Document:

Exhibit 10.23

 Exhibit 10.23  
 ITC^DeltaCom, Inc. 
 Description of Non-Employee Director Compensation 
 Non-employee directors of ITC^DeltaCom, Inc. (the “Company”) who are not members of or affiliated with the Welsh, Carson, Anderson &
Stowe group of the Company’s stockholders or with Tennenbaum Capital Partners, LLC receive cash fees for their service on the board of directors of the Company and on committees of the board. All independent directors are eligible to receive
equity-based fees pursuant to the ITC^DeltaCom, Inc. Amended and Restated Stock Incentive Plan for their board and committee service. 
 Independent directors receive annual fees of $30,000, fees of $1,000 for each board or committee meeting attended in person and fees of $500 for each board or committee meeting attended by conference telephone. The chairman of the audit
committee receives an additional annual fee of $5,000. All such fees are paid in cash. All directors are entitled to reimbursement for their reasonable out-of-pocket expenditures incurred in connection with their board and committee service.

 Independent directors also are eligible to receive awards of restricted stock units and other awards pursuant to the Amended and Restated
Stock Incentive Plan upon their initial appointment to the board of directors and from time to time thereafter. Such awards, if any, are made at the discretion of the board.Exhibit 10.24

 Exhibit 10.24 
 ITC^DeltaCom, Inc. 
 Description of Certain Management Compensatory Plans and Arrangements

 Components of Executive Compensation 
 The executive compensation program of ITC^DeltaCom, Inc., (the “Company”) principally includes a base salary and eligibility for annual cash bonuses and long-term incentive compensation in the form of restricted stock units, stock
options and other equity-based awards issued under the ITC^DeltaCom, Inc. Amended and Restated Stock Incentive Plan. The Company also provides its executive officers with executive benefits, including perquisites, some of which are not generally
available to more junior employees. Certain terms of compensation for all of the Company’s executive officers, other than the Senior Vice President-Finance, are set forth in employment agreements between the Company and the executives, which
have been filed as exhibits to the Company’s reports filed with the Securities and Exchange Commission. 
 Base Salary. Base
salaries of executive officers are initially determined by evaluating the responsibilities of the position, the experience and knowledge of the executive, and the competitive marketplace for executive talent, including a comparison to base salaries
for comparable positions at companies in the Company’s peer group. Base salaries for executive officers are reviewed annually by the compensation committee based upon, among other things, individual performance and responsibilities. 

Annual Cash Bonuses. The Company pays annual cash bonuses to its Chief Executive Officer, other executive officers, and other employees under
the Company’s annual cash bonus plan. Under the plan, eligible employees, including the Company’s executive officers and other senior executives, generally are entitled to receive a cash bonus in an amount up to a specified maximum
percentage of the employee’s annual base salary, subject to the Company’s achievement of tiered financial performance goals, including revenue, EBITDA (generally defined for these purposes as the sum of net income (or net loss) after
eliminating interest expense, income tax expense, depreciation expense, amortization expense, and specified extraordinary and non-recurring items), cash flow and capital budget targets. If the Company achieves the financial performance goals at the
highest established tier, the employee will be entitled to receive a cash bonus that is equal to 100% of the specified maximum percentage of the employee’s annual base salary. If the Company achieves the financial performance goals at a lower
tier, the percentage of the specified maximum percentage of the employee’s annual base salary that the employee will be entitled to receive as a cash bonus will be reduced to the percentage attributed to that tier. Performance objectives are
approved annually by the compensation committee, and factors other than those set forth above may be considered. 
 Long-Term Incentive
Compensation. The Company maintains the ITC^DeltaCom, Inc. Amended and Restated Stock Incentive Plan for the benefit of its executive officers and other employees and maintains the ITC^DeltaCom, Inc. Executive Stock Incentive Plan for the
benefit of the Chief Executive Officer, Executive Vice President and Chief Financial Officer, and Executive Vice President-Operations. Awards under the plans are equity-based awards and are made by the compensation committee, subject to the terms of
any applicable employment agreements. In determining the amount of stock options, restricted stock units and other equity-based awards under the Amended and Restated Stock Incentive Plan, the compensation committee considers each executive’s
current performance and anticipated future contributions to the Company’s performance, as well as the amount and terms of other equity-based awards previously granted to the executive by the Company. 
 Other Compensatory Plans 
 The Company’s
executive officers also are eligible to participate in the Company’s 401(k) plan and other benefit plans, which are available to all regular Company employees.Amendment No 1 to Advisory Agreement

 Exhibit 10.3 
 AMENDMENT NO. 1 
 TO 
 ADVISORY AGREEMENT 
 This amendment no. 1 to the Advisory Agreement dated as of November 8, 2006 (the
“Advisory Agreement”) between KBS Real Estate Investment Trust, Inc., a Maryland corporation (the “Company”), and KBS Capital Advisors LLC, a Delaware limited liability company (the “Advisor”), is entered as of
January 11, 2007 (the “Amendment”). Capitalized terms used herein but not defined shall have the meaning set forth in the Advisory Agreement. 
 WHEREAS, upon the terms set forth in this Amendment, the Advisor has agreed to amend and restate Article 16 of the Advisory Agreement and advance funds to the Company upon the terms set forth below. 
 NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants and agreements contained herein, the parties hereto agree that Article 16
of the Advisory Agreement is hereby amended and restated in its entirety as follows: 
 ADVANCE 
 Notwithstanding anything contained in Article 9 of this Agreement to the contrary, the Advisor hereby agrees to advance funds (the “Advance”)
to the Company equal to the amount by which the cumulative amount of distributions declared by the Company from January 1, 2006 through the period ending March 31, 2007 exceeds the amount of the Company’s funds from operations (as
defined by NAREIT) from January 1, 2006 through March 31, 2007. Advisor further agrees that the Company will only be obligated to reimburse the Advisor for the Advance if and to the extent that the Company’s cumulative funds from
operations for the period commencing January 1, 2006 through the date of any such reimbursement exceed the lesser of (i) the cumulative amount of any distributions declared and payable to the Company’s Stockholders as of the date of
such reimbursement or (ii) an amount that is equal to a 7.0% cumulative, non-compounded, annual return on Invested Capital for the Company’s Stockholders for the period from July 18, 2006 through the date of such reimbursement.
Advisor understands and agrees that no interest shall accrue on the Advance being made under this Agreement. 
 Signature page follows.

 IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the date and year first above
written. 
  

															
	KBS REAL ESTATE INVESTMENT TRUST, INC.
		
	By:	 	 /s/ Charles J. Schreiber, Jr.

		 	Charles J. Schreiber, Jr., Chief Executive Officer
	
	KBS CAPITAL ADVISORS LLC
		
	By:	 	Schreiber Real Estate Investments, L.P., a Manager
			
		 	By:	 	Schreiber Investments, LLC, as general partner
				
		 		 	By:	 	 /s/ Charles J. Schreiber, Jr.

		 		 		 	Charles J. Schreiber, Jr., ManagerAmendment No 2 to Advisory Agreement

 Exhibit 10.4 
 AMENDMENT NO. 2 
 TO 
 ADVISORY AGREEMENT 
 This amendment no. 2 to the Advisory Agreement dated as of November 8, 2006 (the
“Advisory Agreement”) between KBS Real Estate Investment Trust, Inc., a Maryland corporation (the “Company”), and KBS Capital Advisors LLC, a Delaware limited liability company (the “Advisor”), is entered as of
March 21, 2007 (the “Amendment”). Capitalized terms used herein but not defined shall have the meaning set forth in the Advisory Agreement. 
 WHEREAS, upon the terms set forth in this Amendment, the Advisor has agreed to amend and restate Article 16 of the Advisory Agreement and advance funds to the Company upon the terms set forth below. 
 NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants and agreements contained herein, the parties hereto agree that Article 16
of the Advisory Agreement is hereby amended and restated in its entirety as follows: 
 ADVANCE 
 Notwithstanding anything contained in Article 9 of this Agreement to the contrary, the Advisor hereby agrees to advance funds (the “Advance”)
to the Company equal to the amount by which the cumulative amount of distributions declared by the Company from January 1, 2006 through the period ending May 31, 2007 exceeds the amount of the Company’s funds from operations (as
defined by NAREIT) from January 1, 2006 through May 31, 2007. Advisor further agrees that the Company will only be obligated to reimburse the Advisor for the Advance if and to the extent that the Company’s cumulative funds from
operations for the period commencing January 1, 2006 through the date of any such reimbursement exceed the lesser of (i) the cumulative amount of any distributions declared and payable to the Company’s Stockholders as of the date of
such reimbursement or (ii) an amount that is equal to a 7.0% cumulative, non-compounded, annual return on Invested Capital for the Company’s Stockholders for the period from July 18, 2006 through the date of such reimbursement.
Advisor understands and agrees that no interest shall accrue on the Advance being made under this Agreement. 
 Signature page follows.

 IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the date and year first above
written. 
  

							
	KBS REAL ESTATE INVESTMENT TRUST, INC.
		
	By:	 	 /s/ Charles J. Schreiber, Jr.

		 	Charles J. Schreiber, Jr., Chief Executive Officer
	
	KBS CAPITAL ADVISORS LLC
		
	By:	 	Schreiber Real Estate Investments, L.P., a Manager

							
			
		 	By:	 	Schreiber Investments, LLC, as general partner

													
							
		 		 		 		 		 	By:	 	 /s/Charles J. Schreiber, Jr.

		 		 		 		 		 		 	Charles J. Schreiber, Jr., Manager

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