Document:

EX-10.2

 Exhibit 10.2 

GUARANTY AGREEMENT 
 This
GUARANTY AGREEMENT (“Guaranty”) is made as of December 21, 2017, by each of the parties identified as “Guarantors” on the signature pages hereto and each other Subsidiary of Vulcan Materials Company, a New Jersey
corporation (the “Borrower”) that hereafter becomes a party hereto pursuant to the terms of the Note (defined below) (individually a “Guarantor” and collectively, the “Guarantors”) in favor of BANK
OF AMERICA, N.A., (together with its successors, the “Lender”). 
 RECITALS 

A.    Pursuant to that certain Term Loan Note dated December 17, 2017 (as amended, modified, extended, renewed or
replaced from time to time, the “Note”; capitalized terms used in this Guaranty and not defined herein shall have the meanings given in the Note) made by the Borrower in favor of the Lender, the Lender requires, as a condition
precedent to making an extension of credit to the Borrower under the Note, that certain subsidiaries of the Borrower execute a continuing guaranty agreement. 

B.    Each Guarantor is a direct or indirect Subsidiary of the Borrower and will receive a benefit from the extension of
credit to be made by the Lender under the Note. 
 NOW, THEREFORE, in consideration of the foregoing, and for other good and valuable
consideration receipt of which is hereby acknowledged, each of the Guarantors and the Lender hereby agree as follows: 

1.    Guaranty. Each Guarantor hereby absolutely and unconditionally guarantees (on a joint and
several basis), as a guarantee of payment and not merely as a guarantee of collection, prompt payment when due, whether at stated maturity, upon acceleration or otherwise, and at all times thereafter, all obligations of the Borrower under the Note,
including without limitation obligations for repayment of principal and for payment of all interest, fees, indemnities, and other costs required to be paid by the Borrower under the Note (all such obligations, collectively, the “Guaranteed
Obligations”). The Lender’s books and records showing the amount of the Guaranteed Obligations shall be admissible in evidence in any action or proceeding, and shall in the absence of manifest error be binding upon each Guarantor and
conclusive for the purpose of establishing the amount of the Guaranteed Obligations. This Guaranty shall not be affected by the genuineness, validity, regularity or enforceability of the Guaranteed Obligations or any instrument or agreement
evidencing any Guaranteed Obligations, or by the existence, validity, enforceability, perfection, or extent of any collateral therefor, or by any fact or circumstance relating to the Guaranteed Obligations which might otherwise constitute a defense
(other than the defense of payment or performance) to the obligations of any Guarantor under this Guaranty. The obligations of each Guarantor hereunder shall be limited to an aggregate amount equal to the largest amount that would not render its
obligations hereunder subject to avoidance under Section 548 of the Bankruptcy Code (Title 11, United States Code) or any comparable provisions of any other applicable Debtor Relief Law. 

2.    No Setoff or Deductions; Taxes. All payments by each Guarantor hereunder shall be paid in full,
without setoff or counterclaim or any deduction or withholding whatsoever, including, without limitation, for any and all present and future taxes. All payments made by each of the Guarantors hereunder shall be made in accordance with the applicable
provisions of the Note and assuming for these purposes that such Guarantor is the “Borrower” thereby. 

3.    No Termination. This Guaranty is a continuing and irrevocable guaranty of all Guaranteed
Obligations now or hereafter existing and shall remain in full force and effect until payment in full of all Guaranteed Obligations (other than contingent indemnification Guaranteed Obligations not yet due and payable and any unasserted contingent
expense reimbursement Guaranteed Obligations); 

 
provided, however, that in the event that any time after the date hereof any Guarantor ceases to be a Subsidiary of the Borrower as a result of a transaction permitted under the
Note, then such Guarantor shall automatically be fully and finally released from its obligations hereunder without any further action of the Lender. 

4.    Waiver of Notices. To the fullest extent permitted by law, each Guarantor waives notice of the
acceptance of this Guaranty and of the extension or continuation of the Guaranteed Obligations or any part thereof. To the fullest extent permitted by law, each Guarantor further waives presentment, protest, notice, dishonor or default, demand for
payment and any other notices to which any Guarantor might otherwise be entitled. 
 5.    Subrogation. No
Guarantor shall exercise any right of subrogation, contribution or similar rights with respect to any payments it makes under this Guaranty until the payment in full of all Guaranteed Obligations (other than contingent indemnification Guaranteed
Obligations not yet due and payable and any unasserted contingent expense reimbursement Guaranteed Obligations). If any amounts are paid to a Guarantor in violation of the foregoing limitation, then such amounts shall be held in trust for the
benefit of the Lender and shall forthwith be paid to the Lender to reduce the amount of the Guaranteed Obligations, whether matured or unmatured, in accordance of the terms of the Loan Documents. 

6.    Waiver of Suretyship Defenses. To the fullest extent permitted by law, each
Guarantor agrees that the Lender may, at any time and from time to time, and without notice to any Guarantor, make any agreement with the Borrower or with any other person or entity liable on any of the Guaranteed Obligations, for the extension,
renewal, payment, compromise, discharge or release of the Guaranteed Obligations (in whole or in part), or for any modification or amendment of the terms thereof or of any instrument or agreement evidencing the Guaranteed Obligations, all without in
any way impairing, releasing, discharging or otherwise affecting the obligations of any Guarantor under this Guaranty. Other than the defense of the payment in full of the Guaranteed Obligations or the Obligations, to the fullest extent permitted by
law, each Guarantor waives any defense arising by reason of any disability or other defense of the Borrower or any other guarantor, or the cessation from any cause whatsoever of the liability of the Borrower, or any claim that any Guarantor’s
obligations exceed or are more burdensome than those of the Borrower (other than a claim that the amount of any Guarantor’s liability under the Loan Documents is for an amount greater than the Guaranteed Obligations) and waives the benefit of
any statute of limitations affecting the liability of any Guarantor hereunder. To the fullest extent permitted by law, each Guarantor waives any right to enforce any remedy which the Lender now has or may hereafter have against the Borrower and
waives any benefit of and any right to participate in any security now or hereafter held by the Lender. Further, to the fullest extent permitted by law, each Guarantor consents to the taking of, or failure to take, any action which might in any
manner or to any extent vary the risks of any Guarantor under this Guaranty or which, but for this provision, might operate as a discharge of a Guarantor. 

7.    Exhaustion of Other Remedies Not Required. The obligations of each Guarantor hereunder are those of a
primary obligor, and not merely as a surety, and are independent of the Guaranteed Obligations. To the fullest extent permitted by applicable law, each Guarantor waives diligence by the Lender and action on delinquency in respect of the Guaranteed
Obligations or any part thereof, including, without limitation any provisions of law requiring the Lender to exhaust any right or remedy or to take any action against the Borrower, any other guarantor or any other person, entity or property before
enforcing this Guaranty against any Guarantor. 
 8.    Reinstatement. Notwithstanding anything in this
Guaranty to the contrary, this Guaranty shall continue to be effective or be reinstated (to the extent of any revocation, termination, 

  
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rescission or reduction referenced in this Section 8), as the case may be, if at any time any payment of any portion of the Guaranteed Obligations is revoked,
terminated, rescinded or reduced or must otherwise be restored or returned upon the insolvency, bankruptcy or reorganization of the Borrower or any other person or entity or otherwise, as if such payment had not been made and whether or not the
Lender is in possession of or has released this Guaranty and regardless of any prior revocation, rescission, termination or reduction. 

9.    Subordination. Each Guarantor hereby subordinates the payment of all obligations and
indebtedness of the Borrower owing to such Guarantor, whether now existing or hereafter arising, including but not limited to any obligation of the Borrower to such Guarantor as subrogee of the Lender or resulting from such Guarantor’s
performance under this Guaranty, to the payment in full of all Guaranteed Obligations (other than contingent indemnification Guaranteed Obligations not yet due and payable and any unasserted contingent expense reimbursement Guaranteed Obligations);
provided that, subject to the following sentence, such subordination shall not prevent any payments with respect to any intercompany debt among any of the Borrower and its Subsidiaries. If the Lender so requests after the occurrence and during the
continuation of an Event of Default, such subordination with respect to any such obligation or indebtedness of the Borrower to any Guarantor shall be enforced and any amounts received by such Guarantor shall be held by such Guarantor as trustee for
the Lender and such amount shall be paid over promptly to the Lender on account of the Guaranteed Obligations, but without reducing or affecting in any manner the liability of any Guarantor under this Guaranty (other than with respect to a reduction
of the amount of Guaranteed Obligations owed by the Guarantors that were paid to Lender pursuant to this sentence and applied in accordance with the terms of the Note). 

10.    Stay of Acceleration. To the fullest extent permitted by law, in the event that acceleration of the
time for payment of any of the Guaranteed Obligations is stayed, upon the insolvency, bankruptcy or reorganization of the Borrower or any other person or entity, or otherwise, all such amounts shall nonetheless be payable by the Guarantors
immediately upon demand by the Lender. 
 11.    Expenses. The terms of the Note with respect to costs and
expenses are incorporated herein by reference, mutatis mutandis, and the parties hereto agree to such terms. The obligations of the Guarantors under the preceding sentence shall survive termination of this Guaranty. 

12.    Amendments. No provision of this Guaranty may be waived, amended, supplemented or modified, except by
a written instrument executed by the Lender and the Guarantors. 
 13.    No Waiver. No failure by the
Lender to exercise, and no delay in exercising, any right, remedy or power hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy or power hereunder preclude any other or further
exercise thereof or the exercise of any other right. The remedies herein provided are cumulative and not exclusive of any remedies provided by law or in equity. The unenforceability or invalidity of any provision of this Guaranty shall not affect
the enforceability or validity of any other provision herein. 
 14.    Assignment; Governing Laws;
Jurisdiction. This Guaranty shall (a) bind each Guarantor and its successors and permitted assigns, provided that no Guarantor may assign its rights or obligations under this Guaranty without the prior written consent of the Lender
(and any attempted assignment without such consent shall be void) and (b) inure to the benefit of the Lender and its successors and permitted assigns. THIS GUARANTY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF
NEW YORK. EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE NONEXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY AND OF THE UNITED STATES

  
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DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS GUARANTY OR ANY OTHER LOAN DOCUMENT,
OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE
FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN
ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS GUARANTY OR IN ANY OTHER LOAN DOCUMENT SHALL AFFECT ANY RIGHT THAT THE LENDER MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS GUARANTY OR ANY OTHER LOAN DOCUMENT AGAINST THE
BORROWER OR ANY GUARANTOR OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION. EACH GUARANTOR PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY AGREES THAT IT WILL NOT COMMENCE ANY ACTION, LITIGATION OR PROCEEDING OF ANY KIND OR DESCRIPTION, WHETHER IN
LAW OR EQUITY, WHETHER IN CONTRACT OR IN TORT OR OTHERWISE, AGAINST THE LENDER OR ANY RELATED PARTY IN ANY WAY RELATING TO THIS GUARANTY OR THE TRANSACTIONS RELATING, IN ANY FORUM OTHER THAN THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK
COUNTY AND OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK. EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER
HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS GUARANTY OR ANY OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO IN PARAGRAPH (B) OF THIS SECTION 14. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY
WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT. Service of process (a) by the Lender in connection with such action or proceeding
shall be binding on each Guarantor if sent to such Guarantor by registered or certified mail at its address specified below and (b) by any Guarantor in connection with any action or proceeding shall be binding on the Lender if sent in the
manner provided for notices in the Note. 
 15.    Condition of Borrower. Each Guarantor acknowledges and
agrees that it has the sole responsibility for, and has adequate means of, obtaining from the Borrower such information concerning the financial condition, business and operations of the Borrower as such Guarantor requires, and that the Lender does
not have any duty, and such Guarantor is not relying on the Lender at any time to disclose to such Guarantor any information relating to the business, operations or financial condition of the Borrower. 

16.    Setoff. If and to the extent any payment is not made when due hereunder, the Lender may setoff and
charge from time to time any amount so due against any or all of any Guarantor’s accounts or deposits with such Person. The Lender agrees to notify the Borrower promptly after any such setoff and application, provided that the failure to give
such notice shall not affect the validity of such setoff and application. 
 17.    Other Guarantees.
Unless otherwise agreed by the Lender and the applicable Guarantor in writing, this Guaranty is not intended to supersede or otherwise affect any other guaranty now or hereafter given by such Guarantor for the benefit of the Lender or any term or
provision thereof. 

  
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 18.    Representations and Warranties. Each Guarantor
represents and warrants that (i) it is a corporation, partnership or limited liability company duly organized, validly existing and in good standing under the laws of its state of incorporation, formation or organization, and is authorized to
do business in each jurisdiction in which the character of its properties or the nature of its business requires such authorization, except where the failure to so be authorized could not reasonably be expected to have a Materially Adverse Effect,
(ii) it has the corporate power and authority to own or lease and operate its properties and to carry on its business as now being and hereafter proposed to be conducted, except where the failure to do so could not reasonably be expected to
have a Materially Adverse Effect, (iii) it has the power and has taken all necessary action, corporate or otherwise, to authorize it to execute, deliver and perform this Guaranty in accordance with the terms hereof and to consummate the
transactions contemplated hereby, (iv) this Guaranty has been duly executed and delivered by such Guarantor and is a legal, valid and binding obligation of such Guarantor, enforceable in accordance with its terms, except to the extent that the
enforceability thereof may be limited by applicable bankruptcy, insolvency, reorganization or similar laws affecting the enforcement of creditor’s rights generally or by general principles of equity (regardless of whether such enforcement is
considered in a proceeding in equity or at law), (v) the execution, delivery and performance of this Guaranty in accordance with its terms and the consummation of the transactions contemplated hereby by such Guarantor do not and will not
(1) violate any Applicable Law (as defined in the Syndicated Credit Agreement) in any material respect or conflict with in any material respect or (2) conflict with in any material respect, result in a material breach of, or constitute a
material default under the certificate of incorporation or formation or by-laws, partnership agreement or operating agreement of such Guarantor or under any Material Contract (as defined in the Syndicated
Credit Agreement) to which such Guarantor is a party, (vi) it has obtained all Necessary Authorizations, and all such Necessary Authorizations are in full force and effect, except to the extent the failure to obtain such Necessary
Authorizations or the failure to keep such Necessary Authorizations in full force and effect could not reasonably be expected to have a Materially Adverse Effect, and (vii) by virtue of its relationship with the Borrower, the execution,
delivery and performance of this Guaranty is for the direct benefit of such Guarantor and it has received adequate consideration for this Guaranty. 

19.    Foreign Currency. If any claim arising under or related to this Guaranty is reduced to judgment
denominated in a currency (the “Judgment Currency”) other than the currencies in which the Guaranteed Obligations are denominated (collectively the “Obligations Currency”), the judgment shall be for the equivalent
in the Judgment Currency of the amount of the claim denominated in the Obligations Currency included in the judgment, determined as of the date of judgment. The equivalent of any Obligations Currency amount in any Judgment Currency shall be
calculated at the spot rate for the purchase of the Obligations Currency with the Judgment Currency quoted by the Lender in the place of the Lender’s choice at or about 8:00 a.m. on the date for determination specified above. The Guarantors, on
a joint and several basis, shall indemnify the Lender and hold the Lender harmless from and against all loss or damage resulting from any change in exchange rates between the date any claim is reduced to judgment and the date of payment thereof by
any Guarantor. To the fullest extent permitted by law, the obligations hereunder shall not be affected by any acts of any Governmental Authority affecting the Borrower, including but not limited to, any restrictions on the conversion of currency or
repatriation or control of funds or any total or partial expropriation of the Borrower’s property, or by economic, political, regulatory or other events in the countries where the Borrower is located. If the Lender so notifies the Guarantors in
writing, at the Lender’s sole and absolute discretion, payments under this Guaranty shall be the U.S. dollar equivalent of the Guaranteed Obligations or any portion thereof, determined as of the date payment is made. 

20.    WAIVER OF JURY TRIAL; FINAL AGREEMENT. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST
EXTENT PERMITTED BY 

  
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APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS GUARANTY OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS
CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON
WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS GUARANTY AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL
WAIVERS AND CERTIFICATIONS IN THIS SECTION 20. THIS GUARANTY REPRESENTS THE FINAL AGREEMENT BETWEEN THE PARTIES HERETO AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS BETWEEN THE PARTIES
HERETO. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES HERETO. 
 21.    Counterparts. This
Guaranty may be executed in any number of counterparts, each of which where so executed and delivered shall be an original, but all of which shall constitute one and the same instrument. It shall not be necessary in making proof of this Guaranty to
produce or account for more than one such counterpart. 
 22.    Joinder. At any time after the date of
this Guaranty, one or more additional Persons may become party hereto by executing and delivering to the Lender a joinder agreement, in form and substance reasonably satisfactory to the Lender. Immediately upon such execution and delivery of such
joinder agreement (and without any further action), each such additional Person will become a party to this Guaranty as a “Guarantor” and have all of the rights and obligations of a Guarantor hereunder and this Guaranty shall be deemed
amended by such joinder agreement. 
 23.    No Third Party Beneficiary. This Guaranty is solely for the
benefit of Lender and each of its successors and permitted assigns and may not be relied on by any other Person. 

24.    Termination. Upon the payment in full of all Guaranteed Obligations (other than contingent
indemnification Guaranteed Obligations not yet due and payable and any unasserted contingent expense reimbursement Guaranteed Obligations), this Guaranty shall automatically and immediately terminate, and the Lender upon request by any Guarantor
shall execute and deliver such documents and instruments and take such further action reasonably requested by such Guarantor, at such Guarantor’s expense, as shall be necessary to evidence such termination with respect to such Guarantor. In
addition, in the event that at any time after the date hereof any Guarantor ceases to be a Subsidiary of the Borrower as a result of a transaction permitted under the Note, then such Guarantor shall automatically be fully and finally released from
its obligations hereunder without any further action of the Lender. 
 [Signature pages follow.] 

  
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 Executed on the date first above written. 

 

							
	GUARANTORS:	 		 	ARUNDEL COMPANY, LLC,
		 		 	a Delaware limited liability company
		 		 	FLORIDA ROCK INDUSTRIES, INC.,
		 		 	a Florida corporation
		 		 	HARPER BROTHERS, LLC,
		 		 	a Delaware limited liability company
		 		 	LEGACY VULCAN, LLC,
		 		 	a Delaware limited liability company
		 		 	MARYLAND STONE, LLC,
		 		 	a Delaware limited liability company
		 		 	S & G CONCRETE COMPANY, LLC,
		 		 	a Delaware limited liability company
		 		 	TCS MATERIALS, LLC,
		 		 	a Delaware limited liability company
		 		 	VIRGINIA CONCRETE COMPANY, LLC,
		 		 	a Delaware limited liability company
		 		 	VULCAN AGGREGATES COMPANY, LLC,
		 		 	a Delaware limited liability company
		 		 	VULCAN CONSTRUCTION MATERIALS, LLC,
		 		 	a Delaware limited liability company
				
		 		 	By:	 	 /s/ C. Wes Burton, Jr.

		 		 	Name:	 	C. Wes Burton, Jr.
		 		 	Title:	 	Vice President and Treasurer
			
		 		 	FULTON CONCRETE COMPANY, LLC,
		 		 	a Delaware limited liability company
				
		 		 	By:	 	 /s/ C. Wes Burton, Jr.

		 		 	Name:	 	C. Wes Burton, Jr.
		 		 	Title:	 	Vice President and Assistant Treasurer
			
		 		 	CALMAT CO.,
		 		 	a Delaware corporation
		 		 	TRIANGLE ROCK PRODUCTS, LLC,
		 		 	a Delaware limited liability company
				
		 		 	By:	 	 /s/ C. Wes Burton, Jr.

		 		 	Name:	 	C. Wes Burton, Jr.
		 		 	Title:	 	Assistant Treasurer

  
 GUARANTY AGREEMENT 

VULCAN MATERIALS COMPANY 

							
		 		 	AZUSA ROCK, LLC,
		 		 	a Delaware limited liability company
		 		 	VULCAN LANDS, INC.,
		 		 	a New Jersey corporation
				
		 		 	By:	 	 /s/ C. Wes Burton, Jr.

		 		 	Name:	 	C. Wes Burton, Jr.
		 		 	Title:	 	Assistant Secretary and Assistant Treasurer

  
 GUARANTY AGREEMENT 

VULCAN MATERIALS COMPANY 

 ACKNOWLEDGED AND AGREED AS OF THE DATE FIRST WRITTEN ABOVE: 

 

			
	 BANK OF AMERICA, N.A.,
 as
Lender

		
	By:	 	 /s/ David B. Jackson

	Name:	 	David B. Jackson
	Title:	 	Senior Vice President

  
 GUARANTY AGREEMENT 

VULCAN MATERIALS COMPANYEX-10.1

 Exhibit 10.1 

ADVISORY AGREEMENT 

AMONG 
 NUVEEN GLOBAL
CITIES REIT, INC., 
 NUVEEN GLOBAL CITIES REIT OP, LP, 

AND 
 TH REAL ESTATE
GLOBAL CITIES ADVISORS, LLC 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	1.	 	Definitions	  	 	1	 
	2.	 	Appointment	  	 	4	 
	3.	 	Duties of the Advisor	  	 	4	 
	4.	 	Authority of Advisor	  	 	6	 
	5.	 	Bank Accounts	  	 	7	 
	6.	 	Records; Access	  	 	7	 
	7.	 	Limitations on Activities	  	 	7	 
	8.	 	Other Activities of the Advisor	  	 	7	 
	9.	 	Relationship with Directors and Officers	  	 	8	 
	10.	 	Advisory Fee	  	 	9	 
	11.	 	Expenses	  	 	9	 
	12.	 	Other Services	  	 	11	 
	13.	 	Reimbursement to the Advisor	  	 	11	 
	14.	 	No Joint Venture	  	 	12	 
	15.	 	Term of Agreement	  	 	12	 
	16.	 	Termination by the Parties	  	 	12	 
	17.	 	Assignment to an Affiliate	  	 	12	 
	18.	 	Payments to and Duties of Advisor Upon Termination	  	 	12	 
	19.	 	Indemnification by the Company and the Operating Partnership	  	 	13	 
	20.	 	Indemnification by Advisor	  	 	13	 
	21.	 	Non-Solicitation	  	 	13	 
	22.	 	Miscellaneous	  	 	13	 
	23.	 	Initial Investment	  	 	14	 

 ADVISORY AGREEMENT 

THIS ADVISORY AGREEMENT (this “Agreement”), dated as of the 8th day
of December, 2017 (the “Effective Date”), is by and among Nuveen Global Cities REIT, Inc., a Maryland corporation (the “Company”), Nuveen Global Cities REIT OP, LP, a Delaware limited partnership (the
“Operating Partnership”), and TH Real Estate Global Cities Advisors, LLC, a Delaware limited liability company (the “Advisor”). Capitalized terms used herein shall have the meanings ascribed to them in
Section 1 below. 
 W I T N E S S E T H 

WHEREAS, the Company intends to qualify as a REIT, and to invest its funds in investments permitted by the terms of Sections 856 through
860 of the Code; 
 WHEREAS, the Company is the general partner of the Operating Partnership and intends to conduct all of its business and
make all or substantially all Investments through the Operating Partnership; 
 WHEREAS, the Company and the Operating Partnership desire to
avail themselves of the knowledge, experience, sources of information, advice, assistance and certain facilities available to the Advisor and to have the Advisor undertake the duties and responsibilities hereinafter set forth, on behalf of, and
subject to the supervision of, the Board, all as provided herein; and 
 WHEREAS, the Advisor is willing to undertake to render such
services, subject to the supervision of the Board, on the terms and conditions hereinafter set forth. 
 NOW, THEREFORE, in consideration of
the foregoing and of the mutual covenants and agreements contained herein, the parties agree as follows: 

1. DEFINITIONS. As used in this Agreement, the following terms have the definitions hereinafter indicated: 

“Acquisition Expenses” shall have the meaning set forth in the Charter. 

“Advisor” shall mean TH Real Estate Global Cities Advisors, LLC, a Delaware limited liability company. 

“Advisor Expenses” shall have the meaning set forth in Section 12(b). 

“Advisory Fee” shall have the meaning set forth in Section 10(a). 

“Affiliate” shall have the meaning set forth in the Charter. 

“Average Invested Assets” shall have the meaning set forth in the Charter. 

“Board” shall mean the board of directors of the Company, as of any particular time. 

“Business Day” shall have the meaning set forth in the Charter. 

“Bylaws” shall mean the bylaws of the Company, as amended from time to time. 

“Cause” shall mean, with respect to the termination of this Agreement, fraud, criminal conduct, willful
misconduct or willful or negligent breach of fiduciary duty by the Advisor in connection with performing its duties hereunder. 

“CEA” shall mean the U.S. Commodities Exchange Act, as amended. 

 “Change of Control” shall mean any event (including, without
limitation, issue, transfer or other disposition of shares of capital stock of the Company or equity interests in the Operating Partnership, merger, share exchange or consolidation) after which any “person” (as that term is used in
Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended) is or becomes the “beneficial owner” (as defined in Rule 13d-3 of the Securities Exchange Act of 1934, as amended),
directly or indirectly, of securities of the Company or the Operating Partnership representing greater than 50% or more of the combined voting power of Company’s or the Operating Partnership’s then outstanding securities, respectively;
provided, that, a Change of Control shall not be deemed to occur as a result of any widely distributed public offering of the Shares or any investment by Teachers Insurance and Annuity Association of America or any Affiliate thereof. 

“Charter” shall mean the Articles of Incorporation of the Company filed with the Maryland State Department of
Assessments and Taxation in accordance with the Maryland General Corporation Law, as amended from time to time. 

“Class D Common Shares” shall have the meaning set forth in the Charter. 

“Class I Common Shares” shall have the meaning set forth in the Charter. 

“Class N Common Shares” shall have the meaning set forth in the Charter. 

“Class S Common Shares” shall have the meaning set forth in the Charter. 

“Class T Common Shares” shall have the meaning set forth in the Charter. 

“Class D NAV per Share” shall have the meaning set forth in the Charter. 

“Class I NAV per Share” shall have the meaning set forth in the Charter. 

“Class N NAV per Share” shall have the meaning set forth in the Charter. 

“Class S NAV per Share” shall have the meaning set forth in the Charter. 

“Class T NAV per Share” shall have the meaning set forth in the Charter. 

“Code” shall mean the Internal Revenue Code of 1986, as amended. 

“Commencement Date” shall mean the date on which the Company commences its initial Offering. 

“Company” shall have the meaning set forth in the preamble of this Agreement. 

“Director” shall mean a member of the Board. 

“Distributions” shall have the meaning set forth in the Charter. 

“Effective Date” shall have the meaning set forth in the preamble of this Agreement. 

“Excess Amount” shall have the meaning set forth in Section 14. 

“Exchange Act” shall have the meaning set forth in the Charter. 

“Expense Year” shall have the meaning set forth in Section 14. 

“GAAP” shall mean generally accepted accounting principles as in effect in the United States of America from time
to time. 
 “Gross Proceeds” shall mean the aggregate purchase price of all Shares sold for the account of the
Company through an Offering, without deduction for Selling Commissions. The purchase price of any Class T Common Share or Class S Common Share shall be deemed to be the full, non-discounted offering
price at the time of purchase of each such Class T Common Share or Class S Common Share. 

  
 2 

 “Independent Appraiser” shall have the meaning set forth in
the Charter. 
 “Independent Director” shall have the meaning set forth in the Charter. 

“Initial Investment” shall have the meaning set forth in Section 24. 

“International Affiliated Funds” shall mean the European Cities Fund and the Asian Pacific Cities Fund, each of which
is an Other THRE Account managed by a Nuveen affiliate that invests in real estate internationally. 
 “Investment Company
Act” shall mean the Investment Company Act of 1940, as amended. 
 “Investment Guidelines” shall
mean the investment guidelines adopted by the Board, as amended from time to time, pursuant to which the Advisor has discretion to acquire and dispose of Investments for the Company without the prior approval of the Board. 

“Investments” shall mean any investments by the Company or the Operating Partnership, directly or indirectly, in
Real Property, Real Estate-Related Assets or other assets. 
 “Joint Ventures” shall have the meaning set forth
in the Charter. 
 “Mortgage” shall have the meaning set forth in the Charter. 

“NASAA REIT Guidelines” shall have the meaning set forth in the Charter. 

“NAV” shall mean the Company’s net asset value, calculated pursuant to the Valuation Guidelines. 

“Net Income” shall have the meaning set forth in the Charter. 

“Nuveen” means, collectively, Nuveen, LLC, a Delaware limited liability company, and any Affiliate thereof. 

“Offering” shall have the meaning set forth in the Charter. 

“Operating Partnership” shall have the meaning set forth in the preamble of this Agreement. 

“Operating Partnership Agreement” shall mean the Limited Partnership Agreement of the Operating Partnership, as
amended from time to time. 
 “Organization and Offering Expenses” shall have the meaning set forth in the
Charter. 
 “Other THRE Accounts” shall mean investment funds, REITs, vehicles, accounts, products or other similar
arrangements sponsored, advised or managed by Nuveen, whether currently in existence or subsequently established (in each case, including any related successor funds, alternative vehicles, supplemental capital vehicles, surge funds, over-flow funds,
co-investment vehicles and other entities formed in connection with Nuveen side-by-side or additional general partner investments
with respect thereto). 
 “Person” shall mean an individual, corporation, business trust, estate, trust,
partnership, joint venture, limited liability company or other legal entity. 
 “Prospectus” shall have the
meaning set forth in the Charter. 
 “Real Estate-Related Securities” shall have the meaning set forth in the
Charter. 

  
 3 

 “Real Estate-Related Assets” shall mean any investments by the
Company or the Operating Partnership in Mortgages and Real Estate-Related Securities. 
 “Real Property” shall
have the meaning set forth in the Charter. 
 “Registration Statement” shall mean the registration statement on
Form S-11, as may be amended from time to time, of the Company filed with the Securities and Exchange Commission related to the registration of the Shares for the Company’s initial Offering. 

“REIT” shall have the meaning set forth in the Charter. 

“Securities Act” shall have the meaning set forth in the Charter. 

“Selling Commissions” shall have the meaning set forth in the Charter. 

“Shares” shall have the meaning set forth in the Charter. 

“Stockholder Servicing Fee” shall have the meaning set forth in the Charter. 

“Stockholders” shall have the meaning set forth in the Charter. 

“Termination Date” shall mean the date of termination of this Agreement or expiration of this Agreement in the
event this Agreement is not renewed for an additional term. 
 “Total Operating Expenses” shall have the
meaning set forth in the Charter. 
 “Treasury Regulations” shall mean the Procedures and Administration Regulation
promulgated by the U.S. Department of Treasury under the Code, as amended. 
 “2%/25% Guidelines” shall have
the meaning set forth in the Charter. 
 “Valuation Guidelines” shall mean the valuation guidelines adopted by
the Board, as amended from time to time. 
 2. APPOINTMENT. The Company and the Operating Partnership hereby appoint
the Advisor to serve as their investment Advisor on the terms and conditions set forth in this Agreement, and the Advisor hereby accepts such appointment. By accepting such appointment, the Advisor acknowledges that it has a contractual and
fiduciary responsibility to the Company and the Stockholders. Except as otherwise provided in this Agreement, the Advisor hereby agrees to use its commercially reasonable efforts to perform the duties set forth herein, provided that the Company
reimburses the Advisor for costs and expenses in accordance with Section 12 hereof. 
 3. DUTIES OF THE
ADVISOR. Subject to the oversight of the Board and the terms and conditions of this Agreement (including the Investment Guidelines) and consistent with the provisions of the Company’s most recent Prospectus for the Shares, the Charter
and Bylaws and the Operating Partnership Agreement, the Advisor will have plenary authority with respect to the management of the business and affairs of the Company and the Operating Partnership (and any subsidiary of the Company or the Operating
Partnership) and will be responsible for implementing the investment strategy of the Company and the Operating Partnership (and any subsidiary). The Advisor will perform (or cause to be performed through one or more of its Affiliates or third
parties) such services and activities relating to the selection of investments and rendering investment advice to the Company, the Operating Partnership and their respective subsidiaries as may be appropriate or otherwise mutually agreed from time
to time, which may include, without limitation: 
 (a) serving as an advisor to the Company and the Operating Partnership with respect to
the establishment and periodic review of the Investment Guidelines for the Company’s and the Operating Partnership’s investments, financing activities and operations; 

  
 4 

 (b) sourcing, evaluating and monitoring the Company’s and Operating Partnership’s
investment opportunities and executing the acquisition, management, financing and disposition of the Company’s and Operating Partnership’s assets, in accordance with the Company’s Investment Guidelines, policies and objectives and
limitations, subject to oversight by the Board; 
 (c) with respect to prospective acquisitions, purchases, sales, exchanges or other
dispositions of Investments, conducting negotiations on the Company’s and Operating Partnership’s behalf with sellers, purchasers, and other counterparties and, if applicable, their respective agents, advisors and representatives, and
determining the structure and terms of such transactions; 
 (d) providing the Company with portfolio management and other related services;

 (e) serving as the Company’s advisor with respect to decisions regarding any of the Company’s financings, hedging activities or
borrowings undertaken by the Company, including (1) assisting the Company in developing criteria for debt and equity financing that is specifically tailored to the Company’s investment objectives, and (2) advising the Company with
respect to obtaining appropriate financing for the Investments (which, in accordance with applicable law and the terms and conditions of this Agreement and the Company’s Charter and Bylaws, may include financing by the Advisor or its
Affiliates) and (3) negotiating and entering into, on the Company’s, the Operating Partnership’s and any of the Company’s or the Operating Partnership’s subsidiary’s behalf, financing arrangements, repurchase
agreements, interest rate or currency swap agreements, hedging arrangements, foreign exchange transactions, derivative transactions, and other agreements and instruments required or appropriate in connection with the Company’s, the Operating
Partnership’s or such subsidiary’s activities; 
 (f) engaging and supervising, on the Company’s and Operating
Partnership’s behalf and at the Company’s and Operating Partnership’s expense, independent contractors, advisors, consultants, attorneys, accountants, administrators, auditors, appraisers, independent valuation agents, escrow agents
and other service providers (which may include Affiliates of the Advisor) that provide various services with respect to the Company and Operating Partnership, including, without limitation, on-site managers,
building and maintenance personnel, investment banking, securities brokerage, mortgage brokerage, credit analysis, risk management services, asset management services, loan servicing, other financial, legal or accounting services, due diligence
services, underwriting review services, and all other services (including custody and transfer agent and registrar services) as may be required relating to the Company’s and Operating Partnership’s activities or investments (or potential
Investments); 
 (g) coordinating and managing operations of any Joint Venture or co-investment
interests held by the Company or Operating Partnership and conducting matters with the Joint Venture or co-investment partners; 

(h) communicating on the Company’s and Operating Partnership’s behalf with the holders of any of the Company’s equity or debt
securities as required to satisfy the reporting and other requirements of any governmental bodies or agencies or trading markets and to maintain effective relations with such holders; 

(i) advising the Company in connection with policy decisions to be made by the Board; 

(j) engaging one or more subadvisors with respect to the management of the Company and Operating Partnership, including, where appropriate,
Affiliates of the Advisor (which, for the avoidance of doubt, shall include engaging Nuveen Asset Management or an Affiliate thereof to provide management services for the Real Estate-Related Securities portfolio); 

(k) evaluating and recommending to the Board hedging strategies and engaging in hedging activities on the Company’s and Operating
Partnership’s behalf, consistent with the Company’s qualification as a REIT and with the Investment Guidelines; 
 (l) investing
and reinvesting any moneys and securities of the Company and the Operating Partnership (including investing in short-term investments pending investment in other investments, payment of fees, costs and expenses, or payments of dividends or
distributions to the Company’s stockholders and partners) and advising the Company as to the Company’s and Operating Partnership’s capital structure and capital raising; 

  
 5 

 (m) determining valuations for the Company’s Real Property and Real Estate-Related Assets
and reviewing calculations performed by the fund administrator as of the last Business Day of each month, of the Class T NAV per Share, Class S NAV per Share, Class D NAV per Share, Class I NAV per Share and Class N NAV per
Share in accordance with the Valuation Guidelines, and in connection therewith, obtain appraisals performed by an Independent Appraiser and other independent third party appraisal firms concerning the value of the Real Properties and obtain market
quotations or conduct fair valuation determinations concerning the value of Real Estate-Related Assets; 
 (n) providing input in connection
with the appraisals performed by the Independent Appraisers; 
 (o) monitoring the Company’s Real Property and Real Estate-Related
Assets for events that may be expected to have a material impact on the most recent estimated values; 
 (p) monitoring each Independent
Appraiser’s valuation process to ensure that it complies with the Valuation Guidelines; 
 (q) delivering to, or maintain on behalf of,
the Company copies of appraisals obtained in connection with the investments in any Real Property; 
 (r) placing, or arranging for the
placement of, orders of Real Estate-Related Assets pursuant to the Advisor’s investment determinations for the Company and the Operating Partnership either directly with the issuer or with a broker or dealer (including any Affiliated broker or
dealer); 
 (s) performing such other services from time to time in connection with the management of the Company’s investment
activities as the Board shall reasonably request or the Advisor shall deem appropriate under the particular circumstances; and 
 (t) taking
any of the foregoing actions with respect to any subsidiary of the Company or the Operating Partnership. 
 4. AUTHORITY OF
ADVISOR. 
 (a) Pursuant to the terms of this Agreement (including the restrictions included in this Section 4 and in
Section 7), and subject to the continuing and exclusive authority of the Board over the management of the Company, the Board (by virtue of its approval of this Agreement and authorization of the execution hereof by the officers of the Company)
hereby delegates to the Advisor the authority to take, or cause to be taken, any and all actions and to execute and deliver any and all agreements, certificates, assignments, instruments or other documents and to do any and all things that, in the
judgment of the Advisor, may be necessary or advisable in connection with the Advisor’s duties described in Section 3, including the making of any Investment that fits within the Company’s investment objectives, strategy and
guidelines, policies and limitations and within the discretionary limits and authority as granted to the Advisor from time to time by the Board. 

(b) Notwithstanding the foregoing, any Investment that does not fit within the Investment Guidelines will require the prior approval of the
Board or any duly authorized committee of the Board, as the case may be. Except as otherwise set forth herein, in the Investment Guidelines or in the Charter, any Investment that fits within the Investment Guidelines may be made by the Advisor on
the Company’s or the Operating Partnership’s behalf without the prior approval of the Board or any duly authorized committee of the Board. 

(c) The prior approval of a majority of the Directors (including a majority of the Independent Directors) not otherwise interested in the
transaction will be required for each transaction to which the Advisor or its Affiliates is a party. 
 (d) The Board will review the
Investment Guidelines with sufficient frequency and at least annually and may, at any time upon the giving of notice to the Advisor, amend the Investment Guidelines; provided, however, that such modification or revocation
shall be effective upon receipt by the Advisor or such later date as is specified by the Board and included in the notice provided to the Advisor and such modification or revocation shall not be applicable to investment transactions to which the
Advisor has committed the Company or the Operating Partnership prior to the date of receipt by the Advisor of such notification, or if later, the effective date of such modification or revocation specified by the Board. 

  
 6 

 (e) The Advisor may retain, for and on behalf, and at the sole cost and expense, of the Company,
such services as the Advisor deems necessary or advisable in connection with the management and operations of the Company, which may include Affiliates of the Advisor; provided, that any such services may only be provided by Affiliates to the
extent such services are approved by a majority of the Directors (including a majority of the Independent Directors) not otherwise interested in such transactions as being fair and reasonable to the Company and on terms and conditions not less
favorable to the Company than those available from non-Affiliated third parties. In performing its duties under Section 3, the Advisor shall be entitled to rely reasonably on qualified experts and
professionals (including, without limitation, accountants, legal counsel and other professional service providers) hired by the Advisor at the Company’s sole cost and expense. 

5. BANK ACCOUNTS. The Advisor may establish and maintain one or more bank accounts in the name of the Company and the
Operating Partnership and any subsidiary thereof and may collect and deposit into any such account or accounts, and disburse from any such account or accounts, any money on behalf of the Company or the Operating Partnership, consistent with the
Advisor’s authority under this Agreement, provided that no funds shall be commingled with the funds of the Advisor; and the Advisor shall from time to time render, upon request by the Board, its audit committee or the auditors of the Company,
appropriate accountings of such collections and payments to the Board, its audit committee and the auditors of the Company, as applicable. 

6. RECORDS; ACCESS. The Advisor shall maintain appropriate records of its activities hereunder and make such records
available for inspection by the Board and by counsel, auditors and authorized agents of the Company, at any time or from time to time during normal business hours. The Advisor shall at all reasonable times have access to the books and records of the
Company and the Operating Partnership. 
 7. LIMITATIONS ON ACTIVITIES. The Advisor shall refrain from any action
that, in its sole judgment made in good faith, (i) is inconsistent with the Investment Guidelines, (ii) would adversely and materially affect the qualification of the Company as a REIT under the Code or the Company’s and the Operating
Partnership’s status as entities excluded from investment company status under the Investment Company Act, or (iii) would materially violate any law, rule or regulation of any governmental body or agency having jurisdiction over the
Company and the Operating Partnership or of any exchange on which the securities of the Company may be listed or that would otherwise not be permitted by the Charter, Bylaws or Operating Partnership Agreement. If the Advisor is ordered to take any
action by the Board, the Advisor shall seek to notify the Board if it is the Advisor’s reasonable judgment that such action would adversely and materially affect such status or violate any such law, rule or regulation or the Charter, Bylaws or
Operating Partnership Agreement. Notwithstanding the foregoing, neither the Advisor nor any of its Affiliates shall be liable to the Company, the Operating Partnership, the Board, or the Stockholders for any act or omission by the Advisor or any of
its Affiliates, except as provided in Section 20 of this Agreement. 
 8. OTHER ACTIVITIES OF THE ADVISOR. 

(a) Nothing in this Agreement shall (i) prevent the Advisor or any of its Affiliates, officers, directors or employees from engaging in
other businesses or from rendering services of any kind to any other Person or entity, whether or not the investment objectives or policies of any such other Person or entity are similar to those of the Company, including, without limitation, the
sponsoring, closing or managing of any Other THRE Accounts, (ii) in any way bind or restrict the Advisor or any of its Affiliates, officers, directors or employees from buying, selling or trading any securities or commodities for their own
accounts or for the account of others for whom the Advisor or any of its Affiliates, officers, directors or employees may be acting, or (iii) prevent the Advisor or any of its Affiliates from receiving fees or other compensation or profits from
such activities described in this Section 8(a) which shall be for the Advisor’s (or its Affiliates’) sole benefit. While information and recommendations supplied to the Company shall, in the Advisor’s reasonable and good faith
judgment, be appropriate under the circumstances and in light of the investment objectives and policies of the Company, such information and recommendations may be different in certain material respects from the information and recommendations
supplied by the Advisor or any Affiliate of the Advisor to others (including, for greater certainty, the Other THRE Accounts and their investors, as described more fully in Section 8(b)). 

  
 7 

 (b) The Advisor and the Company acknowledge and agree that, notwithstanding anything to the
contrary contained herein, (i) Affiliates of the Advisor sponsor, advise and manage Other THRE Accounts and may in the future sponsor, advise and manage additional Other THRE Accounts (including International Affiliated Funds), and
(ii) with respect to Other THRE Accounts with investment objectives or guidelines that overlap with the Company’s but that do not have priority over the Company, the Advisor and its Affiliates will allocate investment opportunities between
the Company and such Other THRE Accounts in accordance with Nuveen’s prevailing policies and procedures on a basis that the Advisor and its Affiliates determine to be reasonable in their sole discretion, and there may be circumstances where
investments that are consistent with the Company’s Investment Guidelines may be shared with or allocated to one or more Other THRE Accounts (in lieu of the Company) in accordance with Nuveen’s prevailing policies and procedures. 

(c) In connection with the services of the Advisor hereunder, the Company and the Board acknowledge and agree that (i) as part of
Nuveen’s regular businesses, officers and personnel of the Advisor and its Affiliates may from time-to-time work on other projects and matters (including with
respect to one or more Other THRE Accounts), and that conflicts may arise with respect to the allocation of personnel between the Company and one or more Other THRE Accounts or the Advisor and such other Affiliates, (ii) unless prohibited by
the Charter, Other THRE Accounts may, from time to time, invest in investments in which the Company has an interest or in other transactions with companies or individuals that may be counterparties of the Company’s, and while Nuveen will seek
to resolve any conflicts related thereto in a fair and reasonable manner in accordance with its prevailing policies and procedures, there can be no assurance that any conflicts will be resolved in the Company’s favor, (iii) the
Advisor’s Affiliates may from time to time receive fees related to investments in which the Company has an interest or from companies or individuals that may be counterparties of the Company’s, and while such fees may give rise to
conflicts of interest the Company will not receive the benefit of any such fees, and (iv) the terms and conditions of the governing agreements of such Other THRE Accounts (including with respect to the economic, reporting, and other rights
afforded to investors in such Other THRE Accounts) are materially different from the terms and conditions applicable to the Company and the Stockholders, and neither the Company nor the Stockholders (in such capacity) shall have the right to receive
the benefit of any such different terms applicable to investors in such Other THRE Accounts as a result of an investment in the Company or otherwise. The Advisor shall keep the Board reasonably informed on a periodic basis in connection with the
foregoing. 
 (d) The Advisor is not permitted to consummate on the Company’s behalf any transaction that involves (i) the sale of
any investment to or (ii) the acquisition of any investment from Nuveen, any Other THRE Account or any of their Affiliates unless such transaction is approved by a majority of the Directors, including a majority of the Independent Directors,
not otherwise interested in such transaction as being fair and reasonable to the Company. In addition, for any such acquisition by the Company, the Company’s purchase price will be limited to the cost of the property to the Affiliate, including
acquisition-related expenses, or if substantial justification exists, the current appraised value of the property as determined by an Independent Appraiser. In addition, the Company may enter into Joint Ventures with Other THRE Accounts, or with
Nuveen, the Advisor, one or more Directors, or any of their respective Affiliates, only if a majority of the Directors (including a majority of the Independent Directors) not otherwise interested in the transaction approve the transaction as being
fair and reasonable to the Company and on substantially the same, or no less favorable, terms and conditions as those received by other Affiliate joint venture partners. The Advisor will seek to resolve any conflicts of interest in a fair and
reasonable manner in accordance with its prevailing policies and procedures with respect to conflicts resolution among Other THRE Accounts generally, but only those transactions set forth in this Section 8(d) will be expressly required to be
presented for approval to the Independent Directors or any committee thereof (unless otherwise required by the Charter or the Investment Guidelines). 

(e) For the avoidance of doubt, it is understood that neither the Company nor the Board has the authority to determine the salary, bonus or
any other compensation paid by the Advisor to any director, officer, member, partner, employee, or stockholder of the Advisor or its Affiliates, including any person who is also a director or officer employee of the Company. 

9. RELATIONSHIP WITH DIRECTORS AND OFFICERS. Subject to Section 7 of this Agreement and to restrictions advisable
with respect to the qualification of the Company as a REIT, directors, managers, officers and employees of the Advisor or an Affiliate of the Advisor or any corporate parent of an Affiliate, may serve as a Director or officer of the Company, except
that no director, officer or employee of the Advisor or its Affiliates who 

  
 8 

 
also is a Director or officer of the Company shall receive any compensation from the Company for serving as a Director or officer other than (a) reasonable reimbursement for travel and
related expenses incurred in attending meetings of the Board or (b) as otherwise approved by the Board, including a majority of the Independent Directors, and no such Director shall be deemed an Independent Director for purposes of satisfying
the Director independence requirement set forth in the Charter. 
 10. ADVISORY FEE. 

(a) The Company will pay the Advisor an advisory fee (the “Advisory Fee”) equal to 1.25% of NAV for the Class D Common
Shares, Class I Common Shares, Class S Common Shares and Class T Common Shares, and 0.65% of NAV for the Class N Common Shares, per annum payable monthly, before giving effect to any accruals for the Advisory Fee, the Stockholder
Servicing Fee, or any Distributions. The Company will not pay the Advisory Fee with regard to its investments into the International Affiliated Funds. Such assets will be excluded from the NAV upon which the Advisory Fee is calculated. 

The Advisor shall receive the Advisory Fee as compensation for services rendered hereunder. 

(b) In the event this Agreement is terminated or its term expires without renewal, the Advisor will be entitled to receive its prorated
Advisory Fee through the date of termination. Such pro ration shall take into account the number of days of any partial calendar month or calendar year for which this Agreement was in effect. 

(c) In the event the Company or the Operating Partnership commences a liquidation of its Investments during any calendar year, the Company
will pay the Advisor the Advisory Fee from the proceeds of the liquidation. 
 11. EXPENSES. 

(a) As required by the NASAA REIT Guidelines, the cumulative Selling Commissions, Stockholder Servicing Fees and Organization and Offering
Expenses paid by the Company will not exceed 15.0% of Gross Proceeds from the sale of Shares in an Offering. 
 (b) Subject to Sections 4(e)
and 11(c), the Advisor shall be responsible for the expenses related to any and all personnel of the Advisor who provide investment advisory services to the Company pursuant to this Agreement (including, without limitation, each of the officers of
the Company and any Directors who are also directors, officers or employees of the Advisor or any of its Affiliates), including, without limitation, salaries, bonus and other wages, payroll taxes and the cost of employee benefit plans of such
personnel, and costs of insurance with respect to such personnel (“Advisor Expenses”). 
 (c) In addition to the
compensation paid to the Advisor pursuant to Section 10 hereof, the Company or the Operating Partnership shall pay all of its costs and expenses directly or reimburse the Advisor or its Affiliates for costs and expenses of the Advisor and its
Affiliates incurred on behalf of the Company, other than Advisor Expenses. Without limiting the generality of the foregoing, it is specifically agreed that the following costs and expenses of the Company or the Operating Partnership are not Advisor
Expenses and shall be paid by the Company or the Operating Partnership and shall not be paid by the Advisor or Affiliates of the Advisor: 

(i) Organization and Offering Expenses; provided that within 60 days after the end of the month in which
an Offering terminates, the Advisor shall reimburse the Company to the extent the Organization and Offering Expenses, Selling Commissions and Stockholder Servicing Fees borne by the Company exceed 15.0% of the Gross Proceeds raised in the completed
Offering; 
 (ii) Acquisition Expenses, subject to limitations set forth in the Charter; 

(iii) fees, costs and expenses in connection with the issuance and transaction costs incident to the trading, settling,
disposition and financing of the Investments of the Company and its Subsidiaries (whether or not consummated), including brokerage commissions, hedging costs, prime brokerage fees, custodial expenses, clearing and settlement charges, forfeited
deposits, and other investment costs fees and expenses actually incurred in connection with the pursuit, making, holding, settling, monitoring or disposing of actual or potential investments; 

  
 9 

 (iv) the actual cost of goods and services used by the Company and obtained from
Persons not Affiliated with the Advisor, including fees paid to administrators, consultants, attorneys, technology providers and other services providers, and brokerage fees paid in connection with the purchase and sale of Investments; 

(v) all fees, costs and expenses of legal, tax, accounting, consulting, auditing (including internal audit), finance,
administrative, investment banking, capital market, transfer agency, escrow agency, custody, prime brokerage, asset management, property management, data or technology services and other non-investment
advisory services rendered to the Company by the Advisor or its Affiliates in compliance with Section 4(e); 
 (vi)
expenses of managing and operating the Company’s and the Operating Partnership’s Real Properties, whether payable to an Affiliate of the Advisor or a non-Affiliated Person; 

(vii) the compensation and expenses of the Directors (excluding those directors who are directors, officers or employees of the
Advisor) and the cost of liability insurance to indemnify the Company’s directors and officers; 
 (viii) interest and
fees and expenses arising out of borrowings made by the Company, including, but not limited to, costs associated with the establishment and maintenance of any of the Company’s credit facilities, other financing arrangements, or other
indebtedness of the Company (including commitment fees, accounting fees, legal fees, closing and other similar costs) or any of the Company’s securities offerings; 

(ix) expenses connected with communications to holders of the Company’s securities or securities of the Subsidiaries and
other bookkeeping and clerical work necessary in maintaining relations with holders of such securities and in complying with the continuous reporting and other requirements of governmental bodies or agencies, including, without limitation, all costs
of preparing and filing required reports with the Securities and Exchange Commission, the costs payable by the Company to any transfer agent and registrar, expenses in connection with the listing or trading of the Company’s securities on any
exchange, the fees payable by the Company to any such exchange in connection with its listing, costs of preparing, printing and mailing the Company’s annual report to the Stockholders and proxy materials with respect to any meeting of the
Stockholders and any other reports or related statements; 
 (x) the Company’s allocable share of costs associated with
technology-related expenses, including without limitation, any computer software or hardware, electronic equipment or purchased information technology services from third-party vendors or Affiliates of the Advisor, technology service providers and
related software/hardware utilized in connection with the Company’s investment and operational activities; 
 (xi) the
Company’s allocable share of expenses incurred by managers, officers, personnel and agents of the Advisor for travel on the Company’s behalf and other
out-of-pocket expenses incurred by them in connection with the purchase, financing, refinancing, sale or other disposition of an Investment; 

(xii) expenses relating to compliance-related matters and regulatory filings relating to the Company’s activities
(including, without limitation, expenses relating to the preparation and filing of Form PF, Form ADV, reports to be filed with the U.S. Commodity Futures Trading Commission, reports, disclosures, and other regulatory filings of the Advisor and its
Affiliates relating to the Company’s activities (including the Company’s pro rata share of the costs of the Advisor and its Affiliates of regulatory expenses that relate to the Company and Other THRE Accounts)); 

(xiii) the costs of any litigation involving the Company or the Operating Partnership or their assets and the amount of any
judgments or settlements paid in connection therewith, directors and officers, liability or other insurance and indemnification or extraordinary expense or liability relating to the affairs of the Company; 

(xiv) all taxes and license fees; 

  
 10 

 (xv) all insurance costs incurred in connection with the operation of the
Company’s business except for the costs attributable to the insurance that the Advisor elects to carry for itself and its personnel; 

(xvi) expenses of managing, improving, developing, operating and selling Investments, whether payable to an Affiliate of the
Advisor or a non-Affiliated Person; 
 (xvii) expenses connected with the payments of
interest, dividends or distributions in cash or any other form authorized or caused to be made by the Board to or on account of holders of the Company’s securities, including, without limitation, in connection with any distribution reinvestment
plan; 
 (xviii) any judgment or settlement of pending or threatened proceedings (whether civil, criminal or otherwise)
against the Company or the Operating Partnership, or against any Director or officer of the Company or in his or her capacity as such for which the Company is required to indemnify such Director or officer by any court or governmental agency; and

 (xix) expenses incurred in connection with the formation, organization and continuation of any corporation, partnership,
Joint Venture or other entity through which the Company’s investments are made or in which any such entity invests. 
 (d) The Advisor
may, at its option, elect not to seek reimbursement for certain expenses during a given period, which determination shall not be deemed to construe a waiver of reimbursement for similar expenses in future periods. 

(e) Any reimbursement payments owed by the Company to the Advisor may be offset by the Advisor against amounts due to the Company from the
Advisor. Cost and expense reimbursement to the Advisor shall be subject to adjustment at the end of each calendar year in connection with the annual audit of the Company. 

(f) Notwithstanding the foregoing, the Advisor shall pay for all Organization and Offering Expenses (other than Selling Commissions and
Stockholder Servicing Fees) incurred prior to the first anniversary of the Commencement Date. All Organization and Offering Expenses (other than Selling Commissions and Stockholder Servicing Fees) paid by the Advisor pursuant to this
Section 11(f) shall be reimbursed by the Company to the Advisor in 60 equal monthly installments commencing with the first anniversary of the Commencement Date. 

12. OTHER SERVICES. Should the Board request that the Advisor or any director, officer or employee thereof render
services for the Company and the Operating Partnership other than set forth in Section 3, such services shall be separately compensated at such rates and in such amounts as are agreed by the Advisor and the Independent Directors, subject to the
limitations contained in the Charter, and shall not be deemed to be services pursuant to the terms of this Agreement. 

13. REIMBURSEMENT TO THE ADVISOR. Commencing on the fourth full fiscal quarter after the Company’s acquisition of
its first Investment, the Company shall not reimburse the Advisor at the end of any fiscal quarter for Total Operating Expenses that in the four consecutive fiscal quarters then ended (the “Expense Year”) exceed (the “Excess
Amount”) the greater of 2.0% of Average Invested Assets or 25.0% of Net Income (the “2%/25% Guidelines”) for such four fiscal quarters unless the Independent Directors determine that such Excess Amount was justified, based
on unusual and nonrecurring factors that the Independent Directors deem sufficient. If the Independent Directors do not approve such Excess Amount as being so justified, the Advisor shall reimburse the Company the amount by which the Total Operating
Expenses exceeded the 2%/25% Guidelines. If the Independent Directors determine such Excess Amount was justified, then, within 60 days after the end of any fiscal quarter of the Company for which Total Operating Expenses for the Expense Year
exceed the 2%/25% Guidelines, the Advisor, at the direction of the Independent Directors, shall cause such fact to be disclosed to the Stockholders in writing (or the Company shall disclose such fact to the Stockholders in the next quarterly report
of the Company or by filing a Current Report on Form 8-K with the Securities and Exchange Commission within 60 days of such quarter end), together with an explanation of the factors the Independent
Directors considered in determining that such excess were justified. The Company will ensure that such determination will be reflected in the minutes of the meetings of the Board. All figures used in the foregoing computation shall be determined in
accordance with GAAP applied on a consistent basis. 

  
 11 

 14. NO JOINT VENTURE. The Company and the Operating Partnership, on the
one hand, and the Advisor on the other, 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 or impose any liability as such on either of them. 

15. TERM OF AGREEMENT. This Agreement shall continue in force for a period of one year from the Effective Date,
subject to an unlimited number of successive one-year renewals upon mutual consent of the parties. It is the duty of the Board to evaluate the performance of the Advisor annually before renewing the Agreement,
and each such renewal shall be for a term of no more than one year. 
 16. TERMINATION BY THE PARTIES. This
Agreement may be terminated (i) at the option of the Advisor immediately upon a Change of Control of the Company or Operating Partnership; (ii) immediately by the Company or the Operating Partnership for Cause or upon the bankruptcy of the
Advisor; or (iii) upon 60 days’ written notice without Cause or penalty by a majority vote of the Independent Directors; or (iv) upon 60 days’ written notice by the Advisor. The provisions of Sections 18 through 22
survive termination of this Agreement. 
 17. ASSIGNMENT TO AN AFFILIATE. This Agreement may be assigned by the
Advisor to an Affiliate of the Advisor with the approval of a majority of the Directors (including a majority of the Independent Directors). The Advisor may assign any rights to receive fees or other payments under this Agreement to any Person
without obtaining the consent of the Board. This Agreement shall not be assigned by the Company or the Operating Partnership without the approval of the Advisor, except in the case of an assignment by the Company or the Operating Partnership to a
corporation or other organization which is a successor to all of the assets, rights and obligations of the Company or the Operating Partnership, in which case such successor organization shall be bound hereunder and by the terms of said assignment
in the same manner as the Company and the Operating Partnership are bound by this Agreement. This Agreement shall be binding on successors to the Company resulting from a Change in Control or sale of all or substantially all the assets of the
Company or the Operating Partnership, and shall likewise be binding on any successor to the Advisor. 
 18. PAYMENTS TO AND DUTIES
OF ADVISOR UPON TERMINATION. 
 (a) After the Termination Date, the Advisor shall not be entitled to compensation for further services
hereunder except it shall be entitled to receive from the Company or the Operating Partnership within 30 days after the effective date of such termination all unpaid reimbursements of expenses and all earned but unpaid fees payable to the
Advisor prior to termination of this Agreement, subject to the 2%/25% Guidelines to the extent applicable. 
 (b) The Advisor shall promptly
upon termination: 
 (i) pay over to the Company and the Operating Partnership all money collected and held for the account
of the Company and the Operating Partnership pursuant to this Agreement, after deducting any accrued compensation and reimbursement for its expenses to which it is then entitled; 

(ii) deliver to the Board 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 Board; 
 (iii) deliver to
the Board all assets, including all Investments, and documents of the Company and the Operating Partnership then in the custody of the Advisor; and 

(iv) cooperate with, and take all reasonable actions requested by, the Company and Board in making an orderly transition of the
advisory function, in each case at the Company’s expense. 

  
 12 

 19. INDEMNIFICATION BY THE COMPANY AND THE OPERATING PARTNERSHIP. The
Company and the Operating Partnership shall indemnify and hold harmless the Advisor and its Affiliates, including their respective officers, directors, partners and employees, from all liability, claims, damages or losses arising in the performance
of their duties hereunder, and related expenses, including reasonable attorneys’ fees, to the extent such liability, claims, damages or losses and related expenses are not fully reimbursed by insurance, and to the fullest extent possible
without such indemnification being inconsistent with the laws of the State of Maryland, the Charter or the provisions of Section II.G of the NASAA REIT Guidelines. 

20. INDEMNIFICATION BY ADVISOR. The Advisor shall indemnify and hold harmless the Company and the Operating
Partnership from contract or other liability, claims, damages, taxes or losses and related expenses including attorneys’ fees, to the extent that (i) such liability, claims, damages, taxes or losses and related expenses are not fully
reimbursed by insurance and (ii) are incurred by reason of the Advisor’s bad faith, fraud, willful misconduct, gross negligence or reckless disregard of its duties under this Agreement; provided, however, that the
Advisor shall not be held responsible for any action of the Board in following or declining to follow any advice or recommendation given by the Advisor. 

21. NON-SOLICITATION. In the event of a termination without Cause of this
Agreement by the Company pursuant to Section 16(iii) hereof, for two (2) years after the Termination Date, the Company shall not, without the consent of the Advisor, employ or otherwise retain any employee of the Advisor or any of its
Affiliates or any person who has been employed by the Advisor or any of its Affiliates at any time within the two (2) year period immediately preceding the date on which such person commences employment with or is otherwise retained by the
Company. The Company acknowledges and agrees that, in addition to any damages, the Advisor may be entitled to equitable relief for any violation of this Section 21 by the Company, including, without limitation, injunctive relief. 

22. MISCELLANEOUS. 

(a) Notices. Any notice, report or other communication required or permitted to be given hereunder shall be in writing
unless some other method of giving such notice, report or other communication is required by the Charter, the Bylaws, or accepted by the party to whom it is given, and shall be given by being delivered by hand, by courier or overnight carrier, by
registered or certified mail, by electronic mail or posted on a password protected website maintained by the Advisor and for which the Company has received access instructions by electronic mail, when posted, using the contact information set forth
herein: 
  

			
	The Company:	  	 Nuveen Global Cities REIT, Inc.
 8625 Andrew
Carnegie Blvd E1-S6
 Charlotte, North Carolina 28262

Attention: James Sinople, Chief Financial Officer
 Email:
James.Sinople@threalestate.com

		
	with required copy to:	  	 Alston & Bird LLP
 1201 West Peachtree
Street
 Atlanta, Georgia 30309
 Attention: Rosemarie A.
Thurston
 Email: rosemarie.thurston@alston.com

		
	The Advisor:	  	 TH Real Estate Global Cities Advisors, LLC
 c/o
Nuveen, LLC
 4675 MacArthur Court
 Suite 1100

Newport Beach, California 92660
 Attention: Asset Management
Law
 Email: william.miller@nuveen.com

 Any party may at any time give notice in writing to the other parties of a change in its address for the
purposes of this Section 22(a). 

  
 13 

 (b) Modification. This Agreement shall not be changed, modified, terminated,
or discharged, in whole or in part, except by an instrument in writing signed by the parties hereto, or their respective successors or assignees. 

(c) 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. 

(d) Governing Law; Exclusive Jurisdiction; Jury Trial. The provisions of this Agreement shall be construed and interpreted
in accordance with the laws of the State of New York. The parties hereby irrevocably submit to the exclusive jurisdiction of the courts of the State of New York and the Federal courts of the United States of America located in Borough of Manhattan,
New York for purposes of any suit, action or other proceeding arising from this Agreement, and hereby waive, and agree not to assert, as a defense in any action, suit or proceeding for the interpretation or enforcement hereof or thereof, that it is
not subject thereto or that such action, suit or proceeding may not be brought or is not maintainable in such courts or that the venue thereof may not be appropriate or that this Agreement or any such document may not be enforced in or by such
courts. Each of the parties hereby consent to and grant any such court jurisdiction over the person of such parties and over the subject matter of any such dispute. EACH OF THE PARTIES TO THIS AGREEMENT HEREBY IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL
BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT. 
 (e) Entire Agreement.
This Agreement contains the entire agreement and understanding among 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, including but not limited to the Investment Services Agreement between the Company and TIAA-CREF Alternatives Advisors, LLC. The express terms hereof
control and supersede any course of performance or usage of the trade inconsistent with any of the terms hereof. 

(f) Indulgences, Not Waivers. 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. 
 (g) Gender; Number. 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. 

(h) Headings. The titles and headings of Sections and Subsections 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. 
 (i) Execution
in Counterparts. This Agreement may be executed 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 counterparts hereof, individually or taken together, shall bear the signatures of all of the parties reflected hereon as the signatories. 

23. INITIAL INVESTMENT. The Advisor or one of its Affiliates has contributed $200,000 (the “Initial
Investment”) in exchange for the initial issuance of Shares of the Company. The Advisor or its Affiliates may not sell any of the Shares purchased with the Initial Investment while the Advisor acts in an advisory capacity to the Company.
The restrictions included above shall not apply to any Shares acquired by the Advisor or its Affiliates other than the Shares acquired through the Initial Investment. Neither the Advisor nor its Affiliates shall vote any Shares they now own, or
hereafter acquire, or consent that such Shares be voted, on matters submitted to the Stockholders regarding (i) the removal of TH Real Estate Global Cities Advisors, LLC as the Advisor; (ii) the removal of any member of the Board; or
(iii) any transaction by and between the Company and the Advisor, a member of the Board or any of their Affiliates. 

  
 14 

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

			
	Nuveen Global Cities REIT, Inc.
		
	By:	 	 /s/ William Miller

	Name:	 	William Miller
	Title:	 	Authorized Signatory
	
	Nuveen Global Cities REIT OP, LP
		
	By:	 	Nuveen Global Cities REIT, Inc., as general partner
		
	By:	 	 /s/ William Miller

	Name:	 	William Miller
	Title:	 	Authorized Signatory
	
	TH Real Estate Global Cities Advisors, LLC
		
	By:	 	 /s/ Nadir Settles

	Name:	 	 Nadir Settles

	Title:	 	 Authorized Signatory

  
 15

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