Document:

Exhibit 10.1

Exhibit 10.1

Execution Version

PRIVATEBANCORP, INC.

STOCK PURCHASE AGREEMENT

Non-voting Common Stock

Dated as of November 2, 2009

GTCR Fund IX/A, L.P.

GTCR Fund IX/B, L.P.

GTCR Co-Invest III, L.P.

c/o GTCR Golder Rauner II, L.L.C.

6100 Sears Tower

Chicago, Illinois 60606

This Stock Purchase Agreement (the “Agreement”) is entered into as of November 2, 2009, by and
among PrivateBancorp, Inc., a Delaware corporation (the “Corporation”), GTCR Fund IX/A, L.P., a
Delaware limited partnership, GTCR Fund IX/B, L.P., a Delaware limited partnership and GTCR
Co-Invest III, L.P., a Delaware limited partnership (each a “Purchaser” and collectively, the
“Purchasers”).

WHEREAS, the Corporation and each of the Purchasers is a party to that certain Preemptive and
Registration Rights Agreement dated as of December 11, 2007 by and among PrivateBancorp, Inc. and
the persons listed as signatories thereto, as amended by that certain Amendment No. 1 to Preemptive
and Registration Rights Agreement dated as of June 17, 2009 (the “Preemptive Rights Agreement”);

WHEREAS, the Corporation has entered into an Underwriting Agreement dated October 28, 2009
(the “Underwriting Agreement”), by and between the Corporation and J.P. Morgan Securities Inc., as
Representative of the several Underwriters listed on Schedule 1 thereto (the “Underwriters”)
providing for the offer and sale of 19,324,051 shares (the “Firm Securities”) of the Corporation’s
common stock, no par value per share (the “Common Stock”) and, at the option of the Underwriters,
up to an additional 2,898,607 shares of Common Stock (the “Option Securities”) to the Underwriters
in an underwritten public offering (the “Public Offering”);

WHEREAS, the Purchasers are purchasing 4,147,580 of the Firm Securities in the Public
Offering;

WHEREAS, on October 28, 2009, the Corporation received a notice from the Underwriters that the
Underwriters had exercised their option to purchase the Option Shares;

WHEREAS, pursuant to Section 3.1 of the Preemptive Rights Agreement, if the Corporation at any
time makes a Qualified Equity Offering (as such term is defined in the Preemptive Rights
Agreement), the Purchasers have the right, so long as the Purchasers and its affiliates
collectively own more than five percent (5%) of the outstanding shares of Common Stock, to acquire
from the Corporation for the same price and on the same terms as such securities are proposed to be
offered to others, in the aggregate up to the amount of New Stock

 

 

 

(as such term is defined in the Preemptive Rights Agreement) required to enable them to maintain their Institutional Investor Percentage Interest (as such term is defined in the
Preemptive Rights Agreement);

WHEREAS, pursuant to Section 3.2(a) of the Preemptive Rights Agreement, the Corporation
notified the Purchasers of the proposed Public Offering and, subsequently, of the execution of the
Underwriting Agreement by it and the Underwriters and the pricing terms of the sale of the shares
of Common Stock to the Underwriters in the Public Offering;

WHEREAS, pursuant to Section 3.3 of the Preemptive Rights Agreement, the Purchasers notified
the Corporation that they intend to exercise their preemptive rights under Section 3.1 of the
Preemptive Rights Agreement to purchase the Designated Stock (as such term is defined in the
Preemptive Rights Agreement) with respect to the Firm Securities and Option Securities to be sold
in the Public Offering less the Firm Securities being purchased by the Purchasers in the Public
Offering; and

WHEREAS, pursuant to Section 3.3(d) of the Preemptive Rights Agreement, the Purchasers have
exercised their option to purchase shares of the Corporation’s non-voting common stock, no par
value per share (the “Non-voting Common Stock”).

NOW, THEREFORE, in consideration of the foregoing premises and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto
agree as follows:

1. AUTHORIZATION; SALE AND PURCHASE OF SHARES OF NON-VOTING COMMON STOCK

1.1 Authorization of Non-voting Common Stock. The Corporation has duly authorized the
issuance and sale of up to an aggregate of 1,584,879 additional shares of its Non-voting Common
Stock.

1.2 Sale and Purchase of Non-voting Common Stock. Subject to the terms and conditions
herein provided, the Corporation hereby agrees to sell to the Purchasers, and the Purchasers agree
to purchase from the Corporation, at the Closing provided for in Section 2 hereof, 1,584,879 shares
of Non-voting Common Stock (collectively, the “Shares”) from the Corporation at a purchase price of
$8.075 per share of Non-voting Common Stock, for an aggregate purchase price equal to
$12,797,897.93.

2. THE CLOSING

2.1 Time and Place of the Closing. Subject to Section 3 hereof, payment of the
purchase price for and delivery of the Shares shall be made at the offices of Vedder Price P.C., or
at such other place or in such other manner as may be agreed upon by the Corporation and the
Purchasers, at 10:00 a.m., Chicago, Illinois time, on November 2, 2009, or at such other time or
date as the Purchasers and the Corporation may mutually determine (such date and time of payment
and delivery being herein called the “Closing Date”).

 

2

 

2.2 Delivery of and Payment for the Shares of Non-voting Common Stock. At the
Closing, the Corporation shall deliver to each Purchaser certificates evidencing the Shares to be
purchased by it (as indicated opposite such Purchaser’s name on Schedule I hereto),
dated the Closing Date and bearing appropriate legends as hereinafter provided for, and registered
on the books and records of the Corporation in such Purchaser’s name, against payment in full at
the Closing of the aggregate purchase price therefor by wire transfer of immediately available
funds for credit to such account as the Corporation shall direct in writing prior to the Closing
Date no later than 9:00 a.m., Chicago, Illinois time, on the Closing Date.

3. CONDITIONS TO CLOSING

3.1 Conditions to the Purchasers’ Obligations. The obligations of each Purchaser
hereunder are subject to the accuracy, as of the date hereof and on the Closing Date, of the
representations and warranties of the Corporation contained herein, and to the performance by the
Corporation of its obligations hereunder and to each of the following additional terms and
conditions:

(a) The Corporation will have furnished to the Purchasers a certificate, dated the Closing
Date, executed on behalf of the Corporation by each of the Chairman of the Board, the Chief
Executive Officer and President, and the Chief Financial Officer of the Corporation, stating that:

(i) The representations, warranties and agreements of the Corporation in Section 4.1
hereof are true and correct as of the Closing Date and the Corporation has complied with all
its agreements contained herein; and

(ii) Such officers have carefully examined the Exchange Act Reports (as defined in
Section 4.1(f) hereof) and, in their opinion, as of their respective dates (except to the
extent superseded by statements in later-filed documents comprising part of the Exchange Act
Reports), and as of the Closing Date, the Exchange Act Reports do not contain any untrue
statement of a material fact nor omit to state any material fact required to be stated
therein or necessary to make the statements therein, in the light of the circumstances under
which they were made, not misleading;

(b) From September 30, 2009 to the Closing Date, there shall not have been any event or series
of events, change, occurrence or development or a state of circumstances or facts (including any
events, changes, occurrences, developments, state of circumstances or facts existing prior to
September 30, 2009 but which become known during such period), that, individually or in the
aggregate, has had, or would reasonably be expected to have, a Material Adverse Effect (as defined
in Section 4.1(h) hereof).

(c) Any authorizations, consents, commitments, agreements, orders or approvals of, or
declarations or filings with, or expirations of waiting periods imposed by, any federal, state or
local court or governmental or regulatory agency or authority or applicable stock exchange or
trading market (any such court, agency, authority, exchange or market, a “Governmental Authority”)
required for the consummation of the Transactions, as defined herein, (including without limitation
the ability to continue to appoint a director pursuant to

 

3

 

Section 5.3 of the November 26, 2007 Purchase Agreement (as defined in Section 4.1(s) below) and the ability to designate an Observer
Representative (as defined in Section 5.3(b) below)) shall have been obtained or filed or shall have occurred and any such orders shall have become
final, non-appealable orders.

(d) Prior to the issuance of the Shares, the Corporation shall have made any filings and
received any necessary approvals under the General Corporation Law of the State of Delaware (the
“DGCL”) in order to provide for the issuance and sale of the Shares to the Purchasers pursuant to
this Agreement.

(e) Vedder Price P.C., counsel to the Corporation, shall have furnished to the Purchasers its
written opinion, addressed to the Purchasers and dated the Closing Date, substantially to the
effect set forth in Exhibit A hereto.

(f) The Underwriter shall have acquired the Firm Securities in the Public Offering pursuant to
the terms of the Underwriting Agreement, as same is in effect on the date hereof.

3.2 Conditions to the Corporation’s Obligations.

(a) The obligations of the Corporation hereunder are subject to the accuracy, as of the date
hereof and as of the Closing Date, of the representations and warranties of each Purchaser
contained herein and to the performance by each Purchaser of its obligations hereunder; and

(b) The Purchasers shall have received any and all necessary federal, state, governmental
agency and bank regulatory approvals necessary for the purchase by the Purchasers of the Shares
pursuant to this Agreement, and any and all applicable waiting periods upon which such approvals
are conditioned shall have expired.

4. REPRESENTATIONS AND WARRANTIES

4.1 Representations, Warranties and Agreements of the Corporation. The Corporation
represents and warrants to, and agrees with each Purchaser that as of the date hereof:

(a) The authorized capital stock of the Corporation consists of (i) 84,000,000 shares of
Common Stock, of which 67,848,996 shares are outstanding as of the date of this Agreement following
the issuance of the Firm Securities and the Option Securities in the Public Offering, (ii)
5,000,000 shares of Non-voting Common Stock, of which 1,951,037 shares are outstanding as of the
date of this Agreement, and (iii) 1,000,000 shares of preferred stock, no par value, of the
Corporation of which no shares of Series A Series Junior Nonvoting Preferred Stock and 243,815
shares of Fixed Rate Cumulative Perpetual Preferred Stock, Series B, are outstanding as of the date
of this Agreement.

(b) Since December 31, 2008, the Corporation and each Subsidiary have filed all material
reports, registrations and statements, together with any required amendments thereto, that it was
required to file with the Federal Reserve, the Securities and Exchange Commission (the “SEC”), the
Office of Thrift Supervision (the “OTS”), the Federal Deposit Insurance

 

4

 

Corporation (the “FDIC”) and any other applicable federal or state securities or banking authorities, except where the
failure to file any such report, registration or statement would not reasonably be expected to
have a Material Adverse Effect. All such reports and statements
filed with any such regulatory body or authority are collectively referred to herein as the
“Corporation Reports.” As of their respective dates, the Corporation Reports complied as to form
in all material respects with all the rules and regulations promulgated by the Federal Reserve, the
OTS, the FDIC and any other applicable foreign, federal or state securities or banking authorities,
as the case may be.

(c) The records, systems, controls, data and information of the Corporation and the
Subsidiaries are recorded, stored, maintained and operated under means (including any electronic,
mechanical or photographic process, whether computerized or not) that are under the exclusive
ownership and direct control of the Corporation or the Subsidiaries or their accountants (including
all means of access thereto and therefrom). The Corporation (i) has implemented and maintains
disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act) to ensure
that material information relating to the Corporation, including the Subsidiaries, is made known to
the chief executive officer and the chief financial officer of the Corporation by others within
those entities, and (ii) has disclosed, based on its most recent evaluation prior to the date
hereof, to the Corporation’s outside auditors and the audit committee of the Corporation’s Board of
Directors (A) any significant deficiencies and material weaknesses in the design or operation of
internal controls over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act)
that are reasonably likely to adversely affect the Corporation’s ability to record, process,
summarize and report financial information and (B) any fraud, whether or not material, that
involves management or other employees who have a significant role in the Corporation’s internal
controls over financial reporting. As of the date hereof, to the knowledge of the Corporation,
there is no reason that its outside auditors and its chief executive officer and chief financial
officer will not be able to give the certifications and attestations required pursuant to the rules
and regulations adopted pursuant to Section 404 of the Sarbanes-Oxley Act of 2002, without
qualification, when next due.

(d) Since September 30, 2009, no change has occurred and no circumstances exist (including any
changes, occurrences, circumstances or facts existing prior to September 30, 2009 but which become
known on or after September 30, 2009) that is not disclosed in the Exchange Act Reports which,
individually or in the aggregate, have had or are reasonably likely to have a Material Adverse
Effect.

(e) The Corporation and each Subsidiary have all permits, licenses, authorizations, orders and
approvals of, and have made all filings, applications and registrations with, any governmental
entities that are required in order to carry on their business as presently conducted and that are
material to the business of the Corporation or such Subsidiary, except where the failure to have
such permits, licenses, authorizations, orders and approvals or the failure to make such filings,
applications and registrations would not, individually or in the aggregate, reasonably be expected
to have a Material Adverse Effect; and all such permits, licenses, certificates of authority,
orders and approvals are in full force and effect and, to the knowledge of the Corporation, no
suspension or cancellation of any of them is threatened, and all such filings, applications and
registrations are current.

 

5

 

(f) The Corporation has timely filed all documents required to be filed with the SEC pursuant
to Section 13(a) or 15(d) and Section 14(a) of Securities Exchange Act of 1934, as amended (the “Exchange Act”). The Corporation has furnished to each Purchaser or
otherwise made available a copy of each of the following: (i) the Corporation’s Annual Report on
Form 10-K for the year ended December 31, 2008, as filed with the SEC; (ii) the Corporation’s proxy
statement for its 2009 Annual Meeting of Stockholders held on May 28, 2009, as filed with the SEC;
(iii) the Corporation’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2009, as
filed with the SEC; (iv) the Corporation’s Quarterly Report on Form 10-Q for the quarter ended June
30, 2009, as amended, as filed with the SEC; and (v) the Corporation’s Current Reports on Form 8-K
as filed with the SEC since January 1, 2009 (items (i) through (v) collectively, the “Exchange Act
Reports”), which Exchange Act Reports include, among other things, audited consolidated financial
statements of the Corporation for its fiscal years ended December 31, 2007 and 2008, and unaudited
interim financial statements of the Corporation for its fiscal quarters ended March 31, 2009 and
June 30, 2009. As of the date hereof and as of the Closing Date, each of the documents comprising
a part of the Exchange Act Reports did not contain and will not contain any untrue statement of
material fact or omitted to state and will not omit to state any material fact required to be
stated therein or necessary to make the statements therein, in light of the circumstances under
which they were made, not misleading.

(g) Based upon the representations and warranties of each Purchaser contained herein, the
Corporation is not required by applicable law or regulation in connection with the offer, sale and
delivery of the Shares to the Purchasers, in the manner contemplated by this Agreement, to register
the Shares under the Securities Act of 1933, as amended (the “Securities Act”), or any state
securities laws.

(h) The Corporation and each of the Corporation’s subsidiaries listed on Schedule II
hereto (collectively the “Subsidiaries”) (i) have been duly incorporated or organized and are
validly existing in good standing under the laws of their respective jurisdictions of incorporation
or organization, (ii) are duly qualified to do business and are in good standing as foreign
corporations or organizations in each jurisdiction in which their respective ownership or lease of
property or the conduct of their respective businesses requires such qualification, except where
the failure to be so qualified would not reasonably be expected to result in any material adverse
change in the condition, financial or otherwise, or in the earnings, business affairs or business
prospects of the Corporation and its Subsidiaries (taken as a whole), or which would not reasonably
be expected to materially and adversely affect the assets or properties of the Corporation and its
Subsidiaries (taken as a whole), or which would not reasonably be expected to materially and
adversely affect the Transactions as defined herein (individually or in the aggregate, a “Material
Adverse Effect”, except that the mere filing of any action, claim, suit or order relating to any
actual or threatened litigation involving the Corporation, any of its Subsidiaries or any of its
employees after the date of this Agreement (rather than the actual facts and circumstances
underlying such action, claim, suit or order) shall not be deemed a “Material Adverse Effect”); and
(iii) have all corporate power and authority necessary to own or hold their respective properties
and to conduct the businesses in which they are currently engaged.

(i) All of the issued shares of capital stock of the Corporation have been duly and validly
authorized and issued, are fully paid and non-assessable and no such shares were

 

6

 

issued in violation of the preemptive or similar rights of any security holder of the Corporation. Except as
set forth in the Preemptive Rights Agreement, no person has any preemptive or similar right to purchase any shares of capital stock of the Corporation. Except as disclosed in the
Exchange Act Reports and for the 5,554,241 shares of Common Stock reserved for issuance under
existing awards under the Corporation’s equity compensation or other employee benefit or
compensation plans, arrangements, or agreements, there are no outstanding warrants, options or
other rights to subscribe for or purchase any of the Corporation’s capital stock and no
restrictions upon the voting or transfer of any capital stock of the Corporation pursuant to the
Corporation’s charter or bylaws or any agreement or other instrument to which the Corporation is a
party or by which the Corporation is bound.

(j) The Shares to be issued to the Purchasers pursuant to the terms of this Agreement have
been duly authorized by the Corporation and, when issued and delivered by the Corporation against
payment therefor in the manner contemplated hereunder, will be validly issued, fully paid and
non-assessable, and, except as set forth in the Preemptive Rights Agreement, there are no
preemptive rights relating to the issuance of the Shares to be issued to the Purchasers pursuant to
this Agreement.

(k) This Agreement has been duly authorized, executed and delivered by the Corporation and
constitutes a valid and legally binding agreement of the Corporation enforceable against the
Corporation in accordance with its terms, subject to the effects of bankruptcy, insolvency,
reorganization, moratorium and other similar laws relating to or affecting creditors’ rights
generally, and general equitable principles (whether considered in a proceeding in equity or at
law). The authorization by the Corporation of this Agreement and the transactions contemplated
thereby is intended to provide the Purchasers with the relief from Section 16(b) of the Exchange
Act provided by Rule 16b-3(d) thereunder, to the extent necessary.

(l) The execution, delivery and performance of this Agreement, the issuance and sale of the
Shares in the manner contemplated hereby, and the consummation of the transactions contemplated
herein (collectively, the “Transactions”), will not violate any of the provisions of the Amended
and Restated Certificate of Incorporation, as amended, or By-laws of the Corporation; and no
consent, approval, authorization or order of, or filing or registration with any such person
(including, without limitation, any such court or governmental agency or body) is required for the
consummation of the Transactions by the Corporation, except such as may be required under state
securities laws or Regulation D under the Securities Act or as required under the DGCL.

(m) The audited consolidated financial statements (including the related notes) included in
the Corporation’s Annual Report on Form 10-K for the year ended December 31, 2008 and in the
reports filed by the Corporation with the Federal Reserve, present fairly, in all material
respects, the financial condition and results of operations of the Corporation and its
subsidiaries, at the dates and for the periods indicated, and have been prepared in conformity with
generally accepted accounting principles (“GAAP”) applied on a consistent basis throughout the
periods involved.

(n) Except as disclosed in the Exchange Act Reports, there is no action, suit or proceeding
before or by any court or governmental agency or body or any labor dispute now

 

7

 

pending or, to the knowledge of the Corporation, threatened against the Corporation or any of its Subsidiaries, which
would reasonably be expected to have a Material Adverse Effect. To
the best knowledge of the Corporation, all pending legal, arbitral or governmental proceedings or
investigations to which the Corporation or any of its Subsidiaries are a party or have been
threatened, or of which any of their assets or properties is the subject which are not described in
the Exchange Act Reports, including ordinary routine litigation incidental to the business of the
Corporation or any of its Subsidiaries, are, considered in the aggregate, not material to the
Corporation and its Subsidiaries.

(o) No temporary restraining order, preliminary or permanent injunction or other order issued
by any court of competent jurisdiction or other legal restraint or prohibition preventing the
consummation of the Transactions is in effect.

(p) Since December 31, 2008, neither the Corporation nor any Subsidiary has engaged in conduct
that it knew to be a violation of any applicable law or contractual obligation relating to the
recruitment, hiring, extension of offers of employment, retention or solicitation of any current
employee of the Corporation or any Subsidiary.

(q) No broker’s, finder’s, investment banker’s or similar fee or commission has been paid or
will be payable by the Corporation with respect to, or for any services rendered to the Corporation
ancillary to, the offer, issue and sale of the Shares contemplated by this Agreement.

(r) Neither the Corporation nor, to the best of its knowledge, anyone acting on its behalf has
offered the Shares to, or solicited any offer to buy the Shares from, or otherwise approached or
negotiated in respect thereof with, any person through any “general solicitation” or “general
advertising” (as such terms are used in Rule 502(c) of the Securities Act). Neither the
Corporation nor, to the best of its knowledge, anyone acting on its behalf has taken, or will take,
any action that would subject the issuance or sale of the Shares to the registration requirements
of Section 5 of the Securities Act.

(s) Each of the Preemptive Rights Agreement and that certain Stock Purchase Agreement, dated
as of November 26, 2007 (the “November 26, 2007 Purchase Agreement”), and that certain Stock
Purchase Agreement, dated as of June 10, 2008 (the “June 10, 2008 Purchase Agreement” and together
with the November 26, 2007 Purchase Agreement, the “Prior Purchase Agreements”) among the
Corporation, the Purchasers and certain other stockholders of the Corporation identified therein,
is in full force and effect and has not been modified. The Corporation is in compliance in all
material respects with the terms of the Preemptive Rights Agreement and the Prior Purchase
Agreements. The representations and warranties of the Corporation in the Underwriting Agreement
are true and correct in all material respects.

4.2 Representations and Warranties and Agreements of the Purchasers. Each Purchaser
named on Schedule I, severally and not jointly, represents and warrants to, and agrees with
the Corporation that, as of the date hereof:

(a) Such Purchaser has full power and authority to enter into this Agreement and this
Agreement constitutes a valid and legally binding obligation of such Purchaser,

 

8

 

enforceable against such Purchaser in accordance with its terms, subject to the effects of bankruptcy, insolvency,
reorganization, moratorium and other similar laws relating to or affecting creditor’s rights generally, and general equitable principles (whether considered in
a proceeding in equity or at law).

(b) Each Purchaser represents that: (i) it is duly organized, validly existing and in good
standing in its jurisdiction of incorporation or organization and has all the requisite power and
authority to purchase the Shares as provided herein; (ii) it is not an “investment company”, as
that term is defined in the Investment Company Act of 1940 or the rules and regulations promulgated
thereunder; (iii) such investment does not result in any violation of, or conflict with, any term
or provision of the charter, bylaws or other organizational document of the Purchaser or any other
instrument or agreement to which the Purchaser is a party or by which it is bound; and (iv) such
investment has been duly authorized by all necessary action on behalf of the Purchaser.

(c) If the Purchaser is purchasing the Shares pursuant to this Agreement in a representative
or fiduciary capacity, the representations and warranties contained herein (and in any other
written statement or document delivered to the Corporation in connection herewith) shall be deemed
to have been made on behalf of the person or persons for whom such Shares is being purchased.

(d) The Purchaser and the person signing this Agreement on its behalf hereby represent and
warrant that the information contained in this Agreement is true and correct with respect to such
stockholders or partners (and if any such stockholder or partner is itself a corporation or a
partnership, with respect to all persons having an interest in such corporation or partnership,
whether directly or indirectly) and that the Purchaser and the person signing this Agreement have
made due inquiry to determine the truthfulness and accuracy of such information.

(e) Such Purchaser is purchasing the Shares for Purchaser’s own account and not with a view to
or for sale in connection with any distribution thereof in a transaction that would violate or
cause a violation of the Securities Act or the securities laws of any state or any other applicable
jurisdiction. The Purchaser has not been organized solely for the purpose of acquiring the Shares.

(f) Such Purchaser is an “institutional accredited investor” as defined in Rule 501
promulgated under the Securities Act and understands and agrees that the offer and sale of the
Shares hereunder have not been registered under the Securities Act or any state securities law in
reliance on the availability of an exemption from such registration requirements based on the
accuracy of the Purchaser’s representations in this Section 4.2.

(g) In the normal course of such Purchaser’s business or affairs, Purchaser invests in or
purchases securities similar to the Shares and has such knowledge and experience in financial and
business matters as to be capable of evaluating the merits and risks of purchasing the Shares.

 

9

 

(h) Purchaser understands that the Exchange Act Reports contain certain “forward-looking”
information regarding the Corporation and its business, and that the Corporation’s ability to
predict results or the actual effect of future plans or strategies is
inherently uncertain, and undue reliance should not be placed on such statements, and
Purchaser is not relying on such “forward-looking” information in deciding to purchase the Shares
pursuant to this Agreement. Purchaser has had access to such financial and other information
concerning the Corporation and its Subsidiaries as Purchaser deemed necessary or desirable in
making a decision to purchase the Shares pursuant to this Agreement, including an opportunity to
ask questions and receive answers from officers of the Corporation and to obtain additional
information (to the extent the Corporation possessed such information or could acquire it without
unreasonable effort or expense) necessary to verify the accuracy of any information furnished to
Purchaser or to which Purchaser had access.

(i) Such Purchaser is not relying on the Corporation or any of its affiliates with respect to
an analysis or consideration of the terms of or economic considerations relating to an investment
in the Shares. In regard to such considerations and analysis, the Purchaser has relied on the
advice of, or has consulted with, only his, her or its own advisors, other than those advisors of
the undersigned affiliated with the Corporation or any of its affiliates.

(j) Such Purchaser acknowledges and is aware that there are substantial restrictions on the
transferability of the Shares. Purchaser understands that the Shares have not been registered
under the Securities Act and are “restricted securities” within the meaning of Rule 144 and may not
be sold, transferred, or otherwise disposed of without registration under the Securities Act or an
exemption therefrom. Furthermore, Purchaser acknowledges that each certificate evidencing the
Shares purchased hereunder will bear a legend to the effect set forth below, and each Purchaser
covenants that, except to the extent such restrictions are waived by the Corporation, such
Purchaser shall not transfer the shares represented by any such certificate without complying with
the restrictions on transfer described in the legend endorsed on such certificate:

THE SHARES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES
SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE SOLD, TRANSFERRED, ASSIGNED,
PLEDGED, OR HYPOTHECATED ABSENT AN EFFECTIVE REGISTRATION THEREOF UNDER SUCH ACT OR
COMPLIANCE WITH RULE 144 PROMULGATED UNDER SUCH ACT, OR UNLESS THE CORPORATION HAS
RECEIVED AN OPINION OF COUNSEL, SATISFACTORY TO THE CORPORATION AND ITS COUNSEL,
THAT SUCH REGISTRATION IS NOT REQUIRED.

Purchaser understands that the Shares will not be and except as provided in the Section 5.7
below and the Preemptive Rights Agreement, Purchaser has no right to require that the Shares be,
registered under the Securities Act.

If any of the Shares become eligible for sale without registration under the Securities Act
and without limitation as to amount pursuant to Rule 144 or any similar or successor provision, the
Corporation shall, upon the request of the holder of such Shares acquired pursuant to this

 

10

 

Agreement, remove the legend set forth in Section 4.2(j) from the certificates for such Shares. In
addition, if in connection with any transfer a holder of the Shares pursuant to this Agreement
delivers to the Corporation an opinion of counsel which (to the Corporation’s reasonable
satisfaction) is knowledgeable in securities law matters to the effect that no subsequent
transfer of shares shall require registration under the Securities Act, then the Corporation
promptly upon such contemplated transfer shall deliver new certificates for such shares which do
not bear the Securities Act legend set forth in Section 4.2(j).

(k) Each Purchaser represents and warrants that no authorization, approval, consent, filing or
registration with any federal Governmental Authority, or to the actual knowledge of the Purchaser
any other Governmental Authority, is necessary in order to consummate the Transactions at the
Closing Date.

5. ADDITIONAL AGREEMENTS

5.1 Availability of Information. The Corporation agrees to use its best efforts to
timely file all periodic reports required under Sections 13(a), 15(d) and 14(a) of the Exchange Act
and to maintain the listing of its Common Stock on the Nasdaq Global Select Market, the New York
Stock Exchange or other similar stock exchange for a period of at least three years following the
Closing Date.

5.2 Publicity. Each Purchaser acknowledges that the Corporation will publicly
announce the entering into this Agreement and the completion of the Transactions as soon as
practicable following the date hereof and in any event not later than the fourth business day after
the Closing Date, and each Purchaser hereby agrees that the Corporation may specifically name
Purchaser as one of the purchasers of the Shares in this offering in any such announcement and in
any public disclosure regarding the Transactions thereafter, provided, however, that prior to
making any such disclosure, the Corporation will provide the Purchasers a reasonable period of time
(but not more than three business days) to review and provide input with respect to such disclosure
which the Corporation may, in its reasonable discretion, consider including in such announcement
and/or disclosure.

5.3 Directorship; Board Observer.

(a) Notwithstanding any provision in the November 26, 2007 Purchase Agreement, including the
last proviso in Section 5.3(a) of the November 26, 2007 Purchase Agreement, the Purchasers shall
remain entitled to all rights to designate and have appointed a Board Representative (as defined in
the November 26, 2007 Purchase Agreement) so long as the Purchasers and their affiliates hold,
directly or indirectly, at least 1,741,553 shares of Common Stock (assuming conversion of all
Non-voting Common Stock) (appropriately adjusted to reflect any stock splits, stock dividends,
subdivisions, reverse splits and similar events).

(b) In addition to any rights Purchasers may have pursuant to Section 5.3 of the November 26,
2007 Purchase Agreement to designate and have appointed a Board Representative or, in the event the
Purchasers do not have a Board Representative, an Observer (as defined in Section 5.3(c) of the
November 26, 2007 Purchase Agreement), for so long as the Purchasers hold, directly or indirectly,
at least 5.0% of the outstanding Common Stock

 

11

 

(assuming conversion of all Non-voting Common Stock and other equity securities of the Corporation held by the Purchasers that are convertible into
Common Stock), the Purchasers shall have the right to designate and replace in its sole discretion
(in addition to their Board Representative or Observer, as the case may be) one additional individual (the “Observer
Representative”) who shall have the right to (i) attend all meetings, including telephonic
meetings, of the Board of Directors of the Corporation (and any committee thereof) and (ii) receive
copies of all notices, minutes, consents, board packets and other materials that the Corporation
provides generally to all members of the Board of Directors (and any committee thereof) (the “Board
Materials”) at the time such Board Materials are distributed to the Board of Directors or committee
thereof; provided, however, that with respect to the foregoing, the Corporation reserves the right
to exclude such Observer Representative from (A) attending a meeting of the Board of Directors (or
committee thereof) or a portion thereof or (B) access to any Board Materials or portion thereof if,
in each of the foregoing cases, the Corporation receives written advice from legal counsel that
there is a risk that discussing a specified matter in the presence of a person who is not a member
of the Board of Directors, or sending specified materials to such person, would result in the
Company’s loss of attorney-client privilege with respect to such specified matter; provided that
the Company shall promptly notify the Observer Representative that any such exclusion was effected
to preserve its attorney-client privilege. The Observer Representative must be an individual who
is a partner, principal, director, officer or employee of a Purchaser or an entity that directly or
indirectly controls such Purchaser. The Observer Representative shall have no right or authority
to vote upon or consent to any matter presented to the Board of Directors or any committee thereof
for approval.

5.4 Indemnification of the Corporation. Each Purchaser acknowledges that he, she or
it understands the meaning and legal consequences of the representations and warranties contained
in Section 4.2 hereof, and hereby agrees to indemnify and hold harmless the Corporation and its
Subsidiaries, and each of its and its Subsidiaries’ directors, officers, employees, agents and
affiliates, from and against any and all loss, damage or liability due to or arising out of a
breach of any representation or warranty of the Purchaser contained in Section 4.2 of this
Agreement.

5.5 Confidentiality; Confidentiality and Standstill Agreement; Additional Standstill
Commitment. For so long as a Purchaser owns any shares of Common Stock or Non-voting Common
Stock, the Purchaser agrees and agrees to cause its Representatives (as defined below) (to the
extent such Representatives are provided any such confidential information by the Corporation or
Purchaser), to keep confidential any information obtained from the Corporation, except to the
extent that such information can be shown to have been (i) previously known on a non-confidential
basis by such Purchaser or its Representatives (as hereinafter defined), (ii) in the public domain
through no fault of such Purchaser or its Representatives or (iii) later acquired by such Purchaser
from sources other than the Corporation or any of its Subsidiaries not known by such Purchaser or
its Representatives, as applicable, to be bound by any confidentiality obligation; provided that a
Purchaser may disclose such information if required by judicial or administrative process or by
other requirements of law or national stock exchange, subject to compliance with the following
sentence. In the event any Purchaser pursuant to this Agreement or anyone to whom any of them
transmit confidential information is requested or required (by oral questions, interrogatories,
requests for information or documents, subpoenas, civil investigative demand or similar process) to
disclose any such information, such Purchaser shall

 

12

 

(x) provide the Corporation with prompt notice so that the Corporation may seek a protective order or other appropriate remedy and/or waive such
holder’s compliance with the provisions of this section, (y) furnish only that portion of such
information that such Purchaser is advised by counsel is legally required and (z) at the Corporation’s expense and direction, exercise its
reasonable efforts to obtain reliable assurance that confidential treatment will be accorded such
information. For purposes of this Agreement, “Representative” shall mean, with respect to any
person, any of such person’s officers, directors, employees, agents, attorneys, accountants,
consultants, equity financing partners or financial advisors or other person associated with, or
acting for or on behalf of, such person, including without limitation, the Observer Representative.

5.6 Certain Covenants.

(a) For so long as the Purchasers or any of their affiliates hold any shares of Non-voting
Common Stock, the Corporation shall deliver to the Purchasers and such affiliates as soon as
available, consolidated statements of income and cash flows of the Corporation and its Subsidiaries
for each month and for the period from the beginning of the fiscal year to the end of such month,
and consolidated balance sheets of the Corporation and its Subsidiaries as of the end of such
fiscal month, setting forth in each case comparisons to the Corporation’s annual budget and to the
corresponding period in the preceding fiscal year, in each case prepared in accordance with GAAP.

(b) For so long as the Purchasers or any of their affiliates hold any shares of Non-voting
Common Stock, the Corporation shall permit the Purchasers and its affiliates and any of their
respective Representatives, upon reasonable notice and during normal business hours and at such
other times as the Purchasers or its affiliates may reasonably request, to (i) visit and inspect
any of the properties of the Corporation and its Subsidiaries, (ii) examine the corporate and
financial records of the Corporation and its Subsidiaries and make copies thereof or extracts
therefrom and (iii) discuss the affairs, finances and accounts of any such corporations with the
directors, officers and key employees of the Corporation and its Subsidiaries, and the Corporation
shall use its best efforts to cause the independent accountants of the Corporation and its
Subsidiaries to be available to the Purchasers, their affiliates and their respective
Representatives (at reasonable times and upon reasonable notice); provided however, that in the
case of each of Section 5.6(a) and 5.6(b) hereof, the Purchasers shall, and shall cause its
Representatives to, be bound by the provisions of Section 5.5.

(c) For so long as any shares of Non-voting Common Stock are outstanding, the Corporation
shall maintain sufficient authorized but unissued shares of the Corporation’s Common Stock that are
reserved for issuance upon conversion of Non-voting Common Stock.

(d) The Corporation hereby acknowledges that the Common Stock issuable upon conversion of any
Non-voting Common Stock issued to the Purchasers would constitute Registrable Securities pursuant
to the Preemptive Rights Agreement. The Corporation hereby acknowledges and agrees that it will
include (i) all Common Stock of the Corporation issued upon conversion of the Shares issued to the
Purchasers and (ii) the 4,147,580 shares of Common Stock purchased by the Purchasers in the Public
Offering in any resale prospectus or prospectus supplement (a “Resale Prospectus”) filed by the
Corporation under its existing automatic shelf

 

13

 

registration statement filed on Form S-3 on May 9, 2008, with respect to the resale of the Registrable Securities of each Holder (as defined in the
Preemptive Rights Agreement) pursuant to the terms of the Preemptive Rights Agreement to the extent
so requested by the Purchaser and subject to the terms and conditions of the Preemptive Rights Agreement, which Resale
Prospectus the Corporation agrees to file with the SEC as soon as practicable after the date
hereof, and in any event no later than January 29, 2010.

(e) The Corporation shall not take any action or omit to take any action that would cause the
Transactions or any portion thereof to require a vote of the Corporation’s stockholders.

6. MISCELLANEOUS

6.1 Survival of Representations and Warranties. All statements contained in any
officers’ certificates delivered by or on behalf of the Corporation or any of its Subsidiaries
pursuant to this Agreement or in connection with the Transactions contemplated hereby will be
deemed representations or warranties of the Corporation under this Agreement. All representations
and warranties contained in this Agreement made by or on behalf of the Corporation or the
Purchasers will survive the execution and delivery of this Agreement, any investigation at any time
made by or on behalf of the Corporation or the Purchasers, and the sale and purchase of the Shares
under this Agreement, and, except for representations and warranties set forth in Section 4.1(f),
(h), (i), (j), (k), (l), (m), (n), (o), (p), (r) and (s), which shall survive indefinitely, shall
expire on the first anniversary of the Closing Date.

6.2 Successors and Assigns. This Agreement shall be binding upon and inure to the
benefit of and be enforceable by or against the respective successors and assigns of the parties
hereto.

6.3 Notices. All written communications provided for herein are required to be sent
by U.S. Certified Mail or recognized overnight delivery service (with charges prepaid) and (i) if
to a Purchaser, addressed to it at GTCR Golder Rauner II, L.L.C., 300 North LaSalle Street, Suite
5600, Chicago, Illinois 60654, Attention: Collin E. Roche and Michael S. Hollander, and (ii) if to
the Corporation, addressed to it at PrivateBancorp, Inc., 120 South LaSalle Street, Chicago,
Illinois 60603, Attention: Christopher J. Zinski, Esq., or at such other address as the
Corporation or the Purchaser may have specified to the other party in writing. Notices under this
Section 6.3 shall be deemed given only when actually received.

6.4 Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE SUBSTANTIVE LAWS OF THE STATE OF ILLINOIS, WITHOUT GIVING EFFECT TO THE CONFLICTS OF LAWS
PROVISIONS OF SUCH STATE.

6.5 Counterparts. This Agreement may be executed in one or more counterparts and, if
executed in more than one counterpart, the executed counterparts shall each be deemed to be an
original, but all such counterparts shall together constitute one and the same instrument.

6.6 Headings. The headings herein are inserted for convenience of reference only and
are not intended to be part of, or to affect the meaning or interpretation of, this Agreement.

 

14

 

6.7 Severability. Any provision of this Agreement that is prohibited or unenforceable
in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such
prohibition or unenforceability without invalidating the remaining provisions hereof, and any such
prohibition or unenforceability in any jurisdiction shall (to the full extent permitted by law) not
invalidate or render unenforceable such provision in any other jurisdiction.

6.8 Expenses. Each Purchaser and the Corporation shall bear all expenses incurred by
it in connection with the Agreement and the Transactions contemplated hereby; provided however, the
Corporation shall promptly reimburse the Purchasers and its affiliates for their actual outstanding
and future out-of-pocket costs and expenses (including, without limitation, attorneys’,
accountants’, consultants’ and other advisors’ fees and expenses and any filing fees with respect
to any required regulatory or Government Authority approvals), which amount shall not exceed
$300,000, arising in connection with Purchasers’ investment in the Corporation, including without
limitation in connection with (i) this Agreement and the Transactions, (ii) any amendments or
waivers under or in respect of this Agreement, the Prior Purchase Agreements or the Preemptive
Rights Agreement, (iii) the interpretation or enforcement of the rights granted under this
Agreement, the Prior Purchase Agreements or the Preemptive Rights Agreement and (iv) its ongoing
review with respect to Purchasers’ investment in the Corporation. Notwithstanding any provision to
the contrary in this Agreement, the expense reimbursement obligations of the Corporation set forth
in this Section 6.8 shall be in addition to any expense reimbursement obligations to the Purchaser
in any other agreements, including the Purchase Agreements and that certain letter agreement
amending the Purchase Agreements, dated as of June 17, 2009.

6.9 Construction. Each agreement contained herein shall be construed (absent express
provision to the contrary) as being independent of each other agreement contained herein, so that
compliance with any one agreement shall not (absent such an express contrary provision) be deemed
to excuse compliance with any other agreement. Where any provision herein refers to action to be
taken by any person or entity, or which such person or entity is prohibited from taking, such
provision shall be applicable whether such action is taken directly or indirectly by such person or
entity.

[SIGNATURE PAGE FOLLOWS]

 

15

 

If the foregoing correctly sets forth the agreement between the Corporation and the
Purchasers, please indicate your acceptance in the space provided for that purpose below.

	 	 	 	 	 
	 	Very truly yours,

PRIVATEBANCORP, INC.

 	 
	 	By:  	/s/ Larry D. Richman
 	 
	 	 	Name:  	Larry D. Richman 	 
	 	 	Title:  	President and Chief Executive Officer 	 
	 

	 	 	 	 	 
	 	Confirmed, accepted and agreed.

GTCR FUND IX/A, L.P.

 	 
	 	By:  	GTCR Partners IX, L.P., its General Partner
 	 
	 
	 	By:  	      GTCR Golder Rauner II, L.L.C., its General Partner
 	 
	 	 	 
	 	By:  	          /s/ Collin E. Roche
 	 
	 	 	Name:  	Collin E. Roche 	 
	 	 	Title:  	Principal 	 
	 
	 	GTCR FUND IX/B, L.P.

 	 
	 	By:  	GTCR Partners IX, L.P., its General Partner
 	 
	 	 	 
	 	By:  	      GTCR Golder Rauner II, L.L.C., its General Partner
 	 
	 	 	 
	 	By:  	/s/ Collin E. Roche
 	 
	 	 	Name:  	Collin E. Roche 	 
	 	 	Title:  	Principal 	 
	 
	 	GTCR CO-INVEST III, L.P.

 	 
	 	By:  	GTCR Golder Rauner II, L.L.C., its General Partner
 	 
	 	 	 
	 	By:  	/s/ Collin E. Roche
 	 
	 	 	Name:  	Collin E. Roche 	 
	 	 	Title:  	Principal 	 

 

16

 

	 	 	 	 	 

SCHEDULE I

SCHEDULE OF PURCHASERS

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	NO. OF SHARES	 
	 	 	 	 	 	 	OF	 
	 	 	 	 	 	 	NON-VOTING	 
	 	 	DOLLAR AMOUNT OF	 	 	COMMON	 
	NAME OF PURCHASER	 	INVESTMENT	 	 	STOCK	 
	GTCR FUND IX/A, L.P.
	 	$	10,898,690.22	 	 	 	1,349,683	 
	GTCR FUND IX/B, L.P.
	 	$	1,817,173.78	 	 	 	225,037	 
	GTCR CO-INVEST III, L.P.
	 	$	82,033.93	 	 	 	10,159	 
	 
	 	 	 	 	 	 
	TOTAL
	 	$	12,797,897.93	 	 	 	1,584,879	 
	 
	 	 	 	 	 	 

 

 

 

SCHEDULE II

LIST OF SUBSIDIARIES

	 	 	 
	 	 	Jurisdiction of Incorporation or
	Name of Subsidiary	 	Organization
	 
	The PrivateBank and Trust Company

	 	Illinois
	Lodestar Investment Counsel, LLC (80% owned)

	 	Delaware
	The PrivateBank, N.A.

	 	Federal (OCC)
	The PrivateBank Mortgage Company, LLC

	 	IllinoisExhibit 10.1

Exhibit 10.1

ADVISORY AGREEMENT

THIS ADVISORY AGREEMENT (this “Agreement”), dated as of August 24, 2009 (the “Effective
Date”), is by and among GRUBB & ELLIS HEALTHCARE REIT II, INC., a Maryland corporation (the
“Company”), GRUBB & ELLIS HEALTHCARE REIT II HOLDINGS, LP, a Delaware limited partnership (the
“Partnership”), GRUBB & ELLIS HEALTHCARE REIT II ADVISOR, LLC, a Delaware limited liability company
(the “Advisor”).

WITNESSETH

WHEREAS, the Company has filed with the Securities and Exchange Commission a Registration
Statement on Form S-11 (the “Registration Statement”) covering the initial public offering of its
common stock, par value $0.01 per share (the “Shares”);

WHEREAS, the Company intends to qualify as a REIT (as defined below), and intends to invest
its funds in investments permitted by the terms of the Company’s Articles of Incorporation and
Sections 856 through 860 of the Code (as defined below);

WHEREAS, the Company is the general partner of the Partnership and intends to conduct all of
its business and make all of its investments in Properties and Real Estate-Related Investments
through the Partnership;

WHEREAS, the Company and the Partnership desire to avail themselves of the experience, sources
of information, advice, assistance and certain facilities available to the Advisor (as defined
below) and to have the Advisor undertake the duties and responsibilities hereinafter set forth, on
behalf of, and subject to the supervision of, the Board of Directors, all as provided herein; and

WHEREAS, the Advisor is willing to undertake to render such services, subject to the
supervision of the Board of Directors, on the terms and conditions hereinafter set forth.

NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants and agreements
contained herein, the parties hereto agree as follows:

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

Acquisition Expenses. Any and all expenses incurred by the Company, the Partnership, the
Advisor, or any Affiliate of any such entity in connection with the selection, evaluation, and
acquisition of, and investment in Properties and Real Estate-Related Investments, whether or not
acquired (or made), including, but not limited to, legal fees and expenses, travel and
communications expenses, cost of appraisals and surveys, nonrefundable option payments on property
not acquired, accounting fees and expenses, architectural, engineering and other property reports,
environmental and asbestos audits, title insurance premiums and escrow fees, transfer taxes, and
miscellaneous expenses related to the selection, evaluation and acquisition of Properties and Real
Estate-Related Investments.

 

 

 

Acquisition Fee. Any and all fees and commissions, exclusive of Acquisition Expenses, paid by
any Person to any other Person (including any fees or commissions paid by or to any Affiliate of
the Company or the Advisor) in connection with the purchase, origination,
development or construction of an Asset, including, without limitation, real estate
commissions, selection fees, Development Fees (as such term is defined in the NASAA Guidelines),
Construction Fees (as such term is defined in the NASAA Guidelines), non-recurring management fees,
loan fees, points or any other fees of a similar nature, however designated. Excluded shall be
Development Fees and Construction Fees paid to any Person not affiliated with the Sponsor in
connection with the actual development and construction of any Property.

Advisor. Grubb & Ellis Healthcare REIT II Advisor, LLC, a Delaware limited liability company,
any successor advisor to the Company and the Partnership to which Grubb & Ellis Healthcare REIT II
Advisor, LLC or any successor advisor subcontracts substantially all of its functions.

Affiliate or Affiliated. An Affiliate of another Person includes only the following: (i) any
Person directly or indirectly owning, controlling, or holding with the power to vote ten percent
(10.0%) or more of the outstanding voting securities of such other Person; (ii) any Person ten
percent (10.0%) or more of whose outstanding voting securities are directly or indirectly owned,
controlled, or held, with 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.
An entity shall not be deemed to control or be under common control with an Advisor-sponsored
program unless (i) the entity owns ten percent (10.0%) or more of the voting equity interests of
such program or (ii) a majority of the board of directors (or equivalent governing body) of such
program is comprised of Affiliates of the entity.

Appraised Value. Value according to an appraisal made by an Independent Appraiser.

Articles of Incorporation. The Articles of Incorporation of the Company under Title 2 of the
Corporations and Associations Article of the Annotated Code of Maryland dated as of January 8,
2009, as amended from time to time.

Asset Management Fee. The Asset Management Fee payable to the Advisor as defined in
Section 8(b).

Average Invested Assets. For a specified period, the average of the aggregate Book Value of
the assets of the Company invested, directly or indirectly, in Real Estate-Related Investments or
Properties, before reserves for depreciation, amortization, bad debts or other similar non-cash
reserves, computed by taking the average of such values at the end of each month during such period
(for loans, the average of the aggregate loan balances outstanding at the end of each month during
such period).

Board of Directors or Board. The persons holding such office, as of any particular time,
under the Articles of Incorporation of the Company, whether they be the Directors named therein or
additional or successor Directors.

Book Value. The value of an asset on the books of the Company, before allowance for
depreciation or amortization.

Bylaws. The bylaws of the Company, as the same are in effect from time to time.

 

2

 

Capped O&O Expenses. All Organizational and Offering Expenses other than selling commissions
and the dealer manager fee.

Code. Internal Revenue Code of 1986, as amended from time to time, or any successor statute
thereto. Reference to any provision of the Code shall mean such provision as in effect from time
to time, as the same may be amended, and any successor provision thereto, as interpreted by any
applicable regulations as in effect from time to time.

Company. Grubb & Ellis Healthcare REIT II, Inc., a corporation organized under the laws of
the State of Maryland.

Competitive Real Estate Commission. A real estate or brokerage commission for the purchase or
sale of a property which is reasonable, customary, and competitive in light of the size, type, and
location of the property.

Contract Purchase Price. The amount actually paid or allocated by the Company in respect of
the purchase, development, construction or improvement of a Property, or the amount funded or
actually paid to acquire or originate a Real Estate-Related Investment, in each case exclusive of
Acquisition Fees and Acquisition Expenses.

Contract Sales Price. The total consideration received by the Company for the sale of a
Property or other Real Estate-Related Investment exclusive of the applicable Disposition Fee.

Director. A member of the Board of Directors of the Company.

Disposition Fee. The fee payable to the Advisor under certain circumstances in connection
with the Sale of one or more Properties pursuant to Section 8(c).

Distributions. Any distributions of money or other property by the Company to owners of
Shares, including distributions that may constitute a return of capital for federal income tax
purposes.

Financing Coordination Fee. The fees payable to the Advisor pursuant to Section 8(e).

Fiscal Year. Any period for which any income tax return is submitted by the Company to the
Internal Revenue Service and which is treated by the Internal Revenue Service as a reporting
period.

Gross Income. All cash receipts derived from the operation of any Property, excluding
(i) tenant security deposits unless and until such deposits are forfeited upon a tenant default and
(ii) proceeds from insurance claims, condemnation proceedings, sales or refinancings.

Gross Offering Proceeds. The aggregate purchase price of all Shares sold for the account of
the Company through an Offering, without deduction for volume discounts, selling commissions, the
dealer manager fee or Organizational and Offering Expenses. For the purpose of computing Gross
Offering Proceeds, the purchase price of any Share for which reduced selling commissions are paid
to the dealer manager or a soliciting dealer (where net proceeds to the Company are not reduced)
shall be deemed to be the full amount of the offering price per Share pursuant to the Prospectus
for such Offering without reduction.

 

3

 

Independent Appraiser. A person or entity with no material current or prior business or
personal relationship with the Advisor or the Directors, who is engaged to a substantial extent in
the business of rendering opinions regarding the value of assets of the type held by the Company,
and who is a qualified appraiser of real estate as determined by the Board. Membership in a
nationally recognized appraisal society such as the American Institute of Real Estate Appraisers or
the Society of Real Estate Appraisers shall be conclusive evidence of such qualification.

Independent Director. A Director who is not on the date of determination, and within the last
two years from the date of determination has not been, directly or indirectly associated with the
Sponsor or the Advisor by virtue of (i) ownership of an interest in the Sponsor, the Advisor or any
of their Affiliates, other than the Company, (ii) employment by the Sponsor, the Advisor or any of
their Affiliates, (iii) service as an officer or director of the Sponsor, the Advisor or any of
their Affiliates, other than as a Director of the Company or as a director or trustee of any other
real estate investment trust organized by the Sponsor or advised by the Advisor, (iv) performance
of services, other than as a Director, for the Company, (v) service as a director or trustee of
more than three real estate investment trusts organized by the Sponsor or advised by the Advisor or
(vi) maintenance of a material business or professional relationship with the Sponsor, the Advisor
or any of their Affiliates. A business or professional relationship is considered “material” per
se if the aggregate gross revenue derived by the Director from the Sponsor, the Advisor and their
Affiliates (excluding fees for serving as a Director of the Company or another real estate
investment trust or real estate program that is organized, advised or managed by the Advisor or its
Affiliates) exceeds 5.0% of either the Director’s annual gross income during either of the last two
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- or father-in-law, son- or daughter-in-law, or brother- or sister-in-law is or has
been associated with the Sponsor, the Advisor, any of their Affiliates or the Company.

Intellectual Property Rights. 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.

Joint Venture. Any joint venture, partnership, limited liability company or other Affiliate
of the Company (other than the Partnership) that owns, in whole or in part on behalf of the
Company, any Properties.

Lease Fee. The Lease Fee payable to the Advisor, an Affiliate of the Advisor or a
non-Affiliated third party, as defined in Section 8(d).

Listing. The term “Listing” shall mean that the Shares have been approved for trading on a
national securities exchange. Upon such Listing, the Shares shall be deemed Listed.

NASAA Guidelines. The Statement of Policy Regarding Real Estate Investment Trusts published
by the North American Securities Administrators Association, Inc. on May 7, 2007, and as in effect
on the date hereof.

 

4

 

Net Income. For any period, the total revenues applicable to such period, less the total
expenses applicable to such period excluding additions to reserves for depreciation, amortization,
bad debts or other similar non-cash reserves; provided, however, Net Income for purposes of
calculating total allowable Operating Expenses (as defined herein) shall exclude the gain from the
sale of the Company’s assets.

Offering. Any offering of Shares that is registered with the Securities and Exchange
Commission, excluding Shares offered under any employee benefit plan.

Offering Stage. The period from the commencement of the Company’s initial public equity
offering through the termination of the Company’s last public equity offering prior to Listing.
For purposes of this definition, “public equity offering” does not include offerings on behalf of
selling stockholders or offerings related to a distribution reinvestment plan, employee benefit
plan or the redemption of interests in the Partnership.

Operating Expenses. All costs and expenses incurred by the Company, as determined under
generally accepted accounting principles in the United States of America, which in any way are
related to the operation of the Company or to Company business, including fees paid to the Advisor,
but excluding (i) the expenses of raising capital such as Organizational and Offering Expenses,
legal, audit, accounting, underwriting, brokerage, listing, registration, and other fees, printing
and other such expenses and tax incurred in connection with the issuance, distribution, transfer,
registration and Listing of the Shares, (ii) interest payments, (iii) taxes, (iv) non-cash
expenditures such as depreciation, amortization and bad loan reserves, (v) incentive fees paid in
compliance with Section IV.F of the NASAA Guidelines and (vi) Acquisition Fees and Acquisition
Expenses, real estate commissions on resale of property, and other expenses connected with the
acquisition, disposition, and ownership of real estate interests, mortgage loans or other property
(such as the costs of foreclosure, insurance premiums, legal services, maintenance, repair and
improvement of property).

Organizational and Offering Expenses. Any and all costs and expenses, including selling
commissions and the dealer manager fee, incurred by the Advisor or any Affiliate in connection with
the formation, qualification and registration of the Company and the offering of the Shares,
including, without limitation, the following: total underwriting and brokerage discounts and
commissions (including fees of the underwriter’s attorneys); printing, engraving, mailing and
distributing costs; salaries of employees while engaged in sales activity; all charges of transfer
agents, registrars, trustees, escrow holders, depositories and experts; and fees, expenses and
taxes related to the filing, registration and qualification of the sale of the Shares under federal
and state laws, including accountants’ and attorneys’ fees.

Partnership. Grubb & Ellis Healthcare REIT II Holdings, LP, a Delaware limited partnership
formed to own and operate properties on behalf of the Company.

Partnership Agreement. The Agreement of Limited Partnership of the Partnership, as amended
from time to time, between the Company, as General Partner and the Advisor, as the initial Limited
Partner.

Person. An individual, corporation, partnership, estate, trust (including a trust qualified
under Section 401(a) or 501(c)(17) of the Code), a portion of a trust permanently set aside for or
to be used exclusively for the purposes described in Section 642(c) of the Code, association,
private foundation within the meaning of Section 509(a) of the Code, joint stock company or other
entity, or any government or any agency or political subdivision thereof, and also includes a group as that term is used for purposes of Section 13(d)(3) of the Securities Exchange Act of
1934, as amended.

 

5

 

Property or Properties. Any land, rights in land (including leasehold interests), and any
buildings, structures, improvements, furnishings, fixtures and equipment located on or used in
connection with land and rights or interests in land, or any portion thereof, transferred or
conveyed to the Company or the Partnership, either directly or indirectly, or such investments the
Board of Directors and the Advisor mutually designate as Properties to the extent such investments
could be classified as either Properties or Real Estate-Related Investments.

Property Management Fee. The Property Management Fee as defined in Section 8(d).

Property Manager. Any entity that has been retained to perform and carry out property rental,
leasing, operation and management services at one or more of the Properties, excluding persons,
entities or independent contractors retained or hired to perform facility management or other
services or tasks at a particular Property.

Proprietary Property. 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 and all
modifications, enhancements and derivative works of the foregoing.

Prospectus. Prospectus has the meaning set forth in Section 2(10) of the Securities
Act of 1933, as amended, including a preliminary prospectus, an offering circular as described in
Rule 253 of the General Rules and Regulations under the Securities Act of 1933, as amended, or, in
the case of an intrastate offering, any document by whatever name known, utilized for the purpose
of offering and selling securities of the Company to the public.

REIT. A real estate investment trust under Sections 856 through 860 of the Code.

Real Estate-Related Investments. Any real estate-related investments transferred or conveyed
to the Company or the Partnership, either directly or indirectly, or such investments the Board of
Directors and the Advisor mutually designate as Real Estate-Related Investments to the extent such
investments could be classified as either Real Estate-Related Investments or Properties.

Sale or Sales. (i) Any transaction or series of transactions whereby: (A) the Company or the
Partnership (except as described in other subsections of this definition) sells, grants, transfers,
conveys, or relinquishes its ownership of any Property or portion thereof, including the lease of
any Property consisting of the building only, and including any event with respect to any Property
which gives rise to a significant amount of insurance proceeds or condemnation awards; (B) the
Company or the Partnership (except as described in other subsections of this definition) sells,
puts, transfers, conveys, or relinquishes its ownership of all or substantially all of the interest
of the Company or the Partnership in any joint venture in which it is a co-venturer or partner;
(C) any joint venture (except as described in other subsections of this definition) in which the
Company or the Partnership as a co-venturer or partner sells, grants, transfers, conveys, or
relinquishes its ownership of any Property or portion thereof, including any event with respect to
any Property which gives rise to insurance claims or condemnation awards; (D) the Company or the
Partnership directly or indirectly (except as described in other subsections of this definition)
sells, grants, conveys or relinquishes its interest in any loan or mortgage or any portion thereof
(including with respect to any

 

6

 

mortgage or loan, all payments thereunder or in satisfaction thereof other than regularly scheduled interest payments) of amounts owed pursuant to such loan or
mortgage and any event which gives rise to the payment of a significant amount of insurance
proceeds or condemnation or similar award; or (E) the Company or the Partnership directly or
indirectly (except as described in other subsections of this definition) sells, grants, transfers,
conveys or relinquishes its ownership of any other Property not previously described in this
definition or any portion thereof, but (ii) not including any transaction or series of transactions
specified in clause (i)(A), (i)(B), (i)(C), (i)(D) or (i)(E) above in which the proceeds of such
transaction or series of transactions are reinvested in one or more Properties within one hundred
eighty (180) days thereafter.

Sponsor. Grubb & Ellis Company.

Stockholders. The registered holders of the Shares.

2.0%/25.0% Guidelines. The 2.0%/25.0% Guidelines as defined in Section 9(c)(ii).

2. Appointment. The Company and the Partnership appoint the Advisor to serve as its
advisor as of the Effective Date, on the terms and conditions set forth in this Agreement, and the
Advisor hereby accepts such appointment as of the Effective Date.

3. Duties and Authority of the Advisor. The Advisor undertakes to use its
commercially reasonable efforts (1) to present to the Company and the Partnership potential
investment opportunities in order to provide a continuing and suitable investment program
consistent with the investment objectives and policies of the Company as determined and adopted
from time to time by the Board and (2) to manage, administer, promote, maintain, and improve the
Properties on an overall portfolio basis in a diligent manner. The services of the Advisor are to
be of scope and quality not less than those generally performed by professional asset managers of
other similar property portfolios. The Advisor shall make available the full benefit of the
judgment, experience and advice of the members of the Advisor’s organization and staff with respect
to the duties it will perform under this Agreement. To facilitate the Advisor’s performance of
these undertakings, but subject to the restrictions included in Sections 4 and 7
and the provisions of Section 11 and to the continuing and exclusive authority of the Board
and the general partner of the Partnership, the Company and the Partnership hereby delegate to the
Advisor the authority to, and the Advisor hereby agrees to, either directly or by engaging a duly
qualified and licensed Affiliate of the Advisor or other duly qualified and licensed Person:

(a) serve as the Company’s and the Partnership’s investment and financial advisor and, as
requested by the Board, provide research and economic and statistical data in connection with the
Company’s assets and investment policies;

(b) provide the daily management of the Company and the Partnership and perform and supervise
the various administrative functions reasonably necessary for the management of the Company and the
Partnership;

(c) maintain and preserve the books and records of the Company, including (i) a stock ledger
reflecting a record of the Stockholders and their ownership of the Company’s Shares, (ii) acting as
transfer agent for the Company’s Shares or selecting, engaging and overseeing the performance by a
third party transfer agent, and (iii) maintaining the accounting and other record-keeping functions
at the Property and Company levels;

 

7

 

(d) investigate, select, and, on behalf of the Company and the Partnership, engage and conduct
business with such Persons as the Advisor deems necessary to the proper performance of its
obligations hereunder, including but not limited to consultants, accountants, correspondents,
lenders, technical advisors, attorneys, brokers, underwriters, transfer agents, corporate
fiduciaries, escrow agents, depositaries, custodians, agents for collection, insurers, insurance
agents, banks, builders, developers, property owners, property management companies, real estate
operating companies, securities investment advisors, mortgagors, and any and all agents for any of
the foregoing, including Affiliates of the Advisor, and Persons acting in any other capacity deemed
by the Advisor necessary or desirable for the performance of any of the foregoing services,
including but not limited to entering into contracts in the name of the Company and the Partnership
with any of the foregoing;

(e) make investments in and dispositions of Real Estate-Related Investments within the
discretionary limits and authority as granted by the Board and in accordance with the Articles of
Incorporation;

(f) consult with the officers of the Company and the Board and assist the Board in the
formulation and implementation of the Company’s financial policies, and, as necessary, furnish the
Board with advice and recommendations with respect to the making of investments consistent with the
investment objectives and policies of the Company and in connection with any borrowings proposed to
be undertaken by the Company and the Partnership;

(g) select joint venture partners, structure corresponding agreements and oversee and monitor
these relationships;

(h) recommend to the Board of Directors appropriate transactions which would provide liquidity
to the Stockholders;

(i) oversee the performance by a third party or Affiliated Property Manager of its duties,
including collection of payments due from third parties under contracts related to use of any
Property and other assets of the Company and payment of Property expenses and maintenance;

(j) conduct periodic on-site visits to some or all (as the Advisor deems reasonably necessary)
of the Properties to inspect the physical condition of the Properties and to evaluate the
performance of a third party or Affiliated Property Manager of its duties;

(k) review, analyze and comment upon the operating budgets, capital budgets and leasing plans
prepared and submitted by a third party or Affiliated Property Manager and aggregate these property
budgets into the Company’s overall budget;

(l) review and analyze on-going financial information pertaining to each Property, each Real
Estate-Related Investment and the overall portfolio of Properties and Real Estate-Related
Investments;

(m) if a transaction requires approval by the Board of Directors, deliver to the Board of
Directors all documents requested by them in their evaluation of the proposed investment in the
Property or the Real Estate-Related Investment;

(n) formulate and oversee the implementation of strategies for the administration, promotion,
management, operation, maintenance, improvement, financing and refinancing, marketing, leasing, and
disposition of Properties on an overall portfolio basis;

 

8

 

(o) subject to the provisions of Sections 3(m) and 4 hereof, (i) locate,
analyze and select potential investments in Properties and Real Estate-Related Investments,
(ii) structure and negotiate the terms and conditions of transactions pursuant to which investment
in Properties and Real Estate-Related Investments will be made; (iii) make investments in
Properties and Real Estate-Related Investments on behalf of the Company or the Partnership in
compliance with the investment objectives and policies of the Company; (iv) arrange for financing
and refinancing and make other changes in the asset or capital structure of, and dispose of,
reinvest the proceeds from the sale of, or otherwise deal with the investments in, Properties and
Real Estate-Related Investments; (v) enter into leases, supply agreements and other
income-producing contracts relating to third party use of any Property and Real Estate-Related
Investments of the Company; (vi) enter into service contracts for any Property or Real
Estate-Related Investment, including oversight of Affiliated companies that perform property
management services for the Company and the Partnership; (vii) if applicable, oversee a
non-Affiliated Property Manager and any other non-Affiliated Persons who perform services for the
Company; and (viii) to the extent necessary, perform all other operational functions for the
maintenance and administration of such Property or Real Estate-Related Investments;

(p) obtain the prior approval of the Board, any particular Directors specified by the Board or
any committee of the Board, as the case may be, for any and all investments in Properties and Real
Estate-Related Investments;

(q) negotiate on behalf of the Company and the Partnership with banks or lenders for loans to
be made to the Company, and negotiate on behalf of the Company and the Partnership with investment
banking firms and broker-dealers or negotiate private sales of Shares and other securities or
obtain loans for the Company and the Partnership, but in no event in such a way so that the Advisor
shall be acting as broker-dealer or underwriter; provided, further, that any fees and costs payable
to third parties incurred by the Advisor in connection with the foregoing shall be the
responsibility of the Company or the Partnership;

(r) on behalf of the Company and the Partnership, maintain, with respect to any Property and
to the extent available, title insurance or other assurance of title and customary fire, casualty
and public liability insurance;

(s) obtain reports (which may be prepared by the Advisor or its Affiliates), where
appropriate, concerning the value of investments or contemplated investments of the Company and the
Partnership in Properties or Real Estate-Related Investments;

(t) from time to time, or at any time reasonably requested by the Board, provide information
or make reports to the Board related to its performance of services to the Company and the
Partnership under this Agreement;

(u) from time to time, or at any time reasonably requested by the Board, make reports to the
Board of the investment opportunities it has presented to other Advisor-sponsored programs or that
it has pursued directly or through an Affiliate;

(v) provide the Company and the Partnership with all necessary cash management services;

(w) deliver to or maintain on behalf of the Company copies of all appraisals obtained in
connection with the investments in Properties and all valuations of Real Estate-Related Investments
as may be required to be obtained by the Board;

 

9

 

(x) notify the Board of all proposed material transactions before they are completed;

(y) at the direction of Company management, prepare the Company’s periodic reports and other
filings made under the Securities Exchange Act of 1934, as amended, and the Company’s
Post-Effective Amendments to the Registration Statement as well as all related prospectuses,
prospectus supplements and supplemental sales literature and assist in connection with the filing
of such documents with the appropriate regulatory authorities;

(z) supervise the preparation and filing and distribution of returns and reports to
governmental agencies and to investors and act on behalf of the Company in connection with investor
relations;

(aa) effect any private placements of Shares or other interests in Properties as may be
approved by the Board;

(bb) establish and maintain bank accounts on behalf of the Company and the Partnership
pursuant to Section 5 of this Agreement;

(cc) provide office space, equipment and personnel as required for the performance of the
foregoing services as the Advisor; and

(dd) do all things it reasonably deems necessary to assure its ability to render the services
described in this Agreement.

4. Modification or Revocation of Authority of Advisor. The Board may, at any time
upon the giving of notice to the Advisor, modify or revoke the authority or approvals set forth in
Section 3; provided, however, that such modification or revocation shall be effective upon
receipt by the Advisor and shall not be applicable to investment transactions to which the Advisor
has committed the Company and the Partnership prior to the date of receipt by the Advisor of such
notification.

5. Bank Accounts. At the direction of the Board of Directors, the Advisor may
establish and maintain one or more bank accounts in its own name for the account of the Company and
the Partnership or in the name of the Company and the Partnership and may collect and deposit into
any such account or accounts, and disburse from any such account or accounts, any money on behalf
of the Company and the Partnership, under such terms and conditions as the Board may approve,
provided that no funds shall be commingled with the funds of the Advisor; and the Advisor shall
from time to time render appropriate accountings of such collections and payments to the Board and
to the auditors of the Company.

6. Records; Access. The Advisor shall maintain appropriate records of all its
activities hereunder and make such records available for inspection by the Board and by counsel,
auditors and authorized agents of the Company, at any time or from time to time during normal
business hours. The Advisor shall at all reasonable times have access to the books and records of
the Company and the Partnership.

 

10

 

7. Limitations on Activities. Anything else in this Agreement to the contrary
notwithstanding, the Advisor shall refrain from taking any action which, in its sole judgment made
in good faith, would (a) adversely affect the status of the Company as a REIT, (b) subject the
Company to regulation under the Investment Company Act of 1940, as amended, or (c) violate any law,
rule, regulation or statement of policy of any governmental body or agency
having jurisdiction over the Company or the Partnership, its Shares or its other securities,
or otherwise not be permitted by the Articles of Incorporation or Bylaws of the Company, except if
such action shall be ordered by the Board, in which case the Advisor shall notify promptly the
Board of the Advisor’s judgment of the potential impact of such action and shall refrain from
taking such action until it receives further clarification or instructions from the Board. In such
event the Advisor shall have no liability for acting in accordance with the specific instructions
of the Board so given. Notwithstanding the foregoing, the Advisor, its directors, officers,
employees and stockholders, and stockholders, directors and officers of the Advisor’s Affiliates
shall not be liable to the Company, the Partnership, the Board or to the Stockholders for any act
or omission by the Advisor, its directors, officers, employees or stockholders, or stockholders,
directors or officers of the Advisor’s Affiliates taken or omitted to be taken in the performance
of their duties under this Agreement except as provided in Sections 20 and 21 of
this Agreement.

8. Fees.

(a) Acquisition Fee. The Advisor or its Affiliates shall receive as compensation for services
rendered in connection with the investigation, selection and acquisition of Properties or Real
Estate-Related Investments (by purchase, investment or exchange) funded by equity raised during the
Offering Stage through the Advisor or its Affiliates, including any acquisitions completed after
the end of the Offering Stage and/or the termination of this Agreement or funded with net proceeds
from a Sale, an acquisition fee payable by the Company (the “Acquisition Fee”). The total
Acquisition Fee paid to the Advisor or its Affiliates for services provided by the Advisor, its
Affiliates or sub-contractors thereof, but excluding real estate commissions paid to real estate
broker Affiliates of the Advisor, shall be (x) with respect to each Real Estate-Related Investment,
two percent (2.0%) of the Contract Purchase Price of each such Real Estate-Related Investment and
(y) with respect to Properties, two and one-quarter percent (2.25%) of the Contract Purchase Price
of each such Property.

At the Advisor’s discretion, a portion of the Acquisition Fee may be paid to third-party
developers for services rendered. Acquisition Fees shall be payable on the acquisition of a
specific Property, on the acquisition of a portfolio of Properties through a purchase of assets,
controlling securities or by joint venture, by a merger or similar business combination or other
comparable transaction, or on the completion of development of a Property or Properties for the
Company, including the acquisition of any Properties funded by equity raised during the Offering
Stage by the Advisor or its Affiliates which are completed after the end of the Offering Stage
and/or the termination of this Agreement. However, the total of all Acquisition Fees and
Acquisition Expenses payable with respect to any Property or Real Estate-Related Investment that is
acquired shall not exceed six percent (6.0%) of the Contract Purchase Price of such Property or
Real Estate-Related Investment unless fees in excess of such amount are approved by a majority of
the Board of Directors, including a majority of the Independent Directors.

(b) Asset Management Fee. Subject to the overall limitations contained below in this
Section 8(b), commencing on the Effective Date, the Advisor shall be paid a monthly fee in
arrears for the services rendered in connection with the management of the Company’s assets (the
“Asset Management Fee”) in an amount equal to one-twelfth of eighty-five one-hundredths of one
percent (0.85%) of the Average Invested Assets for such month; provided, however, that the
Company’s obligation to pay the Asset Management Fee shall be subject to the Stockholders receiving
annualized Distributions in an amount equal to five percent (5.0%) per annum of average Invested
Capital (as such term is defined in the Articles of Incorporation). The Asset Management Fee shall
be payable by the Company in cash or in Shares at the election of the Advisor in whole or in part,
from time to time,

 

11

 

 by the Advisor (without interest); provided, however, that the Company may object to the Advisor’s election and refuse to pay the Advisor
in Shares if such payment would result in a conflict with any provision of the Articles of
Incorporation. If the Advisor elects to receive the Asset Management Fee in the form of Shares and
such election does not conflict with any provision of the Articles of Incorporation, then the
Shares shall be valued at a price per share equal to the average closing price of the Shares over
the ten trading days immediately preceding the date of such election if the Shares are Listed at
such time. If the Shares are not Listed and the Company is still in its Offering Stage, and for
the twelve-month period following the termination of the Offering Stage, at such time, the Advisor
will estimate the per share value of the Shares at a price per share equal the most recent price
paid to acquire a Share during the Offering Stage (excluding any Shares sold pursuant to any
distribution reinvestment plan or sold with purchase price discounts). If the Shares are not
Listed and the Offering Stage has been completed for more than twelve (12) months at such time, the
Shares shall be valued at a price per share equal to the estimated value of the shares as
reasonably determined by the Advisor on the date of election, based upon the most recent Appraised
Value of the Company.

(c) Disposition Fee. If the Advisor or an Affiliate of the Advisor provides a substantial
amount of services (as determined by a majority of the Independent Directors) in connection with
the Sale of one or more Properties, the Advisor or such Affiliate shall receive at closing a
disposition fee equal to the lesser of (i) two percent (2.0%) of the Contract Sales Price of such
Property or Properties, or (ii) fifty percent (50.0%) of a Competitive Real Estate Commission given
the circumstances surrounding the sale (the “Disposition Fee”). In each case in which a Disposition
Fee may be payable, the precise amount of the fee within the limits set forth in the preceding
sentence shall be determined by the Board, including a majority of the Independent Directors, based
upon the extent of the services provided by the Advisor or its Affiliate and market norms for the
services provided. Notwithstanding anything to the contrary herein, no Disposition Fee shall be
payable to the Advisor or its Affiliate for Property Sales if such Sales involve the Company
selling all or substantially all of its Properties in one or more transactions designed to
effectuate a business combination transaction (as opposed to a Company liquidation, in which case
the Disposition Fee would be payable if the Advisor or an Affiliate provides a substantial amount
of services as provided above). Any Disposition Fee payable under this section may be paid in
addition to real estate commissions paid to non-Affiliates, provided that the total real estate
commissions (including such Disposition Fee) paid to all Persons by the Company for each Property
shall not exceed an amount equal to the lesser of (i) six percent (6.0%) of the Contract Sales
Price of the Property or (ii) the Competitive Real Estate Commission for the Property.

(d) Property Management Fee; Lease Fee. Either the Advisor or an Affiliate of the Advisor as
the Property Manager shall receive a monthly property management fee of up to four percent (4.0%)
of the monthly Gross Income from each Property managed by such Property Manager (the “Property
Management Fee”). The Advisor or an Affiliate of the Advisor may sub-contract its duties to any
third-party, including for fees less than the Property Management Fee payable to the Advisor. In
addition, the Advisor or an Affiliate of the Advisor as the Property Manager may receive a separate
fee for any leasing activities 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 (the “Lease Fee”). The
Lease Fee is generally expected to range from three percent (3.0%) to eight percent (8.0%) of the
gross revenues generated during the initial term of the lease. In addition to the above Property
Management Fee and Lease Fee, for each Property managed directly by a non-Affiliated Property
Manager but where an Affiliate of the Advisor has oversight responsibility over such non-Affiliated
Property Manager, the Company will pay such Affiliate of
the Advisor a monthly oversight fee of up to one percent (1.0%) of the Gross Income from the
Property; provided, however, that in no event shall the Company pay both the Property Management
Fee and an oversight fee to the Advisor or its Affiliates with respect to the same property.

 

12

 

(e) Financing Coordination Fee. In the event of the origination or refinancing of any debt
financing obtained by the Company, including the assumption (directly or indirectly) of existing
debt, that is used to acquire properties, to make other permitted investments or is assumed
(directly or indirectly) in connection with the acquisition of Properties or Real Estate-Related
Investments, and if the Advisor provides services related to such origination or refinancing, the
Company will pay to the Advisor a Financing Coordination Fee equal to one percent (1.0%) of the
amount available to the Company and/or outstanding under such financing; provided, however, that
the Advisor shall be entitled to a Financing Coordination Fee in connection with the refinancing of
a loan secured by any particular property that was previously subject to a financing in which the
Advisor received a Financing Coordination Fee only to the extent, and on such amount, if any, by
which the principal amount of the new loan exceeds the principal amount of the original loan at the
time such original loan was acquired by the Company.

(f) Construction Management Fee; Development Services Fee. In the event that the Advisor or
its Affiliates assist with planning and coordinating the construction of any capital or tenant
improvements, the Company may pay the respective party up to 5.0% of the cost of such improvements.
In addition, the Advisor or its Affiliates may provide development-related services, and the
Company will pay the respective party a development fee in an amount that is usual and customary
for comparable services rendered for similar projects in the geographic market where the services
are provided; however, the Company will not pay a development fee to the Advisor or its Affiliates
if the Advisor elects to receive an Acquisition Fee based on the cost of such development.

9. Expenses.

(a) Reimbursable Expenses. In addition to the compensation paid to the Advisor pursuant to
Section 8 hereof, the Company or the Partnership shall pay directly or reimburse the
Advisor for all of the expenses paid or incurred by the Advisor (to the extent not reimbursable by
another party, such as the dealer manager) in connection with the services it provides to the
Company and the Partnership pursuant to this Agreement, including, but not limited to:

(i) the Organizational and Offering Expenses; provided, however, that within sixty (60) days
after the end of the month in which an Offering terminates, the Advisor shall reimburse the Company
to the extent (i) Capped O&O Expenses borne by the Company exceed the maximum amount permitted
pursuant to the Prospectus for the Offering and (ii) Organizational and Offering Expenses borne by
the Company exceed fifteen percent (15.0%) of the Gross Offering Proceeds raised in a completed
Offering;

(ii) Acquisition Expenses incurred in connection with the selection and acquisition of
Properties and Real Estate-Related Investments, whether or not acquired, subject to the aggregate
six percent (6.0%) cap on Acquisition Fees and Acquisition Expenses set forth in
Section 8(a) above;

(iii) the actual cost of goods and services used by the Company and obtained from entities not
Affiliated with the Advisor, other than Acquisition Expenses, including brokerage fees paid in
connection with the purchase and sale of Real Estate-Related Investments;

 

13

 

(iv) interest and other costs for borrowed money, including discounts, points and other
similar fees;

(v) taxes and assessments on income of the Company or any of the Properties;

(vi) costs associated with insurance required in connection with the business of the Company
or by the Board;

(vii) expenses of managing and operating Properties owned by the Company, whether payable to
an Affiliate of the Company or a non-Affiliated Person;

(viii) all compensation and expenses payable to the Independent Directors and all expenses
payable to the non-Independent Directors in connection with their services to the Company and the
Stockholders and their attendance at meetings of the Directors and the Stockholders;

(ix) expenses associated with Listing or with the issuance and distribution of securities
other than the Shares, such as selling commissions and fees, advertising expenses, taxes, legal and
accounting fees, listing and registration fees;

(x) expenses connected with payments of Distributions in cash or otherwise made or caused to
be made by the Company to the Stockholders;

(xi) expenses of organizing, redomesticating, merging, liquidating or dissolving the Company
or of amending the Articles of Incorporation or the Bylaws;

(xii) expenses of maintaining communications with Stockholders or their financial advisors,
including the cost of preparation, printing, and mailing annual reports and other Stockholder
reports, proxy statements and other reports required by governmental entities;

(xiii) administrative service expenses (including (a) personnel costs; provided, however, that
no reimbursement shall be made for costs of personnel to the extent that such personnel perform
services in transactions for which the Advisor receives a separate fee, and (b) the Company’s
allocable share of other overhead of the Advisor such as rent and utilities);

(xiv) transfer agent and registrar’s fees and charges;

(xv) expenses associated with the disposition of Properties, including, subject to
Section 8(c), real estate commissions;

(xvi) audit, accounting, legal and other professional fees; and

(xvii) all other administrative service expenses, including all costs and expenses incurred by
Advisor in fulfilling its duties hereunder. Such costs and expenses may include reasonable wages
and salaries and other employee-related expenses of all employees of the Advisor or its Affiliates
who are engaged in the management, administration, operations, or marketing of the Company,
including taxes, insurance and benefits relating to such employees, and legal, travel and other
out-of-pocket expenses which are directly related to their services provided hereunder.

 

14

 

(b) Other Services. Should the Board request that the Advisor, any Affiliate of the Advisor
or any director, officer or employee thereof render services for the Company and the Partnership
other than set forth in Section 3, such additional services, if the Advisor elects to
perform them, shall be separately compensated at such rates and in such amounts as are agreed by
the Advisor and the Board, including a majority of the Independent Directors, subject to the
limitations contained in the Articles of Incorporation, shall not exceed an amount that would be
paid to non-Affiliated third parties for similar services, and shall not be deemed to be services
pursuant to the terms of this Agreement.

(c) Timing of and Limitations on Reimbursements.

(i) Expenses incurred by the Advisor on behalf of the Company and the Partnership and payable
pursuant to this Section 9 shall be reimbursed at least quarterly to the Advisor. The
Advisor shall prepare a statement documenting the expenses of the Company and the Partnership
during each quarter, and shall deliver such statement to the Company and the Partnership within
forty-five (45) days after the end of each quarter.

(ii) The Company shall not reimburse the Advisor at the end of any fiscal quarter Operating
Expenses that, in the four consecutive fiscal quarters then ended (the “Expense Year”) exceed (the
“Excess Amount”) the greater of two 2.0% of Average Invested Assets or 25.0% of Net Income (the
“2.0%/25.0% Guidelines”) for such year unless a majority of the Independent Directors determines
that such Excess Amount was justified, based on unusual and nonrecurring factors that a majority of
the Independent Directors deems sufficient. If a majority of the Independent Directors does not
approve such excess as being so justified, any Excess Amount paid to the Advisor during a fiscal
quarter shall be repaid to the Company. If a majority of the Independent Directors determines such
excess was justified, then within sixty (60) days after the end of any fiscal quarter of the
Company for which total reimbursed Operating Expenses for the Expense Year exceed the 2.0%/25.0%
Guidelines, the Advisor, at the direction of a majority of the Independent Directors, shall send to
the Stockholders a written disclosure of such fact, together with an explanation of the factors the
Independent Directors considered in determining that such excess expenses were justified. The
Company will ensure that such determination will be reflected in the minutes of the meetings of the
Board of Directors. All figures used in the foregoing computation shall be determined in
accordance with generally accepted accounting principles in the United States of America, applied
on a consistent basis. In the event that the Independent Directors do not determine that excess
expenses were justified, the Advisor shall reimburse the Corporation the amount by which the
expense reimbursement exceeded the 2.0%/25.0% Guidelines.

(iii) The foregoing reimbursements of expenses, as limited by this Agreement, will be made
regardless of whether any cash distributions are made to the Stockholders.

10. Statements. The Advisor shall furnish to the Company not later than the thirtieth
(30th) day following the end of each Fiscal Year, a statement showing a computation of the fees or
other compensation payable to the Advisor or an Affiliate of the Advisor with respect to such
Fiscal Year under Sections 8 and 9 hereof. The final settlement of compensation
payable under Sections 8 and 9 hereof for each Fiscal Year shall be subject to
adjustments in accordance with, and upon completion of, the annual audit of the Company’s financial
statements.

11. Internalization of the Advisor. To the extent that the Board of Directors
determines that it is in the best interests of the stockholders of the Company to internalize
(acquire from the Advisor) any management functions provided by Advisor, the compensation payable
to the Advisor for such specific internalization shall be negotiated and agreed upon by the
Independent Directors and the Advisor.

 

15

 

12. Other Activities of the Advisor. Nothing herein contained shall prevent the
Advisor from engaging in other activities, including, without limitation, the rendering of advice
to other Persons (including other REITs) and the management of other programs advised, sponsored or
organized by the Advisor or its Affiliates; nor shall this Agreement limit or restrict the right of
any director, officer, employee, or stockholder of the Advisor or its Affiliates to engage in any
other business or to render services of any kind to any other partnership, corporation, firm,
individual, trust or association. The Advisor may, with respect to any investment in which the
Company or the Partnership is a participant, also render advice and service to each and every other
participant therein. The Advisor shall report to the Board the existence of any condition or
circumstance, existing or anticipated, of which it has knowledge, which creates or could create a
conflict of interest between the Advisor’s obligations to the Company and the Partnership and its
obligations to or its interest in any other partnership, corporation, firm, individual, trust or
association.

13. Non-Solicitation. The Company agrees not to solicit any current and/or future
employees of the Advisor or its Affiliates for employment or in any consulting or similar capacity
during the Offering Stage and for two (2) years following the termination of the Offering Stage.

14. Information Furnished to the Advisor. The Board of Directors will keep the
Advisor informed concerning the investment and financing policies of the Company. The Board of
Directors shall notify the Advisor promptly of its intention to make any investments or to sell or
dispose of any existing investments. The Board of Directors will timely notify the Advisor of any
activities or actions that would require a report or other filing be made with the Securities and
Exchange Commission or any other governmental or regulatory authority. Upon request of the
Advisor, the Company shall furnish the Advisor with a certified copy of any Company financial
statements, a signed copy of each report prepared by independent certified public accountants, and
such other information with regard to its affairs as the Advisor may reasonably request.

15. Relationship of Advisor and Company. The Company, the Partnership and the Advisor
are not partners or joint venturers with each other, and nothing in this Agreement shall be
construed to make them such partners or joint venturers or impose any liability as such on either
of them.

16. Term. This Agreement shall continue in force until the first anniversary of the
Effective Date, subject to an unlimited number of successive one-year renewals upon mutual consent
of the parties. The Board will evaluate the performance of the Advisor annually before renewing
the Agreement.

17. Termination.

(a) This Agreement may be terminated upon sixty (60) days written notice without cause or
penalty, by either party (if by the Company, only upon approval of a majority of the Independent
Directors).

(b) Survival. The provisions of Sections 6, 7, 11, 13, and 19 through 32, and
the provisions of Section 8, shall survive expiration or termination of this Agreement.

 

16

 

18. Assignment. This Agreement shall not be assigned by the Advisor to a
non-Affiliate. This Agreement may be assigned by the Advisor to an Affiliate with the approval of
the Board, including a majority of the Independent Directors. Notwithstanding the foregoing, the
Advisor may assign any rights to receive fees or other payments under this Agreement without
obtaining the approval of the Board. This Agreement shall not be assigned by the Company or the
Partnership without the consent of the Advisor, except in the case of an assignment by the Company
or the Partnership to a corporation or other organization which is a successor to all of the
assets, rights and obligations of the Company or the Partnership, as the case may be, in which case
such successor organization shall be bound hereunder and by the terms of said assignment in the
same manner as the Company and the Partnership is bound by this Agreement.

19. Payments to and Duties of Advisor Upon Termination. Payments to the Advisor
pursuant to this Section 19 shall be subject to the 2.0%/25.0% Guidelines to the extent
applicable.

(a) After the expiration or termination of this Agreement, the Advisor shall not be entitled
to compensation for further services hereunder except that it shall be entitled to the Acquisition
Fee to the extent provided by Section 8(a) and it shall be entitled to receive from the Company
within thirty (30) days after the effective date of such termination all unpaid reimbursements of
expenses and all earned but unpaid fees payable to the Advisor prior to termination of this
Agreement; and

(b) The Advisor shall promptly upon termination:

(i) pay over to the Company all money collected and held for the account of the Company
pursuant to this Agreement, after deducting any accrued compensation and reimbursement for its
expenses to which it is then entitled;

(ii) deliver to the Board a full accounting, including a statement showing all payments
collected by it and a statement of all money held by it, covering the period following the date of
the last accounting furnished to the Board;

(iii) deliver to the Board all assets, including Properties and Real Estate-Related
Investments, and documents of the Company then in the custody of the Advisor; and

(iv) cooperate with the Company to provide an orderly management transition.

20. Indemnification by the Company.

(a) The Company shall indemnify and hold harmless the Advisor and its Affiliates, including
their respective officers, directors, partners and employees, from all liability, claims, damages
or losses arising in the performance of their duties hereunder, and related expenses, including
reasonable attorneys’ fees, to the extent such liability, claims, damages or losses and related
expenses are not fully reimbursed by insurance, provided that the Company shall not indemnify and
hold harmless the Advisor or its Affiliates unless:

(i) the Advisor or its Affiliates have determined, in good faith, that the course of conduct
which caused the loss or liability was in the best interests of the Company;

(ii) the Advisor or its Affiliates were acting on behalf of or performing services for the
Company;

 

17

 

(iii) such liability or loss was not the result of negligence or misconduct by the Advisor or
its Affiliates; and

(iv) such indemnification or agreement to hold harmless is recoverable only out of Company’s
net assets and not from its stockholders.

The obligation of the Company to indemnify or hold harmless the Advisor and its Affiliates shall
also be subject to any limitations imposed by Maryland law.

21. Indemnification by Advisor. The Advisor shall indemnify and hold harmless the
Company from contract or other liability, claims, damages, taxes or losses and related expenses,
including attorneys’ fees, to the extent that such liability, claims, damages, taxes or losses and
related expenses are not fully reimbursed by insurance and are incurred by reason of the Advisor’s
bad faith, fraud, willful misfeasance, misconduct, or reckless disregard of its duties, but the
Advisor shall not be held responsible for any action of the Board in following or declining to
follow advice or recommendation given by the Advisor.

22. Fidelity Bond. The Advisor shall not be required to obtain or maintain a fidelity
bond in connection with the performance of its services hereunder.

23. Notices. Any notice, report or other communication required or permitted to be
given hereunder shall be in writing unless some other method of giving such notice, report or other
communication is required by the Articles of Incorporation, the Bylaws, or accepted by the party to
whom it is given, and shall be given by being delivered by hand or by overnight mail or other
overnight delivery service to the addresses set forth herein:

	 	 	 
	To the Board and to the Company:

	 	Grubb & Ellis Healthcare REIT II, Inc.
	 

	 	1551 N. Tustin Avenue, Suite 300
	 

	 	Santa Ana, CA 92705
	 

	 	Attention: Chief Executive Officer
	 
	 	 
	To the Partnership:

	 	Grubb & Ellis Healthcare REIT II Holdings, LP
	 

	 	1551 N. Tustin Avenue, Suite 300
	 

	 	Santa Ana, CA 92705
	 

	 	Attention: Chief Executive Officer of
	 

	 	Grubb & Ellis Healthcare REIT II, Inc.,
	 

	 	its General Partner
	 
	 	 
	To the Advisor:

	 	Grubb & Ellis Healthcare REIT II Advisor, LLC
	 

	 	1551 N. Tustin Avenue, Suite 300
	 

	 	Santa Ana, CA 92705
	 

	 	Attention: Chief Executive Officer

Either party may at any time give notice in writing to the other party of a change in its
address for the purposes of this Section 23.

24. Amendments. This Agreement shall not be changed, modified, terminated, or
discharged, in whole or in part, except by an instrument in writing signed by each of the parties
hereto, or their respective successors or assignees.

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

 

18

 

26. Construction. The provisions of this Agreement shall be construed and interpreted
in accordance with the laws of the State of Maryland.

27. Entire Agreement. This Agreement contains the entire agreement and understanding
among the parties hereto with respect to the subject matter hereof, and supersedes all prior and
contemporaneous agreements, understandings, inducements and conditions, express or implied, oral or
written, of any nature whatsoever with respect to the subject matter hereof. The express terms
hereof control and supersede any course of performance and/or usage of the trade inconsistent with
any of the terms hereof. This Agreement may not be modified or amended other than by an agreement
in writing.

28. Indulgences, Not Waiver. Neither the failure nor any delay on the part of a party
to exercise any right, remedy, power or privilege under this Agreement shall operate as a waiver
thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude
any other or further exercise of the same or of any other right, remedy, power or privilege, nor
shall any waiver of any right, remedy, power or privilege with respect to any occurrence be
construed as a waiver of such right, remedy, power or privilege with respect to any other
occurrence. No waiver shall be effective unless it is in writing and is signed by the party
asserted to have granted such waiver.

29. Gender. Words used herein regardless of the number and gender specifically used,
shall be deemed and construed to include any other number, singular or plural, and any other
gender, masculine, feminine or neuter, as the context requires.

30. Titles Not to Affect Interpretation. The titles of sections and subsections
contained in this Agreement are for convenience only, and they neither form a part of this
Agreement nor are they to be used in the construction or interpretation hereof.

31. Execution in Counterparts. This Agreement may be executed in any number of
counterparts, each of which shall be deemed to be an original as against any party whose signature
appears thereon, and all of which shall together constitute one and the same instrument. This
Agreement shall become binding when the counterparts hereof, taken together, bear the signatures of
all of the parties reflected hereon as the signatories.

32. Rights of the Advisor and its Affiliates. Grubb & Ellis Healthcare REIT II
Advisor, LLC or an Affiliate thereof has a proprietary interest in the name “Grubb & Ellis.”
Accordingly, and in recognition of this right, if at any time Grubb & Ellis Healthcare REIT II
Advisor, LLC or an Affiliate thereof ceases to perform the services of the Advisor under this
Agreement, the Company or the Partnership, as the case may be, will, promptly after receipt of
written request from Grubb & Ellis Healthcare REIT II Advisor, LLC, cease to conduct business under
or use the name “Grubb & Ellis” or any variation or derivative thereof and the Company and the
Partnership shall, within five (5) business days of such cessation, each change its name (and the
names of any of their Affiliates) to a name that does not contain the name “Grubb & Ellis” or any
other word or words that might, in the sole discretion of the Advisor, be susceptible of indication
of some form of relationship between the Company and the Advisor or any Affiliate thereof.
Consistent with the foregoing, the parties acknowledge and agree that the Advisor or one or more of
its Affiliates has in the past and may in the future organize, sponsor or otherwise permit to exist
other investment vehicles (including vehicles for investment in real estate) and financial and
service organizations having “Grubb & Ellis” as a part of their name, all without the need for any
consent (and without the right to object thereto) by the Company or its Board. The Advisor retains
ownership of and reserves all Intellectual Property Rights in the Proprietary Property. To the
extent that the Company 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
Company may provide regarding the Proprietary Property, the Company hereby assigns and transfers
exclusively to the Advisor all right, title and interest, including without limitation all
Intellectual Property Rights, free and clear of any liens, encumbrances or licenses in favor of the
Company or any other party, in and to the Proprietary Property. In addition, at the Advisor’s
expense, the Company will perform any acts that may be deemed desirable by the Advisor to evidence
more fully the transfer of ownership of right, title and interest in the Proprietary Property to
the Advisor, including but not limited to the execution of any instruments or documents now or
hereafter requested by the Advisor to perfect, defend or confirm the assignment described herein,
in a form determined by the Advisor.

[Signatures Appear on Next Page]

 

19

 

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

	 	 	 	 	 
	 	
GRUBB & ELLIS HEALTHCARE REIT II, INC.

 	 
	 	By:  	
/s/ Jeffrey T. Hanson
 	 
	 	 	Name:  	Jeffrey T. Hanson  	 
	 	 	Title:  	Chief Executive Officer 	 
	 	

GRUBB & ELLIS HEALTHCARE REIT II HOLDINGS, LP
 	 
	 	By:  	Grubb & Ellis Healthcare REIT II, Inc.,
 	 
	 	its General Partner 	 
	 	 	 
	 	By:  	
/s/                                  Jeffrey T. Hanson
 	 
	 	 	Name:  	Jeffrey T. Hanson 	 
	 	 	Title:  	Chief Executive Officer 	 
	 	

GRUBB & ELLIS HEALTHCARE REIT II ADVISOR, LLC

 	 
	 	By:  	
/s/
Jeffrey T. Hanson
 	 
	 	 	Name:  	Jeffrey T. Hanson 	 
	 	 	Title:  	Chief Executive Officer 	 

 

20

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00164-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00164-of-00352.parquet"}]]