lang LaSalle Income Property Trust, Inc. Independent
Directors Compensation Plan, approved by the Board on May 10, 2016. 
 “Base Annual Retainer” means the annual
retainer (excluding Supplemental Annual Retainers and expenses) payable by the Company to an Independent Director pursuant to Section 5.1 hereof for service as a director of the Company, as such amount may be changed from time to time. 

“Board” means the Board of Directors of the Company. 

“Charter” means the articles of incorporation of the Company, as such articles of incorporation may be amended from time to
time. 
 “Company” means Jones Lang LaSalle Income Property Trust, Inc. 

“Effective Date” of the Plan has the meaning set forth in Section 8.4 of the Plan. 

“Eligible Participant” means any person who is an Independent Director on the Effective Date or becomes an Independent
Director while this Plan is in effect; except that during any period a director is prohibited from participating in the Plan by his or her employer or otherwise waives participation in the Plan, such director shall not be an Eligible Participant.

 “Incentive Plan” means the Jones Lang LaSalle Income Property Trust, Inc. 2016 Incentive Plan, as amended from time to
time. 
 “Independent Director” means a director of the Company who is not a common law employee of the Company and who
meets the additional requirements set forth for an “independent director” in the Charter. 

  
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 “Plan” means this Fourth Amended and Restated Jones Lang LaSalle Income
Property Trust, Inc. Independent Directors Compensation Plan, as amended from time to time. 
 “Plan Year(s)” means the
approximate twelve-month periods between annual meetings of the stockholders of the Company, which, for purposes of the Plan, are the periods for which annual retainers are earned. 

“Stock” means the $0.01 par value Class M, Class A, Class A-I, Class M-I and Class D common stock of the Company and such other securities of the Company as may be substituted for such class of Stock pursuant to Article 13 of the Incentive Plan. 

“Supplemental Annual Retainer” means the annual retainer (excluding the Base Annual Retainer and expenses) payable by the
Company to an Independent Director pursuant to Section 5.2 hereof for service as the chair or a member of the Audit Committee of the Board, Chair of the Nominating Committee, or as lead Independent Director, as such amount may be changed from
time to time. 
 ARTICLE 3 

ADMINISTRATION 
 3.1.
ADMINISTRATION. The Plan shall be administered by the Board. Subject to the provisions of the Plan, the Board shall be authorized to interpret the Plan, to establish, amend and rescind any rules and regulations relating to the Plan,
and to make all other determinations necessary or advisable for the administration of the Plan. The Board’s interpretation of the Plan, and all actions taken and determinations made by the Board pursuant to the powers vested in it hereunder,
shall be conclusive and binding upon all parties concerned, including the Company, its stockholders and persons granted awards under the Plan. The Board may appoint a plan administrator to carry out the ministerial functions of the Plan, but the
administrator shall have no other authority or powers of the Board. 
 3.2. RELIANCE. In administering the Plan, the Board may rely
upon any information furnished by the Company, its public accountants and other experts. No individual will have personal liability by reason of anything done or omitted to be done by the Company or the Board in connection with the Plan. This
limitation of liability shall not be exclusive of any other limitation of liability to which any such person may be entitled under the Company’s certificate of incorporation or otherwise. 

ARTICLE 4 
 SOURCE OF
SHARES 
 4.1 SOURCE OF SHARES. The shares of Stock or other equity that may be issued pursuant to the Plan shall be issued under
the Incentive Plan, subject to all of the terms and conditions of the Incentive Plan. The terms contained in the Incentive Plan are incorporated into and made a part of this Plan with respect to shares of Stock or other equity granted pursuant
hereto and any such grant shall be governed by and construed in accordance with the Incentive Plan. In the event of any actual or alleged conflict between the provisions of the Incentive Plan and the provisions of this Plan, the provisions of the
Incentive Plan shall be controlling and determinative. This Plan does not constitute a separate source of Shares for the grant of awards of Stock described herein. 

  
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 ARTICLE 5 

RETAINERS AND EXPENSES 

5.1. BASE ANNUAL RETAINER. Each Eligible Participant shall be paid a Base Annual Retainer for service as a director during each
Plan Year. The amount of the Base Annual Retainer shall be established from time to time by the Board. Until changed by the Board, the Base Annual Retainer for a full Plan Year shall be $80,000.00 (which Base Annual Retainer includes fees for
attendance at meetings of the Board or its committees). $70,000 of the Base Annual Retainer shall be payable in approximately equal quarterly installments in advance, beginning at the start of a Plan Year. A pro rata Base Annual Retainer will be
paid to any person who becomes an Eligible Participant on a date other than the beginning of a Plan Year, based on the number of full months he or she serves as an Independent Director during the Plan Year. Payment of such prorated Base Annual
Retainer shall begin on the date that the person first becomes an Eligible Participant, and shall resume on a quarterly basis thereafter. The remaining $10,000 of Base Annual Retainer will be paid in fully-vested shares of Stock (which shares of
Stock shall be Class M-I, or such other class of Stock as may be determined by the Board, and subject to the one-year holding period applicable to all Stock) on or
about the same day as the first quarterly payment of a calendar year, based on the NAV of the Stock from the first preceding day for which it is calculated and published. 

5.2. SUPPLEMENTAL ANNUAL RETAINERS. 

(a) The chairperson of the Audit Committee of the Board shall be paid a Supplemental Annual Retainer for his or her service as such
chairperson during a Plan Year, payable quarterly at the same times as installments of the Base Annual Retainer. The amount of the Supplemental Annual Retainer for the chairperson of the Audit Committee shall be established from time to time by the
Board. Until changed by the Board, the Supplemental Annual Retainer for a full Plan Year for the chairperson of the Audit Committee shall be $10,000.00. A pro rata Supplemental Annual Retainer will be paid to any Eligible Participant who becomes the
chairperson of the Audit Committee of the Board on a date other than the beginning of a Plan Year, based on the number of full months he or she serves as a chairperson of the Audit Committee of the Board during the Plan Year. Payment of such pro-rated Supplemental Annual Retainer shall begin on the date that the person first becomes chairperson of the Audit Committee, and shall resume on a quarterly basis thereafter. 

(b) Each member of the Audit Committee of the Board, other than the chairperson of the Audit Committee whose supplemental retainer is set
forth above, shall be paid a Supplemental Annual Retainer for his or her service as a member of the Audit Committee during a Plan Year, payable quarterly at the same times as installments of the Base Annual Retainer. The amount of the Supplemental
Annual Retainer for a member of the Audit Committee shall be established from time to time by the Board. Until changed by the Board, the Supplemental Annual Retainer for a full Plan Year for a member of the Audit Committee, other than the
chairperson of the Audit Committee, shall be $5,000.00. A pro rata Supplemental Annual Retainer will be paid to any Eligible Participant who becomes a member of the Audit Committee of the Board on a date other than the beginning of a Plan Year,
based on the number of full months he or she serves as a member of the Audit Committee of the Board during the Plan Year. Payment of such pro-rated Supplemental Annual Retainer shall begin on the date that the
person first becomes a member of the Audit Committee, and shall resume on a quarterly basis thereafter. the Board. Until changed by the Board, the Supplemental Annual Retainer for a full Plan Year for the lead Independent Director shall be
$5,000.00. A pro rata Supplemental Annual Retainer will be paid to any Eligible Participant who becomes the lead Independent Director on a date other than the beginning of a Plan Year, based on the number of full months he or she serves as lead
Independent Director during the Plan Year. Payment of such pro-rated Supplemental Annual Retainer shall begin on the date that the person first becomes the lead Independent Director, and shall resume on a
quarterly basis thereafter. 
 (c) The director elected as the lead Independent Director shall be paid a Supplemental Annual Retainer for
his or her service as such lead Independent Director during a Plan Year, payable quarterly at the same times as installments of the Base Annual Retainer. The amount of the Supplemental Annual Retainer for the lead Independent Director shall be
established from time to time by 

  
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the Board. Until changed by the Board, the Supplemental Annual Retainer for a full Plan Year for the lead Independent Director shall be $5,000.00. A pro rata Supplemental Annual Retainer will be
paid to any Eligible Participant who becomes the lead Independent Director on a date other than the beginning of a Plan Year, based on the number of full months he or she serves as lead Independent Director during the Plan Year. Payment of such
pro-rated Supplemental Annual Retainer shall begin on the date that the person first becomes the lead Independent Director, and shall resume on a quarterly basis thereafter. 

(d) The chairperson of the Nominating Committee of the Board shall be paid a Supplemental Annual Retainer for his or her service as such
chairperson during a Plan Year, payable quarterly at the same times as installments of the Base Annual Retainer. The amount of the Supplemental Annual Retainer for the chairperson of the Nominating Committee shall be established from time to time by
the Board. Until changed by the Board, the Supplemental Annual Retainer for a full Plan Year for the chairperson of the Nominating Committee shall be $5,000.00. A pro rata Supplemental Annual Retainer will be paid to any Eligible Participant who
becomes the chairperson of the Nominating Committee of the Board on a date other than the beginning of a Plan Year, based on the number of full months he or she serves as a chairperson of the Nominating Committee of the Board during the Plan Year.
Payment of such pro-rated Supplemental Annual Retainer shall begin on the date that the person first becomes chairperson of the Nominating Committee, and shall resume on a quarterly basis thereafter. 

5.3. TRAVEL EXPENSE REIMBURSEMENT. All Eligible Participants shall be reimbursed for reasonable travel expenses in connection
with attendance at meetings of the Board and its committees, or other Company functions at which the Chief Executive Officer or Chair of the Board requests the Independent Director to participate. Notwithstanding the foregoing, the Company’s
reimbursement obligations pursuant to this Section 5.3 shall be limited to expenses incurred during such director’s service as an Independent Director. Such payments will be made within 30 days after delivery of the Independent
Director’s written requests for payment, accompanied by such evidence of expenses incurred as the Company may reasonably require, but in no event later than the last day of the Independent Director’s tax year following the tax year in
which the expense was incurred. The amount reimbursable in any one tax year shall not affect the amount reimbursable in any other tax year. Independent Directors’ right to reimbursement pursuant to this Section 5.3 shall not be
subject to liquidation or exchange for another benefit. 
 ARTICLE 6 

EQUITY COMPENSATION 
 6.1.
INITIAL STOCK GRANT. Subject to share availability under the Incentive Plan and the terms of this Section 6.1, on the first date an Independent Director is initially elected or appointed to the Board, he or she shall receive an award of
2,000 fully-vested shares of Stock (which shares of Stock shall be Class M-I, or such other class of Stock as may be determined by the Board, and subject to the
one-year holding period applicable to all Stock). Such shares of Stock shall be subject to the terms and conditions described herein and in the Incentive Plan and shall be in addition to any otherwise
applicable annual grant of Stock granted to such Independent Director under Section 6.2. 
 6.2 SUBSEQUENT STOCK GRANT. Subject
to share availability under the Incentive Plan, each Independent Director will receive an additional grant of 2,000 fully-vested shares of Stock (which shares of Stock shall be Class M-I, or such other
class of Stock as may be determined by the Board, and subject to the one-year holding period applicable to all Stock) on the day following each annual stockholders meeting, subject to the Independent
Director’s continued service as an Independent Director on such date. 

  
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 ARTICLE 7 

AMENDMENT, MODIFICATION AND TERMINATION 

7.1. AMENDMENT, MODIFICATION AND TERMINATION. The Board may, at any time and from time to time, amend, modify or terminate the Plan
without stockholder approval; provided, however, that if an amendment to the Plan would, in the reasonable opinion of the Board, require stockholder approval under applicable laws, policies or regulations or the applicable listing or other
requirements of a securities exchange on which the Stock is listed or traded, then such amendment shall be subject to stockholder approval; and provided further, that the Board may condition any other amendment or modification on the approval of
stockholders of the Company for any reason. 
 ARTICLE 8 

GENERAL PROVISIONS 
 8.1.
ADJUSTMENTS. The adjustment provisions of the Incentive Plan shall apply with respect to equity awards granted pursuant to this Plan. 

8.2 DURATION OF THE PLAN. The Plan shall remain in effect until terminated by the Board. 

8.3. EXPENSES OF THE PLAN. The expenses of administering the Plan shall be borne by the Company. 

8.4. EFFECTIVE DATE. This Fourth Amended and Restated Plan will become effective on January 1, 2018 and replace the Amended
and Restated Plan, which will expire as of that date (the “Effective Date”). 
 ***** 

The foregoing is hereby acknowledged as being the Jones Lang LaSalle Income Property Trust, Inc. Independent Directors Compensation Plan as
adopted by the Board on November 9, 2017. 
  

			
	JONES LANG LASALLE INCOME PROPERTY TRUST, INC.
		
	By:	 	 /S/ C. ALLAN SWARINGEN

	Name:	 	C. Allan Swaringen
	Title:	 	President and Chief Executive Officer

  
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