Document:

Exhibit

Exhibit 10.1

AMENDED AND RESTATED ADVISORY AGREEMENT (2018)
among 
BLACK CREEK DIVERSIFIED PROPERTY FUND INC., 
BLACK CREEK DIVERSIFIED PROPERTY OPERATING PARTNERSHIP LP 
and 
BLACK CREEK DIVERSIFIED PROPERTY ADVISORS LLC 

TABLE OF CONTENTS
	
				
	1.
	DEFINITIONS
	1
	

	2.
	APPOINTMENT
	9
	

	3.
	DUTIES OF THE ADVISOR
	10
	

	4.
	AUTHORITY OF ADVISOR
	15
	

	5.
	BANK ACCOUNTS
	16
	

	6.
	RECORDS; ACCESS
	16
	

	7.
	LIMITATIONS ON ACTIVITIES
	16
	

	8.
	RELATIONSHIP WITH DIRECTORS
	16
	

	9.
	FEES
	17
	

	10.
	EXPENSES
	20
	

	11.
	OTHER SERVICES
	23
	

	12.
	REIMBURSEMENT TO THE ADVISOR
	23
	

	13.
	OTHER ACTIVITIES OF THE ADVISOR.
	23
	

	14.
	TERM; TERMINATION OF AGREEMENT
	24
	

	15.
	TERMINATION BY THE PARTIES
	25
	

	16.
	ASSIGNMENT TO AN AFFILIATE
	25
	

	17.
	PAYMENTS TO AND DUTIES OF ADVISOR UPON TERMINATION
	25
	

	18.
	INDEMNIFICATION BY THE COMPANY AND THE OPERATING PARTNERSHIP
	26
	

	19.
	INDEMNIFICATION BY ADVISOR
	27
	

	20.
	NOTICES
	27
	

	21.
	MODIFICATION
	28
	

	22.
	SEVERABILITY
	28
	

	23.
	CONSTRUCTION
	28
	

i

	
				
	24.
	ENTIRE AGREEMENT
	28
	

	25.
	INDULGENCES, NOT WAIVERS
	28
	

	26.
	GENDER
	29
	

	27.
	TITLES NOT TO AFFECT INTERPRETATION
	29
	

	28.
	EXECUTION IN COUNTERPARTS
	29
	

	29.
	INITIAL INVESTMENT
	29
	

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AMENDED AND RESTATED ADVISORY AGREEMENT (2018)
THIS AMENDED AND RESTATED ADVISORY AGREEMENT(2018) (this “Agreement”), dated as of June 21, 2018 and effective as of June 30, 2018, is among Black Creek Diversified Property Fund Inc., a Maryland corporation (f/k/a Dividend Capital Diversified Property Fund Inc., f/k/a Dividend Capital Total Realty Trust Inc.) (the “Company”), Black Creek Diversified Property Operating Partnership LP, a Delaware limited partnership (f/k/a Dividend Capital Total Realty Operating Partnership LP) (the “Operating Partnership”), and Black Creek Diversified Property Advisors LLC, a Delaware limited liability company (f/k/a Dividend Capital Total Advisors LLC) (the “Advisor”). 
W I T N E S S E T H 
WHEREAS, the Company has qualified as a REIT (as defined below), and invests its funds in investments permitted by the terms of Sections 856 through 860 of the Code (as defined below); 
WHEREAS, the Company is the general partner of the Operating Partnership and conducts all its business and makes all investments in Real Properties, Real Estate Related Securities, and Debt Investments through the Operating Partnership; 
WHEREAS, the Company and the Operating Partnership desire to avail themselves of the experience, sources of information, advice, assistance and certain facilities of the Advisor and to have the Advisor undertake the duties and responsibilities hereinafter set forth, on behalf of, and subject to the supervision, of the Board of Directors of the Company all as provided herein; 
WHEREAS, the Advisor is willing to undertake to render such services, subject to the supervision of the Board of Directors, on the terms and conditions hereinafter set forth; and 
WHEREAS, the parties hereto are party to that certain Twelfth Amended and Restated Advisory Agreement, dated as of September 1, 2017, which is amended and restated in its entirety hereby. 
NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants and agreements contained herein, the parties hereto agree as follows: 

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

Acquisition Expenses. Any and all expenses, exclusive of Acquisition Fees, incurred by the Company, the Operating Partnership, the Advisor, or any of their Affiliates in connection with the selection, acquisition or development of any Real Property, Real Estate Related Security or Debt Investment, whether or not acquired, including, without limitation, legal fees and expenses, travel and communications expenses, costs of appraisals, nonrefundable option payments on property not acquired, accounting fees and expenses, title insurance premiums, and the costs of performing due diligence.

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Acquisition Fees. Any and all fees and commissions, exclusive of Acquisition Expenses, paid by any Person to any other Person (including any fees or commissions paid by or to any Affiliate of the Company, the Operating Partnership or the Advisor) in connection with making or investing in Debt Investments or the purchase, development or construction of a Real Property, including real estate commissions, selection fees, development fees, construction fees, nonrecurring management fees, loan fees, points or any other fees of a similar nature. Excluded shall be development fees and construction fees paid to any Person not affiliated with the Sponsor in connection with the actual development and construction of a project. 
Advisor. Black Creek Diversified Property Advisors LLC, a Delaware limited liability company, any successor advisor to the Company, the Operating Partnership or any person or entity to which Black Creek Diversified Property Advisors LLC or any successor advisor subcontracts substantially all of its functions. Notwithstanding the forgoing, a Person hired or retained by Black Creek Diversified Property Advisors LLC to perform property and securities management and related services for the Company or the Operating Partnership that is not hired or retained to perform substantially all of the functions of Black Creek Diversified Property Advisors LLC with respect to the Company or the Operating Partnership as a whole shall not be deemed to be an Advisor.
Advisory Fee.  The fee payable to the Advisor pursuant to Section 9(b).
Affiliate or Affiliated. With respect to any Person, (i) any Person directly or indirectly owning, controlling or holding, with the power to vote, ten percent (10%) or more of the outstanding voting securities of such other Person; (ii) any Person ten percent (10%) or more of whose outstanding voting securities are directly or indirectly owned, controlled or held, with the power to vote, by such other Person; (iii) any Person directly or indirectly controlling, controlled by or under common control with such other Person; (iv) any executive officer, director, trustee or general partner of such other Person; and (v) any legal entity for which such Person acts as an executive officer, director, trustee or general partner.
Annual Total Return Amount.  The overall investment return, expressed as a dollar amount per OP Unit, which shall be equal to the sum of (1) the Weighted-Average Distributions per OP Unit over the applicable period, and (2) the Ending VPU, adjusted to remove the negative impact on the overall investment return from the payment or obligation to pay the Performance Component and Class-Specific Fees, less the Beginning VPU.
Articles of Incorporation. The Articles of Incorporation of the Company, as amended from time to time. 
Average Invested Assets. For a specified period, the average of the aggregate book value of the assets of the Company invested, directly or indirectly, in Real Estate Related Securities, Debt Investments and Real Properties, before deducting depreciation, bad debts or other non-cash reserves, computed by taking the average of such values at the end of each month during such period.

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Beginning VPU.  The VPU determined as of the end of the most recent month prior to the commencement of the applicable period.
Board of Directors or Board. The persons holding such office, as of any particular time, under the Articles of Incorporation of the Company, whether they be the Directors named therein or additional or successor Directors.
Bylaws. The bylaws of the Company, as the same are in effect from time to time. 
Cause. With respect to the termination of this Agreement, fraud, criminal conduct, willful misconduct or willful or negligent breach of fiduciary duty by the Advisor, or an uncured material breach of this Agreement by the Advisor.
Class E Unit.  An OP Unit entitling the holder thereof to the rights of a holder of Class E Units as provided in the Operating Partnership Agreement. 
Class-Specific Fees.  Any Distribution Fee expenses accrued or allocated directly or indirectly to a particular class of OP Units or Shares. 
Code. Internal Revenue Code of 1986, as amended from time to time, or any successor statute thereto. Reference to any provision of the Code shall mean such provision as in effect from time to time, as the same may be amended, and any successor provision thereto, as interpreted by any applicable regulations as in effect from time to time. 
Company. Company shall have the meaning set forth in the preamble of this Agreement. 
Company Property. Any and all property, real, personal or otherwise, tangible or intangible, which is transferred or conveyed to the Company (including all rents, income, profits and gains therefrom), and which is owned or held by, or for the account of, the Company. 
Debt Investments. The debt related investments, or such investments the Board of Directors and the Advisor mutually designate as debt related investments, which are owned from time to time by the Company or the Operating Partnership; such debt related investments include, but are not limited to, mortgage loans, B-notes, mezzanine debt, participating debt (including with equity-like features), non-traded preferred equity, convertible debt, hybrid instruments, equity instruments and other related investments.
Director. A member of the Board of Directors of the Company.
Disposition Expenses. Any and all expenses incurred by the Company, the Operating Partnership, the Advisor, or any of their Affiliates in connection with the disposition of any Real Property, Real Estate Related Security or Debt Investment, whether or not finally sold, including, without limitation, legal fees and expenses, travel and communications expenses and accounting fees and expenses. 
Distribution Fees.  Any ongoing distribution fees, dealer manager fees or similar fees (as distinguished from up-front or one-time selling commissions and dealer manager fees) payable 

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pursuant to the then-current dealer manager agreement between the Company and Black Creek Capital Markets LLC. 

Distributions. Any distributions of money or other property by the Company to owners of Shares, including distributions that may constitute a return of capital for federal income tax purposes.
DST Properties.  Real properties that meet the following criteria: (i) tenancy-in-common or Delaware statutory trust beneficial interests in such properties have been sold by the Company or any Affiliate to third party investors and (ii) such properties are being leased by the Company or any Affiliate from the tenancy-in-common or Delaware statutory trust third party investors. 
DST Property Consideration.  The consideration received by the Company or any Affiliate for selling tenancy-in-common or Delaware statutory trust beneficial interests in DST Properties to third party investors, net of DST Up Front Fees.
DST Up Front Fees.  Up front fees and expense reimbursements payable out of gross sale proceeds from the sale of tenancy-in-common or Delaware statutory trust beneficial interests in DST Properties, including but not limited to sales commissions, dealer manager fees and non-accountable expense allowances.
Ending VPU.  The VPU as of the end of the last month in the applicable period.
Equity Shares. Transferable shares of beneficial interest of the Company of any class or series, including common shares or preferred shares. 
Excess Amount. Excess Amount has the meaning set forth in Section 12.
Expense Year.  Expense Year has the meaning set forth in Section 12.
Fixed Component.  The non-variable component of the Advisory Fee as described in Section 9.
GAAP. Generally accepted accounting principles as in effect in the United States of America from time to time. 
Good Reason. With respect to the termination of this Agreement, (i) any failure to obtain a satisfactory agreement from any successor to the Company and/or the Operating Partnership to assume and agree to perform the Company's and/or the Operating Partnership's obligations under this Agreement; or (ii) any uncured material breach of this Agreement of any nature whatsoever by the Company and/or the Operating Partnership. 
Gross Proceeds. The aggregate purchase price of all Shares sold for the account of the Company through all Offerings, without deduction for Organizational and Offering Expenses. 

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Hurdle Amount. For the applicable period, an amount that when annualized would equal 5% of the Beginning VPU.
Independent Director. Independent Director shall have the meaning set forth in the Articles of Incorporation. 
Independent Expert. A person or entity with no material current or prior business or personal relationship with the Advisor or the Directors and who is engaged to a substantial extent in the business of rendering opinions regarding the value of assets of the type held by the Company.
Independent Valuation Advisor.  A firm that is (i) engaged to a substantial degree in the business of conducting valuations on commercial real estate properties, (ii) not affiliated with the Advisor and (iii) engaged by the Company with the approval of the Board to appraise the Real Properties or other assets or liabilities pursuant to the Valuation Procedures.
Joint Ventures. The joint venture or partnership arrangements (other than with Black Creek Diversified Property Operating Partnership LP) in which the Company or any of its subsidiaries is a co-venturer or general partner which are established to acquire Real Properties. 
Listing. The listing of the Shares on a national securities exchange or the receipt by the Company's stockholders of securities that are listed on a national securities exchange in exchange for the Company's common stock. Upon such Listing, the Shares shall be deemed Listed.
Loss Carryforward Amount.  Loss Carryforward Amount shall equal zero as of September 1, 2017 and shall cumulatively increase by the absolute value of any negative Annual Total Return Amount and decrease by any positive Annual Total Return Amount, provided that the Loss Carryforward Amount shall at no time be less than zero. The effect of the Loss Carryforward Amount is that the recoupment of past Annual Total Return Amount losses will offset the positive Annual Total Return Amount for purposes of the calculation of the Performance Component. 
NASAA REIT Guidelines.  The Statement of Policy Regarding Real Estate Investment Trusts published by the North American Securities Administrators Association on May 7, 2007, as may be amended from time to time.
NAV.  Net asset value, calculated pursuant to the Valuation Procedures.
NAV Calculations.  The calculations used to determine the NAV of the Company, the Shares, the Operating Partnership and the OP Units, all as provided in the Valuation Procedures.
Net Income. For any period, the Company's total revenues applicable to such period, less the total expenses applicable to such period other than additions to reserves for depreciation, bad debts or other similar non-cash reserves and excluding any gain from the sale of the Company's assets. 

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Offering. A public offering of Shares pursuant to a Prospectus. 
Operating Partnership. Operating Partnership has the meaning set forth in the preamble of this Agreement. 
Operating Partnership Agreement. The Operating Partnership’s limited partnership agreement among the Company, the Advisor, and Black Creek Diversified Property Advisors Group LLC. 
Operating Partnership NAV.  The NAV of the Operating Partnership.
OP Unit. A unit of limited partnership interest in the Operating Partnership. 
Organizational and Offering Expenses. Any and all cumulative costs and expenses incurred by and to be paid from the assets of the Company, including amounts reimbursable to the Advisor and its Affiliates pursuant and subject to Section 10(a)(i) hereof, in connection with the formation, qualification and registration of all of the Company’s Offerings and the subsequent marketing and distribution of Shares, including, without limitation, the following: total underwriting and brokerage discounts and commissions (including fees of the underwriters' attorneys), any expense allowance granted by the Company to the underwriter (which may include a dealer manager) or any reimbursement of expenses of the underwriter by the Company, expenses for printing, engraving, mailing and distributing costs, salaries of employees while engaged in sales activity, telephone and other telecommunications costs, all advertising and marketing expenses (including the costs related to investor and broker-dealer sales meetings), charges of transfer agents, registrars, trustees, escrow holders, depositories, experts, fees, expenses and taxes related to the filing, registration and qualification of the sale of the Shares under federal and state laws, including accountants' and attorneys' fees.
Performance Component.  The variable component of the Advisory Fee as described in Section 9.
Person. An individual, corporation, partnership, trust, joint venture, limited liability company or other entity.
Priority Return Percentage.  Priority Return Percentage has the meaning set forth in Section 9.
Private Organizational and Offering Expenses. Any and all cumulative costs and expenses incurred by and to be paid from the assets of the Company or any of its subsidiaries, including amounts reimbursable to the Advisor and its Affiliates pursuant and subject to Section 10(a)(ii) hereof, in connection with the formation and qualification of any private offerings of any securities conducted by the Company or any of its subsidiaries and the subsequent marketing and distribution of such securities, including, without limitation, the following: total underwriting and brokerage discounts and commissions (including fees of the underwriters' attorneys), any expense allowance granted by the Company or its subsidiaries to the underwriter (which may include a dealer manager) or any reimbursement of expenses of the underwriter by 

6

the Company or its subsidiaries, expenses for printing, engraving, mailing and distributing costs, salaries of employees while engaged in sales activity, telephone and other telecommunications costs, all advertising and marketing expenses (including the costs related to investor and broker-dealer sales meetings), charges of transfer agents, registrars, trustees, escrow holders, depositories, experts, fees, expenses and taxes related to the qualification of the sale of the securities under federal and state laws, including accountants' and attorneys' fees.
Product Specialist.  Persons that have specialized expertise and dedicated resources in specific areas of real property, real estate related securities or debt investments, that perform services that the Advisor has committed to provide pursuant to Section 3 of this Agreement or with whom the Company has entered into a product specialist agreement, and that assist the Advisor in connection with one or more of the following: identifying, evaluating and/or recommending potential investments, performing due diligence, negotiating purchases and/or managing the Company's assets on a day-to-day basis, as described in the Company's Prospectus.
Prospectus. “Prospectus” has the meaning set forth in Section 2(10) of the Securities Act, including a preliminary Prospectus, an offering circular as described in Rule 256 of the General Rules and Regulations under the Securities Act or, in the case of an intrastate offering, any document by whatever name known, utilized for the purpose of offering and selling securities to the public. 
Real Estate Related Securities. The real estate related securities investments, or such investments the Board of Directors and the Advisor mutually designate as Real Estate Related Securities to the extent such investments could be classified as either Real Estate Related Securities or Real Property, which are owned from time to time by the Company or the Operating Partnership. 
Real Property. (i) Land, including the buildings located thereon, or (ii) land only, or (iii) the buildings only, which are owned from time to time by the Company or the Operating Partnership, either directly or through subsidiaries, joint venture arrangements or other partnerships, or (iv) such investments the Board of Directors and the Advisor mutually designate as Real Property to the extent such investments could be classified as either Real Property, Real Estate Related Securities, or Debt Investments. DST Properties shall also be deemed Real Property for the purposes of this definition. 
REIT. A “real estate investment trust” under Sections 856 through 860 of the Code or as may be amended. 
Sale or Sales. Any transaction or series of transactions whereby: (A) the Company or the Operating Partnership directly or indirectly (except as described in other subsections of this definition) sells, grants, transfers, conveys, or relinquishes its ownership of any Real Property or portion thereof, including the lease of any Real Property consisting of a building only, and including any event with respect to any Real Property which gives rise to a significant amount of insurance proceeds or condemnation awards; (B) the Company or the Operating Partnership directly or indirectly (except as described in other subsections of this definition) sells, grants, transfers, conveys, or relinquishes its ownership of all or substantially all of the interest of the 

7

Corporation or the Operating Partnership in any Joint Venture in which it is a co-venturer or partner; (C) any Joint Venture directly or indirectly (except as described in other subsections of this definition) in which the Company or the Operating Partnership as a co-venturer or partner sells, grants, transfers, conveys, or relinquishes its ownership of any Real Property or portion thereof, including any event with respect to any Real Property which gives rise to insurance claims or condemnation awards; or (D) the Company or the Operating Partnership directly or indirectly (except as described in other subsections of this definition) sells, grants, conveys or relinquishes its interest in any mortgage or portion thereof (including with respect to any mortgage, all payments thereunder or in satisfaction thereof other than regularly scheduled interest payments) of amounts owed pursuant to such mortgage and any event which gives rise to a significant amount of insurance proceeds or similar awards; or (E) the Company or the Operating Partnership directly or indirectly (except as described in other subsections of this definition) sells, grants, transfers, conveys, or relinquishes its ownership of any other asset not previously described in this definition or any portion thereof. 
Securities. Any Equity Shares, any other stock, shares or other evidences of equity or beneficial or other interests, voting trust certificates, bonds, debentures, notes or other evidences of indebtedness, secured or unsecured, convertible, subordinated or otherwise, or in general any instruments commonly known as “securities” or any certificates of interest, shares or participations in, temporary or interim certificates for, receipts for, guarantees of, or warrants, options or rights to subscribe to, purchase or acquire, any of the foregoing.
Securities Act. The Securities Act of 1933, as amended.
Shares. The shares of all classes of the common stock of the Company. 
Sponsor. Any Person which (i) is directly or indirectly instrumental in organizing, wholly or in part, the Company, (ii) will control, manage or participate in the management of the Company, and any Affiliate of any such Person, (iii) takes the initiative, directly or indirectly, in founding or organizing the Company, either alone or in conjunction with one or more other Persons, (iv) receives a material participation in the Company in connection with the founding or organizing of the business of the Company, in consideration of services or property, or both services and property, (v) has a substantial number of relationships and contacts with the Company, (vi) possesses significant rights to control Real Properties, (vii) receives fees for providing services to the Company which are paid on a basis that is not customary in the industry, or (viii) provides goods or services to the Company on a basis which was not negotiated at arm's-length with the Company. “Sponsor” does not include wholly independent third parties such as attorneys, accountants and underwriters whose only compensation is for professional services. 
Stockholders. The registered holders of the Company's Shares. 
Termination Date. The date of termination of this Agreement. 
Termination Event. The termination or nonrenewal of this Agreement (i) in connection with a merger, sale of assets or transaction involving the Company pursuant to which a majority 

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of the Directors then in office are replaced or removed, (ii) by the Advisor for Good Reason or (iii) by the Company and the Operating Partnership other than for Cause. 
Total Operating Expenses. All costs and expenses paid or incurred by the Company, as determined under GAAP, that are in any way related to the operation of the Company or to corporate business, including the Advisory Fee, but excluding (i) the expenses of raising capital such as Organizational and Offering Expenses, legal, audit, accounting, underwriting, brokerage, listing, registration, and other fees, printing and other such expenses and tax incurred in connection with the issuance, distribution, transfer, registration and Listing, (ii) interest payments, (iii) taxes, (iv) non-cash expenditures such as depreciation, amortization and bad debt reserves, (v) incentive fees paid in compliance with the NASAA REIT Guidelines; (vi) Acquisition Fees and Acquisition Expenses, (vii) real estate commissions on the Sale of Real Property, and (viii) other fees and expenses connected with the acquisition, disposition, management and ownership of real estate interests, mortgage loans or other property (including the costs of foreclosure, insurance premiums, legal services, maintenance, repair, and improvement of property). The definition of “Total Operating Expenses” set forth above is intended to encompass only those expenses which are required to be treated as Total Operating Expenses under the NASAA REIT Guidelines. As a result, and notwithstanding the definition set forth above, any expense of the Company which is not part of Total Operating Expenses under the NASAA REIT Guidelines shall not be treated as part of Total Operating Expenses for purposes hereof.
2%/25% Guidelines. For any year in which the Company qualifies as a REIT, the requirement pursuant to the NASAA REIT Guidelines that, in any period of four consecutive fiscal quarters, Total Operating Expenses not exceed the greater of 2% of the Company's Average Invested Assets during such 12-month period or 25% of the Company's Net Income over the same 12-month period.
Unitholders.  The holders of OP Units.
Valuation Procedures.  The valuation procedures adopted by the Board, as amended from time to time.
VPU.  Average value per unit, which on any given date shall be equal to (i) the Operating Partnership NAV on such date, divided by (ii) the aggregate number of OP Units of all classes outstanding on such date.
Weighted-Average Distributions per OP Unit.  For a particular period of time, an amount equal to the ratio of (i) the aggregate distributions paid or accrued in respect of all OP Units during the applicable period, divided by (ii) the weighted-average number of OP Units of all classes outstanding during the applicable period, calculated in accordance with GAAP applied on a consistent basis.  

		
	2.
	APPOINTMENT. The Company and the Operating Partnership hereby appoint the Advisor to serve as their advisor on the terms and conditions set forth in this Agreement, and the Advisor hereby accepts such appointment. 

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	3.
	DUTIES OF THE ADVISOR. The Advisor undertakes to provide a continuing and suitable investment program consistent with the investment objectives and policies of the Company as determined and adopted from time to time by the Directors. In performance of this undertaking, subject to the supervision of the Directors and consistent with the provisions of the Articles of Incorporation and Bylaws and the Operating Partnership Agreement, and subject to the condition that any investment advisory services provided with respect to securities shall be provided by a registered investment adviser, the Advisor shall, either directly or by engaging an Affiliated or non-Affiliated Person: 

		
	(a)
	Fee-related Services.

		
	(i)
	Asset Management Services.  The following services shall be provided by the Advisor or one of its Affiliates in consideration of the fees described in Section 9(b) of this Agreement, subject to reimbursement for expenses as provided in Section 9(a), Section 10 and Section 12, or as otherwise provided under this Agreement:

		
	(1)
	participate in formulating an investment strategy and asset allocation framework consistent with achieving our investment objectives;

		
	(2)
	monitor the operating performance of the investments of the Company and/or the Operating Partnership;

		
	(3)
	oversee the leasing activities of the Company’s portfolio including but not limited to negotiations with prospective and existing tenants and leasing arrangements with Affiliated and non-Affiliated leasing brokers;

		
	(4)
	oversee Affiliated and non-Affiliated property managers who perform property management services for the Company or the Operating Partnership; and

		
	(5)
	oversee and negotiate service contracts for the Company’s Real Properties.

		
	(b)
	Non Fee-Related Services.  The following services shall be provided by the Advisor or one of its Affiliates without consideration in the form of a separate fee, subject to reimbursement for expenses as provided in Section 10 and Section 12, or as otherwise provided under this Agreement:

		
	(i)
	Organizational and Offering Services.  

		
	(1)
	assist the Company in maintaining the registration of the Shares under federal and state securities laws and complying with all federal, state and local regulatory requirements applicable to the 

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Company in respect of the Offering (including the Sarbanes-Oxley Act of 2002, as amended), including preparing or causing to be prepared all supplements to the Prospectus, post-effective amendments to the registration statement for any Offering and financial statements required under applicable regulations and contractual undertakings and all reports and documents, if any, required under the Securities Act and the Securities Exchange Act of 1934, as amended; provided, however, that in all filings made under federal and state securities laws, the statements therein shall be made by solely the Company and not by the Advisor or any of its other Affiliates; and
		
	(2)
	assist the Company in complying with all federal, state and local regulatory requirements applicable to the Company and its subsidiaries in respect of any private placements of any securities, including but not limited to tenancy-in-common or Delaware statutory trust beneficial interests in DST Properties, including preparing or causing to be prepared private placement memoranda and all supplements thereto; provided, however, that in all private placement memoranda, supplements thereto and any other offering materials, the statements therein shall be made by solely the Company and not by the Advisor or any of its other Affiliates.

		
	(ii)
	Acquisition and Disposition Services.

		
	(1)
	present to the Company and the Operating Partnership potential investment opportunities;

		
	(2)
	serve as the Company's and the Operating Partnership's investment and financial advisor and, as reasonably appropriate under the circumstances, provide research and economic and statistical data in connection with the Company's assets and investment policies;

		
	(3)
	subject to any required Board or Board committee approval, (i) locate, analyze and select potential investments, (ii) structure and negotiate the terms and conditions of transactions pursuant to which investments will be made; (iii) oversee and coordinate the making of investments by the Company and the Operating Partnership in compliance with the investment objectives and policies of the Company; and (iv) arrange, oversee and coordinate the financing and refinancing and the making of other changes in the asset or capital structure of investments;

		
	(4)
	perform due diligence on prospective investments;

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	(5)
	upon request provide the Directors with periodic reports regarding prospective investments;

		
	(6)
	obtain the prior approval of the Board, any particular Directors specified by the Board or any committee of the Board, as the case may be, for any and all investments in Real Properties; 

		
	(7)
	oversee and coordinate the making of investments in Real Estate Related Securities or Debt Investments within the discretionary limits and authority as granted by the Board, or if no such discretionary limits have been established, with the prior approval of the Board, any particular Directors specified by the Board or any committee of the Board, as the case may be; 

		
	(8)
	oversee and coordinate the disposition of Real Properties, Real Estate Related Securities or Debt Investments within the discretionary limits and authority as granted by the Board, or if no such discretionary limits have been established, with the prior approval of the Board, any particular Directors specified by the Board or any committee of the Board, as the case may be; and

		
	(9)
	negotiate with and engage selling brokers as necessary to dispose of Real Properties.

		
	(iii)
	Financing Services.

		
	(1)
	consult with the officers and Directors of the Company and assist the Directors in the formulation and implementation of the Company's borrowing policies, and, as necessary, furnish the Directors with advice and recommendations with respect to any borrowings proposed to be undertaken by the Company and/or the Operating Partnership; and

		
	(2)
	negotiate on behalf of the Company and the Operating Partnership with banks or lenders for loans to be made to the Company and the Operating Partnership, and negotiate on behalf of the Company and the Operating Partnership with investment banking firms and broker-dealers or negotiate private sales of Shares and other Securities or obtain loans for the Company and the Operating Partnership, but in no event in such a way so that the Advisor shall be acting as broker-dealer or underwriter; and provided, further, that any fees and costs payable to third parties incurred by the Advisor in connection with the foregoing shall be the responsibility of the Company or the Operating Partnership.

		
	(iv)
	Accounting and Administrative Services.

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	(1)
	provide the daily management for the Company and the Operating Partnership and perform and supervise the various administrative functions reasonably necessary for the management of the Company and the Operating Partnership, unless expressly provided for elsewhere in this Agreement;

		
	(2)
	provide the Company and the Operating Partnership with, or arrange for the provision to the Company and the Operating Partnership of, all necessary cash management services;

		
	(3)
	consult with the Company’s officers and the Board and assist the Board in evaluating and obtaining adequate insurance coverage based upon risk management determinations;

		
	(4)
	implement and coordinate the processes with respect to the NAV Calculations, and in connection therewith, obtain appraisals performed by an Independent Valuation Advisor concerning the value of the Real Properties;

		
	(5)
	supervise one or more Independent Valuation Advisors and, if and when necessary, recommend to the Board its replacement; and

		
	(6)
	deliver to or maintain on behalf of the Company copies of all appraisals obtained in connection with the investments in Real Properties and all valuations of Real Estate Related Securities or Debt Investments as may be required to be obtained by the Board;

		
	(7)
	in consultation with legal counsel, advise the Company regarding the maintenance of the Company’s exemption from the Investment Company Act of 1940, as amended, and monitor compliance with the requirements for maintaining an exemption from such act;

		
	(8)
	in consultation with legal counsel and other tax advisers, advise the Company regarding the maintenance of the Company’s status as a REIT and monitor compliance with the various REIT qualification tests and other rules set out in the Code and the regulations promulgated thereunder;

		
	(9)
	in consultation with legal counsel and other tax advisers, take all necessary actions to enable the Company and the Operating Partnership to make required tax filings and reports, including soliciting Stockholders for required information to the extent provided by the REIT provisions of the Code; and

		
	(10)
	oversee and resolve all claims, disputes or controversies (including all litigation, arbitration, settlement or other proceedings or 

13

negotiations) in which the Company and the Operating Partnership may be involved or to which the Company and the Operating Partnership may be subject, arising out of the Company’s or the Operating Partnership’s day-to-day operations, subject to such limitations or parameters as may be imposed from time to time by the Board.
		
	(v)
	Stockholder Services.

		
	(1)
	in consultation with legal counsel, communicate on the Company’s or the Operating Partnership’s behalf with the respective holders of any of the Company’s or the Operating Partnership’s securities as required to satisfy the reporting and other requirements of any regulatory bodies or agencies and to maintain effective relations with such holders; and

		
	(2)
	oversee the performance of the transfer agent and registrar.

		
	(vi)
	Other Services.  

		
	(1)
	oversee the development, construction and improvement, including tenant improvements, of Real Properties (including DST Properties) by third parties on behalf of the Company; 

		
	(2)
	oversee and monitor third-party engineers, facility managers and property managers with regard to the effective building operations and maintenance of our Real Properties (including DST Properties);

		
	(3)
	oversee and coordinate the making of any private placement of OP Units, tenancy-in-common or other interests in Real Properties as may be approved by the Board;

		
	(4)
	investigate, select, and, on behalf of the Company and the Operating Partnership, oversee and coordinate the engagement of and business with such Persons as the Advisor deems necessary to the proper performance of its obligations hereunder (whether for a fee or not), including but not limited to consultants, accountants, correspondents, lenders, technical advisors, attorneys, brokers, underwriters, corporate fiduciaries, escrow agents, depositaries, custodians, agents for collection, insurers, insurance agents, banks, builders, developers, property owners, real estate management companies, real estate operating companies, securities investment advisors, mortgagors, and any and all agents for any of the foregoing, including Affiliates of the Advisor, and Persons acting in any other capacity deemed by the Advisor necessary or desirable 

14

for the performance of any of the foregoing services, including but not limited to entering into contracts in the name of the Company and the Operating Partnership with any of the foregoing;
		
	(5)
	from time to time, or at any time reasonably requested by the Directors, make reports to the Directors of its performance of services to the Company and the Operating Partnership under this Agreement, including reports with respect to potential conflicts of interest involving the Advisor or any of its affiliates; and

		
	(6)
	do all other things reasonably necessary to assure its ability to render the services described in this Agreement.

Notwithstanding the foregoing, the Advisor may delegate any of the foregoing duties to any Person so long as the Advisor or any Affiliate remains responsible for the performance of the duties set forth in this Section 3. 

		
	4.
	AUTHORITY OF ADVISOR. 

		
	(a)
	Pursuant to the terms of this Agreement (including the restrictions included in this Section 4 and in Section 7), and subject to the continuing and exclusive authority of the Directors over the management of the Company, the Directors hereby delegate to the Advisor the authority to take, or cause to be taken, any and all actions and to execute and deliver any and all agreements, certificates, assignments, instruments or other documents and to do any and all things that, in the judgment of the Advisor, may be necessary or advisable in connection with the Advisor’s duties described in Section 3. 

		
	(b)
	Notwithstanding the foregoing, any investment in Real Properties, including any acquisition of Real Property by the Company or the Operating Partnership (including any financing of such acquisition), will require the prior approval of the Board, any particular Directors specified by the Board or any committee of the Board, as the case may be. 

		
	(c)
	If a transaction requires approval by the Independent Directors, the Advisor will deliver to the Independent Directors all documents and other information required by them to properly evaluate the proposed transaction. 

The prior approval of a majority of the Independent Directors not otherwise interested in the transaction and a majority of the Directors not otherwise interested in the transaction will be required for each transaction to which the Advisor or its Affiliates is a party. The Directors may, at any time upon the giving of written notice to the Advisor, modify or revoke the authority set forth in this Section 4. If and to the extent the Directors so modify or revoke the authority contained herein, the Advisor shall henceforth submit to the Directors for prior approval such proposed transactions involving investments in Real Property, Real Estate Related Securities, or Debt Investments as thereafter require prior 

15

approval, provided however, that such modification or revocation shall be effective upon receipt by the Advisor and shall not be applicable to investment transactions to which the Advisor has committed the Company prior to the date of receipt by the Advisor of such notification. 

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

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

		
	7.
	LIMITATIONS ON ACTIVITIES. Anything else in this Agreement to the contrary notwithstanding, the Advisor shall refrain from taking any action which, in its sole judgment made in good faith, would (a) adversely affect the status of the Company as a REIT, (b) subject the Company to regulation under the Investment Company Act of 1940, as amended, or (c) violate any law, rule, regulation or statement of policy of any governmental body or agency having jurisdiction over the Company, its Shares or its Securities, or otherwise not be permitted by the Articles of Incorporation or Bylaws of the Company, except if such action shall be ordered by the Directors, in which case the Advisor shall notify promptly the Directors of the Advisor's judgment of the potential impact of such action and shall refrain from taking such action until it receives further clarification or instructions from the Directors. In such event the Advisor shall have no liability for acting in accordance with the specific instructions of the Directors so given. Notwithstanding the foregoing, the Company shall hold harmless the Advisor, its directors, officers, employees and stockholders, and stockholders, directors and officers of the Advisor's Affiliates for any act or omission by the Advisor, its directors, officers or employees, or stockholders, directors or officers of the Advisor's Affiliates taken or omitted to be taken in the performance of their duties under this Agreement to the extent permitted under the Company’s Articles of Incorporation and under Section 18 hereof. 

		
	8.
	RELATIONSHIP WITH DIRECTORS. Subject to Section 7 of this Agreement and to restrictions advisable with respect to the qualification of the Company as a REIT, directors, officers and employees of the Advisor or an Affiliate of the Advisor or any corporate parents of an Affiliate, may serve as a Director and as officers of the Company, except that no director, officer or employee of the Advisor or its Affiliates who also is a Director or officer of the Company shall receive any compensation from the Company for serving as a Director or officer other than reasonable reimbursement for travel and related 

16

expenses incurred in attending meetings of the Directors and no such Director shall be deemed an Independent Director for purposes of satisfying the Director independence requirement set forth in the Articles of Incorporation.  Notwithstanding the foregoing, directors, officers and employees of the Advisor and its Affiliates that are also Directors or officers of the Company may receive compensation from the Advisor or its Affiliates for which the Advisor or its Affiliates are reimbursed by the Company pursuant to Section 10 of this Agreement.

		
	9.
	FEES. 

		
	(a)
	The fees described in Section 9(b) are compensation for the personnel and related employment costs incurred by the Advisor or its Affiliates in performing the applicable services, including but not limited to salaries and wages, benefits and overhead of all employees involved in the performance of such services, but not for the third-party costs incurred by the Advisor or its Affiliates in connection with the performance of such services, which third-party costs shall be separately reimbursed and are not included in the services provided by the Advisor and its Affiliates. 

		
	(b)
	Advisory Fee.   The Advisor shall receive the Advisory Fee as compensation for asset management services rendered pursuant to Section 3(a)(i) hereof as follows. 

		
	(i)
	The Advisory Fee will be comprised of two separate components: (1) a fixed component in an amount equal to, for each month during the term of this Agreement, 1/12th of 1.10% of the sum of (a) the product of (x) the applicable monthly Operating Partnership NAV per OP Unit, before giving effect to any monthly accruals for the Advisory Fee, Distribution Fees or any distributions accrued in respect of OP Units during the applicable month, and (y) the weighted average number of OP Units outstanding during the applicable month; and (b) aggregate DST Property Consideration for all DST Properties (the “Fixed Component”); and (2) a performance component (the “Performance Component”) that is calculated as described in Section 9(b)(ii) below.

		
	(ii)
	The Advisor will earn a Performance Component with respect to each calendar year (or partial calendar year) in which this Agreement is in effect in an amount equal to: 

		
	(A)
	The lesser of (1) the amount equal to 12.5% of (a) the Annual Total Return Amount less (b) the Loss Carryforward Amount, and (2) the amount equal to (x) the Annual Total Return Amount, less (y) the Loss Carryforward Amount, less (z) the Hurdle Amount; 

multiplied by:

17

		
	(B)
	The weighted-average number of OP Units outstanding during the applicable year, calculated in accordance with GAAP as applied on a consistent basis,

		
	(C)
	Provided that the Performance Component shall at no time be less than zero.  

Except as described in the definition of Loss Carryforward Amount in this Agreement, any amount by which the Annual Total Return Amount falls below the Hurdle Amount will not be carried forward to subsequent periods. If the Performance Component is payable pursuant to this Section 9(b)(ii), the Advisor will be entitled to such payment even in the event that the total percentage return to Unitholders over any longer or shorter period, or the total percentage return to any particular Unitholder over the same, longer or shorter period, has been less than the annual return used to calculate the Hurdle Amount.  The Advisor shall not be obligated to return any portion of any Advisory Fee paid based on the Company’s or the Operating Partnership’s subsequent performance.  
		
	(iii)
	The Advisory Fee will generally accrue and be payable monthly. The Fixed Component is payable monthly in arrears (after the completion of the NAV Calculations for such month).  The Performance Component with respect to any calendar year is payable after the completion of the NAV Calculations for December of such year.  The Fixed Component shall be payable for each month in which this Agreement is in effect, even if the Agreement is in effect for a partial month.  The Performance Component shall be payable for each calendar year in which this Agreement is in effect, even if the Agreement is in effect for a partial year.  With respect to the first calendar year in which the fees pursuant to this Agreement are in effect, the partial period Fixed Component and Performance Component of the Advisory Fee will be calculated based on the date on which the Agreement was entered into, and based on a good faith estimate of what the NAV Calculations would be as of that date. In the event this Agreement is terminated or its term expires without renewal, the partial period Fixed Component and Performance Component of the Advisory Fee will be calculated and due and payable upon the Termination Date based on a good faith estimate of what the NAV Calculations would be as of that date. If the Advisory Fee is payable with respect to any partial calendar month or calendar year, the Fixed Component will be prorated based on the number of days elapsed during any partial calendar month and the Performance Component (including the Hurdle Amount) will be prorated based on the number of days elapsed during, and the Annual Total Return Amount achieved for, the period of such partial calendar year.  

18

		
	(iv)
	In the event the Operating Partnership commences a liquidation of its Investments during any calendar year, the Advisor will be paid its Advisory Fee from the proceeds of the liquidation and the Performance Component will be calculated at the end of the liquidation period prior to the distribution of the liquidation proceeds to the Unitholders.  The calculation of the Performance Component for any partial year shall be calculated consistent with the applicable provisions of Section 9(b)(iii) above.

		
	(v)
	The Advisor may require that the Company and the Operating Partnership restructure the Performance Component to be paid through a performance participation interest in the Operating Partnership.  This performance participation would be in the form of a special limited partnership interest, the basic terms of which would allow the Advisor (or its Affiliate) to receive the Performance Component described above through a distribution from the Operating Partnership in the form of either cash or Class I OP Units.

		
	(c)
	Fees for other Services. The Company may retain certain of the Advisor’s Affiliates from time to time, for services relating to its investments or its operations, which may include property management services, leasing services, corporate services, statutory services, transaction support services (including but not limited to coordinating with brokers, lawyers, accountants and other advisors, assembling relevant information, conducting financial and market analyses, and coordinating closing procedures), construction and development management, and loan management and servicing, and within one or more such categories, providing services in respect of asset and/or investment administration, accounting, technology, tax preparation, finance (including but not limited to budget preparation and preparation and maintenance of corporate models), treasury, operational coordination, risk management, insurance placement, human resources, legal and compliance, valuation and reporting-related services, as well as services related to mortgage servicing, group purchasing, healthcare, consulting/brokerage, capital markets/credit origination, property, title and/or other types of insurance, management consulting and other similar operational matters. Any fees paid to the Advisor’s affiliates for any such services will not reduce the advisory fees. Any such arrangements will be at market rates or reimbursement of costs incurred by the affiliate in providing the services.

		
	(d)
	Loans from Affiliates. The Advisor or any Affiliate thereof may not make any loan to the Company or the Operating Partnership unless a majority of the Directors (including a majority of the Independent Directors) not otherwise interested in such loan approve the loan as being fair, competitive, and commercially reasonable and no less favorable to the Company or the Operating Partnership than loans between unaffiliated parties under the same circumstances. 

19

		
	(e)
	Exclusion of Certain Transactions. In the event the Company or the Operating Partnership shall propose to enter into any transaction in which an officer or director of the Company, and the Operating Partnership, the Advisor, or any Affiliate of the Company, the Operating Partnership or the Advisor has a direct or indirect interest, then (i) such transaction shall be approved by a majority of the Board of Directors and also by a majority of the Independent Directors and (ii) any commissions or remuneration received by any such persons in connection with such transaction shall be deducted from the fees payable under this Agreement. 

		
	(f)
	Product Specialists. In the event the Advisor enters into strategic alliances with Product Specialists with respect to investments in Real Properties, Real Estate Related Securities or Debt Investments on behalf of the Company or the Operating Partnership as provided for in the Company's prospectus, and the Product Specialists perform services that entitle them to fees, any such fees will be paid by the Advisor (and not by the Company or the Operating Partnership) out of the fees the Advisor receives from the Company or the Operating Partnership.

		
	(g)
	Payment in Shares or OP Units.  The fees due under this Section 9 shall be paid in cash; provided, however, that in lieu of cash, the Advisor may elect to receive the payment of the fees due under this Section 9 in any class of Shares or OP Units.  Any such Shares or OP Units will be valued at the NAV per share applicable to such Shares or OP Units on the issue date.  Such shares shall not be subject to any early redemption deduction under the Company’s share redemption program.

		
	(h)
	Fee Waiver.  If as of the end of the last month of the applicable period the NAV of a Class E Series 1 Unit is less than $10.00 per unit, the Advisor will waive its fees earned under this Agreement in an amount equal to the product of (a) the Performance Component for the applicable period, and (b) the weighted-average Class E Series 1 Units outstanding over the applicable period divided by the weighted-average OP Units outstanding over the same period.  In this manner, the holders of each class of OP Units will benefit from this waiver pro rata in accordance with their particular class’s portion of Operating Partnership NAV.

		
	10.
	EXPENSES. 

		
	(a)
	In addition to the compensation paid to the Advisor pursuant to Section 9 hereof, the Company or the Operating Partnership shall pay directly or reimburse the Advisor or its Affiliates for all of the expenses paid or incurred by the Advisor or its Affiliates in connection with the services they provide to the Company and the Operating Partnership pursuant to this Agreement, including, but not limited to: 

		
	(i)
	Organizational and Offering Expenses paid or incurred by the Advisor or any of its Affiliates; provided that after an Offering terminates, the Advisor shall reimburse the Company to the extent the Organizational and Offering Expenses with respect to such Offering that are borne by the 

20

Company exceed 15.0% of the Gross Proceeds raised in the completed Offering; the Advisor shall be responsible for the payment of all the Company's Organizational and Offering Expenses in excess of the maximum amount permitted; 
		
	(ii)
	Private Organizational and Offering Expenses paid or incurred by the Advisor or any of its Affiliates, except to the extent the Advisor or its Affiliates have agreed to receive a fee in lieu of reimbursement of such expenses therewith;

		
	(iii)
	Acquisition Expenses incurred in connection with the selection and acquisition of Real Properties; 

		
	(iv)
	Disposition Expenses incurred in connection with the disposition of Real Properties, Real Estate Related Securities and Debt Investments; 

		
	(v)
	the actual cost of goods and services used by the Company and obtained from Persons not affiliated with the Advisor, other than Acquisition Expenses, including brokerage fees paid in connection with the purchase and sale of Real Estate Related Securities or Debt Investments; 

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

		
	(vii)
	taxes and assessments on income of the Company or Real Properties; 

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

		
	(ix)
	expenses incurred in connection with financing transactions, including the financing or refinancing of Company properties;

		
	(x)
	expenses of managing and operating Real Properties owned by the Company;

		
	(xi)
	all expenses in connection with payments to the Directors and meetings of the Directors and Stockholders; 

		
	(xii)
	personnel (and related employment) costs and overhead (including, but not limited to, allocated rent paid to both third parties and an affiliate of the Advisor, equipment, utilities, insurance, travel and entertainment, and other costs) incurred by the Advisor or its Affiliates in performing the services described in Section 3 hereof, including but not limited to compensation, benefits and other overhead of all employees involved in the performance of such services, provided that no reimbursement shall be made for such costs in connection with the services under Section 3(a), for services provided by an Affiliate of the Adviser for which the Company 

21

pays a separate fee pursuant to a separate agreement, or for compensation of the Company’s named executive officers;
		
	(xiii)
	expenses associated with a Listing, if applicable, or with the issuance and distribution of Securities, such as selling commissions and fees, advertising expenses, taxes, legal and accounting fees, listing and registration fees; 

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

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

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

		
	(xvii)
	internal and external audit, accounting and legal fees and other fees for professional services relating to the operations of the Company and all such fees incurred at the request, or on behalf of, the Board, the Independent Directors or any committee of the Board;

		
	(xviii)
	all other costs incurred by the Advisor or its Affiliates in performing its duties hereunder. 

		
	(b)
	Expenses incurred by the Advisor or its Affiliates on behalf of the Company and the Operating Partnership and payable pursuant to this Section 10 shall be reimbursed no less than monthly to the Advisor. The Advisor shall prepare a statement documenting the expenses of the Company and the Operating Partnership and the calculation of the fees and commissions due under this Agreement during each month, and shall deliver such statement to the Company and the Operating Partnership within 45 days after the end of each month.

		
	(c)
	In lieu of cash, the Advisor may elect to receive the reimbursement of any of its expenses in any class of Shares.  Any such Shares will be valued at the NAV per share applicable to such Shares on the issue date and will not be eligible for redemption by the Advisor until six months from the issue date.

		
	(d)
	In the event the Advisor enters into strategic alliances with Product Specialists with respect to investments in Real Properties, Real Estate Related Securities or Debt Investments on behalf of the Company or the Operating Partnership as provided for in the Company's prospectus, and the Product Specialists perform services that entitle them to expense reimbursements, any such expense 

22

reimbursements will be deemed to be expenses incurred by the Advisor for purposes of this Agreement, and reimbursable to the extent permitted under this Agreement as if they were incurred by the Advisor directly.

		
	11.
	OTHER SERVICES. Should the Directors request that the Advisor or any director, officer or employee thereof render services for the Company and the Operating Partnership other than set forth in Section 3, such services shall be separately compensated at such rates and in such amounts as are agreed by the Advisor and the Independent Directors of the Company, subject to the limitations contained in the Articles of Incorporation, and shall not be deemed to be services pursuant to the terms of this Agreement. 

		
	12.
	REIMBURSEMENT TO THE ADVISOR. For any year in which the Company qualifies as a REIT, the Company shall not reimburse the Advisor at the end of any fiscal quarter Total Operating Expenses that, in the four consecutive fiscal quarters then ended (the “Expense Year”) exceed (the “Excess Amount”) the greater of 2% of Average Invested Assets or 25% of Net Income (the “2%/25% Guidelines”) for such year. Any Excess Amount paid to the Advisor during a fiscal quarter shall be repaid to the Company or, at the option of the Company, subtracted from the Total Operating Expenses reimbursed during the subsequent fiscal quarter. If there is an Excess Amount in any Expense Year and the Independent Directors determine that such excess was justified based on unusual and nonrecurring factors which they deem sufficient, then (i) the Excess Amount may be carried over and included in Total Operating Expenses in subsequent Expense Years and reimbursed to the Advisor in one or more of such years, provided that Total Operating Expenses in any Expense Year, including any Excess Amount to be paid to the Advisor, shall not exceed the 2%/25% Guidelines or (ii) the Excess Amount may be paid in the Expense Year and within 60 days after the end of such Expense Year there shall be sent to the stockholders a written disclosure of such fact, together with an explanation of the factors the Independent Directors considered in determining that such excess expenses were justified. Such determination shall be reflected in the minutes of the meetings of the Board of Directors. The Company will not reimburse the Advisor or its Affiliates for its personnel (and related employment) costs and overhead (including rent, insurance and other costs) incurred in connection with the services under Section 3(a) or services provided by an Affiliate of the Adviser for which the Company pays a separate fee pursuant to a separate agreement. All figures used in the foregoing computation shall be determined in accordance with GAAP applied on a consistent basis. 

		
	13.
	OTHER ACTIVITIES OF THE ADVISOR.

		
	(a)
	Nothing herein contained shall prevent the Advisor or any of its Affiliates from engaging in or earning fees from other activities, including, without limitation, the rendering of advice to other Persons (including other REITs) and the management of other programs advised, sponsored or organized by the Advisor or its Affiliates; nor shall this Agreement limit or restrict the right of any member, manager, director, officer, employee, or stockholder of the Advisor or its Affiliates to 

23

engage in or earn fees from any other business or to render services of any kind to any other partnership, corporation, firm, individual, trust or association and earn fees for rendering such services. The Advisor may, with respect to any investment in which the Company is a participant, also render advice and service to each and every other participant therein, and earn fees for rendering such advice and service. Specifically, it is contemplated that the Company may enter into joint ventures or other similar co-investment arrangements with certain Persons, and pursuant to the agreements governing such joint ventures or arrangements, the Advisor may be engaged (directly or indirectly) to provide advice and service to such Persons, in which case the Advisor will earn fees for rendering such advice and service.  The parties to this Agreement hereby acknowledge that the Advisor may provide advice and render services to Persons that will compete with the Company for investments.
		
	(b)
	The Advisor shall report to the Directors the existence of any condition or circumstance, existing or anticipated, of which it has knowledge, which creates or could create a conflict of interest between the Advisor’s obligations to the Company and its obligations to or its interest in any other partnership, corporation, limited liability company, firm, individual, trust or association. The Advisor or its Affiliates shall promptly disclose to the Directors knowledge of such condition or circumstance. If the Advisor, its members, managers, directors, employees or Affiliates thereof have sponsored other investment programs with similar investment objectives which have investment funds available at the same time as the Company,  it shall be the duty of the Directors (including the Independent Directors) to ensure that the Advisor and its Affiliates follow an allocation method that is reasonable and fairly applied.  The Advisor shall provide the information necessary for the Directors to make this determination.

		
	(c)
	The Advisor shall be required to use commercially reasonable efforts to present a continuing and suitable investment program to the Company which is consistent with the investment policies and objectives of the Company, but neither the Advisor nor any Affiliate of the Advisor shall be obligated generally to present any particular investment opportunity to the Company even if the opportunity is of a character that, if presented to the Company, could be taken by the Company.  In the event an investment opportunity is located, the allocation procedure set forth in the Prospectus (as such procedures may be amended from time to time) shall govern the allocation of the opportunity among the Company and Affiliates of the Advisor.

		
	14.
	TERM; TERMINATION OF AGREEMENT. This Agreement shall continue in force through June 30, 2019, subject to an unlimited number of successive one-year renewals upon mutual consent of the parties. It is the duty of the Directors to evaluate the performance of the Advisor annually before renewing the Agreement, and each such renewal shall be for a term of no more than one year. 

24

		
	15.
	TERMINATION BY THE PARTIES. This Agreement may be terminated (i) immediately by the Company and/or the Operating Partnership for Cause or upon the bankruptcy of the Advisor, (ii) upon 60 days written notice without Cause and without penalty by a majority of the Independent Directors of the Company or (iii) upon 60 days written notice with Good Reason by the Advisor. 

		
	16.
	ASSIGNMENT TO AN AFFILIATE. This Agreement may be assigned by the Advisor to an Affiliate with the approval of a majority of the Directors (including a majority of the Independent Directors). The Advisor may assign any rights to receive fees or other payments under this Agreement to any Person without obtaining the approval of the Directors. This Agreement shall not be assigned by the Company or the Operating Partnership without the consent of the Advisor, except in the case of an assignment by the Company or the Operating Partnership to a corporation, limited partnership or other organization which is a successor to all of the assets, rights and obligations of the Company or the Operating Partnership, in which case such successor organization shall be bound hereunder and by the terms of said assignment in the same manner as the Company and the Operating Partnership are bound by this Agreement. 

		
	17.
	PAYMENTS TO AND DUTIES OF ADVISOR UPON TERMINATION. Payments to the Advisor of unpaid expense reimbursements pursuant to this Section 17 shall be subject to the 2%/25% Guidelines to the extent applicable. 

		
	(a)
	After the Termination Date, the Advisor shall not be entitled to compensation for further services hereunder except it shall be entitled to receive from the Company or the Operating Partnership within 30 days after the effective date of such termination all unpaid reimbursements of expenses and all earned but unpaid fees payable to the Advisor prior to termination of this Agreement.  In addition, in accordance with the provisions of Section 12, the Advisor shall be entitled to receive any Excess Amount (as defined in Section 12) for which the Independent Directors determined (before or after the Termination Date) that there was justification based on unusual and nonrecurring factors.

		
	(b)
	The Advisor shall promptly upon termination: 

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

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

25

		
	(iii)
	deliver to the Directors all assets, including Real Properties, Real Estate Related Securities and Debt Investments, and documents of the Company and the Operating Partnership then in the custody of the Advisor; and 

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

		
	18.
	INDEMNIFICATION BY THE COMPANY AND THE OPERATING PARTNERSHIP. The Company and the Operating Partnership shall indemnify and hold harmless the Advisor and its Affiliates, including their respective officers, directors, partners and employees, from all liability, claims, damages or losses arising in the performance of their duties hereunder, and related expenses, including reasonable attorneys' fees, subject to any limitations imposed by the laws of the State of Maryland or the Articles of Incorporation of the Company. Notwithstanding the foregoing, the Company and the Operating Partnership shall not provide for indemnification of the Advisor and its Affiliates, including their respective officers, directors, partners and employees, for any loss or liability suffered by the Advisor and its Affiliates, including their respective officers, directors, partners and employees, nor shall they provide that the Advisor and its Affiliates, including their respective officers, directors, partners and employees, be held harmless for any loss or liability suffered by the Company and the Operating Partnership, unless all of the following conditions are met: 

		
	(a)
	The Advisor has determined, in good faith, that the course of conduct which caused the loss or liability was in the best interest of the Company and the Operating Partnership; 

		
	(b)
	The Advisor was acting on behalf of or performing services for the Company and the Operating Partnership; 

		
	(c)
	Such liability or loss was not the result of negligence or misconduct by the Advisor; and 

		
	(d)
	Such indemnification or agreement to hold harmless is recoverable only out of the Company's net assets and not from Stockholders. 

Notwithstanding the foregoing, the Advisor and its Affiliates, including their respective officers, directors, partners and employees, shall not be indemnified by the Company and the Operating Partnership for any losses, liabilities or expenses arising from or out of an alleged violation of federal or state securities laws by the Advisor and its Affiliates, including their respective officers, directors, partners and employees, unless one or more of the following conditions are met: 
		
	(a)
	There has been a successful adjudication on the merits of each count involving alleged securities law violations as to the Advisor;

26

		
	(b)
	Such claims have been dismissed with prejudice on the merits by a court of competent jurisdiction as to the Advisor; or 

		
	(c)
	A court of competent jurisdiction approves a settlement of the claims against the Advisor and finds that indemnification of the settlement and the related costs should be made, and the court considering the request for indemnification has been advised of the position of the Securities and Exchange Commission and of the published position of any state securities regulatory authority in which securities of the Company and the Operating Partnership were offered or sold as to indemnification for violation of securities laws. 

In addition, the advancement of the Company's or the Operating Partnership's funds to the Advisor and its Affiliates, including their respective officers, directors, partners and employees, for legal expenses and other costs incurred as a result of any legal action for which indemnification is being sought is permissible only if all of the following conditions are satisfied: 
		
	(a)
	The legal action relates to acts or omissions with respect to the performance of duties or services on behalf of the Company or the Operating Partnership;

		
	(b)
	The legal action is initiated by a third party who is not a shareholder or the legal action is initiated by a shareholder acting in his or her capacity as such and a court of competent jurisdiction specifically approves such advancement; and 

		
	(c)
	The Advisor undertakes to repay the advanced funds to the Company or the Operating Partnership, together with the applicable legal rate of interest thereon, in cases in which the Advisor is found not to be entitled to indemnification. 

		
	19.
	INDEMNIFICATION BY ADVISOR. The Advisor shall indemnify and hold harmless the Company and the Operating Partnership from contract or other liability, claims, damages, taxes or losses and related expenses including attorneys' fees, to the extent that such liability, claims, damages, taxes or losses and related expenses are incurred by reason of the Advisor's bad faith, fraud, willful misfeasance, gross misconduct, gross negligence or reckless disregard of its duties, but the Advisor shall not be held responsible for any action of the Board of Directors in following or declining to follow any advice or recommendation given by the Advisor. 

		
	20.
	NOTICES. Any notice, report or other communication required or permitted to be given hereunder shall be in writing unless some other method of giving such notice, report or other communication is required by the Articles of Incorporation, the Bylaws, or accepted by the party to whom it is given, and shall be given by being delivered by hand or by overnight mail or other overnight delivery service to the addresses set forth herein: 

To the Directors and to the Company:

27

Black Creek Diversified Property Fund Inc. 
518 17th Street 
17th Floor 
Denver, CO 80202
To the Operating Partnership:
Black Creek Diversified Property Operating Partnership LP 
518 17th Street 
17th Floor 
Denver, CO 80202
To the Advisor:
Black Creek Diversified Property Advisors LLC 
518 17th Street 
17th Floor 
Denver, CO 80202
Any party may at any time give notice in writing to the other parties of a change in its address for the purposes of this Section 20. 

		
	21.
	MODIFICATION. This Agreement shall not be changed, modified, terminated, or discharged, in whole or in part, except by an instrument in writing signed by the parties hereto, or their respective successors or assignees. 

		
	22.
	SEVERABILITY. The provisions of this Agreement are independent of and severable from each other, and no provision shall be affected or rendered invalid or unenforceable by virtue of the fact that for any reason any other or others of them may be invalid or unenforceable in whole or in part. 

		
	23.
	CONSTRUCTION. The provisions of this Agreement shall be construed and interpreted in accordance with the laws of the State of Colorado. 

		
	24.
	ENTIRE AGREEMENT. This Agreement contains the entire agreement and understanding among the parties hereto with respect to the subject matter hereof, and supersedes all prior and contemporaneous agreements, understandings, inducements and conditions, express or implied, oral or written, of any nature whatsoever with respect to the subject matter hereof. The express terms hereof control and supersede any course of performance and/or usage of the trade inconsistent with any of the terms hereof. This Agreement may not be modified or amended other than by an agreement in writing. 

		
	25.
	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 

28

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. 

		
	26.
	GENDER. Words used herein regardless of the number and gender specifically used, shall be deemed and construed to include any other number, singular or plural, and any other gender, masculine, feminine or neuter, as the context requires. 

		
	27.
	TITLES NOT TO AFFECT INTERPRETATION. The titles of sections and subsections contained in this Agreement are for convenience only, and they neither form a part of this Agreement nor are they to be used in the construction or interpretation hereof. 

		
	28.
	EXECUTION IN COUNTERPARTS. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original as against any party whose signature appears thereon, and all of which shall together constitute one and the same instrument. This Agreement shall become binding when one or more counterparts hereof, individually or taken together, shall bear the signatures of all of the parties reflected hereon as the signatories. 

		
	29.
	INITIAL INVESTMENT. The Advisor has made a capital contribution of $200,000 to the Operating Partnership in exchange for OP Units, which were subsequently exchanged for 200,000 Class E Shares. The Advisor may not sell any of such Shares while the Advisor acts in such advisory capacity to the Company, provided, that such Shares may be transferred to Affiliates of the Advisor. The restrictions included above shall not apply to any other Securities acquired by the Advisor or its Affiliates. The Advisor shall not vote any Shares it now owns, or hereafter acquires, in any vote for the election of Directors or any vote regarding the approval or termination of any contract with the Advisor or any of its Affiliates. 

29

IN WITNESS WHEREOF, the parties hereto have executed this Amended and Restated Advisory Agreement 2018 as of the date and year first above written. 
BLACK CREEK DIVERSIFIED PROPERTY FUND INC., a Maryland corporation
By:     /s/ Lainie P. Minnick     
    Name: Lainie P. Minnick     
    Title:    Managing Director, Chief Financial Officer and Treasurer
BLACK CREEK DIVERSIFIED PROPERTY OPERATING PARTNERSHIP LP, a Delaware limited partnership
By:     Black Creek Diversified Property Fund Inc., its General Partner
By:     /s/ Lainie P. Minnick     
    Name: Lainie P. Minnick 
    Title:    Managing Director, Chief Financial Officer and Treasurer
BLACK CREEK DIVERSIFIED PROPERTY ADVISORS LLC, a Delaware limited partnership
By:     Black Creek Diversified Property Advisors Group LLC, its Sole Member
By:     /s/ Evan H. Zucker     
    Name: Evan H. Zucker     
    Title:    ManagerNEITHER
THIS SECURITY NOR THE SECURITIES INTO WHICH THIS SECURITY IS CONVERTIBLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE
COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO,
THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS. THIS SECURITY AND
THE SECURITIES ISSUABLE UPON CONVERSION OF THIS SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER
LOAN SECURED BY SUCH SECURITIES.

 

	Issuance
    Date: July 14, 2015 	Principal
    Amount: $96,000 

 

GROUP
10 HOLDINGS, LLC

CONVERTIBLE
DEBENTURE

 

FOR
VALUE RECEIVED, Tauriga Sciences, Inc., a Florida corporation (“Borrower”), hereby promises to pay to Group
10 Holdings LLC (“Holder”) or its registered assigns or successors in interest, the sum of Ninety Six Thousand
Dollars $96,000 (the “Principal Amount”), together with all accrued interest thereon, on the one (1) year anniversary
from the Issuance Date (the “Maturity Date”), if not sooner paid.

 

The
following terms and conditions shall apply to this Convertible Debenture (the “Debenture”): 

 

ARTICLE
I

DEFINITIONS

 

1.1
Definitions. For the purposes hereof, in addition to the terms defined elsewhere in this Debenture, the following terms
shall have the following meanings:

 

“Bankruptcy
Event’’ means any of the following events: (a) Borrower or any subsidiary (as such term is defined in Rule l-02(w)
of Regulation S-X) thereof commences a case or other proceeding under any bankruptcy, reorganization, arrangement, adjustment
of debt, relief of debtors, dissolution, insolvency or liquidation or similar law of any jurisdiction relating to Borrower or
any subsidiary thereof; (b) there is commenced against Borrower or any subsidiary thereof any such case or proceeding that is
not dismissed within sixty (60) days after commencement; (c) Borrower or any subsidiary thereof is adjudicated insolvent or bankrupt
or any order of relief or other order approving any such case or proceeding is entered; (d) Borrower or any subsidiary thereof
suffers any appointment of any custodian or the like for it or any substantial part of its property that is not discharged or
stayed within sixty (60) calendar days after such appointment; (e) Borrower or any subsidiary thereof makes a general assignment
for the benefit of creditors; (f) Borrower or any subsidiary thereof calls a meeting of its creditors with a view to arrange a
composition, adjustment or restructuring of its debts; or (g) Borrower or any subsidiary thereof, by any act or failure to act,
expressly indicates its consent to, approval of or acquiescence in any of the foregoing or takes any corporate or other action
for the purpose of effecting any of the foregoing.

 

    	 

    	 

    

 

“Business
Day” means any day except any Saturday, any Sunday, any day which shall be a federal legal holiday in the United States
or any day on which banking institutions in the State of New York are authorized or required by law or other governmental action
to close.

 

“Change
of Control Transaction” means the occurrence after the date hereof of any of (i) an acquisition after the date hereof
by an individual or legal entity or “group” (as described in Rule 13d- 5(b)(l) promulgated under the Exchange Act)
of effective control (whether through legal or beneficial ownership of capital stock of Borrower, by contract or otherwise) of
in excess of 50% of the voting securities of Borrower (other than by means of conversion or exercise of this Debenture and the
securities issued together with this Debenture) or (ii) Borrower merges into or consolidates with any other Person, or any Person
merges into or consolidates with Borrower and, after giving effect to such transaction, the stockholders of Borrower immediately
prior to such transaction own less than 50% of the aggregate voting power of Borrower or the successor entity of such transaction,
or (iii) Borrower sells or transfers all or substantially all of its assets to another Person and the stockholders of Borrower
immediately prior to such transaction own less than 50% of the aggregate voting power of the acquiring entity immediately after
the transaction, or (iv) a replacement at one time or within a three (3) year period of more than one- half of the members of
Borrower’s board of directors which is not approved by a majority of those individuals who are members of the board of directors
on the date hereof (or by those individuals who are serving as members of the board of directors on any date whose nomination
to the board of directors was approved by a majority of the members of the board of directors who are members on the date hereof),
or (v) the execution by Borrower of an agreement to which Borrower is a party or by which it is bound, providing for any of the
events set forth in clauses (i) through (iv) above.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

“Issuance
Date” means the date of the issuance of this Debenture, regardless of any transfers of any Debenture and regardless
of the number of instruments which may be issued to evidence this Debenture.

 

“Lowest
Closing Price” means, for any date, the price determined by the first of the following clauses that applies: (a) the
lowest closing bid price of Borrower’s Common Stock during the twenty (20) Trading Days prior to such date or (b) if the
Common Stock is not then quoted on a Trading Market, the fair market value of a share of Common Stock as determined by an independent
appraiser selected in good faith by Holder and reasonably acceptable to Borrower.

 

“Most
Recent Balance Sheet” means a true and complete copy of the balance sheet of Borrower as of December 31, 2014 prepared
in accordance with GAAP and disclosed in Borrower’s Form 10-Q for the fiscal quarter ended on such date.

 

“Permitted
Indebtedness” means (a) the indebtedness evidenced by this Debenture, (b) lease obligations and purchase money indebtedness
of up to one hundred thousand dollars, in the aggregate, incurred in connection with the acquisition of capital assets and lease
obligations with respect to newly acquired or leased assets, (c) indebtedness that (i) is expressly subordinate to this Debenture
pursuant to a written subordination agreement with Holder that is acceptable to Holder in its sole and absolute discretion and
(ii) matures at a date sixty (60) days later than the Maturity Date, (d) trade payables and other accounts payable of Borrower
incurred in the ordinary course of business in accordance with GAAP and not evidenced by a promissory note or other security,
and (e) indebtedness existing on the date hereof and set forth on the Most Recent Balance Sheet, provided that (x) the terms of
such indebtedness are not changed from the terms in effect as of the Most Recent Balance Sheet date, and (y) any such indebtedness
which is for borrowed money is not due and payable until after July 14, 2016.

 

    	2

    	 

    

 

“Permitted
Lien” means the individual and collective reference to the following: (a) liens for taxes, assessments and other governmental
charges or levies not yet due or liens for taxes, assessments and other governmental charges or levies being contested in good
faith and by appropriate proceedings for which adequate reserves (in the good faith judgment of the management of Borrower) have
been established in accordance with GAAP; and (b) liens imposed by law which were incurred in the ordinary course of Borrower’s
business, such as carriers’, warehousemen’s and mechanics’ liens, statutory landlords’ liens, and other
similar liens arising in the ordinary course of Borrower’s business, and which (x) do not individually or in the aggregate
materially detract from the value of such property or assets or materially impair the use thereof in the operation of the business
of Borrower and its consolidated subsidiaries or (y) are being contested in good faith by appropriate proceedings, which proceedings
have the effect of preventing for the foreseeable future the forfeiture or sale of the property or asset subject to such lien.

 

“Person”
means a natural person, sole proprietorship, corporation, limited liability company, firm, partnership, association, joint venture,
trust, unincorporated organization, or other entity, whether acting in an individual, fiduciary, or other capacity.

 

“Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

“Trading
Day” means a day on which the principal Trading Market is open for business.

 

“Trading
Market” means the following markets or exchanges on which the Common Stock is listed or quoted for trading on the date
in question: the American Stock Exchange, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market,
the New York Stock Exchange, the OTC Bulletin Board, or the OTC Markets QX Market, QB Market of Pink Market.

 

ARTICLE
II

INTEREST
& AMORTIZATION

 

2.1
Contract Rate. Subject to Sections 7.1 and 8.8 hereof, interest payable on this Debenture shall accrue at a rate per annum
equal to twelve percent (12%) and shall be computed on the basis of a 365-day year.

 

2.2
Consideration. In consideration for the Debenture, Holder shall pay to Borrower a purchase price equal to Eighty Thousand
Dollars $80,000 payable by wire transfer or other immediately available funds. Thus, as of the Issuance Date, there shall exist
a Sixteen Thousand Dollar $16,000 Original Issue Discount (the “OID”) from the Principal Amount. Interest shall
accrue and be payable on the full Principal Amount of the Debenture, inclusive of the OID, and payment of the full Principal Amount
shall be required regardless of time and manner of payment or prepayment by Borrower. Upon conversion, Holder shall receive credit
for the full Principal Amount converted. 

 

2.3
Payments. Payment of the aggregate Principal Amount, together with all accrued interest thereon shall be made on the Maturity
Date.

 

    	3

    	 

    

 

 

2.4
Prepayment Option. Subject to the approval of Holder for prepayments after one hundred eighty (180) days, Borrower may
prepay in cash all or any portion of the Principal Amount of this Debenture and accrued interest thereon, with a premium, as set
forth below (each a “Prepayment Premium”), upon ten (10) Business Days prior written notice to Holder. Holder
shall have the right to convert all or any portion of the Principal Amount and accrued interest thereon in accordance with Article
III hereof during such ten (10) Business Day notice period. The amount of each Prepayment Premium shall be as follows: (a) one
hundred twenty-five percent (125%) of the prepayment amount if such prepayment is made at any time from the Issuance Date until
thirty (30) days thereafter; (b) one hundred thirty-five percent (135%) of the prepayment amount if such prepayment is made at
any time from thirty- one (31) days after the Issuance Date until one hundred seventy-nine (179) days after the Issuance Date;
and (c) one hundred forty-five percent (145%) of the prepayment amount if such prepayment is made at any time after one hundred
eighty (180) days from the Issuance Date. 

 

2.5
Commitment Fee. As consideration for Holder’s commitment to purchase this Debenture, Borrower shall issue to Holder
within fifteen (15) Business Days of the Issuance Date fifteen million (15,000,000) shares of Borrower’s common stock, par
value .00001 per share (“Common Stock”), as a commitment fee (the “Commitment Fee Shares”).
The Commitment Fee Shares have been earned in full upon Holder’s purchase of this Debenture; none of the Commitment Fee
Shares will be returned in the event that this Debenture is prepaid. Failure to issue and deliver the Commitment Fee Shares to
Holder within fifteen (15) Business Days shall constitute an Event of Default under this Debenture. 

 

ARTICLE
III

CONVERSION
REPAYMENT

 

3.1.
Optional Conversion. Subject to the terms of this Article III, Holder shall have the right, but not the obligation, at
any time after the Issuance Date and until the Maturity Date, or thereafter during an Event of Default, to convert all or any
portion of the outstanding Principal Amount, accrued interest and fees due and payable thereon into fully paid and non-assessable
shares of Common Stock of Borrower at the Conversion Price, as defined below (the “Conversion Shares”). 

 

3.2.
Calculation of Conversion Price. Subject to Section 3.2.1 and 4.6 hereof, the conversion price (the “Conversion
Price”) shall mean the lesser of (a) sixty percent (60%) multiplied by the Lowest Closing Price as of the date
a Notice of Conversion is given (which represents a discount rate of forty percent (40%)) or (b) one half penny ($0.005) 

 

3.2.1
Conversion Price Adjustments. Conversion Price shall be subject to the following Adjustments:

 

i.
If the market capitalization of the Borrower is less than Eight Hundred Thousand Dollars ($800,000) on the day immediately prior
to the date of the Notice of Conversion, then the Conversion Price shall be twenty-five percent (25%) multiplied by the Lowest
Closing Price as of the date a Notice of Conversion is given (which represents a discount rate of seventy-five percent (75%));
and 

 

ii.
If the closing price of the Borrower’s Common Stock on the day immediately prior to the date of the Notice of Conversion
is less than $0.002 then the Conversion Price shall be twenty-five percent (25%) multiplied by the Lowest Closing Price as of
the date a Notice of Conversion is given (which represents a discount rate of seventy-five percent (75%)).

 

    	4

    	 

    

 

3.3.
Conversion Limitation. Notwithstanding anything contained herein to the contrary, the number of Conversion Shares that
may be acquired by Holder upon conversion of this Debenture (or otherwise in respect hereof) shall be limited to the extent necessary
to ensure that, following such conversion (or other issuance), the total number of shares of Common Stock then beneficially owned
by Holder and its affiliates and any other Persons whose beneficial ownership of Common Stock would be aggregated with that of
Holder for purposes of Section 13(d) of the Exchange Act does not exceed 4.99% of the total number of issued and outstanding shares
of Common Stock, including, for such purpose, the shares of Common Stock issuable upon such conversion, but excluding the number
of shares of Common Stock issuable upon (a) conversion of the remaining, unconverted Principal Amount of this Debenture beneficially
owned by Holder or any of its affiliates and (b) exercise or conversion of the unexercised or unconverted portion of any other
securities of Borrower subject to a limitation on conversion or exercise analogous to the limitation contained herein (including,
without limitation, any other debenture or warrant) beneficially owned by Holder or any of its affiliates. For such purposes,
beneficial ownership shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated
thereunder.

 

3.4.
Mechanics of Holder’s Conversion. Subject to Section 3.3 hereof, this Debenture may be converted by Holder, in whole
or in part from time to time after the Issuance Date, by submitting to Borrower and/or the transfer agent of record a notice of
conversion (“Notice of Conversion”), the form of which is attached hereto as Exhibit A. Such Notice
of Conversion shall specify the Principal Amount of the Debenture to be converted and the date on which such conversion shall
be effected (the “Conversion Date”). Pursuant to the terms of the Notice of Conversion, Borrower shall issue
instructions to the transfer agent within two (2) Trading Days from the receipt of the Notice of Conversion and shall cause the
transfer agent to transmit the certificates representing the Conversion Shares to Holder by physical delivery or crediting the
account of Holder’s designated broker with the Depository Trust Corporation (“DTC”) through its Deposit
Withdrawal Agent Commission (“DWAC”) system within two (2) Trading Days after receipt by Borrower of the Notice
of Conversion (the “Delivery Date”). In the case of the exercise of the conversion rights set forth herein,
the conversion privilege shall be deemed to have been exercised, and the Conversion Shares issuable upon such conversion shall
be deemed to have been issued, upon the Delivery Date and Holder shall be treated for all purposes as the record holder of such
Common Stock, unless Holder provides Borrower with written instructions to the contrary. Conversions hereunder shall have the
effect of lowering the outstanding Principal Amount of this Debenture in an amount equal to the applicable conversion. Holder
and Borrower shall maintain records showing the Principal Amount(s) converted and the Conversion Date(s). In the event of any
dispute or discrepancy, the records of Holder shall be controlling and determinative in the absence of manifest error. 

 

3.5.
Conversion Mechanics. The number of shares of Common Stock to be issued upon each conversion of this Debenture shall be
determined by dividing that portion of the Principal Amount and interest and fees to be converted, if any, by the then applicable
Conversion Price.

 

3.6
Fractional Shares. No fractional shares shall be issued upon the conversion of this Debenture. As to any fraction of a
share which Holder would otherwise be entitled to upon such conversion, Borrower shall round up to the next whole share.

 

3.7
Late Delivery of Conversion Shares. Borrower understands that a delay in the delivery of Conversion Shares in the form
required pursuant to this Article III beyond the Delivery Date could result in economic loss to Holder. As compensation to Holder
for such loss, Borrower agrees to pay late fees to Holder for late issuance of such shares in the form required pursuant to this
Article III upon conversion of the Debenture, in the amount equal to one thousand dollars ($1,000) per Business Day after the
Delivery Date. Borrower shall pay any fees incurred under this Section in immediately available funds upon demand and such fees
shall also be eligible to be converted into Common Stock pursuant to this Article III.

 

    	5

    	 

    

 

3.8
Authorized and Reserved Shares. Borrower represents and warrants and covenants and agrees that upon issuance, the Conversion
Shares will be duly and validly issued, fully issued and non- assessable. Borrower agrees that its issuance of this Debenture
shall constitute full authority to its officers and agents who are charged with the duty of executing stock certificates to execute
and issue the necessary certificates for Conversion Shares in accordance with the terms and conditions of this Debenture. At all
times during which this Debenture is outstanding, Borrower shall reserve and keep available from its authorized and unissued shares
of Common Stock (the “Share Reserve”) for the sole purpose of issuance upon conversion of this Debenture and
payment of interest on this Debenture, each as herein provided, free from preemptive rights or any other actual or contingent
purchase rights of Persons other than Holder, not less than five times the aggregate number of shares of the Common Stock that
shall be issuable (taking account the adjustments of Article IV) upon the conversion of the outstanding Principal Amount of this
Debenture and payment of interest hereunder. Initially, the Share Reserve shall be equal to two hundred million (200,000,000),
and shall be adjusted by the transfer agent from time to time to comply with the required reserve. The Holder may request bi-monthly
increases to reserve such amounts based on a conversion price equal to the Lowest Closing Price, as defined in the Debenture,
as of such date, by written instructions from the Holder to the Transfer Agent to comply with the required reserve. Borrower agrees
that it will take all such reasonable actions as may be necessary to assure that the Conversion Shares may be issued as provided
herein without violation of any applicable law or regulation, or of any requirements of the applicable Trading Market upon which
the Common Stock may be listed. Borrower agrees to provide Holder with confirmation evidencing the execution of such share reservation
within fifteen (15) Business Days from the Issuance Date. 

 

3.9
Issuance of New Debenture. Upon any partial conversion of this Debenture, a new Debenture containing the same date and
provisions of this Debenture shall, at the request of Holder, be issued by Borrower to Holder for the principal balance of this
Debenture and accrued interest which shall not have been converted or paid. Subject to the provisions of Article VI, Borrower
will pay no costs, fees or any other consideration to Holder for the production and issuance of a new Debenture.

 

3.10
Par Value; Further Assurances.

 

(a)
Borrower covenants that during the period that the Principal Amount of this Debenture and any accrued interest and fees thereon
remain outstanding, it will ensure that the par value of any Conversion Shares shall not exceed the amount payable therefor upon
such exercise immediately prior to such exercise. Borrower further covenants that it shall take all appropriate actions, including,
without limitation, amending its articles or certificate of incorporation and any other voluntary action, such as calling a meeting
of stockholders to approve any such amendment, to ensure that the amount payable for any Conversion Shares shall at all times
exceed the par value thereof by at least four hundred percent (400%).

 

(b)
Except and to the extent as waived or consented to by Holder, Borrower shall not by any action, including, without limitation,
amending its articles or certificate of incorporation or through any reorganization, transfer of assets, consolidation, merger,
dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of
any of the terms of this Debenture, but will at all times in good faith assist in the carrying out of all such terms and in the
taking of all such actions as may be necessary or appropriate to protect the rights of Holder as set forth in this Debenture against
impairment. Without limiting the generality of the foregoing, Borrower will (a) not increase the par value of any Conversion Shares
above the amount payable therefor upon such exercise immediately prior to such exercise, (b) take all such action as may be necessary
or appropriate in order that Borrower may validly and legally issue fully paid and nonassessable Conversion Shares upon the exercise
of this Debenture and (c) use its commercially best efforts to obtain all such authorizations, exemptions or consents from any
public regulatory body having jurisdiction thereof as may be necessary to enable Borrower to perform its obligations under this
Debenture.

 

    	6

    	 

    

 

3.11
Transfer Taxes. The issuance of certificates for Conversion Shares shall be made without charge to Holder for any documentary
stamp or similar taxes that may be payable in respect of the issue or delivery of such certificates, provided that Borrower shall
not be required to pay any tax that may be payable in respect of any transfer involved in the issuance and delivery of any such
certificate upon conversion in a name other than that of Holder and Borrower shall not be required to issue or deliver such certificates
unless or until the Person or Persons requesting the issuance thereof shall have paid to Borrower the amount of such tax or shall
have established to the satisfaction of Borrower that such tax has been paid.

 

3.12
Rule 144 Issuer’s Representation Letter. In the event that Holder’s brokers dealer requires a Rule 144 Issuer’s
Representation Letter (the “144 Letter”), Holder will submit to Borrower the 144 Letter along with a corresponding
Notice of Conversion upon which Borrower will have forty-eight (48) hours to execute and return the 144 Letter. 

 

ARTICLE
IV

CERTAIN
ADJUSTMENTS

 

4.1
Stock Dividends and Stock Splits. If Borrower, at any time while this Debenture is outstanding: (a) pays a stock dividend
or otherwise makes a distribution or distributions payable in shares of Common Stock on shares of Common Stock or any Common Stock
equivalents (which, for avoidance of doubt, shall not include any shares of Common Stock issued by Borrower upon conversion of,
or payment of interest on, this Debenture); (b) subdivides outstanding shares of Common Stock into a larger number of shares;
or (c) issues, in the event of a reclassification of shares of the Common Stock, any shares of capital stock of Borrower, then
the Conversion Price shall be multiplied by a fraction of which the numerator shall be the number of shares of Common Stock (excluding
any treasury shares of Borrower) outstanding immediately before such event and of which the denominator shall be the number of
shares of Common Stock outstanding immediately after such event. Any adjustment made pursuant to this Section shall become effective
immediately after the record date for the determination of stockholders entitled to receive such dividend or distribution and
shall become effective immediately after the effective date in the case of a subdivision, combination or re-classification.

 

4.2
Subsequent Rights Offerings. If Borrower, at any time within six (6) months of the Issuance Date, shall issue rights, options
or warrants to all holders of Common Stock (and not to Holder) entitling them to subscribe for or purchase shares of Common Stock
at a price per share that is lower than the Lowest Closing Price on the record date referenced below, then the Conversion Price
shall be multiplied by a fraction of which the denominator shall be the number of shares of the Common Stock outstanding on the
date of issuance of such rights or warrants plus the number of additional shares of Common Stock offered for subscription or purchase,
and of which the numerator shall be the number of shares of the Common Stock outstanding on the date of issuance of such rights
or warrants plus the number of shares which the aggregate offering price of the total number of shares issued (assuming delivery
to Borrower in full of all consideration payable upon exercise of such rights, options or warrants) would purchase at such Lowest
Closing Price. Such adjustment shall be made whenever such rights or warrants are issued, other than to officers and directors
under equity incentive plans approved by the board of directors, and shall become effective immediately after the record date
for the determination of stockholders entitled to receive such rights, options or warrants.

 

    	7

    	 

    

 

4.3
Pro Rata Distributions. If Borrower, at any time while this Debenture is outstanding, distributes to all holders of Common
Stock (and not to Holder) evidences of its indebtedness or assets (including cash and cash dividends) or rights or warrants to
subscribe for or purchase any security (other than the Common Stock, which shall be subject to Section 4.1), then in each such
case the Conversion Price shall be adjusted by multiplying such Conversion Price in effect immediately prior to the record date
fixed for determination of stockholders entitled to receive such distribution by a fraction of which the denominator shall be
the Lowest Closing Price determined as of the record date mentioned above, and of which the numerator shall be such Lowest Closing
Price on such record date less the then fair market value at such record date of the portion of such assets or evidence of indebtedness
so distributed applicable to one (1) outstanding share of the Common Stock as determined by the board of directors of Borrower
in good faith. In either case the adjustments shall be described in a statement delivered to Holder describing the portion of
assets or evidences of indebtedness so distributed or such subscription rights applicable to one (1) share of Common Stock. Such
adjustment shall be made whenever any such distribution is made and shall become effective immediately after the record date mentioned
above.

 

4.4
Fundamental Transaction. If, at any time while this Debenture is outstanding, (a) Borrower effects any merger or consolidation
of Borrower with or into another Person, (b) Borrower effects any sale of all or substantially all of its assets in one transaction
or a series of related transactions, (c) any tender offer or exchange offer (whether by Borrower or another Person) is completed
pursuant to which holders of Common Stock are permitted to tender or exchange their shares for other securities, cash or property,
or (d) Borrower effects any reclassification of the Common Stock or any compulsory share exchange pursuant to which the Common
Stock is effectively converted into or exchanged for other securities, cash or property (in any such case, a “Fundamental
Transaction”), then, upon any subsequent conversion of this Debenture, Holder shall have the right to receive, for each
Conversion Share that would have been issuable upon such conversion immediately prior to the occurrence of such Fundamental Transaction,
the same kind and amount of securities, cash or property as it would have been entitled to receive upon the occurrence of such
Fundamental Transaction if it had been, immediately prior to such Fundamental Transaction, holder of one (1) share of Common Stock
(the “Alternate Consideration”). For purposes of any such conversion, the determination of the Conversion Price
shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable
in respect of one (1) share of Common Stock in such Fundamental Transaction, and Borrower shall apportion the Conversion Price
among the Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the Alternate
Consideration. If holders of Common Stock are given any choice as to the securities, cash or property to be received in a Fundamental
Transaction, then Holder shall be given the same choice as to the Alternate Consideration it receives upon any conversion of this
Debenture following such Fundamental Transaction. To the extent necessary to effectuate the foregoing provisions, any successor
to Borrower or surviving entity in such Fundamental Transaction shall issue to Holder a new Debenture consistent with the foregoing
provisions and evidencing Holder’s right to convert such Debenture into Alternate Consideration. The terms of any agreement
pursuant to which a Fundamental Transaction is effected shall include terms requiring any such successor or surviving entity to
comply with the provisions of this Section 4.4 and insuring that this Debenture (or any such replacement security) will be similarly
adjusted upon any subsequent transaction analogous to a Fundamental Transaction. 

 

4.5
Calculations. All calculations under this Article III shall be made to four decimal places or the nearest 1/100th of a
share, as the case may be. For purposes of this Article III, the number of shares of Common Stock deemed to be issued and outstanding
as of a given date shall be the sum of the number of shares of Common Stock (excluding any treasury shares of Borrower) issued
and outstanding.

 

    	8

    	 

    

 

4.6
Notice to Holder.

 

a)
Adjustment to Conversion Price. Whenever the Conversion Price is adjusted pursuant to any provision of this Article IV,
Borrower shall promptly deliver to each Holder a notice setting forth the Conversion Price after such adjustment and setting forth
a brief statement of the facts requiring such adjustment.

 

b)
Notice to Allow Conversion by Holder. If (i) Borrower shall declare a dividend (or any other distribution in whatever form)
on the Common Stock, (ii) Borrower shall declare a special nonrecurring cash dividend on or a redemption of the Common Stock,
(iii) Borrower shall authorize the granting to all holders of the Common Stock of rights or warrants to subscribe for or purchase
any shares of capital stock of any class or of any rights, (iv) the approval of any stockholders of Borrower shall be required
in connection with any reclassification of the Common Stock, any consolidation or merger to which Borrower is a party, any sale
or transfer of all or substantially all of the assets of Borrower, of any compulsory share exchange whereby the Common Stock is
converted into other securities, cash or property or (v) Borrower shall authorize the voluntary or involuntary dissolution, liquidation
or winding up of the affairs of Borrower, then, in each case, Borrower shall cause to be filed at each office or agency maintained
for the purpose of conversion of this Debenture, and shall cause to be delivered to Holder at its last address as it shall appear
upon Borrower’s books and records, at least 20 calendar days prior to the applicable record or effective date hereinafter
specified, a notice stating (A) the date on which a record is to be taken for the purpose of such dividend, distribution, redemption,
rights or warrants, or if a record is not to be taken, the date as of which the holders of the Common Stock of record to be entitled
to such dividend, distributions, redemption, rights or warrants are to be determined or (B) the date on which such reclassification,
consolidation, merger, sale, transfer or share exchange is expected to become effective or close, and the date as of which it
is expected that holders of the Common Stock of record shall be entitled to exchange their shares of the Common Stock for securities,
cash or other property deliverable upon such reclassification, consolidation, merger, sale, transfer or share exchange, provided
that the failure to deliver such notice or any defect therein or in the delivery thereof shall not affect the validity of the
corporate action required to be specified in such notice. Holder is entitled to convert this Debenture during the 20-day period
commencing on the date of such notice through the effective date of the event triggering such notice.

 

4.7
Most Favored Nations Status. So long as this Debenture is outstanding, upon any issuance by Borrower or any of its subsidiaries
of any security (in an amount under one million dollars ($1,000,000)) with any term more favorable to the holder of such security
or with a term in favor of the holder of such security that was not similarly provided to Holder in this Debenture, then Borrower
shall notify Holder of such additional or more favorable term and such term, at Holder’s option, shall become a part of
the transaction documents with Holder. Such more favorable terms include, but are not limited to, terms addressing conversion
discounts, conversion look-back periods, interest rates, original issue discounts, stock sale price, private placement price per
share and warrant coverage.

 

    	9

    	 

    

 

4.8
Holder’s Adjustments. Upon the occurrence of either of the following events, Holder may provide the transfer agent
with written instructions to increase the Share Reserve in accordance therewith: (a) closing price of Borrower’s Common
Stock is less than $0.002 for three (3) consecutive Trading Days; or (b) Borrower’s issued and outstanding shares of Common
Stock is greater than seventy of their authorized shares. Then the Share Reserve shall increase to the number of shares of Common
Stock equal to the five (5) times the value of the outstanding principal amount plus accrued interest thereon as of such date
divided by the Conversion Price on such date.

 

ARTICLE
V

NEGATIVE
COVENANTS

 

As
long as any portion of this Debenture remains outstanding, unless Holder shall have otherwise given prior written consent, Borrower
shall not, and shall not permit any of its subsidiaries (whether or not a subsidiary on the Issuance Date) to, directly or indirectly:

 

5.1
other than Permitted Indebtedness, enter into, create, incur, assume, guarantee or suffer to exist any indebtedness for borrowed
money of any kind, including but not limited to, a guarantee, on or with respect to any of its property or assets now owned or
hereafter acquired or any interest therein or any income or profits therefrom;

 

5.2
other than Permitted Liens, enter into, create, incur, assume or suffer to exist any liens or security interests of any kind,
on or with respect to any of its property or assets now owned or hereafter acquired or any interest therein or any income or profits
therefrom;

 

5.3
issue any shares of Common Stock in exchange for satisfaction or accord, in whole or in part, of any outstanding accounts payable
obligations of Borrower, where such shares would be freely tradable (without restrictions, manner of sale obligations or reporting
obligations) by the recipient thereof (or any transferee thereof) prior to the date which is six (6) months following the date
of issuance thereof, whether pursuant to Section 3(a)(10) of the Securities Act or otherwise;

 

5.4
amend its charter documents, including, without limitation, its articles or certificate of incorporation and bylaws, in any manner
that materially and adversely affects any rights of Holder;

 

5.5
repay, repurchase or offer to repay, repurchase or otherwise acquire any indebtedness for borrowed money (except for this Debenture
in accordance with the terms hereof and except for the Permitted Indebtedness described under clauses (a), (b) and (d) of the
definition thereof in accordance with the terms of such indebtedness as in effect on the date hereof), other than regularly scheduled
principal and interest payments as such terms are in effect as of the Issuance Date;

 

5.6
pay cash dividends or distributions on any equity securities of Borrower;

 

5.7
combine (including by way of a reverse stock split) outstanding shares of Common Stock into a smaller number of shares;

 

5.8
enter into any transaction with any affiliate of Borrower which would be required to be disclosed in any public filing with the
Securities and Exchange Commission (the “SEC”), unless such transaction is made on an arm’s-length basis
and expressly approved by a majority of the disinterested directors of Borrower (even if less than a quorum otherwise required
for board approval); or 

 

5.9
enter into any agreement with respect to any of the foregoing.

 

    	10

    	 

    

 

ARTICLE
VI

EVENTS
OF DEFAULT

 

The
occurrence of any of the following events, while this Debenture is outstanding, shall be an “Event of Default;”
provided that any Event of Default may be cured within one (1) Business Day except as otherwise provided herein: 

 

6.1
Failure to Pay Principal, Interest or Other Fees. Borrower fails to pay the Principal Amount, interest or other fees hereon
as and when the same shall become due and payable and such failure shall continue for a period of one (1) Business Day following
the date upon which any such payment was due.

 

6.2
Breach of Covenant. Borrower breaches any covenant or other term or condition of this Debenture, including, but not limited,
to the negative covenants provided in Article V, in any material respect and such breach, if subject to cure, continues for a
period of one (1) Business Day after the occurrence thereof.

 

6.3
Breach of Representations and Warranties. Any representation or warranty of Borrower made herein or in any other report,
financial statement or certificate made or delivered to Holder shall be false or misleading in any material respect as of the
date when made or deemed made.

 

6.4
SEC Filings. At any point while this Debenture is outstanding, Borrower is not current with its reporting responsibilities
under Section 13 of the Exchange Act. Furthermore, Borrower fails to timely file, when due, any SEC report, including any required
XBRL file along with such report (e.g., Forms 8-K, 10-Q or 10-K, or Schedules 14A, 14C or 14(f)), or, if the filing date
of such report is properly extended pursuant to SEC Rule 12b-25, when the date of any such filing extension lapses, or any post-
effective amendment to any SEC Registration Statement. 

 

6.5
Stop Trade. An SEC stop trade order or trading suspension of the Common Stock on the applicable Trading Market shall be
in effect for five (5) consecutive Trading Days or five (5) Trading Days during a period of ten (10) consecutive Trading Days,
provided that Borrower shall not have been able to cure such trading suspension within thirty (30) Business Days of the notice
thereof or list the Common Stock on another Trading Market within sixty (60) Business Days of such notice.

 

6.6
SEC Reporting Status Matters.

 

(a)
Borrower indicates by check mark on the cover page of an SEC report filing that it has not (i) filed all reports required to be
filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the registrant was
required to file such reports), and (ii) has been subject to such filing requirements for the past ninety (90) days.

 

(b)
Borrower indicates by check mark on the cover page of an SEC report filing that it has not submitted electronically and posted
on its corporate website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation
S-T during the preceding twelve (12) months (or for such shorter period that the registrant was required to submit and post such
files).

 

(c)
Borrower indicates by check mark on the cover page of an SEC report filing that it is a shell company (as defined in Rule 12b-2
of the Exchange Act); or

 

    	11

    	 

    

 

(d)
Borrower files a Form 15 with the SEC to deregister its Common Stock. In such an event, Borrower shall file current reports with
attorney opinions on not less than a quarterly basis on www.otcmarkets.com until such time as Borrower re-registers its Common
Stock with the SEC.

 

6.7
Change of Control. Borrower shall be a party to any Change of Control Transaction or Fundamental Transaction or shall agree
to sell or dispose of all or substantially all of its assets in one transaction or a series of related transactions (whether or
not such sale would constitute a Change of Control Transaction).

 

6.8
Receiver or Trustee. Each of Borrower or its subsidiaries, if any, shall make an assignment for the benefit of creditors,
or apply for or consent to the appointment of a receiver or trustee for it or for a substantial part of its property or business;
or such a receiver or trustee shall otherwise be appointed; or shall become insolvent or generally fails to pay, or admits in
writing its inability to pay, its debts as they become due, subject to applicable grace periods, if any.

 

6.9
Judgments. Any money judgment, writ or similar final process shall be entered or filed against Borrower or any of its subsidiaries
or any of their respective property or other assets for more than one hundred thousand dollars ($100,000) in the aggregate for
Borrower, and shall remain unvacated, unbonded or unstayed for a period of thirty (30) days.

 

6.10
Bankruptcy. Borrower or any of its subsidiaries shall be subject to a Bankruptcy Event.

 

6.11
DTC Eligibility. Borrower shall lose its status as “DTC Eligible” or Borrower’s stockholders shall lose
the ability to deposit (either electronically or by physical certificates, or otherwise) shares into the DTC System through a
“deposit chill” or otherwise.

 

6.12
Reservation of Shares. Borrower shall fail timely to reserve shares of Common Stock from its authorized and unissued shares
pursuant to Section 3.8.

 

6.13
Commitment Fee Shares. Borrower shall fail to issue and deliver to Holder the Commitment Fee Shares prior to the tenth
Trading Day after a Conversion Date pursuant to Sections 2.5 and 3.4 or Borrower shall provide at any time notice to Holder, including
by way of public announcement, of Borrower’s intention to not honor requests for conversions of this Debenture in accordance
with the terms hereof.

 

ARTICLE
VII

DEFAULT RELATED PROVISIONS AND OTHER PRIVILEGES

 

7.1
Default Interest Rate. If any Event of Default occurs, the outstanding Principal Amount of this Debenture, plus accrued
but unpaid interest, liquidated damages and other amounts owing in respect thereof through the date of acceleration, shall become,
at Holder’s election, immediately due and payable in cash in the sum of (a) one hundred eighteen percent (118%) of the outstanding
Principal Amount of this Debenture plus one hundred percent (100%) of accrued and unpaid interest thereon and (b) all other amounts,
costs, expenses and liquidated damages due in respect of this Debenture (“Mandatory Default Amount”). After
the occurrence of any Event of Default, the interest rate on this Debenture shall accrue at an interest rate equal to the lesser
of eighteen percent (18%) per annum or the maximum rate permitted under applicable law, effective as of the Issuance Date of this
Debenture. Upon the payment in full of the Mandatory Default Amount, Holder shall promptly surrender this Debenture to or as directed
by Borrower. In connection with such acceleration described herein, Holder need not provide, and Borrower hereby waives, any presentment,
demand, protest or other notice of any kind, and Holder may immediately and without expiration of any grace period enforce any
and all of its rights and remedies hereunder and all other remedies available to it under applicable law. Such acceleration may
be rescinded and annulled by Holder at any time prior to payment hereunder and Holder shall have all rights as a holder of his
Debenture until such time, if any, as Holder receives full payment pursuant to this Section 7.1. No such rescission or annulment
shall affect any subsequent Event of Default or impair any right consequent thereon.

 

    	12

    	 

    

 

7.2
Default Penalty Payment. Following the occurrence and during the continuance of an Event of Default, Borrower agrees to
pay to Holder in the amount equal to one thousand dollars ($1,000) per Business Day commencing the Business Day following the
date of the Event of Default. Borrower shall pay any fees incurred under this Section in immediately available funds upon demand
and such fees shall also be eligible to be converted into Conversion Shares as set forth in Article III. Such conversion privileges
shall remain in full force and effect immediately from the date hereof and until this Debenture is paid in full.

 

ARTICLE
VIII

MISCELLANEOUS

 

8.1
Piggyback Registration Rights. Borrower shall include on the next registration statement Borrower files with the SEC (or
on the subsequent registration statement if such registration statement is withdrawn) all shares issuable upon conversion of this
Debenture. Failure to do so will result in liquidated damages of twenty-five percent (25%) of the outstanding Principal Amount
of this Debenture, but not less than twenty-five thousand dollars ($25,000), being immediately due and payable to Holder at its
election in the form of cash payment or addition to the balance of this Debenture. Notwithstanding the foregoing, in the event
a registration statement is filed with respect to an underwritten offering or a selling stockholder registration statement relating
solely to holders of Borrower’s Common Stock who paid cash for such Common Stock in a sale placed by an independent placement
agent, the number of shares of Common Stock owned by Holder to be included in any such registration statement may be limited if
in the opinion of the underwriter or placement agent, the sale of such shares by Holder would adversely impact the sale of shares
by the underwriter or selling stockholders included therein.

 

8.2
Failure or Indulgence Not Waiver. No failure or delay on the part of Holder hereof in the exercise of any power, right
or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such power, right or
privilege preclude other or further exercise thereof or of any other right, power or privilege. All rights and remedies existing
hereunder are cumulative to, and not exclusive of, any rights or remedies otherwise available.

 

8.3
Notices. All notices, demands, requests, consents, approvals, and other communications required or permitted hereunder
shall be in writing and, unless otherwise specified herein, shall be (i) personally served, (ii) deposited in the mail, registered
or certified, return receipt requested, postage prepaid, (iii) delivered by FedEx or other reputable express courier service with
charges prepaid, (iv) transmitted by hand delivery, telegram, e-mail or facsimile, addressed as set forth below or (v) sent via
Email whereby a return Email confirming receipt has been delivered. Any notice or other communication required or permitted to
be given hereunder shall be deemed effective (y) upon hand delivery or delivery by facsimile, with accurate confirmation generated
by the transmitting facsimile machine, at the address or number designated below (if delivered on a Business Day during normal
business hours where such notice is to be received), or the first Business Day following such delivery (if delivered other than
on a Business Day during normal business hours where such notice is to be received) or (z) on the next Business Day following
the date of mailing by express courier service, fully prepaid, addressed to such address, or upon actual receipt of such mailing,
whichever shall first occur. The addresses for such communications shall be:

 

    	13

    	 

    

 

If
to Borrower:

Tauriga
Sciences, Inc.

Seth
Shaw- CEO

39
Old Ridgebury

Road
Danbury, CT 06180

 

If
to Holder:

 

Group
10 Holdings LLC

Attn:
Adam Wasserman

11
Island Ave. #1108

Miami
Beach, FL 33139

EIN
# 32-0409845

adam@group10llc.com

 

No
change in any of such addresses shall be effective insofar as notices under this Section 8.3 are concerned unless such changed
address is located in the United States of America and notice of such change shall have been given to such other party hereto
as provided in this Section 8.3.

 

8.4
Amendment Provision. Any term of this Debenture may be amended only with the written consent of Holder and Borrower. .The
term “Debenture” and all reference thereto, as used throughout this instrument, shall mean this instrument
as originally executed, or if later amended or supplemented, then as so amended or supplemented, and any successor instrument
as it may be amended or supplemented. 

 

8.5
Assignability. This Debenture shall be binding upon Borrower and its successors and assigns, and shall inure to the benefit
of Holder and its successors and assigns, and may not be assigned by Borrower without the prior written consent of Holder, which
consent may not be unreasonably withheld.

 

8.6
Prevailing Party and Costs. In the event any attorney is employed by any party with regard to any legal or equitable action,
arbitration or other proceeding brought by such party for the enforcement of this Debenture or because of an alleged dispute,
breach, default or misrepresentation in connection with any of the provisions of this Debenture, the prevailing party in such
proceeding will be entitled to recover from the other party reasonable attorneys’ fees and other costs and expenses incurred,
in addition to any other relief to which the prevailing party may be entitled.

 

    	14

    	 

    

 

8.7
Governing Law; Consent to Jurisdiction; Waiver of Jury Trial. This Debenture shall be governed by, and construed in accordance
with, the internal laws of the State of New York, without regard to principles of conflicts of law. HOLDER AND BORROWER WAIVE
ANY RIGHT TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS DEBENTURE OR ANY TRANSACTION CONTEMPLATED
HEREIN, INCLUDING CLAIMS BASED ON CONTRACT, TORT, BREACH OF DUTY AND ALL OTHER COMMON LAW OR STATUTORY BASES. Each party hereby
submits to the exclusive jurisdiction of the state and federal courts located in the County of Miami-Dade, State of Florida. If
the jury waiver set forth in this Section is not enforceable, then any dispute, controversy or claim arising out of or relating
to this Debenture or any of the transactions contemplated herein will be finally settled by binding arbitration in Miami-Dade
County, Florida in accordance with the then current Commercial Arbitration Rules of the American Arbitration Association by one
arbitrator appointed in accordance with said rules. The arbitrator shall apply New York law to the resolution of any dispute,
without reference to rules of conflicts of law or rules of statutory arbitration. Judgment on the award rendered by the arbitrator
may be entered in any court having jurisdiction thereof. Notwithstanding the foregoing, the parties may apply to any court of
competent jurisdiction for preliminary or interim equitable relief, or to compel arbitration in accordance with this paragraph.
The expenses of the arbitration, including the arbitrator’s fees and expert witness fees, incurred by the parties to the
arbitration, may be awarded to the prevailing party, in the discretion of the arbitrator, or may be apportioned between the parties
in any manner deemed appropriate by the arbitrator. Unless and until the arbitrator decides that one party is to pay for all (or
a share) of such expenses, both parties shall share equally in the payment of the arbitrator’s fees as and when billed by
the arbitrator.

 

8.8
Maximum Payments. Nothing contained herein shall be deemed to establish or require the payment of a rate of interest or other
charges in excess of the maximum permitted by applicable law. In the event that the rate of interest required to be paid or other
charges hereunder exceed the maximum permitted by such law, any payments in excess of such maximum shall be credited against amounts
owed by Borrower to Holder and thus refunded to Borrower.

 

8.9
Construction. Borrower acknowledges that its legal counsel participated in the preparation of this Debenture and, therefore, stipulates
that the rule of construction that ambiguities are to be resolved against the drafting party shall not be applied in the interpretation
of this Debenture to favor any party against the other.

 

8.10
Absolute Obligation. Except as expressly provided herein, no provision of this Debenture shall alter or impair the obligation
of Borrower, which is absolute and unconditional, to pay the Principal Amount of, interest and liquidated damages (if any) on,
this Debenture at the time, place, and rate, and in the coin or currency, herein prescribed. This Debenture is a direct debt obligation
of Borrower.

 

8.11
Lost or Mutilated Debenture. If this Debenture shall be mutilated, lost, stolen or destroyed, Borrower shall execute and deliver,
in exchange and substitution for and upon cancellation of a mutilated Debenture, or in lieu of or in substitution for a lost,
stolen or destroyed Debenture, a new Debenture for the Principal Amount of this Debenture so mutilated, lost, stolen or destroyed.

 

8.12
Opinion of Counsel. An opinion of the following counsels shall be deemed acceptable to Borrower: Fox Rothschild LLP, Greenberg
Traurig LLP, Bauman & Associates Law Firm, Law firm of Richardson & Patel LLP and Law Office of Clifford J. Hunt.

 

[Signature
page follows.]

 

    	15

    	 

    

 

IN
WITNESS WHEREOF, Borrower has caused this Convertible Debenture to be signed in its name effective as of the date first above
indicated. 

 

BORROWER:

 

Tauriga
Sciences, Inc.

 

	By:	Seth
    M. Shaw	 
	Title:	CEO
    	 

 

HOLDER:

Group
10 Holdings, LLC 

 

	By:	 	 
	Name:	Adam
    Wasserman 	 
	Title:	Managing
    Member 	 

 

    	16

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