Document:

EX-10.3

 Exhibit 10.3 

AMENDMENT NO. 2 TO THE THIRD AMENDED AND RESTATED 

LIMITED PARTNERSHIP AGREEMENT 

OF 
 SSSHT OPERATING
PARTNERSHIP, L.P. 
 In accordance with Section 4.3(a)(i) and Article 11 of the Third Amended and Restated Limited Partnership
Agreement dated May 1, 2018 (the “Partnership Agreement”) of SSSHT Operating Partnership, L.P. (the “Partnership”), the Partnership Agreement is hereby amended by this Amendment No. 2 thereto (this
“Amendment”) to reflect certain changes in share classification of Strategic Student & Senior Housing Trust, Inc. (the “General Partner”). Capitalized terms used and not otherwise defined herein shall have the meanings
set forth in the Partnership Agreement. 
 WHEREAS, the Partnership Agreement has previously been amended by Amendment No. 1 to the
Partnership Agreement dated September 26, 2018 (“Amendment No. 1”), which revised certain definitions contained in the Partnership Agreement; 

WHEREAS, the General Partner has filed, on the date herewith, Articles Supplementary to reclassify 200,000,000 authorized but unissued shares
of Class T Common Stock of the General Partner as shares of Class Y Common Stock, $0.001 par value per share, of the General Partner (the “Class Y Common Stock”), and to reclassify 70,000,000 authorized but unissued shares
of Class A Common Stock of the General Partner as shares of Class Z Common Stock, $0.001 par value per share, of the General Partner (the “Class Z Common Stock”), with the preferences, rights, voting powers, restrictions,
limitations as to dividends and other distributions, qualifications, or terms or conditions of redemption described therein; 
 WHEREAS, the
parties hereto desire to reflect certain changes in share classification and other changes by amending the Partnership Agreement as previously amended by Amendment No. 1, by entering into this Amendment. 

NOW THEREFORE, in consideration of the mutual covenants contained herein, and other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the parties hereto agree as follows: 
 Section 1.    Amendments to Defined
Terms 
 A.    The following are hereby added as additional defined terms in the Partnership Agreement: 

Class Y REIT Shares means the REIT Shares classified as Class Y common stock in the Articles of
Incorporation. 
 Class Y Unit means a Partnership Unit entitling the holder thereof to the rights
of a holder of a Class Y Unit as provided in this Agreement. 
 Class Z REIT Shares means the
REIT Shares classified as Class Z common stock in the Articles of Incorporation. 
 Class Z Unit
means a Partnership Unit entitling the holder thereof to the rights of a holder of a Class Z Unit as provided in this Agreement. 

B.    The following definitions are hereby revised and restated defined terms in the Partnership Agreement: 

 Invested Capital means the amount calculated by multiplying the total
number of REIT Shares purchased by Stockholders by (a) the offering price for the Stock paid by such Stockholders in an Offering or (b) for Stock not purchased in an Offering, the issue price for the Stock; in each case reduced by any
Distributions attributable to Net Sale Proceeds, any Stockholder Servicing Fee attributable to the Class T REIT Shares and the Class Y REIT Shares, any Dealer Manager Servicing Fee attributable to the Class W REIT Shares and the
Class Z REIT Shares, and any amounts paid by the General Partner to repurchase shares of Stock pursuant to a plan for repurchase of the General Partner’s Stock. 

Partnership Unit means a fractional, undivided share of the Partnership Interests of all Partners issued hereunder,
including Class A Units, Class T Units, Class W Units, Class Y Units, Class Z Units, and Preferred Units. Without limitation on the authority of the General Partner as set forth in Section 4.3 hereof, the General
Partner may designate any Partnership Units, and may designate one or more series of any class of Partnership Units. The allocation of Partnership Units among the Partners shall be as set forth on Exhibit A, as such Exhibit may be amended from time
to time. 
 REIT Share means a share of common stock, par value $0.001 per share, in the General Partner (or
successor entity, as the case may be), including Class A REIT Shares, Class T REIT Shares, Class W REIT Shares, Class Y REIT Shares, and Class Z REIT Shares, the terms and conditions of which are set forth in the Articles of
Incorporation. 
 Section 2.    Amendments to Article 4 of the Partnership Agreement 

A.    Section 4.3(a)(i)(A)(1) is hereby amended and restated as follows: 

(A)(1)    the additional Partnership Interests are issued in connection with an issuance of REIT Shares of or other
interests in the General Partner, which shares or interests have designations, preferences and other rights, all such that the economic interests are substantially similar to the designations, preferences and other rights of the additional
Partnership Interests issued to the General Partner by the Partnership in accordance with this Section 4.3 (without limiting the foregoing, for example, the Partnership shall issue Partnership Interests consisting of: Class A Units to the
General Partner in connection with the issuance of Class A REIT Shares; Class T Units to the General Partner in connection with the issuance of Class T REIT Shares; Class W Units to the General Partner in connection with the
issuance of Class W REIT Shares; Class Y Units in connection with the issuance of Class Y REIT Shares; and Class Z Units in connection with the issuance of Class Z REIT Shares), and (2) the General Partner shall make a
Capital Contribution to the Partnership in an amount equal to the proceeds raised in connection with the issuance of such shares of stock of or other interests in the General Partner; 

B.    Section 4.3(a)(ii)(B) is hereby amended and restated as follows: 

the General Partner contributes the net proceeds from the issuance of such Additional Securities and from any exercise of rights contained in
such Additional Securities, directly and through the General Partner, to the Partnership (without limiting the foregoing, for example, the Partnership shall issue Limited Partnership Interests consisting of: (1) Class A Units to the
General Partner in connection with the issuance of Class A REIT Shares; (2) Class T Units to the General Partner in connection with the issuance of Class T REIT Shares; (3) Class W Units to the General Partner in
connection with the issuance of Class W REIT Shares; (4) Class Y Units to the General Partner in connection with the issuance of Class Y REIT Shares; and (5) Class Z Units to the General Partner in connection with the
issuance of Class Z REIT Shares); provided, however, that the General Partner is allowed to issue Additional Securities in connection with an acquisition of a 

 
property to be held directly by the General Partner, but if and only if, such direct acquisition and issuance of Additional Securities have been approved and determined to be in the best
interests of the General Partner and the Partnership by a majority of the Independent Directors (as defined in the Articles of Incorporation). 

C.    The last sentence of Section 4.3(a)(ii) is hereby amended and restated as follows: 

For example, in the event the General Partner issues REIT Shares of any class for a cash purchase price and contributes all of the proceeds of
such issuance to the Partnership as required hereunder, the General Partner shall be issued a number of additional Common Units having the same class designation as the issued REIT Shares equal to the product of (A) the number of such REIT
Shares of that class issued by the General Partner, the proceeds of which were so contributed, multiplied by (B) a fraction, the numerator of which is 100%, and the denominator of which is the Conversion Factor in effect on the date of such
contribution. 
 Section 3.    Amendment to Article 5 of the Partnership Agreement 

Section 5.2(a)(ii) is hereby amended and restated as follows: 

the number of days between such Partnership Record Date (including such Partnership Record Date) and the immediately preceding Partnership
Record Date, provided that the aggregate distributions made hereunder to the holders of Class T Units and Class Y Units shall be reduced (but not below zero) by the aggregate Stockholder Servicing Fee payable by the General Partner with
respect to the Class T REIT Shares and Class Y REIT Shares, respectively, with respect to such Record Date and the aggregate distributions made hereunder to the holders of Class W Units and Class Z Units shall be reduced (but not
below zero) by the aggregate Dealer Manager Servicing Fee payable by the General Partner with respect to the Class W REIT Shares and Class Z REIT Shares, respectively, with respect to such Record Date. 

Section 4.    Amendment to Article 6 of the Partnership Agreement 

Section 6.10 is hereby amended and restated as follows: 

6.10 Miscellaneous. In the event the General Partner redeems any REIT Shares (other than REIT Shares redeemed in accordance with the
share redemption program of the General Partner through proceeds received from the General Partner’s distribution reinvestment plan), then the General Partner shall cause the Partnership to purchase from the General Partner a number of
Partnership Units as determined based on the application of the Conversion Factor on the same terms that the General Partner exchanged such REIT Shares (without limiting the foregoing, for example, the Partnership shall purchase from the General
Partner, Partnership Interests consisting of: (a) Class A Units in connection with the exchange of Class A REIT Shares; (b) Class T Units in connection with the exchange of Class T REIT Shares; (c) Class W
Units in connection with the exchange of Class W REIT Shares; (d) Class Y Units in connection with the exchange of Class Y REIT Shares; and (e) Class Z Units in connection with the exchange of Class Z REIT Shares).
Moreover, if the General Partner makes a cash tender offer or other offer to acquire REIT Shares, then the General Partner shall cause the Partnership to make a corresponding offer to the General Partner to acquire an equal number of Partnership
Units held by the General Partner. In the event any REIT Shares are exchanged by the General Partner pursuant to such offer, the Partnership shall redeem an equivalent number of the General Partner’s Partnership Units for an equivalent purchase
price based on the application of the Conversion Factor (without limiting the foregoing, for example, the Partnership shall redeem from the General Partner, Partnership Interests consisting of (a) Class A Units in connection with the
exchange of Class A 

 
REIT Shares; (b) Class T Units in connection with the exchange of Class T REIT Shares; (c) Class W Units in connection with the exchange of Class W REIT Shares;
(d) Class Y Units in connection with the exchange of Class Y REIT Shares; and (e) Class Z Units in connection with the exchange of Class Z REIT Shares). 

Section 5.    Continuation of the Partnership Agreement 

The Partnership Agreement, Amendment No. 1 and this Amendment shall be read together and shall have the same force and effect as if the
provisions of the Partnership Agreement, Amendment No. 1 and this Amendment were contained in one document. Any provisions of the Partnership Agreement not amended by Amendment No. 1 or this Amendment shall remain in full force and effect
as provided in the Partnership Agreement immediately prior to the date hereof. In the event of a conflict between the provisions of this Amendment and the Partnership Agreement and Amendment No. 1, the provisions of this Amendment shall
control. 
 [Signature Page Follows.] 

 IN WITNESS WHEREOF, the parties hereto have executed this Amendment to the Partnership
Agreement as of the      day of             , 2019. 
  

			
	SSSHT OPERATING PARTNERSHIP L.P.
		
	By:	 	Strategic Student & Senior Housing Trust, Inc., its sole general partner
		
	By:	 	  

		 	Name: H. Michael Schwartz
		 	Title: Chief Executive Officer

  

			
	STRATEGIC STUDENT & SENIOR HOUSING TRUST, INC.
		
	By:	 	  

		 	Name: H. Michael Schwartz
		 	Title: Chief Executive OfficerEX-10.6

 Exhibit 10.6 

AMENDMENT NO. 2 

TO 
 AMENDED AND
RESTATED ADVISORY AGREEMENT 
 This Amendment No. 2 (this “Amendment”) to Amended and Restated Advisory Agreement
dated as of May 1, 2018, as amended (the “Advisory Agreement”), is effective as of                     , 2019, by and among Strategic
Student & Senior Housing Trust, Inc., a Maryland corporation (the “Company”), SSSHT Operating Partnership, L.P., a Delaware limited partnership (the “Operating Partnership”) and SSSHT Advisor, LLC, a Delaware limited
liability company (the “Advisor”). 
 W I T N E S S E T H 

WHEREAS, the Company, the Operating Partnership, and the Advisor are parties to the Advisory Agreement. 

WHEREAS, the Company has been offering (the “Offering”) shares of Class A, Class T, and Class W common stock pursuant
to a Registration Statement on Form S-11 filed with the Securities and Exchange Commission (SEC File No. 333-220646). 

WHEREAS, the Company desires to cease selling shares of Class A, Class T, and Class W common stock in the primary portion of
the Offering and begin offering shares of Class Y and Class Z common stock pursuant to the Offering. 
 WHEREAS, concurrently with
the execution of this Amendment, the parties are also entering into an Advisor Funding Agreement pursuant to which the Advisor is agreeing to fund the payment of all upfront sales commissions, dealer manager fees, and organization and offering
expenses in connection with the sales of shares of Class Y and Class Z common stock in the Offering. 
 WHEREAS, the Company, the
Operating Partnership, and the Advisor have determined that it is advisable to enter into this Amendment to provide for the payment of a new contingent acquisition fee and to clarify provisions related to certain expenses incurred by the Company and
Advisor and reimbursements from the Advisor. 
 NOW, THEREFORE, for and in consideration of the premises and the mutual covenants contained
herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the undersigned, intending to be legally bound, agree as follows: 

 

	 	1.	 The term “Capped O&O Expenses” defined in Article I of the Advisory Agreement is hereby deleted
in its entirety. 

  

	 	2.	 The following are added as defined terms in Article I of the Advisory Agreement, each in its respective
alphabetical order: 

 “Competitive Real Estate Commission” means a real estate or brokerage commission paid
(or, if no commission is paid, the amount that customarily would be paid) for the purchase or sale of a Property that is reasonable, customary and competitive in light of the size, type and location of the Property. 

“Contingent Acquisition Fee” shall have the meaning set forth in Section 9.1. 

“Contract Sales Price” means the total consideration provided for in the sales contract for the Sale of a Property. 

 “Disposition Fee” means the fee paid to the Advisor in connection with the Sale of
a property as described in Section 9.5 of this Advisory Agreement. 
 “Extraordinary Transaction” means, whether in one or a
series of transactions, the transfer or other disposition, directly or indirectly, of all or substantially all of the business or securities of the Company, whether by way of a merger or consolidation, reorganization, recapitalization or
restructuring, tender or exchange offer, negotiated purchase, leveraged buyout or otherwise, or any other extraordinary corporate transaction involving the Company, excluding a Sale. 

“Invested Capital” means the amount calculated by multiplying the total number of shares of Common Stock purchased by Stockholders
by (a) the offering price for the Stock paid by such Stockholders in an Offering or (b) for Stock not purchased in an Offering, the issue price for the Stock; in each case reduced by any Distributions attributable to net sale proceeds from
the sale of assets by the Operating Partnership, any stockholder servicing fee attributable to shares of the Class T and Class Y Common Stock, any dealer manager servicing fee attributable to shares of the Class W and Class Z
Common Stock, and any amounts paid by the Company to repurchase shares of Stock pursuant to a plan for repurchase of the Company’s Stock. 

“Listing” means the approval of the Common Stock, issued by the Company pursuant to an effective registration statement, on any
National Securities Exchange. Upon Listing, the Common Stock shall be deemed “Listed.” 
 “Market Value” shall have the
meaning set forth in Section 9.1. 
 “National Securities Exchange” means any securities exchange registered with the SEC
pursuant to Section 6 of the Securities Exchange Act of 1934, as amended. 
 “Sale” or “Sales” means any
transaction or series of transactions whereby: (a) the Operating Partnership sells, grants, transfers, conveys or relinquishes its ownership of any Property or portion thereof, including the lease of any Property consisting of the building
only, and including any event with respect to any Property which gives rise to a significant amount of insurance proceeds or condemnation awards; (b) the Operating Partnership sells, grants, transfers, conveys or relinquishes its ownership of
all or substantially all of the interest of the Operating Partnership in any Joint Venture in which it is a co-venturer or partner; (c) any Joint Venture in which the Operating Partnership is a co-venturer or partner sells, grants, transfers,
conveys or relinquishes its ownership of any Property or portion thereof, including any event with respect to any Property which gives rise to insurance claims or condemnation awards; (d) the Operating Partnership sells, grants, conveys, or
relinquishes its interest in any asset, or portion thereof, including any event with respect to any asset which gives rise to a significant amount of insurance proceeds or similar awards; (e) the Operating Partnership sells or otherwise
disposes of or distributes all of its assets in liquidation of the Operating Partnership; or (f) all or substantially all of the business or securities of the Company are transferred or otherwise disposed of, directly or indirectly, whether by
way of a merger or consolidation, reorganization, recapitalization or restructuring, tender or exchange offer, negotiated purchase, leveraged buyout or otherwise, or any other extraordinary corporate transaction involving the Company. 

“Stockholders’ 6% Return” means, as of any date, an aggregate amount equal to a 6% cumulative,
non-compounded, annual return on Invested Capital; provided, however, that for purposes of calculating the Stockholders’ 6% Return, any non-taxable stock dividend
shall not be included as a Distribution; and provided further that for purposes of determining the Stockholders’ 6% Return, the return for each portion of the Invested Capital shall commence for purposes of the calculation upon the issuance of
the Stock issued in connection with such capital. 

 “Stockholders’ 13% Return” means, as of any date, an aggregate amount equal
to a 13% cumulative, non-compounded, annual return on Invested Capital; provided, however, that for purposes of calculating the Stockholders’ 13% Return, any
non-taxable stock dividend shall not be included as a Distribution; and provided further that for purposes of determining the Stockholders’ 13% Return, the return for each portion of the Invested Capital
shall commence for purposes of the calculation upon the issuance of the Stock issued in connection with such capital. 

“Subsidiary” means, with respect to any Person, any corporation or other entity of which a majority of (i) the voting power of
the voting equity securities or (ii) the outstanding equity interests is owned, directly or indirectly, by such Person. 

“Transaction Amount” means the aggregate value of all of the issued and outstanding Common Stock using a per share value equal to
the per share value paid to the Stockholders in an Extraordinary Transaction. 
  

	 	3.	 Section 9.1 of the Advisory Agreement is hereby deleted and replaced with the following:

 9.1 Contingent Acquisition Fee. 

(a)    After the Stockholders have received or are deemed to have received Distributions, including with respect to a
Listing or an Extraordinary Transaction as described in Subsections (c) and (d) below, in an aggregate amount equal to the sum of (i) the Stockholders’ 6% Return and (ii) Invested Capital, the Company shall pay the Advisor a
contingent acquisition fee (the “Contingent Acquisition Fee”) as follows. The Contingent Acquisition Fee will be equal to 1.0% of the Contract Purchase Price of each Property at the time and in respect of funds expended for the
acquisition, origination, development, construction, or improvement of a Property occurring on or after the date of this Amendment, inclusive of the Acquisition Expenses associated with such Property and the amount of any debt associated with, or
used to fund the investment in, such Property, plus significant (as determined in the sole discretion of the Advisor) capital expenditures related to the development, construction, or improvement of such Property. The purchase price allocable for a
Property held through a Joint Venture shall equal the product of (a) the Contract Purchase Price of the Property and (b) the direct or indirect ownership percentage in the Joint Venture held directly or indirectly by the Company or the
Operating Partnership. For purposes of this Section 9.1(a), “ownership percentage” shall be the percentage of capital stock, membership interests, partnership interests or other equity interests held by the Company or the Operating
Partnership, without regard to classification of such interests. 
 (b)    After the Stockholders have received or are
deemed to have received Distributions, including with respect to a Listing or an Extraordinary Transaction as described in Subsections (c) and (d) below, in an aggregate amount equal to the sum of (i) the Stockholders’ 13% Return and
(ii) Invested Capital, the Company shall pay the Advisor a Contingent Acquisition Fee as follows. The Contingent Acquisition Fee will be equal to an additional 2.0% of the Contract Purchase Price of each Property at the time and in respect of
funds expended for the acquisition, origination, development, construction, or improvement of a Property occurring on or after the date of this Amendment, inclusive of the Acquisition Expenses associated with such Property and the amount of any debt
associated with, or used to fund the investment in, such Property, plus significant (as determined in the sole discretion of the Advisor) capital expenditures related to the development, construction, or improvement of such Property. The purchase
price allocable for a Property held through a Joint Venture shall equal the product of (a) the Contract Purchase Price of the Property and (b) the direct or indirect ownership percentage in the Joint Venture held directly or indirectly by
the Company or the Operating Partnership. For purposes of this Section 9.1(b), “ownership percentage” shall be the percentage of capital stock, membership interests, partnership interests or other equity interests held by the Company
or the Operating Partnership, without regard to classification of such interests. 

 (c)    In the event of a Listing, Stockholders will be deemed to have
received Distributions sufficient to provide the required return if (i) the market value of the outstanding shares of Common Stock of the Company, measured by taking the average closing price or the average of the bid and asked price, as the
case may be, during a period of 30 trading days commencing after the first day of the 6th month, but no later than the last day of the 18th month following Listing, the commencement date of which shall be chosen by the Advisor in its sole discretion
(the “Market Value”), plus the total of all Distributions paid to Stockholders from the Company’s inception until the date that Market Value is determined, exceeds (ii) the sum of (A) Invested Capital and (B) the total
Distributions required to be paid to the Stockholders in order to pay the Stockholders’ 6% Return or the Stockholders’ 13% Return, as applicable, from inception through the date Market Value is determined. 

(d)    In the event of an Extraordinary Transaction, Stockholders will be deemed to have received Distributions sufficient
to provide the required return if (i) the Transaction Amount, plus the total of all Distributions paid to Stockholders from the Company’s inception until the date of the closing of the Extraordinary Transaction, plus all Distributions
declared prior to the Extraordinary Transaction but to be paid after the Extraordinary Transaction, exceeds (ii) the sum of (A) Invested Capital and (B) the total Distributions required to be paid to the Stockholders in order to pay
the Stockholders’ 6% Return or the Stockholders 13% Return, as applicable, from inception through the date of the closing of the Extraordinary Transaction. 

(e)    Contingent Acquisition Fees are payable upon satisfying each return threshold with respect to assets in the
portfolio at the time the return threshold is satisfied and at the closing of acquisitions following satisfaction of the return threshold. For the avoidance of doubt, in the event of an Extraordinary Transaction, the Contingent Acquisition fee will
be payable immediately prior to the closing of the Extraordinary Transaction if the return threshold would be satisfied upon closing of the Extraordinary Transaction. 

(f)    Upon the termination or non-renewal of this Agreement by the Company prior
to [                    ], 20[    ] for any reason other than the Advisor’s fraud, willful misconduct, or gross negligence,
as determined by a final, non-appealable judgement of a court of competent jurisdiction, the Company shall pay the Advisor any Contingent Acquisition Fee that would otherwise be payable to the Advisor as of
the termination date, regardless of whether the Stockholders have been paid the Stockholders’ 6% Return, the Stockholders’ 13% Return, or Invested Capital, as follows. The Contingent Acquisition Fee will be equal to 3.0% of the Contract
Purchase Price of each Property at the time and in respect of funds expended for the acquisition, origination, development, construction, or improvement of a Property, inclusive of the Acquisition Expenses associated with such Property and the
amount of any debt associated with, or used to fund the investment in, such Property, plus significant (as determined in the sole discretion of the Advisor) capital expenditures related to the development, construction, or improvement of such
Property. The purchase price allocable for a Property held through a Joint Venture shall equal the product of (a) the Contract Purchase Price of the Property and (b) the direct or indirect ownership percentage in the Joint Venture held
directly or indirectly by the Company or the Operating Partnership. For purposes of this Section 9.1(f), “ownership percentage” shall be the percentage of capital stock, membership interests, partnership interests or other equity
interests held by the Company or the Operating Partnership, without regard to classification of such interests. Any amounts payable pursuant to this Subsection (f) will be reduced by any amounts previously paid to the Advisor under Subsections
(a) and (b). 
  

	 	4.	 Section 10.1(a) of the Advisory Agreement is hereby deleted and replaced with the following:

 (a)    subject to Section 10.4, reimbursements for Organizational and Offering Expenses in
connection with an Offering; provided, however, that within 60 days after the end of the month in which an Offering terminates, the Advisor shall reimburse the Company to the extent Organizational and Offering Expenses borne by the Company
(including Sales Commissions, dealer manager fees, stockholder servicing fees, dealer manager servicing fees, and non-accountable due diligence expense allowance) exceed 15% of the Gross Proceeds raised in a
completed Offering; 

	 	5.	 A new Section 9.5 is hereby added to the Advisory Agreement, as follows: 

9.5    Disposition Fees. If the Advisor or an Affiliate provides a substantial amount of the services
(as determined by a majority of the Directors, including a majority of the Independent Directors) in connection with the Sale of one or more Properties, the Advisor or such Affiliate shall receive at closing a Disposition Fee in an amount equal to
the lesser of: (a) 1% of the Contract Sales Price or (b) 50% of the Competitive Real Estate Commission. Any Disposition Fee payable under this section may be paid in addition to real estate commissions paid to
non-Affiliates, provided that the total real estate commissions (including such Disposition Fee) paid to all Persons by the Company or the Operating Partnership for each Property shall not exceed an amount
equal to the lesser of (i) 6% of the aggregate Contract Sales Price of each Property or (ii) the Competitive Real Estate Commission for each Property. The Company or the Operating Partnership shall pay the Disposition Fee for a property at the
time the property is sold. 
  

	 	6.	 Section 10.1(n) of the Advisory Agreement is hereby deleted and replaced with the following:

 (n)    administrative service expenses, including all direct and indirect costs and expenses
incurred by Advisor in fulfilling its duties hereunder and including personnel costs; provided, however, that no reimbursement shall be made for costs of personnel to the extent that such personnel perform services in transactions for which the
Advisor receives the Contingent Acquisition Fee or Disposition Fee. Such direct and indirect costs and expenses may include reasonable wages and salaries and other employee-related expenses of all employees of Advisor or its Affiliates, including
the named executive officers of the Company, who are directly engaged in the operation, management, administration, investor relations and marketing of the Company, including taxes, insurance and benefits relating to such employees, and legal,
travel and other out-of-pocket expenses which are directly related to their services provided by Advisor pursuant to this Advisory Agreement; 

 

	 	7.	 Except as otherwise expressly provided herein, the terms, conditions, and provisions of the Advisory Agreement
shall remain unaltered and in full force and effect, and are ratified and confirmed by this reference. Capitalized terms used but not defined herein shall have the meanings set forth in the Advisory Agreement. 

 

	 	8.	 This Amendment shall be construed and interpreted in accordance with the laws of the State of California.

  

	 	9.	 This Amendment may be executed in counterparts, including by electronic means or facsimile, each of which shall
be deemed an original, and all of which together shall constitute a single instrument. 

 [signature page follows]

 IN WITNESS WHEREOF, the parties have executed this Amendment No. 2 to Amended and
Restated Advisory Agreement to be effective for all purposes as of the date first above written. 
  

							
	COMPANY:
	
	 Strategic Student & Senior Housing Trust, Inc.,

a Maryland corporation

		
	By:	 	  

		 	H. Michael Schwartz, Chief Executive Officer
	
	OPERATING PARTNERSHIP:
	
	 SSSHT Operating Partnership, L.P.,

a Delaware limited partnership

		
	By:	 	Strategic Student & Senior Housing Trust, Inc.,
		 	a Maryland corporation and its General Partner
			
		 	By:	 	  

		 		 	H. Michael Schwartz
		 		 	Chief Executive Officer
	
	ADVISOR:
	
	 SSSHT Advisor, LLC,
 a Delaware
limited liability company

		
	By:	 	  

		 	H. Michael Schwartz, Chief Executive Officer

 [Signature Page to Amendment No. 2 to SSSHT A&R Advisory Agreement]

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