Document:

Exchange Agreement

 Exhibit 10.2 
 EXCHANGE AGREEMENT 
 by and among 
 CELL THERAPEUTICS, INC., 
 and 
 THE INVESTORS LISTED ON SCHEDULE I HERE TO 
 dated 
 April 24, 2006 

 EXCHANGE AGREEMENT 
 This EXCHANGE AGREEMENT, dated as of April 24, 2006 (this “Agreement”), is entered into by and between Cell Therapeutics, Inc., a Washington corporation with its principal offices located at 501
Elliott Avenue West 400, Seattle, Washington 98119 (the “Company”), and each of the entities listed on Schedule I attached hereto (each an “Existing Bondholder” and together the “Existing
Bondholders”). 
 WHEREAS, each of the Existing Bondholders holds that amount of the Company’s 5.75% Convertible Senior
Subordinated Notes due June 15, 2008 (the “Senior Subordinated Notes”) and that amount of the Company’s 5.75% Convertible Subordinated Notes due June 15, 2008 (the “Subordinated Notes” and, together
with the Senior Subordinated Notes, the “Existing Notes”) as set forth across from each such Existing Bondholder’s name on Schedule I attached hereto; 
 WHEREAS, the board of directors of the Company has authorized the issuance by the Company of its 7.5% Convertible Senior Notes due April 26, 2011
(the “Senior Notes”), which are convertible at the option of the holder into shares of the Company’s common stock, no par value (the “Common Stock” and, together with the Senior Notes, the
“Securities”) pursuant to the terms of the Indenture, to be dated as of or around April 26, 2006, by and between the Company and U.S. Bank National Association (the “Trustee”); 
 WHEREAS, the Company and each of the Existing Bondholders propose to exchange the principal amount of the Existing Notes for the principal amount of the
Senior Notes (the “Exchange”), set forth across from such Existing Bondholder’s name on Schedule I attached hereto subject to the terms and conditions contained herein; and 
 WHEREAS, such Exchange shall be conditioned upon (i) the exchange of the principal amount of the Existing Notes as set forth on Schedule I hereto
and (ii) the closing of the Purchase Agreement dated April 24, 2006 (the “New Issuance”). 
 NOW THEREFORE, in
consideration of the mutual agreements, representations, warranties and covenants herein contained, the parties to this Agreement agree as follows: 
 1. Exchange of Notes. On the basis of the representations, warranties and covenants contained in this Agreement, and subject to the terms and conditions contained herein: 
 1.1 Cancellation of Old Notes. Pursuant to Section 2.10 of each indenture (the “Relevant Indenture”) relating
to the Existing Notes, each Existing Bondholder hereby agrees to deliver such Existing Bondholder’s Existing Notes to the Trustee for cancellation in connection with the Exchange. The Existing Bondholders acknowledge that the cancellation of
the Existing Notes shall have the effects specified in the Relevant Indenture governing the applicable Existing Notes. 
 1.2
Private Placement of Senior Notes. In consideration of and for such Exchange, the Company agrees to issue each Existing Bondholder that number of Senior Notes set forth opposite such Existing Bondholder’s name under the column
“Senior Notes Received” on Schedule I hereto. The issuance of the Senior Notes to the Existing Bondholders will be 

 
made without registration of the Senior Notes under the Securities Act of 1933, as amended (together with the rules and regulations thereunder, the
“Securities Act”), in reliance upon the exemption therefrom provided by Section 4(2) of the Securities Act and in reliance on similar exemptions under state securities or “blue sky” laws. Each Existing Bondholder
acknowledges that the Company is relying upon the truth and accuracy of, and the Existing Bondholder’s compliance with, its representations, warranties, agreements, acknowledgments and understandings set forth herein in order to determine the
availability of such exemptions and the eligibility of the Existing Bondholder for the Exchange. Each Existing Bondholder acknowledges that the Senior Notes may not be transferred, sold or otherwise disposed of (collectively a
“Transfer”) unless registered under the Securities Act, or pursuant to an exemption therefrom. Each Existing Bondholder acknowledges and agrees that the Senior Notes will bear customary legends and restrictions on transfer to such
effect. 
 1.3 Registration Rights. Concurrently with the execution and delivery hereof, the Company and the
Existing Bondholders have entered into a Registration Rights Agreement in substantially the form of Exhibit A hereto (the “Registration Rights Agreement”). The Existing Bondholders and their direct and indirect transferees of the
Securities will be entitled to the benefits of the Registration Rights Agreement, pursuant to which the Company will agree, among other things, to file (i) a registration statement (the “Registration Statement”) on the
appropriate form with the Securities and Exchange Commission (the “Commission”) registering the resale of the Securities under the Securities Act, and (ii) to use its best efforts to cause any such Registration Statement to be
declared effective. 
 2. Closing Date. 
 2.1 Conditionality of Closing. The closing of the Exchange shall be subject to the prior closing of the New Issuance. No
party hereto shall have an obligation to close the transaction contemplated hereunder, and this Agreement shall be rescinded without any liability or obligation on the part of any party, if the New Issuance has not closed prior thereto. In addition,
the representations and warranties of the Company shall be true and correct in all material respects as of the date when made and as of the Closing Date (as defined below) as though made at that time (except for representations and warranties that
speak as of a specific date), and the Company shall have performed, satisfied and complied in all material respects with the covenants, agreements and conditions required by this Agreement to be performed, satisfied or complied with by the Company
at or prior to the Closing Date. 
 2.2 Closing Mechanics. The closing of the transactions contemplated by this
Agreement shall occur at the offices of O’Melveny & Myers LLP, 275 Battery Street, Suite 2600, San Francisco, California 94111, or such other location as may be mutually acceptable in each case at 9:00 a.m., San Francisco time, on
April 26, 2006 or at such other time on the same date or such other date as the Existing Bondholders and the Company shall agree in writing (such time and date, the “Closing Date”). At least 24 hours prior to the Closing Date
and pursuant to the terms of the indenture governing the Senior Notes, the Company shall cause the Trustee to register one or more global securities representing the Senior Notes in the name of Cede & Co., the nominee of the Depositary
Trust Company (“DTC”), and the Existing Bondholders shall instruct their broker or other participant in the DTC Fast Automated Securities Transfer Program to transfer and deliver the Existing Notes to the Trustee via a
“one-sided withdrawal”. On the 

  

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Closing Date, the Company shall cause the Trustee to credit such aggregate amount of Senior Notes to such Existing Bondholder’s or its designee’s
balance account, as set forth on Schedule I attached hereto, or, if delivery through DTC is unavailable, such Senior Notes to be delivered to the Existing Bondholders no later than three (3) business days after the Closing Date. 
 3. Agreements of the Company. 
 3.1 The Company shall cause the shares of Common Stock issuable upon conversion of the Senior Notes, when issued, to be duly included for quotation on the Nasdaq National Market, as promptly as practicable subject to
applicable laws and regulations, but in no event later than thirty (30) days following the Closing Date. The Company shall ensure that the shares of Common Stock issuable upon conversion of the Senior Notes are included for quotation on the
Nasdaq National Market for so long as the Common Stock is included for quotation on the Nasdaq National Market or such other national securities exchange and/or automated quotation system, if any, upon which the Common Stock is then listed for so
long as any Senior Notes remain outstanding. 
 3.2 During the period from the Closing Date until the earlier of two years
after the Closing Date and such time as the Senior Notes no longer constitute “restricted securities” within the meaning of Rule 144(a)(3) under the Securities Act, the Company will make available, upon request, to any such seller of such
Securities the information specified in Rule 144A(d)(4) under the Securities Act (the “Rule 144A Information”), to the extent that the Company has not yet filed such Rule 144A Information pursuant to the Securities Exchange Act of
1934, as amended (the “Exchange Act”). 
 3.3 On or prior to the tenth (10th) business day following the Closing Date, the Company will (i) cause the Senior Notes to be included for quotation on the PORTAL Market,
and (ii) cause the Senior Notes to be eligible for clearance and settlement through DTC. 
 3.4 The Company will, at all
times, authorize, reserve and keep available, free of preemptive rights, enough shares of Common Stock for the purpose of enabling the Company to satisfy its obligations to issue Common Stock upon conversion of the Senior Notes. 
 3.5 In the case of the transactions contemplated by the Registration Rights Agreement, the Company will obtain all necessary consents,
orders, registrations, approvals, authorizations and qualifications as may be required under the Securities Act and any applicable state securities or “blue sky” laws. 
 3.6 Other than the disclosure of the existence of this Agreement and the transactions contemplated hereby, after the date hereof, the
Company shall not provide to any Existing Bondholder any information that constitutes material, nonpublic information unless requested by such Existing Bondholder. In the event that the Company provides any Existing Bondholder any information that
constitutes material, nonpublic information, the Company shall promptly publicly disclose such information or obtain the consent of the Existing Bondholder to not publicly disclose such information. 
 3.7 On or prior to two (2) business days following the Closing Date, the Company will file a Current Report on Form 8-K describing
the terms of the transactions 

  

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contemplated hereby and in the Registration Rights Agreement in the form required by the Exchange Act. 
 4. Representations and Warranties of the Company. As of the date hereof, the Company represents and warrants to the Investors that:

 4.1 The Company has the requisite power and authority to execute, deliver and perform its obligations under this Agreement
and to issue the Senior Notes in accordance with the terms hereof. This Agreement has been duly and validly authorized, executed and delivered by the Company and when executed and delivered by the Company (assuming the due authorization, execution
and delivery by the Existing Bondholder), will constitute a valid and legally binding agreement of the Company, enforceable against the Company in accordance with its terms, except that the enforcement thereof may be limited by the
(i) bankruptcy, insolvency, reorganization, moratorium or other similar laws now or hereafter in effect relating to or affecting creditors’ rights generally, and (ii) general principles of equity (regardless of whether such
enforcement is considered in a proceeding at law or in equity) (the “Enforceability Exceptions”); 
 4.2 The
Company has the requisite power and authority to execute, deliver and perform its obligations under the Senior Notes. The Senior Notes have been duly and validly authorized by the Company for issuance and, when executed by the Company and
authenticated by the Trustee in accordance with the provisions of the Indenture and when delivered to and exchanged for the Existing Notes in accordance with the terms hereof, will have been duly executed, issued and delivered and free from all
taxes, liens and charges with respect to the issuance thereof and will constitute valid and legally binding obligations of the Company enforceable against the Company in accordance with their terms except that the enforcement thereof may be limited
by the Enforceability Exceptions and will be convertible into Common Stock in accordance with their terms. The Common Stock issuable upon the conversion of the Senior Notes will, when issued, be validly issued, fully paid and nonassessable and free
from all taxes, liens and charges with respect to the issuance thereof; 
 4.3 The Company has the requisite power and
authority to execute, deliver and perform its obligations under the Registration Rights Agreement. The Registration Rights Agreement has been duly and validly authorized by the Company and when executed and delivered by the Company (assuming the due
authorization, execution and delivery) will constitute a valid and legally binding agreement of the Company, enforceable against the Company in accordance with its terms except that the enforcement thereof may be limited by the Enforceability
Exceptions; 
 4.4 The Company has the requisite power and authority to execute, deliver and perform its obligations under the
Indenture. The Indenture has been duly and validly authorized by the Company and meets the requirements for qualification under the Trust Indenture Act of 1939, as amended, and, when executed and delivered by the Company (assuming the due
authorization, execution and delivery by the Trustee), will constitute a valid and legally binding agreement of the Company, enforceable against the Company in accordance with its terms, except that the enforcement thereof may be limited by the
Enforceability Exceptions; 
  

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 4.5 As of their respective filing dates, each of the Company’s (i) Annual
Report on Form 10-K for the year ended December 31, 2005, (ii) Current Reports on Form 8-K filed with the Commission on March 31, 2006, and April 11, 2006, (iii) Proxy Statement for the annual meeting of stockholders of the
Company held on June 17, 2005, and (vi) the Company’s registration statement on Form 8-A/A, filed with the Commission on January 10, 2003 (all such documents listed in clauses (i) through (iv) above (including documents
filed thereunder as incorporated therein) are referred to herein as the “Incorporated Documents”) complied in all material respects with the requirements of the Securities Act or the Exchange Act, as applicable, and the rules and
regulations of the Commission thereunder applicable to the Incorporated Documents, and no Incorporated Document contained or contains any untrue statement of a material fact or omitted to state any material fact required to be stated therein or
necessary to make the statements therein, in the light of the circumstances existing at the time it is delivered to a purchaser, not misleading. As of their respective filing dates, the financial statements of the Company included in the
Incorporated Documents complied as to form in all material respects with then applicable accounting requirements and with the published rules and regulations of the Commission with respect thereto, were prepared in accordance with generally accepted
accounting principles in the United States, applied consistently with the past practices of the Company, and as of their respective dates, fairly presented in all material respects the financial position of the Company and the results of its
operations as of the time and for the periods indicated therein (except as may be indicated in the notes thereto or, in the case of the unaudited statements, as permitted by Form 10-Q, and Regulations S-K and S-X of the Commission); 
 4.6 The Company is not required to obtain any permits, licenses, consents, exemptions, franchises, authorizations and other approvals
(each, a “Consent”) or make any filing or registration with, any court, governmental agency or any regulatory or self-regulatory agency in order for it to execute, deliver or perform any of its obligations under or contemplated by
this Agreement in accordance with the terms hereof. All Consents, filings and registrations which the Company is required to obtain pursuant to the preceding sentence have been obtained or effected on or prior to the Closing Date, except such
Consents as may be required under the rules of the Nasdaq National Market or state securities or “blue sky” laws or the approval of the Commission of a resale registration statement on Form S-3 as contemplated by the Registration Rights
Agreement. The Company is unaware of any facts or circumstances that might prevent the Company from obtaining or effecting any of the registration, application or filings pursuant to the preceding sentence. The Company is not in violation of the
listing requirements of the Nasdaq National Market and has no knowledge of any facts that would reasonably lead to delisting or suspension of the Common Stock in the foreseeable future. 
 4.7 The authorized, issued and outstanding capital stock of the Company as of December 31, 2005 is as set forth in the Incorporated
Documents. Except as disclosed in the Incorporated Documents, all of the issued and outstanding shares of capital stock of the Company are fully paid and non-assessable and have been duly and validly authorized and issued, in compliance with all
applicable federal, state and foreign securities laws and are not in violation of or subject to any preemptive or similar right that does or will entitle any person, upon the issuance or sale of any security, to acquire from the Company any Common
Stock or other security of the Company or any security convertible into, or exercisable or exchangeable for, Common Stock or any other such security; 
  

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 4.8 Neither the Company nor any person acting on its behalf is engaged in any form of
general solicitation or general advertising (as those terms are used in Regulation D under the Securities Act) in connection with the offering of the Securities pursuant to this Agreement. Neither the Company nor any of its affiliates has taken any
action which would require the offer and sale of the Securities to be integrated with any other offer or sale of any other securities of the Company in a manner which would require such offer and sale to be registered under the Securities Act. The
Existing Bondholders acknowledge that the Company is relying, in part, on the Black Box and Squadron line of no-action letters issued by the Commission in making this representation; 
 4.9 As of the date that the Company files its Current Report on Form 8-K related to this Agreement, the Company confirms that neither it
nor any other person acting on its behalf will have provided any of the Existing Bondholders or their respective agents or counsel with any information that constitutes material, nonpublic information. The Company understands and confirms that the
Existing Bondholders will rely on the foregoing representation in effecting transactions in the Securities; 
 4.10 The
Company shall be responsible for the payment of any placement agent’s fees, financial advisory fees, or broker’s commissions (other than for persons engaged by any Existing Bondholder) relating to or arising out of the transactions
contemplated hereby, including, without limitation, any fees payable to CRT Capital Group LLC. The Company shall pay, and hold each Existing Bondholder harmless against, any liability, loss or expense (including, without limitation, reasonable
attorney’s fees and out-of-pocket expenses) arising in connection with any claim relating to any such payment; 
 4.11
The Company and its board of directors have taken all necessary action, if any, in order to render inapplicable any control share acquisition, business combination, poison pill (including any distribution under a rights agreement) or other similar
anti-takeover provision under its Amended and Restated Certificate of Incorporation or the laws of the State of Washington or the Rights Agreement dated as of November 11, 1996, between the Registrant and Harris Trust Company of California, as
amended by the First Amendment to Rights Agreement dated as of November 20, 2002, between the Registrant, Harris Trust Company of California and Computershare Investor Services, LLC which is or could become applicable to any Existing Bondholder
as a result of the transactions contemplated by this Agreement, including, without limitation, the Company’s issuance of the Securities and any Existing Bondholder’s ownership of the Securities; 
 4.12 During the period beginning on the day the transaction contemplated by the Agreement is consummated (the “Closing
Date”) until two years after the Closing Date, without the prior written consent of the Existing Bondholders, the Company will not, and will not permit any of its “affiliates” (as defined in Rule 144(a) under the Securities
Act) to, resell any of the Securities which constitute “restricted securities” under Rule 144 that have been reacquired by any of them; 
 4.13 The Securities are eligible for resale under Rule 144A under the Securities Act and meet the requirements of Rule 144A(d)(3); and 
  

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 4.14 The issuance and delivery of the Senior Notes to the Existing Bondholders will not
violate: (i) the Company’s charter documents; (ii) any agreement to which the Company is a party, including any indenture; or (iii) assuming the accuracy of the Existing Bondholders representations and warranties herein, any
applicable federal or state statute, rule or regulation or other law, order or decree applicable to the Company. 
 5. Representations
and Warranties of the Existing Bondholders. As of the date hereof, each Existing Bondholder, severally and not jointly, represents and warrants to the Company that: 
 5.1 Such Existing Bondholder will convey to the Company good title to the Existing Notes, free of all liens, claims and encumbrances;

 5.2 Such Existing Bondholder is a “qualified institutional buyer” as defined in Rule 144A under the Securities
Act (a “QIB”) and an “accredited investor” within the meaning of Regulation D under the Securities Act, with such knowledge and experience in financial and business matters as is necessary in order to evaluate the merits
and risks of the transactions contemplated hereby; 
 5.3 Such Existing Bondholder is not an “affiliate” of the
Company within the meaning of Rule 144 under the Securities Act; 
 5.4 Such Existing Bondholder will not offer or sell the
Senior Notes other than to QIBs in reliance on the exemption from the registration requirements of the Securities Act provided by Rule 144A unless there is an effective registration statement related to the resale by such Existing Bondholder of the
Senior Notes, or pursuant to any other exemption from registration; 
 5.5 Such Existing Bondholder agrees that no form of
general solicitation or advertising (within the meaning of Regulation D under the Securities Act) has been or will be used by the Existing Bondholder or any of its representatives in connection with the Exchange, including, without limitation,
articles, notices or other communications published in any newspaper, magazine or similar medium or broadcast over television or radio, or any seminar or meeting whose attendees have been invited by any general solicitation or general advertising;

 5.6 Such Existing Bondholder understands that nothing in the Agreement or any other materials presented to such Existing
Bondholder in connection with the Exchange constitutes legal, tax or investment advice. Such Existing Bondholder acknowledges that it must rely on legal, tax and investment advisors of its own choosing in connection with the Exchange; 
 5.7 The Existing Bondholder understands that no United States federal or state or foreign agency or any other government or governmental
agency has passed upon or made any recommendation or endorsement of the Senior Notes; 
 5.8 This Agreement has been duly
authorized, executed and delivered by such Existing Bondholder; and 
  

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 5.9 Such Existing Bondholder owns the Existing Notes indicated on Schedule I attached
hereto and is organized in the jurisdiction indicated on Schedule I attached hereto. 
 6. Survival of Representations and
Warranties. The agreements of the Company, as set forth herein in Section 3, and the respective representations and warranties of the Company and the Existing Bondholders as set forth herein in Sections 4 and 5, respectively, shall
survive the Closing Date. 
 7. Termination. This Agreement may be terminated at any time on or prior to the Closing Date with
the written consent of each Existing Bondholder and the Company. 
 8. Notices. Notices given pursuant to any provision of this
Agreement shall be addressed as follows: (i) if to the Company to Cell Therapeutics, Inc., 201 Elliott Avenue West, Suite 400, Seattle, Washington 98119, Attention: Louis A. Bianco, with a copy to Michael Kennedy, Esq., and David Miscia, Esq.,
O’Melveny & Myers LLP, 275 Battery Street, Suite 2600, San Francisco, California 94111 and (ii) if to an Existing Bondholder, to the address indicated on Schedule I attached hereto or in any case to such other address as the
person to be notified may have requested in writing. 
 9. Governing Law; Jurisdiction; Service of Process; No Jury Trial. This
Agreement shall be governed and construed in accordance with the laws of the State of New York, including without limitation, Section 5-1401 of the New York General Obligations Law. Each party to this Agreement consents to the exclusive
jurisdiction of the state and federal courts sitting in New York County, New York in connection with any suit, action or proceeding arising out of or relating to this Agreement, and hereby waives, to the maximum extent permitted by law, any
objection, including any objection based on forum non conveniens, to the bringing of any such proceeding in either of such jurisdictions. Each party to this Agreement irrevocably consents to the service of process in any such proceeding by the
mailing of copies thereof by registered or certified mail, postage prepaid, to such party at its address in accordance with the notice provisions of this section. Nothing herein shall affect the right of any party to serve process in any other
manner permitted by law. Each party to this Agreement waives its right to a trial by jury. 
 10. Counterparts. This Agreement
may be signed in various counterparts, which together shall constitute one and the same instrument. 
 [REMAINDER OF PAGE INTENTIONALLY
LEFT BLANK] 
  

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 IN WITNESS WHEREOF, the parties have caused their respective signatures to this Agreement to be duly
executed as of the day and year first written above. 
  

			
	CELL THERAPEUTICS, INC.
		
	By:	 	/s/ JAMES A. BIANCO
	Name:	 	James A. Bianco, M.D.
	Title:	 	President & Chief Executive Officer
	
	(Name of Existing Bondholder as it should appear on Senior Note)

  

			
	[EXISTING BONDHOLDER]
		
	By:	 	/s/ [Existing Bondholder Representative]
	Name:	 	
	Title:	 	

 Principal Amount of Senior Subordinated Notes Surrendered: 
 Principal Amount of Subordinated Notes Surrendered: 
 [Signature Page to Exchange Agreement]Form of Subscription Agreement

 Exhibit 4.1 
  
 EXCELSIOR LASALLE PROPERTY FUND, INC. 
  
  

 SUBSCRIPTION 
 AGREEMENT 
  

 EXCELSIOR LASALLE PROPERTY FUND, INC. 
 SUBSCRIPTION INSTRUCTIONS 
 This Subscription Agreement (the “Subscription Agreement”) contains representations, warranties and
agreements which must be made by you if you wish to invest in Excelsior LaSalle Property Fund, Inc. (the “Fund”). You should consult with an attorney, accountant, investment advisor or other advisor regarding an investment in the
Fund and its suitability for you. This Subscription Agreement should be reviewed simultaneously with your completion and execution of the Subscription Booklet of the Fund which is included in this package (the “Subscription Booklet”
and together with the Subscription Agreement, the “Subscription Documents”). All Subscription Documents must be completed correctly and thoroughly or they will not be accepted. If you wish to invest, please complete, sign and return
the Subscription Booklet and retain the Fund’s confidential private offering memorandum (the “Memorandum”) and this Subscription Agreement. 
 If you have any questions concerning the Subscription Documents or would like assistance completing them, please contact your investment advisor. 
 INSTRUCTIONS: 
  

	1.	Carefully review this Subscription Agreement; 

  

	2.	Complete and execute the enclosed Subscription Booklet; 

  

	 	NOTE: By executing the Subscription Booklet, the investor thereby grants the Power of Attorney contained in the Subscription Agreement under Section 1(c).

  

	3.	Return the completed Subscription Booklet to the Fund at the address below: 

 Excelsior LaSalle Property Fund, Inc. 
 c/o U.S. Trust Company, N.A. 
 225 High Ridge Road 
 Stamford, CT 06905 
 Attention: Kathleen Flores 
  

	4.	Follow the instructions listed under the heading PAYMENT AUTHORIZATION set forth on page 4 of the Subscription Booklet. 

 SUBSCRIPTION AGREEMENT 
 Excelsior LaSalle Property Fund, Inc. 
 c/o U.S. Trust Company, N.A. 
 225 High Ridge Road 
 Stamford, Connecticut 06905 
 Ladies and Gentlemen: 
 Reference is made to the Confidential Private Offering Memorandum dated August 2004
(the “Memorandum”) with respect to the offering of shares of Class A Common Stock, par value $0.01 per share (the “Shares”) in Excelsior LaSalle Property Fund, Inc. (the “Fund”). Capitalized
terms used but not defined herein shall have the respective meanings given them in the Memorandum. 
 The minimum subscription for investors
that the Fund will accept from any investor is $100,000, subject to the discretion of the Fund to accept subscriptions of less than $100,000. 
 The undersigned subscribing investor (the “Investor”) hereby agrees as follows: 
  

	1.	Subscription for the Shares. 

 (a) Subject to the
terms and conditions set forth in this Subscription Agreement and in the Memorandum, the Investor agrees to (i) purchase from the Fund newly issued Shares with an aggregate price equal to the amount set forth in Section 2 of the
Subscription Booklet accompanying this Subscription Agreement (the “Investment Amount”) at a price per share equal to the Closing Share Price (as defined below) and (ii) to pay the Investment Amount to the Fund at the time
provided in this Subscription Agreement. 
 (b) The Investor acknowledges and agrees that the subscription of the Investor hereunder
constitutes an irrevocable agreement by the Investor to subscribe for Shares of the Fund and the Investor is not entitled to cancel, terminate or revoke this subscription or any agreements of the Investor hereunder, including the power of attorney
granted hereby, except as otherwise set forth in this Section 1(b), the Memorandum or applicable law, and such subscription and agreements, including the power of attorney shall survive (i) changes in the transaction, documents and
instruments described in the Memorandum which in the aggregate are not material or which are contemplated by the Memorandum and (ii) the death or disability of the Investor; provided, however, that if the Fund shall not have accepted this
subscription within one year following the Investor’s execution and delivery of the Subscription Booklet (the date of any such acceptance of this subscription, the “Acceptance Date”), this Subscription Agreement, all 

  

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agreements of the Investor hereunder, including the power of attorney granted hereby, shall be cancelled and the Subscription Documents will be returned to
the Investor. 
 (c) The Investor hereby irrevocably makes, constitutes and appoints the Manager (and any designee of, substitute for, or
successor to, the Manager) as the Investor’s true and lawful attorney and authorized signatory in the Investor’s name, place and stead, (i) to receive and pay over to the Fund on behalf of the Investor, to the extent set forth in this
Subscription Agreement, all funds received hereunder, (ii) to correct, on behalf of the Investor at the written direction of the Investor or the Investor’s authorized representative, the Subscription Booklet to be executed by the Investor
in connection with the Investor’s subscription for Shares, including, without limitation, filling in or amending amounts, dates and other pertinent information, (iii) to make, execute, acknowledge, deliver, swear to, file or record:
(A) any instrument or filing which the Manager considers necessary or desirable to carry out the purposes of the Subscription Documents or the business of the Fund or that may be required under the laws of any state or local government or of
any other jurisdiction; (B) any and all amendments, restatements, cancellations, or modifications of the instruments described in (A) above; (C) any agreement with the makers of any loan to the Fund which is secured by the Investment
Amount held in the escrow account; and (D) all documents and instruments that may be necessary or appropriate to effect the dissolution and termination of the Fund, and (iv) to take any and all actions necessary or appropriate to comply
with the REIT rules under Sections 856 through 860 of the Internal Revenue Code, in order, to the extent that Net Distributable Cash is not available, to cause one or more consent dividends (within the meaning of Section 565 of the
Internal Revenue Code) to be issued that qualify for a dividends paid deduction (within the meaning of Section 561 of the Internal Revenue Code) for the Fund including, without limitation, the signing on the undersigned’s behalf of one or
more IRS Form 972s (or any successor form). This power of attorney shall be deemed coupled with an interest, shall be irrevocable and shall survive any transfer of some or all of the Investor’s Shares. 
  

	2.	Certain Acknowledgments and Agreements of the Investor. 

 (a) The Investor understands and acknowledges that the subscription for Shares contained herein may be accepted or rejected, in whole or in part, by the Fund in its sole and absolute discretion. No subscription shall be deemed accepted
until the Fund has delivered to the Investor an executed counterpart of the Subscription Booklet indicating the amount of the subscription accepted by the Fund. In the event of rejection of this subscription, this Subscription Agreement will be of
no force or effect. The Investor understands that Paul, Hastings, Janofsky and Walker LLP acts as counsel only to the Fund and the Manager, and that Katten Muchin Zavis Rosenman acts as counsel only to the Advisor and, therefore, no attorney-client
relationship exists between either such counsel and the Investor. 
  

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 (b) Following acceptance of this subscription by the Fund, the Investor agrees to pay the Investment
Amount in immediately available funds to an account maintained by the Fund as directed and at the time specified in the funding notice from the Manager. The Investor understands and agrees that its funds will initially be placed in an escrow account
established by the Fund (the “Escrow Account”). Funds held in the Escrow Account will be invested in a money market account and interest and dividends earned on the Investment Amount held in escrow will be credited to the Investor
and applied toward the purchase of Shares at the Closing (as defined below). The Investment Amount will be held in the Escrow Account until the closing of the issuance and sale of Shares to the Investor pursuant to this subscription (the
“Closing”). The first Closing held by the Fund is referred to herein as the “Initial Closing”. The Closing shall be held on the date determined by the Fund (the “Closing Date”) but in no event more
than one hundred (100) days following the date of receipt of the Investment Amount into the Escrow Account. The obligation of the Fund to consummate the Initial Closing is subject to fulfillment of the condition precedent that the minimum
aggregate proceeds received by the Fund from the sale of Shares issued to subscribers at the Initial Closing shall be $75 million. If the foregoing condition precedent is not fulfilled within one hundred (100) days following receipt of the
Investment Amount into the Escrow Account, either the Fund or the Investor may terminate this Subscription Agreement upon written notice to the other party. In the event of any such termination, the Fund will return to the Investor the Investment
Amount (including any interest or dividends earned thereon while held in escrow) together with the Subscription Documents and neither the Fund nor the Investor shall have any further obligations hereunder. At the Closing, the Investment Amount
(including any interest or dividends earned thereon while held in escrow) will be transferred from the Escrow Account into the Fund’s operating account and the Fund will issue the purchased Shares to the Investor. The purchase price per share
for the Shares purchased under this subscription at the Closing shall be equal to the Current Share Price as of the end of the quarter immediately preceding the Closing Date (the “Closing Share Price”). The number of Shares
purchased by the Investor at the Closing shall be equal to the quotient obtained by dividing the Investment Amount (including any interest or dividends earned thereon while held in escrow) by the Closing Share Price. 
 (c) The Investor agrees that the Fund may pledge the Investment Amount paid by the Investor and held in the Escrow Account to secure loans or other
obligations of the Fund or its subsidiaries. Pursuant to the power of attorney granted to the Manager pursuant to Section 1(c) hereof, the Manager shall have the power to execute and deliver such documents and take such other actions as the
Manager deems necessary or appropriate to effect any such pledge of the Investment Amount. 
  

	3.	Representations and Warranties of the Investor. 

 The Investor, for the Investor and for the Investor’s heirs, personal representatives, successors and assigns, makes the following representations, declarations and warranties with the intent that the same may be relied upon in
determining the 

  

 4 

 
suitability of the undersigned as an investor in the Fund. The following representations, warranties and agreements shall survive the Closing Date.

 (a) The Shares being subscribed for by the Investor will be purchased for the account of the Investor for investment only and not with a
view to, or with any intention of, a distribution or resale thereof, in whole or in part, or the grant of any participation therein by subdivision or otherwise. The Investor acknowledges that (i) the Shares will be subject to certain
restrictions on transferability contained in the Fund’s Charter, (ii) the Shares have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), any state securities laws or under the
securities laws of any foreign jurisdiction, and cannot be sold, pledged, hypothecated or otherwise disposed of unless they are subsequently registered under the Securities Act and applicable state or foreign securities laws or unless an exemption
from such registration is available, and (iii) that the Investor has no right to require the Fund or any other party to seek such registration. The Investor also understands that there will be no public market for the Shares; that the Investor
will be unable to utilize the provisions of Rule 144, as adopted by the Securities and Exchange Commission (the “SEC”) under the Federal Act (“Rule 144”) with respect to the resale of the Shares; that an Investor
who is a non-U.S. Person who purchased the Shares outside the United States in accordance with Regulation S, as adopted by the SEC under the Federal Act (“Regulation S”), may only be able to resell the Shares pursuant to the
provisions of Regulation S and that it may not be possible for the Investor to liquidate its investment in the Shares. The Investor is prepared, therefore, to hold its Shares indefinitely. The Investor acknowledges that certificates representing the
Shares (if the Shares are certificated) issued to the Investor pursuant to this subscription will bear appropriate legends stating that such Shares are subject to restrictions on transfer contained in this Subscription Agreement, the Fund’s
Charter and under applicable securities laws as provided in Section 11 hereof. 
 (b) The Investor has received and carefully reviewed
the Memorandum, this Subscription Agreement, and all appendices, schedules and exhibits to each of the foregoing, understanding that each such document supersedes all prior versions thereof and any inconsistent portions of previously distributed
materials relating to the Fund, including, without limitation, executive and other summaries and marketing materials regarding the Fund and the offering of the Shares that are not part of the Memorandum, and has consulted its own advisors, who are
not affiliated with the Fund, the Manager or the Advisor, with respect to the Investor’s proposed investment in the Fund. The Investor has not relied on any other information provided to it by the Fund, the Manager, the Advisor or any of their
respective affiliates (or any of its or their respective agents or representatives). Based on such review, the Investor has determined that the Shares being subscribed for herein are a suitable investment for the Investor. The Investor recognizes
that an investment in the Fund involves certain risks and it has taken full cognizance of and understands all of the investment considerations relating to the subscription for Shares. The Investor acknowledges that the Fund has only recently been
formed and has no financial or operating history, that the Fund reserves the unrestricted 

  

 5 

 
right to reject any subscription, in whole or in part, in its sole discretion, and no subscription will be binding unless and until accepted by the Fund,
that subscriptions need not be accepted in the order received, that there are substantial investment considerations incident to the subscription for Shares, as summarized in the Memorandum, that no federal or state agency has passed upon the Shares
or made any finding or determination as to the fairness of the investment made hereunder, that the discussion of the tax consequences arising from an investment in the Fund, and the Fund’s investment in other assets or entities, set forth in
the Memorandum is general in nature, and the tax consequences to the Investor of an investment in the Fund may depend on its circumstances and that the Investor should consult with its own tax advisor regarding all United States federal, state,
local and foreign tax considerations applicable to an investment in the Fund. The Investor is relying solely upon the advice of its own tax and legal advisors, and shall not rely upon the general discussion set forth in the Memorandum, with respect
to such matters. None of the Fund, the Manager, the Advisor or any of their respective affiliates (or any of their agents or representatives), assume any responsibility for the tax consequences to the Investor of an investment in the Fund. The
Investor has such knowledge and experience in financial and business matters that it is capable of evaluating the merits and risks of an investment in the Fund and making an informed investment decision with respect thereto. The Investor has
adequate means of providing for its current needs and possible future contingencies, has no need, and anticipates no need in the foreseeable future, to sell the Shares for which it subscribes, and will have sufficient liquid assets to pay the entire
purchase price (including the deferred portion) of the Shares subscribed for hereunder. The Investor is able to bear the substantial economic risks related to an investment in the Fund for an indefinite period of time, has no need for liquidity in
such investment, and, at the present time, can afford a complete loss of such investment. The Investor is relying on its own business expertise and sophistication (and that of its advisors) and has performed its own investigation and evaluation of
the risks, conflicts of interest, tax considerations and regulatory matters associated with an investment in the Shares and the Investor is not relying on the Fund, the Manager, the Advisor or any of their respective affiliates (or any of their
agents or representatives) with respect thereto. The Investor has carefully reviewed and fully understands the types of charges and expenses which will be assessed against the Fund. The Investor further acknowledges that none of the Fund, the
Manager, the Advisor or any of its affiliates will guarantee that the Fund’s purposes and objectives will be achieved. 
 (c) The
Investor has been furnished all materials relating to the Fund, the Manager, the Advisor, the offering of the Shares or anything set forth in the Memorandum that it has requested (including, without limitation, copies of the Fund’s Charter,
Bylaws, Management Agreement and Advisory Agreement) and has been afforded the opportunity to ask questions and receive written answers concerning the Fund and the terms and conditions of the offering of the Shares, as well as the opportunity to
obtain any additional information necessary to verify the accuracy of information furnished in connection with such offering which the Fund and/or the 

  

 6 

 
Manager possess or can acquire without unreasonable effort or expense that is necessary to verify the accuracy of any representations or information set
forth in the Memorandum. 
 (d) If the Investor is an entity, the Investor has or will have substantial business activities or investments
other than its investments in the Fund and was not specifically formed for the purpose of investing in the Fund. The amount that the Investor is subscribing for is less than 40% of the Investor’s total assets. 
 (e) The Investor understands and acknowledges that (i) the Investor must bear the economic risk of the Investor’s investment in the Shares;
(ii) the Investor has no contract, undertaking, agreement or arrangement with any person to sell, transfer or pledge to such person or anyone else any of the Shares which the Investor hereby subscribes to purchase or any part thereof, and the
Investor has no present plans to enter into any such contract, undertaking, agreement or arrangement; (iii) the Shares cannot be sold or transferred without the prior written notice to the Manager and unless such sale or transfer is in
compliance with applicable Securities Act and REIT requirements; (iv) there will be no public market for the Shares; and (v) any disposition of the Shares may result in unfavorable tax consequences to the Investor. 
 (f) The Investor is aware and acknowledges that (i) the Fund has no operating history; (ii) the Shares involve a substantial degree of risk of
loss of the Investor’s entire investment and there is no assurance of any income from such investment; (iii) any federal and/or state income tax benefits which may be available to the Investor may be lost through the adoption of new laws
or regulations or changes to existing laws and regulations or changes in the interpretation of existing laws and regulations; (iv) the Investor, in making its investment, is relying solely upon the advice of the Investor’s personal tax
advisor with respect to the tax aspects of an investment in the Fund; and (v) it may not be possible for the undersigned to liquidate its investment readily in any event, including in case of an emergency. 
 (g) In furtherance of the fact that the Shares have not been registered under the Securities Act, the Investment Company Act of 1940, as amended (the
“Investment Company Act”), or any state securities law, as applicable, the undersigned (i) represents and warrants that it is an “accredited investor” (as defined in Regulation D under the Securities Act and as set
forth in Section 15 on pages 4 and 5 of the Subscription Booklet) and (ii) agrees to notify the Manager of any change of information, or any change that would mean the undersigned could no longer make the representation set forth in
clause (i), occurring at any time during which the Investor is a stockholder of the Fund. 
 (h) By executing the Subscription
Documents, the Investor agrees that, if the Investor is not an individual, the Investor will furnish such additional information as the Fund may request regarding the beneficial ownership of the Shares held by the Investor. 
  

 7 

 (i) The information provided by the Investor in the Subscription Booklet is true, correct and complete in
all material respects, and the Investor understands and agrees that the Fund is expressly relying on the accuracy thereof. In addition, the representations, warranties, agreements, undertakings and acknowledgments made by the Investor in the
Subscription Documents are made with the intent that they be relied upon by the Fund in determining its eligibility and suitability as a purchaser of the Shares, and shall survive its purchase. In addition, the Investor undertakes to notify the Fund
immediately of any change in any representation, warranty or other information relating to the Investor set forth herein. 
 (j) If the
Investor is a natural person, the Investor is at least 21 years of age and the Investor has adequate means of providing for all of his or her current and foreseeable needs and personal contingencies and has no need for liquidity in this investment,
and if the Investor is an unincorporated association, all of its members who are U.S. Persons (as defined in Section 902 under the Securities Act) are at least 21 years of age. 
 (k) The Investor is knowledgeable and experienced in evaluating investments and experienced in financial and business matters and is capable of
evaluating the merits and risks of investing in the Shares. The aggregate amount of the investments of the Investor in, and the Investor’s commitments to, all similar investments that are illiquid is reasonable in relation to the
Investor’s net worth. 
 (l) The Investor maintains its domicile, and is not merely a transient or temporary resident, at the residence
address provided in the Subscription Booklet. 
 (m) The Investor, if it is a corporation, limited liability company, trust, partnership or
other entity, is duly organized, validly existing and in good standing under the laws of its jurisdiction of organization and the execution, delivery and performance by it of the Subscription Documents are within its powers, have been duly
authorized by all necessary corporate or other action on its behalf, require no action by or in respect of, or filing with, any governmental body, agency or official (except as disclosed in writing to the Fund), and do not and will not contravene,
or constitute a default under, any provision of applicable law or regulation or of its certificate of incorporation, by-laws or other comparable organizational documents or any agreement, judgment, injunction, order, decree or other instrument to
which the Investor is a party or by which the Investor or any of the Investor’s property is bound. This Subscription Agreement constitutes a valid and binding agreement of the Investor, enforceable against the Investor in accordance with its
terms. 
 (n) If the Investor is a natural person, the execution, delivery and performance by the Investor of the Subscription Documents are
within the Investor’s legal right, power and capacity, require no action by or in respect of, or filing with, any governmental body, agency or official (except as disclosed in writing to the Fund), and do not and will not contravene, or
constitute a default under, any provision of applicable 

  

 8 

 
law or regulation or of any agreement, judgment, injunction, order, decree or other instrument to which the Investor is party or by which the Investor or any
of his or her property is bound. The Subscription Documents constitute valid and binding agreements of the Investor, enforceable against the Investor in accordance with its terms. 
 (o) The Investor has evaluated the Memorandum and has determined that the Investor is and will be in a financial position appropriate to enable the
Investor to realize to a significant extent the benefits described in the Memorandum. 
 (p) The Investor acknowledges and is aware that no
federal, state or foreign agency has made or will make any finding or determination as to the fairness of an investment in, nor any recommendation or endorsement of, the Shares. 
 (q) The Investor acknowledges that the Fund will seek to comply at all times with applicable anti-money laundering laws and that it is the Fund’s
policy to cooperate fully with law enforcement agencies. To assist the Fund in its efforts to comply with anti-money laundering laws, the Investor represents that none of the Investment Amount paid by the Investor to the Fund will be derived from or
related to any activity that is deemed criminal under United States laws, rules or regulations. The Investor understands and agrees that the Fund may undertake any actions that the Fund deems necessary or appropriate to ensure compliance with
applicable laws, rules and regulations, including, without limitation, redeeming the Investor’s investment in the Fund in the event that the foregoing representation by the Investor is incorrect or in the event that, for any other reason, the
Investor’s investment in the Fund violates any law, rule or regulation. The Investor also understands and agrees that the Fund may release confidential information about the Investor and, if applicable, any underlying beneficial owners of the
Investor, to law enforcement agencies to the extent necessary to ensure compliance with all applicable laws, rules and regulations. The Investor agrees that upon demand, it will (i) disclose to the Fund in writing such information with respect
to direct and indirect ownership of the Shares and the source of funds of the Investor as the Fund deems necessary to comply with (A) provisions of the Code applicable to the Fund, (B) statutory and other generally accepted principles
relating to anti-money laundering and anti-terrorist groups (including any requirements imposed under the USA Patriot Act of 2001, as the same may be amended from time to time, and the rules and regulations promulgated thereunder) or (C) the
requirements of any other appropriate domestic or foreign authority and (ii) promptly furnish such further information, and execute and deliver such documents, as reasonably may be required in the determination of the Fund to comply with, or to
confirm compliance with, any applicable laws or regulations or other obligations of the Investor or the Fund. 
 (r) The Investor understands
that the Manager, the Advisor, their respective affiliates and various clients advised by one or more affiliates of the Manager and/or the Advisor may engage in businesses that are competitive with that of the Fund and agrees to such activities even
though in some circumstances there may be conflicts of 

  

 9 

 
interests inherent therein. The Investor agrees that by acquiring Shares, it will be deemed to have acknowledged the existence of the actual and potential
conflicts of interest identified in the Memorandum, and, as specified therein, to have waived any claim the Investor or any person claiming through it may have with respect to the existence of any such conflict of interest. 
 (s) The Investor understands that, in conducting due diligence concerning various prospective investments for the Fund before the Acceptance Date,
neither the Manager, the Advisor nor any of their respective affiliates has been acting as an investment adviser for the Investor, but instead has conducted such due diligence for the Fund; and that the continuation of such due diligence activities
by the Manager, the Advisor or any of their respective affiliates after the admittance to the Fund of the Investor as a stockholder thereof will be in fulfillment of their respective duties to the Fund and will not constitute investment advice to,
nor will such advice take into account the particularized needs of, the Investor as either an Investor or a Stockholder. 
 (t) The
Investor’s entering into the Subscription Documents represents an arm’s length transaction between the parties, and the Investor understands both the methods of compensation of the Manager and the Advisor pursuant to the terms of the
Management Agreement and the Advisory Agreement, respectively, and the various agreements referenced in the Memorandum. 
 (u) The Investor
recognizes that none of the Fund, the Manager, the Advisor or any other person has promised, represented or guaranteed: (i) the safety of any investment in the Fund, (ii) that the Fund will be profitable or (iii) that any particular
investment return will be achieved or the probability of any investment return, and further that any such promise, representation or guarantee, if made, would be strictly unauthorized and should not be relied on. 
 (v) The Investor recognizes that a subscription for Shares involves certain risks, including, without limitation, those set forth under the caption
“Certain Risks and Potential Conflicts of Interest” in the Memorandum. 
 (w) The Investor agrees that (i) the Investment
Amount specified on the Subscription Booklet shall constitute its Investment Amount and (ii) it will make all payments required by the Subscription Documents when the same shall become due and payable. 
 (x) The Investor acknowledges its understanding of the meaning and legal consequences of the representations, warranties and covenants contained herein,
and that the Fund, the Manager, the Advisor and their respective affiliates are relying upon such representations, warranties and covenants. Payment of all or a portion of the Investment Amount to the Fund hereunder shall constitute confirmation by
the Investor of the continued accuracy of all of the representations made in these Subscription Documents to the Fund as of the date such payment is made. 
  

 10 

 (y) The Investor certifies, under penalties of perjury, that (i) the taxpayer identification number
or employer identification number shown on the Subscription Booklet is true, correct and complete and (ii) the Investor is not subject to backup withholding either because the Investor has not been notified that it is subject to backup
withholding as a result of a failure to report all interest or dividends, or the IRS has notified the Investor that it is no longer subject to backup withholding. NOTE: IF YOU HAVE BEEN NOTIFIED BY THE IRS THAT YOU ARE SUBJECT TO BACKUP WITHHOLDING
OF YOUR TAXABLE INTEREST AND DIVIDENDS BECAUSE YOU HAVE UNDER REPORTED INTEREST OR DIVIDENDS AND YOU HAVE NOT RECEIVED A NOTICE FROM THE IRS THAT BACKUP WITHHOLDING HAS TERMINATED, YOU SHOULD STRIKE CLAUSE (ii) OF THE PRECEDING SENTENCE.

  

	4.	Employee Benefit Plan Investors. 

 (a)
Definitions. In this Paragraph 4, (i) ”Employee Benefit Plan” means any “employee benefit plan” as defined in the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), whether
or not such plan is subject to ERISA, and any “plan” as defined in section 4975(e)(1) of the Internal Revenue Code of 1986, as amended; (ii) ”25%-Plan-Owned Investor” means any Investor that is not itself an Employee
Benefit Plan but that has 25% or more of any class of equity interests owned (directly or indirectly) by one or more Employee Benefit Plans; (iii) “Venture Capital Operating Company” (“VCOC”) has the meaning
promulgated by the Department of Labor regulation 29 C.F.R. 2510.3-101 (the “Regulation”) and (iv) ”Plan Investor” includes Investor itself if Investor is an Employee Benefit Plan or, if Investor is instead a
25%-Plan-Owned Investor, includes each Employee Benefit Plan that directly or indirectly owns any class of Investor’s equity interests. 
 (b) Representations, Warranties and Agreements. If Investor is either an Employee Benefit Plan or a 25%-Plan-Owned Investor, then the person executing these Subscription Documents on behalf of Investor (the “Signer”)
represents, warrants and agrees as follows on behalf of the Plan Investor(s): 
  

	 	i.	 Independent Determination. The Signer has the fiduciary authority under ERISA and applicable plan documents to cause the Plan Investor(s) to make an
investment in the Fund. The Signer has independently determined, as to the Plan Investor(s), that this investment satisfies all requirements of section 404(a)(1) of ERISA, and that this investment will not be prohibited under any of the
provisions of section 406 of ERISA or section 4975(c)(1) of the Internal Revenue Code. The Signer has requested and received from the Manager all information that the Signer, after due inquiry, deemed relevant to such determinations. Signer has
taken into account that there is a risk of loss of this investment, and that this 

  

 11 

	 	 
investment will be relatively illiquid so that invested funds will not be readily available for the payment of employee benefits. Taking into account these
factors and all other factors relating to the Fund, the Signer has concluded that this investment is an appropriate part of the overall investment program of the Plan Investor(s). 

  

	 	ii.	Agreement to Give Notice of Certain Changes. Promptly after Investor obtains knowledge thereof, the Signer will notify the Manager in writing of (A) any termination,
substantial contraction, merger or consolidation, or transfer of assets of any Plan Investor; (B) any amendment to the governing instrument(s) of a Plan Investor that materially affects the investments of such Plan Investor or the authority of
any named fiduciary or investment manager to authorize investments by such Plan Investor; and (C) any change in the identity of any named fiduciary or investment manager (including the Plan Investor itself) who has authority to approve
investments for any Plan Investor. 

  

	 	iii.	No Investment Advice Given. The Signer acknowledges and agrees that neither the Manager, the Advisor nor any of their affiliates provided any investment advice to the
Investor (or, to the Signer’s knowledge, to any other Plan Investor) with respect to the decision to invest in the Fund and none of such parties provides any investment advice to the Investor (or, to the Signer’ knowledge, to any other
Plan Investor) that serves as the primary basis of any investment decisions Investor makes as to any of its assets (or that such other Plan Investor(s), as the case may be) that would be invested in the Fund. 

  

	 	iv.	Limit on Fiduciary Responsibilities. If the Manager or Advisor, or equity owner, employee, agent, or affiliate of either the Manager or Advisor, is ever held to be a
fiduciary of the Investor or any other Plan Investor, then, in accordance with sections 405(b)(1), 405(c)(2) and 405(d) of ERISA, the fiduciary responsibilities of that person shall be limited to the person’s duties in administering the
business of the Fund, and the person shall not be responsible for any other duties to Investor or such other Plan Investor, specifically including evaluating the initial or continued appropriateness of this investment in the Fund under
section 404(a)(1) of ERISA. 

 (c) Further Representations of Investor. The Investor understands that the Fund
intends to operate in such a manner that (i) an investment in the Fund will be a permissible investment for Benefit Plan Investors and (ii) the Fund will seek to qualify 

  

 12 

 
for an exemption from the “look through” rule of the Regulation. The underlying assets of the Fund will not be treated as “plan assets”
of an employee benefit plan within the meaning of the Regulation, and the look through rule therefore will not apply to an investment in the Fund if, in general, either (A) less than 25% of the Fund’s capital is invested by Benefit Plan
Investors or (B) the Fund qualifies as a VCOC. 
 5.         Agreement to Refrain from Resales. Without
in any way limiting the representations and warranties herein, the Investor further agrees that the Investor shall in no event pledge, hypothecate, sell, transfer, assign or otherwise dispose of any part or all of the Shares, nor shall the Investor
receive any consideration for any part or all of the Shares, unless and until prior to any proposed pledge, hypothecation, sale, transfer, assignment or other disposition, the Investor shall have complied with all the requirements and conditions in
the Charter. 
 6.         Default of any Investor. The Investor agrees that timely payment of its required
Investment Amount to the Fund is of the essence, that any default on the payment due to the Fund would cause injury to the Fund and the other Stockholders. Accordingly, the Investor agrees that if the Investor defaults on the payment due to the
Fund, (a) the Fund may terminate this Subscription Agreement, and (b) the Fund may exercise any other remedy it may have at law or in equity, including, without limitation, obtaining monetary damages with respect to a defaulting investor.

 7.         Indemnification. The Investor recognizes that the offer of the Shares was made in reliance upon
the Investor’s representations and warranties set forth in Paragraph 3 above and the acknowledgments and agreements set forth in Paragraph 2 above. The Investor agrees to provide, if requested, any additional information that may
reasonably be required to determine the eligibility of the Investor to purchase and hold the Shares. The Investor hereby agrees to indemnify the Fund, the Manager, the Advisor, and all of their affiliates and controlling persons and each other
stockholder and any successor or assign of the foregoing and to hold each of them harmless from and against any loss, damage or liability (including attorney’s fees) due to or arising out of a breach of any representation, warranty,
acknowledgment or agreement of the Investor contained in these Subscription Documents or in any other document provided by the Investor to the Fund in connection with the Investor’s investment in the Shares. Notwithstanding any provision of
this Subscription Agreement, the Investor does not waive any rights granted to it under applicable securities laws. 
 8.         General. This Subscription Agreement (a) shall be binding upon the Investor and the heirs, personal representatives, successors and assigns of the Investor, (b) shall be
governed, construed and enforced in accordance with the laws of the State of Maryland, without reference to any principles of conflicts of law (except insofar as affected by the state securities or “blue sky” laws of the jurisdiction in
which the offering described herein has been made to the Investor), (c) shall survive the admission of the Investor to 

  

 13 

 
the Fund as a Stockholder, and (d) shall, if the Investor consists of more than one person, be the joint and several obligation of all such persons.

 9.           Assignment. The Investor agrees that neither this Subscription Agreement nor
any rights which may accrue to the Investor hereunder may be transferred or assigned. 
 10.        
Arbitration. ANY CLAIM, CONTROVERSY, DISPUTE OR DEADLOCK ARISING UNDER THIS SUBSCRIPTION AGREEMENT (COLLECTIVELY, A “DISPUTE”) SHALL BE SETTLED BY ARBITRATION, IN ACCORDANCE WITH THE RULES AND REGULATIONS OF THE AMERICAN
ARBITRATION ASSOCIATION (“AAA”). ALL ARBITRATIONS SHALL BE HELD IN NEW YORK, NEW YORK. ANY ARBITRATION AND AWARD OF THE ARBITRATORS, OR A MAJORITY OF THEM, SHALL BE FINAL AND THE JUDGMENT UPON THE AWARD RENDERED MAY BE ENTERED IN
ANY STATE OR FEDERAL COURT HAVING JURISDICTION. NO PUNITIVE DAMAGES ARE TO BE AWARDED. 
 11.         Restrictions
on Transfer of the Shares. 
   (a) Opinion of Counsel. The Investor acknowledges that there are restrictions on the
transferability of the Shares. Since the Shares are not registered under the Securities Act or applicable state securities laws, the Investor acknowledges and agrees that it shall have no right at any time to sell, transfer, assign, pledge or
otherwise dispose of or encumber the Shares, unless, subject to compliance with the provisions of Section 11(b) below, the Fund, if it so requests, shall first have been provided with (i) a subscription agreement or similar document
executed by the proposed transferee containing representations, warranties and agreements substantially similar to the representations, warranties and agreements contained in this Subscription Agreement and (ii) an opinion of counsel
satisfactory to the Fund that such transfer is exempt from registration under the Securities Act and any applicable state securities laws and would not violate the provisions of the Fund’s Charter. 
   (b) Restrictive Legends. The Investor acknowledges that the certificates representing the Shares (if the Shares are certificated) will bear
restrictive legends in the form set forth below: 
 THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
AS AMENDED (THE “ACT”), NOR UNDER THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE SOLD, TRANSFERRED, ASSIGNED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF UNLESS A REGISTRATION STATEMENT UNDER THE ACT AND ANY APPLICABLE STATE SECURITIES
LAWS IS THEN IN EFFECT WITH RESPECT THERETO, OR SUCH TRANSFER IS EXEMPT FROM REGISTRATION UNDER THE ACT AND ANY APPLICABLE STATE SECURITIES LAW. 
  

 14 

 THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO THE RESTRICTIONS CONTAINED IN THE CHARTER OF EXCELSIOR
LASALLE PROPERTY FUND, INC. AS SUCH CHARTER MAY BE AMENDED, MODIFIED OR SUPPLEMENTED FROM TIME TO TIME (A COPY OF WHICH IS ON FILE WITH THE SECRETARY OF THE CORPORATION). THE CORPORATION WILL FURNISH A FULL STATEMENT ABOUT CERTAIN RESTRICTIONS ON
TRANSFERABILITY TO A STOCKHOLDER ON REQUEST AND WITHOUT CHARGE. 
 12.         Signatures. The execution and
delivery by the Investor of the Subscription Booklet will constitute the Investor’s agreement to be bound by this Subscription Agreement. The execution and delivery to the Investor of the acceptance form contained in the Subscription Booklet
will constitute acceptance of this Subscription Agreement by the Fund. 
  

 15

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