Document:

ADVISORY AGREEMENT

 EXHIBIT 10.2 
 ADVISORY AGREEMENT 

 ADVISORY AGREEMENT 
 BY AND BETWEEN 
 STRATEGIC STORAGE TRUST, INC. 
 AND 
 STRATEGIC STORAGE ADVISOR, LLC

 TABLE OF CONTENTS 
  

					
	 	  	 	  	PAGE
	 ARTICLE I
	  	 DEFINITIONS
	  	1
			
	 ARTICLE II
	  	 APPOINTMENT
	  	10
			
	 ARTICLE III
	  	 AUTHORITY OF THE ADVISOR
	  	10
	 Section 3.1
	  	 General
	  	10
	 Section 3.2
	  	 Powers of the Advisor
	  	11
	 Section 3.3
	  	 Approval by Directors
	  	11
	 Section 3.4
	  	 Modification or Revocation of Authority of Advisor
	  	11
			
	 ARTICLE IV
	  	 DUTIES OF THE ADVISOR
	  	11
	 Section 4.1
	  	 Organizational and Offering Services
	  	11
	 Section 4.2
	  	 Acquisition Services
	  	12
	 Section 4.3
	  	 Asset Management Services and Administrative Services
	  	12
			
	 ARTICLE V
	  	 BANK ACCOUNTS
	  	14
			
	 ARTICLE VI
	  	 RECORDS; ACCESS
	  	14
			
	 ARTICLE VII
	  	 OTHER ACTIVITIES OF THE ADVISOR
	  	15
	 Section 7.1
	  	 General
	  	15
	 Section 7.2
	  	 Policy with Respect to Allocation of Investment Opportunities
	  	15
			
	 ARTICLE VIII
	  	 LIMITATIONS ON ACTIVITIES
	  	16
			
	 ARTICLE IX
	  	 FEES
	  	16
	 Section 9.1
	  	 Advisor Acquisition Fees
	  	16
	 Section 9.2
	  	 Asset Management Fee
	  	16
	 Section 9.3
	  	 Disposition Fees
	  	16
	 Section 9.4
	  	 Subordinated Share of Net Sale Proceeds
	  	16
	 Section 9.5
	  	 Subordinated Incentive Fee Due Upon Listing
	  	17
	 Section 9.6
	  	 Changes to Fee Structure
	  	17
			
	 ARTICLE X
	  	 EXPENSES
	  	17
	 Section 10.1
	  	 Reimbursable Expenses
	  	17
	 Section 10.2
	  	 Other Services
	  	19
	 Section 10.3
	  	 Timing of and Limitations on Reimbursements
	  	19
			
	 ARTICLE XI
	  	 FIDELITY BOND
	  	20
			
	 ARTICLE XII
	  	 RELATIONSHIP OF THE ADVISOR AND COMPANY
	  	20
			
	 ARTICLE XIII
	  	 RELATIONSHIP WITH DIRECTORS
	  	20
			
	 ARTICLE XIV
	  	 REPRESENTATIONS AND WARRANTIES
	  	20
	 Section 14.1
	  	 The Company
	  	20
	 Section 14.2
	  	 The Advisor
	  	21

  

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	 ARTICLE XV
	  	 TERM; TERMINATION OF AGREEMENT
	  	22
	 Section 15.1
	  	 Term
	  	22
	 Section 15.2
	  	 Termination by Either Party
	  	22
	 Section 15.3
	  	 Termination by the Advisor
	  	22
	 Section 15.4
	  	 Termination by the Company
	  	22
	 Section 15.5
	  	 Survival
	  	22
			
	 ARTICLE XVI
	  	 PAYMENTS TO AND DUTIES OF ADVISOR UPON TERMINATION
	  	22
	 Section 16.1
	  	 Reimbursable Expenses and Earned Fees
	  	22
	 Section 16.2
	  	 Subordinated Performance Fee Due Upon Termination
	  	22
	 Section 16.3
	  	 Advisor’s Duties Upon Termination
	  	23
			
	 ARTICLE XVII
	  	 ASSIGNMENT TO AN AFFILIATE
	  	23
			
	 ARTICLE XVIII
	  	 INDEMNIFICATION BY THE COMPANY
	  	24
	 Section 18.1
	  	 Conditions of Indemnification
	  	24
			
	 ARTICLE XIX
	  	 INDEMNIFICATION BY ADVISOR
	  	24
			
	 ARTICLE XX
	  	 LIMITATION OF LIABILITY
	  	25
			
	 ARTICLE XXI
	  	 NOTICES
	  	25
			
	 ARTICLE XXII
	  	 MODIFICATION
	  	25
			
	 ARTICLE XXIII
	  	 SEVERABILITY
	  	26
			
	 ARTICLE XXIV
	  	 CONSTRUCTION/GOVERNING LAW
	  	26
			
	 ARTICLE XXV
	  	 ENTIRE AGREEMENT
	  	26
			
	 ARTICLE XXVI
	  	 INDULGENCES, NOT WAIVERS
	  	26
			
	 ARTICLE XXVII
	  	 GENDER
	  	26
			
	 ARTICLE XXVIII
	  	 TITLES NOT TO AFFECT INTERPRETATION
	  	26
			
	 ARTICLE XXIX
	  	 EXECUTION IN COUNTERPARTS
	  	27
			
	 ARTICLE XXX
	  	 INITIAL INVESTMENT
	  	27

  

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 ADVISORY AGREEMENT 
 THIS ADVISORY AGREEMENT, dated as of March 17, 2008, is entered into between STRATEGIC STORAGE TRUST, INC., a Maryland corporation (the “Company”), and STRATEGIC STORAGE ADVISOR, LLC, a Delaware limited
liability company (the “Advisor”). 
 W I T N E S S E T H 
 WHEREAS, the Company has filed with the Securities and Exchange Commission (“SEC”) a Registration Statement on Form S-11 (No. 333-146959) (the
“Registration Statement”) covering the issuance of Common Stock, and the Company may subsequently issue additional shares of Common Stock; 
 WHEREAS, the Company intends to qualify as a REIT, and to invest its funds in investments permitted by the terms of the Company’s charter and Sections 856 through 860 of the Code; 
 WHEREAS, the Company desires to avail itself of the experience, sources of information, advice, assistance and certain facilities available to the
Advisor and its Affiliates and to have the Advisor undertake the duties and responsibilities hereinafter set forth, on behalf of, and subject to the supervision of the Board of Directors of the Company all as provided herein; and 
 WHEREAS, the Advisor is willing to undertake to render such services, subject to the supervision of the Board of Directors, 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 hereto agree as follows: 
 ARTICLE I 
 DEFINITIONS 
 As used in this Advisory Agreement, the following terms have the definitions
hereinafter indicated: 
 “Acquisition Expenses” means expenses related to the Company’s sourcing, selection,
evaluation and acquisition of, and investment in, Properties, whether or not acquired or made, including but not limited to legal fees and expenses, travel and communications expenses, costs of financial analysis, appraisals and surveys,
nonrefundable option payments on Property not acquired, accounting fees and expenses, computer use-related expenses, architectural and engineering reports, environmental reports, title insurance and escrow fees, and personnel and other direct
expenses related to the selection and acquisition of Properties. 
 “Acquisition Fee” means any and all fees and
commissions, exclusive of Acquisition Expenses, paid by any Person to any other Person (including any fees or commissions paid by or to any Affiliate of the Company or the Advisor) in connection with the making or investing in mortgage loans or the
purchase, development or construction of a Property, including, without limitation, real estate commissions, acquisition fees, finder’s fees, selection fees, Development Fees and Construction Fees (except as provided in the following sentence),
nonrecurring management fees, consulting fees, loan fees, points, or any other fees or commissions of a similar nature. Excluded shall be any commissions or fees incurred in connection with the leasing of any Property, and Development Fees or
Construction Fees paid to any Person or entity not affiliated with the Advisor in connection with the actual development and 

  

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construction of any Property. This fee is paid to the Advisor in the amount established pursuant to Section 9.1 for the services provided to the Company
described in Section 4.2. 
 “Acquisition and Advisory Fee” means the fee paid to the Advisor in the amount
established pursuant to Section 9.1 for the services provided to the Company described in Section 4.2. 
 “Advisor” means the Person responsible for directing or performing the day-to-day business affairs of the Company, including a Person to which an Advisor subcontracts substantially all such functions. The Advisor is Strategic
Storage Advisor, LLC or any Person which succeeds it in such capacity. 
 “Advisory Agreement” means this agreement
between the Company and the Advisor pursuant to which the Advisor will direct or perform the day-to-day business affairs of the Company, as it may be amended or restated from time to time. 
 “Affiliate” or “Affiliated” means, as to any individual, corporation, partnership, trust, limited liability company or
other legal entity (other than the Company): (a) any Person or entity, directly or indirectly owning, controlling, or holding with power to vote ten percent (10%) or more of the outstanding voting Securities of another Person or entity;
(b) any Person ten percent (10%) or more of whose outstanding voting Securities are directly or indirectly owned, controlled or held, with power to vote, by such other Person; (c) any Person or entity directly or indirectly through
one or more intermediaries controlling, controlled by, or under common control with another Person or entity; (d) any officer, director, general partner or trustee of such Person or entity; and (e) if such other Person or entity is an
officer, director, general partner, or trustee of a Person or entity, the Person or entity for which such Person or entity acts in any such capacity. 
 “Appraised Value” means value according to an appraisal made by an Independent Appraiser. 
 “Assets” means any and all GAAP assets including but not limited to all real estate investments (real, personal or otherwise), tangible or intangible, owned or held by, or for the account of, the Company, whether directly or
indirectly through another entity or entities, including Properties. 
 “Average Invested Assets” means, for a
specified period, the average of the aggregate GAAP basis book carrying values of the Assets invested, directly or indirectly, in equity interests in and loans secured, directly or indirectly, by real estate before reserves for depreciation or bad
debts or other similar non-cash reserves, computed by taking the average of such values at the end of each month during such period. 
 “Asset Management Fee” means the fee paid to the Advisor in the amount established pursuant to Section 9.2 for the services provided to the Company described in Section 4.3. 
 “Board of Directors” or “Board” means the individuals holding such office, as of any particular time, under the
Charter of the Company, whether they are the Directors named therein or additional or successor Directors. 
 “Bylaws” means the bylaws of the Company, as the same may be amended from time to time. 
 “Capped
O&O Expenses” means all Organizational and Offering Expenses in excess of 3.5% of the Gross Proceeds raised in a completed Offering other than Gross Proceeds from Stock sold pursuant to the Distribution Reinvestment Plan. 
  

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 “Cash from Financings” means the net cash proceeds realized by the Company from
the financing of Property or from the refinancing of any Company indebtedness. 
 “Cash from Sales” means the net
cash proceeds realized by the Company from the sale, exchange or other disposition of any of its Properties after deduction of all expenses incurred in connection therewith. Cash from Sales shall not include Cash from Financings. 
 “Change of Control” means any event (including, without limitation, issue, transfer or other disposition of Stock or equity
interests in the Operating Partnership, merger, share exchange or consolidation) after which any “person” (as that term is used in Section 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 the 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 Common
Stock. 
 “Charter” means the charter of the Company, including the articles of incorporation and all articles of
amendment, articles of amendment and restatement, articles supplementary and other modifications thereto as filed with the State Department of Assessments and Taxation of the State of Maryland. 
 “Code” means the Internal Revenue Code of 1986, as amended from time to time, or any successor statute thereto. Reference to any
provision of the Code shall mean such provision as in effect from time to time, as the same may be amended, and any successor provision thereto, as interpreted by any applicable regulations as in effect from time to time. 
 “Common Stock” means shares of the Company’s common stock, $.001 par value per share, the terms and conditions of which are
set forth in the Charter. 
 “Common Stockholders” means holders of shares of Common Stock. 
 “Company” means Strategic Storage Trust, Inc., a corporation organized under the laws of the State of Maryland. 
 “Competitive Real Estate Commission” means a real estate or brokerage commission paid for the purchase or sale of a Property
that is reasonable, customary and competitive in light of the size, type and location of the Property. 
 “Construction
Fee” means a fee or other remuneration for acting as general contractor and/or construction manager to construct, supervise or coordinate leasehold or other improvements or projects, or to provide major repairs or rehabilitation for a Property.

 “Contract Purchase Price” means the amount actually paid or allocated in respect of the purchase, development,
construction, or improvement of a Property, exclusive of Acquisition Fees and Acquisition Expenses. 
 “Contract Sales
Price” means the total consideration provided for in the sales contract for the sale of a Property. 
  

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 “Dealer Manager” means U.S. Select Securities LLC, an Affiliate of the Advisor,
or such other Person or entity selected by the Board of Directors to act as the dealer manager for the offering of the Stock. U.S. Select Securities LLC is a member of the Financial Industry Regulatory Authority (a successor entity to the National
Association of Securities Dealers, Inc.). 
 “Development Fee” means a fee for the packaging of a Property,
including negotiating and approving plans, and undertaking to assist in obtaining zoning and necessary variances and financing for the specific Property, either initially or at a later date. 
 “Director” means an individual who is a member of the Board of Directors. 
 “Disposition Fee” means the fee paid to the Advisor in connection with the sale of a property as described in Section 9.3
of this Advisory Agreement. 
 “Distribution Reinvestment Plan” has the meaning set forth in Section 8.8 of the
Charter. 
 “Distributions” means any dividends or other distributions of money or other property paid by the
Company to the holders of Common Stock or preferred stock, including dividends that may constitute a return of capital for federal income tax purposes. 
 “Excess Expense Guidelines” has the meaning set forth in Section 10.3(c) hereof. 
 “GAAP” means generally accepted accounting principles consistently applied as used in the United States. 
 “Gross Proceeds” means the aggregate purchase price of all Stock sold for the account of the Company, including Stock sold pursuant to the Distribution Reinvestment Plan, without deduction for Sales Commissions, volume discounts,
fees paid to the Dealer Manager or other Organization and Offering Expenses. Gross Proceeds does not include Stock issued in exchange for OP Units. 
 “Independent Appraiser” means a person or entity, who is not an Affiliate of the Advisor or the Directors, who is engaged to a substantial extent in the business of rendering opinions regarding the value of
assets of the type held by the Company, and who is a qualified appraiser of real estate as determined by the Board. Membership in a nationally recognized appraisal society such as the American Institute of Real Estate Appraisers or the Society of
Real Estate Appraisers shall be conclusive evidence of such qualification. 
 “Independent Director” means a
Director who is not, and within the last two (2) years has not been, directly or indirectly associated with the Advisor or the Sponsor by virtue of (a) ownership of an interest in the Advisor, the Sponsor or their Affiliates,
(b) employment by the Advisor, the Sponsor or their Affiliates, (c) service as an officer or director of the Advisor, the Sponsor or their Affiliates, (d) performance of services, other than as a Director, for the Company,
(e) service as a director or trustee of more than three (3) real estate investment trusts organized by the Advisor or the Sponsor or advised by the Advisor, or (f) maintenance of a material business or professional relationship with
the Advisor, the Sponsor or any of their Affiliates. A business or professional relationship is considered material if the gross revenue derived by the Director from the Advisor, the Sponsor and Affiliates exceeds five percent (5%) of either
the Director’s annual gross revenue during either of the last two (2) years or the Director’s net worth on a fair market value basis. An indirect relationship shall include circumstances in which a Director’s spouse, parents,
children, siblings, mothers- or fathers-in-law, sons- or daughters-in-law or brothers- or sisters-in-law are or have been associated with the Advisor, the Sponsor, any of their Affiliates or the Company. 
  

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 “Initial Public Offering” means the offering and sale of Common Stock of the
Company pursuant to the Company’s first effective registration statement covering such Common Stock filed under the Securities Act of 1933. 
 “Invested Capital” means the amount calculated by multiplying the total number of shares of Common Stock purchased by Stockholders by (a) the Offering Price for the Stock or (b) for Stock not
purchased in an Offering, the issue price for the Stock; in each case reduced by any Distributions other than stock dividends which represent a return of capital, and any amounts paid by the Company to repurchase shares of Stock pursuant to a plan
for repurchase of the Company’s Stock. 
 “Joint Venture” or “Joint Ventures” means those joint
venture or general partnership arrangements in which the Company or the Operating Partnership is a co-venturer or general partner which are established to acquire Properties. 
 “Listed” means the Securities are approved for trading on a national securities exchange or for quotation on a national market
system. The term “Listing” shall have the correlative meaning. 
 “Market Value” means the aggregate
market value of all of the outstanding Common Stock, measured by taking the average closing price or average of bid and asked price, as the case may be, during the consecutive 30-day period commencing one hundred eighty (180) days following Listing.

 “NASAA” means the North American Securities Administrators Association, Inc. 
 “NASAA Net Income” means for any period, the total revenues applicable to such period, less the total expenses applicable to
such period excluding additions to reserves for depreciation, bad debts or other similar non-cash reserves; provided, however, NASAA Net Income for purposes of calculating total allowable Operating Expenses shall exclude the gain or loss from the
sale of the Company’s Assets. 
 “NASAA REIT Guidelines” means the Statement of Policy Regarding Real Estate
Investment Trusts published by the North American Securities Administrators Association, Inc. as revised and adopted by the NASAA membership on May 7, 2007, as may be amended from time to time. 
 “Net Asset Value” means the total Assets including intangible assets relating to SFAS No. 141, Business Combinations, and
SFAS No. 142, Goodwill and Other Intangible Assets (but not including other GAAP intangibles) at cost before deducting depreciation or other non-cash reserves less total liabilities, calculated at least quarterly on a basis consistently
applied. 
 “Net Income” means net income as calculated in accordance with GAAP. 
 “Net Sale Proceeds” means in the case of a transaction described in clause (a) of the definition of Sale, the net proceeds
of any such transaction less the amount of all real estate commissions and closing costs paid by the Operating Partnership. In the case of a transaction described in clause (b) of such definition, Net Sale Proceeds means the net proceeds of any
such transaction less the amount of any legal and other selling expenses incurred by the Operating Partnership in connection with such transaction. In the case of a transaction described in clause (c) of such definition, Net Sale Proceeds means
the net proceeds of any such transaction actually distributed to the Operating Partnership from the Joint Venture less any expenses incurred by the Operating Partnership in connection with such transaction. In the case of a transaction or series of
transactions described in clause (d) of the definition of 

  

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Sale, Net Sale Proceeds means the net proceeds of any such transaction less the amount of all commissions and closing costs paid by the Operating
Partnership. In the case of a transaction described in clause (e) of such definition, Net Sale Proceeds means the net proceeds of any such transaction less the amount of all selling costs and other expenses incurred by the Operating Partnership
in connection with such transaction. Net Sale Proceeds shall also include, in the case of any lease of a Property consisting of a building only, any amounts from tenants, borrowers or lessees that the Company, as general partner of the Operating
Partnership determines, in its discretion, to be economically equivalent to the proceeds of a Sale. Net Sale Proceeds shall not include any amounts used to repay outstanding indebtedness secured by the asset disposed of in the sale. 
 “Offering” means an offering of Stock that is registered with the SEC, excluding Stock offered under any employee benefit plan.

 “Offering Price” means, with respect to each share of Stock, the highest price at which such Stock was offered by
the Company in the Offering pursuant to which such Stock was issued, without regard to any price reductions for certain types of purchasers or volume discounts. 
 “Operating Expenses” means all direct and indirect costs and expenses incurred by the Company, as determined under GAAP, which
in any way are related to the operation of the Company or to Company business, including advisory fees, but excluding (a) the expenses of raising capital such as Organizational and Offering Expenses, legal, audit, accounting, underwriting,
brokerage, listing, registration, and other fees, printing and other such expenses and taxes incurred in connection with the issuance, distribution, transfer, registration and Listing of the Stock, (b) interest payments, (c) taxes,
(d) non-cash expenditures such as depreciation, amortization and bad debt reserves, (e) Acquisition Fees and Acquisition Expenses, (f) real estate commissions on the Sale of Property, and other expenses connected with the acquisition
and ownership of real estate interests, mortgage loans, or other property (such as the costs of foreclosure, insurance premiums, legal services, maintenance, repair, and improvement of property) and (g) any incentive fees which may be paid in
compliance with the NASAA REIT Guidelines. The definition of “Operating Expenses” set forth above is intended to encompass only those expenses which are required to be treated as Operating Expenses under the NASAA REIT Guidelines. As a
result, and notwithstanding the definition set forth above, any expense of the Company which is not an Operating Expense under the NASAA REIT Guidelines shall not be treated as an Operating Expense for purposes hereof. 
 “Operating Partnership” means Strategic Storage Operating Partnership, L.P. which is the partnership through which the Company
may own Properties. 
 “Operating Partnership Agreement” means the First Amended and Restated Limited Partnership
Agreement of the Operating Partnership, as amended and restated from time to time. 
 “OP Unit” means a unit of
limited partnership interest in the Operating Partnership. 
 “Organizational and Offering Expenses” means any and
all costs and expenses incurred by the Company, the Advisor or any Affiliate of either in connection with and in preparing the Company for registration of and subsequently offering and distributing its Stock to the public, which may include but are
not limited to total underwriting and brokerage discounts and commissions (including fees of the underwriters’ attorneys), legal, accounting and escrow fees, expenses for printing, engraving, amending, supplementing and mailing, distribution
costs, compensation to employees while engaged in registering, marketing and wholesaling the Stock, telegraph and telephone costs, all advertising and marketing expenses (including the costs related to investor and broker-dealer sales meetings),
charges of transfer agents, registrars, trustees, escrow holders, depositories, experts, and fees, expenses and taxes related to the filing, registration and qualification of the sale of the Securities under Federal and State laws, including
accountants’ and attorneys’ fees and other accountable offering expenses. Organization and 

  

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Offering Expenses may include, but are not limited to: (a) amounts to reimburse the Advisor for all marketing related costs and expenses such as
compensation to and direct expenses of the Advisor’s employees or employees of the Advisor’s Affiliates in connection with registering and marketing the Stock; (b) compensation to and direct expenses of employees of the Dealer Manager
while preparing for the offering and marketing of the Stock and in connection with their wholesaling activities but not Sales Commissions; (c) travel and entertainment expenses related to the offering and marketing of the Stock;
(d) facilities and technology costs and other costs and expenses associated with the offering and to facilitate the marketing of the Stock including web site design and management; (e) costs and expenses of conducting training and
educational conferences and seminars; (f) costs and expenses of attending broker-dealer sponsored retail seminars or conferences; and (g) payment or reimbursement of bona fide due diligence expenses. 
 “Performance Fee Note” has the meaning set forth in Section 16.2 hereof. 
 “Person” shall mean any natural person, partnership, corporation, association, trust, limited liability company or other legal
entity. 
 “Property” or “Properties” means the real properties or real estate investments which are
acquired by the Company either directly or through the Operating Partnership, Joint Ventures, partnerships or other entities. 
 “Property Manager” means any entity that has been retained to perform and carry out at one or more of the Properties property management services. 
 “Prospectus” means any document, notice, or other communication satisfying the standards set forth in Section 10 of the
Securities Act of 1933, and contained in a currently effective registration statement filed by the Company with, and declared effective by, the SEC, or if no registration statement is currently effective, then the Prospectus contained in the most
recently effective registration statement. 
 “Registration Statement” means the registration statement filed by the
Company with the Securities and Exchange Commission on Form S-11 (Reg. No. 333-146959), as amended from time to time, in connection with the Initial Public Offering. 
 “REIT” means a corporation, trust or association which is engaged in investing in equity interests in real estate (including fee
ownership and leasehold interests and interests in partnerships and Joint Ventures holding real estate) or in loans secured by mortgages on real estate or both and that qualifies as a real estate investment trust under the REIT Provisions of the
Code. 
 “REIT Provisions of the Code” means Sections 856 through 860 of the Code and any successor or other
provisions of the Code relating to real estate investment trusts (including provisions as to the attribution of ownership of beneficial interests therein) and the regulations promulgated thereunder. 
 “REIT Stock Amount” has the meaning set forth in the Operating Partnership Agreement. 
 “Sale” or “Sales” means any transaction or series of transactions whereby: (a) the Operating Partnership sells,
grants, transfers, conveys or relinquishes its ownership of any Property or portion thereof, including the lease of any Property consisting of the building only, and including any event with respect to any Property which gives rise to a significant
amount of insurance proceeds or 

  

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condemnation awards; (b) the Operating Partnership sells, grants, transfers, conveys or relinquishes its ownership of all or substantially all of the
interest of the Operating Partnership in any Joint Venture in which it is a co-venturer or partner; (c) any Joint Venture in which the Operating Partnership is a co-venturer or partner sells, grants, transfers, conveys or relinquishes its
ownership of any Property or portion thereof, including any event with respect to any Property which gives rise to insurance claims or condemnation awards; (d) the Operating Partnership sells, grants, conveys, or relinquishes its interest in
any asset, or portion thereof, including any event with respect to any asset which gives rise to a significant amount of insurance proceeds or similar awards; or (e) the Operating Partnership sells or otherwise disposes of or distributes all of
its assets in liquidation of the Operating Partnership. 
 “Sales Commissions” means any and all commissions payable
to underwriters, dealer managers or other broker-dealers in connection with the sale of Stock, including, without limitation, commissions payable to the Dealer Manager. 
 “Securities” means any class or series of units or shares of the Company or the Operating Partnership, including common shares
or preferred units or shares and any other evidences of equity or beneficial or other interests, voting trust certificates, bonds, debentures, notes or other evidences of indebtedness, secured or unsecured, convertible, subordinated or otherwise, or
in general any instruments commonly known as “Securities” or any certificates of interest, shares or participations in, temporary or interim certificates for, receipts for, guarantees of, or warrants, options or rights to subscribe to,
purchase or acquire, any of the foregoing. 
 “Securities Act” means the Securities Act of 1933, as amended.

 “Sponsor” means U.S. Commercial LLC, a Virginia limited liability company. 
 “Stock” means shares of stock of the Company of any class or series, including Common Stock, preferred stock or Shares-in-Trust.

 “Stockholders” means the registered holders of the Company’s Stock. 
 “Stockholders’ 10% Return” means, as of any date, an aggregate amount equal to a 10% cumulative, non-compounded, annual
return on Invested Capital; provided, however, that for purposes of calculating the Stockholders’ 10% Return, any stock dividend shall not be included as a Distribution; and provided further that for purposes of determining the
Stockholders’ 10% Return, the return for each portion of the Invested Capital shall commence for purposes of the calculation upon the issuance of the shares issued in connection with such capital. 
 “Stockholders’ 8% Return” means, as of any date, an aggregate amount equal to a 8% cumulative, non-compounded, annual
return on Invested Capital; provided, however, that for purposes of calculating the Stockholders’ 8% Return, any stock dividend shall not be included as a Distribution; and provided further that for purposes of determining the
Stockholders’ 8% Return, the return for each portion of the Invested Capital shall commence for purposes of the calculation upon the issuance of the shares issued in connection with such capital. 
 “Stockholders’ 6% Return” means, as of any date, an aggregate amount equal to a 6% cumulative, non-compounded, annual
return on Invested Capital; provided, however, that for purposes of calculating the Stockholders’ 6% Return, any stock dividend shall not be included as a Distribution; and provided further that for purposes of determining the
Stockholders’ 6% Return, the return for each portion of the Invested Capital shall commence for purposes of the calculation upon the issuance of the shares issued in connection with such capital. 
  

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 “Subordinated Incentive Fee Due Upon Listing” means: 
 (a) 5% of the amount by which (i) the Market Value, plus the total of all Distributions paid to Stockholders of Common Stock
(excluding any stock dividends and Distributions paid on shares of Common Stock redeemed by the Company) from the Company’s inception until the date that Market Value is determined, exceeds (ii) the sum of (A) Invested Capital and
(B) the total Distributions required to be paid to Stockholders of Common Stock in order to pay the Stockholders’ 6% Return or more but less than Stockholders’ 8% Return from inception through the date Market Value is determined; or

 (b) 10% of the amount by which (i) the Market Value, plus the total of all Distributions paid to Common Stockholders
(excluding any stock dividends and Distributions paid on shares of Common Stock redeemed by the Company) from the Company’s inception until the date that Market Value is determined, exceeds (ii) the sum of (A) Invested Capital and
(B) the total Distributions required to be paid to Common Stockholders in order to pay the Stockholders’ 8% Return or more but less than Stockholders’ 10% Return from inception through the date Market Value is determined; or

 (c) 15% of the amount by which (i) the Market Value, plus the total of all Distributions paid to Common Stockholders
(excluding any stock dividends and Distributions paid on shares of Common Stock redeemed by the Company) from the Company’s inception until the date that Market Value is determined, exceeds (ii) the sum of (A) Invested Capital and
(B) the total Distributions required to be paid to Common Stockholders in order to pay the Stockholders’ 10% Return or more from inception through the date Market Value is determined. 
 In the event that the Subordinated Incentive Fee Due Upon Listing is paid to the Advisor, thereafter, the Advisor will not be entitled to
receive any payments of Subordinated Performance Fee Due Upon Termination or Subordinated Share of Net Sale Proceeds. 
 “Subordinated Performance Fee Due Upon Termination” means: 
 (a) 5% of the amount, if any, by which
(i) the Appraised Value of the Properties at the Termination Date, less amounts of all indebtedness secured by the Properties, plus total Distributions (excluding any stock dividend and Distributions paid on shares of Common Stock redeemed by
the Company pursuant to its share redemption program) through the Termination Date exceeds (ii) the sum of Invested Capital plus total Distributions required to be made to the Common Stockholders in order to pay the Stockholders’ 6% Return
or more but less than Stockholders’ 8% Return from inception through the Termination Date; or 
 (b) 10% of the amount,
if any, by which (i) the Appraised Value of the Properties at the Termination Date, less amounts of all indebtedness secured by the Properties, plus total Distributions (excluding any stock dividend and Distributions paid on shares of Common
Stock redeemed by the Company pursuant to its share redemption program) through the Termination Date exceeds (ii) the sum of Invested Capital plus total Distributions required to be made to the Common Stockholders in order to pay the
Stockholders’ 8% Return or more but less than Stockholders’ 10% Return from inception through the Termination Date; or 
 (c) 15% of the amount, if any, by which (i) the Appraised Value of the Properties at the Termination Date, less amounts of all indebtedness secured by the Properties, plus total Distributions (excluding any stock dividend and
Distributions paid on shares of Common Stock redeemed by the Company pursuant to its share redemption program) through the Termination Date exceeds (ii) the 

  

 9 

 
sum of Invested Capital plus total Distributions required to be made to the Common Stockholders in order to pay the Stockholders’ 10% Return or more
from inception through the Termination Date; 
 Such fee shall be reduced by any prior payment to the Advisor of a
Subordinated Share of Net Sale Proceeds. 
 “Subordinated Share of Net Sale Proceeds” means a fee equal to:

 (a) 5% of Net Sale Proceeds remaining after the Common Stockholders have received Distributions of Net Sale Proceeds such
that the owners of all outstanding shares of Common Stock have received Distributions in an aggregate amount equal to the sum of (i) the Stockholders’ 6% Return or more but less than Stockholders’ 8% Return and (ii) Invested
Capital. 
 (b) 10% of Net Sale Proceeds remaining after the Common Stockholders have received Distributions of Net Sale
Proceeds such that the owners of all outstanding shares of Common Stock have received Distributions in an aggregate amount equal to the sum of (i) the Stockholders’ 8% Return or more but less than Stockholders’ 10% Return and
(ii) Invested Capital. 
 (c) 15% of Net Sale Proceeds remaining after the Common Stockholders have received
Distributions of Net Sale Proceeds such that the owners of all outstanding shares of Common Stock have received Distributions in an aggregate amount equal to the sum of (i) the Stockholders’ 10% Return or more and (ii) Invested
Capital. 
 When determining whether the above thresholds have been met: (y) Distributions paid on shares of Common Stock
redeemed by the Company (and thus not included in the determination of Invested Capital), shall not be included as a Distribution; and (z) Net Sale Proceeds shall not be considered available for purposes of determining whether the thresholds in
subparagraphs (b) and (c) have been met to the extent of payments out of Net Sale Proceeds are used to pay the Subordinated Share of Net Sale Proceeds pursuant to subparagraphs (a) and (b), respectively. Following Listing, no
Subordinated Share of Net Sale Proceeds will be paid to the Advisor. 
 “Termination Date” means the date of
termination of this Advisory Agreement. 
 ARTICLE II 
 APPOINTMENT 
 The Company, through the powers vested in the Board of Directors including a majority
of all Independent Directors, hereby appoints the Advisor to serve as its advisor and asset manager on the terms and conditions set forth in this Advisory Agreement, and the Advisor hereby accepts such appointment. The Advisor undertakes to use its
commercially reasonable best efforts to present to the Company potential investment opportunities and to provide a continuing and suitable investment program consistent with the investment objectives and policies of the Company as determined and
adopted from time to time by the Board. 
 ARTICLE III 
 AUTHORITY OF THE ADVISOR 
 Section 3.1 General. All rights and
powers to manage and control the day-to-day business and affairs of the Company shall be vested in the Advisor. The Advisor shall have the power to delegate all or any part of its rights and powers to manage and control the business and affairs of
the Company to such officers, employees, Affiliates, agents and representatives of the Advisor or the 

  

 10 

 
Company as it may from time to time deem appropriate. Any authority delegated by the Advisor to any other Person shall be subject to the limitations on the
rights and powers of the Advisor specifically set forth in this Advisory Agreement, the Charter and the Bylaws. 
 Section
3.2       Powers of the Advisor. Subject to the express limitations set forth in this Advisory Agreement and subject to the supervision of the Board, the power to direct the management, operation and
policies of the Company shall be vested in the Advisor, which shall have the power by itself and shall be authorized and empowered on behalf and in the name of the Company to carry out any and all of the objectives and purposes of the Company and to
perform all acts and enter into and perform all contracts and other undertakings that it may in its sole discretion deem necessary, advisable or incidental thereto to perform its obligations under this Advisory Agreement. 
 Section 3.3       Approval by Directors . Notwithstanding the foregoing, any investment in Properties,
including any acquisition of a Property by the Company or any investment by the Company in a joint venture, limited partnership or similar entity owning real properties, will require the prior approval of the Board of Directors or a committee of the
Board constituting a majority of the Board. The Advisor will deliver to the Board of Directors all documents required by it to properly evaluate the proposed investment. 
 Section 3.4       Modification or Revocation of Authority of Advisor. The Board may, at any time upon the giving of notice to the Advisor, modify or revoke the
authority or approvals set forth in Articles III and IV, provided however, that such modification or revocation shall be effective upon receipt by the Advisor and shall not be applicable to investment transactions to which the Advisor has committed
the Company prior to the date of receipt by the Advisor of such notification. 
 ARTICLE IV 
 DUTIES OF THE ADVISOR 
 The Advisor
undertakes to use its commercially reasonable best efforts to present to the Company potential investment opportunities and to provide a continuing and suitable investment program consistent with the investment objectives and policies of the Company
as determined and adopted from time to time by the Board. In connection therewith, the Advisor agrees to perform the following services on behalf of the Company. 
 Section 4.1       Organizational and Offering Services. The Advisor shall manage and supervise: 
 (a)       the structure and development of any Offering, including the determination of the specific terms of the Securities
to be offered by the Company; 
 (b)       the preparation of all organizational and offering related
documents, and obtaining of all required regulatory approvals of such documents; 
 (c)       along with the
Dealer Manager, approval of the participating broker dealers and negotiation of the related selling agreements; 
 (d)
      coordination of the due diligence process relating to participating broker dealers and their review of the Prospectus and other Offering and Company documents; 
 (e)       preparation and approval of all marketing materials contemplated to be used by the Dealer Manager or others in an
Offering; 
  

 11 

 (f)       along with the Dealer Manager, negotiation and coordination with
the transfer agent for the receipt, collection, processing and acceptance of subscription agreements, commissions, and other administrative support functions; 
 (g)       creation and implementation of various technology and electronic communications related to an Offering; and 
 (h)       all other services related to organization of the Company or the Offering, whether performed and incurred by the
Advisor or its Affiliates. 
 Section 4.2 Acquisition Services. The Advisor shall: 
 (a)       serve as the Company’s investment and financial advisor and provide relevant market research and economic
and statistical data in connection with the Company’s assets and investment objectives and policies; 
 (b)       subject to Article III hereof and the investment objectives and policies of the Company: (i) locate, analyze and select potential investments; (ii) structure and negotiate the terms and
conditions of transactions pursuant to which investments in Assets will be made; (iii) acquire Assets on behalf of the Company; and (iv) arrange for financing related to acquisitions of Assets; 
 (c)       perform due diligence on prospective investments and create due diligence reports summarizing the results of such
work; 
 (d)       prepare reports regarding prospective investments which include recommendations and
supporting documentation necessary for the Board to evaluate the proposed investments; 
 (e)       obtain
reports (which may be prepared by the Advisor or its Affiliates), where appropriate, concerning the value of contemplated investments of the Company; and 
 (f)       negotiate and execute investments and other transactions approved by the Board. 
 Section 4.3 Asset Management Services and Administrative Services. 
 (a)       Asset Management and Property Related Services. The Advisor shall: 
 (i)       negotiate and service the Company’s debt facilities and other financings; 
 (ii)      monitor applicable markets and obtain reports (which may be prepared by the Advisor or its Affiliates) where appropriate, concerning the value of investments of the Company; 
 (iii)     monitor and evaluate the performance of investments of the Company; provide daily management services to the
Company and perform and supervise the various management and operational functions related to the Company’s investments; 
 (iv)     coordinate with the Property Manager on its duties under any property management agreement and assist in obtaining all necessary approvals of major property transactions as governed by the applicable property
management agreement; 
 (v)      coordinate and manage relationships between the Company and any
joint venture partners; 
  

 12 

 (vi)     consult with the officers and Directors of the Company and
provide assistance with the evaluation and approval of potential property dispositions, sales or refinancings; and 
 (vii)
   provide the officers and Directors of the Company periodic reports regarding prospective investments in Properties. 
 (b)       Accounting, SEC Compliance and Other Administrative Services. The Advisor shall: 
 (i)       coordinate with the Company’s independent accountants and auditors to prepare and deliver to the Board an annual report covering the Advisor’s compliance with
certain material aspects of this Advisory Agreement; 
 (ii)      maintain accounting systems,
records and data and any other information requested concerning the activities of the Company as shall be required to prepare and to file all periodic financial reports and returns required to be filed with the SEC and any other regulatory agency,
including annual financial statements; 
 (iii)     provide tax and compliance services and coordinate
with appropriate third parties, including independent accountants and other consultants, on related tax matters; 
 (iv)
    maintain all appropriate books and records of the Company; 
 (v)
     provide the officers of the Company and the Board with timely updates related to the overall regulatory environment affecting the Company, as well as managing compliance with such matters, including but not limited to
compliance with the Sarbanes-Oxley Act of 2002; 
 (vi)     consult with the officers of the Company and
the Board relating to the corporate governance structure and appropriate policies and procedures related thereto; 
 (vii)
   perform all reporting, record keeping, internal controls and similar matters in a manner to allow the Company to comply with applicable law including the Sarbanes-Oxley Act of 2002; 
 (viii)   investigate, select, and, on behalf of the Company, engage and conduct business with such Persons as the Advisor deems
necessary to the proper performance of its obligations hereunder, including but not limited to consultants, accountants, lenders, technical advisors, attorneys, brokers, underwriters, corporate fiduciaries, escrow agents, depositaries, custodians,
agents for collection, insurers, insurance agents, banks, builders, developers, property owners, mortgagers, construction companies and any and all Persons acting in any other capacity deemed by the Advisor necessary or desirable for the performance
of any of the foregoing services; 
 (ix)     supervise the performance of such ministerial and
administrative functions as may be necessary in connection with the daily operations of the Assets; 
 (x)
     provide the Company with all necessary cash management services; 
 (xi)
    consult with the officers of the Company and the Board and assist the Board in evaluating and obtaining adequate insurance coverage based upon risk management determinations; 
  

 13 

 (xii)      manage and perform the various administrative
functions necessary for the management of the day-to-day operations of the Company; 
 (xiii)     provide
or arrange for administrative services and items, legal and other services, office space, office furnishings, personnel and other overhead items necessary and incidental to the Company’s business and operations; 
 (xiv)     provide financial and operational planning services and portfolio management functions; and 
 (xv)      from time-to-time, or at any time reasonably requested by the Board, make reports to the Board on the
Advisor’s performance of services to the Company under this Advisory Agreement. 
 (c)      
Stockholder Services. The Advisor shall: 
 (i)        retain a transfer agent on
behalf of the Company to perform all necessary transfer agent functions; 
 (ii)       manage
and coordinate with the transfer agent the quarterly dividend process and payments to Stockholders; 
 (iii)
     manage communications with Stockholders, including answering phone calls, preparing and sending written and electronic reports and other communications; and 
 (iv)      establish technology infrastructure to assist in providing Stockholder support and service. 

ARTICLE V 
 BANK ACCOUNTS

 The Advisor may establish and maintain one or more bank accounts in its own name for the account of the Company or in the name of the
Company 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, under such terms and conditions as the Board may approve, provided that no funds shall be
commingled with the funds of the Advisor; and the Advisor shall from time to time render appropriate accountings of such collections and payments to the Board and to the auditors of the Company. 
 ARTICLE VI 
 RECORDS; ACCESS

 The Advisor shall maintain appropriate records of all 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, in the conduct of its responsibilities to the Company, shall maintain adequate and separate books and
records for the Company’s operations in accordance with GAAP, which shall be supported by sufficient documentation to ascertain that such books and records are properly and accurately recorded. Such books and records shall be the property of
the Company. Such books and records shall include all information necessary to calculate and audit the fees or reimbursements paid under this Advisory Agreement. The Advisor shall utilize procedures to attempt to ensure such control over accounting
and financial transactions as is reasonably required to protect the Company’s assets from theft, error or fraudulent activity. All financial statements that the Advisor delivers to the Company shall be prepared on an accrual basis in accordance

  

 14 

 
with GAAP, except for special financial reports which by their nature require a deviation from GAAP. The Advisor shall maintain necessary liaison with the
Company’s independent accountants and shall provide such accountants with such reports and other information as the Company shall request. The Advisor shall at all reasonable times have access to the books and records of the Company.

 ARTICLE VII 
 OTHER ACTIVITIES OF THE ADVISOR 
 Section 7.1       General. Nothing
herein contained shall prevent the Advisor from engaging in other activities, including, without limitation, the rendering of advice to other Persons (including other REITs) and the management of other programs advised, sponsored or organized by the
Advisor or its Affiliates; nor shall this Advisory Agreement limit or restrict the right of any director, officer, employee, or stockholder of the Advisor or its Affiliates to engage in any other business or to render services of any kind to any
other partnership, corporation, firm, individual, trust or association. The Advisor may, with respect to any investment in which the Company is a participant, also render advice and service to each and every other participant therein. The Advisor
shall report to the Board the existence of any condition or circumstance, existing or anticipated, of which it has knowledge, which creates or could create a conflict of interest between the Advisor’s obligations to the Company and its
obligations to or its interest in any other partnership, corporation, firm, individual, trust or association. 
 Section
7.2       Policy with Respect to Allocation of Investment Opportunities. Before the Advisor presents an investment opportunity that would in its judgment be suitable for the Company to another
Advisor-sponsored program, the Advisor shall determine in its sole discretion that the investment opportunity is more suitable for such other program than for the Company based on factors such as the following: the investment objectives and criteria
of each program; the cash requirements and anticipated cash flow of each entity; the size of the investment opportunity; the effect of the acquisition on diversification of each entity’s investments; the income tax consequences of the purchase
on each entity; the policies of each program relating to leverage; the amount of funds available to each program and the length of time such funds have been available for investment. In the event that an investment opportunity becomes available that
is, in the sole discretion of the Advisor, equally suitable for both the Company and another Advisor-sponsored program, then the Advisor may offer the other program the investment opportunity if it has had the longest period of time elapse since it
was offered an investment opportunity. The Advisor will use its reasonable efforts to fairly allocate investment opportunities in accordance with such allocation method and will promptly disclose any material deviation from such policy or the
establishment of a new policy, which shall be allowed provided (a) the Board is provided with notice of such policy at least 60 days prior to such policy becoming effective and (b) such policy provides for the reasonable allocation of
investment opportunities among such programs. The Advisor shall provide the Independent Directors with any information reasonably requested so that the Independent Directors can insure that the allocation of investment opportunities is applied
fairly. Nothing herein shall be deemed to prevent the Advisor or an Affiliate from pursuing an investment opportunity directly rather than offering it to the Company or another Advisor-sponsored program so long as the Advisor is fulfilling its
obligation to present a continuing and suitable investment program to the Company which is consistent with the investment policies and objectives of the Company. If a subsequent development, such as a delay in the closing of a property or a delay in
the construction of a property, causes any such investment, in the opinion of the Board of Directors and the Advisor, to be more appropriate for an entity other than the entity which committed to make the investment, however, the Advisor has the
right to agree that the other entity affiliated with the Advisors or its Affiliates may make the investment. 
  

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 ARTICLE VIII 
 LIMITATIONS ON ACTIVITIES 
 Anything else in this Advisory Agreement to the contrary notwithstanding,
the Advisor shall refrain from taking any action which, in its sole judgment made in good faith, would (a) adversely affect the status of the Company as a REIT, (b) subject the Company to regulation under the Investment Company Act of
1940, as amended, (c) violate any law, rule, regulation or statement of policy of any governmental body or agency having jurisdiction over the Company, its Stock or its other Securities, or (d) violate the Charter or Bylaws, except if such
action shall be ordered by the Board, in which case the Advisor shall notify promptly the Board of the Advisor’s judgment of the potential impact of such action and shall refrain from taking such action until it receives further clarification
or instructions from the Board. In such event the Advisor shall have no liability for acting in accordance with the specific instructions of the Board so given. Notwithstanding the foregoing, the Advisor, its directors, officers, employees and
stockholders, and stockholders, directors and officers of the Advisor’s Affiliates shall not be liable to the Company or to the Board or Stockholders for any act or omission by the Advisor, its directors, officers or employees, or stockholders,
directors or officers of the Advisor’s Affiliates except as provided in this Advisory Agreement. 
 ARTICLE IX 
 FEES 
 Section
9.1       Acquisition Fees. The Company will pay the Advisor, as compensation for the services described in Section 4.2, Acquisition Fees in an amount equal to 2.5% of the Contract Purchase Price
of each Property at the time and in respect of funds expended for the acquisition or development of a Property. The total of all Acquisition Fees and Acquisition Expenses shall be limited in accordance with the Charter. 
 Section 9.2       Asset Management Fee. Commencing on the date hereof, the Company shall pay the
Advisor an Asset Management Fee in an amount equal to one-twelfth of 1% of the Average Invested Assets, calculated on a monthly basis as of the last day of each month for the asset management services included in the services described in
Section 4.3. 
 Section 9.3       Disposition Fees. If the Advisor or an Affiliate
provides a substantial amount of the services (as determined by a majority of the Directors, including a majority of the Independent Directors) in connection with the Sale of one or more Properties, the Advisor or such Affiliate shall receive at
closing a Disposition Fee of up to 3% of the Contract Sales Price of such Property or Properties. Any Disposition Fee payable under this section may be paid in addition to real estate commissions paid to non-Affiliates, provided that the total real
estate commissions (including such Disposition Fee) paid to all Persons by the Company for each Property shall not exceed an amount equal to the lesser of (i) 6% of the aggregate Contract Sales Price of each Property or (ii) the
Competitive Real Estate Commission for each Property. The Company will pay the Disposition Fee for a property at the time the property is sold. 
 Section 9.4       Subordinated Share of Net Sale Proceeds. The Subordinated Share of Net Sale Proceeds shall be payable to the Advisor at the time or times that the Company determines that the
Subordinated Share of Net Sale Proceeds has been earned by the Advisor, provided that no Subordinated Share of Net Sale Proceeds will be paid if the Company has paid or is obligated to pay the Subordinated Incentive Fee Due Upon Listing. In the case
of multiple advisors, advisors and Affiliates shall be allowed incentive fees in accordance with the foregoing limitation, provided such fees are distributed by a proportional method reasonably designed to reflect the value added to the
Company’s Assets by each respective advisor or Affiliate. 
  

 16 

 Section 9.5       Subordinated Incentive Fee Due Upon
Listing. Upon Listing, and as soon as practicable following the determination of Market Value, the Advisor shall be entitled to the Subordinated Incentive Fee Due Upon Listing. The Subordinated Incentive Fee Due Upon Listing shall be due and
payable to the Advisor no earlier than one hundred eighty (180) days after Listing in the form of a promissory note (the “Listing Fee Note”). In the event the Subordinated Incentive Fee Due Upon Listing is paid to the Advisor following
Listing, the Advisor will not be entitled to receive any payments of Subordinated Performance Fee Due Upon Termination or Subordinated Share of Net Sale Proceeds following receipt of the Subordinated Incentive Fee Due Upon Listing. The Company shall
repay the Listing Fee Note at such time as the Company completes the first Sale or refinancing of a Property held one hundred eighty (180) days after Listing using Cash from Sales or Cash from Financings in an amount equal to the value such Property
contributed to the Listing Fee Note. If such amount is insufficient to pay the Listing Fee Note in full, then the Listing Fee Note shall be paid in part from the Cash from Sales from the first Sale or Cash from Financings from the first refinancing
of a Property held one hundred eighty (180) days after Listing, and in part from the Cash from Sales from each successive Sale or Cash from Financings from each successive refinancing of Properties held one hundred eighty (180) days after Listing in
an amount equal to the value such Properties contributed to the Listing Fee Note until the Listing Fee Note is repaid in full. If the Listing Fee Note has not been paid in full within three (3) years after one hundred eighty (180) days after
Listing, then the holder of the Listing Fee Note, its successors or assigns, may elect to convert the balance of the fee into Common Stock at a price per share equal to the average closing price of the shares of Common Stock over the ten (10)
trading days immediately preceding the date of such election if the Common Stock is Listed at such time. 
 Section
9.6       Changes to Fee Structure. In the event of Listing, the Company and the Advisor shall negotiate in good faith to establish a fee structure appropriate for a perpetual-life entity. A majority
of the Independent Directors must approve the new fee structure negotiated with the Advisor. In negotiating a new fee structure, the Independent Directors shall consider all of the factors they deem relevant, including, but not limited to:
(a) the amount of the advisory fee in relation to the asset value, composition and profitability of the Company’s portfolio; (b) the success of the Advisor in generating opportunities that meet the investment objectives of the
Company; (c) the rates charged to other REITs and to investors other than REITs by advisors performing the same or similar services; (d) additional revenues realized by the Advisor and its Affiliates through their relationship with the
Company, including loan administration, underwriting or broker commissions, servicing, engineering, inspection and other fees, whether paid by the REIT or by others with whom the REIT does business; (e) the quality and extent of service and
advice furnished by the Advisor; (f) the performance of the investment portfolio of the REIT, including income, conversion or appreciation of capital, and number and frequency of problem investments; and (g) the quality of the Property
portfolio of the Company in relationship to the investments generated by the Advisor for its own account. The new fee structure can be no more favorable to the Advisor than the current fee structure. 
 ARTICLE X 
 EXPENSES

 Section 10.1       Reimbursable Expenses. In addition to the compensation paid to
the Advisor pursuant to Article IX hereof, the Company shall pay directly or reimburse the Advisor for all of the expenses paid or incurred by the Advisor (to the extent not reimbursable by another party, such as the Dealer Manager) in connection
with the services it provides to the Company pursuant to this Advisory Agreement, including, but not limited to: 
 (a) reimbursements for
Organizational and Offering Expenses in connection with this offering, provided, however, that within 60 days after the end of the month in which an Offering terminates, the Advisor shall reimburse the Company to the extent (i) there are Capped
O&O Expenses 

  

 17 

 
borne by the Company and (ii) Organization and Offering Expenses borne by the Company (including selling commissions, dealer manager fees and
non-accountable due diligence expense allowance but not including Acquisition Fees or Acquisition Expenses) exceed 15% of the Gross Proceeds raised in a completed Offering; 
 (b) subject to the limitation set forth below, Acquisition Expenses incurred by the Advisor or its Affiliates; 
 (c) subject to the limitation set forth below, Acquisition Fees and Acquisition Expenses payable to unaffiliated Persons incurred in connection with the
selection and acquisition of Properties; 
 (d)       the actual out-of-pocket cost of goods and services used
by the Company and obtained from entities not affiliated with the Advisor including brokerage and other fees paid in connection with the purchase, operation and sale of Assets; 
 (e)       interest and other costs for borrowed money, including discounts, points and other similar fees; 
 (f)       taxes and assessments on income or Property and taxes as an expense of doing business and any taxes otherwise
imposed on the Company, its business or income; 
 (g)       costs associated with insurance required in
connection with the business of the Company or by the Board; 
 (h)       expenses of managing and operating
Properties owned by the Company, whether payable to an Affiliate of the Company or a non-affiliated Person; 
 (i)       all expenses in connection with payments to Directors and meetings of the Directors and Stockholders; 
 (j)       expenses associated with Listing or with the issuance and distribution of Securities other than the Stock issued in the Initial Public Offering, such as selling commissions and
fees, advertising expenses, taxes, legal and accounting fees, listing and registration fees; 
 (k)
      expenses connected with payments of Dividends in cash or otherwise made or caused to be made by the Company to the Stockholders; 
 (l)       expenses of organizing, converting, modifying, merging, liquidating or dissolving the Company or of amending the Charter or the Bylaws; 
 (m)       expenses of maintaining communications with Stockholders, including the cost of preparation, printing, and
mailing annual reports and other Stockholder reports, proxy statements and other reports required by governmental entities; 
 (n)
      administrative service expenses, including all direct and indirect costs and expenses incurred by Advisor in fulfilling its duties hereunder and including personnel costs; provided, however, that no reimbursement
shall be made for costs of personnel to the extent that such personnel perform services in transactions for which the Advisor receives the Acquisition Fee or Disposition Fee. Such direct and indirect costs and expenses may include reasonable wages
and salaries and other 

  

 18 

 
employee-related expenses of all employees of Advisor who are directly engaged in the operation, management, administration, and marketing of the Company,
including taxes, insurance and benefits relating to such employees, and legal, travel and other out-of-pocket expenses which are directly related to their services provided by Advisor pursuant to this Advisory Agreement; 
 (o)       audit, accounting and legal fees, and other fees for professional services relating to the operations of the
Company and all such fees incurred at the request, or on behalf of, the Independent Directors or any committee of the Board; and 
 (p)
      out-of-pocket costs for the Company to comply with all applicable laws, regulation and ordinances; and all other out-of-pocket costs necessary for the operation of the Company and its Assets incurred by the
Advisor in performing its duties hereunder. 
 The Company shall also reimburse the Advisor or Affiliates of the Advisor for all direct and
indirect costs and expenses incurred on behalf of the Company prior to the execution of this Advisory Agreement. In the event the Company does not raise $1 million in the Initial Public Offering, the Advisor will not be reimbursed for Organizational
and Offering Expenses. 
 The total of all Acquisition Fees and Acquisition Expenses paid by the Company in connection with the purchase of a
Property by the Company shall be reasonable, and shall in no event exceed an amount equal to 6% of the Contract Purchase Price, or in the case of a mortgage loan, 6% of the funds advanced; provided, however, that a majority of the Directors
(including the majority of the Independent Directors) not otherwise interested in the transaction may approve fees and expenses in excess of these limits if they determine the transaction to be commercially competitive, fair and reasonable to the
Company. 
 Section 10.2       Other Services. Should the Directors request that the
Advisor or any director, officer or employee thereof render services for the Company other than set forth in Article IV, such services shall be separately compensated at such rates and in such amounts as are agreed by the Advisor and a majority of
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 Advisory Agreement. 
 Section 10.3       Timing of and Limitations on Reimbursements. 
 (a)       Expenses incurred by the Advisor on behalf of the Company and payable pursuant to this Article X shall be reimbursed no less frequently than monthly to the Advisor. The Advisor shall prepare a
statement documenting the expenses of the Company during each quarter, and shall deliver such statement to the Company within 45 days after the end of each quarter. Subject to the Excess Expense Guidelines, the Company may advance funds to the
Advisor for expenses the Advisor anticipates will be incurred by the Advisor within the current month and any such advances shall be deducted from the amounts reimbursed by the Company to the Advisor. 
 (b)       Notwithstanding anything else in Article this X to the contrary, the expenses enumerated in this Article X shall
not become reimbursable to the Advisor unless and until the Company has raised $1 million in the Initial Public Offering. 
 (c)
      The Company shall not reimburse the Advisor at the end of any fiscal quarter Operating Expenses that, in the four consecutive fiscal quarters then ended (the “Expense Year”) exceed (the “Excess
Amount”) the greater of 2% of Average Invested Assets or 25% of NASAA Net Income (the “Excess Expense Guidelines”) for such year unless a majority of the Independent Directors determines that such excess was justified, based on
unusual and nonrecurring factors which they deem sufficient. If a majority of the Independent Directors does not approve such excess as being so justified, any Excess Amount paid to the Advisor during a fiscal quarter shall be repaid to the Company.
If a majority of the Independent Directors determines such excess was justified, then within 60 days after the end of any fiscal quarter of the Company for which total reimbursed Operating Expenses for the Expense Year exceed the Excess Expense
Guidelines, the Advisor, at the direction of the a majority of the Independent Directors, shall send to the Stockholders a written disclosure of such fact, together with an explanation of the factors the a majority of the Independent Directors
considered in determining that such excess expenses were justified. The Company will ensure that such determination will be reflected in the minutes of the meetings of the Board of Directors. All figures used in the foregoing computation shall be
determined in accordance with GAAP. 
  

 19 

 ARTICLE XI 
 FIDELITY BOND 
 The Advisor shall endeavor to maintain a fidelity bond for the benefit of the Company
which bond shall insure the Company from losses of up to $1 million per occurrence and shall be of the type customarily purchased by entities performing services similar to those provided to the Company by the Advisor. 
 ARTICLE XII 
 RELATIONSHIP OF
THE ADVISOR AND COMPANY 
 The Company and the Advisor are not partners or joint venturers with each other, and nothing in this Advisory
Agreement shall be construed to make them such partners or joint venturers or impose any liability as such on either of them, and neither shall have the power to bind or obligate the other except as set forth herein. In all respects, the status of
the Advisor under this Advisory Agreement is that of an independent contractor. 
 ARTICLE XIII 
 RELATIONSHIP WITH DIRECTORS 
 Subject
to Article VIII of this Advisory Agreement and to restrictions set forth in the Charter or deemed advisable with respect to the qualification of the Company as a REIT, directors, officers and employees of the Advisor or an Affiliate of the Advisor
or any corporate parents of an Affiliate, or directors, officers or stockholders of any director, officer or corporate parent of an Affiliate may serve as a Director and as officers of the Company, except that no officer or employee of the Advisor
or its Affiliates who 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 reasonable reimbursement for travel and related expenses incurred in attending
meetings of the Directors. Directors who are not Independent Directors will be individuals nominated by the Advisor, provided that such director nominees are either directors of the Advisor or have been elected by the board of directors of the
Advisor as executive officers of the Advisor. 
 ARTICLE XIV 
 REPRESENTATIONS AND WARRANTIES 
 Section
14.1       The Company. To induce the Advisor to enter into this Advisory Agreement, the Company hereby represents and warrants that: 
 (a)       The Company is a corporation, duly organized, validly existing and in good standing under the laws of the State
of Maryland with all requisite corporate power and authority and all material licenses, permits and authorizations necessary to carry out the transactions contemplated by this Advisory Agreement. 
 (b)       The Company’s execution, delivery and performance of this Advisory Agreement has been duly authorized by the
Board of Directors including a majority of all Independent Directors of the Company. This Agreement constitutes the valid and binding obligation of the Company, enforceable against the Company in accordance with its terms. The Company’s
execution and delivery of this Advisory Agreement and its fulfillment of and compliance with the respective terms hereof do not and will not (i) conflict with or result in a breach of the terms, conditions or provisions of, (ii) constitute
a default under, (iii) result in the creation of any lien, security interest, charge or encumbrance upon the assets of the Company pursuant to, (iv) give any third party the right to modify, terminate or accelerate 

  

 20 

 
any obligation under, (v) result in a violation of or (vi) require any authorization, consent, approval, exception or other action by or notice to
any court or administrative or governmental body pursuant to, the Charter or Bylaws or any law, statute, rule or regulation to which the Company is subject, or any agreement, instrument, order, judgment or decree by which the Company is bound, in
any such case in a manner that would have a material adverse effect on the ability of the Company to perform any of its obligations under this Advisory Agreement. 
 Section 14.2       The Advisor. To induce the Company to enter into this Advisory Agreement, the Advisor represents and warrants that: 
 (a)       The Advisor is a limited liability company, duly organized, validly existing and in good standing under the laws
of the State of Delaware with all requisite corporate power and authority and all material licenses, permits and authorizations necessary to carry out the transactions contemplated by this Advisory Agreement. 
 (b)       The Advisor’s execution, delivery and performance of this Advisory Agreement has been duly authorized. This
Agreement constitutes a valid and binding obligation of the Advisor, enforceable against the Advisor in accordance with its terms. The Advisor’s execution and delivery of this Advisory Agreement and its fulfillment of and compliance with the
respective terms hereof do not and will not (i) conflict with or result in a breach of the terms, conditions or provisions of, (ii) constitute a default under, (iii) result in the creation of any lien, security interest, charge or
encumbrance upon the Advisor’s assets pursuant to, (iv) give any third party the right to modify, terminate or accelerate any obligation under, (v) result in a violation of or (vi) require any authorization, consent, approval,
exemption or other action by or notice to any court or administrative or governmental body pursuant to, the Advisor’s articles of incorporation or bylaws, or any law, statute, rule or regulation to which the Advisor is subject, or any
agreement, instrument, order, judgment or decree by which the Advisor is bound, in any such case in a manner that would have a material adverse effect on the ability of the Advisor to perform any of its obligations under this Advisory Agreement.

 (c)       The Advisor has received copies of the Charter, the Bylaws, the Registration Statement and the
Operating Partnership Agreement and is familiar with the terms thereof, including without limitation the investment limitations included therein. The Advisor warrants that it will use reasonable care to avoid any act or omission that would conflict
with the terms of the Charter, the Bylaws, the Registration Statement, or the Operating Partnership Agreement in the absence of the express direction of a majority of the Independent Directors. 
 ARTICLE XV 
 TERM;

 TERMINATION OF AGREEMENT 
 Section 15.1       Term. This Agreement shall continue in force until the first anniversary of the date hereof. Thereafter, this Advisory Agreement may be renewed for an unlimited number of
successive one-year terms upon mutual consent of the parties. The Company, acting through the Board, will 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. 
 Section 15.2       Termination by Either Party. This Agreement may be terminated
upon 60 days written notice without cause or penalty, by either party (by a majority of the Independent Directors of the Company or the manager of the Advisor). 
  

 21 

 Section 15.3       Termination by the Advisor. This
Agreement may be terminated immediately by the Advisor in the event of any material breach of this Advisory Agreement by the Company not cured by the Company within 30 days after written notice thereof. 
 Section 15.4       Termination by the Company. This Agreement may be terminated immediately by the
Company in the event of (a) any material breach of this Advisory Agreement by the Advisor not cured by the Advisor within 30 days after written notice thereof; (b) a decree or order is rendered by a court having jurisdiction
(i) adjudging Advisor as bankrupt or insolvent, or (ii) approving as properly filed a petition seeking reorganization, readjustment, arrangement, composition or similar relief for Advisor under the federal bankruptcy laws or any similar
applicable law or practice, or (iii) appointing a receiver or liquidator or trustee or assignee in bankruptcy or insolvency of Advisor or a substantial part of the property of Advisor, or for the winding up or liquidation of its affairs; or
(c) Advisor (i) institutes proceedings to be adjudicated a voluntary bankrupt or an insolvent, (ii) consents to the filing of a bankruptcy proceeding against it, (iii) files a petition or answer or consent seeking reorganization,
readjustment, arrangement, composition or relief under any similar applicable law or practice, (iv) consents to the filing of any such petition, or to the appointment of a receiver or liquidator or trustee or assignee in bankruptcy or
insolvency for it or for a substantial part of its property, (v) makes an assignment for the benefit of creditors, (vi) is unable to or admits in writing its inability to pay its debts generally as they become due unless such inability shall be
the fault of the Operating Partnership, or (vii) takes corporate or other action in furtherance of any of the aforesaid purposes 
 Section 15.5       Survival. The provisions of Articles I, VI, VII and XVI through XX survive termination of this Advisory Agreement. 
 ARTICLE XVI 
 PAYMENTS TO AND
DUTIES OF 
 ADVISOR UPON TERMINATION 
 Section 16.1       Reimbursable Expenses and Earned Fees. After the Termination Date, other than the Subordinated Performance Fee Due Upon Termination, the Advisor
shall not be entitled to compensation for further services hereunder except it shall be entitled to receive from the Company within 30 days after the effective date of such termination all unpaid reimbursable expenses and all earned but unpaid fees
payable to the Advisor prior to termination of this Advisory Agreement. 
 Section 16.2      
Subordinated Performance Fee Due Upon Termination. Upon termination, unless such termination is by the Company because of a material breach of this Advisory Agreement by the Advisor as a result of willful or intentional misconduct or
bad faith on behalf of the Advisor, the Advisor shall be entitled to receive from the Company the Subordinated Performance Fee Due Upon Termination payable in the form of an interest bearing promissory note bearing interest at a rate of LIBOR plus
200 basis points (the “Performance Fee Note”). The Company shall repay the Performance Fee Note at such time as the Company completes the first Sale or refinancing of a Property held at the Termination Date using Cash from Sales or Cash
from Financings in an amount equal to the value such Property contributed to the Performance Fee Note. If such amount is insufficient to pay the Performance Fee Note in full, then the Performance Fee Note shall be paid in part from the Cash
from Sales from the first Sale or Cash from Financings from the first refinancing of a Property held at the Termination Date, and in part from the Cash from Sales from each successive Sale or Cash from Financings from each successive refinancing of
Properties held at the Termination Date in an amount equal to the value such Properties contributed to the Performance Fee Note until the Performance Fee Note is repaid in full. If the Performance Fee Note has not been paid in full on the
earlier of (a) the date the Common Stock is Listed, or (b) within three (3) years from the Termination Date, then the holder of the Performance Fee Note, its successors or assigns, may elect to convert the balance of the fee into

  

 22 

 
Common Stock at a price per share equal to the average closing price of the shares of Common Stock over the ten (10) trading days immediately preceding
the date of such election if the Common Stock is Listed at such time. If the Common Stock is not Listed within three (3) years from the Termination Date, the holder of the Performance Fee Note, its successors or assigns, may elect to
convert the balance of the fee into shares of Common Stock at a price per share equal to the fair market value for such Shares as determined by the Board of Directors based upon the Appraised Value of the Properties, loans, and other investments,
net of any debt thereon, on the date of election. 
 Section 16.3       Advisor’s Duties Upon
Termination. The Advisor shall promptly upon termination: 
 (a) pay over to the Company all money collected and held for the account
of the Company pursuant to this Advisory Agreement, after deducting any accrued compensation and reimbursement for its expenses to which it is then entitled; 
 (b) 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; 
 (c) deliver to the Board all assets, including Properties, and documents of the Company then in the custody of the Advisor;
and 
 (d) cooperate with the Company to provide an orderly management transition. 
 ARTICLE XVII 
 ASSIGNMENT TO AN AFFILIATE 
 This Agreement may be assigned by the Advisor to an Affiliate with the approval of a majority of the Independent Directors. The Advisor may assign any
rights to receive fees or other payments under this Advisory Agreement without obtaining the approval of the Directors. This Agreement shall not be assigned by the Company without the consent of the Advisor, except in the case of an assignment by
the Company to a corporation or other organization which is a successor to all of the assets, rights and obligations of the Company, in which case such successor organization shall be bound hereunder and by the terms of said assignment in the same
manner as the Company is bound by this Advisory Agreement. 
 ARTICLE XVIII 
 INDEMNIFICATION BY THE COMPANY 
 Section 18.1       Conditions of Indemnification. The Company 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, subject to any limitations imposed by the laws of the State of Maryland and only if all of the following conditions are met: 
 (a) The directors or the Advisor or its Affiliates have determined, in good faith, that the course of conduct that caused the loss or liability was in
the best interests of the Company; 
 (b) The Advisor or its Affiliates were acting on behalf of or performing services for the Company;

  

 23 

 (c) Such liability or loss was not the result of negligence or misconduct by the Advisor or its
Affiliates; and 
 (d) Such indemnification or agreement to hold harmless is recoverable only out of the Company’s Net Asset Value and
not from its Stockholders. 
 (e) With respect to losses, liabilities or expenses arising from or out of an alleged violation of federal or
state securities laws, one or more of the following conditions are met: (i) there has been a successful adjudication on the merits of each count involving alleged securities law violations as to the particular indemnitee; (ii) such claims
have been dismissed with prejudice on the merits by a court of competent jurisdiction as to the particular indemnitee; or (iii) a court of competent jurisdiction approves a settlement of the claims against a particular indemnitee and finds that
indemnification of the settlement and the related costs should be made, and the court considering the request for indemnification has been advised of the position of the SEC and of the published position of any state securities regulatory authority
in which securities of the Company were offered or sold as to indemnification for violations of securities laws. Notwithstanding the foregoing, the Advisor shall not be entitled to indemnification or be held harmless pursuant to this Article XVIII
for any activity which the Advisor shall be required to indemnify or hold harmless the Company pursuant to Article XIX. Any indemnification of the Advisor may be made only out of the net assets of the Company, including insurance proceeds, and not
from Stockholders. 
 ARTICLE XIX 
 INDEMNIFICATION BY ADVISOR 
 The Advisor shall indemnify and hold harmless the Company from contract
or other liability, claims, damages, taxes or losses and related expenses including attorneys’ fees, to the extent that such liability, claims, damages, taxes or losses and related expenses are not fully reimbursed by insurance and are incurred
by reason of the Advisor’s bad faith, fraud, willful misfeasance, misconduct, or reckless disregard of its duties, but Advisor shall not be held responsible for any action of the Board in declining to follow any advice or recommendation given
by the Advisor. 
 ARTICLE XX 
 LIMITATION OF LIABILITY 
 In no event will either party be liable for damages based on loss of income, profit or savings or
indirect, incidental, consequential, exemplary, punitive or special damages of the other party or person, including third parties, even if such party has been advised of the possibility of such damages in advance, and all such damages are expressly
disclaimed. 
 ARTICLE XXI 
 NOTICES 
 Any notice in this Advisory Agreement permitted to be given, made or accepted by either party to the other, must
be in writing and may be given or served by (1) overnight courier, (2) depositing the same in the United States mail, postpaid, certified, return receipt requested, or (3) facsimile transfer. Notice deposited in the United States mail
shall be deemed given when mailed. Notice given in any other manner shall be effective when received at the address of the addressee. For purposes hereof the addresses of the parties, until changed as hereafter provided, shall be as follows:

  

 24 

			
	To Company:	  	Strategic Storage Trust, Inc.
		  	Attention : H. Michael Schwartz
		  	111 Corporate Drive, Suite 120
		  	Ladera Ranch, California 92694
		  	Fax: 949-429-6606
		
	With a copy to:	  	Chairman of the Nominating
		  	and Corporate Governance Committee
		  	111 Corporate Drive, Suite 120
		  	Ladera Ranch, California 92694
		  	Fax: 949-429-6606
		
	To Advisor:	  	Strategic Storage Advisor, LLC
		  	Attention : H. Michael Schwartz
		  	111 Corporate Drive, Suite 120
		  	Ladera Ranch, California 92694
		  	Fax: 949-429-6606

 Either party may at any time give notice in writing to the other party of a change in its address
for the purposes of this Article XXI. 
 ARTICLE XXII 
 MODIFICATION 
 This Agreement shall not be changed, modified, terminated, or discharged, in whole or
in part, except by an instrument in writing signed by both parties hereto, or their respective successors or assignees. 
 ARTICLE XXIII 
 SEVERABILITY 
 The provisions of this Advisory 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. 
 ARTICLE XXIV 
 CONSTRUCTION/GOVERNING LAW 
 The
provisions of this Advisory Agreement shall be construed and interpreted in accordance with the laws of the State of California. 
 ARTICLE XXV 
 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. The express terms hereof control and supersede any course of performance and/or usage of the trade inconsistent with any of the
terms hereof. This Agreement may not be modified or amended other than by an agreement in writing. 
 ARTICLE XXVI 
 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 Advisory Agreement shall operate as a waiver thereof, nor shall any single or partial 

  

 25 

 
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. 
 ARTICLE XXVII 
 GENDER 
 Words used herein regardless
of the number and gender specifically used, shall be deemed and construed to include any other number, singular or plural, and any other gender, masculine, feminine or neuter, as the context requires. 
 ARTICLE XXVIII 
 TITLES NOT TO
AFFECT INTERPRETATION 
 The titles of paragraphs and subparagraphs contained in this Advisory Agreement are for convenience only, and
they neither form a part of this Advisory Agreement nor are they to be used in the construction or interpretation hereof. 
 ARTICLE XXIX 
 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 the counterparts hereof, taken together, bear the signatures of all of the parties reflected hereon as the signatories.

  

 26 

 ARTICLE XXX 
 INITIAL INVESTMENT 
 The Advisor has purchased 100 shares of Common Stock for $1,000.00. The Advisor
has purchased 20,000 OP Units for $200,000. In addition, the Advisor may not sell any of the OP Units while the Advisor acts in such advisory capacity to the Company, provided, that such OP Units may be transferred to Affiliates of the Advisor.
Affiliates of the Advisor may not sell any of the OP Units while the Advisor acts in such advisory capacity to the Company, provided, that such OP Units may be transferred to the Advisor or other Affiliates of the Advisor. The restrictions included
above shall not apply to any other Securities acquired by the Advisor or its Affiliates. With respect to any Securities owned by the Advisor, the Directors, or any of their Affiliates, neither the Advisor, nor the Directors, nor any of their
Affiliates may vote or consent on matters submitted to the Stockholders regarding the removal of the Advisor, Directors or any of their Affiliates or any transaction between the Company and any of them. In determining the requisite percentage in
interest of Securities necessary to approve a matter on which the Advisor, Directors and any of their Affiliates may not vote or consent, any Securities owned by any of them shall not be included. 
 [SIGNATURES APPEAR ON NEXT PAGE] 
  

 27 

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

			
	THE COMPANY:
	
	STRATEGIC STORAGE TRUST, INC.
		
	By:	 	/s/ H. Michael Schwartz
		 	H. Michael Schwartz
		 	President

					
	
	THE ADVISOR:
	
	STRATEGIC STORAGE ADVISOR, LLC
		
	By:	 	 /s/ H. Michael Schwartz

		 	 H. Michael Schwartz
 President

  

 28Torchmark Corporation Non-Employee Director Compensation Plan

 Exhibit 10.1 
 TORCHMARK CORPORATION 
 NON-EMPLOYEE DIRECTOR COMPENSATION PLAN 
  

	 	SECTION 1.	GENERAL PURPOSE OF PLAN; DEFINITIONS. 

 The name of
this plan is the Torchmark Corporation Non-Employee Director Compensation Plan (the “Plan”). The purpose of the Plan is to enable Torchmark Corporation (the “Company”) and its Subsidiaries and Affiliates to attract and retain
directors who contribute to the Company’s success by their ability, ingenuity and industry, and to enable such directors to participate in the long-term success and growth of the Company through an equity interest in the Company. The Plan is
adopted to be effective as of January 1, 2008, and is intended to replace and supersede the Company’s Amended and Restated 2005 Non-Employee Director Incentive Plan. 
 The Plan is a subplan of the Torchmark Corporation 2007 Long-Term Compensation Plan (the “2007 Compensation Plan”). Capitalized terms used in
the Plan but not otherwise defined shall have the meanings given such terms in the 2007 Compensation Plan. In addition, the following terms shall be defined for purposes of the Plan as set forth below: 
 “Annual Compensation” means the annual cash retainer and meeting fees payable by the Company to a Non-Employee Director for services as a
director (and, if applicable, as the member or chairman of a committee of the Board) of the Company, as such amount may be changed from time to time. For purposes of an election under Section 6(c), (d) or (e) to receive Stock Options,
Restricted Stock or Restricted Stock Units in lieu of Annual Compensation, meeting fees will be estimated and deemed to be earned at the beginning of the year for all scheduled meetings during the year, whether or not the Grantee later attends such
meetings. 
 “Award Notice” means a written award notice to a Non-Employee Director from the Company evidencing an award of Stock
Options, Restricted Stock or Restricted Stock Units. 
 “Beneficiary” means any person or persons designated by a Participant, in
accordance with procedures established by the Committee or Plan Administrator, to receive benefits hereunder in the event of the Participant’s death. If any Participant shall fail to designate a Beneficiary or shall designate a Beneficiary who
shall fail to survive the Participant, the Beneficiary shall be the Participant’s surviving spouse, or, if none, the Participant’s surviving descendants (who shall take per stirpes) and if there are no surviving descendants, the
Beneficiary shall be the Participant’s estate. 
 “Board” means the Board of Directors of the Company. 
 “Business Day” shall mean a day on which the New York Stock Exchange or any national securities exchange or over-the-counter market on which
the Stock is traded is open for business. 
 “Code” means the Internal Revenue Code of 1986, as amended, or any successor thereto.

 “Committee” means the Compensation Committee of the Board. If at any time no Committee shall be
in office, then the functions of the Committee specified in the Plan shall be exercised by the Board. 
 “Company” means Torchmark
Corporation, a corporation organized under the laws of the State of Delaware (or any successor corporation). 
 “Election Date”
means the date by which a Non-Employee Director must submit a valid Election Form to the Plan Administrator in order to participate under Section 6 of the Plan for a calendar year, or to elect pursuant to Section 5(h) to receive Restricted
Stock or Restricted Stock Units in lieu of an annual Stock Option grant under Section 5(a). For each calendar year, the Election Date is December 31 of the preceding calendar year; provided, however, that the Election Date for a newly
eligible Participant shall be the 30th day following the date on which such individual becomes a Non-Employee Director. 
 “Election
Form” means an Election Form for Annual Compensation, substantially in the form attached hereto as Exhibit A, pursuant to which a Non-Employee Director elects to (i) defer Annual Compensation under the Plan, (ii) convert Annual
Compensation into Stock Options, Restricted Stock or Restricted Stock Units, or (iii) receive Restricted Stock or Restricted Stock Units in lieu of an annual Stock Option grant under Section 5(a). 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and any successor thereto. 
 “Grantee” means a Non-Employee Director to whom a Stock Option, Restricted Stock, or Restricted Stock Unit has been granted. 
 “Interest Account” means the account established by the Company for each Non-Employee Director for Annual Compensation deferred pursuant to the
Plan and which shall be credited with interest on the last day of each calendar quarter (or such other day as determined by Plan Administrator). 
 “Non-Employee Director” means a director of the Company who is not an employee of the Company or of any Subsidiary or Affiliate (as determined by the Committee). 
 “Participant” means any Non-Employee Director. 
 “Plan” means this Non-Employee Director Compensation Plan. 
 “Plan Administrator” means
one or more agents to whom the Board shall have delegated administrative duties under the Plan or the Committee if no such delegation shall have occurred. 
 “Restricted Stock” means shares of Stock granted to a Participant under Section 6 that are subject to certain restrictions and to risk of forfeiture. 
 “Restricted Stock Unit” means the right granted to a Participant under Section 6 to receive shares of Stock in the future, which right is
subject to certain restrictions and to risk of forfeiture. 
  

 2 

 “Stock” means the common stock of the Company. 
 “Stock Option” means any option to purchase shares of Stock granted pursuant to Section 5 or 6. 
  

	 	SECTION 2.	ADMINISTRATION. 

 The Plan shall be administered by
the Committee. The Committee shall have the discretionary authority to adopt, alter and repeal such administrative rules, guidelines and practices governing the Plan as it shall, from time to time, deem advisable; to construe and interpret the terms
and provisions of the Plan and any award issued under the Plan (and any agreements relating thereto); and to otherwise supervise the administration of the Plan. The Committee will not have the authority to award Stock Options pursuant to
Section 5(b) of the Plan; only the Board shall have this authority. 
 The Committee may delegate administrative duties under the Plan
to one or more agents as it shall deem necessary or advisable. No member of the Committee or the Board or the Plan Administrator shall be personally liable for any action or determination made in good faith with respect to the Plan or any Options,
Restricted Stock or Restricted Stock Units, or to any settlement of any dispute between a Non-Employee Director and the Company. 
 All
decisions made by the Board or the Committee pursuant to the provisions of the Plan shall be final and binding on all persons, including the Company and Participants. 
  

	 	SECTION 3.	SOURCE OF SHARES FOR THE PLAN. 

 The shares of Stock
that may be issued pursuant to the Plan shall be issued under the 2007 Compensation Plan, subject to all of the terms and conditions of the 2007 Compensation Plan. The terms contained in the 2007 Compensation Plan are incorporated into and made a
part of this Plan with respect to Stock Options, Restricted Stock or Restricted Stock Units granted pursuant hereto and any such Stock Options, Restricted Stock or Restricted Stock Units shall be governed by and construed in accordance with the 2007
Compensation Plan. In the event of any actual or alleged conflict between the provisions of the 2007 Compensation Plan and the provisions of this Plan, the provisions of the 2007 Compensation Plan shall be controlling and determinative. This Plan
does not constitute a separate source of shares for the grant of the equity awards described herein. 
  

	 	SECTION 4.	ELIGIBILITY. 

 All Non-Employee Directors are
eligible to participate in the Plan. 
  

	 	SECTION 5.	STOCK OPTIONS. 

 Stock Options granted under the
Plan are non-qualified Stock Options. Such Stock Options will be granted pursuant to the pre-established formula contained herein or may, in the sole discretion of the entire Board, be granted as to such number of shares and upon such terms and
conditions as shall be determined by the Board. In addition, Non-Employee Directors may elect to receive Stock Options in lieu of Annual Compensation as provided in Section 6. 
  

 3 

 Stock Options granted under the Plan shall be evidenced by an Award Notice in such form as the Committee
shall from time to time approve, which agreements shall comply with and be subject to the following terms and conditions: 
  

	 	(a)	Formula-Based Stock Options. For each calendar year, 6,000 Stock Options shall be granted automatically on the first day of each calendar year in which Stock is
publicly traded on a national securities exchange (the “Annual Grant Date”) to each member of the Board on that date who is a Non-Employee Director, unless such Non-Employee Director shall have timely made an election pursuant to
subsection (h) below to receive Restricted Stock or Restricted Stock Units in lieu of such Stock Option grant. Except as provided in Section 9, said Stock Options shall become exercisable in full six months from the date of the grant of
the Option and shall remain exercisable for a term of seven years from the date such Stock Option is granted. 

  

	 	(b)	Non-Formula Based Options. Within its sole discretion, the entire Board may award Stock Options on a non-formula basis to all or such individual Non-Employee Directors
as it shall select. Such Stock Options may be awarded at such times and for such number of shares as the Board in its discretion determines. Said non-formula based Stock Options shall become first exercisable and shall have an option term as
determined by the Board in its discretion; provided, however, that except as provided in Section 9, no such Stock Option shall be first exercisable until six months from the date of grant. All other terms and conditions of such Non-Employee
Director Stock Options shall be as established by the Board in its sole discretion. 

  

	 	(c)	Exercise Price of Stock Options. The exercise price per share of each Stock Option shall be 100% of the Fair Market Value of the underlying Stock on the date of the
grant of the Stock Option. 

  

	 	(d)	Method of Exercise. Any Stock Option granted pursuant to the Plan may be exercised in whole or in part at any time during the option period, by giving written notice
of exercise to the Company specifying the number of shares to be purchased, accompanied by payment in full of the purchase price, in cash, by check or such other instrument as may be acceptable to the Committee (including “cashless
exercise” arrangements). Payment in full or in part may also be made in the form of unrestricted Stock already owned by the Grantee (based on the Fair Market Value of the Stock on the date the Option is exercised). No shares of Stock shall be
issued upon exercise of a Stock Option until the exercise price has been fully paid or satisfied. A Grantee shall have the rights to dividends or other rights of a stockholder with respect to shares subject to the Option when the Grantee has given
written notice of exercise and has fully paid or satisfied the exercise price for such shares. 

  

	 	(e)	 Transferability of Options. A Stock Option shall not be transferable by the Grantee otherwise than by will or by the laws of descent and distribution,
and all Stock Options shall be exercisable, during the Grantee’s lifetime, only by the 

  

 4 

	 	 
Grantee; provided, however, that the Committee may (but need not) permit other transfers where the Committee concludes that such transferability
(i) does not result in accelerated taxation, and (ii) is otherwise appropriate and desirable, taking into account any state or federal securities laws applicable to transferable options. 

  

	 	(f)	Termination of Service. Upon a Grantee’s termination of status as a Non-Employee Director with the Company for any reason, any Stock Options held by such Grantee
shall be retained and may thereafter be exercised during the period ending on the expiration of the stated term of such Stock Options, provided, however, that, except as provided in Section 9, no Option may be exercised within six months of the
date of grant of such Option. 

  

	 	(g)	Stock Options in Lieu of Annual Compensation. Non-Employee Directors are also eligible to elect to receive Stock Options in lieu of Annual Compensation pursuant to
Section 6(c) below. 

  

	 	(h)	Restricted Stock or Restricted Stock Units in Lieu of Annual Stock Option. Effective beginning calendar year 2009, a Non-Employee Director may elect to receive
Restricted Stock or Restricted Stock Units in lieu of his or her annual grant of 6,000 Stock Options under subsection (a) above for any calendar year by delivering a properly completed and signed Election Form to the Plan Administrator on or
before the Election Date. Such Election Form must indicate whether the Non-Employee Director wants to receive Restricted Stock or Restricted Stock Units in lieu of his or her annual Stock Option grant. Restricted Stock or Restricted Stock Units
granted under this subsection (h) shall be evidenced by an Award Notice in such form as the Committee shall from time to time approve, which agreement shall comply with and be subject to the following terms and conditions:

  

	 	(i)	Time of Issuance of Restricted Stock or Restricted Stock Units. If an election is made under this subsection (h), Restricted Stock or Restricted Stock Units, as elected by
the Non-Employee Director, will be granted to the Non-Employee Director on the Annual Grant Date. 

  

	 	(ii)	Number of Shares of Restricted Stock or Restricted Stock Units. The number shares of Restricted Stock or Restricted Stock Units granted pursuant to this Section 5(h)
shall be the number of whole Shares equal to A divided by B, where: 

 A = the dollar value of the annual grant of 6,000 Stock
Options that the Non-Employee Director has elected to convert to shares of Restricted Stock or Restricted Stock Units, determined by the Committee using any recognized option valuation model selected by the Board in its discretion; and 

B = the Fair Market Value per Share on the Annual Grant Date. 
  

 5 

 In determining the number of shares of Restricted Stock or Restricted Stock Units, any fraction of a
Share will be rounded up to the next whole number of Shares. 
  

	 	(iii)	Terms and Conditions of Restricted Stock and Restricted Stock Units. Except as set forth in this Section 5(h), Restricted Stock and Restricted Stock Units granted
pursuant to this Section 5(h) shall comply with and be subject to the terms and conditions set forth in Sections 6(d)(iii) and 6(e)(iii), respectively. 

  

	 	SECTION 6.	ELECTION TO RECEIVE STOCK OPTIONS, RESTRICTED STOCK OR RESTRICTED STOCK UNITS IN LIEU OF ANNUAL COMPENSATION OR TO DEFER ANNUAL COMPENSATION. 

  

	 	(a)	Deferral Election. A Non-Employee Director may elect to (i) receive Stock Options, Restricted Stock or Restricted Stock Units in lieu of his or her Annual
Compensation pursuant to subsections (c), (d) or (e) below, or (ii) defer receipt of his or her Annual Compensation pursuant to subsection (f) below for a calendar year by delivering a properly completed and signed Election Form
to the Plan Administrator on or before the Election Date. The Election Form shall indicate: (1) the percentage or amount of Annual Compensation to which the election relates, (2) whether the Non-Employee Director wants to receive Stock
Options, Restricted Stock or Restricted Stock Units in lieu of his or her Annual Compensation or to defer his or her Annual Compensation, and (3) the form and timing of the payout of any deferred compensation. Such election will be effective as
of the first day of the calendar year beginning after the Plan Administrator receives the Non-Employee Director’s Election Form, or, in the case of a newly eligible Participant, on the first day of the calendar month beginning after the Plan
Administrator receives such Non-Employee Director’s Election Form, provided that the Election Form is received within thirty (30) days following the Non-Employee Director’s date of initial eligibility to participate in the Plan.

  

	 	(b)	Irrevocable Election. A Participant may not revoke or change his or her Election Form. For each year in which he or she is eligible to participate, a Non-Employee
Director may elect either (i) to receive Stock Options, Restricted Stock or Restricted Stock Units in lieu of his or her Annual Compensation pursuant to subsections (c), (d) or (e) of this Section, or (ii) to defer receipt of his
or her Annual Compensation pursuant to subsection (f) of this Section, but not a combination of the two for any year. 

  

	 	(c)	Stock Options in Lieu of Annual Compensation. A Non-Employee Director may elect to convert his or her Annual Compensation into Stock Options in accordance with the
provisions of this subsection (c). Stock Options granted under this subsection (c) shall be evidenced by an Award Notice in such form as the Committee shall from time to time approve, which agreements shall comply with and be subject to the
following terms and conditions: 

  

 6 

	 	(i)	Time of Issuance of Stock Options. If an election is made under this subsection, Stock Options will be issued to the Non-Employee Director on a date selected by the Committee
during the month of January in the calendar year to which the election relates (the “Option Grant Date”). 

  

	 	(ii)	Number of Stock Options. The number of shares subject to a Stock Option granted pursuant to this Article 6(c) shall be the number of whole Shares equal to A divided by B,
where: 

 A = the dollar amount which the Non-Employee Director has elected to convert to Stock Options; and 
 B = the per share value of a Stock Option on the Option Grant Date, as determined by the Committee using any recognized option valuation model selected
by the Board in its discretion (such value to be expressed as a percentage of the Fair Market Value per Share on the Option Grant Date). 
 In determining the number of shares subject to a Stock Option, (A) the Board may designate the assumptions to be used in the selected option valuation model, and (B) any fraction of a Share will be rounded up to the next whole
number of Shares. 
  

	 	(iii)	Terms of Stock Options. Except as provided in Section 9, Stock Options granted under this Section 6(c) shall become exercisable in full six months from the Option
Grant Date and shall otherwise have terms and conditions identical to Stock Options granted pursuant to Section 5. 

  

	 	(d)	Restricted Stock in Lieu of Annual Compensation. A Non-Employee Director may elect to convert his or her Annual Compensation into Restricted Stock in accordance with
the provisions of this subsection (d). Restricted Stock granted under this subsection (d) shall be evidenced by an Award Notice in such form as the Committee shall from time to time approve, which agreements shall comply with and be subject to
the following terms and conditions: 

  

	 	(i)	Time of Issuance of Restricted Stock. If an election is made under this subsection, Restricted Stock will be issued to the Non-Employee Director on a date selected by the
Committee during the month of January in the calendar year to which the election relates (the “Restricted Stock Grant Date”). 

  

	 	(ii)	Number of Shares of Restricted Stock. The number of shares of Restricted Stock granted pursuant to this Article 6(d) shall be the number of whole Shares equal to A divided by
B, where: 

 A = the dollar amount which the Non-Employee Director has elected to convert to shares of Restricted Stock; and

  

 7 

 B = the Fair Market Value per Share on the Restricted Stock Grant Date. 
 In determining the number of shares of Restricted Stock, any fraction of a Share will be rounded up to the next whole number of Shares. 
  

	 	(iii)	Terms and Conditions of Restricted Stock. Restricted Stock granted pursuant to this Article 6(d) shall comply with and be subject to the following terms and conditions:

  

	 	(1)	Vesting. Except as provided in Section 9, Restricted Stock granted under this Section 6 shall become fully vested six months from the Restricted Stock Grant Date.

  

	 	(2)	Restrictions on Unvested Restricted Stock. Unvested Restricted Stock may not be sold, transferred, exchanged, assigned, pledged, hypothecated or otherwise encumbered. If a
Non-Employee Director’s service as a director of the Company terminates for any reason, then the Non-Employee Director shall forfeit all of his or her right, title and interest in and to any unvested Restricted Stock as of the date of such
termination from the Board, and such Restricted Stock shall be reconveyed to the Company without further consideration or any act or action by the Non-Employee Director. 

  

	 	(3)	Rights as a Shareholder. A Non-Employee Director shall have full voting and dividend rights with respect to the Restricted Stock. If a Non-Employee Director forfeits any
shares of Restricted Stock, he or she shall no longer have any rights as a stockholder with respect to the Restricted Stock or any interest therein and the Participant shall no longer be entitled to receive dividends on such stock.

  

	 	(e)	Restricted Stock Units in Lieu of Annual Compensation. A Non-Employee Director may elect to convert his or her Annual Compensation into Restricted Stock Units in
accordance with the provisions of this subsection (e). Restricted Stock Units granted under this subsection (e) shall be evidenced by an Award Notice in such form as the Committee shall from time to time approve, which agreements shall comply
with and be subject to the following terms and conditions: 

  

	 	(i)	Time of Issuance of Restricted Stock Units. If an election is made under this subsection, Restricted Stock Units will be issued to the Non-Employee Director on a date
selected by the Committee during the month of January in the calendar year to which the election relates (the “Restricted Stock Unit Grant Date”). 

  

 8 

	 	(ii)	Number of Restricted Stock Units. The number of Restricted Stock Units granted pursuant to this Article 6(d) shall be the number of whole Shares equal to A divided by B,
where: 

 A = the dollar amount which the Non-Employee Director has elected to convert to Restricted Stock Units; and

 B = the Fair Market Value per Share on the Restricted Stock Unit Grant Date. 
 In determining the number of Restricted Stock Units, any fraction of a Share will be rounded up to the next whole number of Shares. 
  

	 	(iii)	Terms and Conditions of Restricted Stock Units. Restricted Stock Units granted pursuant to this Article 6(e) shall comply with and be subject to the following terms and
conditions: 

  

	 	(1)	Vesting. Restricted Stock Units will be credited to a bookkeeping account on behalf of the Non-Employee Director and shall vest and become non-forfeitable six months after
the Restricted Stock Unit Grant Date, except as provided in Section 9. If a Non-Employee Director’s service as a director of the Company terminates for any reason prior to the Vesting Date, then the Non-Employee Director shall forfeit all
of his or her right, title and interest in and to any unvested Restricted Stock Units as of the date of such termination from the Board, and such Restricted Stock Units shall be reconveyed to the Company without further consideration or any act or
action by the Non-Employee Director. 

  

	 	(2)	Conversion to Common Stock. Unless forfeited prior to vesting, Restricted Stock Units shall be converted to actual shares of Stock on the Non-Employee Director’s
termination of service as a director of the Company for any reason. Upon conversion, stock certificates evidencing the conversion of Restricted Stock Units into shares of Stock shall be registered on the books of the Company in the Non-Employee
Director’s name and delivered to the Non-Employee Director as soon as practical thereafter. 

  

	 	(3)	 Dividend Equivalents. If any dividends or other distributions are paid with respect to the Shares while Restricted Stock Units are outstanding, the dollar
amount or fair market value of such dividends or distributions with respect to the number of Shares then underlying the outstanding Restricted Stock Units shall be converted into additional Restricted Stock Units in Non-Employee Director’s
name, based on the Fair Market Value of the Stock as of the date such dividends or distributions were payable, and such additional Restricted Stock Units shall be immediately vested and non-forfeitable upon grant, and shall convert to actual shares
of stock on the Non-Employee Director’s termination of service as a director for any reason. 

  

 9 

	 	 
forfeiture and transfer restrictions and deferral terms as apply to the Restricted Stock Units with respect to which they relate. In other words, Dividend
Equivalents credited to outstanding Restricted Stock Units are only earned to the extent that the related Restricted Stock Units are vested. 

  

	 	(4)	Restrictions on Transfer. Restricted Stock Units are not assignable or transferable other than by will or the laws of descent and distribution. Restricted Stock Units may not
be pledged, hypothecated or otherwise encumbered to or in favor of any party other than the Company or an affiliate, or be subjected to any lien, obligation or liability of a Non-Employee Director to any other party other than the Company or an
affiliate. 

  

	 	(5)	Rights as a Shareholder. A Non-Employee Director shall not have voting or any other rights as a shareholder of the Company with respect to the Restricted Stock Units. Upon
conversion of the Restricted Stock Units into shares of Stock, the Non-Employee Director will obtain full voting and other rights as a shareholder of the Company. 

  

	 	(f)	Deferral of Annual Compensation. A Non-Employee Director may elect to defer up to 100% of his or her Annual Compensation (in 10% increments, but not less than 50%) to
his or her Interest Account. For bookkeeping purposes, the amount of the Annual Compensation, which the Participant elects to defer pursuant to the Plan, shall be transferred to and held in individual Interest Accounts (in annual designations)
pending distribution in cash pursuant to subsection (iii) below. 

  

	 	(i)	Interest Accounts. Amounts in a Participant’s Interest Account will be credited with interest as of the last day of each calendar quarter (or such other day as
determined by the Plan Administrator) at the rate set from time to time by the Committee to be applicable to the Interest Accounts of all Participants under the Plan. To the extent required for bookkeeping purposes, a Participant’s Interest
Accounts will be segregated to reflect Deferred Compensation on a year-by-year basis. Within a reasonable time after the end of each calendar year, the Plan Administrator shall report in writing to each Participant the amount held in his or her
Interest Accounts at the end of the year. 

  

	 	(ii)	Responsibility for Investment Choices. Each Participant is solely responsible for any decision to defer Annual Compensation into his or her Interest Account under the Plan
and accepts all investment risks entailed by such decision, including the risk of loss and a decrease in the value of the amounts he or she elects to defer. 

  

 10 

	 	(iii)	Payment Commencement Date. Payment of the balances in a Participant’s Interest Accounts shall commence on the earliest to occur of (a) December 31 of the fifth
year after the year with respect to which the deferral was made, (b) the first Business Day of the fourth month after the Participant’s death, or (c) the Participant’s termination as a Non-Employee Director of the Company or any
of its Subsidiaries or Affiliates, other than by reason of death. 

  

	 	(iv)	Optional Forms of Payment. Distributions from a Participant’s Interest Accounts may be paid to the Participant either in a lump sum or in a number of approximately equal
monthly installments designated by the Participant on his or her Election Form. Such monthly installments may be for any number of months up to 120 months; provided, however, that in the event of the Participant’s death during the payout
period, the remaining balance shall be payable to the Participant’s Beneficiary in a lump sum on or about the first Business Day of the fourth month after the Participant’s death. If a Participant elects to receive a distribution of his or
her Interest Accounts in installments, the Plan Administrator may purchase an annuity from an insurance company which annuity will pay the Participant the desired annual installments. If the Plan Administrator purchases an annuity contract, the
Participant will have no further rights to receive payments from the Company or the Plan with respect to the amounts subject to the annuity. If the Plan Administrator does not purchase an annuity contract, the value of the Interest Accounts
remaining unpaid shall continue to receive allocations of return as provided in subsection (f) above. If the Participant fails to designate a payment method in the Participant’s Election Form, the Participant’s Account shall be
distributed in a lump sum. 

  

	 	(v)	Irrevocable Elections. A Participant may elect a different payment form for each year’s Annual Compensation deferred under the Plan. The payment form elected or deemed
elected on the Participant’s election form shall be irrevocable. 

  

	 	(vi)	Acceleration of Payment. If a Participant elects an installment distribution and the value of such installment payment elected by the Participant would result in a
distribution of less than $3,000 per year (based on the value of the Participant’s Interest Accounts at the time the installments are due to commence), the Plan Administrator will accelerate payment of the Participant’s benefits over a
lesser number of whole years so that the annual amount distributed is at least $3,000. 

  

	 	(vii)	 Effect of Adverse Determination. Notwithstanding the Election Form or any provision set forth herein, if the Internal Revenue Service determines, for any
reason, that all or any portion of the amounts credited under this Plan is currently includable in the taxable income of any Participant, then 

  

 11 

	 	 
the amounts so determined to be includable in income shall be distributed in a lump sum to such Participant as soon as practicable.

  

	 	(g)	Unforeseeable Emergency. The Plan Administrator may, in its sole discretion, accelerate the making of payment to a Participant in the event that a participant incurs a
financial hardship as a result of an “unforeseeable emergency” (as such term is defined below). All unforeseeable emergency distributions shall be made in cash in a lump sum. Such payments will be made on a first-in, first-out basis so
that the oldest Annual Compensation deferred under the Plan shall be deemed distributed first. For purposes hereof, an “unforeseeable emergency” means a severe financial hardship to the Participant resulting from illness or accident of the
Participant, the Participant’s spouse, or a dependent (as defined in Section 152(a) of the Code) of the Participant, loss of the Participant’s property due to casualty, or other similar extraordinary and unforeseeable circumstances
arising as a result of events beyond the control of the Participant. The amounts distributable because of an unforeseeable emergency cannot exceed the amounts necessary to satisfy such emergency plus amounts necessary to pay taxes reasonably
anticipated as a result of the distribution, after taking into account the extent to which such emergency is or may be relieved through reimbursement or compensation by insurance or otherwise or by liquidation of the Participant’s assets (to
the extent the liquidation of such assets would not itself cause severe financial hardship). Notwithstanding any provision in the Plan to the contrary, any payment made pursuant to this Section 6(g) shall comply with
Section 409A(a)(2)(A)(vi) of the Code and the regulations (or similar guidance) promulgated thereunder (or any successor provisions). 

  

	 	(h)	Payment to Minors and Incapacitated Persons. In the event that any amount is payable to a minor or to any person who, in the judgment of the Plan Administrator, is
incapable of making proper disposition thereof, such payment shall be made for the benefit of such minor or such person in any of the following ways as the Plan Administrator, in its sole discretion, shall determine: 

  

	 	(i)	By payment to the legal representative of such minor or such person; 

  

	 	(ii)	By payment directly to such minor or such person; 

  

	 	(iii)	By payment in discharge of bills incurred by or for the benefit of such minor or such person. The Plan Administrator shall make such payments without the necessary intervention of
any guardian or like fiduciary, and without any obligation to require bond or to see to the further application of such payment. Any payment so made shall be in complete discharge of the Plan’s obligation to the Participant and his or her
Beneficiaries. 

  

	 	(i)	 Application for Benefits. The Plan Administrator may require a Participant or Beneficiary to complete and file certain forms as a condition precedent
to receiving the payment of benefits. The Plan Administrator may rely upon all such information given to it, including the Participant’s current mailing address. It is 

  

 12 

	 	 
the responsibility of all persons interested in receiving a distribution pursuant to the Plan to keep the Plan Administrator informed of their current
mailing addresses. 

  

	 	(j)	Designation of Beneficiary. Each Participant from time to time may designate any person or persons (who may be designated contingently or successively and who may be
an entity other than a natural person) as his or her Beneficiary or Beneficiaries to whom the Participant’s Interest Accounts are to be paid if the Participant dies before receipt of all such benefits. Each Beneficiary designation shall be on
the form prescribed by the Plan Administrator and will be effective only when filed with the Plan Administrator during the Participant’s lifetime. Each Beneficiary designation filed with the Plan Administrator will cancel all Beneficiary
designations previously filed with the Plan Administrator. The revocation of a Beneficiary designation, no matter how effected, shall not require the consent of any designated Beneficiary. 

  

	 	SECTION 7.	AMENDMENTS AND TERMINATION. 

 The Board may amend,
alter, or discontinue the Plan, but no amendment, alteration, or discontinuation shall be made which would impair the right of a Participant or a Grantee of an award of Stock Options, Restricted Stock or Restricted Stock Units heretofore granted,
without the Participant’s or Grantee’s consent. 
 Amendments may be made without stockholder approval except as required to
satisfy stock exchange listing requirements or other regulatory requirements. 
 The Board may amend the terms of any Stock Option,
Restricted Stock or Restricted Stock Unit award (other than a Stock Option granted pursuant to Section 5(a) hereof) theretofore granted, prospectively or retroactively; provided, however, (a) no such amendment shall impair the rights of
any holder without his/her consent; (b) the original term of a Stock Option may not be extended without prior approval of the stockholders of the Company; and (c) the exercise price of a Stock Option may not be reduced, directly or
indirectly, without prior approval of the stockholders of the Company. 
  

	 	SECTION 8.	UNFUNDED STATUS OF PLAN. 

 The Plan is intended to
constitute an “unfunded” plan for incentive and deferred compensation. With respect to any payments not yet made to a Participant or Grantee by the Company, nothing set forth herein shall give any such Participant or Grantee any rights
that are greater than those of a general creditor of the Company. In its sole discretion, the Committee may authorize the creation of trusts or other arrangements to meet the obligations created under the Plan to deliver Stock or payments in lieu of
or with respect to awards hereunder, provided, however, that the existence of such trusts or other arrangements is consistent with the unfunded status of the Plan. 
  

 13 

	 	SECTION 9.	CHANGE IN CONTROL. 

 In the event of a “Change
in Control,” unless otherwise determined by the Board in writing at or after grant, but prior to the occurrence of such Change in Control, any Stock Options awarded under the Plan not previously exercisable and vested shall become fully
exercisable and vested, and any Restricted Stock or Restricted Stock Units awarded under the Plan not previously vested shall become fully vested. 
  

	 	SECTION 10.	GENERAL PROVISIONS. 

  

	 	(a)	Nothing set forth in this Plan shall prevent the Board from adopting other or additional compensation arrangements, subject to stockholder approval if such approval is required; and
such arrangements may be either generally applicable or applicable only in the specified cases. The adoption of the Plan shall not confer upon any director of the Company, any Subsidiary or any Affiliate, any right to continued retention as a
director with the Company, a Subsidiary or an Affiliate, as the case may be. 

  

	 	(b)	At the time of grant or purchase, the Committee may provide in connection with any grant or purchase made under this Plan that the shares of Stock received as a result of such grant
or purchase shall be subject to a right of first refusal, pursuant to which the Participant shall be required to offer to the Company any shares that the participant wishes to sell, with the price being the then Fair Market Value of the Stock,
subject to the provisions of Section 9 hereof and to such other terms and conditions as the Board may specify at the time of grant. 

  

	 	(c)	No member of the Board or the Committee, nor any officer or employee of the Company acting on behalf of the Board or the Committee, shall be personally liable for any action,
determination, or interpretation taken or made in good faith with respect to the Plan, and all members of the Board or the Committee and each and any officer or employee of the Company acting on their behalf shall, to the extent permitted by law, be
fully indemnified and protected by the Company in respect of any such action, determination or interpretation. 

  

	 	(d)	In the event that any provision of the Plan or any related Award Notice is held to be invalid, void or unenforceable, the same shall not affect, in any respect whatsoever, the
validity of any other provision of the Plan or any related Award Notice. 

  

	 	(e)	The rights and obligations under the Plan and any related agreements shall inure to the benefit of, and shall be binding upon the Company, its successors and assigns, and the
Non-Employee Directors and their beneficiaries. 

  

	 	(f)	Titles are provided herein for convenience only and are not to serve as a basis for interpretation or construction of the Plan. 

  

	 	(g)	The Plan shall be construed, governed and enforced in accordance with the law of Delaware, except as such laws are preempted by applicable federal law. 

  

 14 

	 	SECTION 11.	EFFECTIVE DATE OF PLAN. 

 The Plan shall be
effective as of January 1, 2008. 
  

	 	SECTION 12.	TERM OF PLAN. 

 No Stock Options, Restricted Stock
or Restricted Stock Units shall be granted pursuant to the Plan on or after January 1, 2015, but awards theretofore granted may extend beyond that date. 
  

 15

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