Document:

Exhibit 4.1

    

    

    Amended and Restated Share Repurchase Program (Class C Common Stock)

    

    

    The shares of Class C common stock (the “Shares”) of RW Holdings NNN REIT, Inc. (the “Corporation” or “our” or “we”) are currently not listed on a national securities exchange or included for quotation on a national
      securities market, and currently there is no intention to list the Shares. In order to provide the Corporation’s stockholders with some liquidity, this Share Repurchase Program (the “Program”) has been adopted to enable stockholders to sell their
      Shares to the Corporation in limited circumstances. Stockholders may present for repurchase all or a portion of their Shares to the Corporation in accordance with the procedures outlined in this Program. Shares must be held for 90 days after they
      have been issued to the applicable stockholder before the Corporation will accept requests for repurchase, except for Shares acquired pursuant to the Corporation’s distribution reinvestment plan or automatic investment program if the applicable
      stockholder has held their initial investment for at least 90 days. Upon such presentation, the Corporation may, subject to the conditions and limitations described below, repurchase the Shares presented for cash to the extent there are sufficient
      funds available for the repurchase. No fees will be paid to the Advisor or its affiliates to complete any transactions under the Program.

    

    

    Repurchase Price

    

    

    The prices at which Shares will be repurchased are as follows:

    

    

    
      
        	

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                For those Shares held by the stockholder for less than one year, 97% of the most recently published net asset value (“NAV“) per Share or in the absence of a published NAV per share, $9.86 per Share (which is equal to 97% of the $10.16
                  per share price in the Corporation’s current offering);

              

      

    

    

    

    
      
        	

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                For those Shares held by the stockholder for at least one year but less than two years, 98% of the most recently published NAV per Share or in the absence of a published NAV per Share, $9.96 per share (which is equal to 98% of the
                  $10.16 per Share price in the current offering);

              

      

    

    

    

    
      
        	

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                For those Shares held by the stockholder for at least two years but less than three years, 99% of the most recently published NAV per Share or in the absence of a published NAV per share, $10.06 per Share (which is equal to 99% of the
                  $10.16 per Share price in the current offering); and

              

      

    

    

    

    
      
        	

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                For those Shares held by the stockholders for at least three years, 100% of the most recently published NAV per Share.

              

      

    

    

    

    However, at any time we are engaged in an offering of shares, the price at which we will repurchase shares will never be greater than the applicable per-share offering price.

    

    

    For purposes of determining the time period a stockholder has held each Share, the time period begins as of the date the stockholder acquired the Share. As described above, the Shares owned by a stockholder may be
      repurchased at different prices depending on how long the stockholder has held each Share submitted for repurchase, provided the stockholder has held the Shares for at least 90 days (other than Shares acquired pursuant to the Corporation’s
      distribution reinvestment plan or automatic investment program if the applicable stockholder has held their initial investment for at least 90 days).

    

    

    The NAV and NAV per Share generally will be determined annually in the first quarter of each year as of December 31 of the prior year. In addition, the NAV may be updated at any time between annual calculations of NAV to
      reflect significant events that have been determined to have had a material impact on NAV.

    

    

    NAV per Share will be published as follows:

    

    

    (a)          in a Current Report on Form 8-K or in our annual or quarterly reports, all publicly filed with the U.S. Securities and Exchange Commission (the “SEC”), or

    

    

    (b)          in a separate written notice to the stockholders;

    

    
      
        

    

    (c)          during any primary offering stage, the NAV information will be set forth in a Prospectus Supplement or Post-Effective Amendment, as required under federal securities laws;

    

    

    

    (d)          information about the NAV per Share will be posted on the Corporation’s website (such information may be provided by means of a link to our public filings on the SEC’s website,
      www.sec.gov) and on the Corporation’s toll-free information line: (1-855-742-4862); and

    

    

    (e)          in the event that NAV and NAV per Share change during any given year, the new NAV per Share will be announced no later than ten (10) business days prior to the second-to-last business day
      of the month in which such adjustment occurs.

    

    

    Limitations on Repurchase

    

    

    The Corporation may, but is not required to, use available cash not otherwise dedicated to a particular use to pay the repurchase price, including cash proceeds generated from the distribution reinvestment plan,
      securities offerings, operating cash flow not intended for distributions, borrowings and capital transactions, such as asset sales or refinancings.

    

    

    In addition, the Corporation may not repurchase shares in an amount that would violate the restrictions on distributions under Maryland law, which prohibits distributions that would cause a corporation to fail to meet
      statutory tests of solvency.

    

    

    The Program will be subject to the following additional limitations on the number of Shares that may be repurchased:

    

    

    
      
        	

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                Repurchases per month will be limited to no more than 2% of our most recently determined aggregate NAV, and for any calendar quarter will be limited to no more than 5% of the most recently determined aggregate NAV, which means the
                  Corporation will be permitted to repurchase Shares with a value of up to an aggregate limit of approximately 20% of aggregate NAV in any 12-month period.

              

      

    

    

    

    
      
        	

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                The foregoing repurchase limitations will be based on “net repurchases” during a quarter or month, as applicable. The term “net repurchases” means the excess of Share repurchases (capital outflows) over the proceeds from the sale of
                  Shares (capital inflows) for a given period. Thus, for any given calendar quarter or month, the maximum amount of repurchases during that quarter or month will be equal to (1) 5% or 2% (as applicable) of the most recently determined
                  aggregate NAV, plus (2) proceeds from sales of new Shares in the current offering (including purchases pursuant to our distribution reinvestment plan) since the beginning of a current calendar quarter or month, less (3) repurchase
                  proceeds paid since the beginning of the current calendar quarter or month.

              

      

    

    

    

    
      
        	

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                Alternatively, the Corporation’s board of directors (the “Board”) may choose whether the 5% quarterly limit will be applied to “gross repurchases,” meaning that amounts paid to repurchase Shares would not be netted against capital
                  inflows. If repurchases for a given quarter are measured on a gross basis rather than on a net basis, the 5% quarterly limit could limit the amount of Shares redeemed in a given quarter despite the Corporation receiving a net capital
                  inflow for that quarter.

              

      

    

    

    

    
      
        	

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                In order for the Board to change the basis of repurchases from net to gross, or vice versa, the Corporation will provide notice to stockholders (i) in a Prospectus Supplement or current or periodic report filed with the SEC; and (ii)
                  in a press release or on our website, at least ten (10) days before the first business day of the quarter for which the new test will apply. The determination to measure repurchases on a gross basis, or vice versa, will only be made for
                  an entire quarter, and not particular months within a quarter.

              

      

    

    

    

    Procedures for Repurchase

    

    

    Qualifying stockholders who desire to have their Shares repurchased must give notice as provided on their personal on-line dashboard at www.RichUncles.com. All requests for repurchase must be received by the
      Corporation at least two (2) business days prior to the end of a month. Shares repurchase requests may be withdrawn, provided they are received by the Corporation at least two (2) business days prior to the end of a month. Shares will be repurchased
      by the 3rd business day after the end of a month in which a request for repurchase was received and not withdrawn.

    
      
        

    

    If, as a result of a request for repurchase, a stockholder will own Shares having a value of less than $500 (based on the Corporation’s most-recently published offering price per Share), the Corporation reserves the
      right to repurchase all of the Shares owned by such stockholder.

    

    

    Any determination to repurchase less Shares than requested during any month due to the lack of sufficient funds shall be disclosed to the Corporation’s current and prospective stockholders.

    

    

    In the event that some but not all of the Shares submitted are repurchased in a given period, Shares submitted for repurchase during such period will be repurchased on a pro rata basis. If, in each of the first two (2)
      months of a quarter, the 2% monthly repurchase limit is reached and repurchases are reduced pro rata for such months, then in the third and final month of that quarter, the applicable limit for such month will be less than 2% of NAV because
      repurchases for that month, combined with repurchases for the two previous months, cannot exceed 5% of aggregate NAV.

    

    

    All unsatisfied repurchase requests must be resubmitted at the start of the next month or quarter, or upon the recommencement of the Program (in the event of its suspension), as applicable, to be eligible for repurchase
      in a later month.

    

    

    Notwithstanding anything to the contrary herein, the Corporation understands that there may be instances when the 90-day holding requirement described above would place an undue hardship on a stockholder.  In such
      extenuating circumstances, the Corporation reserves the right, in its sole discretion, to make exceptions to the 90-day holding requirement.

    

    

    Amendment, Suspension or Termination of Program and Notice

    

    

    The Board may amend, suspend or terminate the Program without approval of holders of Shares upon 30 days’ notice, if the Board believes such action is in the best interests of stockholders and the Corporation, including
      because Share repurchases place an undue burden on our liquidity, adversely affect our operations, adversely affect stockholders whose Shares are not repurchased, or if the Board determines that the funds otherwise available to fund our Share
      repurchases are needed for other purposes. In addition, the Board may amend, suspend or terminate the Program due to changes in law or regulation, or if the Board becomes aware of undisclosed material information that it believes should be publicly
      disclosed before Shares are repurchased. Material modifications, including any reduction to the monthly or quarterly limitations on repurchases, and suspensions of the stock repurchase program, will be promptly disclosed (i) in a Prospectus
      Supplement (or Post-Effective Amendment), or (ii) in a current or periodic report filed with SEC; and (iii) on the Corporation’s website.Exhibit 10.1

    

    

    AMENDMENT NO. 3

     TO

    SECOND AMENDED AND RESTATED ADVISORY AGREEMENT

    OF

    RW HOLDINGS NNN REIT, INC.

    

    

    This Amendment No. 3 (“Amendment”) to the Second Amended and Restated Advisory Agreement, effective as of August 11, 2017, as further amended on August 3, 2018 and August 9, 2019 (the “Agreement”)
      between and among RW Holdings NNN REIT, Inc. (the “NNN”), Rich Uncles NNN REIT Operator, LLC (the “Advisor”) and BrixInvest, LLC (the “Sponsor”), is hereby entered into as of this 14th day of October, 2019.

    

    

    RECITALS

    

    

    WHEREAS, in connection with the Sponsor’s recent settlement with the SEC, all future offerings of NNN common stock must be made through a registered broker
      dealer;

    

    

    WHEREAS, in connection with NNN’s planned filing of an update to its Form S-11 that will include disclosures of the new plan of distribution, NNN will agree to
      pay all future organization and offering costs, and to no longer be reimbursed by the Sponsor for NNN’s Investor Relations personnel costs after September 30, 2019, in exchange for the Sponsor’s agreement to terminate its right to receive 3% of all
      offering proceeds as reimbursement for organization and offering costs paid by the Sponsor; and

    

    

    WHEREAS, the execution and delivery of this Amendment has been duly authorized by each of the Board of Directors of NNN, the Sole Manager and Member of the
      Advisor and the Board of Managers of the Sponsor which have consented to the Amendment and authorized the execution and delivery of this Consent by the Manager.

    

    

    AMENDMENT

    

    

    The Agreement is hereby amended as follows:

    

    

    1.  Section 10 (a) (i) is hereby deleted from the Agreement effective as of October 1, 2019 (the “Effective Date”), together with any and all references to “Organizational and Offering Costs”
      appearing elsewhere in the Agreement.

    

    

    IN WITNESS WHEREOF, the undersigned have executed this Amendment effective as of the Effective Date.

    

    

    	
            NNN:

          	 	
            ADVISOR:

          	 	
            SPONSOR:

          
	 	 	 	 	 	 	 	 
	
            RW Holdings NNN REIT, Inc.

          	 	
            Rich Uncles NNN REIT Operator, LLC

          	 	
            BrixInvest, LLC

          
	 	 	 	 	 	 	 	 
	
            By:

          	
            /s/ RAYMOND J. PACINI

          	 	
            By:

          	
            BrixInvest, LLC, its Sole Manager and Member

          	 	
            By:

          	
            /s/ AARON S. HALFACRE 

            

          
	 	
            Raymond J. Pacini

          	 	 	 	 	 	
            Aaron Halfacre

          
	 	
            Chief Financial Officer

          	 	 	 	 	 	
            Manager

          
	 	 	 	
            By:

          	
            /s/ AARON S. HALFACRE

          	 	 	 
	 	 	 	 	
            Aaron Halfacre

          	 	 	 
	 	 	 	 	
            Manager

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