Document:

Exhibit 10.2

 Exhibit 10.2 

SUB-ADVISORY AGREEMENT 

This Sub-Advisory Agreement (this “Agreement”), dated as of October 25, 2016 (the “Effective Date”), is
between Inland InPoint Advisor, LLC, a Delaware limited liability company (the “Advisor”), and SPCRE InPoint Advisors, LLC, a Delaware limited liability company (the “Sub-Advisor”). 

WITNESSETH: 
 WHEREAS,
InPoint Commercial Real Estate Income, Inc., a Maryland corporation (the “Company”), has appointed the Advisor as its advisor pursuant to the Advisory Agreement among the Company, InPoint REIT Operating Partnership, LP (the
“Operating Partnership”) and the Advisor, dated as of the date of this Agreement (as the same may be amended, restated or otherwise modified from time to time in accordance with its terms, the “Advisory Agreement”);

 WHEREAS, the Advisor desires to avail itself of the knowledge, experience, sources of information, advice, assistance and certain
facilities available to the Sub-Advisor and to have the Sub-Advisor undertake the duties and responsibilities hereinafter set forth, on behalf of the Advisor, and subject to the supervision of, the Advisor and the Board of Directors of the Company
(the “Board of Directors”), all as provided herein; and 
 WHEREAS, the Sub-Advisor is willing to undertake such duties and
responsibilities on the terms and subject to the conditions hereinafter set forth. 
 NOW, THEREFORE, in consideration of the foregoing and
of the mutual covenants and agreements contained herein, the Parties hereto agree as follows: 
 Article 1 

Definitions 
 Capitalized
terms that are defined in the Advisory Agreement but not otherwise defined in this Agreement have the respective meanings ascribed to such terms in the Advisory Agreement, a copy of which is attached hereto as Appendix A. 

The following defined terms used in this Agreement shall have the meanings specified below: 

“Advisor Cause Event” means the occurrence of one or more of the following: (i) fraud, criminal conduct or willful misconduct
by the Advisor in connection with the performance of its obligations under the Advisory Agreement; (ii) the Advisor breaches any material provision of the Advisory Agreement and, after notice of such breach, does not cure such breach within
thirty (30) days; (iii) the Advisor is adjudged bankrupt or insolvent by a court of competent jurisdiction, or an order is made by a court of competent jurisdiction for the appointment of a receiver, liquidator, custodian or trustee of the
Advisor, for all or a substantial part of its property by reason of the foregoing, or if a court of competent jurisdiction approves any petition filed against the Advisor for reorganization, and such adjudication or order remains in force or
unstayed for a period of thirty (30) days; (iv) the Advisor institutes proceedings for voluntary bankruptcy or files a petition seeking reorganization under the federal bankruptcy laws, or for relief under any law for relief of debtors, or
consents to the appointment of a receiver, liquidator, custodian or trustee for itself or for all or a substantial part of its property, or makes a general assignment for the benefit of its creditors, or admits in writing its inability to pay its
debts, generally, as they become due; (v) grounds exist for the Sub-Advisor to terminate this Agreement for Sub-Advisor’s Good Reason; or (vi) the following events have occurred: (A) the Advisor or any Affiliate is the subject of
an indictment, or a governmental or regulatory agency commences an investigation or makes a finding that the Advisor or such Affiliate has engaged in fraud, willful misconduct or other illegal act and (B) within 60 days following such
indictment, investigation or finding, three or more soliciting dealers cancel or suspend for more than 90 consecutive days their selling agreements with the Dealer Manager related to the Company representing in the aggregate the lesser of
(I) 7,500 financial advisors or (II) 25% of the aggregate number of financial advisors selling the Company’s shares. For purposes of subsection (vi)(B) above, Affiliated soliciting dealers shall be counted collectively as one soliciting
dealer. 

 “Cause” means (i) fraud, criminal conduct or willful misconduct by the
Sub-Advisor in connection with the performance of its obligations under this Agreement, or (ii) if any of the following events occur: (A) the Sub-Advisor breaches any material provision of this Agreement and, after notice of such breach,
does not cure such breach within thirty (30) days; (B) the Sub-Advisor is adjudged bankrupt or insolvent by a court of competent jurisdiction, or an order is made by a court of competent jurisdiction for the appointment of a receiver,
liquidator, custodian or trustee of the Sub-Advisor, for all or a substantial part of its property by reason of the foregoing, or if a court of competent jurisdiction approves any petition filed against the Sub-Advisor for reorganization, and such
adjudication or order remains in force or unstayed for a period of thirty (30) days; (C) the Sub-Advisor institutes proceedings for voluntary bankruptcy or files a petition seeking reorganization under the federal bankruptcy laws, or for
relief under any law for relief of debtors, or consents to the appointment of a receiver, liquidator, custodian or trustee for itself or for all or a substantial part of its property, or makes a general assignment for the benefit of its creditors,
or admits in writing its inability to pay its debts, generally, as they become due; or (D) in the sole determination of the Board of Directors, including a majority of the Independent Directors, the Sub-Advisor’s portfolio management is
unsatisfactory. 
 “Investor Proceeds” means the Gross Offering Proceeds less Selling Commissions and up-front Dealer
Manager Fees and less any amounts invested in Equity Stock by the Advisor, the Sub-Advisor or any of their respective Affiliates. 

“Party” or “Parties” refer to the Advisor or the Sub-Advisor or both, as the case may be. 

“Primary Target Investment” means (i) first mortgage loans, subordinated mortgage and mezzanine loans, and
participations in such loans, (ii) commercial real estate securities, such as CMBS, senior unsecured debt of publicly-traded REITs and CDO notes, and (iii) other than with respect to Section 8.5, single-tenant, triple net
leased properties. 
 “Selected Funds” means REITs, business development companies, funds registered under the Investment
Company Act and publicly-offered direct participation programs as defined by FINRA Rule 2310. 
 “Sub-Advisor
Nominee” means (i) any person designated as a nominee to the Board of Directors by the Sub-Advisor in accordance with Section 7.1(A), and (ii) any person designated to fill a vacancy on the Board of Directors pursuant
to Section 7.1(D). 
 Article 2 

Appointment 
 The Advisor,
pursuant to its authority under the Advisory Agreement to delegate its rights and powers to manage and control the business and affairs of the Company to any third-party supervised by the Advisor, including the Sub-Advisor, hereby appoints the
Sub-Advisor to serve as the sub-advisor for the Company pursuant to the terms hereof, and the Sub-Advisor hereby accepts such appointment. Pursuant to Section 2 of the Advisory Agreement, the Advisor is responsible for managing, operating,
directing and supervising the operations and administration of the Company and its subsidiaries and their respective assets, including without limitation all investment activities of the Company and its subsidiaries. The Advisor delegates, and the
Sub-Advisor agrees to perform, the duties set forth in Article 3 hereof, subject to the terms and conditions of this Agreement and the limitations set forth in the Advisory Agreement, and consistent with the provisions of the Charter and
Bylaws and the continuing and exclusive authority of the Board of Directors over the supervision of the Company and its subsidiaries. 

Article 3 
 Duties of the
Sub-Advisor 
 Consistent with Article 2 hereof, the Sub-Advisor undertakes to use commercially reasonable efforts to, either
directly or indirectly by engaging an Affiliate or, if consented to in writing in advance by the Advisor, a third party, perform the duties set forth in this Article 3; provided, however, that advance written consent shall not be
required if a third party is engaged by the Sub-Advisor to perform activities reasonably necessary to facilitate an Investment, which shall include but not be limited to appraisers, surveyors and environmental consultants; provided further
that 

  
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the fees and expenses of any such third party shall only be reimbursable by the Company to the extent that, at the time of engagement of any such third party, it is acting in connection with an
Investment on behalf of the Company and, if any such third party is simultaneously acting for any other Person in addition to the Company, only to the extent of the services provided to the Sub-Advisor for purposes of such Investment. 

3.1 Investment Origination, Selection, Monitoring and Disposition Services. The Sub-Advisor shall, subject to the oversight of the
Advisor, manage the origination, selection and monitoring process for Investments and shall perform the following services: 
 (A) Subject
to the investment objectives and policies of the Company, the express terms of this Agreement and any directions of the Board of Directors, including the Investment Guidelines: (i) locate, analyze and select potential Investments;
(ii) prepare a pipeline report summarizing potential investment opportunities (the “Pipeline Report”) and provide the Pipeline Report to the Advisor on or about the same date as the Pipeline Report is provided
internally by the Sub-Advisor to its investment committee, but in any event no less frequently than monthly (it being understood and agreed that the Advisor shall not make the Pipeline Report or its contents available to any employee of the Advisor
or its Affiliates who is responsible for sourcing or recommending Primary Target Investments for any Person other than the Company; provided that the foregoing shall not prevent officers of the Advisor (other than those primarily responsible for
sourcing investments) from reviewing the Pipeline Report); (iii) structure and negotiate the terms and conditions of transactions pursuant to which Investments will be made or pursuant to which Investments will be sold; and (iv) acquire or
sell Investments on behalf of the Company; 
 (B) Conduct due diligence on potential Investments and prepare reports regarding prospective
Investments, which include, for potential Investments that require the approval of the Board of Directors, recommendations and supporting documentation necessary for the Board of Directors to evaluate the prospective investments; 

(C) Manage the origination, closing and underwriting processes for Real Estate Loans and other Investments, as applicable; 

(D) Identify and evaluate potential financing and refinancing sources for the Investments, engaging a
third-party broker if necessary, and negotiate terms and arrange and supervise the execution of financing agreements; 

(E) Provide credit analysis services for Investments; 

(F) Contract for, monitor and oversee the servicing of and compliance with the terms of Real Estate Loans, other Investments, debt facilities
and other borrowings; 
 (G) Assist the Advisor and the Company with compliance with the various REIT qualification tests in the REIT
Provisions of the Code; provided, that prior to making any Investment or disposition of any Investment pursuant to its discretionary authority that is not pre-approved by the Advisor, the Sub-Advisor shall confirm that each such Investment or
disposition of any Investment, when made, will be in compliance with, and will not cause the REIT to fail to comply with, the various REIT qualification tests in the REIT Provisions of the Code; 

(H) Oversee material leases and service contracts related to Investments; and 

(I) (i) Except as provided in Section 3.1(I)(ii), the Advisor shall have the right to pre-approve each Investment and each sale of
any Investment (including any increase or decrease in a position size or any modification in the terms of any Investment). For each proposed Investment and each sale of any Investment (including any proposed increase or decrease in a position size
or any proposed modification), the Sub-Advisor shall provide the Advisor with (x) a reasonably detailed explanation of the investment thesis or rationale for such Investment or sale, including any memoranda or other documents prepared for and
provided to the investment committee of the Sub-Advisor and any other relevant supporting documentation or materials reasonably sufficient to allow the Advisor to review and analyze the proposed Investment or sale and (y) reasonable access to
the officers and employees of the Sub-Advisor involved in sourcing, selecting, reviewing or approving such Investment or sale as the Advisor may reasonably request to answer reasonable questions regarding such Investment or sale. The Advisor agrees
to promptly consider each such Investment or sale presented to the Advisor for pre-approval as set forth above and inform the Sub-Advisor of its decision. 

  
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 (ii) Subject to Section 3.1(G), for potential Investments or any sales of Investments
(including any proposed increase or decrease in a position size or any modification in the terms of any Investment) that are within the parameters and below the dollar thresholds set forth in the Investment Guidelines for which the Sub-Advisor has
discretionary authority to act, the Sub-Advisor shall have the right to select and make each such Investment or sell each such Investment, as the case may be, without the Advisor’s pre-approval; provided, however, that for each such
Investment and each sale of such Investment (including any increase or decrease in a position size or any modification in the terms of any Investment), as the case may be, either before or promptly after making such Investment or sale, as the case
may be, the Sub-Advisor shall provide the Advisor with (x) written notice of such Investment or sale, (y) a reasonably detailed explanation of the investment thesis or rationale for such Investment or sale, including any memoranda or other
documents prepared for and provided to the investment committee of the Sub-Advisor and any other relevant supporting documentation or materials reasonably sufficient to allow the Advisor to review and analyze the Investment or sale and
(z) reasonable access to the officers and employees of the Sub-Advisor involved in sourcing, selecting, reviewing or approving such Investment or sale as the Advisor may reasonably request to answer reasonable questions regarding such
Investment or sale. 
 3.2 Portfolio Management Services. The Sub-Advisor shall perform the
following portfolio management services: 
 (A) Serve as the Company’s investment and financial advisor, conduct investment research,
monitor applicable markets and obtain reports where appropriate concerning the value and condition of Investments; 
 (B) Provide management
services in respect of Investments and perform and supervise the various management and operational functions related to the Investments; 

(C) Formulate and oversee the implementation of strategies for the administration, promotion, management, operation, maintenance, improvement,
financing and refinancing, marketing, leasing and disposition of Investments on an individual and overall portfolio basis; 
 (D) Provide
Investment portfolio management functions; 
 (E) Provide the Company with, or assist the Company in arranging for, all necessary cash
management services, including credit facility management; 
 (F) Oversee the performance of the Real Estate Manager in connection with real
estate management services and other activities relating to the Company’s Real Property; provided that the Real Estate Manager for any triple net leased properties shall be an Affiliate of the Advisor unless the Sub-Advisor determines in
its commercially reasonable judgment that the Company would benefit from a Real Estate Manager other than an Affiliate of the Advisor; and 

(G) Provide liquidity management services for the Company’s share repurchase program as may be requested by the Advisor. 

3.3 Joint Duties of Advisor and Sub-Advisor. Subject to the oversight of the Board of Directors, the Advisor and the Sub-Advisor agree to jointly perform, or cause to be performed, the following services for the Company: 

(A) Investments and Credit Facility: (i) establishment of asset allocation guidelines; (ii) sourcing and negotiating terms
for a revolving credit facility; and (iii) ongoing monitoring of Investments; 
 (B) Board of Directors Meetings: The Parties
shall jointly participate in the preparation of Board of Directors meeting materials and their representatives shall participate in meetings of the Board of Directors upon the request of the Board of Directors, including participating in quarterly
meetings of the Board of Directors and preparing written reports and making presentations regarding the Company’s Investment portfolio to the Board of Directors and, in the case of the Sub-Advisor, preparing and presenting to the Board of
Directors the Quarterly Co-Investment Transaction Report; 

  
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 (C) Valuation: The Advisor will be primarily responsible for managing the process related
to valuing the Investments, based on the valuation information and calculations provided by the Valuation Advisor and the Fund Administrator, with assistance from the Sub-Advisor; provided, however, the Sub-Advisor shall be responsible, if
requested by the Advisor, for providing the Advisor with pricing for fair valued Investments in accordance with the requirements of the Valuation Guidelines; and 

(D) Sales and Liquidity Events: Assist the Board of Directors in evaluating Sales and Liquidity Events, including without limitation:
(i) performing due diligence in connection with investigating potential Sales or Liquidity Events; (ii) selecting and conducting relations with experts, investment banking firms and potential acquirers of Real Property and Real
Estate-Related Assets, among others; (iii) preparing investment and other strategic models regarding Sales and Liquidity Events for evaluation by the Board of Directors; and (iv) preparing written reports and making presentations regarding
potential Sales and Liquidity Events to the Board of Directors. 
 (E) Expense Budgeting: Each Party shall provide to the other, not
later than 60 days following each calendar quarter (the “Most Recently Completed Quarter”), (i) a budget for the four calendar quarters immediately commencing after the Most Recently Completed Quarter projecting the third-party
expenses the Advisor or the Sub-Advisor, respectively, anticipates to expend on behalf of, and to be reimbursed by, the Company (the “Reimbursable Expenses”) and (ii) a reconciliation of the actual Reimbursable Expenses for the
Most Recently Completed Quarter to the most recently budgeted Reimbursable Expenses for the Most Recently Completed Quarter. 
 3.4
Sub-Advisor’s Support Services. The Sub-Advisor shall provide advice and support to the Advisor, as necessary and requested, in connection with the Advisor’s performance of its responsibilities set forth below, which shall remain
the responsibility of the Advisor. 
 (A) Formation Process: (i) securities registration process and Company organizational
process, including liaising with counsel on formation documents, compliance policies and procedures and codes of ethics; (ii) preparation of initial capitalization financial statements; (iii) retention and selection of auditor, escrow
agent, administrator, Fund Administrator, custodian, Valuation Advisor and transfer agent; (iv) preparation of and completing offering documents including updates thereto and such other amendments and supplements as the Advisor shall determine
to be necessary or desirable; and (v) preparation of marketing materials and content development. 
 (B) Periodic Reporting,
Repurchase Offers and Proxy Statements: (i) periodic and current reporting under the Exchange Act, including Forms 10-K, 10-Q and 8-K; (ii) preparation of periodic financial statements, periodic stockholder reports and annual and
special meeting proxy statements, including Schedules 14A and 14C, as applicable; (iii) filings, reports and press releases associated with Company repurchase offers of any share class as may be approved by the Board of Directors; and
(iv) such other notices, filings and submissions pursuant to the Securities Act, the Exchange Act and the Commodity Exchange Act of 1936 as may be required from time to time. 

(C) Sales Support: (i) oversight of and assistance with, the wholesaling sale activities of the Dealer Manager, including building
of a “selling group,” to effectuate the distribution of the Shares in the Private Placement and any Public Offering through the independent broker-dealer, registered investment advisor, and “wire house” channels (collectively,
the “Channels”); (ii) third party reporting and due diligence; (iii) participation at industry conferences; (iv) sales compliance; and (v) processing of subscriptions for the Shares. 

(D) Administration: (i) financial reporting; (ii) stockholder communications and services; and (iii) financial advisor
communications and services. 

  
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 3.5 Major Decisions. 

(A) Subject to Section 3.5(C), all major decisions of the Advisor pursuant to the Advisory Agreement as set forth below in
clauses (A)(1) through (A)(5) (“Major Decisions”) shall be subject to joint approval by the Advisor and the Sub-Advisor. For the avoidance of doubt, Major Decisions specifically exclude any decisions regarding the day-to-day operations of the Company delegated to the Sub-Advisor pursuant to this Agreement. Major Decisions shall consist of: 
  

	 	(1)	Recommendations to the Board of Directors with respect to the following: 

  

	 	(a)	retention of investment banks for the Company; 

  

	 	(b)	extending, initiating or terminating the Private Placement, the Initial Public Offering or any subsequent Public Offering; and 

  

	 	(c)	merging or otherwise engaging in any Change of Control or Liquidity Event; and 

  

	 	(2)	Decisions related to: 

  

	 	(a)	marketing methods for the Company’s sale of Shares; 

  

	 	(b)	the deferral of all or any portion of the Advisory Fee; and 

  

	 	(c)	issuing press releases involving the foregoing Major Decisions. 

 (B) Notwithstanding anything
in this Agreement to the contrary, if the Parties do not agree to any action constituting a Major Decision and that has been proposed by either Party, the Parties shall meet (in person or by phone) to discuss the issue in dispute in good faith over
the five-Business Day period beginning with the delivery of notice of the proposed action to the other Party. If, after the expiration of the above-referenced five-Business Day period, the Parties still do not agree as to the proposed course of action regarding such Major Decision, representatives of both the Advisor and the Sub-Advisor will be obligated to present each
of their respective proposed courses of action regarding such Major Decision to the Board of Directors for consideration within an additional five-Business Day period and the Board of Directors, including a
majority of the Independent Directors, shall thereafter decide the course of action to be taken regarding such Major Decision. 
 (C)
Notwithstanding the provisions of this Section 3.5 or any other provision in this Agreement to the contrary, in all events, including Major Decisions, the Company will be managed under the direction of the Board of Directors. 

Article 4 
 Authority and
Certain Activities of Sub-Advisor 
 The Sub-Advisor shall have the authority set forth in Section 3 of the Advisory Agreement to
the extent such authority is delegated to the Sub-Advisor hereunder, shall abide by the limitations of Section 5 of the Advisory Agreement, and shall have the authority to establish and maintain bank accounts as set forth in Section 6 of
the Advisory Agreement, all of which (i.e., Sections 3, 5 and 6 of the Advisory Agreement) are incorporated herein by reference as if fully set forth herein. 

Article 5 
 Sub-Advisor
Compensation 
 The Sub-Advisor shall be entitled to the compensation described in this
Article 5 in connection with the services performed under this Agreement. The Sub-Advisor may assign any of its rights to receive such compensation or other payments under this Agreement to an
Affiliate, and the Advisor agrees to direct the Company to pay such amounts directly to the assignee of any such assignment. 

  
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 5.1 Advisory Fees. The Advisor hereby assigns to the Sub-Advisor its right to receive
direct payment from the Company of 75% of all Advisory Fees payable to the Advisor pursuant to Section 8 of the Advisory Agreement and agrees to direct the Company to pay such amounts to the Sub-Advisor in accordance with the applicable terms
of the Advisory Agreement. 
 5.2 Deferral of Advisory Fees. In the event that any portion of the Advisory Fees otherwise payable are
deferred: 
 (A) any amounts deferred shall be allocated proportionately at a rate of 75% to the Sub-Advisor and 25% to the Advisor; and

 (B) the Sub-Advisor shall be entitled to receive its 75% proportionate share of any such deferred amounts paid by the Company to the
Advisor and the Advisor agrees to direct the Company to pay such amounts to the Sub-Advisor at the same time as the Company pays the Advisor’s 25% proportionate share to the Advisor. 

Article 6 
 Expense
Reimbursements 
 6.1 Issuer Costs. The Advisor and the Sub-Advisor shall each be responsible for their respective fees and
expenses in connection with the preparation of this Agreement, which shall be subject to reimbursement as Issuer Costs pursuant to Section 9 of the Advisory Agreement. With respect to Issuer Costs incurred by the Parties which are reimbursable
pursuant to Section 9 of the Advisory Agreement, until such date as the Company is able to pay all of such Issuer Costs directly, the Advisor and the Sub-Advisor will pay such costs on behalf of the Company proportionately at a rate of 25% by
the Advisor and 75% by the Sub-Advisor; and each Party agrees to make a payment to the other Party following the calculation of all unreimbursed Issuer Costs for a month in order to maintain such expense allocation. Any Issuer Costs not reimbursed
because the Company is unable to pay all Issuer Costs will be deferred and paid by the Company in future periods. In order to maintain the allocation described above, the Parties agree that payments by the Company for Issuer Costs shall be paid 75%
to the Sub-Advisor and 25% to the Advisor. To the extent the Advisor or the Sub-Advisor, as applicable, receives reimbursement from the Company in excess of the Advisor’s or the Sub-Advisor’s allocated share, as applicable, under this
Section 6.1, the Advisor or the Sub-Advisor, as applicable, shall promptly pay to the other Party its proportionate share of such reimbursement (taking into account payments already received). Neither of the Parties shall be entitled to
receive any reimbursement unless both Parties receive reimbursement from the Company in accordance with the allocated share described above. 

6.2 Expenses Other than Issuer Costs. When the Advisor is entitled to reimbursement of expenses other than Issuer Costs pursuant
to Sections 9 and 11 of the Advisory Agreement, it shall reimburse the Sub-Advisor, or direct the Company to pay the Sub-Advisor directly for expenses other than Issuer Costs incurred by the Sub-Advisor. 

6.3 Fee Waivers. Any waiver of any fees shall be effected only upon the mutual agreement of the Parties. All fee waivers and expense
payments by the Parties shall be subject to a reimbursement obligation of the Company that meets regulatory requirements and conforms to the limitations of the Charter. 

6.4 Periodic Review of Expenses. The Parties shall review together all expenses of the Company on a monthly basis for purposes of
maintaining expense controls and shall reasonably agree on any expenses to be incurred in excess of $20,000, individually or in the aggregate. 

6.5 Documenting Expenses. The Sub-Advisor shall prepare and deliver to the Advisor a statement documenting the expenses paid or
incurred by the Sub-Advisor and its Affiliates for the Company or its subsidiaries, including the Operating Partnership, on a monthly basis. 

  
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 Article 7 

Voting Agreements 
 7.1
Company Directors. 
 (A) Pursuant to Section 3(e) of the Advisory Agreement and subject to the Charter and Bylaws, the Board of
Directors will at all times be comprised of no fewer than five (5) members. The Advisor and the Sub-Advisor shall each have the right to designate for nomination, subject to the approval of such nomination by the Board of Directors, one
(1) director to the slate to be voted on by the stockholders; provided however, that in the event the number of directors constituting the Board of Directors is increased by a vote of the Board of Directors pursuant to the Charter and
Bylaws, such number of director nominees which each of the Advisor and the Sub-Advisor is entitled to designate shall be increased as necessary by a number that will result in such nominees representing not less than 20% of the total number of
directors. 
 The Advisor and the Sub-Advisor shall have the right to consult with each other and jointly designate for nomination, subject
to approval of such nomination by the Board of Directors, three (3) individuals to serve as Independent Directors; provided, however, that in the event the number of directors constituting the Board of Directors is increased by a vote of
the Board of Directors pursuant to the Charter and Bylaws, such number of Independent Director nominees which the Advisor and the Sub-Advisor are entitled to designate shall be increased as necessary by a number that will result in such nominees
representing not less than the minimum number of Independent Directors required under applicable law and pursuant to the Charter and Bylaws. 

The Advisor agrees, with respect to any Shares now or hereinafter owned by it, to vote such Shares in favor of the Sub-Advisor’s nominees
for the Board of Directors. As of the date hereof, the Sub-Advisor’s nominee is Donald MacKinnon. The Sub-Advisor agrees, with respect to any Shares now or hereinafter owned by it, to vote such Shares in favor of the Advisor’s nominees for
the Board of Directors. As of the date hereof, the Advisor’s nominee is Mitchell Sabshon. 
 (B) To facilitate the nomination rights
set forth above, the Advisor will use commercially reasonable efforts to notify the Sub-Advisor in writing a reasonable period of time in advance of any action to be taken by the Company or the Board of Directors for the purpose of nominating,
electing or designating directors, which notice, in the case of a proxy statement, information statement or registration statement in which nominees for director would be named, shall be delivered by the Advisor to the Sub-Advisor no later than 15
days prior to the anticipated mailing or filing date, as applicable. Such notice shall set forth in reasonable detail the nature of the action to be taken by the Company or the Board of Directors, and the anticipated date thereof. Upon receipt of
such notice, the Sub-Advisor will consult with the Advisor to designate any Sub-Advisor Nominees as soon as reasonably practicable thereafter; provided, however, that if the Sub-Advisor shall have failed to designate Sub-Advisor Nominees in a
timely manner, the Sub-Advisor shall be deemed to have designated any incumbent Sub-Advisor Nominees in a timely manner unless there are no remaining incumbent Sub-Advisor Nominees or the incumbent Sub-Advisor Nominee declines to serve, in which
case the Advisor or the Board of Directors may designate for nomination another Person. 
 (C) The Sub-Advisor will provide the Company or
the Advisor with such information about each Sub-Advisor Nominee as is reasonably requested by the Company or the Advisor in order to comply with applicable disclosure rules, including without limitation, any information that a stockholder of the
Company must provide to the Company in order to nominate a director under the Bylaws. 
 (D) If a vacancy on the Board of Directors arises
as a result of the death, disability or retirement, resignation or removal of a Sub-Advisor Nominee and such vacancy results in the number of Sub-Advisor Nominees then serving on the Board of Directors being less than the number that the Sub-Advisor
is then entitled to designate for nomination to the Board of Directors, the Sub-Advisor shall be entitled to designate for nomination a Sub-Advisor Nominee to fill such a vacancy subject to approval by the Board of Directors. If a vacancy on the
Board of Directors arises as a result of the death, disability or retirement, resignation or removal of an Independent Director and such vacancy results in the number of Independent Directors then serving on the Board of Directors being less than
the number that the Advisor and the Sub-Advisor are then entitled to jointly designate for nomination to the Board of Directors, the Advisor and the Sub-Advisor shall consult with each other and agree upon an individual to be designated for
nomination to serve as an Independent Director to fill such a vacancy, subject to approval by the Board of Directors or the Independent Directors, as required by the Charter. 

  
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 7.2 Company Officers. Officers of the Company shall be jointly agreed upon by the Advisor
and the Sub-Advisor, subject to the approval of the Board of Directors. The Advisor and the Sub-Advisor shall consult with each other and jointly agree upon any officers to be recommended to the Board of Directors, and the Advisor agrees to
recommend such officers to the Board of Directors for approval. If an officer jointly recommended by the Advisor and the Sub-Advisor to serve as an officer is not appointed to hold the designated office by the Board of Directors or following
appointment by the Board of Directors is no longer retained as such officer of the Company as a result of death, disability, retirement, resignation or removal, the Advisor and the Sub-Advisor shall consult with each other and jointly recommend a
replacement for such officer subject to approval by the Board of Directors. The Parties agree that the initial slate of officers of the Company to be submitted to the Board of Directors shall be as follows: 

 

			
	Name	  	Title
	Mitchell Sabshon	  	Chief Executive Officer
	Donald MacKinnon	  	President
	Catherine L. Lynch	  	Chief Financial Officer and Treasurer
	Andrew Winer	  	Chief Investment Officer
	Roderick S. Curtis	  	Vice President and Secretary

 7.3 Other Voting of Shares. The Advisor and the Sub-Advisor each agrees that, with respect to any
Shares now or hereinafter owned by it, neither will vote or consent on matters submitted to the stockholders of the Company regarding (i) the removal of the Advisor or any Affiliate of the Advisor; (ii) the removal of the Sub-Advisor or
any Affiliate of the Sub-Advisor; (iii) any transaction between the Company and the Advisor or any of its Affiliates; or (iv) any transaction between the Company and the Sub-Advisor or any of its Affiliates. This voting restriction shall
survive until such time that the Advisor is no longer serving as such. 
 Article 8 

Relationship of Sub-Advisor and Advisor and their Affiliates; 

Other Activities of the Advisor and the Sub-Advisor 

8.1 Relationship. The Advisor and the Sub-Advisor are not partners or joint venturers with each other, and nothing in this Agreement
shall be construed to make them such partners or joint venturers. Except as set forth in Section 8.5, nothing herein contained shall prevent the Advisor or Sub-Advisor from engaging in or earning fees from other activities, including,
without limitation, the rendering of advice to other Persons (including other REITs) and the management of other programs advised, sponsored or organized by the Advisor or the Sub-Advisor, respectively, or any of their Affiliates. This Agreement
shall not limit or restrict the right of any manager, director, officer, member, partner, employee or equityholder of the Advisor or the Sub-Advisor, or their Affiliates, to engage in or earn fees from any other business or to render services of any
kind to any other Person. The Sub-Advisor may, with respect to any Investment in which the Company is a participant, also render advice and service to each and every other participant therein, and earn fees for rendering such advice and service.
Specifically, it is contemplated that the Company may enter into Joint Ventures or other similar co-investment arrangements with certain Persons, and pursuant to the agreements governing such Joint Ventures or
other similar co-investment arrangements, the Advisor or the Sub-Advisor may be engaged to provide advice and service to such Persons, in which case, the Advisor or the Sub-Advisor, as applicable, will earn
fees for rendering such advice and service. Each of the Advisor and the Sub-Advisor shall promptly disclose to the Board of Directors the existence of any condition or circumstance, existing or anticipated, of which it has knowledge, that creates or
which would reasonably result in a conflict of interest between its obligations to the Company and its obligations to or its interest in any other Persons. 

  
 9 

 8.2 Time Commitment. The Sub-Advisor shall, and shall cause its Affiliates and their
respective employees, officers and agents to, devote such time as shall be reasonably necessary to perform its duties under this Agreement in an appropriate manner consistent with the terms of this Agreement. Each Party acknowledges that the other
Party and its Affiliates and their respective employees, officers and agents may also engage in activities unrelated to the Company and may provide services to Persons other than the Company or any of its Affiliates. 

8.3 Advisor and Sub-Advisor Meetings. Representatives of the Parties shall meet on a quarterly basis, or, if reasonably requested, more
frequently (in person or by phone), to discuss and consult with one another regarding the Company and its assets and opportunities. Additionally, the Advisor and the Sub-Advisor shall promptly cause their respective principals to meet (in person or
by phone) with representatives of each other upon the reasonable request of either Party. The Parties will provide each other information regarding the operations and acquisitions of the Company as reasonably requested by the other. The Advisor
shall provide or cause the Dealer Manager to meet with the Sub-Advisor in person and telephonically and to provide to the Sub-Advisor the reports and other information set forth on Appendix B within the time periods set forth therein and such
other information as is reasonably requested by the Sub-Advisor. Each of the Advisor and the Sub-Advisor shall have direct access to the books and records of the Company and of each attorney, accountant, servicer and other contracting party of the
Company. 
 8.4 Investment Opportunities and Allocation. The Sub-Advisor shall use commercially reasonable efforts to present
investment opportunities to the Company that are consistent with the investment policies and objectives of the Company set forth in the Memorandum and the Prospectus and the Investment Guidelines. In the event the Sub-Advisor or any of its
Affiliates is seeking investments within the definition of Primary Target Investments for any other Person, the Sub-Advisor shall present to the Advisor and the Board of Directors an allocation policy that fairly allocates investment opportunities
to the Company, on the one hand, and to such other Persons, on the other hand, and the Sub-Advisor shall use its best efforts to apply such allocation method fairly to the Company. The allocation policy and any amendments thereto shall be presented
in advance and approved by the Advisor and the Board of Directors, including a majority of the Independent Directors. The Sub-Advisor shall report to the Board of Directors, at least quarterly, of the allocation of investments to the Company and
other Persons advised or sub-advised by the Sub-Advisor or its Affiliates or for which the Sub-Advisor or any of its Affiliates is seeking investments that are consistent with the Primary Target Investments (the “Quarterly Co-Investment
Transaction Report”). The Sub-Advisor shall promptly report to the Advisor and the Board of Directors the existence of any condition or circumstance, existing or anticipated of which it has knowledge, which creates or could create a
conflict of interest between the Sub-Advisor’s obligations to the Company and the Operating Partnership and its obligations to or its interest in any other Person. 

8.5 Mutual Non-Compete. Neither the Sub-Advisor nor any of its Affiliates may provide, or prepare to provide, or assist any other
Person to provide, investment management services, and neither the Advisor nor any of its Affiliates (including the Dealer Manager) may provide, or prepare to provide, or assist any other Person to provide, any services (including distribution and
marketing services), substantially similar to those contemplated by the Advisory Agreement or the Dealer Manager Agreement, in each case to any entity that (a) would have an investment strategy primarily focused on Primary Target Investments
and (b) was capitalized or intended to be capitalized substantially with capital sourced, directly or indirectly, from individual investors through the Channels. For the avoidance of doubt, this provision does not restrict the Advisor or the
Sub-Advisor or any of their respective Affiliates (i) with respect to any entity having an investment strategy not primarily focused on investment in Primary Target Investments, irrespective of whether such entity was capitalized or is intended
to be capitalized substantially with capital sourced, directly or indirectly, from individual investors through the Channels, including but not limited to entities sponsored by Inland Private Capital Corporation, or (ii) with respect to any
assets managed or to be managed on behalf of investors sourced, directly or indirectly, outside of the Channels. 
 8.6 Offering
Documents. The Sub-Advisor will abide by the Memorandum and the Prospectus with respect to the Company’s investment objectives, targeted assets, investment restrictions and borrowing policies set forth in the Memorandum and the Prospectus,
except to the extent otherwise expressly directed by the Board of Directors. 
 8.7 Exclusivity. The Advisor and the Sub-Advisor acknowledge and agree that the Sub-Advisor shall be the sole and exclusive source of Investments for the Company for so long as the
Sub-Advisor shall serve in its capacity as sub-advisor under this Agreement; provided that, notwithstanding the foregoing, the Advisor may identify potential
opportunities for Investments and present any such Investments to the Sub-Advisor. 

  
 10 

 Article 9 

Use of Names in Marketing Materials 

9.1 Sub-Advisor Use of Advisor Names in Marketing Materials. The Advisor and its Affiliates have or may have a proprietary interest in
the names “Inland InPoint Advisor, LLC” and “Inland” (together, the “Inland Names”). The Sub-Advisor shall not use the Inland Names or any tradename, trademark, trade device, service mark, symbol or any
abbreviation thereof of the Advisor or any of its Affiliates, except for any such use in its marketing materials that is approved by the Advisor in writing prior to such use. The Advisor reserves the right to revoke such written approval at any time
upon written notice. In addition, any previously approved use shall be deemed revoked upon the Termination Date, at which time the Sub-Advisor will immediately cease such use in its marketing materials. 

9.2 Advisor Use of Sub-Advisor Names in Marketing Materials. The Sub-Advisor and its Affiliates have or may have a proprietary
interest in the names “Sound Point Capital Management,” “SPCRE InPoint Advisors, LLC” and “Sound Point” (together, the “Sound Point Names”). The Advisor shall not use the Sound Point Names or any
tradename, trademark, trade device, service mark, symbol or any abbreviation thereof of the Sub-Advisor or any of its Affiliates, except for any such use in its marketing materials that is approved by the Sub-Advisor in writing prior to such use.
The Sub-Advisor reserves the right to revoke such written approval at any time upon written notice. In addition, any previously approved use shall be deemed revoked upon the Termination Date, at which time the Advisor will immediately cease such use
in its marketing materials. 
 Article 10 

Other Agreements 
 10.1
Amendments to Advisory Agreement. The Advisor agrees to inform and make the Sub-Advisor a participant in all negotiations between the Advisor and the Company regarding any proposed amendment of the Advisory Agreement. 

10.2 Initial Capital Contributions. Each of the Advisor and the Sub-Advisor shall purchase $1.0 million and $3.0 million,
respectively, in Class P Shares at a price of $25.00 per share prior to or simultaneously with the acceptance of any subscription from any third party investor in the Private Placement. The Advisor and Sub-Advisor agree that, for so long as such
Party or its Affiliate serves as the advisor or the sub-advisor to the Company, respectively, its investment in the Class P Shares will be subject to the following: (a) such Class P Shares will not be eligible for repurchase until the fifth
anniversary of the purchase date and (b) repurchase requests made for such Class P Shares will only be accepted (i) on the last business day of a calendar quarter, (ii) after all repurchase requests from all other stockholders for
such quarter have been accepted and (iii) to the extent that such repurchases do not cause total repurchases to exceed that quarter’s repurchase cap.  

10.3 Sub-Advisor Personnel. The compensation and other expenses of all personnel of the Sub-Advisor, when and to the extent engaged in
providing services and assistance hereunder, shall be provided and paid for by the Sub-Advisor. 
 10.4 Cyber-Security and Business
Continuity. The Sub-Advisor shall maintain (i) business continuity and disaster recovery and backup capabilities and (ii) policies and procedures reasonably designed to detect, prevent and respond to cyber-attacks. The Sub-Advisor
shall promptly notify the Advisor of any cyber-security breach which could reasonably be expected to affect the Company or the ability of the Sub-Advisor to perform its duties and other obligations under this Agreement. 

10.5 Confidentiality. Each Party (the “Receiving Party”) acknowledges and agrees that it will have access to
confidential and proprietary information and materials concerning or pertaining to the Company and the other Party. The Receiving Party, on behalf of itself and its Affiliates shall, and shall cause its and its Affiliates’ partners, managers,
officers, employees, representatives and agents, to hold such information in the strictest confidence and to not use, copy, or divulge to third parties or otherwise use, except in accordance with the terms of this Agreement (or in the case of the
Advisor, the Advisory Agreement) in furtherance of its duties and obligations hereunder (and thereunder), any information obtained from or through the Company or the disclosing Party; provided that this

  
 11 

 
covenant shall not apply to information (i) which is in the public domain now or when it becomes in the public domain in the future, other than by reason of a breach of this Agreement,
(ii) which has come to the Receiving Party from a lawful source not bound to maintain the confidentiality of such information, or (iii) disclosures which are required by law, regulatory authority, regulation or legal process so long as the
Receiving Party provides prompt written notice in advance of such disclosures (to the extent permitted by applicable law and practical under the circumstances) in order to allow the Company or the disclosing Party, as the case may be, the
opportunity to seek (at the such party’s expense) a protective order or other appropriate remedy (and if such protective order or similar remedy is obtained no such disclosure shall be made to the extent no longer required as a result of such
protective order or similar remedy). 
 Article 11 

Representations, Warranties, and Agreements 

11.1 Mutual Representations and Warranties. The Advisor and the Sub-Advisor each hereby represents and warrants to, and agrees with,
the other as follows: 
 (A) Such Party is duly formed and validly existing under the laws of the jurisdiction of its organization; 

(B) Such Party has full power and authority to enter into this Agreement and to conduct its business to the extent contemplated in this
Agreement; 
 (C) This Agreement has been duly authorized, executed and delivered by such Party and, assuming due authorization, execution
and delivery by the other Party, constitutes the valid and legally binding agreement of such Party, enforceable in accordance with its terms against such Party, except as such enforceability may be limited by bankruptcy, insolvency, moratorium and
other similar laws relating to creditors’ rights generally, and by general equitable principles. 
 (D) The execution and delivery of
this Agreement by such Party and the performance of its duties and obligations hereunder do not result in a breach of any of the terms, conditions or provisions of, or constitute a default under, any indenture, mortgage, deed of trust, credit
agreement, note or other evidence of indebtedness, or any lease or other agreement, or any license, permit, franchise or certificate to which such Party is a party or by which it is bound or to which its assets are subject or require any
authorization or approval under or pursuant to any of the foregoing, or violate any statute, regulation, law, order, writ, injunction, judgment or decree to which such Party is subject; 

(E) Such Party is not aware of any facts pertaining to such Party or its Affiliates that would cause such Party, or any of such Party’s
Affiliates, to be unable to discharge timely the obligations of such Party or its Affiliates under this Agreement or the obligations of the Company under any agreement to which any of them is a party; 

(F) To the knowledge of such Party, no consent, approval or authorization of, or filing, registration or qualification with, any court or
governmental authority on the part of such Party is required for the execution and delivery of this Agreement by such Party and the performance of its obligations and duties hereunder and such execution, delivery and performance shall not violate
any other agreement to which such Party is bound; 
 (G) The Party is not acting as the representative or agent or in any other capacity,
fiduciary or otherwise, on behalf of another Person in connection with the Company or the other matters referred to in this Agreement. Such Party is aware that the other Party and/or Affiliates of such other Party now and in the future shall be, and
in the past have been, engaged in businesses which are competitive with that of the Company. Each of the Parties hereby acknowledges and agrees that the Parties’ obligations with respect to all future activities which are in competition with
the Company are as set forth in Article 8 hereof; 

  
 12 

 (H) No Party is required to cause the controlling persons of such Party to devote any specific
portion of their time to Company business other than as necessary to fulfill such Parties’ obligations under this Agreement and the Advisory Agreement, as the case may be, and such controlling persons are expected to spend substantial amounts
of their time on activities that are unrelated to the Company; 
 (I) Such Party understands that the other Party is relying on the accuracy
of the representations set forth in this Article 11 in entering into this Agreement; 
 (J) Such Party has not granted to any third
party rights that would be inconsistent with the rights granted to the other Party by this Agreement; 
 (K) Such Party has all requisite
licenses to do and perform all acts and receive all fees as contemplated by this Agreement and the Advisory Agreement; and 
 (L) None of
its principals has been convicted of any felony, or convicted of any misdemeanor involving moral turpitude (including fraud), or entered a plea of nolo contendere in connection with any felony or any such misdemeanor. 

11.2 Modification and Waiver. The Advisor covenants and agrees with the Sub-Advisor that
without the prior written consent of the Sub-Advisor, the Advisor and its Affiliates shall not: 

(A) agree to any amendment to, modification of, or waiver of their rights or obligations under the Advisory Agreement which modifies the fees
and reimbursements payable pursuant to the Advisory Agreement or this Agreement, reduces the indemnification of the Sub-Advisor and its Affiliates by the Company, modifies the definitions of capitalized terms
contained in the Advisory Agreement which are used to define capitalized terms in this Agreement, or otherwise modifies the Advisory Agreement in a manner that is reasonably likely to materially adversely impact the rights or obligations of the Sub-Advisor pursuant to this Agreement; provided, that, with respect to this Section 11.2, the Sub-Advisor and its Affiliates shall agree to any amendment
to the Advisory Agreement or this Agreement necessary to comply with the comments of any of the Securities and Exchange Commission, state securities commissions or the Financial Industry Regulatory Authority; or 

(B) recommend or agree to nonpayment of or a deferral, waiver or other delay in the payment of the fees, reimbursements or any other
compensation payable pursuant to the Advisory Agreement or this Agreement; or 
 (C) elect to receive any fees payable under the Advisory
Agreement in Shares. 
 Article 12 

Term and Termination of the Agreement 

12.1 Term. The initial term of this Agreement shall begin on the Effective Date and end on the first anniversary of the effective date
of the Registration Statement for the Initial Public Offering and, thereafter, shall be automatically renewed for an unlimited number of successive one-year terms upon renewal of the Advisory Agreement, unless
terminated pursuant to Section 12.2. 
 12.2 Termination. The Parties may terminate this Agreement as provided in this
Section 12.2. The date upon which this Agreement is terminated is referred to herein as the “Termination Date”). 

(A) Termination without Cause or without Sub-Advisor’s Good Reason. This Agreement may be terminated without Cause or without
Sub-Advisor’s Good Reason (as defined below), as applicable: 
  

	 	(1)	by the Advisor upon ninety (90) days’ prior written notice by the Advisor to the Sub-Advisor with approval of a majority of the Independent Directors; or 

 

	 	(2)	by the Sub-Advisor upon ninety (90) days’ prior written notice by the Sub-Advisor to the Advisor. 

  
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 (B) Termination by the Advisor for Cause. This Agreement may be terminated upon written
notice by the Advisor, with approval of a majority of the Independent Directors, for Cause. 
 (C) Termination by the Sub-Advisor for
Sub-Advisor’s Good Reason. This Agreement may be terminated upon written notice by the Sub-Advisor upon the occurrence of any of the following, which for the purposes of this Section 12.2(C), shall constitute
“Sub-Advisor’s Good Reason”: 
  

	 	(1)	the material breach of this Agreement by the Advisor; provided, however, that the Advisor shall have thirty (30) calendar days after the receipt of notice of such breach (or at such later time as may be
stated in the notice) from the Sub-Advisor to cure such breach; 

  

	 	(2)	any fraud, criminal conduct or willful misconduct by the Advisor or any Affiliate thereof in any action or failure to act undertaken by such Person pertaining to or having a materially detrimental effect upon the
ability of the Advisor or the Sub-Advisor to perform their respective duties hereunder; 

  

	 	(3)	if the Advisor (a) commences a voluntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, (b) consents to the entry of an order for relief in an involuntary
case under any such law, (c) consents to the appointment of or taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar official) for the Advisor or for any substantial part of its property, or
(d) makes any general assignment for the benefit of creditors under applicable state law; 

  

	 	(4)	if: (a) an involuntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect has been commenced against the Advisor, and such case has not been dismissed within sixty
(60) days after the commencement thereof; or (b) a receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar official) has been appointed for the Advisor or has taken possession of the Advisor or any substantial part of
its property, and such appointment has not been rescinded or such possession has not been relinquished within sixty (60) days after the occurrence thereof; 

  

	 	(5)	if during the period starting on the Effective Date and ending on the date when the Board of Directors terminates an Offering and no additional Offerings are on-going or contemplated in the future, the Dealer Manager
and its controlled subsidiaries: (a) fail to use their commercially reasonable efforts to market and distribute the Shares, or (b) fail to employ 12 or more external wholesalers on a full-time basis during any period of 90 consecutive
calendar days; provided, however, that such 90-day period shall be extended for one additional 30-day period to the extent the Dealer Manager is making good faith efforts to cure such failure by attempting to hire additional external
wholesalers; 

  

	 	(6)	if during the period starting on the Effective Date and ending on the second anniversary of the Effective Date, the Dealer Manager and any Affiliate of Inland are actively marketing the securities of more than four
Selected Funds; 

  

	 	(7)	if during the period starting on the second anniversary of the Effective Date and ending on the fourth anniversary of the Effective Date, the Dealer Manager and any Affiliate of Inland are actively marketing the
securities of more than six Selected Funds; 

  

	 	(8)	if the board of directors of any Inland-sponsored Selected Fund terminates such Selected Fund’s advisory agreement (or agreement with a similar function), or does not renew it, other than in connection with an
internalization or liquidity event, and such termination or non-renewal is followed by cancellation, or suspension for more than 90 consecutive days, of the selling agreements between three or more soliciting dealers and the Dealer Manager,
representing in the aggregate the lesser of (i) 7,500 financial advisors or (ii) 25% of the aggregate number of financial advisors selling the Company’s shares, so long as such cancellation or suspension is not due substantially to
the Sub-Advisor’s acts or performance. For purposes of this subsection 12.2(C)(8), Affiliated soliciting dealers shall be counted collectively as one soliciting dealer; or 

  
 14 

	 	(9)	if a broker-dealer participating in the distribution of the Company’s securities terminates its selling agreement with the Dealer Manager and executes a selling agreement with a different Inland-sponsored program
within 90 days of such termination, so long as such termination is not substantially due to the Sub-Advisor’s acts or performance. 

(D) Termination of Advisory Agreement. This Agreement shall automatically terminate in the event of the termination or non-renewal of
the Advisory Agreement. 
 12.3 Survival Upon Termination. Notwithstanding anything else that may be to the contrary herein, the
expiration or earlier termination of this Agreement shall not relieve a party for liability for any breach occurring prior to such expiration or earlier termination. The provisions of Sections 7.3 and 10.5 and Articles 9, 11, 12,
13, 14, 15 and 16 (and to the extent applicable in connection therewith, the definitions in Article 1) shall survive termination of this Agreement. 

12.4 Payments on Termination; Survival of Certain Rights and Obligations; Additional Obligations Upon Termination. 

(A) After the Termination Date, the Sub-Advisor shall not be entitled to compensation for further services hereunder except it shall be
entitled to receive from the Advisor within thirty (30) days after the effective date of such termination all unpaid reimbursements of expenses and all earned but unpaid fees payable to the Sub-Advisor prior to termination of this agreement,
subject to the 2%/25% Guidelines to the extent applicable, subject to receiving a demand for payment and an accounting from the Sub-Advisor. 

(B) The Sub-Advisor shall promptly upon termination: 
  

	 	(1)	pay over to the Advisor or the Company as the case may be, all money collected and held for the account of such party pursuant to the Agreement, if any, after deducting any accrued compensation and reimbursement for its
expenses to which it is then entitled; 

  

	 	(2)	deliver to the Advisor, or if the Advisor has been terminated, to the Board of Directors, a full accounting including a statement showing all payments collected by it and a statement of all money held by it, covering
the period following the date of the last accounting furnished to the Advisor; 

  

	 	(3)	deliver to the Advisor, or if the Advisor has been terminated, to the Board of Directors, all assets (including without limitation all Investments) and documents of the Company then in the custody of the Sub-Advisor;
and 

  

	 	(4)	cooperate with the Advisor and the Company to provide an orderly transition of advisory functions, including, if requested by the Advisor, identification of potential replacement sub-advisors. 

(C) If this Agreement is terminated pursuant to Section 12.2(A)(1), the Advisor agrees that it shall terminate the Advisory
Agreement and not provide any additional services to the Company, any Affiliate of the Company or any successor thereto for a period of two years; provided the Advisor may provide transition services as required by the Advisory Agreement. 

(D) Except in the case of a termination or non-renewal of the Advisory Agreement and there has occurred an Advisor Cause Event, if the
Advisory Agreement is terminated by Company upon the determination of a majority of the Independent Directors or not renewed, the Sub-Advisor acknowledges that this Agreement shall terminate and agrees that the Sub-Advisor shall not provide any
additional services to the Company, any Affiliate of the Company or any successor thereto for a period of two years; provided the Sub-Advisor may provide transition services as required by this Agreement. 

  
 15 

 12.5 Non-Competition. Other than in the event that (i) the Advisor terminates the
Agreement as provided in Section 12.2(A)(1), (ii) the Advisor terminates the Agreement as provided in Section 12.2(B) on the basis of clause (ii)(D) in the definition of Cause in Article 1, (iii) the
Sub-Advisor terminates the Agreement with Sub-Advisor’s Good Reason as provided in Section 12.2(C) or (iv) the Agreement is automatically terminated as provided in Section 12.2(D), the Sub-Advisor, for a period of
one year from the Termination Date, shall not provide investment management services substantially similar to those contemplated by the Advisory Agreement, in each case to any entity that (i) would have an investment strategy primarily focused
on investment in Primary Target Investments and (ii) was capitalized or intended to be capitalized substantially with capital sourced, directly or indirectly, from individual investors through the Channels. For the avoidance of doubt, this
provision does not restrict Sub-Advisor (1) with respect to any entity having an investment strategy not primarily focused on investment in Primary Target Investments, irrespective of whether such entity was capitalized or is intended to be
capitalized substantially with capital sourced, directly or indirectly, from individual investors through the Channels, or (2) with respect to any assets managed or to be managed on behalf of investors outside of the Channels. The Sub-Advisor
acknowledges and agrees that the restrictions contained in this Section 12.5 are reasonable and necessary to protect the legitimate interests of the Advisor and the Company and constitute a material inducement of the Advisor to enter into this
Agreement. If the Sub-Advisor breaches, or threatens to commit a breach of, this Section 12.5, the Advisor shall have the right, in addition to, and not in lieu of, any other rights and remedies available to it, to have this provision
specifically enforced by any court having competent jurisdiction (without any requirement to post a bond), it being acknowledged and agreed that any such breach or threatened breach will cause irreparable injury. 

Article 13 
 Assignment

 This Agreement shall not be assigned by the Advisor or the Sub-Advisor without the consent of the other Party. Notwithstanding the
foregoing, this Agreement may be assigned by the Advisor or the Sub-Advisor, as applicable, to an Affiliate with the consent of the other Party, such consent not to be unreasonably withheld or delayed, provided that such Affiliate remains at all
times thereafter an Affiliate of the Advisor or the Sub-Advisor, as applicable. 
 Article 14 

Indemnification 
 The Sub-Advisor and Advisor, as applicable, shall indemnify and hold harmless, in the case of the Sub-Advisor, the Advisor, and in the case of the Advisor, the Sub-Advisor, including each of their respective Affiliates,
officers, directors, equity holders, partners, members and employees, from contract or other liability, claims, damages, taxes or losses and related expenses including reasonable attorneys’ fees, to the extent that such liability, claims,
damages, taxes or losses and related expenses are not fully reimbursed by insurance and are incurred by reason of the Sub-Advisor’s or the Advisor’s, as applicable, bad faith, fraud, misfeasance,
intentional misconduct, gross negligence or reckless disregard of its duties. Except as expressly provided in this Article 14, the Advisor shall have no other obligation to indemnify the Sub-Advisor, and the Sub-Advisor shall not look to the
Advisor to enforce any right to indemnification that the Sub-Advisor may have against the Company pursuant to any other agreement. 

Article 15 

Non-Solicitation 
 During
the period commencing on the Effective Date and ending one year following the Termination Date, the Advisor and its respective Affiliates shall not, without the Sub-Advisor’s prior written consent, and
the Sub-Advisor and its Affiliates shall not, without the Advisor’s prior written consent, directly or indirectly; (i) solicit or encourage any person to leave the employment or other service of the
Advisor, the Sub-Advisor, or their respective Affiliates, as the case may be; or (ii) hire, on behalf of the Advisor or the Sub-Advisor, as the case may be, or any
other person or entity, any person who has left the employment within the one year period following the 

  
 16 

 
termination of that person’s employment with the Advisor, the Sub-Advisor or their respective Affiliates, as the case may be. During the period
commencing on the date hereof through and ending one year following the Termination Date, neither the Advisor nor the Sub-Advisor will, whether for its own account or for the account of any other Person,
intentionally interfere with the relationship of the Advisor, the Sub-Advisor or their respective Affiliates, as the case may be, with, or endeavor to entice away from any such party or its Affiliates, any
person who during the term of the Agreement is, or during the preceding one-year period, was a tenant, co-investor, codeveloper, joint venturer or other customer of any
such party or its Affiliates. Each of the Advisor and the Sub-Advisor acknowledges and agrees that the restrictions contained in this Article 15 are reasonable and necessary to protect their respective legitimate interests and constitute a
material inducement of each to enter into this Agreement. If either Party breaches, or threatens to commit a breach of, this Article 15, the other Party shall have the right, in addition to, and not in lieu of, any other rights and remedies
available to such other Party, to have such provision specifically enforced by any court having competent jurisdiction (without any requirement to post a bond), it being acknowledged and agreed that any such breach or threatened breach will cause
irreparable injury. 
 Article 16 

Miscellaneous 
 16.1
Notices. All notices, requests or demands to be given under this Agreement from one Party to the other (collectively, “Notices” and individually a “Notice”) shall be in writing and shall be given by
personal delivery, or by overnight courier service for next Business Day delivery at the other Party’s address set forth below, or by telecopy transmission at the other party’s facsimile telephone number set forth below. Notices given by
personal delivery (i.e., by the sending Party or a messenger) shall be deemed given on the date of delivery. Notices given by overnight courier service shall be deemed given upon deposit with the overnight courier service and Notices given by
telecopy transmission shall be deemed given on the date of transmission provided such transmission is completed by 5:00 p.m. (sending Party’s local time) on a Business Day, otherwise delivery by transmission shall be deemed to occur on the
next succeeding Business Day. If any Party’s address is a business, receipt, or the refusal to accept delivery, by a receptionist or by any Person in the employ of such Party, shall be deemed actual receipt by the Party of Notices. Notices may
be issued by an attorney for a Party and in such case such Notices shall be deemed given by such Party. The Parties’ addresses are as follows: 

If to the Advisor: 

Inland InPoint Advisor, LLC 

2901 Butterfield Road 
 Oak
Brook, IL 60523 
 Facsimile: (630) 218-4900 

Attention: Cathleen Hrtanek 

If to the Sub-Advisor: 

SPCRE InPoint Advisors, LLC 

375 Park Avenue, 25th Floor 

New York, NY 10152 
 Facsimile:
(917) 591-5903 
 Attention: Brian Feldman 

Either Party may at any time give Notice in writing to the other Party of a change in its address for the purposes of this
Section 16.1. Each Notice shall be deemed given and effective upon receipt (or refusal of receipt). 
 16.2 Modification.
This Agreement shall not be amended, supplemented, changed, modified, terminated or discharged, in whole or in part, except by an instrument in writing signed by both Parties hereto, or their respective successors or permitted assigns. 

16.3 Severability. The provisions of this Agreement are independent of and severable from each other, and no provision shall be
affected or rendered invalid or unenforceable by virtue of the fact that for any reason any other or others of them may be invalid or unenforceable in whole or in part. 

  
 17 

 16.4 Construction. The provisions of this Agreement shall be construed and interpreted in
accordance with the laws of the State of New York as at the time in effect, without regard to the principles of conflicts of laws thereof. 

16.5 Entire Agreement. This Agreement contains the entire agreement and understanding between the Parties hereto with respect to the
subject matter hereof, and supersedes all prior and contemporaneous agreements, understandings, inducements and conditions, express or implied, oral or written, of any nature whatsoever with respect to the subject matter hereof. The express terms
hereof control and supersede any course of performance and/or usage of the trade inconsistent with any of the terms hereof. 
 16.6
Waiver. Neither the failure nor any delay on the part of a Party to exercise any right, remedy, power or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or
privilege preclude any other or further exercise of the same or of any other right, remedy, power or privilege, nor shall any waiver of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right,
remedy, power or privilege with respect to any other occurrence. No waiver shall be effective unless it is in writing and is signed by the Party asserted to have granted such waiver. 

16.7 Third Party Beneficiary. Except for those Persons entitled to indemnification under Article 14, who shall be third-party
beneficiaries of this Agreement, no other Person is a third party beneficiary of this Agreement. 
 16.8 Gender. Words used herein
regardless of the number and gender specifically used, shall be deemed and construed to include any other number singular or plural, and any other gender, masculine, feminine or neuter, as the context requires. 

16.9 Titles Not to Affect Interpretation. The titles of Articles and Sections contained in this Agreement are for convenience only, and
they neither form a part of this Agreement nor are they to be used in the construction or interpretation hereof. 
 16.10
Counterparts. This Agreement may be executed with counterpart signature pages or in any number of counterparts, each of which shall be deemed to be an original as against any Party whose signature appears thereon, and all of which shall
together constitute one and the same instrument. This Agreement shall become binding when one or more counterpart signature pages or counterparts hereof, individually or taken together, shall bear the signatures of all of the Parties reflected
hereon as the signatories. 
 16.11 Fiduciary Relationship to the Company and to the Company’s Stockholders. The Sub-Advisor, on
behalf of itself and its Affiliates, acknowledges that the Sub-Advisor has a fiduciary relationship to the Company and its Stockholders and the Operating Partnership and its partners. 

[The remainder of this page is intentionally left blank - Signature page follows.] 

  
 18 

 IN WITNESS WHEREOF, the Parties hereto have executed this Sub-Advisory Agreement as of the date
and year first above written. 
  

			
	Inland InPoint Advisor, LLC
		
	By:	 	/s/ Mitchell A. Sabshon
	Name:	 	Mitchell A. Sabshon
	Title:	 	Chief Executive Officer
	
	SPCRE InPoint Advisors, LLC
		
	By:	 	 Sound Point CRE Management, LP,
 its sole
member

		
	By:	 	/s/ Donald MacKinnon
	Name:	 	Donald MacKinnon
	Title:	 	Portfolio Manager

 [Signature Page to Sub-Advisory Agreement] 

 Appendix A 

ADVISORY AGREEMENT 

  
 A-1 

 Appendix B 

ADVISOR ACTIONS 
 The Advisor shall provide
or cause the Dealer Manager to provide to the Sub-Advisor the following: 
  

	 	•	 	Bi-weekly meeting or call with the Dealer Manager’s head of national accounts (this can be moved to monthly once the Company has raised at least $500 million in Offering proceeds). Topics to be discussed include
the following: 

  

	 	•	 	progress with selling agreements 

  

	 	•	 	feedback from target broker-dealers 

  

	 	•	 	momentum with non-traditional non-listed REIT buyers (i.e. wire house, regional firms) 

  

	 	•	 	travel requests for Sub-Advisor’s portfolio manager and/or senior management 

  

	 	•	 	Monthly report showing monthly meeting count from the external sales force where the Company is discussed 

  

	 	•	 	Monthly report showing monthly call count from the internal sale desk where the Company is discussed 

  

	 	•	 	Monthly conference calls with the broad sales organization (national accounts and internal/external) where the Sub-Advisor’s portfolio managers discuss market conditions and portfolio updates (this can moved to
quarterly once the Company has raised at least $500 million in Offering proceeds) 

  

	 	•	 	Quarterly conference calls with each individual external sales person. Topics to be discussed including the following: 

  

	 	•	 	travel schedules with the Sub-Advisor’s portfolio manager and new business personnel 

  

	 	•	 	where the Sub-Advisor can be more helpful/proactive with sales efforts 

  

	 	•	 	feedback from advisors/brokers regarding the Company, its fee structure, and other features of the Offering 

  

	 	•	 	Quarterly visits by the Sub-Advisor to the Advisor’s offices to meet with sales management and shadow/present to internal sales 

  
 B-1Exhibit 10.3

 Exhibit 10.3 

INDEPENDENT DIRECTOR RESTRICTED SHARE PLAN 

OF 
 INPOINT COMMERCIAL
REAL ESTATE INCOME, INC. 
 SECTION 1. PURPOSE OF THE PLAN AND DEFINITIONS 

1.1 Purpose. The purpose of the Independent Director Restricted Share Plan (this “Plan”) of InPoint Commercial
Real Estate Income, Inc. (the “Company”) is to increase the interest of Independent Directors in the Company’s welfare through their participation in the growth in value of the Shares (as defined below). To accomplish
this purpose, this Plan provides a means whereby Independent Directors may receive Awards. 
 1.2 Definitions. For purposes of this
Plan, the following terms have the following meanings: 
 “Advisor” means any entity appointed or contracted with by
the Company to be responsible for directing or performing the day-to-day business affairs of the Company. 

“Affiliate” means, with respect to any other Person: (i) any Person directly or indirectly owning,
controlling or holding, with the power to vote, ten percent (10.0%) or more of the outstanding voting securities of such other Person; (ii) any Person ten percent (10.0%) or more of whose outstanding voting securities are directly or
indirectly owned, controlled or held, with the power to vote, by such other Person; (iii) any Person directly or indirectly controlling, controlled by or under common control with such other Person; (iv) any executive officer, director,
trustee, general partner or manager of such other Person; and (v) any legal entity for which such Person acts as an executive officer, director, trustee, general partner or manager. 

“Applicable Laws” means the requirements relating to the administration of Awards under state
corporation laws, U.S. federal and state securities laws, the Code, any stock exchange or quotation system on which the Shares are listed or quoted and the applicable laws of any foreign country or jurisdiction where Awards are, or will be, granted
under this Plan. 
 “Award” means any award of Restricted Shares or Restricted Share Units under this
Plan. 
 “Award Agreement” means, with respect to each Award, the written agreement executed by the
Company and the Participant or other written document approved by the Board setting forth the terms and conditions of the Award. 

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

“Bylaws” means the bylaws of the Company, as amended or restated from time to time. 

“Charter” means the charter of the Company, as amended or restated from time to time. 

“Code” means the Internal Revenue Code of 1986, as amended from time to time. 

“Company” means InPoint Commercial Real Estate Income, Inc. 

“Director” means a person elected or appointed and serving as a member of the Board in accordance with
the Charter and the Maryland General Corporation Law. 
 “Effective Date” has the meaning set forth in
Section 14. 
 “Equity Stock” means all classes or series of stock of the Company authorized under the
Charter, including, without limit, its common stock, $.001 par value per share, and preferred stock, $.001 par value per share. 

 “Fair Market Value” means with respect to Shares: 

(i) If the Shares are listed on any established stock exchange or a national market system, their Fair Market Value shall be the closing sales
price for the Shares, or the mean between the high bid and low asked prices if no sales were reported, as quoted on such system or exchange (or, if the Shares are listed on more than one exchange, then on the largest such exchange) for the date the
value is to be determined (or if there are no sales or bids for such date, then for the last preceding business day on which there were sales or bids), as reported in The Wall Street Journal. 

(ii) If the Shares are not listed, their Fair Market Value shall be: (A) the offering price, net of sales commissions, the dealer manager
fee and organization and offering expenses, if the Shares are granted before the Company begins calculating the estimated value per share, and (B) the estimated per share value of the Shares as determined in good faith by the Board once the
Company begins to estimate value per share. 
 “Grant Date” has the meaning set forth in Section 5.1(c).

 “Independent Director” means a person who is a Director, but who is not also an employee or officer
of the Company, the Advisor or the Sub-Advisor. 
 “Independent Director Award Grant Date” shall have
the meaning set forth in Section 6.1. 
 “Independent Director Shares” has the meaning set
forth in Section 6.3. 
 “Liquidity Event” means a Listing or any merger, reorganization, business
combination, share exchange or acquisition by any Person or related group of Persons of beneficial ownership of all or substantially all of the Shares in one or more related transactions, or another similar transaction involving the Company,
pursuant to which the Stockholders receive cash or the securities of another issuer that are listed on a national securities exchange, as full or partial consideration for their Shares. 

“Listing” means, in the aggregate, the filing of a Form 8-A (or any successor form) with the Securities and Exchange
Commission to register any or all Shares, or the shares of common stock of any of the Company’s subsidiaries, on a national securities exchange or a national market system, the approval of the original listing application related thereto by the
applicable exchange and the commencement of trading in the Shares, or the shares of common stock of any of the Company’s subsidiaries, on the exchange. Upon a Listing, the Shares, or the shares of common stock of the Company’s
subsidiaries, shall be deemed “Listed.” A Listing shall also be deemed to occur on the effective date of a merger in which the consideration received by the holders of the Shares is securities of another issuer that are listed on a
national securities exchange or a national market system; provided, however, that if the merger is effectuated through a wholly-owned subsidiary of the Company, a Listing will not occur until the consideration received by the Company
shall be distributed to the holders of the Shares. 
 “Participant” means an Independent Director who
is granted an Award. 
 “Person” means any individual, corporation, business trust, estate, trust, partnership,
limited liability company, association, two or more persons having a joint or common interest or other legal or commercial entity. 

“Plan” means this Independent Director Restricted Share Plan. 

“Restricted Period” has the meaning set forth in Section 5.1(e). 

“Restricted Shares” means an Award granted under Section 5.2. 

“Restricted Share Unit” means an Award granted under Section 5.3. 

“Retainer” has the meaning set forth in Section 6.3. 

  
 2 

 “Section 409A of the Code” means the nonqualified deferred
compensation rules under Section 409A of the Code and any applicable Treasury regulation or other official guidance promulgated thereunder. 

“Securities Act” means the Securities Act of 1933, as amended from time to time. 

“Shares” means the shares of Class P common stock, $.001 par value per share, of the Company, and “Share”
means one of those Shares. 
 “Stockholders” means the holders of shares of the Company’s common
stock, $.001 par value per share, or any other Equity Stock having the right to elect Directors. 

“Sub-Advisor” means any entity appointed or contracted with by the Advisor to be responsible for
directing or performing certain day-to-day business affairs of the Company on behalf of the Advisor. 

“Termination” means that a Participant has ceased, for any reason, to be an Independent Director of the
Company. 
 SECTION 2. ELIGIBLE PERSONS 
 Every
Independent Director shall be eligible to receive Awards hereunder as determined by the Board in accordance with the terms and conditions of this Plan. 

SECTION 3. SHARES SUBJECT TO THIS PLAN 
 The
total number of Shares that may be issued pursuant to Awards shall be 5% of all outstanding Shares. The maximum aggregate number of Shares associated with any Award granted under the Plan in any calendar year to any one Independent Director shall be
800 Shares, excluding any Independent Director Shares which comprise part of the Retainer described in Section 6.3. The number of Shares authorized and reserved for issuance under this Plan is subject to adjustment in accordance with the
provisions for adjustment in Section 5.1. If any Shares awarded under this Plan are forfeited for any reason, the number of forfeited Shares shall again be available for purposes of granting Awards under this Plan. 

SECTION 4. ADMINISTRATION 
 4.1
Administration. This Plan shall be administered by the Board. Any determinations made and actions taken by the Board with respect to this Plan other than with respect to the granting and setting the terms and conditions of any Awards under
this Plan, shall be made by a majority of its members. Other than for Awards granted to Independent Directors under Section 6, any determination made and actions taken by the board with respect to the granting and setting of the terms
and conditions of any Awards under this Plan shall require the approval of at least 75% of its members. 
 4.2 Board’s Powers.
Subject to the express provisions of this Plan, the Board shall have the authority, in its sole discretion: 
 (a) to adopt, amend and
rescind administrative and interpretive rules and regulations relating to this Plan; 
 (b) to determine the number of Shares that shall be
the subject of each Award; 
 (c) to determine the terms and provisions of each Award (which need not be identical) and, subject to
Section 9, any amendments thereto, including provisions defining or otherwise relating to: 
 (i) the extent to
which the transferability of Shares issued or transferred pursuant to any Award is restricted; 

  
 3 

 (ii) the effect of Termination on an Award; and 

(iii) how to construe the respective Award Agreements and this Plan. 

(d) to determine the Fair Market Value of Shares; 

(e) to waive any provision, condition or limitation set forth in an Award Agreement; 

(f) to delegate its duties under this Plan to such agents as it may appoint from time to time; and 

(g) to make all other determinations, perform all other acts and exercise all other powers and authority necessary or advisable for
administering this Plan, including the delegation of those ministerial acts and responsibilities as the Board deems appropriate. 
 The
Board, in its sole discretion, may correct any defect, supply any omission or reconcile any inconsistency in this Plan, in any Award or in any Award Agreement in the manner and to the extent it deems necessary or desirable to implement this Plan.
The determinations of the Board on the matters referred to in this Section 4.2 shall be final and conclusive. 
 4.3 Term of
Plan. No Awards shall be granted under this Plan after 10 years from the Effective Date of this Plan. 
 SECTION 5. CERTAIN TERMS AND CONDITIONS OF
AWARDS 
 5.1 All Awards. All Awards shall be subject to the following terms and conditions: 

(a) Changes in Capital Structure. If the number of outstanding Shares is increased by means of a stock dividend payable in Shares, a
stock split or other subdivision or a reclassification of Shares, then, from and after the record date for such dividend, split, subdivision or reclassification, the number and class of Shares subject to this Plan shall be increased or adjusted, as
applicable, in proportion to such increase in outstanding Shares. If the number of outstanding Shares is decreased by means of a reverse stock split or other combination or a reclassification of Shares, then, from and after the record date for such
reverse split, combination or reclassification, the number and class of Shares subject to this Plan shall be decreased or adjusted, as applicable, in proportion to such decrease in outstanding Shares. 

(b) Certain Corporate Transactions. In the event of any change in the capital structure or business of the Company by reason of any
recapitalization, reorganization, merger, consolidation, split-up, subdivision, combination, exchange of Shares or any similar change affecting the Company’s capital structure or business, then the aggregate number and kind of Shares which
thereafter may be issued under this Plan shall be appropriately adjusted consistent with such change in such manner as the Board may deem equitable to prevent substantial dilution or enlargement of the rights granted to, or available for,
Participants under this Plan, and any such adjustment determined by the Board in good faith shall be binding and conclusive on the Company and all Participants and their respective heirs, executors, administrators, successors and assigns. 

(c) Grant Date. Each Award Agreement shall specify the date of issuance of the Award (the “Grant Date”). 

(d) Vesting. Each Award shall vest, and any restrictions thereunder shall lapse, as the case may be, at such times and in such amounts
as may be specified by the Board in the applicable Award Agreement. 
 (e) Nonassignability of Rights. Awards shall not be
transferable during the period or periods set by the Board (the “Restricted Period”) commencing on the Grant Date of such Award, as set forth in the applicable Award Agreement. 

  
 4 

 (f) Termination from the Company. The Board shall establish, in respect of each Award when
granted, the effect of a Termination on the rights and benefits thereunder and in so doing may, but need not, make distinctions based upon the cause of Termination (such as retirement, death, disability or other factors) or which party effected the
Termination. 
 (g) Minimum Purchase Price. Notwithstanding any provision of this Plan to the contrary, if authorized but previously
unissued Shares are issued under this Plan, such Shares shall not be issued for a consideration which is less than as permitted under Applicable Laws, and in no event shall such consideration be less than the par value per Share multiplied by the
number of Shares to be issued. 
 (h) Other Provisions. Each Award Agreement may contain such other terms, provisions, legends and
conditions not inconsistent with this Plan, as may be determined by the Board. 
 5.2 Restricted Shares. Restricted Shares shall be
subject to the following terms and conditions: 
 (a) Grant. The Board may grant one or more Awards of Restricted Shares to any
Participant. Each Award of Restricted Shares shall specify the number of Shares to be issued to the Participant, the Grant Date and the restrictions imposed on the Shares including the conditions of release or lapse of such restrictions. Upon the
issuance of Restricted Shares, the Participant may be required to furnish such additional documentation or other assurances as the Board may require to enforce the restrictions applicable thereto. 

(b) Restrictions. Except as specifically provided elsewhere in this Plan or the applicable Award Agreement, Restricted Shares may not
be sold, assigned, transferred, pledged or otherwise disposed of or encumbered, either voluntarily or involuntarily, until the restrictions have lapsed and the rights to the Shares have vested. The Board may in its sole discretion provide for the
lapse of such restrictions in installments and may accelerate or waive such restrictions, in whole or in part, based on service, performance or such other factors or criteria as the Board may determine. 

(c) Rights as a Stockholder. Except as provided in this Section 5 and as otherwise determined by the Board, the Participant
shall have, with respect to Restricted Shares, all of the rights of a holder of Shares including, without limitation, the right to receive any dividends, the right to vote such Shares and, subject to and conditioned upon the full vesting of shares
of the Restricted Shares, the right to tender such Shares. The Board may, in its sole discretion, determine at the time of grant that the payment of dividends or distributions shall be deferred until, and conditioned upon, the expiration of the
applicable Restricted Period. 
 (d) Forfeiture of Restricted Shares. Except to the extent otherwise provided in the applicable Award
Agreement, upon a Participant’s Termination, the Participant shall automatically forfeit all Restricted Shares still subject to restriction. 

5.3 Restricted Share Units. Restricted Share Units shall be subject to the following terms and conditions: 

(a) Grant. The Board may grant one or more Awards of Restricted Share Units to any Participant. Each Award of Restricted Share Units
represents a bookkeeping entry representing a right granted to a Participant under this Section 5.3 to receive one Share, a cash payment equal to the Fair Market Value of one Share, or a combination thereof, as determined in the sole
discretion of the Board. The applicable Award Agreement shall specify the number of Awards to be granted to the Participant, the Grant Date and the restrictions imposed on the Restricted Share Units including the conditions of release, vesting
and/or the lapse of such restrictions, and terms relating to settlement of Awards. 
 (b) Restrictions. Except as specifically
provided elsewhere in this Plan or the applicable Award Agreement, Restricted Share Units may not be sold, assigned, transferred, pledged or otherwise disposed of or encumbered, either voluntarily or involuntarily, until the restrictions have lapsed
and the rights to the Shares (or cash, as applicable) have vested. Furthermore, a Participant’s right, if any, to receive cash or Shares upon termination of the Restricted Period may not be assigned or transferred except by will or by the laws
of descent and distribution. The Board may in its sole discretion provide for the lapse of such restrictions in installments and may accelerate or waive such restrictions, in whole or in part, based on service, performance or such other factors or
criteria as the Board may determine. 

  
 5 

 (c) Rights as a Stockholder. Holders of Restricted Share Units shall have none of the
rights of a Stockholder with respect to such Restricted Share Units, or any Shares underlying any Award of Restricted Share Units. Holders of Restricted Share Units are not entitled to receive distribution of rights in respect of such Shares, or to
vote such Shares as the record owner thereof; provided, however, that unless otherwise determined by the Board, (i) during the Restricted Period, Participants will be credited with dividend equivalents equal in value to those declared and paid
on Shares, on all Restricted Share Units granted to them, (ii) these dividend equivalents will be regarded as having been reinvested in Restricted Share Units on the date of the Share dividend payments based on the then Fair Market Value of the
Shares thereby increasing the number of Restricted Share Units held by a Participant, and (iii) such dividend equivalents will be paid only to the extent the underlying Awards vest. 

(d) Forfeiture of Restricted Share Units. Except to the extent otherwise provided in the applicable Award Agreement, upon a
Participant’s Termination, the Participant shall automatically forfeit all Restricted Share Units still subject to restriction. 
 (e)
Payment of Restricted Share Units. The payment of Restricted Share Units shall be made in Shares, unless otherwise determined by the Board. The payment of Restricted Share Units shall be made as soon as practicable after vesting (but in any
event within two-and-one-half (2.5) months following the calendar year in which vesting occurs), except as otherwise provided in the applicable Award Agreement and unless payment is deferred pursuant to a timely election permitted by the Board
in compliance with Section 409A of the Code. 
 SECTION 6. AUTOMATIC INDEPENDENT DIRECTOR SHARE GRANTS 

6.1 Automatic Grant. Without further action of the Board and except as otherwise determined by election of the Board and/or an
Independent Director in accordance with a non-qualified deferred compensation program that complies with Section 409A of the Code, each Independent Director shall receive an Award of Restricted Shares effective on the date of each annual
Stockholders’ meeting, or on December 1 of each year if no such meeting is held (in either case, a “Independent Director Award Grant Date”), in respect of a number of Shares having a Fair Market Value as of the
Independent Director Award Grant Date equal to Ten Thousand U.S. Dollars ($10,000); provided, however, that if the Board and/or an Independent Director makes a timely deferral election under a non-qualified deferred compensation program that
complies with Section 409A of the Code, then in lieu of Restricted Shares, the automatic grant may be in the form of Restricted Share Units. 

6.2 Vesting. Notwithstanding the provisions of Section 5.1(d), automatic grants of Restricted Shares (or Restricted Share
Units, in accordance with a permitted deferral of the automatic grant) to Independent Directors pursuant to Section 6.1 shall vest over a three-year period following the Independent Director Award Grant Date in increments of 33-1/3% per annum commencing on the first anniversary of the Independent Director Award Grant Date, subject to the Independent Director’s continued service as an Independent Director on each vesting date.
Notwithstanding the foregoing, 100% of any then unvested Restricted Shares (or Restricted Share Units, if applicable) issued to Independent Directors pursuant to Section 6.1 shall become fully vested upon the Company’s consummation
of a Liquidity Event or the death or disability of such Independent Director. 
 6.3 Election. The Company shall pay to each
individual who is an Independent Director an annual fee in the amount set from time to time by the Board (the “Retainer”). Each Independent Director shall be entitled to receive his or her Retainer exclusively in cash,
exclusively in unrestricted Shares (“Independent Director Shares”) or any portion in cash and Independent Director Shares, or on such other terms and conditions as may be authorized by the Company and permitted, without
penalty, under Section 409A of the Code. Each Independent Director shall be given the opportunity, during the month in which the Independent Director first becomes an Independent Director, and during each December thereafter, to elect among
these choices for the balance of the calendar year (in the case of the election made during the month the Independent Director first becomes an Independent Director) and for the ensuing calendar year (in the case of a subsequent election made during
any December). If the Independent Director chooses to receive at least some of his or her Retainer in Independent Director Shares, the election shall also indicate the percentage of the Retainer to be paid in Independent Director Shares. If an
Independent Director makes no election during his or her first opportunity to make an election, the Independent Director shall be assumed to have elected to receive his or her entire Retainer in cash. 

  
 6 

 6.4 Issuance. The Company shall make the first issuance of Independent Director Shares to
electing Independent Directors on the first business day following the last day of the full calendar quarter following such election. Subsequent issuances of Independent Director Shares shall be made on the first business day of each subsequent
calendar quarter and shall be made to all persons who are Independent Directors on that day, except for any Independent Director whose Retainer is to be paid entirely in cash. The number of Shares issuable to those Independent Directors on the
relevant date indicated above shall equal: 
 (% x R/4)/P, where: 

% = the percentage of the Independent Director’s Retainer that the Independent Director elected or is deemed to have elected to receive
in the form of Independent Director Shares, expressed as a decimal; 
 R = the Independent Director’s Retainer for the year during
which the issuance occurs; and 
 P = the Fair Market Value. 

SECTION 7. SECURITIES LAWS 
 Nothing in this Plan
or in any Award or Award Agreement shall require the Company to issue any Shares with respect to any Award if, in the opinion of counsel for the Company, that issuance could constitute a violation of any Applicable Laws. As a condition to the grant
of any Award, the Company may require the Participant (or, in the event of the Participant’s death, the Participant’s legal representatives, heirs, legatees or distributees) to provide written representations concerning the
Participant’s (or such other person’s) intentions with regard to the retention or disposition of the Shares covered by the Award and written covenants as to the manner of disposal of such Shares as may be necessary or useful to ensure that
the grant or disposition thereof will not violate the Securities Act, any other law or any rule of any applicable securities exchange or securities association then in effect. The Company shall not be required to register any Shares under the
Securities Act or register or qualify any Shares under any state or other securities laws. 
 SECTION 8. LIMITATION OF RIGHTS 

Nothing in this Plan or any Award shall in any way interfere with or limit the right of the Company to terminate any Participant’s status
as a director at any time, or confer upon any Participant any right to continue in the service of, the Company. 
 SECTION 9. AMENDMENT, SUSPENSION AND
TERMINATION OF THIS PLAN 
 The Board may at any time amend, suspend or discontinue this Plan, provided that such amendment, suspension or
discontinuance meets the requirements of Applicable Laws, including without limitation, any applicable requirements for stockholder approval. Notwithstanding the above, an amendment, suspension or discontinuation shall not be made if it would
substantially impair the rights of any Participant under any Award previously granted, without the Participant’s consent, except to conform this Plan and Awards granted to the requirements of Applicable Laws. The provisions of this Plan
relating to Awards for Independent Directors may not be amended more than once each six months. The Board may amend the terms of any Award theretofore granted, prospectively or retroactively, but, subject to Sections 5.1(a) and 5.1(b)
or as otherwise specifically provided herein, no such amendment or other action by the Board shall substantially impair the rights of any Participant without the Participant’s consent. Notwithstanding any provision of the Plan to the contrary,
if the Board determines that any Award may be subject to Section 409A of the Code, the Board may adopt such amendment to the Plan and the applicable Award Agreement or adopt other policies and procedures (including amendments, policies and
procedures with retroactive effect), or take any other actions that the Board determines are necessary or appropriate, without the consent of the Participant, to (a) exempt the Award from Section 409A of the Code and/or preserve the
intended tax treatment of the benefits provided with respect to the Award, or (b) comply with the requirements of Section 409A of the Code. 

  
 7 

 SECTION 10. LIABILITY AND INDEMNIFICATION OF THE BOARD 

No person constituting, or member of the group constituting, the Board shall be liable for any act or omission on such person’s part,
including but not limited to the exercise of any power or discretion given to such member under this Plan, except for those acts or omissions resulting from such member’s gross negligence or willful misconduct. The Company shall indemnify each
present and future person constituting, or member of the group constituting, the Board against, and each person or member of the group constituting the Board shall be entitled without further act on his or her part to indemnity from the Company for,
all expenses (including the amount of judgments and the amount of approved settlements made with a view to the curtailment of costs of litigation) reasonably incurred by such person in connection with or arising out of any action, suit or proceeding
to the fullest extent permitted by law and by the Charter and Bylaws of the Company. 
 SECTION 11. SEVERABILITY 

If any provision of this Plan is held to be illegal or invalid for any reason, that illegality or invalidity shall not affect the remaining
portions of this Plan, but such provision shall be fully severable and this Plan shall be construed and enforced as if the illegal or invalid provision had never been included in this Plan. Such an illegal or invalid provision shall be replaced by a
revised provision that most nearly comports to the substance of the illegal or invalid provision. If any of the terms or provisions of this Plan or any Award Agreement conflict with the requirements of Applicable Laws, those conflicting terms or
provisions shall be deemed inoperative to the extent they conflict with Applicable Law. 
 SECTION 12. SECTION 409A OF THE CODE 

Awards granted under the Plan are intended to be exempt from Section 409A of the Code. To the extent that the Plan or an Award is not
exempt from the requirements of Section 409A of the Code, the Plan and such Award is intended to comply with the requirements of Section 409A of the Code and, in each case, the Plan and Awards shall be limited, construed and interpreted in
accordance with such intent. Notwithstanding the foregoing, in no event whatsoever shall the Company be liable for any additional tax, interest or penalty that may be imposed on a Participant by Section 409A of the Code or any damages for
failing to comply with Section 409A of the Code. 
 SECTION 13. GOVERNING LAW 

This Plan shall be governed and construed in accordance with the laws of the State of Maryland (regardless of the law that might otherwise
govern under applicable principles of conflict of laws). 
 SECTION 14. EFFECTIVE DATE AND PROCEDURAL HISTORY 

This Plan was adopted by the Board on October 6, 2016 (the “Effective Date”). 

  
 8

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