Document:

Property Management Agreement

  
 Exhibit 10.3

 PROPERTY MANAGEMENT AND LEASING AGREEMENT 
 This PROPERTY MANAGEMENT AND LEASING AGREEMENT (this “Management Agreement”) is made and entered into as of the 12 day of November, 2010, by and among CARTER VALIDUS MISSION CRITICAL REIT, INC.,
a Maryland corporation (“CV REIT”), CARTER/VALIDUS OPERATING PARTNERSHIP, LP, a Delaware limited partnership (“CV OP”), and CARTER VALIDUS REAL ESTATE MANAGEMENT SERVICES, LLC, a Delaware limited liability company (the
“Manager”). 
 WHEREAS, CV OP was organized to acquire, own, operate, lease and manage real estate properties on
behalf of CV REIT; 
 WHEREAS, CV REIT intends to raise money from the sale of its common stock to be used, net of payment of
certain offering costs and expenses, for investment in the acquisition or construction of income-producing real estate and other real estate-related investments (including the making or purchase of mortgage loans), some or all of which are to be
acquired and held by Owner (as hereinafter defined) on behalf of CV REIT; and 
 WHEREAS, Owner intends to retain Manager to
manage and coordinate the leasing of certain of the real estate properties acquired by Owner under the terms and conditions set forth in this Management Agreement. 
 NOW, THEREFORE, in consideration of the premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound
hereby, do hereby agree, as follows: 
 ARTICLE I 
 DEFINITIONS 
 Except as otherwise specified or as the context may otherwise
require, the following terms have the respective meanings set forth below for all purposes of this Management Agreement, and the definitions of such terms are equally applicable both to the singular and plural forms thereof: 

1.1 “Affiliate” means, with respect to any Person, (i) any Person directly or indirectly owning, controlling or holding, with
the power to vote, 10% or more of the outstanding voting securities of such other Person; (ii) any Person 10% or more of whose outstanding voting securities are directly or indirectly owned, controlled or held, with the power to vote, by such other
Person; (iii) any Person directly or indirectly controlling, controlled by or under common control with such other Person; (iv) any executive officer, director, trustee or general partner of such other Person; and (v) any legal entity for which such
Person acts as an executive officer, director, trustee or general partner. 
 1.2 “Gross Revenues” means all amounts
actually collected as rents or other charges for the use and occupancy of the Properties, but shall exclude interest and other investment income of Owner and proceeds received by Owner for a sale, exchange, condemnation, eminent domain taking,
casualty or other disposition of assets of Owner. 
 1.3 “Improvements” means buildings, structures, equipment from
time to time located on the Properties and all parking and common areas located on the Properties. 

  
 1.4 “Intellectual
Property Rights” means all rights, titles and interests, whether foreign or domestic, in and to any and all trade secrets, confidential information rights, patents, invention rights, copyrights, service marks, trademarks, know-how, or similar
intellectual property rights and all applications and rights to apply for such rights, as well as any and all moral rights, rights of privacy, publicity and similar rights and license rights of any type under the laws or regulations of any
governmental, regulatory, or judicial authority, foreign or domestic and all renewals and extensions thereof. 
 1.5
“Lease” means, unless the context otherwise requires, any lease or sublease made by Owner as landlord or by its predecessor. 
 1.6 “Management Fees” has the meaning set forth in Section 5.1 hereof. 
 1.7 “Owner” means CV REIT, CV OP and any joint venture, limited liability company or other Affiliate of CV REIT or CV OP that owns, in whole or in part, on behalf of CV REIT, any Properties.

 1.8 “Person” means an individual, corporation, association, business trust, estate, trust, partnership, limited
liability company or other legal entity. 
 1.9 “Properties” means all real estate properties owned by Owner and all
tracts as yet unspecified but to be acquired by Owner containing income-producing improvements or on which Owner will construct income-producing improvements. 
 1.10 “Proprietary Properties” means all modeling algorithms, tools, computer programs, know-how, methodologies, processes, technologies, ideas, concepts, skills, routines, subroutines, operating
instructions and other materials and aides used in performing the duties set forth in Article 2 that relate to management advice, services and techniques regarding current and potential Properties, and all modifications, enhancements and derivative
works of the foregoing. 
 ARTICLE II 
 APPOINTMENT OF MANAGER; SERVICES TO BE PERFORMED 
 2.1 Appointment of
Manager. Owner hereby engages and retains Manager as the manager and as tenant coordinating agent of the Properties, and Manager hereby accepts such appointment on the terms and conditions hereinafter set forth; it being understood that this
Management Agreement shall cause Manager to be, at law, Owner’s agent upon the terms contained herein. 
 2.2 General
Duties. Manager shall devote its best efforts to performing its duties hereunder to manage, operate, maintain and lease the Properties in a diligent, careful and vigilant manner. The services of Manager are to be of scope and quality not less
than those generally performed by professional property managers of other similar properties in the area. Manager shall make available to Owner the full benefit of the judgment, experience and advice of the members of Manager’s organization and
staff with respect to the policies to be pursued by Owner relating to the operation and leasing of the Properties. 
 2.3
Specific Duties. Manager’s duties include the following: 
 (a) Lease Obligations. Manager shall perform all
duties of the landlord under all Leases insofar as such duties relate to operation, maintenance, and day-to-day management. Manager shall also provide or cause to be provided, at Owner’s expense, all services normally provided to tenants of
like premises, including where applicable and without limitation, gas, electricity or other utilities required to be furnished to tenants under Leases, normal repairs and maintenance, and cleaning, and

  
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janitorial service. Manager shall arrange for and supervise the performance of all installations and improvements in space leased to any tenant that are either expressly required under the terms
of the lease of such space or that are customarily provided to tenants. 
 (b) Maintenance. Manager shall cause the
Properties to be maintained in the same manner as similar properties in the area. Manager’s duties and supervision in this respect shall include, without limitation, cleaning of the interior and the exterior of the Improvements and the public
common areas on the Properties and the making and supervision of repair, alterations, and decoration of the Improvements, subject to and in strict compliance with this Management Agreement and the Leases. Construction activities undertaken by
Manager, if any, will be limited to activities related to the management, operation, maintenance, and leasing of the Property (e.g., repairs, renovations, and leasehold improvements). 

(c) Leasing Functions. Manager shall coordinate the leasing of the Properties and shall negotiate and use its best efforts to
secure executed Leases from qualified tenants, and to execute same on behalf of Owner, if requested, for available space in the Properties, such Leases to be in form and on terms approved by Owner and Manager, and to bring about complete leasing of
the Properties. Manager shall be responsible for the hiring of all leasing agents, as necessary for the leasing of the Properties, and to otherwise oversee and manage the leasing process on behalf of Owner. 

(d) Notice of Violations. Manager shall forward to Owner promptly upon receipt all notices of violation or other notices from any
governmental authority, and board of fire underwriters or any insurance company, and shall make such recommendations regarding compliance with such notice as shall be appropriate. 

(e) Personnel. Any personnel hired by Manager to maintain, operate and lease the Property shall be the employees or independent
contractors of Manager and not of Owner of such Property, CV OP or CV REIT. Manager shall use due care in the selection and supervision of such employees or independent contractors. Manager shall be responsible for the preparation of and shall
timely file all payroll tax reports and timely make payments of all withholding and other payroll taxes with respect to each employee. 
 (f) Utilities and Supplies. Manager shall enter into or renew contracts on behalf of Owner for electricity, gas, steam, landscaping, fuel, oil, maintenance and other services as are customarily
furnished or rendered in connection with the operation of similar rental property in the area. 
 (g) Expenses. Manager
shall analyze all bills received for services, work and supplies in connection with maintaining and operating the Properties, pay all such bills when due, and, if requested by Owner, pay, when due, utility and water charges, sewer rent and
assessments, and any other amount payable in respect to the Properties. All bills shall be paid by Manager within the time required to obtain discounts, if any. Owner may from time to time request that Manager forward certain bills to Owner promptly
after receipt, and Manager shall comply with any such request. Manager shall pay all bills, assessments, real property taxes, insurance premiums and any other amount payable in respect to the Properties out of the Account (as hereinafter defined).
All expenses shall be billed at net cost (i.e., less all rebates, commissions, discounts and allowances, however designed). 

(h) Monies Collected. Manager shall timely collect all rent and other monies, in the form of a check or money order, from tenants
and any sums otherwise due Owner with respect to the Properties in the ordinary course of business. Owner authorizes Manager to request, demand, collect and provide receipts for all such rent and other monies and to institute legal proceedings in
the name of Owner for the collection thereof and for the dispossession of any tenant in default under its Lease. 

  
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 (i) Banking
Accommodations. Manager shall establish and maintain a separate checking account in the Owner’s name and controlled by Manager subject to the provisions of this Management Agreement (the “Account”) for funds relating to the
Properties. All monies deposited from time to time in the Account shall be and remain the property of Owner and shall be withdrawn and disbursed by Manager for the account of Owner only as expressly permitted by this Management Agreement for the
purposes of performing the obligations of Manager hereunder. No monies collected by Manager on Owner’s behalf shall be commingled with funds of Manager. The Account shall be maintained, and monies shall be deposited therein and withdrawn
therefrom, in accordance with the following: 
 (i) All sums received from rents and other income from the Properties shall be
promptly deposited by Manager in the Account. Manager shall have the right to designate two or more persons who shall be authorized to draw against the Account, but only for purposes authorized by this Management Agreement. 

(ii) All sums due to Manager hereunder, whether for compensation, reimbursement for expenditures, or otherwise, as herein provided,
shall be a charge against the operating revenues of the Properties and shall be paid and/or withdrawn by Manager from the Account prior to the making of any other disbursements therefrom. 

(iii) By the 10th day after the end of each month, Manager shall forward to Owner all monies contained in the Account other than a
reasonable minimum balance (to be determined jointly by Manager and Owner from time to time) and any other amounts otherwise provided in the budget, which shall remain in the Account. 

(j) Ownership Agreements. Manager has received copies of (and will be provided with copies of future) articles of incorporation,
agreements of limited partnership, joint venture partnership agreements and operating agreements, each as may be amended from time to time, of Owner, as applicable (the “Ownership Agreements”) and is familiar with the terms thereof.
Manager shall use reasonable care to avoid any act or omission that, in the performance of its duties hereunder, shall in any way conflict with the terms of Ownership Agreements. 

(k) Signs. Manager shall place and remove, or cause to be placed and removed, such signs upon the Properties as Manager deems
appropriate, subject, however, to the terms and conditions of the Leases and to any applicable ordinances and regulations. 

2.4 Approval of Leases, Contracts, Etc. In fulfilling its duties to Owner, Manager may and hereby is authorized to enter into any
leases, contracts or agreements on behalf of Owner in the ordinary course of the management, operation, maintenance and leasing of the Property. 
 2.5 Accounting, Records and Reports. 
 (a) Records. Manager shall
maintain, in accordance with industry standards, all office records and books of account and shall record therein, and keep copies of, each invoice received from services, work and supplies ordered in connection with the maintenance and operation of
the Properties. Such records shall be maintained on a double entry basis. Owner and persons designated by Owner shall at all reasonable times have access to and the right to audit and make independent examinations of such records, books and accounts
and all vouchers, files and all other material pertaining to the Properties and this Management Agreement, all of which Manager agrees to keep safe, available and separate from any records not pertaining to the Properties, at a place recommended by
Manager and approved by Owner. 

  
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(b) Monthly Reports. On or before the 10th day after the end of each month during the term of this Management Agreement, Manager shall prepare and submit to
Owner all reports and statements reasonably requested, including without limitation the following: 
 (i) rental collection
record; 
 (ii) monthly operating statement and balance sheet; 

(iii) copy of cash disbursements ledger entries for such period, if requested; 

(iv) copy of cash receipts ledger entries for such period, if requested; 

(v) the original copies of all contracts entered into by Manager on behalf of Owner during such period, if requested; and 

(vi) copy of ledger entries for such period relating to security deposits maintained by Manager, if requested. 

(c) Budgets and Leasing Plans. Not later than November 15 of each calendar year, Manager shall prepare and submit to Owner
for its approval an operating budget and a marketing and leasing plan on each Property for the calendar year immediately following such submission. In connection with any acquisition of a Property by Owner, Manager shall prepare a budget and
marketing and leasing plan for the remainder of the calendar year. The budget and marketing and leasing plan shall be in the form of the budget and plan approved by Owner prior to the date thereof. As often as reasonably necessary during the period
covered by any such budget, Manager may submit to Owner for its approval an updated budget or plan incorporating such changes as shall be necessary to reflect cost over-runs and the like during such period. If Owner does not disapprove any such
budget within 30 days after receipt thereof by Owner, such budget shall be deemed approved. If Owner shall disapprove any such budget or plan, it shall so notify Manager within said 30-day period and explain the reasons therefor. If Owner
disapproves of any budget or plan, Manager shall submit a revised budget or plan, as applicable, within 10 (ten) days of receipt of the notice of disapproval, and Owner shall have 10 (ten) days to provide notice to Manager if it disapproves of any
such revised budget or plan. Manager will not incur any costs other than those estimated in any budget except for: 
 (i)
tenant improvements and real estate commissions required under a Lease; 
 (ii) maintenance or repair costs under $10,000 per
Property; 
 (iii) costs incurred in emergency situations in which action is immediately necessary for the preservation or
safety of the Property, or for the safety of occupants or other persons (or to avoid the suspension of any necessary service of the Property); 
 (iv) expenditures for real estate taxes and assessment; and 
 (v) maintenance
supplies calling for an aggregate purchase price less than $25,000 per annum for all Properties. 
 Budgets prepared by Manager
shall be for planning and informational purposes only, and Manager shall have no liability to Owner for any failure to meet any such budget. However, Manager will use its best efforts to operate within the approved budget. 

  
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 (d) Legal
Requirements. Manager shall execute and file when due all forms, reports, and returns required by law relating to the employment of its personnel. Manager shall be responsible for notifying Owner in the event it receives notice that any
Improvement on a Property or any equipment therein does not comply with the requirements of any statute, ordinance, law or regulation of any governmental body or of any public authority or official thereof having or claiming to have jurisdiction
thereover. Manager shall promptly forward to Owner any complaints, warnings, notices or summonses received by it relating to such matters. Owner represents that to the best of its knowledge each of its Properties and any equipment thereon will upon
acquisition by Owner comply with all such requirements. Owner authorizes Manager to disclose the ownership of the Property by Owner to any such officials. Owner agrees to indemnify, protect, defend, save and hold Manager and its stockholders,
officers, directors, employees, managers, successors and assigns (collectively, the “Indemnified Parties”) harmless of and from any and all Losses (as defined in Section 3.5(a) hereof) that may be imposed on them or any or all of them
by reason of the failure of Owner to correct any present or future violation or alleged violation of any and all present or future laws, ordinances, statutes, or regulations of any public authority or official thereof, having or claiming to have
jurisdiction thereover, of which it has actual notice. 
 (e) Public Company Status. Manager recognizes that Owner is a
publicly held company and is subject to various Securities Exchange Commission’s (SEC) rules and regulation, including Sarbanes Oxley compliance. As such, Manager agrees to maintain adequate documentation of its controls over financial
reporting and maintain supporting documentation to demonstrate that the controls over financial reporting are operating as intended. Manager agrees to allow Owner or its designated service provider access to the financial controls documentation
and provide reasonable assistance in completing Owners procedures to comply with various SEC regulations. In addition, Manager agrees to make reasonable changes to its controls over financial reporting that necessary to comply with various SEC
regulations. 
 ARTICLE III 
 AUTHORITY GRANTED TO MANAGER AND CERTAIN OWNER OBLIGATIONS 
 3.1
Authority As To Tenants, Etc. Owner agrees and does hereby give Manager the following exclusive authority and powers (all of which shall be exercised either in the name of Manager, as Manager for Owner, or in the name or Owner entered into by
Manager as Owner’s authorized agent, and Owner shall assume all expenses in connection with such matters): 
 (a) to
advertise each Property or any part thereof and to display signs thereon, as permitted by law; 
 (b) to lease the Properties to
tenants; 
 (c) to pay all expenses of leasing such Property, including but not limited to, newspaper and other advertising,
signage, banners, brochures, referral commissions, leasing commissions, finder’s fees and salaries, bonuses and other compensation of leasing personnel responsible for the leasing of the Property; 

(d) to cause references of prospective tenants to be investigated, it being understood and agreed by the parties hereto that Manager does
not guarantee the creditworthiness or collectibility of accounts receivable from tenants, users or lessees; and to negotiate new Leases and renewals and cancellations of existing Leases that shall be subject to Manager obtaining Owner’s
approval; 

  
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 (e) to collect from
tenants all or any of the following: a late rent administrative charge, a non-negotiable check charge, credit report fee, a subleasing administrative charge and/or broker’s commission; and Manager need not account for such charges and/or
commission to Owner; 
 (f) to terminate tenancies and to sign and serve in the name of Owner of each Property such notices as
are deemed necessary by Manager: 
 (i) to institute and prosecute actions to evict tenants and to recover possession of the
Property or portions thereof; and 
 (ii) with Owner’s authorization, to sue for and in the name of Owner and recover rent
and other sums due; and to settle, compromise, and release such actions or suits, or reinstate such tenancies. All expenses of litigation including, but not limited to, attorneys’ fees, filing fees, and court costs that Manager shall incur in
connection with the collecting of rent and other sums, or to recover possession of any Property or any portion thereof, shall be deemed to be an operational expense of the Property. Manager and Owner shall concur on the selection of the attorneys to
handle such litigation. 
 3.2 Operational Authority. Owner agrees and does hereby give Manager the following exclusive
authority and powers (all of which shall be exercised either in the name of Manager, as Manager for Owner, or in the name of Owner entered into by Manager as Owner’s authorized agent, and Owner shall assume all expenses in connection with such
matters): 
 (a) to hire, supervise, discharge, and pay all labor required for the operation and maintenance of each Property
including but not limited to on-site personnel, managers, assistant managers, leasing consultants, engineers, janitors, maintenance supervisors and other employees required for the operation and maintenance of the Property, including personnel
spending a portion of their working hours (to be charged on a pro rata basis) at the Property. All expenses of such employment shall be deemed operational expenses of the Property. 

(b) to make or cause to be made all ordinary repairs and replacements necessary to preserve each Property in its present condition and
for the operating efficiency thereof and all alterations required to comply with lease requirements, and to decorate the Property; 
 (c) to negotiate and enter into, as Manager of the Property, contracts for all items on budgets that have been approved by Owner, any emergency services or repairs for items not exceeding $10,000,
appropriate service agreements and labor agreements for normal operation of the Property, which have terms not to exceed three years, and agreements for all budgeted maintenance, minor alterations, and utility services, including, but not limited
to, electricity, gas, fuel, water, telephone, window washing, scavenger service, landscaping, snow removal, pest exterminating, decorating and legal services in connection with the Leases and service agreements relating to the Property, and other
services or such of them as Manager may consider appropriate; and 
 (d) to purchase supplies and pay all bills. 

Manager shall use its best efforts to obtain the foregoing services and utilities for the Property under terms that are as cost-effective and otherwise
favorable to Manager as possible for the quality of services and utilities required. Owner hereby appoints Manager as Owner’s authorized Manager for the purpose of executing, as Manager for said Owner, all such contracts. In addition, Owner
agrees to specifically assume in writing all obligations under all such contracts so entered into by Manager, on behalf of Owner of the Property, upon the termination of this Manager Agreement, and Owner shall indemnify, protect, save, defend and
hold Manager and the other Indemnified Parties harmless from and against any and all 

  
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Losses resulting from, arising out of or in any way related to such contracts and that relate to or concern matters occurring after termination of this Management Agreement, but excluding matters
arising out of Manager’s willful misconduct, gross negligence and/or unlawful acts. Manager shall secure the written approval of appropriate contracts by Owner for any non-budgeted and non-emergency/contingency capital items, alterations or
other expenditures in excess of $10,000 for any one item, securing for each item at least three written bids, if practicable, or providing evidence satisfactory to Owner, including such reasonable actions taken by the Manager, that the contract
amount is lower than industry standard pricing, from responsible contractors. Manager shall have the right from time to time during the term hereof, to contract with and make purchases from Affiliates of Manager, provided that contract rates and
prices are competitive with other available sources. Manager may, at any time and from time to time, request and receive prior written authorization from Owner for any one or more purchases or other expenditures, notwithstanding that Manager may
otherwise be authorized hereunder to make such purchases or expenditures. 
 3.3 Rent and Other Collections. Owner agrees
and does hereby give Manager the exclusive authority and powers (all of which shall be exercised either in the name of Manager, as Manager for Owner, or in the name of Owner entered into by Manager as Owner’s authorized agent, and Owner shall
assume all expenses in connection with such matters) to collect rents and/or assessments and other items, including but not limited to tenant payments for real estate taxes, property liability and other insurance, damages and repairs, common area
maintenance, tax reduction fees and all other tenant reimbursements, administrative charges, proceeds of rental interruption insurance, parking fees, income from coin operated machines and other miscellaneous income, due or to become due and give
receipts therefor and to deposit all such Gross Revenue collected hereunder in the Account. Manager may endorse any and all checks received in connection with the operation of any Property and drawn to the order of Owner, and Owner shall, upon
request, furnish Manager’s depository with an appropriate authorization for Manager to make such endorsement. Manager shall also have the exclusive authority to collect and handle tenants’ security deposits, including the right to apply
such security deposits to unpaid rent, and to comply, on behalf of Owner of the Property, with applicable state or local laws concerning security deposits and interest thereon, if any. Manager shall not be required to advance any monies for the care
or management of any Property. Owner agrees to advance all monies necessary therefor. If Manager shall elect to advance any money in connection with a Property, as permitted by applicable law, Owner agrees to reimburse Manager forthwith and hereby
authorizes Manager to deduct such advances from any monies due Owner. In connection with any insured losses or damages relating to any Property, Manager shall have the exclusive authority to handle all steps necessary regarding any such claim;
provided that Manager will not make any adjustments or settlements in excess of $10,000 without Owner’s prior written consent. 
 3.4 Payment of Expenses. Owner agrees and does hereby give Manager the exclusive authority and power (all of which shall be exercised either in the name of Manager, as Manager for Owner, or in the
name or Owner entered into by Manager as Owner’s authorized agent, and Owner shall assume all expenses in connection with such matters) to pay all expenses of the Property from the Gross Revenue collected in accordance with Section 3.3
above, from the Account. It is understood that the Gross Revenue will be used first to pay the compensation to Manager as contained in Article 5 below, then operational expenses and then any mortgage indebtedness, including real estate tax and
insurance impounds, but only as directed by Owner in writing and only if sufficient Gross Revenue is available for such payments. Nothing in this Management Agreement shall be interpreted in such a manner as to obligate Manager to pay from Gross
Revenue, any expenses incurred by Owner prior to the commencement of this Management Agreement, except to the extent Owner advances additional funds to pay such expenses. Owner will be responsible for funding any such operational expenses that
exceed Gross Revenue. 

  
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 3.5 Certain Owner
Indemnification Obligations. 
 (a) On Termination. Subject to the requirements of Section 6.5 hereof, in the
event this Management Agreement is terminated for any reason prior to the expiration of its original term or any renewal term, Owner shall indemnify, protect, defend, save and hold Manager and all of the other Indemnified Parties harmless from and
against any and all claims, causes of action, demands, suits, proceedings, loss, judgments, damage, awards, liens, fines, costs, attorney’s fees and expenses, of every kind and nature whatsoever (collectively, “Losses”), that may be
imposed on or incurred by Manager by reason of the willful misconduct, gross negligence and/or unlawful acts (such unlawfulness having been adjudicated by a court of proper jurisdiction) of Owner. 

(b) Property Damage, Etc. Subject to the requirements of Section 6.5 hereof, Owner agrees to indemnify, defend, protect, save
and hold Manager and all of the other Indemnified Parties harmless from any and all Losses in connection with or in any way related to the Property and from liability for damage to the Property and injuries to or death of any person whomsoever, and
damage to property; provided, however, that such indemnification shall not extend to any such Losses arising out of the misconduct, negligence or unlawful acts (such unlawfulness having been adjudicated by a court of proper jurisdiction) of Manager
or any of the other Indemnified Parties. Manager shall not be liable for any error of judgment or for any mistake of fact or law, or for any thing that it may do or refrain from doing, except in cases of misconduct, negligence or unlawful acts (such
unlawfulness having been adjudicated by a court of proper jurisdiction). 
 3.6 Environmental Matters. Owner hereby
warrants and represents to Manager that to the best of Owner’s knowledge, no Property, upon acquisition by Owner, nor any part thereof, will be used to treat, deposit, store, dispose of or place any hazardous substance that may subject Manager
to liability or claims under the Comprehensive Environmental Response, Compensation and Liability Act of 1980 (42 U.S.C.A. Section 9607), or any successor statute thereof, or any constitutional provision, statute, ordinance, law, or regulation
of any governmental body or of any order or ruling of any public authority or official thereof, having or claiming to have jurisdiction thereover. Furthermore, Owner agrees to indemnify, protect, defend, save and hold Manager and all of the other
Indemnified Parties from any and all Losses involving, concerning or in any way related to any past, current or future allegations regarding treatment, depositing, storage, disposal or placement by any party other than Manager of hazardous
substances on the Property. 
 3.7 Legal Status of Properties. Owner represents that to the best of its knowledge each
Property and any equipment thereon, when acquired by Owner, will comply with all legal requirements and authorizes Manager to disclose the identity of the Owner of the Property to any such officials and agrees to indemnify, protect, defend, save and
hold Manager and the other Indemnified Parties harmless of and from any and all Losses that may be imposed on them or any of them by reason of the failure of Owner to correct any present or future violation or alleged violation of any and all
present or future laws, ordinances, statutes, or regulations of any public authority or official thereof, having or claiming to have jurisdiction thereover, of which it has actual notice. In the event it is alleged or charged that any Improvement or
any equipment on a Property or any act or failure to act by Owner with respect to the Property or the sale, rental, or other disposition thereof fails to comply with, or is in violation of, any of the requirements of any constitutional provision,
statute, ordinance, law, or regulation of any governmental body or any order or ruling of any public authority or official thereof having or claiming to have jurisdiction thereover, and Manager, in its sole and absolute discretion, considers that
the action or position of Owner, with respect thereto may result in damage or liability to Manager, Manager shall have the right to cancel this Management Agreement at any time by written notice to Owner of its election so to do, which cancellation
shall be effective upon the service of such notice. Such cancellation shall not release the indemnities of Owner set forth in this Management Agreement and shall not terminate any liability or obligation of Owner to Manager for any payment,
reimbursement, or other sum of money then due and payable to Manager hereunder. 

  
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 3.8 Extraordinary
Payments. Owner agrees to give adequate advance written notice to Manager if Owner desires that Manager make any extraordinary payment, out of Gross Revenue, to the extent funds are available after the payment of Manager’s compensation as
provided for herein and all operational expenses, of mortgage indebtedness, general taxes, special assessments, or fire, boiler or any other insurance premiums. 
 ARTICLE IV 
 EXPENSES 

4.1 Owner’s Expenses. Except as otherwise specifically provided, all costs and expenses incurred hereunder by Manager in
fulfilling its duties to Owner shall be for the account of and on behalf of Owner. Such costs and expenses shall include the wages and salaries and other employee-related expenses, unless otherwise waived, in whole or in part, by the Manager in its
sole discretion, of all on-site and off-site employees of Manager who are engaged in the operation, management, maintenance and leasing or access control of the Properties, including taxes, insurance and benefits relating to such employees, and
legal, travel and other out-of-pocket expenses that are directly related to the management of specific Properties. All costs and expenses for which Owner is responsible under this Management Agreement shall be paid by Manager out of the Account. In
the event the Account does not contain sufficient funds to pay all said expenses, Owner shall fund all sums necessary to meet such additional costs and expenses. 
 4.2 Manager’s Expenses. Manager shall, out of its own funds, pay all of its general overhead and administrative expenses, including without limitation, accounting personnel used to produce the
reports required herein. 
 ARTICLE V 
 MANAGER’S COMPENSATION 
 5.1 Management Fees. 

(a) Owner shall pay Manager property management and leasing fees in an amount equal to (i) three percent (3.0%) of Gross
Revenues of triple net leased single-tenant properties and (ii) four percent (4.0%) of Gross Revenues of multi-tenant properties, plus reimbursement of Manager’s cost of maintaining the property, less all payments to third-party
property management subcontractors (the “Management Fees”) on a monthly basis from the rental income received from the Properties over the term of this Management Agreement. In addition, in the event that the Owner contracts, directly,
with a third-party property manager in respect of a property, the Owner, in it sole discretion, may pay Manager an oversight fee in an aggregate amount of up to one percent (1%) of the Gross Revenues of the property managed (the “Oversight
Fee”); provided however that in no event shall the Owner pay both Management Fees and an Oversight Fee to Manager with respect to the same property. 
 (b) Manager’s compensation under this Section 5.1 shall apply to all renewals, extensions or expansions of Leases that Manager has originally negotiated. In the event Manager assists with
planning and coordinating the construction of any tenant improvements or capital improvements, Manager shall be entitled to receive from the Owner for any such tenant improvement an amount equal to not greater than five percent (5.0%) of the
cost of such improvements. 
 5.2 Leasing Fees. In addition to the compensation paid to Manager under Section 5.1
above, Manager shall be entitled to receive a separate fee for the Leases of new tenants and renewals or expansions of existing Leases with existing tenants in an amount not to exceed the fee customarily charged in arm’s length transactions by
others rendering similar services in the same geographic area for similar properties as determined by a survey of brokers and agents in such area (“Leasing Fees”). 

  
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 5.3 Audit
Adjustment. If any audit of the records, books or accounts relating to the Properties discloses an overpayment or underpayment of Management Fees, Owner or Manager shall promptly pay to the other party the amount of such overpayment or
underpayment, as the case may be. If such audit discloses an overpayment of Management Fees for any fiscal year of more than the correct Management Fees for such fiscal year, Manager shall bear the cost of such audit. 

5.4 Additional Services. Any services beyond those specified herein, such as sales, brokerage, loan origination and servicing,
property tax reduction and risk management services, shall be performed by Manager and compensated by Owner only if the parties agree on the scope of such work and provided that the compensation to be paid therefore will not exceed that which would
be paid to unrelated parties providing such services and provided further that all such compensation must be approved by a majority of the directors, including a majority of the independent directors (as defined in the charter of the Owner), not
otherwise interested in the transaction, of Owner. 
 ARTICLE VI 

INSURANCE AND INDEMNIFICATION 
 6.1 Insurance to be Carried. 
 (a) Manager shall obtain and keep in full
force and effect insurance on the Properties against such hazards as Owner and Manager shall deem appropriate, but in any event insurance sufficient to comply with the Leases and Ownership Agreements shall be maintained. All liability policies shall
provide sufficient insurance satisfactory to both Owner and Manager and shall contain waivers of subrogation for the benefit of Manager. 
 (b) Manager shall obtain and keep in full force and effect, in accordance with the laws of the state in which each Property is located, employer’s liability insurance applicable to and covering all
employees of Manager at the Properties and all persons engaged in the performance of any work required hereunder, and Manager shall furnish Owner certificates of insurers naming Owner as a co-insured and evidencing that such insurance is in effect.
If any work under this Management Agreement is subcontracted as permitted herein, Manager shall include in each subcontract a provision that the subcontractor shall also furnish Owner with such a certificate. 

6.2 Insurance Expenses. Premiums and other expenses of such insurance, as well as any applicable payments in respect of
deductibles shall be borne by Owner. 
 6.3 Cooperation with Insurers. Manager shall cooperate with and provide
reasonable access to the Properties to representatives of insurance companies and insurance brokers or agents with respect to insurance that is in effect or for which application has been made. Manager shall use its best efforts to comply with all
requirements of insurers. 
 6.4 Accidents and Claims. Manager shall promptly investigate and shall report in detail to
Owner all accidents, claims for damage relating to Ownership, operation or maintenance of the Properties, and any damage or destruction to the Properties and the estimated costs of repair thereof, and shall prepare for approval by Owner all reports
required by an insurance company in connection with any such accident, claim, damage, or destruction. Such reports shall be given to Owner promptly, and any report not so given within thirty (30) days after the occurrence of any such accident,
claim, damage or destruction shall 

  
 -11-

 
be noted in the monthly operating statement delivered to Owner pursuant to Section 2.5(b). Manager is authorized to settle any claim against an insurance company arising out of any policy
and, in connection with such claim, to execute proofs of loss and adjustments of loss and to collect and receipt for loss proceeds. 
 6.5 Indemnification. Manager shall hold Owner harmless from and indemnify and defend Owner against any and all claims or liability for any injury or damage to any person or property whatsoever for
which Manager is responsible occurring in, on, or about the Properties, including, without limitation, the Improvements when such injury or damage shall be caused by the negligence of Manager, its agents, servants, or employees, except to the extent
that Owner recovers insurance proceeds with respect to such matter. Owner will indemnify and hold Manager harmless against all liability for injury to persons and damage to property caused by Owner’s negligence and which did not result from the
negligence of misconduct of Manager, except to the extent Manager recovers insurance proceeds with respect to such matter. Notwithstanding the foregoing, if the person seeking indemnification under this Section 6.5 is an Affiliate, such
person’s right to indemnification is subject to any limitations set forth in the Company’s Articles of Incorporation or any amendments thereto. 
 ARTICLE VII 
 TERM AND TERMINATION 

7.1 Term. This Management Agreement shall commence on the date first above written and shall continue until the first
(1st) anniversary of such date. Thereafter, this Management Agreement may be renewed for an unlimited number of successive one-year terms upon mutual consent of the parties. Each such renewal shall be for a term of no more than one year. It is
the duty of the Board of Directors to evaluate the performance of the Manager annually before renewing this Management Agreement. In addition, either party may terminate this Management Agreement immediately upon the occurrence of any of the
following: 
 (a) A decree or order is rendered by a court having jurisdiction (i) adjudging Manager as bankrupt or
insolvent, or (ii) approving as properly filed a petition seeking reorganization, readjustment, arrangement, composition or similar relief for Manager 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 Manager or a substantial part of the property of Manager, or for the winding up or liquidation of its affairs, or 

(b) Manager (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 other party, or (iv) takes corporate or other action in furtherance of any of the aforesaid purposes. 

Upon any termination pursuant to this Section 7.1, the provisions and obligations of this Management Agreement shall be deemed terminated, except
that the obligation of the parties for fees due between one another and the obligations of indemnity set forth herein shall survive such termination. Manager shall cooperate with Owner in transfers of management and accounting functions hereunder.

  
 -12-

  
 7.2 Manager’s
Obligations Upon Termination. Upon the termination of this Management Agreement, Manager shall have the following duties: 

(a) Manager shall deliver to Owner or its designee, all books and records with respect to the Properties. 

(b) Manager shall transfer and assign to Owner, or its designee, all service contracts and personal property relating to or used in the
operation and maintenance of the Properties, except personal property paid for and owned by Manager. Manager shall also, for a period of sixty (60) days immediately following the date of such termination, make itself available to consult with
and advise Owner, or its designee, regarding the operation, maintenance and leasing of the Properties. 
 (c) Manager shall
render to Owner an accounting of all funds of Owner in its possession and shall deliver to Owner a statement of all Management Fees claimed to be due to Manager and shall cause funds of Owner held by Manager relating to the Properties to be paid to
Owner or its designee. 
 7.3 Owner’s Obligations Upon Termination. Owner shall pay or reimburse Manager for any
sums of money due it under this Management Agreement for services and expenses prior to termination of this Management Agreement. All provisions of this Management Agreement that require Owner to have insured, or to protect, defend, save, hold and
indemnify or to reimburse Manager shall survive any expiration or termination of this Management Agreement and, if Manager is or becomes involved in any claim, proceeding or litigation by reason of having been Manager of Owner, such provisions shall
apply as if this Management Agreement were still in effect. 
 The parties understand and agree that Manager may withhold funds for sixty
(60) days after the end of the month in which this Management Agreement is terminated to pay bills previously incurred but not yet invoiced and to close accounts. Should the funds withheld be insufficient to meet the obligation of Manager to
pay bills previously incurred, Owner will, upon demand, advance sufficient funds to Manager to ensure fulfillment of Manager’s obligation to do so, within ten (10) days of receipt of notice and an itemization of such unpaid bills.

 ARTICLE VIII 
 MISCELLANEOUS 
 8.1 Notices. All notices, approvals, consents and
other communications hereunder shall be in writing, and, except when receipt is required to start the running of a period of time, shall be deemed given when delivered in person or on the fifth day after its mailing by either party by registered or
certified United States mail, postage prepaid and return receipt requested, to the other party, at the addresses set forth after their respect name below or at such different addresses as either party shall have theretofore advised the other party
in writing in accordance with this Section 8.1. 
  

			
	 Owner:
	  	 CARTER/VALIDUS OPERATING PARTNERSHIP, LP
 c/o Carter Validus Mission Critical REIT, Inc.
 4211 West Boy Scout Blvd., Suite 500

Tampa, Florida 33607
 Attention: General
Partner

		
	 Manager:
	  	 CARTER VALIDUS REAL ESTATE MANAGEMENT SERVICES, LLC
 c/o Carter & Associates, L.L.C.

  
 -13-

			
		  	 4211 West Boy Scout Blvd., Suite 500
 Tampa, Florida 33607
 Attention: Lisa Drummond and Todd Sakow

8.2 Governing Law; Venue. This Management Agreement shall be governed by and construed in accordance with the laws of the State of
Florida, and any action brought to enforce the agreements made hereunder or any action which arises out of the relationship created hereunder shall be brought exclusively in Hillsborough County, Florida. 

8.3 Assignment. Manager may delegate partially or in full its duties and rights under this Management Agreement but only with the
prior written consent of Owner. Owner acknowledges and agrees that any or all of the duties of Manager as contained herein may be delegated by Manager and performed by a person or entity (“Submanager”) with whom Manager contracts for the
purpose of performing such duties. Owner specifically grants Manager the authority to enter into such a contract with a Submanager; provided that, unless Owner otherwise agrees in writing with such Submanager, Owner shall have no liability or
responsibility to any such Submanager for the payment of the Submanager’s fee or for reimbursement to the Submanager of its expenses or to indemnify the Submanager in any manner for any matter; and provided further that Manager shall require
such Submanager to agree, in the written agreement setting forth the duties and obligations of such Submanager, to indemnify Owner for all Losses incurred by Owner as a result of the willful misconduct or gross negligence of the Submanager, except
that such indemnity shall not be required to the extent that Owner recovers issuance proceeds with respect to such matter. Any contract entered into between Manager and a Submanager pursuant to this Section 8.3 shall be consistent with the
provisions of this Management Agreement, except to the extent Owner otherwise specifically agrees in writing. This Management Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and
assigns. Owner may assign its rights under this Management Agreement as to any particular Property to a lender or lenders pursuant to the terms of any loan or loans obtained related to the Properties. In connection therewith, any Affiliate of
CV REIT or CV OP that is an Owner is hereby authorized to execute and deliver any and all documents required by a lender in order to carry out the intent of the immediately foregoing sentence.

8.4 Third Party Leasing Services. Manager acknowledges that from time to time Owner may determine that it is in the best interests
of Owner to retain a third party to provide certain leasing services with respect to certain Properties and to compensate such third party for such leasing services. Upon the prior written consent of Manager, Owner shall have the authority to enter
into such a contract for leasing services with a third party (a “Third Party Leasing Agreement”); provided that Manager shall have no liability or responsibility to Owner for any of the duties and obligations undertaken by such party, and
Owner agrees to indemnify Manager for all Losses incurred by Manager as a result of acts of such third party pursuant to the Third Party Leasing Agreement. To the extent that leasing services are specifically required to be performed by a third
party pursuant to such Third Party Leasing Agreement, Manager shall have no obligation to perform such leasing services and Owner shall have no obligation to Manager for leasing fees pursuant to Section 5.2 hereof. To the extent that both
Manager and such Third Party Leasing Agreement provides leasing services with respect to certain Properties, the Leasing fees payable to Manager pursuant to Section 5.2 hereof shall be reduced by the amounts payable with respect to such
Properties to such Third Party Leasing Agreement. 
 8.5 Third Party Management Services. Manager acknowledges that, from
time to time, Owner may acquire interests in Properties in which Owner does not control the determination of the party that is engaged to provide property management and other services to be provided by Manager with respect to all Properties
acquired by Owner hereunder. Upon the prior written consent of Manager, Owner shall have the authority to acquire such non-controlling interests in Properties for which a third party provides 

  
 -14-

 
some or all of the services otherwise required to be performed by Manager hereunder (a “Third Party Management Agreement”); provided that Manager shall have no liability or
responsibility to Owner for any of the duties and obligations undertaken by such third party, and Owner agrees to indemnify Manager for all Losses incurred by Manager as a result of the acts of such third party pursuant to the Third Party Management
Agreement. To the extent that property management and other services are specifically required to be performed by a third party pursuant to such Third Party Management Agreement, Manager shall have no obligation to perform such services and Owner
shall have no obligation to Manager for compensation for such services pursuant to Article V hereof. To the extent that both Manager and such Third Party Management Agreement provides management and leasing services with respect to certain
Properties, the management and leasing fees payable to Manager pursuant to Section 5.1 hereof shall be reduced by the amounts payable with respect to such Properties to such Third Party Management Agreement. 

8.6 No Waiver. The failure of Owner to seek redress for violation or to insist upon the strict performance of any covenant or
condition of this Management Agreement shall not constitute a waiver thereof for the future. 
 8.7 Amendments. This
Management Agreement may be amended only by an instrument in writing signed by the party against whom enforcement of the amendment is sought. 
 8.8 Headings. The headings of the various subdivisions of this Management Agreement are for reference only and shall not define or limit any of the terms or provisions hereof. 

8.9 Counterparts. This Management Agreement may be executed in two or more counterparts, each of which shall be deemed an
original, and it shall not be necessary in making proof of this Management Agreement to produce or account for more than one such counterpart. 
 8.10 Entire Agreement. This Management Agreement contains the entire understanding and all agreements between Owner and Manager respecting the management of the Properties. There are no
representations, agreements, arrangements or understandings, oral or written, between Owner and Manager relating to the management of the Properties that are not fully expressed herein. 

8.11 Disputes. If there shall be a dispute between Owner and Manager relating to this Management Agreement resulting in
litigation, the prevailing party in such litigation shall be entitled to recover from the other party to such litigation such amount as the court shall fix as reasonable attorneys’ fees. 

8.12 Activities of Manager. The obligations of Manager pursuant to the terms and provisions of this Management Agreement shall not
be construed to preclude Manager from engaging in other activities or business ventures, whether or not such other activities or ventures are in competition with Owner or the business of Owner. 

8.13 Independent Contractor. Manager and Owner shall not be construed as joint venturers or partners of each other pursuant to
this Management Agreement, and neither shall have the power to bind or obligate the other except as set forth herein. In all respects, the status of Manager to Owner under this Management Agreement is that of an independent contractor. 

8.14 No Third-Party Rights. Nothing expressed or referred to in this Management Agreement will be construed to give any Person
other than the parties to this Management Agreement any legal or equitable right, remedy or claim under or with respect to this Management Agreement or any provision of this Management Agreement, except such rights as shall inure to a successor or
permitted assignee pursuant to Section 8.3. 

  
 -15-

  
 8.15 Ownership of
Proprietary Property. The Manager retains ownership of and reserves all Intellectual Property Rights in the Proprietary Property. To the extent that Owner has or obtains any claim to any right, title or interest in the Proprietary Property,
including without limitation in any suggestions, enhancements or contributions that Owner may provide regarding the Proprietary Property, Owner hereby assigns and transfers exclusively to the Manager all right, title and interest, including without
limitation all Intellectual Property Rights, free and clear of any liens, encumbrances or licenses in favor of Owner or any other party, in and to the Proprietary Property. In addition, at the Manager’s expense, Owner will perform any acts that
may be deemed desirable by the Manager to evidence more fully the transfer of ownership of right, title and interest in the Proprietary Property to the Manager, including but not limited to the execution of any instruments or documents now or
hereafter requested by the Manager to perfect, defend or confirm the assignment described herein, in a form determined by the Manager. 
 [THE REMAINDER OF THIS PAGE HAS BEEN INTENTIONALLY LEFT BLANK] 

  
 -16-

  
 IN WITNESS
WHEREOF, the parties have executed this Property Management and Leasing Agreement as of the date first above written. 
  

			
	 CARTER VALIDUS MISSION
 CRITICAL REIT, INC.

		
	By:	 	 /s/ Todd M. Sakow

		 	Todd M. Sakow
		 	Chief Financial Officer

  

			
	CARTER/VALIDUS OPERATING PARTNERSHIP, LP
		
	By:	 	Carter Validus Mission Critical REIT, Inc.
		 	General Partner

  

			
		
	By:	 	 /s/ Todd M. Sakow

		 	Todd M. Sakow
		 	Chief Financial Officer

  

			
	CARTER VALIDUS REAL ESTATE MANAGEMENT, LLC
		
	By:	 	 /s/ John E. Carter

		 	John E. Carter
		 	Executive Vice President

  
 -17-Restricted Share Plan

  
 Exhibit 10.4

  
  

 

	
	 CARTER
VALIDUS MISSION CRITICAL REIT, INC.
 2010
RESTRICTED SHARE PLAN

  

 

  
 CARTER VALIDUS
MISSION CRITICAL REIT, INC. 
 2010 RESTRICTED SHARE PLAN 

 

	1	PURPOSE 

 The purpose of this Plan is to promote the interests of the Company by providing the opportunity to purchase or receive Shares or to receive compensation that is based upon appreciation in the value of
Shares to Eligible Recipients in order to attract and retain Eligible Recipients and providing Eligible Recipients an incentive to work to increase the value of Shares and a stake in the future of the Company that corresponds to the stake of each of
the Company’s stockholders. The Plan provides for the grant of Restricted Stock Awards and Deferred Stock Awards to aid the Company in obtaining these goals. 
  

	2	DEFINITIONS 

 Each term set forth in this Section shall have the meaning set forth opposite such term for purposes of this Plan and any Stock Incentive Agreements under this Plan (unless noted otherwise), and for
purposes of such definitions, the singular shall include the plural and the plural shall include the singular, and reference to one gender shall include the other gender. Note that some definitions may not be used in this Plan, and may be
inserted here solely for possible use in Stock Incentive Agreements issued under this Plan. 

2.1            Board means the Board of Directors of the
Company. 
 2.2            Affiliate means,
with respect to a Person: 

  (a)        any other Person directly or
indirectly owning, controlling or holding, with power to vote, 10% or more of the outstanding voting securities of such Person, 
   (b)        any other Person, 10% or more of whose outstanding voting securities are directly or indirectly owned, controlled or held, with power
to vote, by such Person, 
   (c)        any other
Person, directly or indirectly controlling, controlled by or under common control with such Person, 

  (d)        any executive officer, director, trustee or general
partner of such Person, and 
   (e)        any legal
entity for which such Person acts as an executive officer, director, trustee or general partner. 
 With respect to the Company,
an Affiliate shall include, but not be limited to, Carter/Validus REIT Investment Management, LLC, Carter/Validus Operating Partnership, LP, Carter Management Services, LLC, Carter/Validus Advisors, LLC, Strategic Capital Companies, LLC, and SC
Distributors, LLC. 

2.3            Business means the
business of investing in income-producing commercial real estate in the medical, data center and educational sectors. 
 2.4            Cause shall mean an act or acts by an Eligible Recipient involving (a) the use for profit or disclosure
to unauthorized persons of confidential information or trade secrets of the Company or an Affiliate, (b) the breach of any contract with the Company or an Affiliate, (c) the violation of any fiduciary obligation to the Company or an
Affiliate, (d) the unlawful trading in the securities of the Company or an Affiliate, or of another corporation based on information gained as a result of the performance of services for the Company or an Affiliate, (e) a felony conviction
or the failure to contest prosecution of a felony, or (f) willful misconduct, dishonesty, embezzlement, fraud, deceit or civil rights violations, or other unlawful acts. 
 2.5            Change of Control means either of the following: 

  (a)        any transaction or series of
transactions pursuant to which the Company sells, transfers, leases, exchanges or disposes of substantially all ( i.e., at least eighty-five percent (85%)) of its assets for cash or property, or for a combination of cash and property, or
for other consideration; or 

  (b)        any transaction pursuant to which
persons who are not current stockholders of the Company acquire by merger, consolidation, reorganization, division or other business combination or transaction, or by a purchase of an interest in the Company, an interest in the Company so that after
such transaction, the stockholders of the Company immediately prior to such transaction no longer have a controlling ( i.e. , 50% or more) voting interest in the Company. 

  
 However,
notwithstanding the foregoing, in no event shall an Initial Public Offering of the Company’s Common Stock constitute a Change of Control. 
 2.6            Code means the Internal Revenue Code of 1986, as amended. 

2.7            Committee means any
committee appointed by the Board to administer the Plan, as specified in Section 5 hereof. Any such committee shall be comprised entirely of Directors. 

2.8            Company means Carter
Validus Mission Critical REIT, Inc., a Maryland corporation, and any successor to such organization. 

2.9            Common Stock means the common stock of
the Company. 
 2.10          Confidential
Information means (a) information of the Company, to the extent not considered a Trade Secret under applicable law, that (i) relates to the business of the Company, (ii) possesses an element of value to the Company,
(iii) is not generally known to the Company’s competitors, and (iv) would damage the Company if disclosed, and (b) information of any third party provided to the Company which the Company is obligated to treat as confidential,
including, but not limited to, information provided to the Company by its licensors, suppliers, Customers, or Prospective Customers. Confidential Information includes, but is not limited to, (i) future business plans, (ii) the
composition, description, schematic or design of products, future products or equipment of the Company or any third party, (iii) communication systems, audio systems, system designs and related documentation, (iv) advertising or marketing
plans, (v) information regarding independent contractors, employees, clients, licensors, suppliers, Customers, Prospective Customers, or any third party, including, but not limited to, Customer lists and Prospective Customer lists compiled by
the Company, and Customer and Prospective Customer information compiled by the Company, and (vi) information concerning the Company’s or a third party’s financial structure and methods and procedures of
operation. Confidential Information shall not include any information that (i) is or becomes generally available to the public other than as a result of an unauthorized disclosure, (ii) has been independently developed and disclosed
by others without violating the legal rights of any party, or (iii) otherwise enters the public domain through lawful means. 
 2.11          Contact means, with respect to a Participant, any interaction between such Participant and a Customer or Prospective
Customer which takes place in an effort to establish, maintain, and/or further a business relationship on behalf of the Company. 
 2.12          Continuous Service means the absence of any interruption or termination of service as an Employee or Key
Person. Continuous Service shall not be considered interrupted in the case of (i) sick leave; (ii) military leave; (iii) any other leave of absence as approved by the Board or the chief executive officer of the Company provided
that such leave is for a period of not more than ninety (90) days, unless reemployment upon the expiration of such leave is guaranteed by contract or statute, or unless provided otherwise pursuant to Company policy adopted from time to time; or
(iv) transfers between locations of the Company or between Company or an Affiliate, or any successors to such organization. However, notwithstanding anything in the foregoing to the contrary, the Board shall have complete and absolute
discretion to determine whether an Employee or Key Person is in the Continuous Service of the Company or an Affiliate at any time. 
 2.13          Customer means any person or entity to whom the Company has sold its products or services. 

2.14          Director means a member of the Board. 

2.15          Effective Date means the “Effective Date”
as set forth in Section 4 of this Plan. 

2.16          Eligible Recipient means an Employee and/or a Key
Person. 
 2.17          Employee means a common law
employee of the Company or an Affiliate. 

2.18          ERISA means the Employee Retirement Income Security
Act of 1974, as amended. 
 2.19          Exchange Act
means the Securities Exchange Act of 1934, as amended. 

2.20          Fair Market Value of each Share on
any date means the price determined below as of the close of business on such date ( provided, however , if for any reason, the Fair Market Value per share cannot be ascertained or is unavailable for such date, the Fair Market Value per share
shall be determined as of the nearest preceding date on which such Fair Market Value can be ascertained): 

  
 Carter Validus
Mission Critical REIT, Inc. 2010 Restricted Share Plan 
 Page 2 of 14 

  
   (a)        If the Share is listed or traded on any established stock exchange or a national market system, including without limitation the
National Market of the National Association of Securities Dealers, Inc. Automated Quotation (“NASDAQ”) System, its Fair Market Value shall be the closing sale price for the Share (or the mean of the closing bid and ask prices, if no sales
were reported), on such exchange or system on the date of such determination or, if the stock exchange or national market on which the Shares trade is not open on the date of determination, the last business day prior to the date of determination,
as reported in The Wall Street Journal or such other source as the Board deems reliable; or 

  (b)        If the Share is not listed or traded
on any established stock exchange or a national market system, its Fair Market Value shall be the average of the closing dealer “bid” and “ask” prices of a Share as reflected on the NASDAQ interdealer quotation system of the
National Association of Securities Dealers, Inc. on the date of such determination; or 

  (c)        In the absence of an established
public trading market for the Share, the Fair Market Value of a Share shall be determined in good faith by the Board. 

2.21          Forfeiture Activities means, with respect to a
Participant, any of the following: 

  (a)        Trade Secrets &
Confidential Information.    Such Participant (i) uses, discloses, or reverse engineers the Trade Secrets or the Confidential Information for any purpose other than the Company’s Business, except as authorized in
writing by the Company; (ii) during the Participant’s employment with the Company, uses, discloses, or reverse engineers (a) any confidential information or trade secrets of any former employer or third party, or (b) any works of
authorship developed in whole or in part by the Participant during any former employment or for any other party, unless authorized in writing by the former employer or third party; or (iii) after the Participant’s cessation of services for
the Company, (a) retains Trade Secrets or Confidential Information, including any copies existing in any form (including electronic form), which are in Participant’s possession or control, or (b) destroys, deletes, or alters the Trade
Secrets or Confidential Information without the Company’s prior written consent. The Forfeiture Activities under this subsection (a) shall: (i) with regard to the Trade Secrets, remain in effect and be applicable as long as the
information constitutes a Trade Secret under applicable law, and (ii) with regard to the Confidential Information, remain in effect and be applicable during the Forfeiture Period. 

  (b)    Solicitation of
Customers.    During the Forfeiture Period of such Participant, the Participant directly or indirectly solicits any Customer of the Company for the purpose of selling or providing any products or services competitive with the
Business, provided that such Participant had Contact with such Customer during the period in which the Participant was employed by or performed services for the Company. Nothing in this subsection (b) shall be construed to include any
Customer of the Company (i) to which such Participant never sold or provided any products or services while employed by or providing services to the Company, (ii) that explicitly severed its business relationship with the Company unless
such Participant, directly or indirectly, caused or encouraged the Customer to sever the relationship, or (iii) to which Participant is selling or providing products or services the Company no longer offers. 

  (c)        Solicitation of Prospective
Customers.    During the Forfeiture Period of such Participant, the Participant, directly or indirectly, solicits any Prospective Customer of the Company for the purpose of selling or providing any products or services
competitive with the Business, provided that such Participant had Contact with such Prospective Customer during the last year of the period in which Participant was employed by or performed services for the Company (or during such period if employed
or providing services for less than a year). Nothing in this subsection (c) shall be construed to include Prospective Customers of the Company to which Participant is selling or providing any products or services which the Company no
longer offers. 

  (d)        Solicitation of Forfeiture Period
Employees.    During the Forfeiture Period of such Participant, the Participant, directly or indirectly, solicits, recruits or induces any Forfeiture Period Employee to (a) terminate his employment or service
relationship with the Company or (b) work for any other person or entity engaged in the Business. This subsection (d) shall only apply to Forfeiture Period Employees (i) with whom such Participant had Material Interaction, or
(ii) such Participant, directly or indirectly, supervised. 

  (e)        Non-Disparagement.  
  During the Forfeiture Period of such Participant, the Participant makes any disparaging or defamatory statements, whether written or oral, regarding the Company. This shall not preclude the Participant from responding truthfully
to questions or requests for information to the government, a regulator or in a court of law in connection with a legal or regulatory investigation or proceeding. 

  
 Carter Validus
Mission Critical REIT, Inc. 2010 Restricted Share Plan 
 Page 3 of 14 

  

2.22          Forfeiture Period means, with respect
to a Participant, the time period during which such Participant is employed with, or is performing services for, the Company, and for a period of two (2) years thereafter. 

2.23          Forfeiture Period Employee means any
person who (a) is employed by or providing services to the Company at the time Participant ceases to perform services for the Company, or (b) was employed by or providing services to the Company during the last year in which Participant
performed services for the Company (or during the period in which the Participant performed services for the Company if the Participant performed services for the Company for less than a year). 

2.24          Good Reason shall exist if
(i) the Company, without the consent of a Participant who is performing services for the Company, materially (a) diminishes such Participant’s base compensation, (b) diminishes such Participant’s authority, duties or
responsibilities, (c) changes the geographic location at which such Participant must perform the services, or (d) breaches, whether by action or inaction, the agreement under which such Participant provides services; (ii) such
Participant provides written notice to the Company of the existence of such condition described in subsection (i) of this paragraph within thirty (30) days of the initial existence of such condition and provides the Company with thirty
(30) days to remedy such condition (the “Cure Period”); (iii) the Company fails to remedy such condition within the Cure Period; and (iv) Participant elects to resign within thirty (30) days of the expiration of the
Cure Period. 
 2.25          Incumbent
Directors means the individuals who, at the Effective Date, constitute the Board, and any person becoming a Director after the Effective Date and whose election or nomination for election was approved by a vote of at least a majority of the
Incumbent Directors then on the Board (either by a specific vote or by approval of the proxy statement of the Company in which such person is named as a nominee for Director, without written objection to such nomination); provided, however ,
that no individual initially elected or nominated as a Director of the Company as a result of an actual or threatened election contest (as described in Rule 14a-11 under the 1934 Act (“Election Contest”) or other actual or threatened
solicitation of proxies or consents by or on behalf of any “person” (as such term is defined in Section 3(a)(9) of the 1934 Act and as used in Section 13(d)(3) and 14(d)(2) of the 1934 Act) other than the Board (“Proxy
Contest”), including by reason of any agreement intended to avoid or settle any Election Contest or Proxy Contest, shall be deemed an Incumbent Director; and provided further , that, subject to the provisions of this Section, no person
shall be deemed to be an Incumbent Director until such time as he or she takes office as a Director of the Company. 
  2.26          Independent Director means a Director who is not, and within the last two (2) years has not been, directly or
indirectly associated with the “Sponsor” (as that term is defined in the Company’s Charter, as amended) or the “Advisor” (as that term is defined in the Company’s Charter, as amended) by virtue of (a) ownership of
an interest in the Sponsor, the Advisor or any of their Affiliates, (b) employment by the Sponsor, the Advisor or any of their Affiliates, (c) services as an officer or director of the Sponsor, the Advisor or any of their Affiliates,
(d) performance of services, other than as a Director, for the Company, (e) services as a director or trustee of more than three REITs organized by the Sponsor or advised by the Advisor or (f) maintenance of a material business or
professional relationship with the Sponsor, the Advisor or any of their Affiliates. For this purpose, a business or professional relationship is considered “material” if the aggregate gross revenue derived by the Director from the
Sponsor, the Advisor and their Affiliates exceeds five percent (5%) of either the Director’s annual gross income, derived from all sources, during either of the last two (2) years or the Director’s net worth on a fair market
value basis. An indirect association with the Sponsor or the Advisor shall include circumstances in which a Director’s spouse, parent, child, sibling, mother-in-law, father-in-law, son-in-law, or daughter-in-law, or brother-in-law or
sister-in-law is or has been associated with the Sponsor, the Advisor, any of their Affiliates or the Company. 
  2.27          Initial Public Offering means the closing of the Company’s initial public offering of any class or series of the
Company’s equity securities pursuant to an effective registration statement filed by the Company under the 1933 Act. 
 2.28          Insider means an individual who is, on the relevant date, an officer, director or ten percent (10%) beneficial
owner of any class of the Company’s equity securities that is registered pursuant to Section 12 of the Exchange Act, all as defined under Section 16 of the Exchange Act. 

  
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2.29          Key Person means (a) a member of
the Board or a member of management of an Affiliate who is not an Employee, or (b) a consultant or advisor of the Company or an Affiliate; provided, however , that such consultant or advisor must be a natural person who is providing or
will be providing bona fide services to the Company or an Affiliate, with such services (i) not being in connection with the offer or sale of securities in a capital-raising transaction, and (ii) not directly or indirectly promoting
or maintaining a market for securities of the Company or an Affiliate, within the meaning of the general instructions to SEC Form S-8. 
 2.30          Material Interaction means, with respect to a Participant, any interaction between such Participant and a Forfeiture
Period Employee which relates or related, directly or indirectly, to the performance of such Participant’s duties or the Forfeiture Period Employee’s duties for the Company. 

2.31          Outside Director means a Director
who is not an Employee and who qualifies as (a) a “non-employee director” under Rule 16b-3(b)(3) under the 1934 Act, as amended from time to time, and (b) an “outside director” under Code §162(m) and the
regulations promulgated thereunder. 

2.32          Participant means an individual who
receives a Stock Incentive hereunder. 

2.33          Performance-Based Exception means
the performance-based exception from the tax deductibility limitations of Code §162(m). 

2.34          Person means any individual,
partnership, corporation, association, trust, limited liability company or other legal entity. 

2.35          Plan means the Carter Validus
Mission Critical REIT, Inc. 2010 Restricted Share Plan, as may be amended from time to time. 

2.36          Prospective Customer means
any person or entity to which the Company has solicited to sell its products or services. 

2.37          Restricted Stock Award means an
award of Shares granted to a Participant under this Plan whereby the Participant has immediate rights of ownership in the Shares underlying the award, but such Shares are subject to restrictions in accordance with the terms and provisions of this
Plan and the Stock Incentive Agreement pertaining to the award and may be subject to forfeiture by the Participant until the earlier of (a) the time such restrictions lapse or are satisfied, or (b) the time such shares are forfeited,
pursuant to the terms and provisions of the Stock Incentive Agreement pertaining to the award. 

2.38          Deferred Stock Award means a
contractual right granted to a Participant under this Plan to receive a Share that is subject to restrictions of this Plan and the applicable Stock Incentive Agreement. 

2.39          Share means a share of the Common
Stock of the Company. 
 2.40          Stock
Incentive means a Restricted Stock Award or a Deferred Stock Award. 

2.41          Stock Incentive Agreement means an
agreement between the Company, and a Participant evidencing an award of a Stock Incentive. 

2.42          Trade Secrets means information of
the Company, and its licensors, suppliers, clients and customers, without regard to form, including, but not limited to, technical or non-technical data, a formula, a pattern, a compilation, a program, a device, a method, a technique, a drawing, a
process, financial data, financial plans, product plans, a list of actual Customers, clients, licensors, or suppliers, or a list of Prospective Customers, clients, licensors, or suppliers which is not commonly known by or available to the public and
which information (i) derives economic value, actual or potential, from not being generally known to, and not being readily ascertainable by proper means by, other persons who can obtain economic value from its disclosure or use, and
(ii) is the subject of efforts that are reasonable under the circumstances to maintain its secrecy. 
  

	3	SHARES SUBJECT TO STOCK INCENTIVES 

3.1            Maximum Aggregate Shares Issuable
Pursuant to Stock Incentives.    The total number of Shares that may be issued pursuant to Stock Incentives under this Plan shall not exceed the sum of One Hundred Fifty Thousand (150,000), as adjusted pursuant to
Section 10. Such Shares shall be reserved, to the extent that the Company deems appropriate, from authorized but unissued Shares, from Shares which have been reacquired by the Company, from Shares paid to the Company pursuant to the
exercise of Stock Incentives issued under the Plan, or from Shares withheld by the Company for payment of taxes. 

  
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3.2            Determination of Maximum Aggregate
Shares Issuable.    Any Shares subject to a Stock Incentive that remain un-issued after the cancellation, expiration, lapse or exchange of such Stock Incentive thereafter shall again become available for use under this
Plan. 
 3.3            Code
§162(m) Participant Limitation.    Notwithstanding anything herein to the contrary, no Participant may be granted Stock Incentives covering an aggregate number of Shares in excess of One Hundred Thousand
(100,000) in any calendar year, and any Shares subject to a Stock Incentive which again become available for use under this Plan after the cancellation, expiration or exchange of such Stock Incentive thereafter shall continue to be counted in
applying this calendar year Participant limitation. 
  

	4	EFFECTIVE DATE 

The Effective Date of this Plan shall be the date it is adopted by the Board, or such delayed effective date as the Board
may specify, as noted in resolutions effectuating such adoption. This Plan shall be subject to the approval of the stockholders of the Company within twelve (12) months after the date on which this Plan is adopted by the Board,
disregarding any contingencies or delayed effective date relative to such adoption. In the event that stockholder approval of this Plan is not obtained, or in the event that this Plan is not subjected to the approval of the stockholders, then
any Stock Incentives granted under this Plan shall nonetheless be deemed granted pursuant to the authority of the Board; provided, however , should this Plan be rejected by the stockholders after being submitted to the stockholders for their
approval, the Plan shall immediately terminate at that time, and no further grants shall be made under this Plan thereafter. In addition, in the event that stockholder approval of this Plan is not obtained, any Stock Incentives intended to meet
the performance-based compensation exception of Code §162(m)(4)(C) may not meet such exception. 
  

	5	ADMINISTRATION 

 5.1            General Administration.    This Plan shall be administered by the Board. The Board,
acting in its complete and absolute discretion, shall exercise all such powers and take all such action as it deems necessary or desirable to carry out the purposes of this Plan. The Board shall have the power to interpret this Plan and,
subject to the terms and provisions of this Plan, to take such other action in the administration and operation of the Plan as it deems equitable under the circumstances. The Board’s actions shall be binding on the Company, on each
affected Eligible Recipient, and on each other person directly or indirectly affected by such actions. 

5.2            Authority of the
Board.    Except as limited by law or by the Articles of Incorporation or Bylaws of the Company, and subject to the provisions herein, the Board shall have full power to select Eligible Recipients who shall participate in
the Plan, to determine the sizes and types of Stock Incentives in a manner consistent with the Plan, to determine the terms and conditions of Stock Incentives in a manner consistent with the Plan, to construe and interpret the Plan and any agreement
or instrument entered into under the Plan, to establish, amend or waive rules and regulations for the Plan’s administration, and to amend the terms and conditions of any outstanding Stock Incentives as allowed under the Plan and such Stock
Incentives. Further, the Board may make all other determinations that may be necessary or advisable for the administration of the Plan. 
 5.3            Delegation of Authority.    The Board may delegate its authority under the Plan, in
whole or in part, to a Committee appointed by the Board consisting of not less than one (1) Director or to one or more other persons to whom the powers of the Board hereunder may be delegated in accordance with applicable law. The members
of the Committee and any other persons to whom authority has been delegated shall be appointed from time to time by, and shall serve at the discretion of, the Board. The Committee or other delegate (if appointed) shall act according to the
policies and procedures set forth in the Plan and to those policies and procedures established by the Board, and the Committee or other delegate shall have such powers and responsibilities as are set forth by the Board. Reference to the Board
in this Plan shall specifically include reference to the Committee or other delegate where the Board has delegated its authority to the Committee or other delegate, and any action by the Committee or other delegate pursuant to a delegation of
authority by the Board shall be deemed an action by the Board under the Plan. Notwithstanding the above, the Board may assume the powers and responsibilities granted to the Committee or other delegate at any time, in whole or in part. With
respect to Committee appointments and composition, only a Committee (or a subcommittee thereof) comprised solely of two (2) or more Outside Directors may grant Stock Incentives that will meet the Performance-Based Exception, and only a
Committee comprised solely of Outside Directors may grant Stock Incentives to Insiders that will be exempt from Section 16(b) of the Exchange Act. 

  
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5.4            Decisions
Binding.    All determinations and decisions made by the Board (or its delegate) pursuant to the provisions of this Plan and all related orders and resolutions of the Board shall be final, conclusive and binding on all
persons, including the Company, its stockholders, Directors, Eligible Recipients, Participants, and their estates and beneficiaries. 
 5.5            Indemnification for Decisions.    No member of the Board or the Committee (or a
subcommittee thereof) shall be liable in connection with or by reason of any act or omission performed or omitted to be performed on behalf of the Company in such capacity, provided , that the Board has determined, in good faith, that the
course of conduct that caused the loss or liability was in the best interests of the Company. Service on the Committee (or a subcommittee thereof) shall constitute service as a Director of the Company so that the members of the Committee (or a
subcommittee thereof) shall be entitled to indemnification and reimbursement as Directors of the Company pursuant to its articles of incorporation, bylaws and applicable law. In addition, the members of the Board, Committee (or a subcommittee
thereof) shall be indemnified by the Company against the following losses or liabilities reasonably incurred in connection with or by reason of any act or omission performed or omitted to be performed on behalf of the Company in such capacity,
provided, that the Board has determined, in good faith, that the course of conduct which caused the loss or liability was in the best interests of the Company: (a) the reasonable expenses, including attorneys’ fees actually and necessarily
incurred in connection with the defense of any action, suit or proceeding, to which they or any of them may be a party by reason of any action taken or failure to act under or in connection with the Plan, any Stock Incentive granted hereunder, and
(b) against all amounts paid by them in settlement thereof (provided such settlement is approved by independent legal counsel selected by the Company) or paid by them in satisfaction of a judgment in any such action, suit or proceeding, except
in relation to matters as to which it shall be adjudged in such action, suit or proceeding that such individual is liable for gross negligence or misconduct in the performance of his duties, provided that within sixty (60) days after
institution of any such action, suit or proceeding a Committee member or delegatee shall in writing offer the Company the opportunity, at its own expense, to handle and defend the same. The Company shall not indemnify or hold harmless the
member of the Board or the Committee (or a subcommittee thereof) if: (a) in the case of a Director (other than an independent Director of the Company), the loss or liability was the result of negligence or misconduct by the Director, or
(b) in the case that the Director is an independent Director of the Company, the loss or liability was the result of gross negligence or willful misconduct by the Director. Any indemnification of expenses or agreement to hold harmless may
be paid only out of the net assets of the Company, and no portion may be recoverable from the stockholders of the Company. 
 5.6            Majority Rule.    A majority of the members of the Board (or its delegate) shall
constitute a quorum, and any action taken by a majority at a meeting at which a quorum is present, or any action taken without a meeting evidenced by a writing executed by all the members of the Board (or its delegate), shall constitute action of
the Board. 
  

	6	ELIGIBILITY 

 6.1            General Eligibility for Awards.    Eligible Recipients selected by the Board shall be eligible
for the grant of Stock Incentives under this Plan, but no Eligible Recipient shall have the right to be granted a Stock Incentive under this Plan merely as a result of his or her status as an Eligible Recipient. 

6.2            Automatic Restricted Share Awards to
Independent Directors.    As of the date of each annual stockholders’ meeting, each Independent Director determined as of such date shall be granted a Restricted Stock Award of Three Thousand (3,000) shares subject
to the provisions of Section 7.2 herein. Restricted Stock Awards granted under this Section 6.2 shall contain such terms and provisions as the Board may determine; provided, however, recipients of such Restricted Stock Awards
shall become vested in the Shares subject to such award at the rate of twenty-five percent (25%) as of each anniversary of the date of grant of such Shares if the recipient is still an Independent Director or performing services for the Company
or an Affiliate as of such date. 
  

	7	TERMS OF STOCK INCENTIVES 

7.1            Terms & Conditions of All
Stock Incentives. 
   ( a
)        Grants of Stock Incentives.    The Board, in its complete and absolute discretion, shall grant Stock Incentives under this Plan from time to time and shall have the
right to grant new Stock Incentives in exchange for outstanding Stock Incentives. Stock Incentives shall be granted to Eligible Recipients selected by the Board, and the Board shall be under no obligation whatsoever to grant any Stock
Incentives, or to grant Stock Incentives to all Eligible Recipients, or to grant all Stock Incentives subject to the same terms and conditions.  

  
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   ( b )        Shares Subject to Stock Incentives.    The number of Shares as to which a Stock Incentive shall be
granted shall be determined by the Board in its complete and absolute discretion, subject to the provisions of Section 3 as to the total number of Shares available for grants under the Plan. 

  ( c )        Stock Incentive
Agreements.    Each Stock Incentive shall be evidenced by a Stock Incentive Agreement executed by the Company or an Affiliate, and the Participant, which shall be in such form and contain such terms and conditions as the
Board in its complete and absolute discretion may, subject to the provisions of the Plan, from time to time determine. 
   ( d )        Date of Grant.    The date a Stock Incentive is granted shall be the date on which the Board
(1) has approved the terms and conditions of the Stock Incentive Agreement, (2) has determined the recipient of the Stock Incentive and the number of Shares covered by the Stock Incentive, (3) has taken all such other action necessary
to direct the grant of the Stock Incentive, and (4) if applicable, any conditions imposed on such grant by the Board have been fulfilled. 
 7.2            Terms & Conditions of Restricted Stock Awards. 

  (a)        Grants of Restricted Stock
Awards . Shares awarded pursuant to Restricted Stock Awards shall be subject to such restrictions (if any) as determined by the Board for periods determined by the Board. Restricted Stock Awards issued under the Plan may have restrictions
which lapse based upon the service of a Participant, or based upon the attainment (as determined by the Board) of performance goals established pursuant to the business criteria listed in Section 13, or based upon any other criteria that the
Board may determine appropriate. Any Restricted Stock Award with restrictions that lapse based on the attainment of performance goals must be granted by a Committee, must have its performance goals determined by such a Committee based upon one
or more of the business criteria listed in Section 13, and must have the attainment of such performance goals certified in writing by such a Committee in order to meet the Performance-Based Exception. Shares awarded pursuant to a
Restricted Stock Award may be forfeited to the extent that a Participant fails to satisfy the applicable conditions or restrictions during the period of restriction. The Company may retain the certificates representing Shares subject to a
Restricted Stock Award in the Company’s possession until such time as all conditions and/or restrictions applicable to such Shares have been satisfied. The Board may require a cash payment from the Participant in exchange for the grant of
a Restricted Stock Award or may grant a Restricted Stock Award without the requirement of a cash payment; provided, however , if the Participant holding a Restricted Stock Award receives a hardship distribution from a Code §401(k) plan
of the Company or an Affiliate, the Participant may not pay any amount for such Restricted Stock Award during the six (6) month period following the hardship distribution, unless the Company determines that such payment would not jeopardize the
tax-qualification of the Code §401(k) plan. 

  (b)        Acceleration of Award
.. The Board shall have the power to permit, in its complete and absolute discretion, an acceleration of the expiration of the applicable restrictions or the applicable period of such restrictions with respect to any part or all of the Shares
awarded to a Participant as part of a Restricted Stock Award. 

  (c)        Necessity of Stock Incentive
Agreement.    Each grant of a Restricted Stock Award shall be evidenced by a Stock Incentive Agreement that shall specify the terms, conditions and restrictions regarding the Shares awarded to a Participant, and shall
incorporate such other terms and conditions as the Board, acting in its complete and absolute discretion, deems consistent with the terms of this Plan. The Board shall have complete and absolute discretion to modify the terms and provisions of
Restricted Stock Awards in accordance with Section 12 of this Plan. 

  (d)        Restrictions on Shares
Awarded.    Shares awarded pursuant to Restricted Stock Awards shall be subject to such restrictions as determined by the Board for periods determined by the Board. The Board may impose such restrictions on any Shares
acquired pursuant to a Restricted Stock Award as it may deem advisable, including, without limitation, vesting or performance-based restrictions, voting restrictions, investment intent restrictions, restrictions or limitations or other provisions
that would be applied to stockholders under any applicable agreement among the stockholders, and restrictions under applicable federal securities laws, under the requirements of any stock exchange or market upon which such Shares are then listed
and/or traded, and/or under any blue sky or state securities laws applicable to such Shares. 

  
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   (e)        Transferability of Restricted Stock Awards.    A Restricted Stock Award may not be transferred by the
holder Participant, except (A) upon the death of the holder Participant, a Restricted Stock Award may be transferred by will or by the laws of descent and distribution, (B) a Restricted Stock Award may, unless the applicable Stock
Incentive Agreement provides otherwise, be transferred at any time as a bona fide gift or through a domestic relations order to any “family member” (as determined by the Board) of the Participant; provided, however , that the
transferee must be bound by all terms and provisions of the underlying Restricted Stock Award, and (C) a Restricted Stock Award may be transferred at any time following the lapse of all restrictions on transferability of the Restricted Stock
Award. Notwithstanding the foregoing, a Stock Incentive Agreement may provide for more limited transferability than is described above. 
   (f)        Voting, Dividend & Other Rights . Unless the applicable Stock Incentive Agreement expressly provides otherwise,
holders of Restricted Stock Awards shall, with respect to the Shares subject to such Stock Incentive Agreement, be entitled (1) to vote such Shares, and (2) to receive any dividends declared upon such Shares, during any period of
restriction imposed by the Stock Incentive Agreement, but shall not be entitled (1) to vote such Shares, or (2) to receive any dividends declared upon such Shares, on or after the date on which Shares are forfeited pursuant to such Stock
Incentive Agreement. 
 7.3            Terms &
Conditions of Deferred Stock Awards. 

(a)        Grants of Deferred Stock
Awards.    A Deferred Stock Award shall entitle the Participant to receive one Share at such future time and upon such terms as specified by the Board in the Stock Incentive Agreement evidencing such award. Deferred
Stock Awards issued under the Plan may have restrictions which lapse based upon the service of a Participant, or based upon other criteria that the Board may determine appropriate. The Board may require a cash payment from the Participant in
exchange for the grant of Deferred Stock Awards or may grant Deferred Stock Awards without the requirement of a cash payment; provided, however , if a Participant holding a Deferred Stock Award receives a hardship distribution from a Code
§401(k) plan of the Company or an Affiliate, no payment for the Deferred Stock Award may be made by the Participant during the six (6) month period following the hardship distribution, unless the Company determines that such payment would
not jeopardize the tax-qualification of the Code §401(k) plan. 

(b)        Vesting of Deferred Stock Awards
..    The Board may establish a vesting schedule applicable to a Deferred Stock Award and may specify the times, vesting and performance goal requirements that may be applicable to a Deferred Stock Award. Until the end of the
period(s) of time specified in any such vesting schedule and/or the satisfaction of any such performance criteria, the Deferred Stock Awards subject to such Stock Incentive Agreement shall remain subject to forfeiture. 

(c)        Acceleration of
Award.    The Board shall have the power to permit, in its complete and absolute discretion, an acceleration of the applicable restrictions or the applicable period of such restrictions with respect to any part or all of the
Deferred Stock Awards awarded to a Participant. 

(d)        Necessity of Stock Incentive
Agreement.    Each grant of Deferred Stock Award(s) shall be evidenced by a Stock Incentive Agreement that shall specify the terms, conditions and restrictions regarding the Participant’s right to receive Share(s) in the
future, and shall incorporate such other terms and conditions as the Board, acting in its complete and absolute discretion, deems consistent with the terms of this Plan. The Board shall have complete and absolute discretion to modify the terms
and provisions of Deferred Stock Award(s) in accordance with Section 12 of this Plan. 

(e)        Transferability of Deferred Stock
Awards.    Except as otherwise provided in a Participant’s Deferred Stock Award Award, no Deferred Stock Award granted under the Plan may be sold, transferred, pledged, assigned or otherwise alienated or hypothecated by
the holder Participant, except upon the death of the holder Participant by will or by the laws of descent and distribution. Notwithstanding the foregoing, a Stock Incentive Agreement may provide for more limited transferability than is
described above. 
 (f)        Voting,
Dividend & Other Rights.    Unless the applicable Stock Incentive Agreement provides otherwise, holders of Deferred Stock Awards shall not be entitled to vote or to receive dividends until they become owners of the
Shares pursuant to their Deferred Stock Awards. 

(g)        Code §409A
Requirements.    A Deferred Stock Award must meet certain restrictions contained in Code §409A if it is to avoid taxation under Code §409A as a “nonqualified deferred compensation plan.” Grants of
Deferred Stock Awards under this Plan should be made with consideration of the impact of Code §409A with respect to such grant upon both the Company and the recipient of the Deferred Stock Award. 

  
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 (h)        No ERISA Employee Benefit Plan Created.    Except to the extent that the Board expressly determines otherwise in
resolutions, a Deferred Stock Award must contain terms and provisions designed to ensure that the Deferred Stock Award will not be considered an “employee benefit plan” as defined in ERISA §3(3). 

(i)        Restrictions on Shares
Awarded.    Shares awarded pursuant to Deferred Stock Awards shall be subject to such restrictions as determined by the Board for periods determined by the Board. The Board may impose such restrictions on any Shares
acquired pursuant to a Deferred Stock Award as it may deem advisable, including, without limitation, vesting or performance-based restrictions, voting restrictions, investment intent restrictions, restrictions on transfer, restrictions or
limitations or other provisions that would be applied to stockholders under any applicable agreement among the stockholders, and restrictions under applicable federal securities laws, under the requirements of any stock exchange or market upon which
such Shares are then listed and/or traded, and/or under any blue sky or state securities laws applicable to such Shares. 
  

	8	SECURITIES REGULATION 

Each Stock Incentive Agreement may provide that, upon the receipt of Shares as a result of the exercise of a Stock
Incentive or otherwise, the Participant shall, if so requested by the Company, hold such Shares for investment and not with a view of resale or distribution to the public and, if so requested by the Company, shall deliver to the Company a written
statement satisfactory to the Company to that effect. Each Stock Incentive Agreement may also provide that, if so requested by the Company, the Participant shall make a written representation to the Company that he or she will not sell or offer
to sell any of such Shares unless a registration statement shall be in effect with respect to such Shares under the Securities Act of 1933, as amended (“1933 Act”), and any applicable state securities law or, unless he or she shall have
furnished to the Company an opinion, in form and substance satisfactory to the Company, of legal counsel acceptable to the Company, that such registration is not required. Certificates representing the Shares transferred upon the exercise of a
Stock Incentive granted under this Plan may at the complete and absolute discretion of the Company bear a legend to the effect that such Shares have not been registered under the 1933 Act or any applicable state securities law and that such Shares
may not be sold or offered for sale in the absence of an effective registration statement as to such Shares under the 1933 Act and any applicable state securities law or an opinion, in form and substance satisfactory to the Company, of legal counsel
acceptable to the Company, that such registration is not required. The Company shall not be required to issue any Shares under any Stock Incentive if the issuance of such Shares would constitute a violation by the Participant, the Company or
any other person of any provisions of any law or regulation of any governmental authority, including any federal or state securities laws or regulations. The Company may, but shall in no event be obligated to, register any securities covered
hereby pursuant to the Securities Act. The Company shall not be obligated to take any affirmative action in order to cause the issuance of Shares pursuant hereto or pursuant to a grant of a Stock Incentive to comply with any law or regulation
of any governmental authority. As to any jurisdiction that expressly imposes the requirement that Shares may not be issued pursuant to a Stock Incentive unless and until the Shares covered by such grant are registered or are exempt from
registration, the issuance of Shares pursuant to such grant (under circumstances in which the laws of such jurisdiction apply) shall be deemed conditioned upon the effectiveness of such registration or the availability of such an exemption.

  

	9	LIFE OF PLAN 

 No Stock Incentive shall be granted under this Plan on or after the earlier of: 
 9.1            the tenth (10 th ) anniversary of the Effective Date of this Plan, or 

9.2            the date on which all of the Shares
available for issuance under Section 3 of this Plan have (as a result of the lapse of all restrictions under Restricted Stock Awards granted under this Plan, or vesting and payment of all Deferred Stock Awards granted under this Plan) been
issued or no longer are available for use under this Plan. 
 After such date, this Plan shall continue in effect with respect
to any then-outstanding Stock Incentives until (1) all Restricted Stock Awards have vested or been forfeited, and (2) all Deferred Stock Awards have vested and been paid or been forfeited. 

  
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	10	ADJUSTMENT 

 Notwithstanding anything in Section 12 to the contrary, the number of Shares reserved under Section 3 of this Plan, the limit on the number of Shares that may be granted during a calendar year
to any Eligible Recipient under Section 3 of this Plan, and the number of Shares subject to Stock Incentives granted under this Plan may be adjusted by the Board in its complete and absolute discretion in an equitable manner to reflect any
change in the capitalization of the Company, including, but not limited to, such changes as stock dividends or stock splits; provided, however , that the Board shall be required to make such adjustments if such change in the capitalization of
the Company constitutes an “equity restructuring” as defined in FASB ASC §718-10-20. Furthermore, the Board shall have the right to, and may in its complete and absolute discretion, adjust the number of Shares reserved under
Section 3, and the number of Shares subject to Stock Incentives granted under this Plan; provided, how ever, that the Board shall be required to make such adjustments if such corporate transaction constitutes an “equity
restructuring” as defined in FASB ASC §718-10-20. If any adjustment under this Section creates a fractional Share or a right to acquire a fractional Share, such fractional Share shall be disregarded, and the number of Shares reserved
under this Plan and the number subject to any Stock Incentives granted under this Plan shall be the next lower number of Shares, rounding all fractions downward. An adjustment made under this Section by the Board shall be conclusive and binding
on all affected persons and, further, shall not constitute an increase in the number of Shares reserved under Section 3. 
  

	11	CHANGE OF CONTROL OF COMPANY 

11.1            General Rule for Deferred Stock
Awards.    Except as otherwise provided in a Stock Incentive Agreement, if a Change of Control occurs, and if the agreements effectuating the Change of Control do not provide for the assumption or substitution of
all Deferred Stock Awards granted under this Plan, with respect to any Deferred Stock Award granted under this Plan that is not so assumed or substituted (a “Non-Assumed RSU”), the Committee, in its complete and absolute discretion, may,
with respect to any or all of such Non-Assumed RSUs, take any or all of the following actions to be effective as of the date of the Change of Control (or as of any other date fixed by the Committee occurring within the twenty-five (25) day
period ending on the date of the Change of Control, but only if such action remains contingent upon the effectuation of the Change of Control) (such date referred to as the “Action Effective Date”): 

  (a)        Accelerate the vesting of such
Non-Assumed RSU on or before a specified Action Effective Date; and/or 

  (b)        Unilaterally cancel any such
Non-Assumed RSU which has not vested as of a specified Action Effective Date; and/or 

  (c)        Unilaterally cancel such Non-Assumed
RSU as of a specified Action Effective Date in exchange for: 

(1)            whole and/or fractional
Shares (or for whole Shares and cash in lieu of any fractional Share) that are equal to the number of Shares subject to such Non-Assumed RSU determined as of such Action Effective Date (taking into account vesting); and/or 

(2)            cash or other property
equal in value to the Fair Market Value of the Shares (or fractional Shares) subject to such Non-Assumed RSU determined as of such Action Effective Date (taking into account vesting); and/or 

  (d)    Unilaterally cancel such Non-Assumed RSU as of a specified
Action Effective Date and notify the holder of such RSU of such action, but only if the Fair Market Value of the Shares that were subject to such Non-Assumed RSU determined as of the Action Effective Date (taking into account vesting) is zero.

 However, notwithstanding the foregoing, to the extent that the Participant holding a Non-Assumed RSU is an Insider, payment
of cash in lieu of whole or fractional Shares or shares of a successor may only be made to the extent that such payment (1) has met the requirements of an exemption under Rule 16b-3 promulgated under the Exchange Act, or (2) is a
subsequent transaction the terms of which were provided for in a transaction initially meeting the requirements of an exemption under Rule 16b-3 promulgated under the Exchange Act. Unless a Stock Incentive Agreement provides otherwise, the
payment of cash in lieu of whole or fractional Shares or in lieu of whole or fractional shares of a successor shall be considered a subsequent transaction approved by the original grant of an RSU. 

  
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Mission Critical REIT, Inc. 2010 Restricted Share Plan 
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11.2            General Rule for Other Stock
Incentive Agreements . If a Change of Control occurs, then, except to the extent otherwise provided in the Stock Incentive Agreement pertaining to a particular Stock Incentive or as otherwise provided in this Plan, each Stock
Incentive shall be governed by applicable law and the documents effectuating the Change of Control. 
  

	12	AMENDMENT OR TERMINATION 

This Plan may be amended by the Board from time to time to the extent that the Board deems necessary or appropriate;
provided, however , stockholder approval of an amendment to the Plan may be necessary (1) in order for the Plan to continue to be able to issue Stock Incentives which meet the Performance-Based Exception pursuant to Treas. Reg.
§1.162-27(e)(2)(vi), and (2) in order for the Plan to comply with rules promulgated by an established stock exchange or a national market system, and, in all cases, the Board shall determine whether approval by the stockholders shall be
requested and/or required in its complete and absolute discretion after due consideration of such matters. The Board also may suspend the granting of Stock Incentives under this Plan at any time and may terminate this Plan at any time. The
Company shall have the right to modify, amend or cancel any Stock Incentive after it has been granted if (a) the modification, amendment or cancellation does not diminish the rights or benefits of the Participant under the Stock Incentive (
provided, however , that a modification, amendment or cancellation that results solely in a change in the tax consequences with respect to a Stock Incentive shall not be deemed as a diminishment of rights or benefits of such Stock Incentive),
(b) the Participant consents in writing to such modification, amendment or cancellation, (c) there is a dissolution or liquidation of the Company, (d) this Plan and/or the Stock Incentive Agreement expressly provides for such
modification, amendment or cancellation, or (e) the Company would otherwise have the right to make such modification, amendment or cancellation by applicable law. ( See also Section 4 for a special provision providing for
automatic termination of this Plan in certain circumstances.) 
  

	13	PERFORMANCE CRITERIA FOR PERFORMANCE-BASED EXCEPTION

13.1            Performance Goal Business
Criteria.    The following performance measure(s) must be used by a Committee composed of solely two (2) or more Outside Directors to determine the degree of payout and/or vesting with respect to a Stock Incentive
granted pursuant to this Plan in order for such Stock Incentive to qualify for the Performance-Based Exception: 

  (a)        Earnings per share; 

  (b)        Net income (before or after taxes); 

  (c)        Return measures (including, but not limited to,
return on assets, equity or sales); 
   (d)        Cash
flow return on investments which equals net cash flows divided by owners equity; 

  (e)        Earnings before or after taxes, depreciation and/or
amortization; 
   (f)        Gross revenues;

   (g)        Operating income (before or after
taxes); 
   (h)        Total stockholder returns;

   (i)        Corporate performance indicators
(indices based on the level of certain services provided to customers); 

  (j)        Achievement of sales targets; 

  (k)        Completion of acquisitions; 

  (l)        Cash generation, profit and/or revenue targets;

   (m)        Growth measures, including revenue
growth, as compared with a peer group or other benchmark; 

  (n)        Share price (including, but not limited to, growth
measures and total stockholder return); and/or 

  (o)        Pre-tax profits. 

The Board may propose for stockholder vote and stockholder approval a change in these general performance measures set forth in this
Section at any time. 

  
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Mission Critical REIT, Inc. 2010 Restricted Share Plan 
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13.2            Discretion in Formulation of
Performance Goals.    Unless an applicable Stock Incentive Agreement expressly provides otherwise, the Board shall have the complete and absolute discretion to adjust the determinations of the degree of attainment of the
pre-established performance goals; provided, however , that Stock Incentives that are to qualify for the Performance-Based Exception may not be adjusted upward (although the Committee shall retain the complete and absolute discretion to
adjust such Stock Incentives downward). 

13.3            Payment upon Achievement of
Performance Goals.    Any Stock Incentive that is to qualify for the Performance-Based Exception shall be earned, vested and payable only upon the achievement of performance goals established by a Committee composed
solely of two (2) or more Outside Directors based upon one or more of the Performance Goal Business Criteria listed in Section 13.1 above; provided, however, the Committee may provide, either in connection with the grant of the
Stock Incentive or by an amendment thereafter, that achievement of such performance goals will be waived upon the death or disability of the Participant receiving such Stock Incentive or upon a Change of Control of the Company. Any payment of a
Stock Incentive that is to qualify for the Performance-Based Exception shall be conditioned on the written certification of the Committee that such performance goals were satisfied. 

13.4            Performance
Periods.    The Board shall have the complete and absolute discretion to determine the period during which any performance goal must be attained with respect to a Stock Incentive. Such period may be of any length,
and, for Stock Incentives that are to qualify for the Performance-Based Exception, must be established prior to the start of such period or within the first ninety (90) days of such period (provided that the performance criteria is not in any
event set after 25% or more of such period has elapsed). 

13.5            Modifications to Performance
Goal Business Criteria.    In the event that the applicable tax and/or securities laws change to permit Board discretion to alter the governing performance measures noted above without obtaining stockholder approval of
such changes, the Board shall have complete and absolute discretion to make such changes without obtaining stockholder approval. In addition, in the event that the Board determines that it is advisable to grant Stock Incentives that shall not
qualify for the Performance-Based Exception, the Board may make such grants without satisfying the requirements of Code §162(m) and without regard to the provisions of this Section 13; otherwise, a Committee composed exclusively of two
(2) of more Outside Directors must make such grants. 
  

	14	MISCELLANEOUS 

 14.1            Stockholder Rights.    No Participant shall have any rights as a stockholder of the
Company as a result of the grant of a Stock Incentive to him or to her under this Plan until the Shares subject to such Stock Incentive have been recorded on the Company’s official stockholder records as having been issued and transferred to
such Participant. Upon the grant of a Stock Incentive and, if applicable, grant of Shares thereunder, the Company will have a reasonable period in which to issue and transfer the Shares to the Participant, and the Participant will not be
treated as a stockholder for any purpose whatsoever prior to such issuance and transfer. 

14.2            No Guarantee of Continued
Relationship.    The grant of a Stock Incentive to a Participant under this Plan shall not constitute a contract of employment or a contract to perform services and shall not confer on a Participant any rights upon his or
her termination of employment or relationship with the Company in addition to those rights, if any, expressly set forth in the Stock Incentive Agreement that evidences his or her Stock Incentive. 

14.3            Withholding.   
 The Company shall have the power and the right to deduct or withhold, or require a Participant to remit to the Company as a condition precedent for the fulfillment of any Stock Incentive, an amount sufficient to satisfy Federal, state
and local taxes, domestic or foreign, required by law or regulation to be withheld with respect to any taxable event arising as a result of this Plan and/or any action taken by a Participant with respect to a Stock Incentive. Whenever Shares
are to be issued to a Participant upon satisfaction of conditions under a Deferred Stock Award, or grant of (if a Code §83(b) election is properly made) or substantial vesting of a Restricted Stock Award, the Company shall have the right to
require the Participant to remit to the Company, as a condition to the fulfillment of the Deferred Stock Award, or as a condition to the grant (if a Code §83(b) election is properly made) or substantial vesting of the Restricted Stock Award, an
amount in cash (or, unless the Stock Incentive Agreement provides otherwise, in Shares) sufficient to satisfy federal, state and local withholding tax requirements at the time of such satisfaction of conditions, or grant (if a Code §83(b)
election is properly made) or substantial vesting. However, notwithstanding the foregoing, to the extent that a Participant is an Insider, satisfaction of withholding requirements by having the Company withhold Shares may only be made to the
extent that such withholding of Shares (1) has met the requirements of an exemption under Rule 16b-3 promulgated under the Exchange Act, or (2) is a subsequent transaction the terms of which were provided for in a transaction initially
meeting the requirements of an exemption under Rule 16b-3 promulgated under the Exchange Act. Unless the Stock Incentive Agreement provides otherwise, the withholding of shares to satisfy federal, state and local withholding tax requirements
shall be a subsequent transaction approved by the original grant of a Stock Incentive. Notwithstanding the foregoing, in no event shall payment of withholding taxes be made by a retention of Shares by the Company unless the Company retains only
Shares with a Fair Market Value equal to or less than the minimum amount of taxes required to be withheld. 

  
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Mission Critical REIT, Inc. 2010 Restricted Share Plan 
 Page 13 of 14 

  

14.4            Unfunded
Plan.    To the extent that cash or property is payable to a participant under this Plan, such cash or property will be paid by the Company from its general assets, and any person entitled to such a payment under the Plan
will have no rights greater than the rights of any other unsecured general creditor of the Company. Shares to be distributed hereunder will be issued directly by the Company from its authorized but unissued or “treasury” stock or a
combination thereof. The Company will not be required to segregate on its books or otherwise establish any funding procedure for the amount to be used for the payment of benefits under the Plan. If, however, the Company determines to
reserve Shares or other assets to discharge its obligations hereunder, such reservation will not be deemed to create a trust or other funded arrangement. 
 14.5            No Fiduciary Relationship.    Nothing contained in this Plan and no action taken
pursuant to the Plan shall create or be construed to create a trust of any kind or any fiduciary relationship between the Company or an Affiliate and any Participant or executor, administrator, or other personal representative or designated
beneficiary of such Participant or any other persons. 

14.6            Relationship to Other
Compensation Plans.    The adoption of this Plan shall not affect any other stock option, incentive, or other compensation plans in effect for the Company or an Affiliate, nor shall the adoption of this Plan preclude the
Company or an Affiliate from establishing any other form of incentive or other compensation plan for Employees or Key Persons of the Company or an Affiliate. 
 14.7            Governing Law.    The granting of Stock Incentives under this Plan, and the issuance of
shares of Common Stock shall be subject to all applicable laws, rules, and regulations and to such approvals by any governmental agencies or national securities exchanges as may be required by applicable law. Specifically, the laws of the State
of Maryland shall govern this Plan and any Stock Incentive Agreement issued hereunder. If Maryland’s conflict of law rules would apply another state’s laws, the laws of the State of Maryland shall still govern. 

  
 Carter Validus
Mission Critical REIT, Inc. 2010 Restricted Share Plan 
 Page 14 of 14

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