Document:

Exhibit 10.1

Execution Copy

 

AMENDED AND RESTATED ASSET MANAGEMENT
SERVICES AGREEMENT

 

THIS AMENDED AND RESTATED
ASSET MANAGEMENT SERVICES AGREEMENT (this “Agreement”) is made as of
December 1, 2013 (“Effective Date”) by and between KBS Acquisition
Sub, LLC, a Delaware limited liability company (the “Company”), and
GKK Realty Advisors LLC, a Delaware limited liability company (“Manager”).

 

WITNESSETH:

 

WHEREAS, the Company
and Manager previously entered into that certain Asset Management Services Agreement dated as of March 30, 2012, as amended by
that certain First Amendment to Asset Management Services Agreement dated August 17, 2012 and as further amended by that certain
Second Amendment to Asset Management Services Agreement dated as of December 12, 2012 (as so amended, the “Original AM
Agreement”);

 

WHEREAS, in connection
with the entering into this Agreement and in satisfaction of amounts owing to Company pursuant to the Original AM Agreement relating
to the Profit Participation, Company shall pay to Manager, on the Effective Date, the sum of $12,000,000.

 

WHEREAS, the Company
and Manager desire to amend and restate the Original AM Agreement in its entirety by entering into this Agreement.

 

AGREEMENT

 

NOW, THEREFORE, in
consideration of the mutual agreements herein set forth, the parties hereto agree as follows:

 

		1.	Definitions.

 

		(a)	“Accounting Services” means the services provided by Manager set forth in Section
2(b)(x) hereof.

 

		(b)	“Affiliate” means any person or entity
which, directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with
the party in question.

 

		(c)	“Applicable Percentage” means (a) 0% for Construction Projects having Construction
Costs of less than $50,000; (b) 10.0% for Construction Projects with Construction Costs between $50,001 and $500,000; (c) 5.0%
for Construction Projects with Construction Costs between $500,001 and $1,000,000; and (d) 3.0% for Construction Projects with
Construction Costs over $1,000,001. For the avoidance of doubt, in the event there are multiple related improvement projects being
undertaken at a Property, they shall together be construed as a single construction project.

 

		(d)	“Applicable Portfolios” means those portfolios of Properties set forth on Annex
A-2.

 

    	 

    	 

    

 

		(e)	“Approved Budget” has the meaning assigned
in Section 2(b)(i)(1).

 

		(f)	“Agreement” has the meaning assigned
in the first paragraph.

 

		(g)	“Asset Value Documentation” has the
meaning set forth in the definition of Fair Value of Applicable Portfolios.

 

		(h)	“Base Management Fee” has the meaning
assigned in Section 7(a).

 

		(i)	“BD2 Sale” has the meaning assigned in Section 12.

 

		(j)	“Breach” means fraud, misappropriation of funds, or embezzlement against Company
by Manager in its corporate capacity (as distinguished from the acts of any employees of Manager which are taken without the complicity
of any of the Executive Officers) which is not cured within thirty (30) days after notice thereof from Company.

 

		(k)	“Cause” means any of the following,
determined to have occurred by a majority ruling of a panel of three arbitrators (one arbitrator chosen by the Company, one arbitrator
chosen by the Manager and the third arbitrator chosen by the other two arbitrators (collectively, the “Arbitrators”))
to have caused material damage to the Company: (i) a Material Breach; (ii) a Material Control Failure; or (iii) a Service
Failure. The parties agree to use commercially reasonable efforts to appoint the Arbitrators within seven (7) days of the receipt
by Manager of written notice from Company that it intends to seek the determination discussed herein and to have any determination
of “Cause” by the Arbitrators completed within thirty (30) days of submission by Company or Manager.

 

		(l)	“Company Account” has the meaning assigned
in Section 4.

 

		(m)	“Company Default” means a failure by
Company to pay the Base Management Fee, Termination Fee, Construction Oversight Fee or the Profit Participation payment due to
Manager under this Agreement, which failure to pay continues for five (5) business days following written notice of such default,
such notice containing the following legend prominently displayed in bold, all caps and fourteen (14) point or larger font in the
transmittal letter requesting approval: THIS IS A NOTICE OF A COMPANY DEFAULT. COMPANY’S RESPONSE IS REQUESTED WITHIN
FIVE (5) BUSINESS DAYS. COMPANY’S FAILURE TO RESPOND WITHIN SUCH TIME PERIOD SHALL RESULT IN COMPANY BEING DEEMED TO HAVE
AGREED THAT A COMPANY DEFAULT; provided, however, that such failure is not caused by any action or inaction of Manager, or
any of Manager’s officers, employees, directors, managing directors, members, managers, principals, partners, shareholders,
affiliates or subsidiaries.

 

		(n)	“Company’s Insurance” has the
meaning assigned in Section 6.

 

    	2

    	 

    

 

		(o)	“Consistent with Accounting Past Practices”
or words of similar import means those accounting services and practices (“Accounting Services and Practices”)
provided to the Properties by Manager and those affiliates of Manager over the six (6) month period prior to the Effective Date,
with adjustments thereto as have been mutually agreed to by Manager and Company.

 

		(p)	“Consistent with Past Practices” or
words of similar import means those asset management services and practices (other than Accounting Services and Practices) provided
to the Properties by Manager and those affiliates of Manager over the six (6) month period prior to the Effective Date.

 

		(q)	“Construction Costs” shall mean all hard costs, engineering costs and architects’
costs actually incurred for a Construction Project.

 

		(r)	“Construction Oversight Fee” has the meaning set forth in Section 7(d)

 

		(s)	“Construction Projects” has the meaning assigned in Section 2(b)9.

 

		(t)	“Effective Date” has the meaning assigned
in the first paragraph.

 

		(u)	“Executive Officers” means the President,
Chief Executive Officer, General Counsel and Chief Financial Officer of Gramercy Property Trust Inc.

 

		(v)	“Expenses” has the meaning assigned
in Section 8.

 

		(w)	“Extension Option” has the meaning set forth in Section 2(a).

 

		(x)	“Fair Value of Applicable Portfolios “
means the gross fair market value of the Properties included within the Applicable Portfolios (with no deduction for any mortgage
debt, mezzanine debt or any other liabilities associated with any one or more of the Properties and no additions for any other
assets that are not real property) of the Company as set forth in the work papers and other supporting documentation (collectively,
“Asset Value Documentation”) used by KBS REIT and its accountants in determining its gross asset value as reported
by KBS REIT in its then most recent applicable filing with the Securities and Exchange Commission, and as certified by the Chief
Financial Officer of KBS REIT as being the values contained in such work papers and other supporting documentation.

 

		(y)	“First Threshold of Incentive Profits” means an amount equal to 10% of the Profit
Participation Threshold for an Applicable Portfolio.

 

		(z)	“Fraud Loss” is defined in the definition of Termination Fee below.

 

    	3

    	 

    

 

		(aa)	“Good News Capital Expenditures” means (i) all capital expenditures at a Property
(as determined by GAAP) which are being funded in order to increase the value of a Property (for example upgrading the quality
of materials located at a Property in order to charge tenants higher rent) as opposed to being funded to prevent or resolve repair
or maintenance issues at a Property (for example repairing or replacing a roof); (ii) all tenant improvements at such Property
in connection with newly signed leases at such Property (including any lease renewals); and (iii) leasing commissions for new leases
at such Property (including any lease renewals). Notwithstanding the foregoing to the contrary, in the event of a contractual renewal
at Beaver Valley, Tenant improvements, leasing commissions and capital expenditures in connection with such contractual renewal,
shall not be included in Good News Capital Expenditures, except to the extent that a subsequent non-contractual renewal is entered
into during the Term of this Agreement for such leased space.

 

		(bb)	“Governing Instruments” means, with
respect to any Person, the articles of incorporation and bylaws in the case of a corporation, the certificate of limited partnership
(if applicable) and partnership agreement in the case of a general or limited partnership or the articles of formation and operating
agreement in the case of a limited liability company.

 

		(cc)	“Gross Value” means the sum of (1) the gross sales price of any one or more
of the Properties included within any of the Applicable Portfolios sold from and after December 1, 2013 through and including the
Measurement Date (with, for avoidance of doubt, no deduction for any mortgage debt, mezzanine debt, any other debt or any closing
costs or customary closing adjustments (for example, taxes, prepaid expenses, cam charges, rents, leasing costs and similar items
shall not be taken into account but prorations which are not customary but rather are in the nature of a seller providing income
support or other inducements to a purchaser of a property shall be included) plus (2) the Fair Value of Applicable Portfolios as
of the Measurement Date.

 

		(dd)	“Incentive Profits” means the amount, if any, by which (A) Gross Value for each
Applicable Portfolio exceeds (B) the sum of (1) the Profit Participation Threshold for such Applicable Portfolio, plus (2) all
cash expended with respect to such Applicable Portfolio, if any, after December 1, 2013 to fund Good News Capital Expenditures
at such Applicable Portfolio by KBS REIT or any of, its Affiliates and/or joint venture partner(s) (“Included Capital
Contributions”). For avoidance of doubt, Incentive Profits shall be determined on (and paid on) an Applicable Portfolio
by Applicable Portfolio basis taking into account all sales of Properties in an Applicable Portfolio from time to time (and all
such Properties remaining as of the Measurement Date).

 

		(ee)	“Included Capital Contributions” has the meaning set forth in the definition
of Incentive Profits.

 

		(ff)	“KBS REIT” means KBS Real Estate Investment
Trust, Inc.

 

    	4

    	 

    

 

		(gg)	“Material Breach” means fraud, misappropriation
of funds, or embezzlement against Company or other willful and material violation of this Agreement by Manager in its corporate
capacity (as distinguished from the acts of any employees of Manager which are taken without the complicity of any of the Executive
Officers) which is not cured within thirty (30) days after notice thereof from Company and which would have a material adverse
effect on the Company. Manager and Company each agree to promptly notify the other of any Material Breach that Manager or Company
is aware of or becomes aware of during the Term.

 

		(hh)	“Material Control Failure” means any
“significant deficiencies” or any “material control weakness” identified by the Manager’s independent
external auditors or by the Company’s internal auditors; provided, however, a Material Control Failure shall not occur if:
(i) the “significant deficiencies” or “material control weakness” arose out of the actions of persons employed
by Company; or (ii) Manager has cured such breach within a period of fifteen (15) days after notice of such fact or in the case
of a breach that cannot be cured, has diligently modified its internal controls in order to prevent re-occurrence. Manager and
Company each agree to promptly notify the other of any Material Control Failure that Manager or Company is aware of or becomes
aware of during the Term. Company and Manager hereby agree that no Material Control Failure shall exist based on events
or circumstances which arose prior to the date hereof and which Company is aware of as of the Effective Date.

 

		(ii)	“Measurement Date” means the earliest to occur of (a) December 31, 2016 (or
December 31, 2017 if the Extension Option is properly exercised as provided for in Section 2(a) below), (b) the date on which Company,
directly or indirectly, sells, conveys or otherwise transfers (together with all prior transfers) at least ninety percent (90%)
of the Properties (by value), including, but not limited to a Sale, merger, reorganization, issuance of equity securities or other
recapitalization of the Company or its Subsidiaries, affiliates, or parent companies (whether or not the Company, its Subsidiaries,
affiliates or parent companies is the surviving entity in such transaction); (c) the effective date of the termination of this
Agreement for Cause; or (d) the effective date of the termination of this Agreement pursuant to Section 12 hereof following a BD2
Sale.

 

		(jj)	“Offset Amounts” means any damages
incurred by Company as a result of Cause, as determined by the Arbitrators.

 

		(kk)	“Person” means any individual, corporation,
partnership, joint venture, limited liability company, estate, trust, unincorporated association, any federal, state, county or
municipal government or any bureau, department or agency thereof and any fiduciary acting in such capacity on behalf of any of
the foregoing.

 

		(ll)	“Profit Participation Percentage” means (i) 10% for Incentive Profits with respect
to an Applicable Portfolio up to and including the First Threshold of Incentive Profits; (ii) 20% for Incentive Profits with respect
to an Applicable Portfolio in excess of the First Threshold of Incentive Profits but less than or equal to the Second Threshold
of Incentive Profits; and (iii) 30% for Incentive Profits with respect to an Applicable Portfolio in excess of the Second Threshold
of Incentive Profits.

 

    	5

    	 

    

 

		(mm)	“Profit Participation” has the meaning assigned in Section 7(b).

 

		(nn)	“Profit Participation Threshold” means the amount for each of the Applicable
Portfolios as set forth on Annex A-2

 

		(oo)	“Properties” means the fee or leasehold
interest in the real estate assets described on Annex A-1 attached hereto and made a part hereof.

 

		(pp)	“Response Notice” has the meaning set forth in Section 9.

 

		(qq)	“Sale” (or “Sells”
as applicable) means any sale, transfer, conveyance or other assignment including, any long term (being more than 15 years) ground
lease of all or substantially all of a Property.

 

		(rr)	“Second Threshold of Incentive Profits” means an amount equal to 20% of the
Profit Participation Threshold for an Applicable Portfolio.

 

		(ss)	“Service Failure” means (i) the failure
of Manager to provide a substantively equivalent level of asset management and performance under this Agreement which is Consistent
with Past Practices; provided, however, a Service Failure shall not be deemed to have occurred if Manager has substantially cured
such failure within a period of ten (10) days after written notice outlining the specific details of such failure, and (ii) the
failure of Manager to provide a substantively equivalent level of accounting services and performance under this Agreement which
is Consistent with Accounting Past Practices; provided, however, a Service Failure shall not be deemed to have occurred if Manager
has substantially cured such failure within a period of ten (10) days after written notice outlining the specific details of such
failure. Manager agrees to promptly notify Company of any Service Failure that Manager is aware of or becomes aware of during the
Term.

 

		(tt)	“Settlement Agreement” means, collectively,
that certain (a) Collateral Transfer and Settlement Agreement, dated as of September 1, 2011, by and among GKK Stars Acquisition
LLC (“GKK Stars”), KBS Acquisition Sub, LLC, KBS GKK Participation
Holdings I, LLC, KBS GKK Participation Holdings II, LLC, KBS Debt Holdings Mezz Holder, LLC and KBS Acquisition Holdings, LLC,
and (b) Acknowledgment and Consent Agreement, dated as of September 1, 2011, by and among Goldman Sachs Mortgage Company, Citicorp
North America, Inc., GKK Stars, KBS Acquisition Sub, LLC, KBS GKK Participation Holdings I, LLC, KBS GKK Participation Holdings
II, LLC, KBS Debt Holdings Mezz Holder, LLC and KBS Acquisition Holdings, LLC.  

 

		(uu)	“Subsidiary” means any direct or indirect
subsidiary of the Company, any partnership, the general partner of which is the Company or any direct or indirect subsidiary of
the Company and any limited liability company, the managing member of which is the Company or any direct or indirect subsidiary
of the Company.

 

    	6

    	 

    

 

		(vv)	“Systemic Accounting Failure” has the meaning set forth in Section 9.

 

		(ww)	“Systemic Accounting Failure Notice” has the meaning set forth in Section 9.

 

		(xx)	“Termination Fee” means: (a) $7,500,000 for any termination of this Agreement
by the Company pursuant to Section 12(1)(B) of this Agreement, which termination is effective prior to January 1, 2016, (b) $3,750,000
for any termination of this Agreement by the Company pursuant to Section 12(1)(B) of this Agreement effective on or after January
1, 2016 and on or prior to December 31, 2016, and (c) $0.00 for any termination of this Agreement pursuant to Section 12(1)(B)
of this Agreement on or after January 1, 2017. Notwithstanding the foregoing, at such time as Company pays to Manager the full
Profit Participation payable to Manager as set forth in Section 7(b) hereof as a result of the termination of this Agreement
by the Company pursuant to Section 12(1)(B) of this Agreement, Manager shall rebate to the Company all or a portion of (but
not in excess of) the Termination Fee paid by Company to Manager in an amount equal to 50% of (X) the amount by which the Profit
Participation paid by Company to Manager exceeds (Y) (1) $15,000,000 for a termination effective prior to January 1, 2016 or (2)
the Third Year Termination Baseline for a termination effective on or after January 1, 2016 and on or prior to December 31, 2016.
The parties agree that the amount of the foregoing rebate may be offset against the payment by the Company to Manager of the Profit
Participation triggered by the termination of this Agreement pursuant to Section 12(1)(B) hereof. Notwithstanding anything
in this Agreement to the contrary, in the event of a termination of this Agreement by Company pursuant to Section 12(1)(A), Manager
shall not receive a Termination Fee. Additionally, in the event (i) there is no Profit Participation, and (ii) Company suffers
an unreimbursed actually incurred loss, cost or expense arising out of the fraud, misappropriation of funds or embezzlement against
Company or other willful and material violation of this Agreement by manager or any employees of Manager (a “Fraud Loss”),
then the parties agree that the amount of the Fraud Loss may be offset against the payment by the Company to Manager of any Termination
Fee.

 

		(yy)	“Third Threshold of Incentive Profits” means an amount equal to 30% of the Profit
Participation Threshold for an Applicable Portfolio.

 

		(zz)	“Third Year Termination Baseline” means the amount set forth on Annex E.

 

    	7

    	 

    

 

		2.	Appointment and Duties of Manager.

 

		(a)	Appointment. Unless earlier terminated in accordance with the terms of this Agreement, commencing
on the Effective Date and continuing until December 31, 2016, the Company hereby appoints Manager as its exclusive asset manager
to manage the Properties subject to the further terms and conditions set forth in this Agreement. So long as the Company is not
in default of its obligations hereunder, Company shall have the right to extend the foregoing expiration date to December 31, 2017
by delivery of written notice to Manager irrevocably exercising such option, such notice, to be effective must be delivered no
later than May 30, 2016 (herein, the “Extension Option”). Subject to the terms and conditions of this Agreement,
Manager hereby agrees to use its commercially reasonable efforts to perform each of the duties set forth herein, provided funds
are made available by the Company for such purposes, as set forth in Section 8 hereof.

 

		(b)	Duties. Manager will perform (or cause to be performed) the following services and activities
for the Company, all of which activities shall be performed Consistent with Past Practices:

 

		(i)	administering or overseeing the Company’s day-to-day operations and performing and supervising
the performance of other administrative functions necessary to the Company’s management, including the collection of revenues
and the payment of the Company’s debts and obligations (subject to funds being made available to Manager to pay such debts
and obligations), and in the event of an emergency, Manager shall use commercially reasonable efforts to notify Company of such
emergency as soon as reasonably possible;

 

		(ii)	serving as the Company’s consultant with respect to the periodic review of the Properties;

 

		(iii)	investigating, analyzing and selecting possible opportunities for the sale of any one or more of
the Properties;

 

		(iv)	retaining and supervising third parties or affiliates to provide property management services with
respect to those Properties that are not otherwise managed by a tenant pursuant to the terms of such tenant’s lease;

 

		(v)	engaging and supervising, on the Company’s behalf and at the Company’s expense, independent
contractors which provide real estate-related services, property management services, legal services, accounting services, due
diligence services and such other services as may be required relating to the Properties;

 

		(vi)	to the extent expressly authorized by the Company in writing, negotiating, and closing on the Company’s
behalf the sale, exchange or other disposition of any of the Properties (it being understood that third party fees and expenses
may be incurred at the Company’s expense in connection with any such disposition efforts);

 

		(vii)	arranging, negotiating, coordinating and managing operations of any joint venture or co-investment
interests held by the Company with respect to the Properties and conducting all matters with any joint venture or co-investment
partners;

 

    	8

    	 

    

 

		(viii)	monitoring the operating performance of the Properties;

 

		(ix)	providing oversight (including providing development budgets) with respect to construction, development
and other capital improvement projects being undertaken at any Property (whether on site or located off site but for the benefit
of the Property) including, without limitation, tenant improvements being undertaken by, or at the direction of, a tenant at any
Property (herein, “Construction Projects”);

 

		(x)	providing or overseeing the following accounting related services Consistent with Accounting Past
Practices:

 

		(1)	administration and maintenance of general ledger accounts in the Company’s MRI accounting
system using the Company’s approved chart of accounts. The Company’s books are to be separate from Manager’s
and/or any other Subsidiary’s books;

 

		(2)	administration and maintenance of general ledger on both a cash and US GAAP basis. US GAAP shall
include, among other things, straightlining of rent, FAS 141 setup and maintenance, and proper treatment of lease incentives;

 

		(3)	monthly cash cutoff, other than at the end of the calendar year, shall be on the 20th of each month.
Accruals are to be through the end of each month;

 

		(4)	administration and maintenance of a general ledger trial balance, balance sheet, income statement
and certain other reports the Manager customarily prepares in the normal course of business and periodic distribution of such reports
to the Company;

 

		(5)	preparation of period-end reconciliations and associated period-end journal entries for all significant
balance sheet accounts;

 

		(6)	accounting oversight including review of monthly trial balances and supporting documentation and
timely correct bank reconciliations;

 

		(7)	ensure that all expense invoices are submitted for “proper approval” before processing
them for payment;

 

		(8)	administration of accounts payable (including check generation and wire transfers);

 

		(9)	administration of timely payment and recordation of any required principal and interest payments
under any underlying debt of the Properties;

 

    	9

    	 

    

 

		(10)	administration of recurring cash transfers between bank accounts;

 

		(11)	determine monthly accruals for any costs incurred and unpaid, regardless of whether actual invoice
has been received, including fixed expenses, and non-recurring expenses such as repair and maintenance and capital expenditures.
Accruals will be reviewed with the budget and changes will be recommended as necessary and reflected in accruals. Notwithstanding
the foregoing, Manager will utilize a quarterly accrual process for construction in process. All other accruals will be prepared
monthly;

 

		(12)	administration of accounts receivable and collections including daily posting of cash receipts;

 

		(13)	maintenance of lease database including preparation of lease abstracts for new and modified lease
agreements and preparation of related schedules such as lease inventory reports and rent rolls;

 

		(14)	recording and maintenance of depreciation and amortization on all the following basis- GAAP, tax,
and E&P. Depreciation is to be available as requested in a excel downloaded format;

 

		(15)	monitor the Company’s compliance with internal policy guidelines as provided by the Company,
including those applicable under Sarbanes-Oxley and including loan covenants with respect to applicable financing arrangements;

 

		(16)	act as liaison between the Company and its independent accountants to provide backup and answer
questions with respect to information presented on the general ledger, trial balance, balance sheet, income statement and certain
other reports the Manager customarily prepares in the normal course of business;

 

		(17)	maintenance of all accounting records supporting the financial statements (consistent with the
Company’s record retention program) in reasonable fashion and separate and discrete from the Manager’s accounting records;
and

 

		(18)	following all documented accounting and internal control policies, processes and procedures as
they currently exist and/or may be established in the future with the approval of Manager and Company.

 

		(xi)	advising the Company with respect to qualifying to do business in all applicable jurisdictions
and to obtain and maintain all appropriate licenses;

 

		(xii)	assisting the Company in complying with all regulatory requirements applicable to the Company in
respect of its business activities;

 

    	10

    	 

    

 

		(xiii)	assisting with the preparation of work papers for required tax filings and reports;

 

		(xiv)	communicating on the Company’s behalf, with any first mortgage lenders having loans on any
of the Properties and with any landlords with respect to any leased Properties and providing written reports to such lenders in
connection therewith to the extent required by the loan documents applicable to such loans;

 

		(xv)	using commercially reasonable efforts to oversee the property managers and to not consent or authorize
the property managers to incur expenses by or on behalf of the Company other than in accordance with the Approved Budget (subject
to any variance permitted in accordance with the applicable property management agreements);

 

		(xvi)	provide additional services reasonably requested by Company which are consistent with the services
currently being provided by Manager as of the Effective Date (for purposes of clarification, if any requested services will require
Manager to hire new employees, then such services shall fall under romanette (xvii) below); and

 

		(xvii)	providing additional services to, or for the benefit of, the Company as may be mutually agreed
upon by the Company and Manager (which additional services may require the payment of additional fees to Manager as may be agreed
upon by Company and Manager).

 

		(c)	404 Services. As of the Effective Date of this Agreement, the Manager shall:

 

		(i)	provide Company with reasonable access to internal documents, reports, risk assessments, process
narratives and other information pertaining to and/or used by Manager in connection with ensuring compliance with Section 404 of
the Sarbanes-Oxley Act;

 

		(ii)	allow Company’s internal audit to perform property audits, walkthroughs, process documentation,
control testing and any other procedure needed to comply with Section 404 of the Sarbanes-Oxley Act on an annual basis;

 

		(iii)	make changes as reasonably requested by the Company to its accounting reporting requirements; and

 

		(iv)	make available to the Company, its internal audit team and its accountants all necessary books,
records and other information needed in order to permit Company to complete ongoing audits.

 

    	11

    	 

    

 

		(d)	Property Management Subcontracts. Consistent with Past Practices and subject to the prior
written approval of Company, such approval not to be unreasonably withheld, delayed or conditioned, Manager may enter into agreements
with other parties (on the Company’s standard form), including its affiliates, at market rates and costs for the purpose
of engaging one or more property managers for and on behalf, and at the sole cost and expense, of the Company to provide property
management and/or similar services to the Company with respect to the Properties. Notwithstanding the foregoing, all new property
management contracts shall be terminable upon thirty (30) days’ notice without penalty.

 

		(e)	Other Service Providers. Manager may retain for, and on behalf of, the Company, and at the
sole cost and expense of the Company, at market rates and costs, such services of accountants, legal counsel, appraisers, insurers
and brokers, among others, including Manager’s affiliates, as Manager deems necessary or advisable in connection with the
management and operations of the Company and the provision of its duties under this Agreement; provided, that any such agreement
entered into with an affiliate of Manager to perform any such services shall be engaged on terms no more favorable to such affiliate
than would be obtained from a third party on an arm’s-length basis and if the costs and expenses of such third party contracts
exceed $10,000 in any calendar year they will be subject to the Company’s approval. Notwithstanding the foregoing, all new
third party contracts shall be terminable upon thirty (30) days’ notice without penalty.

 

		(f)	Claims. Should any claims, demands, suits or other legal proceedings in respect to any of
the Properties be made or instituted against Company or any Subsidiary, Manager shall reasonably assist the Company in the defense
or other disposition thereof.

 

		(g)	Employees. All matters pertaining to the employment, supervision, compensation and promotion
of Manager’s employees are the sole responsibility of Manager.

 

		(h)	Reporting Requirements.

 

		(i)	Manager shall prepare, or cause to be prepared, with respect to the Properties: (a) reports and
information on the Properties’ operations and performance as described on Annex B attached hereto in form and substance
and to the extent Consistent with Past Practices and Consistent with Accounting Past Practices; and (b) such other reports as may
be reasonably requested by Company. Monthly and quarterly books shall be finalized and available for review by Company as soon
as reasonably practicable and in any event shall be available for review by Company within seven (7) business days following the
20th of each month other than December and within seven (7) business days following December 31st;

 

		(ii)	Intentionally Omitted

 

		(iii)	Manager shall prepare, or cause to be prepared, all materials and data necessary to complete an
annual audit of the Company’s books of account by a nationally recognized independent accounting firm of good reputation,
initially Ernst & Young; and

 

    	12

    	 

    

 

 

 

		(iv)	Additionally and notwithstanding anything in this Agreement to the contrary, Manager acknowledges
and agrees that it will prepare the financial accounting reports required by all mortgage loans which affect the Properties.

 

		(i)	Budgets and Business Plans:

 

		(1)	The operating and capital budget (the “Budget”)
for the operation, repair and maintenance of each of the Properties for 2013 (the “2013
Budget”) has been submitted to, and has been approved by, Company. On or before the date specified each year by
the Company (but no earlier than July 31st, nor later than October 31st), Manager shall prepare and submit to Company a preliminary
Budget for the next calendar year followed by a final Budget for the next calendar year, incorporating any changes requested by
Company. Such Budgets shall be uploadable by the MRI accounting system and shall:

 

		(A)	Be prepared on a basis Consistent with Past Practices and Consistent with Accounting Past Practices
and in sufficient form and detail that when uploaded into the MRI accounting system, can be used by the Company to prepare a cash
and accrual basis budget; and

 

		(B)	Show a month by month projection of income, expenses, capital expenditures and reserves. After
written approval of each such Budget by Company (each such approved Budget being an “Approved
Budget”), Manager shall oversee the implementation by the property managers of the Approved Budget.

 

		(C)	Manager shall prepare on a monthly basis (i) variance analysis of rental income as compared to
budget (to be prepared as part of a 13 month trend analysis); (ii) variance analysis of common area maintenance (CAM) percentages
as compared to prior month actual (to be prepared as part of a 13 month trend analysis); (iii) variance analysis of actual expenses
as compared to prior month actual; and (iv) comparison of actual expenses to budgeted expenses as requested, but not more than
quarterly.

 

		(2)	For Significant Properties in major metropolitan areas, Manager shall provide Company such other
information reasonably requested by Company including: (i) a list of all properties competitive with the Properties, a list of
the tenants of each, and all other reasonably available information for such competitive properties, and (ii) basic demographic
data relating to the market area of the Properties, including population growth, major employers, employment and unemployment levels
and, if a property is a retail property, retail sales and housing starts in such area.

 

    	13

    	 

    

 

		(3)	From time to time, upon Company’s request, such other information with regard to Properties
as may reasonably be requested including the following:

 

		(A)	Supporting leases and lease abstracts as requested;

 

		(B)	Cash flow projection broken out by NOI, capital expenditures, debt service payments, principal
draws and paydowns, and projected net sales proceeds updated as requested over the assets’ expected hold period to the extent
Company advises Manager of such hold period (or if not provided, the hold period shall be deemed to be equal to 5 years), but at
a minimum on a quarterly basis and provided in a format approved by Company; and

 

		(C)	Property Performance Report (“PPR”):
Manager shall provide to Company a Quarterly PPR for each of the Properties, in the form attached hereto as Annex C. Manager
shall use good faith efforts to provide such PPRs to Company by the third week of each calendar quarter, but in any event, shall
provide such Quarterly PPRs to Company by the last day of the month following the month with respect to which the PPR is applicable.

 

		(j)	Use of Manager’s Funds. Manager shall not be required to expend money in excess of
that contained in any applicable Company Account or otherwise made available by the Company to be expended by Manager hereunder.

 

		(k)	Reliance by Manager. Manager, in performing its duties under this Section 2, shall be entitled
to rely on qualified experts and professionals (including, without limitation, accountants, legal counsel and other professional
service providers) hired by Manager at the Company’s sole cost and expense.

 

		(l)	Payment and Reimbursement of Expenses. The Company shall pay all expenses, and reimburse
Manager for Manager’s expenses incurred on its behalf, in connection with any such services to the extent such expenses are
reimbursable by the Company to Manager pursuant to Section 8 hereof.

 

    	14

    	 

    

 

		3.	Dedication; Other Activities.

 

		(a)	Devotion of Time. Manager will provide a management team (“Team”)
to deliver the management services to the Company hereunder. Manager covenants to the Company that the Team shall devote sufficient
time to the management of the Company to satisfy its responsibilities under this Agreement and to properly perform its duties and
obligations under this Agreement, including, without limitation, (i) to address and remedy any and all accounting processes and
errors which have occurred by Manager and its Team over the prior twelve (12) calendar month period, and (ii) timely providing
correct bank reconciliations. The Company shall have the benefit of Manager’s reasonable judgment and effort in rendering
services and, in furtherance of the foregoing, Manager shall not undertake activities which, in its reasonable judgment, will adversely
affect the performance of its obligations under this Agreement.

 

		(b)	Other Activities. Except to the extent set forth in clause (a) above, nothing herein shall
prevent Manager or any of its affiliates or any of the officers and employees of any of the foregoing from engaging in other businesses,
or from rendering services of any kind to any other Person.

 

		4.	Bank
                                         Accounts.  At the direction of the Company, Manager may establish and maintain
                                         on behalf of the Company one or more bank accounts in the name of the Company or any
                                         other Subsidiary (any such account, a “Company Account”), collect
                                         and deposit funds into any such Company Account and disburse funds from any such Company
                                         Account, Consistent with Past Practices and Consistent with Accounting Past Practices
                                         and in accordance with the terms of this Agreement. Notwithstanding the foregoing, Manager
                                         shall designate control of any such Company Account to the Company and the Company shall
                                         give to Manager joint signature authority with respect to checks for such bank accounts.
                                         Manager shall from time to time render appropriate accountings of such collections and
                                         payments to the Company and, upon request, to the auditors of Company as set forth in
                                         Section 2 of this Agreement. The bank at which such accounts will be maintained shall
                                         be subject to the approval of Company.

 

		5.	Records;
                                         Confidentiality.

 

		(a)	Records. Manager shall maintain appropriate books of account and records relating to services
performed under this Agreement, and such books of account and records shall be accessible for inspection by representatives of
the Company at any time during normal business hours.

 

		(b)	Confidentiality. Manager shall keep confidential any nonpublic information obtained in connection
with the services rendered under this Agreement and shall not disclose any such information (or use the same except in furtherance
of its duties under this Agreement), except: (i) with the prior written consent of the Company; (ii) to legal counsel, accountants
and other professional advisors; (iii) to appraisers, consultants, financing sources and others in the ordinary course of the Company’s
business; (iv) to governmental officials having jurisdiction over the Company; (v) in connection with any governmental or regulatory
filings of the Company or disclosure or presentations to Company investors; or (vi) as required by law or legal process to which
Manager or any Person to whom disclosure is permitted hereunder is a party. The foregoing shall not apply to information which
has previously become available through the actions of a Person other than Manager not resulting from Manager’s violation
of this Section 5(b). The foregoing is not intended to prevent Manager or its Affiliates from, and Manager is permitted to, bid
on Properties offered for sale by the Company even if such bid utilizes confidential information; provided, however, prior to bidding
or participating in any foreclosure sale of any of the Properties, (i) Manager or any Affiliate of Manager shall first notify Company
and KBS REIT in writing of Manager’s or any of its Affiliate’s interest in bidding on any such foreclosure sales of
any Properties, (ii) Manager shall represent and warrant to Company and KBS REIT in writing that Manager is unaware of any material
information (whether written or oral) relating to the Properties offered for sale that is not available to the Company, and (iii)
Manager shall recuse itself from the sales process for such Properties, and Manager shall not be privy to any other bids for such
Properties.

 

    	15

    	 

    

 

		6.	Obligations
                                         of Manager; Restrictions.

 

		(a)	Restrictions. Manager shall refrain from any action that, in its sole judgment made in good
faith, would violate any law, rule or regulation of any governmental body or agency having jurisdiction over the Company or the
Properties. Furthermore, Manager shall use its good faith, commercially reasonable efforts to not authorize the property managers
to take actions that would cause the Company to incur costs in excess of that set forth in the Approved Budget (plus any variance
afforded the property managers pursuant to the property management agreements) without first advising the Company of such costs
and obtaining their approval. If Manager is ordered to take any such action by the Company, Manager shall promptly notify the Company
of Manager’s judgment that such action would violate any such law, rule or regulation or would be for a cost in excess of
that set forth in the Approved Budget. Notwithstanding the foregoing, the Manager, shall not be liable to the Company or any Subsidiary,
or any of the Company’s stockholders, members or partners for any act or omission by Manager, its managers, directors, officers,
employees or agents taken in good faith or except as provided in Section 10 hereof.

 

		(b)	Manager’s Insurance. Manager shall maintain the following insurance in Manager’s
name applicable to Manager’s activities under this Agreement (collectively, “Manager’s
Insurance”): (i) “errors and omissions” coverage with an aggregate policy limit of $10,000,000, (ii)
commercial crime coverage with an aggregate policy limit of not less than $1,000,000, (iii) broad form commercial general liability
coverage in an amount not less than $20,000,000 combined single limit, (iv) automobile liability coverage for both owned and non-owned
vehicles, in an amount not less than $5,000,000 combined single limit and (v) workers compensation insurance as required by law
covering all Manager’s employees (and, when required by law, compulsory non-occupational disability insurance).

 

    	16

    	 

    

 

		(c)	Manager’s Insurance Requirements. Manager’s Insurance shall be underwritten
by reputable, financially sound companies. Manager shall furnish Company with certificates evidencing Manager’s Insurance
within ten (10) business days following the Effective Date and thereafter upon renewing or replacing such insurance. Manager’s
Insurance policies shall provide that they may not be cancelled or modified unless thirty (30) days’ prior written notice
of such cancellation or modification has been provided to Company. Company shall be named as a loss payee on Manager’s commercial
crime insurance policy.

 

		(d)	Company’s Insurance. Company and Manager acknowledge and agree that Company, at its
expense, has obtained property and liability insurance with respect to the Properties and shall maintain and keep in force such
property and liability insurance to the extent reasonably and commercially feasible (“Company’s
Insurance”). Company shall deliver to Manager certificates of insurance evidencing Company’s Insurance within
ten (10) business days following the Effective Date, which certificates shall state that Company’s Insurance shall be primary
and non-contributory as to claims made against Company and Manager and which are not covered by Manager’s indemnity pursuant
to Section 10 below. Manager shall be named as an additional insured on Company’s liability insurance and evidence thereof
shall be furnished to Manager. Manager shall furnish any information that is reasonably requested or required by Company for the
purpose of establishing the placement of insurance coverage and shall aid and cooperate in every reasonable way with respect to
such insurance and any loss thereunder. Manager shall promptly notify Company and the insurance carrier if Manager receives notice
of any loss, damage or injury with respect to any of the Properties. Company shall cause Manager to be covered as an additional
insured under Company’s Commercial General Liability Insurance covering the Properties. To the extent that Company is entitled
to any Offset Amounts or reimbursement of Fraud Losses as expressly provided for herein, Manager shall be entitled to receive any
subsequent recoveries from any insurance policies relating to such Offset Amounts. Company shall use commercially reasonable efforts
to pursue any insurance claims relating to Offset Amounts or Fraud Losses.

 

		7.	Compensation.

 

		(a)	Management Fee. For the entire term of this Agreement, Company hereby agrees to pay to Manager
a management fee equal to $7,500,000 per year in equal monthly installments of $625,000, plus reimbursement of all property
related expenses paid by Manager on behalf of Company (together, the “Base Management
Fee”), payable monthly in arrears, plus the amount, if any, of the Profit Participation, as described below. Notwithstanding
the foregoing to the contrary, in the event Manager, after the Effective Date in its sole and absolute discretion, at any time
or from time to time reduces the head count of employees providing services to Company in any material respect, Manager and Company
agree that the Base Management Fee shall thereafter be reduced by an amount equal to the actual savings to Manager resulting from
the reduction in head count (base salary and benefits and after payment of severance). In such event, Company and Manager shall
execute a writing setting forth the new Base Management Fee.

 

    	17

    	 

    

 

		(b)	Profit Participation.

 

		(i)	Calculation. Company shall also pay to Manager a profit participation (“Profit
Participation”) in an amount equal to the Profit Participation Percentage of the Incentive Profits minus any Offset
Amounts and Fraud Losses (without double counting). The Profit Participation shall be determined on an Applicable Portfolio by
Applicable Portfolio basis taking into account all sales of Properties in an Applicable Portfolio from time to time (and all such
Properties remaining as of the Measurement Date). For avoidance of doubt, an example of the calculation of the Profit Participation
is attached hereto as Annex D.

 

		(ii)	Intentionally Omitted

 

		(iii)	Reporting; Inspections. Manager will require, and Company shall provide: (i) Asset Value
Documentation (to be delivered no later than five (5) days following the public disclosure by KBS REIT of its net asset value);
(ii) if this Agreement has been terminated prior to such date, any other reports and information reasonably requested by Manager
and reasonably available to Company to verify or determine the amounts included in the calculation of the Profit Participation;
and (iii) notice of all Affiliate transactions along with detail confirming those transaction are on third party terms. If Manager
does not agree with the values of any net assets in the Company for the calendar year in which the Measurement Date occurs submitted
by Company as set forth above, then Company shall make available to an independent third party selected by Manager and reasonably
acceptable to Company (the “Third Party Reviewer”) the applicable Company books and records for such Third Party
Reviewer to value such net assets. If such Third Party Reviewer’s valuation differs in any manner from the Company’s
valuation of any net asset(s) and within seven (7) days of the receipt of such Third Party Reviewer’s valuation by the parties
the Company and Manager are still not able to agree on the value of the applicable net asset(s), then within seven (7) days of
the receipt of such Third Party Reviewer’s valuation by the parties, each of the Company and the Manager shall choose an
arbitrator, and such arbitrators shall work in good faith to agree upon the value of the applicable net asset(s) within thirty
(30) days of their selection. In the event such arbitrators cannot agree upon a value, they shall choose a third arbitrator who
shall work in good faith to determine the value of the applicable net asset(s) within fifteen (15) days of his/her selection and
such valuation shall be accepted by Company and Manager and shall be determinative and final. Representatives of the Manager shall
have the right to inspect the books and records of the Company and its Subsidiaries at any time during normal business hours upon
reasonable notice to the Company.

 

    	18

    	 

    

 

		(iv)	Determination of Profit Participation. The obligation to pay the Profit Participation to
Manager shall survive any termination of the Agreement (including a termination for Cause). The terms and provisions of this Agreement
relating to the determination of the Profit Participation shall survive any termination of this Agreement (including a termination
for Cause). The amount, if any, of the Profit Participation payable to Manager shall be determined on the Measurement Date (whether
or not this Agreement has been terminated prior to such date).

 

		(v)	Payment. Payment of the Profit Participation shall be due and payable in cash (except as
otherwise set forth in the following sentence), within (a) five (5) business days following the sale of one or more Properties
included in an Applicable Portfolio for an amount (when taking into account all prior sales within that Applicable Portfolio) that
is at least equal to the Profit Participation Threshold for that Applicable Portfolio; and (b) with respect to the calculation
of Equity Value as of the Measurement Date, no later than ten (10) business days following the calculation of such Gross Value
which must be completed no later than sixty (60) days following the Measurement Date. If the Company sells Properties, or is itself
sold, directly or indirectly, for non-cash consideration, Manager shall be paid a pro-rata portion of the Profit Participation
in the form of such non-cash consideration.

 

		(vi)	Survival. The obligation to pay the Profit Participation shall survive any direct or indirect
Sale by Company, its parent or any Subsidiary, of all or any portion of the direct or indirect equity interests in Company or any
of the direct or indirect equity interests in the entities which own the Properties (including, without limitation any merger,
reorganization, issuance of equity securities or other recapitalization of the Company or its Subsidiaries, Affiliates or parent
companies (whether or not the Company, its Subsidiaries, Affiliates or parent companies is the surviving entity in such transaction)).

 

		(c)	No Interest in Company or Properties. Notwithstanding anything in this Agreement to the
contrary, both Company and Manager acknowledge and agree that (i) the Profit Participation are simply contractual rights being
granted by Company to Manager in this Agreement, and (ii) Manager shall have no equity interest whatsoever in the Properties, the
Company or any of the Company’s Subsidiaries.

 

		(d)	Construction Management. Company shall pay to Manager a fee (“Construction Oversight
Fee”) equal to the Applicable Percentage of Construction Costs with respect to Construction Projects. The Construction Oversight
Fee shall be paid on a monthly basis on or before the 5th day of each calendar month based on an agreed to schedule between the
Company and Manager as it relates to each applicable Construction Project.

 

    	19

    	 

    

 

		(e)	No Breach Event. The Company and Manager each acknowledge that (i) each of the Company and
GKK Stars has completely satisfied each and every one of its respective obligations under the Settlement Agreement to the date
of this Agreement, (ii) no Breach Event has occurred under the Settlement Agreement, and (iii) none of the Company or any affiliate
of the Company has any right under the Settlement Agreement to (A) offset any amounts then and thereafter owing to Manager
under this Agreement or (B) seek the return from Manager or any affiliate of Manager of any amounts accrued and paid under this
Agreement.  Manager acknowledges that GKK Stars still has continuing obligations set forth under Section 5.8 of the Settlement
Agreement.

 

		(f)	Releases. Each of the Company and the Manager acknowledge and agree on behalf of themselves
and their respective officers, directors, managing directors, members, managers, principals, partners, shareholders, affiliates,
subsidiaries, agents, attorneys, employees, heirs, executors, administrators, legal  representatives, successors and assigns
that the Release Effective Date (as defined in the Settlement Agreement) has occurred.

 

		8.	Expenses.
                                          So long as such expenses are incurred by Manager in good faith in furtherance of
                                         the services provided by Manager under this Agreement, the Company shall pay all of its
                                         expenses and shall reimburse Manager for its documented reasonable expenses incurred
                                         on the Company’s behalf in accordance with this Agreement (collectively, the “Expenses”).
                                         Expenses include all reasonable and customary costs and expenses which are expressly
                                         designated elsewhere in this Agreement as the Company’s expenses, together with
                                         the following:

 

		(a)	travel and out-of pocket expenses incurred in connection with the services provided by Manager
under this Agreement;

 

		(b)	costs of third-party professional fees including, but not limited to, legal, accounting, tax, auditing
and other similar services performed for the Company;

 

		(c)	compensation and expenses, including salary, bonuses, health and welfare benefits and liability
insurance, for employees and independent contractors assigned to one or more Properties;

 

		(d)	costs associated with establishing and maintaining bank accounts;

 

		(e)	costs associated with any computer hardware or software used for the Company, including, but not
limited to, any software or licenses required for Manager’s use of the MRI accounting system;

 

		(f)	costs and expenses incurred contracting with third parties, including affiliates of Manager;

 

    	20

    	 

    

 

		(g)	all other costs associated with the Company’s business and operations, including, but not
limited to, costs of owning, protecting, maintaining, developing and disposing of Properties, including appraisal, engineering
and environmental studies, reporting, audit and legal fees;

 

		(h)	costs and expenses charged by states and municipalities on entities doing business in those locations;

 

		(i)	costs and expenses incurred in connection with corporate and partnership maintenance and legal
compliance including annual filing fees, state fees, service company charges and other items;

 

		(j)	all expenses actually incurred by Manager which are reasonably necessary for the performance by
Manager of its duties and functions in accordance with the terms of this Agreement;

 

		(k)	actual wages, salaries and benefits of property accounting staff at the level of property controller
and below, for all property accounting services relating to the Properties as agreed to by Company and Manager; and

 

		(l)	payment to Manager for costs incurred in providing in house legal services to, or for the benefit
of Company and/or the Properties, provided, that the total payment to Manager shall not exceed $41,667 for the balance of 2013
and shall not exceed $500,000 in any full calendar year thereafter and further provided that such $500,000 cap shall be reduced
in a manner mutually agreed to by Company and Manager in the event Manager reduces its staff of in-house lawyers providing legal
services for the benefit of the Company.

 

Manager may retain third parties including
accountants, legal counsel, real estate underwriters and brokers, among others, on the Company’s behalf, and be reimbursed
for such services. The provisions of this Section 8 shall survive the expiration or earlier termination of this Agreement to the
extent such expenses have previously been incurred or are incurred in connection with such expiration or termination.

 

		9.	Accounting Matters.
In the event Company reasonably determines Manager is failing in a systemic and repeated manner to perform Accounting Services
in any material respect (each such failure being a “Systemic Accounting Failure”), Company shall have the right
to promptly notify Manager (the “Systemic Accounting Failure Notice”), in writing, of such event, which Accounting
Failure Notice shall include a reasonably detailed description of such Systemic Accounting Failure together with all appropriate
backup documentation. Within ten (10) business days of Manager’s receipt of such Systemic Accounting Failure Notice, Manager
shall notify Company, in writing (the “Response Notice”), that it elects to cure in all material respects such
Systemic Accounting Failure as described below. If Manager fails to deliver a Response Notice by the end of such ten (10) business
day period, Company shall deliver to Manager a second Systemic Accounting Failure Notice containing the following legend prominently
displayed in bold, all caps and fourteen (14) point or larger font in the transmittal letter requesting approval: THIS IS A SECOND
NOTICE OF A SYSTEMIC ACCOUNTING FAILURE. MANAGER’S RESPONSE IS REQUESTED WITHIN FIVE (5) BUSINESS DAYS. MANAGER’S FAILURE
TO RESPOND WITHIN SUCH TIME PERIOD SHALL RESULT IN MANAGER BEING DEEMED TO HAVE AGREED THAT A SYSTEMIC ACCOUNTING FAILURE HAS OCCURRED
AND MANAGER HAS ELECTED TO NOT CURE SUCH SYSTEMIC ACCOUNTING FAILURE. In the event that Manager fails to deliver a Response Notice
to Company within five (5) business days of receipt of a second Systemic Accounting Failure Notice delivered with the legend described
above, then Manager shall be deemed to have agreed that a Systemic Accounting Failure has occurred and Manager has elected to not
cure such Systemic Accounting Failure and Company shall be entitled to the Remedy until such time as the Systemic Accounting Failure
is cured as described below.

 

    	21

    	 

    

 

If
Manager delivers a Response Notice it shall promptly commence and diligently proceed to correct the Systemic Accounting Failures
noted by Company, which correction may be achieved by curing the specific Systemic Accounting Failures or by Manager correcting
its internal controls, procedures and processes as appropriate to avoid a repeat of the identified Systemic Accounting Failure
and which cure must be completed, in any event, no later than fifteen (15) business days following the receipt of the initial Systemic
Accounting Failure Notice; provided, however, with respect to a cure that requires performance by Manager on a quarterly basis,
Manager shall complete such cure within such fifteen (15) business day period (and shall be charged a Remedy if such cure is not
completed within such fifteen (15) business day period) and provided such cure is in place within such fifteen (15) business day
period, Manager shall not be charged a Remedy unless in the next following applicable quarter such cure fails. If Manager fails
to so cure such Systemic Accounting Failure on or before said fifteen (15) business day period (or next quarter as applicable),
then, as the Company’s sole remedy, a portion of the Base Management Fee payable to Manager in an amount equal to $100,000
per month (or $3,333.33 per day per Systemic Accounting Failure until all such Systemic Accounting Failure(s) are cured, as reasonably
determined by Company) shall be retained by Company, and shall not paid to Manager (herein, the “Remedy”). 

 

Notwithstanding
the foregoing to the contrary, Manager shall have the right to dispute the existence of a Systemic Accounting Failure and submit
such matter to the Arbitrators for their determination as set forth in the definition of Cause; provided, however, during such
determination, Manager shall use best efforts to reasonably address any concerns raised by Company and notwithstanding the forgoing,
Company shall be entitled to the Remedy if a Systemic Accounting Failure is not cured within the applicable cure period set forth
above (without Manager being deemed to agree that a Systemic Accounting Failure has occurred) regardless of whether or not Manager
is disputing the existence of a Systemic Accounting Failure. However, if at a later date the Arbitrators determine that there was
not a Systemic Accounting Failure, then Company shall promptly reimburse the Remedy to Manager. If the Arbitrators conclude that
a Systemic Accounting Failure has occurred, then Company shall have the right to cure such Systemic Accounting Failure within the
time frames set forth above or a Remedy shall be due. 

 

    	22

    	 

    

 

		10.	Limits of Manager Responsibility; Indemnification.

 

		(a)	Pursuant to this Agreement, Manager will not assume any responsibility other than to render the
services called for hereunder and will not be responsible for any action of the Company in following or declining to follow its
advice or recommendations. Except in the event of a Material Breach, Manager will not be liable to the Company, any Subsidiary,
any of their directors, officers, stockholders, managers, owners or partners for acts or omissions performed or not performed in
accordance with and pursuant to this Agreement. In no event shall any Affiliate of the Manager or any of the Manager’s or
its Affiliates respective members, stockholders, partners, managers, directors, officers, employees and agents be liable to the
Company, any Subsidiary, any of their directors, officers, stockholders, managers, owners or partners for acts or omissions performed
or not performed in accordance with, pursuant to or otherwise in connection with this Agreement The Company agrees to indemnify
Manager and its Affiliates and their respective members, stockholders, partners, managers, directors, officers, employees and agents
with respect to all expenses, losses, actual damages, liabilities, demands, charges and claims arising from acts or omissions of
Manager performed in good faith in accordance with and pursuant to this Agreement and not resulting from the gross negligence or
willful misconduct of Manager or as a result of the reckless disregard by Manager of its duties hereunder, as determined pursuant
to a final, non-appealable order of a court of competent jurisdiction; provided, however, Manager first agrees to (i) make all
necessary claims under the Manager’s Insurance that Manager is required to carry under this Agreement, (ii) use best efforts
to pursue such claims until completion, and (iii) first use all proceeds of such claims, prior to making any claims against the
Company under this Section 10. Manager agrees to indemnify Company and its directors and officers with respect to all expenses,
losses, actual damages, liabilities, demands, charges and claims arising from acts of Manager constituting willful misconduct,
gross negligence or reckless disregard of its duties under this Agreement by Manager, as determined pursuant to a final, non-appealable
order of a court of competent jurisdiction. The provisions of this Section 10 shall survive the expiration or earlier termination
of this Agreement.

 

		(b)	In the event of a Breach, regardless of whether or not such Breach is a Material Breach, (i) Manager
shall reimburse Company (A) any funds or monies which Company loses due to fraud, misappropriation of funds or embezzlement by
Manager in its corporate capacity and (B) all out of pocket costs and expenses incurred by the Company relating to such matters
and (ii) the Company shall be entitled to pursue all rights and remedies available at law or in equity, except as otherwise set
forth herein.

 

		11.	No Joint Venture/Independent Contractor. 
                                         Nothing in this Agreement shall be construed to make the Company and Manager partners
                                         or joint venturers or impose any liability as such on either of them. Manager in performance
                                         of its duties however is an independent contractor.

 

    	23

    	 

    

 

		12.	Term; Termination.

  

The “Term”
of this Agreement is from the Effective Date through December 31, 2016, (or December 31, 2017 if the Extension Option is properly
exercised) subject to the right of (1) the Company to terminate this Agreement: (A) at any time on thirty (30) days prior written
notice for Cause; or (B) with no requirement of Cause upon the satisfaction of the following conditions: (i) the closing of the
sale of all or substantially all of the Properties comprising the BD2 portfolio (the “BD2 Sale”); (ii) 60 days
prior written notice of termination delivered by the Company to the Manager, which notice shall be irrevocable and which notice
may only be delivered following the closing of the BD2 Sale; and (iii) the payment of the Termination Fee by Company to Manager
in immediately payable funds on or prior to the effective date of termination; and (2) the right of manager to terminate this Agreement
in the event of a Company Default.

 

		13.	Action Upon Termination or Expiration
                                         of Agreement. Without limiting
                                         the obligation of Company to pay to Manager the Profit Participation and the Termination
                                         Fee (to the extent otherwise payable) and without limiting the obligation of the Company
                                         to continue to comply with the reporting requirements contained herein for the benefit
                                         of the Company which shall expressly survive any termination of this Agreement), from
                                         and after the effective date of a termination of this Agreement, Manager shall not be
                                         entitled to the Base Management Fee or Construction Oversight Fee for further services
                                         under this Agreement, but shall be paid all compensation accruing to the date of termination
                                         and shall be reimbursed for properly incurred expenses. Upon such termination or expiration,
                                         Manager shall reasonably promptly:

 

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

 

		(b)	deliver to the Company a full accounting, including a statement showing all payments collected
and all money held by it, covering the period following the date of the last accounting furnished to the Company with respect to
the Company and through the termination date; and

 

		(c)	upon notice of termination of this Agreement, Manager shall immediately gather all books, records,
accounts and any and all other records, documents or materials relating to the Properties or the Company as may be in the possession
or control of Manager, including, without limitation, diskettes containing reports or other materials generated in connection with
the performance by Manager of its services hereunder, originals of all insurance policies, bills of sale, leases, licenses, service
contracts, permits, plans, equipment, tools, supplies and keys with respect to the Properties; and Manager shall provide to Company
a list of employees who perform services relating to the Properties after Manager has determined which of such employees shall
be terminated. Upon the effective date of termination, Manager shall (i) deliver to Company or its designee all of such books,
records, accounts and other materials and any and all other records or documents pertaining to the Properties, whether or not enumerated
herein, which are necessary or desirable for the ownership and operation of the Properties, (ii) assign to Company any and all
rights Manager may have in and to any existing contracts, licenses and permits relating to the operation and maintenance of the
Properties, if any, (iii) provide the Company with access to Manager’s electronic accounting and leasing data so that such
information can be uploaded into the Company’s accounting and property management systems, and (iv) furnish such information
and take all such actions as Company shall reasonably require, in order to effectuate an orderly and systematic ending of the duties
and activities of Manager under this Agreement.

 

    	24

    	 

    

 

 

		14.	Release of Money or other Property Upon Written Request.
Manager agrees that any money or other property of the Company held by Manager under this Agreement shall be held by Manager as
custodian for the Company, and Manager’s records shall be clearly and appropriately marked to reflect the ownership of such
money or other property by the Company. Upon the receipt by Manager of a written request signed by a duly authorized officer of
the Company requesting Manager to release to the Company any money or other property then held by Manager for the account of the
Company under this Agreement, Manager shall release such money or other property to the Company within ten (10) business days
following such request. Manager shall not be liable to the Company, any Subsidiary or any of their respective directors, officers,
stockholders, managers, owners or partners for any acts or omissions by the Company in connection with the money or other property
released to the Company in accordance with the terms hereof. The Company shall indemnify Manager and its affiliates and their
respective members, stockholders, partners, managers, directors, officers, employees and agents against any and all expenses,
losses, damages, liabilities, demands, charges and claims of any nature whatsoever which arise in connection with Manager’s
release of such money or other property to the Company in accordance with the terms of this Section 14. Indemnification pursuant
to this Section 14 shall be in addition to any right to indemnification under Section 10.

 

		15.	Notices. Unless
                                         expressly provided otherwise in this Agreement, all notices, requests, demands and other
                                         communications required or permitted under this Agreement shall be in writing and shall
                                         be deemed to have been duly given, made and received when delivered against receipt or
                                         upon actual receipt of (a) personal delivery, (b) delivery by a reputable overnight courier,
                                         (c) delivery by facsimile transmission against answerback, or (d) delivery by registered
                                         or certified mail, postage prepaid, return receipt requested, addressed as set forth
                                         below:

 

	If to the Company:	c/o KBS Capital Advisors, LLC
	 	620 Newport Center Drive, Suite 1300
	 	Newport Beach, CA 92660
	 	Attn: Brian Ragsdale and David Snyder
	 	 
	With a copy to:	Greenberg Traurig, LLP
	 	3161 Michelson Drive, Suite 1000
	 	Irvine, CA 92612
	 	Attn: L. Bruce Fischer

 

    	25

    	 

    

 

	With a copy to:	Mayer Brown LLP
	 	700 Louisiana, Suite 3400
	 	Houston, Texas 77002
	 	Attn: Ronald M. Shoss
	 	 
	If to Manager:	c/o Gramercy Proprety Trust.
	 	521 Fifth Avenue, 30th Floor
	 	New York, New York 10175
	 	Attn: Allan B. Rothschild and Peter Tubesing
	 	 
	With a copy to:	Kirkland & Ellis, LLP
	 	300 N. LaSalle Street
	 	Chicago, IL  60654
	 	Attn: Andrew D. Small

 

Any party may change
the address to which communications or copies are to be sent by giving notice of such change of address in conformity with the
provisions of this Section 15 for the giving of notice.

 

		16.	Binding Nature of
                                         Agreement; Successors and Assigns. This
                                         Agreement shall be binding upon and inure to the benefit of the parties hereto and their
                                         respective heirs, personal representatives, successors and permitted assigns as provided
                                         in this Agreement.

 

		17.	Entire Agreement;
                                         Amendments. 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 of this Agreement. The express terms of this Agreement
                                         controls and supersedes any course of performance and/or usage of the trade inconsistent
                                         with any of the terms of this Agreement. This Agreement may not be modified or amended
                                         other than by an agreement in writing signed by the parties hereto.

 

		18.	Governing Law. This
                                         Agreement and all questions relating to its validity, interpretation, performance and
                                         enforcement shall be governed by and construed, interpreted and enforced in accordance
                                         with the internal laws of the State of New York, without regard to conflicts of laws
                                         principles thereof. Any legal suit, action or proceeding arising out of or relating to
                                         this Agreement may at the instituting party’s option be instituted in any Federal
                                         Court in the City of New York, County of New York, pursuant to Section 5-1402 of the
                                         New York General Obligations Law and each party hereto waives any objections which it
                                         may now or hereafter have based on venue and/or forum non convenient of any such suit,
                                         action or proceeding, and each party hereto hereby irrevocably submits to the jurisdiction
                                         of any such court in any suit, action or proceeding.

 

    	26

    	 

    

 

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

 

		20.	Titles Not to Affect
                                         Interpretation. The titles of sections,
                                         paragraphs and subparagraphs 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 of this Agreement.

 

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

 

		22.	Provisions Separable.
                                         The provisions of this Agreement
                                         are independent of and separable 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.

 

		23.	Principles of Construction.
                                         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. All references to recitals, sections, paragraphs and schedules
                                         are to the recitals, sections, paragraphs and schedules in or to this Agreement unless
                                         otherwise specified.

 

		24.	Assignment; Change
                                         of Control of Manager. Manager
                                         may not assign its duties under this Agreement except as described in this Section 24.
                                         Manager may assign this Agreement, Manager’s duties hereunder or direct or indirect
                                         interests in Manager so long as the assignee or Manager, as the case may be, shall be
                                         controlled, directly or indirectly, by Gramercy Property Trust. For avoidance of doubt
                                         the purposes of this Section 24, Gramercy Property Trust. shall include any successor
                                         to Gramercy Property Trust. whether by merger, consolidation or similar business combination
                                         transaction, however characterized. Furthermore, Manager may assign, freely, to one or
                                         more persons or entities its rights to receive the Profit Participation and/or the Termination
                                         Fee. This Agreement may not be assigned by Company without the prior written consent
                                         of the Manager.

 

		25.	No Personal Liability.
                                         None of the members, owners, partners
                                         (general or limited), direct or indirect, officers, directors, shareholders, employees,
                                         agents, trustees or representatives of Company, any Subsidiary or Manager shall be liable,
                                         accountable or subject to any suit for any costs, expenses, or liability arising directly
                                         or indirectly, out of Company’s or Manager’s (as applicable) failure or refusal
                                         to satisfy its obligations hereunder or out of the transactions contemplated by this
                                         Agreement.

 

    	27

    	 

    

 

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

 

	 	KBS ACQUISITION SUB, LLC
	 	a Delaware limited liability company

 

	 	By:	/s/ David E. Snyder
	 	Name: 	David E. Snyder
	 	Title:	Chief Financial Officer

 

    	28

    	 

    

 

	 	GKK REALTY ADVISORS LLC
	 	a Delaware limited liability company

 

	 	By:	/s/ Allan B. Rothschild*
	 	Name:	Allan B. Rothschild
	 	Title:	Vice President

 

* Note: Executed as of December 19, 2013

 

    	29

    	 

    

 

Annex A-1

 

	Property

Number	 	Property Name	 	Address Line	 	City	 	State	 	Zip
	RG1117	 	5201-Bentonville	 	808 S. Walton Rd.	 	Benton	 	AR	 	72712
	RG1118	 	5203-Mountain Home Mn-Mn Bldn	 	650 South Street	 	Mountain Home	 	AR	 	72653
	RG1119	 	5204 -RH Johnson-Mn Bldng	 	19022 R.H. Blvd	 	Sun City	 	AZ	 	85375
	RG1120	 	5205 -Arnold	 	1082 Highway 4	 	Arnold	 	CA	 	95223
	RG1121	 	5206 -Bay-Fair	 	1200 Fairmont Drive	 	San Leandro	 	CA	 	94578
	RG1122	 	5208 -Burlingame-Mn Bldng	 	400 El Camino Real	 	Burlingame	 	CA	 	94010
	RG1123	 	5209 -Canoga Park Branch	 	22004 Sherman Way	 	Canoga Park	 	CA	 	91303
	RG1124	 	5210 -College Heights	 	2800 Oswell Street	 	Bakersfield	 	CA	 	93306
	RG1125	 	5211 -Dinuba	 	240 East Tulare Street	 	Dinuba	 	CA	 	93618
	RG1126	 	5212 -East Fresno	 	4445 East Tulare Street	 	Fresno	 	CA	 	93702
	RG1127	 	5214 -Eureka Main	 	334 F Street	 	Eureka	 	CA	 	95501
	RG1128	 	5215 -Folsum	 	403 East Bidwell Street	 	Folsum	 	CA	 	95630
	RG1129	 	5216 -Fort Bragg	 	228 North Main Street	 	Fort Bragg	 	CA	 	95437
	RG1130	 	5217 -Hanford -Main Building	 	180 North Redington	 	Hanford	 	CA	 	93230
	RG1131	 	5218 -Healdsburg	 	502 Healdsburg Ave	 	Healdsburg	 	CA	 	95448
	RG1132	 	5219 -Hemet Branch	 	1687 East Florida Ave	 	Hemet	 	CA	 	92544
	RG1133	 	5220 -Hilltop	 	1300 Hilltop Drive	 	Redding	 	CA	 	96003
	RG1134	 	5222 -Lemoore	 	338 West D Street	 	Lemoore	 	CA	 	93245
	RG1135	 	5223 -Lincoln Village	 	503 West Benjiman Holt Drive	 	Stockton	 	CA	 	95207
	RG1136	 	5224 -Livermore	 	1748 Railroad Ave	 	Livermore	 	CA	 	94550
	RG1137	 	5225 -Martin Luthr Kng Jr.	 	4103 South Western Ave	 	Los Angeles	 	CA	 	90062
	RG1138	 	5227 -Mission-23rd	 	2701 Mission Street	 	San Francisco	 	CA	 	94110
	RG1139	 	5228 -Montrose Branch	 	2320 Honolulu Ave	 	Montrose	 	CA	 	91020
	RG1140	 	5229 -Ontario Plaza Branch	 	910 North Mountain Ave	 	Ontario	 	CA	 	91762
	RG1141	 	5230 -Orangevale Branch	 	8890 Greenback Lane	 	Orangevale	 	CA	 	95662
	RG1142	 	5231 -Oroville	 	1820 Oro Dam Boulevard	 	Oroville	 	CA	 	95966
	RG1143	 	5234 -Pleasanton	 	337 Main Street	 	Pleasanton	 	CA	 	94566
	RG1144	 	5235 -Porterville-Mn Bldng	 	345 North Main Street	 	Porterville	 	CA	 	93257
	RG1145	 	5236 -Reedley	 	936 G Street	 	Reedley	 	CA	 	93654
	RG1146	 	5237 Reseda Branch	 	18120 Sherman Way	 	Reseda	 	CA	 	91335
	RG1147	 	5238 -Ridgecrest	 	101 West Ridgecrest	 	Ridgecrest	 	CA	 	93555
	RG1148	 	5240 -Sherman Oaks	 	14701 Ventura Boulevard	 	Sherman Oaks	 	CA	 	91403
	RG1149	 	5241 -Slauson Vermont	 	5700 South Vermonth Ave	 	Los Angeles	 	CA	 	90037
	RG1150	 	5242 -St. Helena	 	101 Adams Street	 	St. Helena	 	CA	 	94574
	RG1151	 	5243 -Stockton Agri-Center	 	407 North Wilson Way	 	Stockton	 	CA	 	95205
	RG1152	 	5245 -Susanville	 	50 N Gay Street	 	Susanville	 	CA	 	96130
	RG1153	 	5246 -Toluca Lake	 	4123 West Olive Ave	 	Burbank	 	CA	 	91505
	RG1154	 	5247 -Turlock -Main Building	 	501 East Main Street	 	Turlock	 	CA	 	95380
	RG1155	 	5248 -Vacaville Financial	 	150 Parker Street	 	Vacaville	 	CA	 	95688
	RG1156	 	5249 -Vernon Branch	 	3810 S. Santa Fe Ave	 	Vernon	 	CA	 	90058
	RG1157	 	5250 -West Los Angls Brnch	 	11501 Santa Monica Blvd	 	W. Los Angeles	 	CA	 	90025

 

    	30

    	 

    

 

	Property

Number	 	Property Name	 	Address Line	 	City	 	State	 	Zip
	RG1158	 	5251 -Williow Glen	 	1245 Lincoln Avenue	 	San Jose	 	CA	 	95125
	RG1159	 	5253 -Batterson	 	70 Batterson Park Rd	 	Farmington	 	CT	 	06032
	RG1160	 	5255 -Greenwich	 	240 Greenwich Ave	 	Greenwich	 	CT	 	06830
	RG1161	 	5259 -North Wakefield Dr	 	300 North Wakefield Dr	 	Newark	 	DE	 	19702
	RG1162	 	5260 -Baypoint	 	500 Biscayne Boulevard	 	Miami	 	FL	 	33132
	RG1163	 	5261 -Bayshore-Mn Bldng	 	6160 14th Street West	 	Bradentown	 	FL	 	34207
	RG1164	 	5263 -Blountstown-Mn Bldng	 	16793 SE Pear Street	 	Blountstown	 	FL	 	32424
	RG1165	 	5267-Charlotte Harbor-Mn Bldng	 	23081 Harborview Road	 	Port Charlotte	 	FL	 	33980
	RG1166	 	5268 -Coral Ridge-Mn Bldng	 	3600 North Federal Highway	 	Ft. Lauderdale	 	FL	 	33308
	RG1167	 	5269 -Crystal River-Mn Bldng	 	450 SE Highway 19	 	Crystal River	 	FL	 	34429
	RG1168	 	5273-Ft. Myers Beach-Mn Bldng	 	2525 Estero Blvd	 	Ft. Myers Beach	 	FL	 	33931
	RG1169	 	5274-Ft. Walton Beach-Mn Bldng	 	189 Eglin Parkway NE	 	Ft Walton Beach	 	FL	 	32546
	RG1170	 	5276 -Homestead-Mn Bldng	 	850 Homestead Boulevard	 	Homestead	 	FL	 	33030
	RG1171	 	5283 -Live Oak-Mn Bldng	 	201 S. Ohio Avenue	 	Live Oak	 	FL	 	32064
	RG1172	 	5286 -Midway -Main Building	 	7760 West Flagler Street	 	Miami	 	FL	 	33144
	RG1173	 	5288 -Plantation-Mn Bldng	 	7001 W. Broward Blvd.	 	Plantation	 	FL	 	33317
	RG1174	 	5295 -Trouble Creek-Mn Bldng	 	4526 US Highway 19	 	New Port Richey	 	FL	 	34652
	RG1175	 	5297 -W. Sunrise-Mn Bldng	 	8190 W. Sunrise	 	Plantation	 	FL	 	33322
	RG1176	 	5298 -Weeki Wachee-Mn Bldng	 	9223 Cortez Blvd	 	Brooksville	 	FL	 	34613
	RG1177	 	5299 -Westside-Mn Bldng	 	4311 Manatee Avenue West	 	Bradenton	 	FL	 	34209
	RG1178	 	5300-Aberdeen Village-Mn Bldng	 	500 North Lake Drive	 	Peachtree City	 	GA	 	30269
	RG1179	 	5303 -East Point-Mn Bldng	 	2818 East Point Street	 	East Point	 	GA	 	30344
	RG1180	 	5312 -Exchange Street	 	200 Exchange St	 	Malden	 	MA	 	02148
	RG1181	 	5313 -Waltham Mn (1 and 2)	 	1025-1075 Main (blds I & II)	 	Waltham	 	MA	 	02451
	RG1182	 	5317 -Wheaton -Main Building	 	2601 University Boulevard	 	Wheaton	 	MD	 	20902
	RG1183	 	5319 -Court St.	 	178 Court St	 	Auburn	 	ME	 	04210
	RG1184	 	5320 -Gannett Dr.	 	65 Gannett Dr	 	South Portland	 	ME	 	04106
	RG1185	 	5321-Ballwin Facility-Mn Bldng	 	15115 Manchester	 	Ballwin	 	MO	 	63011
	RG1186	 	5322-Belton Facility-Mn Bldng	 	1818 E. North Ave	 	Belton	 	MO	 	64012
	RG1187	 	5324-Forsyth Facility-Mn Bldng	 	Hwy 160 and Main	 	Forsyth	 	MO	 	65653
	RG1188	 	5326-I-70 & Noland-Mn Bldng	 	4141 Lynn Ct. Drive	 	Independence	 	MO	 	64055
	RG1189	 	5328-Metropolitan-Mn Bldng	 	8550 Holmes Rd	 	Kansas City	 	MO	 	64131
	RG1190	 	5331 -Gateway Center -Chr	 	901 W. Trade Street	 	Charlotte	 	NC	 	28202
	RG1191	 	5334 -Nashua Main	 	143-157 Main St	 	Nashua	 	NH	 	03060
	RG1192	 	5335 -Portsmouth Pleasant	 	3 Pleasant St	 	Portsmouth	 	NH	 	03801

 

 

    	31

    	 

    

 

	Property

Number	 	Property Name	 	Address Line	 	City	 	State	 	Zip
	RG1193	 	5336 -Arthur St.	 	639 Rte 18 & Arthur St	 	East Brunswick	 	NJ	 	08816
	RG1194	 	5337 -Beechwood Rd	 	40 Beechwood Rd	 	Summit	 	NJ	 	07901
	RG1195	 	5338 -Bellevue Ave.	 	209-215 Bellevue Ave	 	Hammonton	 	NJ	 	08037
	RG1196	 	5340 -Bergenline Ave	 	3109 Bergenline Ave	 	Union City	 	NJ	 	07087
	RG1197	 	5342 -Bridgewater	 	1125 Rte 22 West	 	Bridgewater	 	NJ	 	08807
	RG1198	 	5355 -Lakewood Rte 70	 	395 N/S Rte 70	 	Lakewood	 	NJ	 	08701
	RG1199	 	5356 -Maplewood Ave	 	161 Maplewood Ave	 	Maplewood	 	NJ	 	07040
	RG1200	 	5358 -Pennsauken	 	4900 Rte 70	 	Pennsauken	 	NJ	 	08109
	RG1201	 	5361 -South Orange Ave	 	8 South Orange Ave.	 	South Orange	 	NJ	 	07079
	RG1202	 	5362 -Springfield Ave	 	367 Springfield Ave.	 	Summit	 	NJ	 	07901
	RG1203	 	5365 -Wood Ave	 	601,607-609 N Wood Ave.	 	Linden	 	NJ	 	07036
	RG1204	 	5366-Amador (Cruces)-Mn Bldng	 	250 W. Amador	 	Las Cruces	 	NM	 	88005
	RG1205	 	5368-Santa Fe-Mtr Bnk-Mn Bldng	 	1235 St. Michael's Drive	 	Santa Fe	 	NM	 	87505
	RG1207	 	5378 -Genesee St	 	120 Genesee St.	 	Auburn	 	NY	 	13021
	RG1208	 	5380 -Hempstead Tpke	 	2310 Hempstead Tpke.	 	East Meadow	 	NY	 	11554
	RG1209	 	5381 -Jamaica	 	91-16 168 Street	 	Jamaica	 	NY	 	11432
	RG1210	 	5383 -Levittown	 	3161 Hempstead Tpke.	 	Levittown	 	NY	 	11756
	RG1211	 	5387 -Merrick Ave	 	15 Merrick Ave	 	Merrick	 	NY	 	11566
	RG1212	 	5388 -Middle Neck Rd	 	10 Middle Neck Rd.	 	Great Neck	 	NY	 	11021
	RG1213	 	5391 -Park Avenue	 	3330 Park Ave.	 	Wantagh	 	NY	 	11793
	RG1214	 	5394 -State St	 	69 State St.	 	Allbany	 	NY	 	12207
	RG1215	 	5395 -Transit Rd	 	2970 Transit Rd.	 	West Seneca	 	NY	 	14224
	RG1216	 	5396 -Wantagh	 	15 Hempstead Gardens Dr.	 	West Hempstead	 	NY	 	11552
	RG1217	 	5398 -31st Street-Mn Bldng	 	10802 E. 31st St.	 	Tulsa	 	OK	 	74146
	RG1218	 	5400 -Broken Arrow-Mn Bldng	 	1800 South Elm Place	 	Broken Arrow	 	OK	 	74012
	RG1219	 	5401 -Catoosa -Main Building	 	1801 North Hwy. 66	 	Catoosa	 	OK	 	74015
	RG1220	 	5406 -Gresham -Main Building	 	200 East Powell Blvd.	 	Gresham	 	OR	 	97030
	RG1221	 	5407 -Parkrose-Mn Bldng	 	10120 N.E. Sandy Blvd.	 	Portland	 	OR	 	97220
	RG1222	 	5408 -Blair Mill Rd	 	550 Blair Mill Rd.	 	Horsham	 	PA	 	19044
	RG1223	 	5409 -Bustleton Ave	 	9501 Bustleton Ave.	 	Philadelphia	 	PA	 	19115
	RG1224	 	5413 -Dupont Dr	 	125 Dupont Dr.	 	Providence	 	RI	 	02907
	RG1225	 	5415 -Post Rd	 	6725 Post Rd.	 	North Kingstown	 	RI	 	02852
	RG1226	 	5419-Hilton Hd-Pope Av-Mn Bldg	 	59 Pope Ave.	 	Hilton Head	 	SC	 	29928
	RG1227	 	5420 -Rock Hill MO-Mn Bldng	 	222 East Main St.	 	Rock Hill	 	SC	 	29730
	RG1228	 	5425 -Lebanon Main-Mn Bldng	 	120 W. Main	 	Lebanon	 	TN	 	37087
	RG1229	 	5427 -Beaumont-Mn Bldng	 	2635 Broadway	 	Beaumont	 	TX	 	77702
	RG1230	 	5430 -Harlandale-Mn Bldng	 	111 Rayburn	 	San Antonio	 	TX	 	78221
	RG1231	 	5432 -Nederland-Mn Bldng	 	1308  Boston Avenue	 	Nederland	 	TX	 	77627
	RG1232	 	5433 -Northern Hills-Mn Bldng	 	11714 Perrin Beitel	 	San Antonio	 	TX	 	78217
	RG1233	 	5436 -Steeplechase-Mn Bldng	 	11025 FM 1960 W	 	Houston	 	TX	 	77065

 

    	32

    	 

    

 

	Property

Number	 	Property Name	 	Address Line	 	City	 	State	 	Zip
	RG1234	 	5438 -Witchita Falls-Mn
    Bldng	 	2733 Midwestern Pky.	 	Wichita Falls	 	TX	 	76308
	RG1235	 	5439 -Abingdon-Mn Bldng	 	271 West Main Street	 	Abingdon	 	VA	 	24210
	RG1236	 	5441-Coliseum-Rvrdl-Mn
    Bldng	 	2030 Coliseum Drive	 	Hampton	 	VA	 	23666
	RG1237	 	5442 -Fairfax Courthouse	 	10440 Main St.	 	Fairfax	 	VA	 	22030
	RG1238	 	5443 -Orange -Main Building	 	113 West Main St.	 	Orange	 	VA	 	22960
	RG1239	 	5445-Robinson &
    Broad-Mn Bldng	 	2601 W Broad St.	 	Richmond	 	VA	 	23220
	RG1240	 	5446 -Camas -Main Building	 	528 N.E. 4th	 	Camas	 	WA	 	98607
	RG1241	 	5448 -Clarkson-Mn Bldng	 	648 6th St.	 	Clarkson	 	WA	 	99403
	RG1242	 	5449 -Edmonds -Main
    Building	 	306 Main St.	 	Edmonds	 	WA	 	98020
	RG1243	 	5450 -Greenwood-Mn Bldng	 	404 N. 85th St.	 	Seattle	 	WA	 	98103
	RG1244	 	5452 -Kennewick-Mn Bldng	 	3420 W Kennewick Ave.	 	Kennewick	 	WA	 	99336
	RG1245	 	5454 -Lynden -Main Building	 	700 Front St.	 	Lynden	 	WA	 	98264
	RG1246	 	5457 -Port Townsend	 	734 Water St.	 	Port Townsend	 	WA	 	98368
	RG1247	 	5458 -Quincy -Main Building	 	500 Central Ave. South	 	Quincy	 	WA	 	98848
	RG1248	 	5460 -Sequim -Main Building	 	114 S. Sequim Ave.	 	Sequim	 	WA	 	98382
	RG1249	 	5461-Wenatchee Valley-Mn
    Bldng	 	30 South Wenatchee Ave.	 	Wenatchee	 	WA	 	98801
	RG1250	 	5462 -Ballard -Main
    Building	 	2010 NW Market St.	 	Seattle	 	WA	 	98107
	RG1251	 	5464-Dayton Bch Spdwy-Mn
    Bldn	 	1025 International Speedwy
    Bd	 	Daytona Beach	 	FL	 	32114
	RG1252	 	5467 -Palm Beach Vault	 	5701 Village Blvd	 	West Palm Beach	 	FL	 	33407
	RG1253	 	5474 -Redmond -Main
    Building	 	552 S 6th St	 	Redmond	 	OR	 	97756
	RG1254	 	5476 -Las Veg Ops Ctr	 	4101 E. Charleston Blvd	 	Las Vegas	 	NV	 	89104
	RG1265	 	3316 -Deland Main	 	131 E New York Ave	 	Deland	 	FL	 	32724
	RG1278	 	4209-CENTRAL AVENUE	 	835 Central Ave	 	Hot Springs	 	AR	 	71901
	RG1289	 	4233-BELLEVILLE	 	222 East Main Street	 	Belleville	 	IL	 	62220
	RG1301	 	4265-SOUTH FIRST STREET	 	203 S. First Street	 	Lufkin	 	TX	 	75901
	RG1312	 	4300-COOKEVILLE	 	10 W Broad Street	 	Cookeville	 	TN	 	38501
	RG1323	 	3372 -NBOC Operations	 	100/300 Fidelity Plaza	 	North Brunswick	 	NJ	 	08905
	RG1324	 	3443 -NBOC Op Center	 	100/300 Fidelity Plaza	 	North Brunswick	 	NJ	 	08905
	RG1326	 	925 -Barbee Chapel Road	 	112 West Barbee Chapel
    Road	 	Chapel Hill	 	NC	 	27517
	RG1327	 	3122 -BERNWOOD PARK	 	12851 Bonita Beach Road	 	Bonita Springs	 	FL	 	34135
	RG1328	 	3128 -CHARLOTTE HARBOR
    O	 	22627 Bayshore Road	 	Port Charlotte	 	FL	 	33980
	RG1329	 	3132 -CYPRESS POINT	 	1300 Palm Coast Parkway	 	Palm Coast	 	FL	 	32137
	RG1330	 	3140 -HUDSON OFFICE	 	9005 State Rd. 52	 	Hudson	 	FL	 	34669
	RG1331	 	3143 -MARCO ISLAND OFFICE	 	615 Elkcam Circle	 	Marco Island	 	FL	 	34145
	RG1332	 	3147 -NORTH LOCKWOOD
    RID	 	6056 N LOCKWOOD RIDGE
    RD	 	SARASOTA	 	FL	 	34243
	RG1333	 	3160 -WEST BRADENTON	 	4601 Manatee Ave. W.	 	Bradenton	 	FL	 	34209
	RG1334	 	3165 -CHESHIRE SHERIDAN	 	2419 Cheshire Bridge
    Rd NE	 	Atlanta	 	GA	 	30324

 

    	33

    	 

    

 

	Property

Number	 	Property Name	 	Address Line	 	City	 	State	 	Zip
	RG1335	 	3167 -EDGEWOOD	 	3805 Macon Road	 	Columbus	 	GA	 	31907
	RG1336	 	3186 -UNIVERSITY PLACE OFF	 	8700 University Exec. Pk Dr	 	Charlotte	 	NC	 	28262
	RG1337	 	3190 -FOREST DRIVE OFFICE	 	5490 Forest Drive	 	Columbia	 	SC	 	29206
	RG1338	 	3209 -LAND O'LAKES OFFICE	 	21708 State Rd. 54	 	Lutz	 	FL	 	33549
	RG1339	 	4554 -West Placerville Branch	 	3970 J Missouri Flat Road	 	Placerville	 	CA	 	95667
	RG1340	 	0115 -New Smyma Bch E	 	763 E. 3rd Avenue	 	New Smyrna Beac	 	FL	 	32169
	RG1341	 	0031 -Hamilton Sq	 	3659 Nottingham Way	 	Hamilton Square	 	NJ	 	08690
	RG1342	 	3135 -EAST COMMERCIAL BLV	 	2660 E Commercial Blvd.	 	Fort Lauderdale	 	FL	 	33308
	RG1343	 	3141 -LARGO OFFICE	 	13175 Walsingham Rd.	 	Largo	 	FL	 	33774
	RG1344	 	3145 -NEW CITRUS PARK	 	7919 Gunn Highway	 	Tampa	 	FL	 	33626
	RG1345	 	3173 -PROVIDENCE SQUARE	 	4209 Roswell Road NE	 	Marietta	 	GA	 	30062
	RG1346	 	3178 -ASHLEY VILLAGE	 	7210 Tryon Rd.	 	Cary	 	NC	 	27511
	RG1347	 	3188 -WEST MARKET STREET	 	4636 W. Market Street	 	Greensboro	 	NC	 	27407
	RG1348	 	3191 -HARBISON OFFICE	 	149 Columbiana Drive	 	Irmo	 	SC	 	29212
	RG1349	 	3206 -VIRGINIA BEACH SHORE	 	2993 Shore Dr.	 	Virginia Beach	 	VA	 	23103
	RG1350	 	3600 -Cypress Lake Drive	 	7750 Cypress Lake Drive	 	Fort Myers	 	FL	 	33907
	RG1351	 	3604 -Woodstock Crossing	 	2255 Towne Lake Parkway	 	Woodstock	 	GA	 	30189
	RG1352	 	3625 -The Avenues	 	10625 Philips Hwy	 	Jacksonville	 	FL	 	32256
	RG1353	 	4555 -Roseville Branch Branch	 	1801 Douglas Boulevard	 	Roseville	 	CA	 	95661
	RG1354	 	4558 -Valley Springs	 	87 Highway 26	 	Valley Springs	 	CA	 	95252
	RG1355	 	4559 -Lake Community Bank	 	805 11th Street	 	Lakeport	 	CA	 	95453
	RG1356	 	0108 -Park Hill	 	3200 John F. Kennedy Blvd.	 	N. Little Rock	 	AR	 	72116
	RG1357	 	0113 -Holiday	 	2123 US Hwy. 19N	 	Holiday	 	FL	 	34691
	RG1358	 	924 -Village Circle	 	200 Meadowmont Village Circle	 	Chapel Hill	 	NC	 	27517
	RG1359	 	3123 -BLOOMINGDALE	 	110 W. Bloomingdale Ave	 	Brandon	 	FL	 	33511
	RG1360	 	3126 -CEDAR SHORES OFFICE	 	3620 SE Maricamp Road	 	Ocala	 	FL	 	34471
	RG1361	 	3137 -GROVE CITY OFFICE	 	2691 Placida Road	 	Grove City	 	FL	 	34224
	RG1362	 	3163 -BLUEGRASS OFFICE	 	1475 McFarland Road	 	Alpharetta	 	GA	 	30005
	RG1363	 	3169 -LAVISTA ROAD	 	3880 LaVista Road	 	Tucker	 	GA	 	30084
	RG1364	 	3182 -GARNER OFFICE	 	1145 Hwy 70 W.	 	Garner	 	NC	 	27529
	RG1365	 	3192 -JAMES ISLAND	 	540 Folly Road	 	Charleston	 	SC	 	29412
	RG1366	 	3197 -CHESTER	 	4023 W. Hundred Road	 	Chester	 	VA	 	23831
	RG1367	 	3613 -Haddonfield-Kings	 	17 Kings Highway West	 	Haddonfield	 	NJ	 	08033
	RG1368	 	3616 -Staples Mill	 	8727 Staples Mill Road	 	Richmond	 	VA	 	23228
	RG1369	 	4552 -Cameron Park	 	4011 Plaza Goldorado	 	Cameron Park	 	CA	 	95682
	RG1370	 	4556 -Sonora Branch	 	229 South Washington	 	Sonora	 	CA	 	95370
	RG1371	 	0140 -Simpsonville Mn	 	116 NE Main Street	 	Simpsonville	 	SC	 	29481

 

    	34

    	 

    

 

	Property

Number	 	Property Name	 	Address Line	 	City	 	State	 	Zip
	RG1372	 	352 - Banner Elk	 	1667 NC Highway 184	 	Banner Elk	 	NC	 	28779
	RG1373	 	3119 -47TH TERRACE OFFICE	 	1645 SE 47th Terrace	 	Cape Coral	 	FL	 	33904
	RG1374	 	3120 -ALTAMONTE CROSSING	 	151 N. State Road 434	 	Altamont Spring	 	FL	 	32714
	RG1375	 	3124 -BRADENTON CITY	 	921 Manatee Ave. W.	 	Bradenton	 	FL	 	34205
	RG1376	 	3125 -BRANDON	 	510 Oakfield Drive	 	Brandon	 	FL	 	33511
	RG1377	 	3130 -CORDOVA-PENSACOLA	 	4710 Bayou Blvd.	 	Pensacola	 	FL	 	32503
	RG1378	 	3133 -DEERFIELD BEACH (H.S	 	3325 W. Hillsboro Road	 	Deerfield Beach	 	FL	 	33442
	RG1379	 	3139 -HOLLY HILL OFFICE	 	555 Ridgewood Ave.	 	Holly Hill	 	FL	 	32117
	RG1380	 	3155 -SAWGRASS	 	12396 W. Sunrise Blvd.	 	Plantation	 	FL	 	33323
	RG1381	 	3159 -VERO-WEST (1ST AM)	 	4000 20th Street	 	Vero Beach	 	FL	 	32960
	RG1382	 	3170 -LILBURN OFFICE	 	4354 Lawrenceville Hwy	 	Lilburn	 	GA	 	30047
	RG1383	 	3185 -STONEHENGE OFFICE	 	7541 Creedmoor Rd.	 	Raleigh	 	NC	 	27613
	RG1384	 	3196 -CENTERVILLE	 	27 Broad Street	 	Manakin-Sabot	 	VA	 	23103
	RG1385	 	4553 -El Dorado Hills Branch	 	3880 El Dorado Hills Blvd	 	El Dorado Hills	 	CA	 	95762
	RG1386	 	4557 -Sutter Creek	 	11 Ridge Road	 	Sutter Creek	 	CA	 	95685
	RG1622	 	4101A-Albemarle Rd	 	6425 Albemarle Road	 	Charlotte	 	NC	 	28212
	RG1623	 	4103A-Beatties Ford Rd	 	2249 Beatties Ford Road	 	Charlotte	 	NC	 	28216
	RG1624	 	4104A-Belhaven Blvd	 	4801 Brookshire Blvd	 	Charlotte	 	NC	 	28216
	RG1625	 	4106A-Boger City	 	2614 E. Main Street	 	Lincolnton	 	NC	 	28092
	RG1626	 	4107-Boone Main Office	 	709 Blowing Rock Road	 	Boone	 	NC	 	28607
	RG1627	 	4109A-Burgaw Main Offc	 	104 E. Fremont Street	 	Burgaw	 	NC	 	28425
	RG1628	 	4110A-Burlington Mn Of	 	245 W. Davies Street	 	Burlington	 	NC	 	27215
	RG1629	 	4112A-Cameron Village	 	321 Oberlin Road	 	Raleigh	 	NC	 	27605
	RG1630	 	4113A-Candler	 	1189 Smokey Park Highway	 	Candler	 	NC	 	28715
	RG1631	 	4114A-Carmel Commons	 	6611 Carmel Road	 	Charlotte	 	NC	 	28216
	RG1632	 	4115A-Carolina Beach	 	123 Harper Avenue	 	Carolina Beach	 	NC	 	28428
	RG1633	 	4116A-Cary Village	 	801 E. Maynard Road	 	Cary	 	NC	 	27511
	RG1634	 	4117A-Cherryville	 	403 E. Main Street	 	Cherryville	 	NC	 	28021
	RG1635	 	4120A-Columbus	 	211 E. Mill Street	 	Columbus	 	NC	 	28722
	RG1636	 	4121A-Cornelius	 	20005 NC Highway 73 West	 	Cornelius	 	NC	 	28031
	RG1637	 	4122A-Cumberland	 	5581 Cumberland Road	 	Fayetteville	 	NC	 	28306
	RG1638	 	4123A-Dallas	 	202 W. Trade Street	 	Dallas	 	NC	 	28034
	RG1639	 	4124A-Denver	 	3768 N. Highway 16	 	Denver	 	NC	 	28037
	RG1640	 	4125A-Dixie Village	 	2401 W. Franklin Blvd.	 	Gastonia	 	NC	 	28052
	RG1641	 	4130A-Eden Main Office	 	213 W. Kings Highway	 	Eden	 	NC	 	27288
	RG1642	 	4131A-Elizabethtown Mn	 	201 W. Broad Street	 	Elizabethtown	 	NC	 	28337
	RG1643	 	4133A-Farmville	 	200 S. Main Street	 	Farmville	 	NC	 	27828
	RG1644	 	4134A-Fayettevll Dwntn	 	324 Mason Street	 	Fayetteville	 	NC	 	28301
	RG1645	 	4135A-Garner	 	547 Benson Road	 	Garner	 	NC	 	27529
	RG1646	 	4136A-Gastonia Mn Off	 	355 S. New Hope Road	 	Gastonia	 	NC	 	28054
	RG1647	 	4138A-Guilford College	 	700 College Road	 	Greensboro	 	NC	 	27410
	RG1648	 	4141A-Hendersn MO Relc	 	826 S. Garnett Street	 	Henderson	 	NC	 	27536

 

    	35

    	 

    

 

 

	Property

 Number	 	Property Name	 	Address Line	 	City	 	State	 	Zip
	RG1649	 	4142A-Hillsborough	 	113 N. Churton Street	 	Hillsborough	 	NC	 	27278
	RG1650	 	4143A-Hilltop Plaza	 	901 E. Roosevelt Blvd	 	Monroe	 	NC	 	28112
	RG1651	 	4145A-Hospital-Grnvill	 	2000 Stantonsburg Road	 	Greenville	 	NC	 	27834
	RG1652	 	4147A-Kenansville	 	104 Limestone Road	 	Kenansville	 	NC	 	28349
	RG1653	 	4148A-Kinston Mn Offic	 	1900 W. Vernon Avenue	 	Kinston	 	NC	 	28501
	RG1654	 	4149A-Landfall	 	1325 Military Cut-Off-Road	 	Wilmington	 	NC	 	28405
	RG1655	 	4152A-Marion Main Offc	 	100 N. Main Street	 	Marion	 	NC	 	28752
	RG1656	 	4155A-Mooresville Main	 	314 N. Main Street	 	Mooresville	 	NC	 	28115
	RG1657	 	4156A-Mt Olive Mn Off	 	211 N. Chestnut Street	 	Mount Olive	 	NC	 	28365
	RG1658	 	4157A-Myers Park	 	751 Providence Road	 	Charlotte	 	NC	 	28207
	RG1659	 	4158A-North Asheville	 	892 Merrimon Avenue	 	Asheville	 	NC	 	28804
	RG1660	 	4159A-North Blvd-Ralgh	 	5005 Capital Blvd	 	Raleigh	 	NC	 	27615
	RG1661	 	4160A-North Durham	 	3807 N. Duke Street	 	Durham	 	NC	 	27712
	RG1662	 	4161A-North Henderson	 	1405 N. Garnett Street	 	Henderson	 	NC	 	27536
	RG1663	 	4164A-North Raleigh	 	6300 Falls of Neuse Road	 	Raleigh	 	NC	 	27615
	RG1664	 	4165A-Northeast	 	3401 The PLaza	 	Charlotte	 	NC	 	28205
	RG1665	 	4166A-Northwood	 	201 E. Paris Avenue	 	High Point	 	NC	 	27265
	RG1666	 	4167A-Park Road	 	4535 Park Road	 	Charlotte	 	NC	 	28209
	RG1667	 	4168A-Pavilions	 	698 Hanes Mall Blvd	 	Winston-Salem	 	NC	 	27103
	RG1668	 	4169A-Pinehurst	 	5 Villiage Green West	 	Pinehurst	 	NC	 	28374
	RG1669	 	4170A-Pleasant Garden	 	4615 Pleasant Garden Road	 	Pleasant Garden	 	NC	 	27313
	RG1670	 	4171A-Reidsville Mn Of	 	507 S. Main Street	 	Reidsville	 	NC	 	27320
	RG1671	 	4172A-Reynolda	 	2899 Reynolda Road	 	Winston-Salem	 	NC	 	27106
	RG1672	 	4174A-Salisbury Mn Off	 	500 W. Innes Street	 	Salisbury	 	NC	 	28144
	RG1673	 	4175A-Salisbury West	 	200 Statesville Blvd.	 	Salisbury	 	NC	 	28144
	RG1674	 	4176A-Sardis Village	 	9700 Old Monroe Road	 	Charlotte	 	NC	 	28270
	RG1675	 	4177A-Signal Hill	 	1616 E. Broad Street	 	Statesville	 	NC	 	28625
	RG1676	 	4178A-Six Forks	 	8820 Six Forks Road	 	Raleigh	 	NC	 	27615
	RG1677	 	4179A-South Elm	 	1500 S. Elm Street	 	Greensboro	 	NC	 	27406
	RG1678	 	4180A-S Park Greenvill	 	317 E. Greenville Blvd.	 	Greenville	 	NC	 	27858
	RG1679	 	4181A-South Square	 	3200 Shannon Road	 	Durham	 	NC	 	27707
	RG1680	 	4182A-S Pines Mn Offic	 	100 W. Morganton Road	 	Southern Piens	 	NC	 	28337
	RG1681	 	4183A-Southwinds	 	Southwinds Shopping Center	 	Spring Lake	 	NC	 	28390
	RG1682	 	4184A-Southwood Square	 	115 W. Fairfield Road	 	High Point	 	NC	 	27263
	RG1683	 	4185A-Spruce Pine Main	 	337 Oak Avenue	 	Spruce Pine	 	NC	 	28777
	RG1684	 	4186A-Statesville Mn O	 	113 W. Broad Street	 	Statesville	 	NC	 	28677
	RG1685	 	4187A-Swansboro	 	620 W. Corbett Avenue	 	Swansboro	 	NC	 	28584
	RG1686	 	4189A-Troutman	 	539 N. Main Street	 	Troutman	 	NC	 	28166
	RG1687	 	4190A-Tryon Main Offic	 	201 Pacolet Street	 	Tryon	 	NC	 	28782
	RG1688	 	4191A-Twin Rivers	 	3131 Martin Luther Kng Jr. Bl	 	New Bern	 	NC	 	28562
	RG1689	 	4192A-Union Road	 	2950 Union Road	 	Gastonia	 	NC	 	28054
	RG1690	 	4194A-University	 	502 S. College Road	 	Wilmington	 	NC	 	28403
	RG1691	 	4195A-Village Drive	 	2901 Villiage Drive	 	Fayetteville	 	NC	 	28305
	RG1692	 	4003B -Combee	 	1414 South Combee Rd	 	Lakeland	 	FL	 	33801
	RG1693	 	4012B -Lantana	 	1500 W Lantana Rd	 	Lantana	 	FL	 	33462
	RG1694	 	4014B -Monument Rd	 	9580 Regency Square Blvd	 	Jacksonville	 	FL	 	32225

 

 

    	36

    	 

    

 

 

	Property

 Number	 	Property Name	 	Address Line	 	City	 	State	 	Zip
	RG1695	 	4016B -North Boca Ratn	 	3601 N. Federal Highway	 	Boca Raton	 	FL	 	33431
	RG1696	 	4020B -Ridge Road	 	8423 Moon Lake Road	 	New Port Richey	 	FL	 	34654
	RG1697	 	4021B -Rockledge	 	201 North Church Street	 	Rockledge	 	FL	 	32955
	RG1698	 	4022B -S. Mandarin	 	12222 San Jose Blvd.	 	Jacksonville	 	FL	 	32223
	RG1699	 	4025B -Westside	 	4328 Blanding Blvd.	 	Jacksonville	 	FL	 	32210
	RG1700	 	4030B -Hapeville	 	590 S. Central Ave	 	Hapeville	 	GA	 	30354
	RG1701	 	4038B -Perimeter Centr	 	4570 Ashford Dunwoody Road	 	Atlanta	 	GA	 	30346
	RG1702	 	4040B -Stephenson	 	16 Stephenson Ave.	 	Savannah	 	GA	 	31405
	RG1703	 	4041B -Toco Hills	 	2942 N. Druid Hills Road	 	Atlanta	 	GA	 	30329
	RG1704	 	4045B -Walton Way	 	1478 Walton Way	 	Augusta	 	GA	 	30901
	RG1705	 	4046B -Washington Road	 	2835 Washington Road	 	Augusta	 	GA	 	30909
	RG1706	 	4057B -Clemmons	 	2565 Lewisville-Clemmons Rd.	 	Clemmons	 	NC	 	27012
	RG1707	 	4069B -King Main	 	701 S. Main St.	 	King	 	NC	 	27021
	RG1708	 	4072B -Marion Main	 	129 N. Main Street	 	Marion	 	NC	 	28752
	RG1709	 	4078B -Roxboro Main	 	515 North Madison Blvd.	 	Roxboro	 	NC	 	27573
	RG1710	 	4079B -Russ Avenue	 	339 Russ Avenue	 	Waynesville	 	NC	 	28786
	RG1711	 	4080B -Sardis Road	 	1607 N. Sardis Road Extension	 	Charlotte	 	NC	 	28270
	RG1712	 	4083B -Valdese Main	 	101 Main Street	 	Valdese	 	NC	 	28690
	RG1713	 	4084B -Viewmont	 	1453 Second Street NW	 	Hickory	 	NC	 	28601
	RG1714	 	4086B -Wilkesboro Main	 	210 West  Main Street	 	Wilkesboro	 	NC	 	28697
	RG1715	 	3009 -Winterpark Tmpl	 	1400 Howell Branch Road	 	Winter Park	 	FL	 	32789
	RG1716	 	3016 -Ballantyne	 	14925 John J. Delaney Drive	 	Charlotte	 	NC	 	28277
	RG1717	 	3017 -Cary Preston	 	999 High House Road	 	Cary	 	NC	 	27513
	RG1718	 	3018 -Clemmons	 	3645 Clemmons Road	 	Clemmons	 	NC	 	27012
	RG1719	 	3031 -Wakefield FC	 	14400 New Falls of Neuse Blvd	 	Raleigh	 	NC	 	27511
	RG1720	 	3032 -Westinghouse	 	741 Westinghouse Blvd	 	Charlotte	 	NC	 	28273
	RG1721	 	3039 -Sea Pines Mn	 	4  Pope Avenue	 	Hilton Head	 	SC	 	29928
	RG1722	 	4603 -Champions	 	6333 FM 1960 West	 	Houston	 	TX	 	77069
	RG1723	 	4604 -Clear Lake	 	16211 Space Center Boulevard	 	Houston	 	TX	 	77062
	RG1724	 	4605 -Cypress Station	 	855 FM 1960 Road West	 	Houston	 	TX	 	77090
	RG1725	 	4606 -Deer Park	 	1500 Center Street	 	Deer Park	 	TX	 	77536
	RG1726	 	4607 -Duncanville	 	338 South Cedar Ridge	 	Duncanville	 	TX	 	75116
	RG1727	 	4608 -Galleria	 	5006 Verde Valley Lane	 	Dallas	 	TX	 	75254
	RG1728	 	4609 -Heights	 	414 West 19th Street	 	Houston	 	TX	 	77008
	RG1729	 	4610 -Helotes	 	12850 Bandera Road	 	San Antonio	 	TX	 	78023
	RG1730	 	4611 -Highway 290	 	15000 Northwest Freeway	 	Houston	 	TX	 	77049
	RG1731	 	4612 -Highway 6	 	6895 Highway 6 North	 	Houston	 	TX	 	77084
	RG1732	 	4613 -Humble	 	111 FM 1960 Bypass Road East	 	Humble	 	TX	 	77338
	RG1733	 	4614 -Mangum	 	2201 Mangum Road	 	Houston	 	TX	 	77092
	RG1734	 	4615 -Northshore	 	12727 East Freeway	 	Houston	 	TX	 	77015

 

 

    	37

    	 

    

 

 

	Property

 Number	 	Property Name	 	Address Line	 	City	 	State	 	Zip
	RG1750	 	Independence -Main Bld -0104	 	101 Independence Center	 	Charlotte	 	NC	 	28246
	RG1751	 	801 Market Associates	 	801 Market Street	 	Philadelphia	 	PA	 	19107
	RG1752	 	FS Wilmington, LP	 	3 Beaver Valley Road	 	Wilmington	 	DE	 	19083
	RG1754	 	0093 -Arlington	 	4220 W. Green Oaks Blvd.	 	Arlington	 	TX	 	76016
	RG1755	 	0094 -Ennis -Main Building	 	301 W. Knox & 305 W. Baylor	 	Ennis	 	TX	 	75119
	RG1756	 	0095-Hillsboro-Main Building	 	100 E. Elm Street & 302 S.Wac	 	Hillsboro	 	TX	 	76645
	RG1757	 	0096 -Paris -Main Building	 	1161 Clarksville Street	 	Paris	 	TX	 	75460
	RG1758	 	0097-Stephenville-Mn Bldng	 	115 N. Graham Street	 	Stephenville	 	TX	 	76401
	RG1759	 	0027 -Feasterville	 	40 E. Street Rd.	 	Feasterville	 	PA	 	19053
	RG1760	 	Jenkins Court -Tower	 	610 Old York Road	 	Jenkintown	 	PA	 	19046
	RG1764	 	0101 -Brainard	 	5506 Brainerd Road	 	Chattanooga	 	TN	 	37411
	RG1766	 	0109 -E. Colonial Drive Thr	 	4450 East Colonial Drive	 	Orlando	 	FL	 	32803
	RG1768	 	0917 -Inverness	 	2875 E. Gulf to Lake Highway	 	Inverness	 	FL	 	34450
	RG1769	 	0918 -Paoli	 	12 Chestnut Street	 	Paoli	 	PA	 	19301
	RG1770	 	224 -Forest Hill Banking Cent	 	2915 Forst Hill - Irene Road	 	Germantown	 	TN	 	38138
	RG1771	 	231 -Upper Montclair Drive Up	 	529 Valley Road	 	Upper Montclair	 	NJ	 	07043
	RG1772	 	0001 -Ardmore	 	225 W. Lancaster Ave.	 	Ardmore	 	PA	 	19003
	RG1773	 	0007 -Milltown	 	270 Ryders Ln	 	Milltown	 	NJ	 	08850
	RG1774	 	0009 -Fairgrounds	 	17th and Chew Streets	 	Allentown	 	PA	 	18102
	RG1777	 	0012 -West Goshen	 	1115 West Chester Pike	 	West Chester	 	PA	 	19382
	RG1780	 	0020 -Reading Airport	 	Route 183 and Macarthur	 	Reading Airport	 	PA	 	19605
	RG1781	 	0022 -East Brunswick	 	Loehmann's Plaza, Rte 18	 	East Brunswick	 	NJ	 	08816
	RG1782	 	0023 -Concordia	 	Concordia Shopping Ctr	 	Cranbury	 	NJ	 	08512
	RG1783	 	0025 -Thorndale	 	3719 E. Lincoln Highway	 	Thorndale	 	PA	 	19372
	RG1784	 	0030 -Devon	 	144 E. Lancaster Ave.	 	Devon	 	PA	 	19333
	RG1785	 	0031 -Wind Gap	 	1430 Jacobsburg Road	 	Wind Gap	 	PA	 	18091
	RG1786	 	Schwab -Harborside	 	Harborside Financial Center	 	Jersey City	 	NJ	 	07311
	RG1787	 	302A -Hickory PKG Lot	 	2nd Street Place NE	 	Hickory	 	NC	 	28601
	RG1788	 	2909 -Torrance	 	22150 Hawthorne Boulevard	 	Torrance	 	CA	 	90503
	RG1793	 	3914 -Chapel Hill	 	100 E. Franklin Street	 	Chapel Hill	 	NC	 	27514
	RG1796	 	3924 -Greenville Main	 	201 W. McBee Street	 	Greenville	 	SC	 	29601
	RG1797	 	2926 -Del Prado	 	2503 Del Prado	 	Cape Coral	 	FL	 	33904
	RG1798	 	2931 -Parkside Marketplace	 	10791 W. Broad Street	 	Glen Allen	 	VA	 	23060
	RG1799	 	2932 -Livingston	 	39 East Mount Pleasant Ave	 	Livingston	 	NJ	 	07039
	RG1800	 	3320 -Dwntwn St Ptrsb	 	410 Central Avenue	 	St. Petersburg	 	FL	 	33701
	RG1811	 	5170 Bank America Finc -Sub-L	 	601 W. Riverside Avenue	 	Spokane	 	WA	 	99201
	RG1813	 	5275 -Gulfgate-Mn Bldng	 	6525 South Tamiami Trail	 	Sarasota	 	FL	 	34231
	RG1815	 	5463 -Cocoa Village Dt	 	430 Brevard Ave	 	Cocoa	 	FL	 	32922

 

 

    	38

    	 

    

 

 

	Property

 Number	 	Property Name	 	Address Line	 	City	 	State	 	Zip
	RG2004	 	71010-Clinton East Main	 	156 East Main Street	 	Clinton	 	CT	 	06413
	RG2005	 	71011-Railroad Avenue	 	16 Railroad Avenue	 	Cromwell	 	CT	 	06374
	RG2006	 	71012-Shunpike Road	 	61 Shunpike Road	 	Cromwell	 	CT	 	06416
	RG2007	 	71013-Whalley Avenue	 	395 Whalley Avenue	 	New Haven	 	CT	 	06511
	RG2008	 	71014-Lockport	 	1103 E 9th Street	 	Lockport	 	IL	 	60441
	RG2009	 	71015-Columbia Road	 	568-572 Columbia Road	 	Dorchester	 	MA	 	02125
	RG2010	 	71016-East Boston Square	 	26 Central Square	 	East Boston	 	MA	 	02128
	RG2011	 	71017-Massachusetts Avenue	 	1420 Massachusetts Avenue	 	Arlington Heights	 	MA	 	02476
	RG2012	 	71018-Rogers Road	 	147 Main Street + 52 Rogers Ro	 	Gloucester	 	MA	 	01930
	RG2013	 	71019-Union Square - Somervill	 	40 Union Square	 	Somerville	 	MA	 	02143
	RG2014	 	71020-18 Mile Road	 	2225 18 Mile Road	 	Sterling Height	 	MI	 	48314
	RG2015	 	71021-Allen Road - Southgate	 	11275 Allen Road	 	Southgate	 	MI	 	48195
	RG2016	 	71022-Ford Road Heights	 	25350 Ford Road	 	Dearborn Heights	 	MI	 	48127
	RG2017	 	71023-Grand River	 	2150 Grand River	 	Detroit	 	MI	 	48219
	RG2018	 	71024-Greater Mack	 	21800 Greater Mack	 	St. Clair Shores	 	MI	 	48080
	RG2019	 	71025-Grosse Pointe Woods	 	19307 Mack Avenue	 	Gross Pointe Wood	 	MI	 	48236
	RG2020	 	71026-Hoover Road	 	26681 Hoover Road	 	Warren	 	MI	 	48089
	RG2021	 	71027-Joy Road	 	10641 Joy Road	 	Detroit	 	MI	 	48204
	RG2022	 	71028-Main St - Belleville	 	105 Main Street	 	Belleville	 	MI	 	48111
	RG2023	 	71029-North Adams	 	44 North Adams	 	Rochester	 	MI	 	48309
	RG2024	 	71030-Plymouth Rd - Detroit	 	20222 Plymouth Road	 	Detroit	 	MI	 	48228
	RG2025	 	71031-Roseville	 	26000 Gratiot Ave	 	Roseville	 	MI	 	48066
	RG2026	 	71032-Schoenherr	 	28455 Schoenherr	 	Warren	 	MI	 	48088
	RG2027	 	71033-West Fort Street	 	14600 W Fort Street	 	Southgate	 	MI	 	48195
	RG2028	 	71034-West Maple	 	2500 W Maple	 	Bloomfield Hills	 	MI	 	48301
	RG2029	 	71035-Woodward - Ferndale	 	23011 Woodward Avenue	 	Ferndale	 	MI	 	48220
	RG2030	 	71036-Barrington	 	Jct Rt 9 & 125	 	Barrington	 	NH	 	03825
	RG2031	 	71037-Coliseum Avenue	 	33 Coliseum Avenue	 	Nashua	 	NH	 	03063
	RG2032	 	71038-One Constitution Way	 	One Constitution Way	 	Somersworth	 	NH	 	03878
	RG2033	 	71039-Endicott	 	18-20 Washington Avenue	 	Endicott	 	NY	 	13760
	RG2034	 	71040-Genesee - Utica	 	264-266 Genesee Street and	 	Utica	 	NY	 	13502
	RG2035	 	71041-Glens Falls	 	37 Bay Street	 	Glen Falls	 	NY	 	12801
	RG2036	 	71042-Main St - Beacon	 	364 Main Street	 	Beacon	 	NY	 	12508
	RG2037	 	71043-Meadow Avenue	 	Union and Meadow Avenues	 	Newburgh	 	NY	 	12550
	RG2038	 	71044-Montcalm Street	 	117Montcalm Street	 	Ticonderoga	 	NY	 	12883
	RG2039	 	71045-Chagrin Falls	 	4 E Washington Street	 	Chagrin Falls	 	OH	 	44022
	RG2040	 	71046-Dover Center Road	 	411 Dover Center Road	 	Bay Village	 	OH	 	44140
	RG2041	 	71047-East Street - Euclid	 	365 E 200 Street	 	Euclid	 	OH	 	44119
	RG2042	 	71048-Fairview Park	 	22591 Lorain Road	 	Fairview Park	 	OH	 	44126
	RG2043	 	71049-Girard	 	35 S State Street	 	Girard	 	OH	 	44420
	RG2044	 	71050-Lake Shore Blvd	 	23300 Lake Shore Boulevard	 	Euclid	 	OH	 	44123
	RG2045	 	71051-Lorain Road	 	25290 Lorain Road	 	North Olmsted	 	OH	 	44070

 

 

    	39

    	 

    

 

 

	Property

 Number	 	Property Name	 	Address Line	 	City	 	State	 	Zip
	RG2046	 	71052-Mentor Avenue	 	8715 Mentor Avenue	 	Mentor	 	OH	 	44060
	RG2047	 	71053-Navarre Avenue	 	3024 Navarre Avenue	 	Oregon	 	OH	 	43616
	RG2048	 	71054-Richmond Heights	 	690 Richmond Road	 	Richmond Heights	 	OH	 	44143
	RG2049	 	71055-Toledo Main	 	602 Main Street	 	Toleda	 	OH	 	43605
	RG2050	 	71056-University Heights	 	2175 Warrensville Center	 	University Height	 	OH	 	44118
	RG2051	 	71057-Westlake	 	1299 Columbia Road	 	Westlake	 	OH	 	44145
	RG2052	 	71058-Burgettstown	 	20 Main Street	 	Burgettstown	 	PA	 	15021
	RG2053	 	71059-Zelienople	 	100 W. Main Street	 	Zelienople	 	PA	 	16063
	RG2054	 	71060-Portsmouth East Main	 	3033 East main Road	 	Portsmouth	 	RI	 	02871
	RG2055	 	71061-Pearl St - Essex Junction	 	84 Pearl Street	 	Essex Junction	 	VT	 	05452

  

    	40

    	 

    

  

Annex A-2

 

	Profit Participation Threshold
	 	 
	Portfolio	Profit Participation Threshold
	 	 	 	 
	 	BBD2	255,000,000 	 
	 	101IND	88,200,000 	 
	 	PITNEY BOA	64,089,405 	 
	 	Citizens JV	64,300,000 	 
	 	BEAVER	48,000,000 	 
	 	6000A	31,915,876 	 
	 	6000B	36,655,711 	 
	 	6000C	30,856,783 	 
	 	6000D	34,275,087 	 
	 	PITNEY WACH	30,598,505 	 
	 	STERLING	23,000,000	 
	 	RBCCENTURA	1,173,000 	(1)
	 	FSI	11,030,574 	(2)
	 	 	719,094,941 	 

  

		(1)	RBCCENTURA includes only RG1720 - 3032 Westinghouse and
RG1715 - 3009 Winterpark.

 

		(2)	FSI includes RG1324 - 3443 NBOC Op Center, RG1323 - 3372 NBOC Operations, RG1278 - 4209 Central Avenue, RG1289 - 4233 Bellevile,
RG1301 - 4265 South First Street, RG1265 - 3316 Deland Main, and RG1312 - 4300 Cookeville.

   

    	41

    	 

    

  

Annex B

 

Reports

 

1.             Monthly U.S. GAAP Financial Statements
shall be prepared on a consolidated basis, in sub-portfolio groups and/or on a individual property basis in such form as approved
by Company, which shall include, among other things, balance sheet, thirteen (13) month income statement with year-to-date actual
to budget comparison with explanation of unusual fluxes in thirteen (13) month trend income statement trends (until such time as
the Company has had control of the properties for thirteen (13) months, such income statement shall include historical information
on the Properties prior to control by the Company), report summarizing any capital expenditures and repair and maintenance which
year-to-date are greater than $100,000, supporting depreciation and amortization schedule, FAS13 schedules, and support for significant
balance sheet items schedules (in same groupings consolidated basis, in sub-portfolios and/or on individual property basis) such
as accounts payable accruals, property taxes, insurance, prepaids, and allowance for doubtful accounts. See Exhibit __ for GAAP
Report Table of Contents and Accrual Basis Report Checklist for a complete listing of required reports. Both the GAAP Report Table
of Contents and Accrual Basis Report Checklist is required to be signed by both the preparer of the financial statements and their
supervisor as representation that the reports are accurate and complete.

 

2.             Quarterly Financial Statements shall
be prepared in a manner consistent with Item 1 above. In addition, Manager shall provide any information, including supporting
back-up schedules/information, as required to complete the Company’s quarterly 10-Q and board packages, including among other
things:

 

(a)               Consolidated Properties
portfolio balance sheet, income statement and statement of cash flow

 

(b)               Five (5) year and thereafter
minimum rent schedule

 

(c)               Five (5) year and thereafter
minimum principal paydown schedule

 

(d)               Schedule of lease expirations
by year based on rsf and annualized base rent

 

(e)               Base information on lease
terms, location, industry, annual base rent and rsf on Top Ten (10) Tenants in the Properties portfolio

 

(f)               Breakout of portfolio by
annualized base rent and rsf by geographic and industry dispersion

 

(g)               Net absorption data for
the Properties portfolio by month for a trailing and forward twelve (12) months

   

    	42

    	 

    

  

(h)               Variances explanations
for significant fluctuations between current quarter and current year to date numbers compared to prior year quarter and prior
year to date numbers

 

(i)               Other information as requested.

 

3.             Annual U.S. GAAP Financial Statements:
As soon as practicable, and in any event within seven (7) working days of December 31st, the manager shall deliver annual accrual
basis financial statements prepared in a manner and form consistent with Items 1 and 2 above. In addition, Manager shall provide
any information as required to complete the Company’s annual audited financial statements and 10-K.

 

4.             Annual E&P and Tax Return information:
In addition to Item 3 above, Manager shall provide FAS depreciation schedules on a E&P basis no later than seven (7) business
days prior to January 31st and any other information as requested to allow the Company to prepare an annual E&P estimate for
purposes of meeting its 1099-DIV requirements to its investors. In addition, fifteen (15) days after year end numbers have been
finalized, FAS depreciation schedules which sort and summarize information by year placed in service and depreciable life categories
on a tax basis and other information as requested to allow the Company to prepare its annual tax returns.

  

    	43

    	 

    

  

Annex C

 

Property Performance
Report

   

  

    	44

    	 

    

  

Annex D

 

	Example of Profit Participation Calculation for a Sample Portfolio:	 	 	 
	 	 	 	 
	Portfolio Value:	 	 	 	 
	Plus:  Net Sales Price of the Properties Sold from and after November 1, 2013	 	$		 
	Plus:  Fair Value of Applicable Remaining Properties as of the Measurement Date	 	 	80,000,000	 
	Total Portfolio Value	 	 	80,000,000	 
	 	 	 	 	 
	Profit Participation Threshold	 	 	64,295,988	 
	 	 	 	 	 
	Good News Cash Equity Contributions Funded after December 1, 2013	 	 	 	 
	Plus:  Capital Expenditures	 	 	 	 
	Plus:  Tenant Improvements	 	 	 	 
	Plus:  Lease Commissions	 	 	1,000,000	 
	Total Cash Equity Contributions	 	 	1,000,000	 
	 	 	 	 	 
	Incentive Profit Calculation	 	 	 	 
	Plus:  Total Portfolio Value	 	 	80,000,000	 
	Less:  Profit Participation Threshold	 	 	64,295,988	 
	Less:  Cash Equity Contributions	 	 	1,000,000	 
	 	 	 	14,704,012	 
	Profit Participation	 	 	 	 
	Plus:  10% for Incentive Profits	 	 	642,960	 
	Plus:  20% for Incentive Profits	 	 	1,285,920	 
	Plus:  30% for Incentive Profits	 	 	553,444	 
	 	 	$	2,482,324	 

  

    	45

    	 

    

  

Annex E

 

Third Year Termination Baseline

  

	Effective Date of Termination	Third Year Termination Baseline
	 	 
	Month of January, 2016	14,062,500
	Month of February, 2016	13,125,000
	Month of March, 2016	12,187,500
	Month of April, 2016	11,250,000
	Month of May, 2016	10,312,500
	Month of June, 2016	9,375,000
	Month of July, 2016	8,437,500
	Month of August, 2016	7,500,000
	Month of September, 2016	6,562,500
	Month of October, 2016	5,625,000
	Month of November, 2016	4,687,500
	Month of December, 2016	3,750,000

  

    	46Exhibit 10.1

 

AMENDED AND RESTATED EMPLOYMENT AGREEMENT

 

THIS AMENDED AND RESTATED
EMPLOYMENT AGREEMENT (this “Agreement”) is entered into as of December 19, 2013 and, except as provided herein, its
terms will become effective as of January 1, 2014 (the “Effective
Date”), by and between InnerWorkings, Inc., a Delaware corporation (the “Company”), and Eric Belcher
(“Executive”).

 

WITNESSETH:

 

WHEREAS, the Company
and Executive entered into an employment agreement dated as of November 14, 2008, which was amended as of February 22, 2013 (as
so amended, the “Prior Agreement”), which expires by its terms on December 31, 2013;

 

WHEREAS, the Company
and Executive wish to amend and restate the Prior Agreement;

 

WHEREAS, the Company
wishes for Executive to remain in its employ as its President and Chief Executive Officer; and

 

WHEREAS,
Executive is willing to remain in the employ of the Company and to serve as its President
and Chief Executive Officer on the terms and conditions hereafter set forth;

 

NOW, THEREFORE, the
Company and Executive hereby agree that, effective as of the Effective Date, the Prior Agreement is amended and restated and superseded
by this Agreement in its entirety.

 

1.Employment;
Position and Duties. The Company agrees to employ Executive, and Executive agrees to be employed by the Company, upon the terms
and conditions of this Agreement. Upon the Effective Date, Executive shall continue to be employed as the
President and Chief Executive Officer of the Company reporting to, and shall continue
to be a member of, the Board of Directors of the Company (the “Board”). Executive shall be deemed to have resigned
from the Board voluntarily, without any further action required, upon the termination of Executive’s employment with the
Company. In this capacity, Executive agrees to devote his full time, energy and skill to the faithful performance of his duties
herein, and shall perform the duties and carry out the responsibilities assigned to him to the best of his ability and in a diligent,
businesslike and efficient manner. Notwithstanding the above, during the term of this Agreement, it shall not be a violation of
this Agreement for the Executive to serve on civic or charitable boards or committees, deliver lectures, fulfill speaking engagements,
teach at educational institutions, manage personal investments and, with the consent of the Board, service on corporate boards,
so long as such activities do not interfere with the performance of Executive’s responsibilities in accordance with this
Agreement. Executive’s duties and authority shall include
all the duties and authority contemplated by the Company’s by-laws and those customarily performed by the President and Chief
Executive Officer. As Chief Executive Officer, Executive shall be the senior most executive officer of the Company. Executive shall
also have such additional duties and authority commensurate with such positions as may be reasonably assigned by the Board. Executive
shall comply with any policies and procedures established for Company employees, including, without limitation, those policies
and procedures contained in the Company’s employee handbook previously delivered to Executive.

 

    	 

    	 

    

 

2.Term of Employment.
The term of this Agreement (the “Term”) shall commence on the Effective
Date and shall continue until and shall expire on December
31, 2014, as may be extended in accordance with this Section 2 and unless terminated earlier by either party, in accordance with
the terms of this Agreement. The Term shall be extended automatically without further action by either party by one (1) additional
year (added to the end of the Term), and then on each succeeding annual anniversary thereafter, unless either party shall have
given written notice to the other party prior to the date that is ninety (90) days prior to the date which such extension would
otherwise have become effective electing not to further extend the Term, in which case Executive’s employment shall terminate
on the date upon which the extension would otherwise have become effective, unless earlier terminated in accordance with this Agreement.
This Agreement may be terminated by Executive or by the Board, with or without Cause (as defined below). Upon the termination of
Executive’s employment with the Company for any reason, neither party shall have any further obligation or liability under
this Agreement to the other party, except as set forth in Sections 4, 5, 6, 7, 8, 9, and 10 of this Agreement. Non-renewal of the
Term by the Company shall be treated for all purposes under this Agreement as a termination of Executive’s employment without
Cause.

 

3.Compensation.
Executive shall be compensated by the Company for his services as follows:

 

(a)Base Salary. During
the term of this Agreement, Executive shall be paid a base salary (“Base Salary”) of $58,333.33
per month (or $700,000 on an annualized basis) subject to applicable withholding, in accordance with the Company’s normal
payroll procedures. Executive’s base salary shall be reviewed on an annual basis by the Board for possible increase (but
not decrease) based on the Company’s operating results and financial condition, salaries paid to other Company executives,
and general marketplace and other applicable considerations. Such increased Base Salary, if any, shall then constitute Executive’s
“Base Salary” for purposes of this Agreement.

 

(b)Benefits. During
the term of this Agreement, Executive shall have the right, on the same basis as other members of senior management of the Company,
to participate in and to receive benefits under any of the Company’s executive and employee benefit plans, long-term or equity
incentive plans, insurance programs and/or indemnification agreements, as may be in effect from time to time, subject to any applicable
waiting periods and other restrictions, and to the benefits afforded to other members of senior management under the Company’s
vacation, holiday and business expense reimbursement policies (all such benefits, the “Benefits”).

 

(c)Bonuses. In addition
to the Base Salary, Executive shall be eligible to receive an annual performance bonus at a target of not less than one hundred
and fifteen percent (115%) of his then annual Base Salary, with an opportunity to earn a maximum performance bonus of
two hundred percent (200%) of his
performance bonus target (the “Performance Bonus”). The Performance Bonus shall be a discretionary bonus, determined
in the sole discretion of the Board or the Compensation Committee thereof, based upon Executive’s performance of his duties
and the Company’s financial performance, as well certain performance targets that are approved by the Board or such Committee.
The Company will pay Executive’s Performance Bonus for each year at the same time as annual performance bonus payments for
such year (if any) are made to other participants with respect to such fiscal year, and in all events within the two and one half
(21⁄2) months following the end of the year in which the Performance Bonus is earned. The Performance Bonus is intended to
qualify for the short-term deferral exception to Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”).

 

    	2

    	 

    

 

(d)Expenses. In addition
to reimbursement for business expenses incurred by Executive in the normal and ordinary course of his employment by the Company
pursuant to the Company’s standard business expense reimbursement policies and procedures, the Company shall reimburse Executive
for the full amount of his insurance costs should he elect to participate in the Company’s insurance program(s). In addition,
Executive shall be reimbursed $1,000/month for automobile expenses.

 

(e)Long Term Incentive
Award. Beginning in fiscal year 2014, Executive shall be eligible to receive, annually, on the same basis as long term incentive
awards to other senior executives, long term incentive awards with a targeted grant date value of two hundred percent (200%) of
Executive’s then annual Base Salary, subject to adjustment by the Compensation Committee in its sole discretion.

 

4.Benefits Upon
Termination.

 

(a)Termination for Cause
or Termination for Other than Good Reason. In the event of the termination of Executive’s employment by the Company for
Cause (as defined below), the termination of Executive’s employment by reason of his death or disability, or the termination
of Executive’s employment by Executive for any reason other than Good Reason (as defined below), Executive shall be entitled
to no further compensation or benefits from the Company following the date of termination, except the Accrued Obligations, which
Accrued Obligations shall be paid to Executive within thirty (30) days following the date of termination.

 

For
purposes of this Agreement, Executive’s “Accrued Obligations” include, to the extent not theretofore paid:

 

(i)Executive’s
Base Salary earned through the date of termination;

 

(ii)Executive’s
Benefits, vested or earned through the date of termination;

 

(iii)Executive’s
Performance Bonus for the fiscal year immediately preceding the fiscal year in which the date of termination occurs if such award
has been earned but has not been paid as of the date of termination;

 

    	3

    	 

    

 

(iv)Executive’s
vested restricted stock, stock options or other long-term or equity-based incentive compensation; and

 

(v)Executive’s
business expenses that have not been reimbursed by the Company as of the date of termination that were incurred by Executive prior
to the date of termination in accordance with the applicable Company policy.

 

For
purposes of this Agreement, a termination for “Cause” occurs if Executive’s employment is terminated by the
Company for any of the following reasons:

 

(A)theft,
dishonesty or falsification of any employment or Company records by Executive;

 

(B)the
determination by the Board that Executive has committed an act or acts constituting a felony or any act involving moral turpitude;

 

(C)the
determination by the Board that Executive has engaged in willful misconduct or gross negligence that has had a material adverse
effect on the Company’s reputation or business; or

 

(D)the
continuing material breach by Executive of any provision of this Agreement after receipt of written notice of such breach from
the Board and a reasonable opportunity to cure such breach.

 

For purposes
of this Agreement, a termination by Executive shall be for “Good Reason” if Executive terminates his employment for
any of the following reasons:

 

(1)the
Company materially reduces Executive’s duties or authority below, or assigns Executive duties that are materially inconsistent
with the duties and authority contemplated by Section 1 of this Agreement, or any failure by the Company to appoint or elect, or
to reappoint or reelect Executive to any of the positions set forth in Section 1;

 

(2)the
Company requires Executive to relocate his office more than 100 miles from the current office of the Company without his consent;
or

 

(3)the
Company has breached any provision of this Agreement, including, but not limited to, the provisions relating to the payment or
providing of compensation and Benefits in accordance with Section 3 above, and such breach continues for more than thirty (30)
days after notice from Executive to the Company specifying the action which constitutes the breach and demanding its discontinuance.

 

(b)Termination Without
Cause or Termination for Good Reason. Each of the Company and Executive is free to terminate this Agreement, and Executive’s
employment with the Company, at any time, for any reason, in its or Executive’s absolute sole discretion. If Executive’s
employment is terminated by the Company for any reason other than (1) for Cause or (2) by reason of his death or disability, or
if Executive’s employment is terminated by Executive for Good Reason, Executive shall only be entitled to:

 

    	4

    	 

    

 

(i)receive
an amount equal to the product of two (2) times the sum of (A) Executive’s annual Base Salary as in effect on the date of
termination, and (B) Executive’s target annual Performance Bonus for the fiscal year in which the date of termination occurs,
payable in equal installments over a twenty-four (24) month period
following the termination of Executive’s employment in accordance with the Company’s normal payroll procedures;

 

(ii)no
later than March 15 following the end of the year in which such termination occurs, in lieu of any annual Performance Bonus for
the year in which such termination occurs, payment of an amount equal to (A) the annual Performance Bonus which would have been
payable to Executive had Executive remained in employment with the Company during the entire year in which such termination occurred,
multiplied by (B) a fraction, the numerator of which is the number of days Executive was employed in the year in which such termination
occurs and the denominator of which is the total number of days in the year in which such termination occurs;

 

(iii)immediate
vesting of all outstanding equity-based awards which would otherwise have vested based solely on the passage of time if Executive’s
employment had continued for a period of twenty-four (24) months following the termination;

 

(iv)with
respect to equity-based awards which would otherwise vest based on performance, Executive shall vest in the portion of such award
(which shall not exceed 100% of such award) Executive would have been entitled to had Executive remained employed until the last
day of the applicable performance period multiplied by a fraction, the numerator of which shall be the number of full calendar
months elapsed during the performance period through the date Executive’s employment terminated plus twenty-four (24) additional
months and the denominator of which shall be the total number of months in the applicable performance period, which awards shall
vest and be paid, if the applicable performance conditions are met, at the same time and in the same manner as though Executive
had remained employed by the Company; and

 

(v)the
Accrued Obligations.

 

Notwithstanding
anything to the contrary herein, no payments shall be paid under this Section 4(b)(i) or (ii) unless and until Executive executes
and delivers a general release and waiver of claims (the “Release”) against the Company (and any revocation period
expires) by the Release Deadline, acknowledging Executive’s obligations under Section 7 below, and in a form prescribed by
the Company; provided that, such Release shall not require Executive to release any rights to Accrued Obligations, rights under
the Indemnification Provisions (as defined below), or under this Agreement, and the execution of such Release shall be a condition
to Executive’s rights under Section 4(b)(i) or (ii). The “Release Deadline” means the date that is 60 calendar
days after Executive’s separation from service. Payment of any amount that is not exempt from Code Section 409A that is conditioned
upon the execution of the Release shall be delayed until the Release Deadline, irrespective of when Executive executes the Release;
provided, however, that where Executive’s separation from service and the Release Deadline occur within the same calendar
year, the payment may be made up to 30 days prior to the Release Deadline, and provided further that where Executive’s separation
from service and the Release Deadline occur in two separate calendar years, payment may not be made before the later of January
1 of the second year or the date that is 30 days prior to the Release Deadline. In addition, if Code Section 409A requires that
a payment hereunder may not commence for a period of six (6) months following termination of employment, then such payments shall
be withheld by the Company and paid as soon as permissible, along with such other monthly payments then due and payable.

 

    	5

    	 

    

 

5.Change
in Control. Upon the occurrence of a Qualifying Termination (as defined
below), Executive shall be entitled to immediate vesting of all outstanding equity-based awards (including immediate vesting at
the target level of performance for equity-based awards which would otherwise vest based on performance).
For purposes of this Agreement, a “Qualifying Termination” means a termination of Executive’s employment within
ninety (90) days prior to or twenty-four (24) months following the consummation of a Change in Control as a result of Executive’s
(i) resignation for Good Reason or (ii) termination by the Company without Cause (including due to a non-renewal of the Term by
the Company).

 

Notwithstanding the
foregoing and notwithstanding any less favorable or contrary treatment in an award agreement or other grant documentation with
respect to equity-based awards, the vesting of all equity-based awards that are not assumed by a successor company or exchanged
for a replacement award on no less favorable economic terms will be fully accelerated as of the effective date of the Change in
Control (including immediate vesting at the target level of performance
for equity-based awards which would otherwise vest based on performance), and such equity-based awards shall be paid to
Executive within thirty (30) days after the effective date of the Change in Control.

 

For purposes of this
Agreement, a “Change in Control” means the occurrence of any one or more of the following:

 

		(a)	An effective change in control pursuant to which any person or persons acting as a group acquires
(or has acquired during the 12-month period ending on the date of the most recent acquisition by such person or persons) beneficial
ownership of stock of the Company representing fifty percent (50%) or more of the voting power of the Company’s then outstanding
stock; provided, however, that a Change in Control shall not be deemed to occur by virtue of any of the following acquisitions:
(i) by the Company or any Affiliate, (ii) by any employee benefit plan (or related trust) sponsored or maintained by the Company
or any Affiliate, (iii) by any underwriter temporarily holding securities pursuant to an offering of such securities, or (iv) by
any Incumbent Stockholders (as defined below);

 

		(b)	Any person or persons acting as a group (in each case, other than any Incumbent Stockholders) acquires
beneficial ownership of Company stock that, together with Company stock already held by such person or group, constitutes fifty
percent (50%) or more of the total fair market value or voting power of the Company’s then outstanding stock. The acquisition
of Company stock by the Company in exchange for property, which reduces the number of outstanding shares and increases the percentage
ownership by any person or group to 50% or more of the Company’s then outstanding stock will be treated as a Change in Control;

 

    	6

    	 

    

 

		(c)	Individuals who constitute the Board immediately after the Effective Date (the “Incumbent
Directors”) cease for any reason to constitute at least a majority of the Board during any 12-month period; provided, however,
that: (i) any person becoming a Director subsequent thereto whose election or nomination for election was approved by a vote of
a majority of the Incumbent Directors then on the Board (either by a specific vote or by approval of the proxy statement of the
Company in which such person is named as a nominee for Director, without written objection to such nomination) shall be an Incumbent
Director, provided that no individual initially elected or nominated as a Director of the Company as a result of an actual or threatened
election contest with respect to Directors or as a result of any other actual or threatened solicitation of proxies or consents
by or on behalf of any person other than the Board shall be deemed to be an Incumbent Director; and (ii) a Change in Control shall
not be deemed to have occurred pursuant to this paragraph (c) if, after the Board is reconstituted, the Incumbent Stockholders
beneficially own stock of the Company representing more than thirty-five percent (35%) of the voting power of the Company’s
then outstanding stock; or

 

		(d)	Any person or persons acting as a group acquires (or has acquired during the 12-month period ending
on the date of the most recent acquisition by such person or persons) assets from the Company that have a total gross fair market
value of at least forty percent (40%) of the total gross fair market value of all the assets of the Company immediately prior to
such acquisition. For purposes of this section, gross fair market value means the value of the assets of the Company, or the value
of the assets being disposed of, without regard to any liabilities associated with such assets. The event described in this paragraph
(d) shall not be deemed to be a Change in Control if the assets are transferred to (i) any owner of Company stock in exchange for
or with respect to the Company’s stock, (ii) an entity in which the Company owns, directly or indirectly, at least fifty
percent (50%) of the entity’s total value or total voting power, (iii) any person that owns, directly or indirectly, at least
fifty percent (50%) of the Company stock, or (iv) an entity in which a person described in (d)(iii) above owns at least fifty percent
(50%) of the total value or voting power. For purposes of this section, and except as otherwise provided, a person’s status
is determined immediately after the transfer of the assets.

 

		(e)	For purposes of this definition of Change in Control, the term “Incumbent
Stockholders” shall include each and every one of the following: Incorp, LLC; Richard A. Heise, Jr.; Old Willow Partners,
LLC; Heise Family 2005 Grantor Retained Annuity Trust; InnerWorkings Series C Investment Partners, LLC; Orange Media, LLC; Baradaran
Revocable Trust; Sam Nazarian; Shula Nazarian Torbati; David and Angella Nazarian Family Trust; Anthony R. Bobulinski; Printworks,
LLC; Printworks Series E, LLC; Younes & Soraya Nazarian Revocable Trust; Younes Nazarian
2006 Annuity Trust - Printworks; Soraya T. Nazarian 2006 Annuity Trust - Printworks; New Enterprise Associates 11, Limited Partnership;
NEA Ventures 2005, Limited Partnership; or any of their respective Affiliates, successors. 

 

    	7

    	 

    

 

In no event
will a Change in Control be deemed to have occurred, with respect to Executive, if an employee benefit plan maintained by the Company
or an Affiliate of the Company or Executive is part of a purchasing group that consummates the transaction that would otherwise
result in a Change in Control. The employee benefit plan or Executive will be deemed “part of a purchasing group” for
purposes of the preceding sentence if the plan or Executive is an equity participant in the purchasing company or group, except
where participation is: (i) passive ownership of less than two percent (2%) of the stock of the purchasing company; or (ii) ownership
of equity participation in the purchasing company or group that is otherwise not significant, as determined prior to the Change
in Control by a majority of the non-employee continuing directors.

 

6.Employee Inventions
and Proprietary Rights Assignment Agreement. Executive agrees to abide by the terms and conditions of the Company’s standard
Employee Inventions and Proprietary Rights Assignment Agreement as executed by Executive and attached hereto as Exhibit A.

 

7.Covenants
Not to Compete or Solicit. During Executive’s employment and for a period of two (2) years following the termination
of Executive’s employment for any reason, Executive shall not, anywhere in the Geographic Area (as defined below), other
than on behalf of the Company or with the prior written consent of the Company, directly or indirectly:

 

(a)perform services for (whether
as an employee, agent, consultant, advisor, independent contractor, proprietor, partner, officer, director or otherwise), have
any ownership interest in (except for passive ownership of five percent (5%) or less of any entity whose securities have been registered
under the Securities Act of 1933, as amended, or Section 12 of the Securities Exchange Act of 1934, as amended), or participate
in the financing, operation, management or control of, any firm, partnership, corporation, entity or business that engages or participates
in a “competing business purpose” (as defined below);

 

(b)induce or attempt to induce
any customer, potential customer, supplier, licensee, licensor or business relation of the Company to cease doing business with
the Company, or in any way interfere with the relationship between any customer, potential customer, supplier, licensee, licensor
or business relation of the Company or solicit the business of any customer or potential customer of the Company, whether or not
Executive had personal contact with such entity; and

 

    	8

    	 

    

 

(c)solicit, encourage, hire
or take any other action which is intended to induce or encourage, or has the effect of inducing or encouraging, any employee or
independent contractor of the Company or any subsidiary of the Company to terminate his or his employment or relationship with
the Company or any subsidiary of the Company, other than in the discharge of his duties as an officer of the Company.

 

For the purpose of
this Agreement, the term “competing business purpose” shall mean the sale or provision of any printed materials, items,
or other products that are competitive with in any manner the products sold or offered by the Company during the term of this Agreement.
The term “Geographic Area” shall mean the United States of America.

 

The covenants contained
in this Section 7 shall be construed as a series of separate covenants, one for each county, city, state or any similar subdivision
in any Geographic Area. Except for geographic coverage, each such separate covenant shall be deemed identical in terms to the covenant
contained in the preceding Sections. If, in any judicial proceeding, a court refuses to enforce any of such separate covenants
(or any part thereof), then such unenforceable covenant (or such part) shall be eliminated from this Agreement to the extent necessary
to permit the remaining separate covenants (or portions thereof) to be enforced. In the event that the provisions of this Section
7 are deemed to exceed the time, geographic or scope limitations permitted by applicable law, then such provisions shall be reformed
to the maximum time, geographic or scope limitations, as the case may be, permitted by applicable law.

 

8.Equitable
Remedies. Executive acknowledges and agrees that the agreements and covenants set forth in Sections 6 and 7 are reasonable
and necessary for the protection of the Company’s business interests, that irreparable injury will result to the Company
if Executive breaches any of the terms of said covenants, and that in the event of Executive’s actual or threatened breach
of any such covenants, the Company will have no adequate remedy at law. Executive accordingly agrees that, in the event of any
actual or threatened breach by Executive of any of said covenants, the Company will be entitled to seek immediate injunctive and
other equitable relief, without bond and without the necessity of showing actual monetary damages. Nothing in this Section 8 will
be construed as prohibiting the Company from pursuing any other remedies available to it for such breach or threatened breach,
including the recovery of any damages that it is able to prove.

 

9.Dispute Resolution.
In the event of any dispute or claim relating to or arising out of this Agreement (including, but not limited to, any claims of
breach of contract, wrongful termination or age, sex, race or other discrimination), Executive and the Company agree that all such
disputes shall be fully and finally resolved by binding arbitration conducted by the American Arbitration Association in Chicago,
Illinois in accordance with its National Employment Dispute Resolution rules, as those rules are currently in effect (and not as
they may be modified in the future). Executive acknowledges that by accepting this arbitration provision he is waiving any right
to a jury trial in the event of such dispute. Notwithstanding the foregoing, this arbitration provision shall not apply to any
disputes or claims relating to or arising out of (i) the misuse or misappropriation of trade secrets or proprietary information
or (ii) the breach of any non-competition or non-solicitation covenants.

 

    	9

    	 

    

 

10.Governing
Law. This Agreement has been executed in the State of Illinois, and Executive and the Company agree that this Agreement shall
be interpreted in accordance with and governed by the laws of the State of Illinois, without regard to its conflicts of laws principles.

 

11.Successors
and Assigns. This Agreement shall inure to the benefit of and be binding upon the Company and its successors and assigns, provided
that successor or assignee is the successor to substantially all of the assets of the Company, or a majority of its then outstanding
stock, and that such successor or assignee assumes the liabilities, obligations and duties of the Company under this Agreement,
either contractually or as a matter of law. In view of the personal nature of the services to be performed under this Agreement
by Executive, he shall not have the right to assign or transfer any of his rights, obligations or benefits under this Agreement,
except as otherwise noted herein.

 

12.Entire Agreement.
This Agreement, including its attached Exhibit A, constitutes the entire employment agreement between Executive and the Company
regarding the terms and conditions of his employment. This Agreement supersedes all prior negotiations, representations or agreements
between Executive and the Company, whether written or oral, concerning Executive’s employment.

 

13.No Conflict.
Executive represents and warrants to the Company that neither his entry into this Agreement nor his performance of his obligations
hereunder will conflict with or result in a breach of the terms, conditions or provisions of any other agreement or obligation
to which Executive is a party or by which Executive is bound, including, without limitation, any noncompetition or confidentiality
agreement previously entered into by Executive.

 

14.Validity.
Except as otherwise provided in Section 7, above, if any one or more of the provisions (or any part thereof) of this Agreement
shall be held invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions
(or any part thereof) shall not in any way be affected or impaired thereby.

 

15.Modification. This Agreement
may not be modified or amended except by a written agreement signed by Executive and the Company.

 

16.Code Section
409. This Agreement is intended to comply with Section 409A of the Code, and the interpretative guidance thereunder, including
the exceptions for short-term deferrals, separation pay arrangements, reimbursements, and in kind distributions, and shall be
administered accordingly. Executive hereby agrees that the Company may, without further consent from Executive, make the minimum
changes to this Agreement as may be necessary or appropriate to avoid the imposition of additional taxes or penalties on Executive
pursuant to Section 409A of the Code. The Company can not guarantee that the payments and benefits that may be paid or provided
pursuant to this Agreement will satisfy all applicable provisions of Section 409A of the Code. In the case of any reimbursement
payment which is required to be made promptly under this Agreement, such payment will be made in all instances no later than December
31 of the calendar year following the calendar year in which the obligation to make such reimbursement arises. Notwithstanding
the foregoing, if any payments or benefits under this Agreement become subject to Section 409A of the Code, then for the purpose
of complying therewith, to the extent such payments or benefits do not satisfy the separation pay exemption described in Treasury
Regulation § 1.409A-1(b)(9)(iii) or any other exemption available under Section 409A of the Code (the “Non-Exempt Payments”),
if Executive is a specified employee as described in Treasury Regulation § 1.409A-1(i) on the date of termination, any amount
of such Non-Exempt Payments which would be paid prior to the six-month anniversary of the date of termination shall instead be
accumulated and paid to Executive in a lump sum payment within five (5) business days after such six-month anniversary. A termination
of employment shall be deemed to occur only if it is a “separation from service” as such term is defined under Code
Section 409A, and references to “termination,” “termination of employment,” or like terms shall mean a
“separation from service.”

 

    	10

    	 

    

 

17.Adjustments
Due to Excise Tax .

 

(a)           If
it is determined that any amount or benefit to be paid or payable to Executive under this Agreement or otherwise in conjunction
with his employment (whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise
in conjunction with his employment) would give rise to liability of Executive for the excise tax imposed by Section 4999 of the
Code, as amended from time to time, or any successor provision (the “Excise Tax”), then the amount or benefits payable
to Executive (the total value of such amounts or benefits, the “Payments”) shall be reduced by the Company to the extent
necessary so that no portion of the Payments to Executive is subject to the Excise Tax.  Such reduction shall only be
made if the net amount of the Payments, as so reduced (and after deduction of applicable federal, state, and local income and payroll
taxes on such reduced Payments other than the Excise Tax (collectively, the “Deductions”)), is greater than the excess
of (1) the net amount of the Payments, without reduction (but after making the Deductions), over (2) the amount of Excise Tax to
which Executive would be subject in respect of such Payments. In the event Payments are required to be reduced pursuant to this
Section 17(a), Executive shall designate the order in which such amounts or benefits shall be reduced in a manner consistent with
Code Section 409A.

 

(b)           The
independent public accounting firm serving as the Company’s auditing firm, or such other accounting firm, law firm or professional
consulting services provider of national reputation and experience reasonably acceptable to the Company and Executive (the “Accountants”),
shall make in writing in good faith all calculations and determinations under this Section 17, including the assumptions to be
used in arriving at any calculations.  For purposes of making the calculations and determinations under this Section
17, the Accountants and each other party may make reasonable assumptions and approximations concerning the application of Section
280G and Section 4999 of the Code.  The Company and Executive shall furnish to the Accountants and each other such information
and documents as the Accountants and each other may reasonably request to make the calculations and determinations under this Section
17.  The Company shall bear all costs the Accountants incur in connection with any calculations contemplated hereby.

 

    	11

    	 

    

 

18.Legal Fees. The Company
shall promptly reimburse Executive for any reasonable legal fees and expenses incurred by Executive in connection with the review
of this Agreement and any documents ancillary thereto.

 

19.Indemnification. To the
fullest extent permitted by the indemnification provisions of the laws of the state or jurisdiction of the Company, as applicable,
in effect from time to time, and subject to the conditions thereof, the Company shall:

 

(a)indemnify
Executive against all liabilities and reasonable expenses that Executive may incur in any threatened, pending, or completed action,
suit or proceeding, whether civil, criminal or administrative, or investigative and whether formal or informal, because Executive
is or was an officer or director of or service provider to the Company or any of its affiliates, provided, however, that Executive
shall have acted in good faith and in a manner that Executive reasonably believed to be in the best interests of the Company and

 

(b)pay
for or reimburse the reasonable expenses upon submission of appropriate documentation incurred by Executive in the defense of any
proceeding to which Executive is a party because Executive is or was an officer or director of or service provider to the Company
or any of its affiliates, including an advancement of such expenses to the extent permitted by applicable
law, subject to Executive’s execution of any legally required repayment undertaking. 

 

The preceding indemnification right shall
be in addition to, and not in lieu of, any rights to indemnification to which Executive may be entitled pursuant to the documents
under which the Company is organized as in effect from time to time and shall not apply with respect to any action or failure to
act by Executive which constitutes willful misconduct or bad faith on the part of Executive. The indemnification rights of Executive
in this Section 19 are referred to below as the “Indemnification Provisions.” The rights of Executive under the Indemnification
Provisions shall survive the cessation of Executive’s employment with the Company. The Company shall also maintain a directors’
and officers’ liability insurance policy, or an equivalent errors and omissions liability insurance policy, covering Executive
with reasonable scope, exclusions, amounts and deductibles based on Executive’s positions with the Company.

 

Notwithstanding the
foregoing, the Company shall have no obligation to indemnify, defend or hold harmless Executive from and against any liabilities
and expenses, or to pay for, or reimburse Executive for, any expenses arising from or relating to (a) Executive’s gross negligence
or intentional or willful misconduct, or (b) actions or claims which are initiated by Executive unless such action was approved
in advance by the Board.

 

* * * * *

 

    	12

    	 

    

 

IN WITNESS WHEREOF, the parties have executed
this Agreement as of the 19th day of December, 2013.

 

	INNERWORKINGS, INC., a Delaware corporation	 	EXECUTIVE
	 	 	 	 
	By:	
        /s/ Joseph Busky

        
	 	/s/ Eric Belcher
	Name:	Joseph M. Busky	 	Eric Belcher
	Its:  	
        Chief Financial Officer

        
	 	 

 

    	13

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00224-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00224-of-00352.parquet"}]]