Document:

Employment Agreement

 Exhibit 10.1 

EMPLOYMENT AGREEMENT 
 BETWEEN

 MULTI-COLOR CORPORATION 
 AND

 SHARON BIRKETT 
 Effective as
of July 1, 2014 

 TABLE OF CONTENTS 

 

					
	 	  	Page	 
		
	 1. Employment
	  	 	1	  
		
	 2. Term of Agreement
	  	 	1	  
		
	 3. Scope of Employment; Location
	  	 	1	  
		
	 4. Compensation
	  	 	2	  
		
	 4.1 Base Salary
	  	 	2	  
		
	 4.2 Bonus
	  	 	2	  
		
	 4.3 Stock Option Awards
	  	 	2	  
		
	 4.4 Retirement Plan
	  	 	2	  
		
	 4.5 Welfare and Other Benefit Plans
	  	 	2	  
		
	 4.6 Expenses
	  	 	2	  
		
	 4.7 Automobile Allowance
	  	 	3	  
		
	 4.8 Vacation
	  	 	3	  
		
	 4.9 Indemnity
	  	 	3	  
		
	 5. Confidentiality, Non-competition and Other Covenants
	  	 	3	  
		
	 5.1 Non-Disclosure of Confidential Materials, Information and Intellectual Property
	  	 	3	  
		
	 5.2 Non-Solicitation of the Company’s Employees
	  	 	4	  
		
	 5.3 Covenant Against Unfair Competition
	  	 	4	  
		
	 5.4 Return of Confidential Materials and Information
	  	 	4	  
		
	 5.5 Irreparable Harm
	  	 	4	  
		
	 5.6 Cumulative Remedies; Enforceability
	  	 	5	  
		
	 5.7 Reasonableness of Scope and Duration
	  	 	5	  
		
	 5.8 Future Employer
	  	 	5	  
		
	 5.9 Time Periods
	  	 	5	  
		
	 6. Termination of Employment
	  	 	6	  
		
	 6.1 Termination
	  	 	6	  
		
	 6.2 Date of Termination
	  	 	8	  
		
	 6.3 Notice of Termination
	  	 	9	  
		
	 7. Obligations of the Company Upon Termination
	  	 	9	  
		
	 7.1 Termination for Other Than Cause and Executive’s Death or Disability; and for Good Reason
	  	 	9	  

  
 -i- 

 TABLE OF CONTENTS 

(continued) 
  

					
	 	  	Page	 
		
	 7.2 Termination for Cause; or Other Than for Good Reason
	  	 	11	  
		
	 7.3 Termination Due to Executive’s Death
	  	 	11	  
		
	 7.4 Termination Due to Executive’s Disability
	  	 	12	  
		
	 8. Arbitration
	  	 	12	  
		
	 9. Miscellaneous Provisions
	  	 	13	  
		
	 9.1 Binding Effect; Delegation of Duties Prohibited; Survival
	  	 	13	  
		
	 9.2 Amendment; Waiver
	  	 	13	  
		
	 9.3 Entire Agreement
	  	 	14	  
		
	 9.4 Exemption from, or Compliance with, Section 409A
	  	 	14	  
		
	 9.5 Governing Law
	  	 	14	  
		
	 9.6 Headings; Section References; Construction
	  	 	14	  
		
	 9.7 Notices
	  	 	14	  
		
	 9.8 Policies, Regulations and Guidelines for Executives
	  	 	15	  
		
	 9.9 Severability and Reformation of Provisions
	  	 	15	  
		
	 9.10 Taxes
	  	 	15	  
		
	 9.11 Full Settlement
	  	 	15	  

  
 -ii- 

 GLOSSARY OF DEFINED TERMS 

 

					
	Defined Term	  	Section	 
	 Annual Base Salary
	  	 	4.1	  
	 Board
	  	 	3	  
	 Bonus
	  	 	4.2	  
	 Cause
	  	 	6.1(c)	  
	 Change in Control
	  	 	6.1(c)(6)	  
	 Company
	  	 	Preamble	  
	 Company Document
	  	 	9.3	  
	 Confidential Materials and Information
	  	 	5.1	  
	 Customer
	  	 	5.4	  
	 Date of Termination
	  	 	6.20	  
	 Disability
	  	 	6.1(b)	  
	 Disability Commencement Date
	  	 	6.1(b)	  
	 Executive
	  	 	Preamble	  
	 Good Reason
	  	 	6.1(d)	  
	 Notice of Termination
	  	 	6.3	  
	 Prospect
	  	 	5.4	  
	 Separation Pay Exemption Amount
	  	 	7.1(c)	  
	 Term
	  	 	2	  

  
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 EMPLOYMENT AGREEMENT 

This Employment Agreement (“Agreement”) is effective the 1st day of July, 2014 by and between
Multi-Color Corporation, an Ohio corporation (“Company”), and Sharon Birkett, an individual (“Executive”). 

RECITALS: 

A. Company desires to retain the services of Executive as its Chief Financial Officer, and Executive desires to render such services to the
Company. 
 B. The parties hereto desire to set forth the terms and conditions of the employment relationship between the Executive and the
Company. 
 AGREEMENT: 

NOW, THEREFORE, the parties hereby agree as follows: 

1. EMPLOYMENT. The Company hereby employs Executive for the “Term” (as defined in Section 2), and
Executive accepts employment by the Company and agrees to serve the Company during the Term, upon the terms and conditions hereinafter set forth. 

2. TERM OF AGREEMENT. This Agreement shall commence on July 1, 2014 and shall continue
until terminated in accordance with this Agreement. This Agreement shall be terminable at will, at any time, by either party, with or without cause, subject to the provisions set forth in Section 5, below. Unless otherwise expressly provided
herein, upon the termination of Employee’s employment, the Company shall pay Employee her salary earned through the Termination Date, Employee shall be entitled to all benefits accrued or vested through the Termination Date pursuant to all
fringe benefit plans set forth in this Agreement, and the Company shall not be obligated to pay, and Employee shall not be entitled to receive, any other compensation, payments or consideration of any kind or nature. The “Term” shall refer
to the period of time during which the Executive is employed pursuant to this Agreement. 
 3. SCOPE OF
EMPLOYMENT; LOCATION. During the Term of this Agreement, Executive shall serve as Chief Financial Officer of the Company and agrees to devote her full attention and time to the business and affairs of the Company as
may be assigned by the Company’s Chief Executive Officer or the Board of Directors (“Board”) and to use the Executive’s best efforts to perform such responsibilities in a professional manner. Executive shall have all authority,
duties and responsibilities customarily exercised by an individual serving as Chief Financial Officer in a corporation of the size and nature of the Company and such other authority, duties and responsibilities as are delegated to her by the Board
or the Company’s Chief Executive Officer from time to time. Notwithstanding the foregoing, it shall not be a violation of this Agreement for the Executive to (A) serve on corporate, trade association, civic or charitable boards or
committees, (B) deliver lectures, fulfill speaking engagements or teach at educational institutions, or (C) manage personal investments and affairs, so long as such activities do not significantly interfere with the performance of the
Executive’s responsibilities as an employee of the Company in accordance with this Agreement. During the Term of this Agreement, Executive 

 
shall principally perform her duties at the Company’s headquarters’ office located in Batavia, Ohio, except in the event Executive agrees in writing to another location. 

4. COMPENSATION. 

4.1 Base Salary. During the Term of this Agreement, the Executive shall receive an Annual Base Salary. Executive’s beginning
Annual Base Salary shall be Four Hundred Thousand Dollars (U.S.$400,000). The Annual Base Salary shall be evaluated and reviewed by the Compensation Committee of the Board annually. The Annual Base Salary shall be reviewed by the Compensation
Committee of the Board annually based upon Executive’s performance, pertinent salary survey information and such other information as the Compensation Committee deems appropriate, but may not be adjusted downward without the Executive’s
written consent. After any such adjustment, the term “Annual Base Salary” as used in this Agreement shall thereafter refer to such amount as adjusted. The Annual Base Salary shall be paid no less frequently than in equal bi-weekly
installments. 
 4.2 Bonus. During the Term of this Agreement, Executive will continue to be eligible to participate in the
Management Incentive Compensation Program, subject to the terms and conditions as specified in the plan. The incentive compensation program is based on meeting certain financial targets as established by, and in the sole discretion of, the Board or
by the Compensation Committee of the Board on an annual basis. The bonus target, as a percent of base annual salary, is 50%, with a bonus range between 25% and 75% of salary. If financial targets are met between the minimum, target and maximum
brackets, the payout is calculated on a prorated basis between the two brackets that apply. Executive shall be paid her Bonus when other executives of the Company are paid their annual bonuses, but in no event beyond the last day on which such
payment would qualify as a short-term deferral under Treasury Regulation § 1.409A 1(b)(4). 
 4.3 Stock Option Awards.
Executive may receive future restricted stock or stock option awards, as determined by the Board or its committees from time to time. 

4.4 Retirement Plan. During the Term of this Agreement, the Executive shall be eligible to participate in all savings and
retirement plans, practices, policies and programs to the extent applicable generally to other executives of the Company, including, without limitation, 401(k) retirement savings, or any other supplemental retirement compensation plans. 

4.5 Welfare and Other Benefit Plans. During the Term of this Agreement, the Executive and/or the Executive’s family, as the
case may be, shall be eligible for participation in and shall receive all other benefits (except for those benefits which have otherwise been provided to Executive herein) under welfare, fringe, incentive and other similar benefit plans, practices,
policies and programs provided by the Company (including, without limitation, medical, prescription drug, dental, disability, employee life, group life, accidental death and travel accident insurance plans and programs) to the extent applicable
generally to other executives of the Company. 
 4.6 Expenses. During the Term of this Agreement, the Executive shall be
entitled to receive prompt reimbursement for all reasonable business expenses incurred by the 

  
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Executive and documented as required by regulations of the Internal Revenue Service and policies of the Company. 

4.7 Automobile Allowance. During the Term of this Agreement, the Executive shall be paid each month an automobile allowance of
Five Hundred Dollars ($500.00). 
 4.8 Vacation. During the Term of this Agreement, the Executive shall be entitled to earn and
use vacation pursuant to the Company’s vacation policy as in effect from time to time for executives of the Company. 
 4.9
Indemnity. The Executive shall be indemnified and held harmless by the Company against claims arising in connection with the Executive’s status as an employee, officer, director or agent of the Company or any of its subsidiaries or
affiliates. Such indemnification shall be established to the level of the greatest indemnification permitted by Ohio law for corporate employees, officers or directors, and such indemnification shall continue as to the Executive even if he has
ceased to be an employee, officer, director or agent of the Company or other entity and shall inure to the benefit of the Executive’s heirs and legal representatives. In furtherance of this protection, during the Executive’s employment and
for a period of at least six years thereafter, the Company shall continue to provide officers’ and directors’ liability insurance covering Executive in at least the amount of coverage in fiscal 2014 for such purposes and in any event
provide at least as much coverage for the Executive as the Company provides for its other executives or directors of the Company. Nothing in this Agreement shall operate to limit or extinguish any right to indemnification, advancement of expenses or
contribution that the Executive (or her heirs and legal representatives) would otherwise have (including, without limitation, by agreement or under applicable law). 

5. CONFIDENTIALITY, NON-COMPETITION AND OTHER
COVENANTS. In consideration of Company’s employment of Executive, Executive does covenant and agree with the Company as follows: 

5.1 Non-Disclosure of Confidential Materials, Information and Intellectual Property. The Executive acknowledges that as a leader
in the highly-competitive businesses of printing labels, including but not limited to, inmold, pressure sensitive, heat transfer, cut and stack and shrink sleeve label technologies, the Company has developed, acquired and implemented confidential
intellectual property, materials and information, proprietary strategies and programs, which it has taken steps to protect as trade secrets (as defined in Ohio’s Uniform Trade Secrets Act, Ohio Rev. Code §§ 1333.61—1333.69) and
which include copyrighted materials, patent materials, expansion plans, market research, sales systems, marketing programs, product development strategies, budgets, pricing and cost strategies, identity and requirements of accounts, and other
non-public proprietary information regarding customers and the employees of the Company or of its customers or non public proprietary information regarding the Company’s business or the business of the Company’s customers (collectively
“Confidential Materials and Information”). In performing duties for the Company, the Executive regularly will be exposed to and work with the Company’s Confidential Materials and Information. The Executive acknowledges that such
Confidential Materials and Information are critical to the Company’s success and that the Company has invested substantial money in developing the Company’s Confidential Materials and Information. While the Executive is employed by the
Company, and after such employment ends for any reason, the Executive will 

  
 3 

 
not reproduce, publish, disclose, use, reveal, show, or otherwise communicate to any person or entity any Confidential Materials and Information of the Company unless specifically assigned or
directed by the Company to do so or unless it shall have become public knowledge (other than by acts by the Executive or representatives of the Executive in violation of this Agreement). The covenant in this Section 5.1 has no temporal,
geographical or territorial restriction or limitation, and it applies wherever the Executive may be located. 
 5.2 Non-Solicitation of
the Company’s Employees. For a period of twenty-four (24) months after the termination of her employment, the Executive will not actively solicit, either directly or indirectly through any third person, any other employee of the
Company to terminate his or her employment with the Company without the written consent of the Chairman of the Board. 
 5.3 Covenant
Against Unfair Competition. While the Executive is employed by the Company, and for twelve (12) months after Executive’s employment ends for any reason, the Executive will not, either directly or indirectly: (a) work for any
individual or entity, or own, control, or invest in any entity, that provides similar services as the Company or is a competitor of the Company and its businesses; or (b) call on, solicit or communicate with any of the Company’s customers
or prospects for the purpose of obtaining such customer’s or prospect’s business in violation of the restrictions on competition contained in clause (a) of this Section 5.3, other than for the benefit of the Company. As used in
this Agreement, the term “customer” means a business entity (including representatives of such business entity) to which the Company provided goods or services at any time in the prior twenty-four (24) months before the termination or
expiration of this Agreement, and the term “prospect” means a business entity (including representatives of such business entity) to which, at any time in the previous twenty-four (24) months before the termination or expiration of
this Agreement, the Company made a written proposal for providing goods or services. Ownership, for personal investment purposes only, of not in excess of two percent (2%) of the voting stock of any publicly held corporation, shall not
constitute a violation hereof. 
 5.4 Return of Confidential Materials and Information. The Executive agrees that whenever the
Executive’s employment with the Company ends for any reason, all documents, including information stored in electronic format, containing or referring to the Company’s Confidential Materials and Information that may be in the
Executive’s possession, or over which the Executive may have control, will be delivered by the Executive to the Company immediately, with no request being required. 

5.5 Irreparable Harm. The Executive agrees that a breach of any covenant in this Section 5 will cause the Company
irreparable injury and damage for which the Company has no adequate monetary remedy, and the Executive further agrees that if the Company claims a breach of any such covenant, the Company will be entitled to seek an immediate restraining order and
injunction to prevent such violation or continued violation. 

  
 4 

 5.6 Cumulative Remedies; Enforceability.  

(a) In the event of Executive’s breach or threatened breach of the covenants set forth in this
Section 5, the parties acknowledge that the Company will suffer irreparable harm and the Company will be entitled to an injunction restraining Executive from committing such breach. Executive affirmatively waives any requirement that the
Company post any bond, demonstrate the likelihood of irreparable harm to the Company, or demonstrate that any actual damages will be suffered by the Company or any other entity seeking enforcement hereof as a result of Executive’s breach of any
of the covenants set forth in this Section 5. 
 (b) The covenants and agreements contained in this
Section 5 will be construed as independent of each other, and the existence of any claim or cause of action by Executive against the Company, whether predicated on this Agreement or otherwise, will not constitute a defense to the Company’s
enforcement of such covenants, and they shall be construed as separate covenants and agreements. If any court shall finally determine that the restraints provided for in any such covenants and agreements exceed the maximum area, activity or time
such court deems reasonable and enforceable, said area, activity or time shall be deemed to become and thereafter shall be the maximum area, activity or time which such court deems reasonable and enforceable, and such covenants and agreements shall
be enforced as to such reduced area, activity or time. 
 (c) Nothing herein contained will be construed as
prohibiting the Company from pursuing any other remedies available to it at law or in equity for such breach or threatened breach, including the recovery of money damages. 

5.7 Reasonableness of Scope and Duration. Executive acknowledges that the restrictions contained in this Section 5 are
reasonable and necessary to protect the legitimate interests of the Company and that the Company would not have entered into this Agreement in the absence of such restrictions. Executive understands and agrees that the covenants and agreements
contained in this Section 5 are, taken as a whole, reasonable in connection with the activities covered, their geographic scope and duration. Executive understands that the provisions of this Agreement have been carefully designed to restrict
Executive’s activities to the minimum extent which is consistent with the Company’s requirements. Executive has carefully considered these restrictions, and Executive confirms that they will not unduly restrict Executive’s ability to
obtain a livelihood. 
 5.8 Future Employer. If applicable, Executive shall inform any prospective or future employer of all of
the restrictive covenants and agreements contained in this Agreement, and provide such employer with a copy of such provisions, prior to the commencement of that employment. 

5.9 Time Periods. All time periods set forth in this Section 5 shall be extended by the duration of any period during which
Executive is in violation of any provision of this Section 5. 

  
 5 

 6. TERMINATION OF
EMPLOYMENT 
 6.1 Termination. Executive’s employment with the Company shall terminate
upon the occurrence of the first of the following events: 
 (a) Death. Upon the death of Executive. 

(b) Disability. If the Disability of the Executive has occurred during the Executive’s employment, the
Company may give written notice to the Executive in accordance with this Agreement of its intention to terminate the Executive’s employment. In such event, the Executive’s employment with the Company shall terminate effective on the
Disability Commencement Date. As used in this Agreement, “Disability” shall mean that the Executive, (i) in the opinion of a physician, is unable to engage in any substantial gainful activity by reason of any medically determinable
physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, or (ii) is, by reason of any medically determinable physical or mental impairment which can be
expected to result in death or can be expected to last for a continuous period of not less than 12 months, receiving income replacement benefits for a period of not less than 3 months under an accident and health plan covering employees of the
Company, or (iii) is determined to be totally disabled by the Social Security Administration, or (iv) is determined to be disabled in accordance with a disability insurance program, provided that the definition of disability applied under
such disability insurance program complies with the requirements of (i) or (ii) above. Additionally, as used in this Agreement, “Disability Commencement Date” shall be the thirtieth
(30th) day after notice is received by Executive pursuant to this Section 6.1(b) that he is under a Disability, provided that, within the thirty (30) days after such receipt, the
Executive shall not have returned to perform her duties hereunder. 
 (c) Cause. The Company terminates the
Executive for Cause or for any reason other than for Cause. As used in this Agreement, “Cause” with respect to Executive’s termination from employment, shall mean any of the following: 

(1) the Executive’s failure to cure the Executive’s material breach of this Agreement or any Company
policy, regulation or guideline; 
 (2) the Executive’s appropriation of a material business opportunity
of the Company, including securing any material personal profit in connection with any transaction entered into on behalf of the Company. This provision shall not include opportunities communicated by the Executive to the Company which were rejected
or on which the Company took no timely action; 
 (3) the Executive’s misappropriation of any of the
Company’s funds or property; 
 (4) the Executive’s conviction of or entering of a guilty plea or a
plea of no contest with respect to, a felony, or 

  
 6 

 
any other crime which materially and adversely affects the business of the Company or Executive’s ability to carry out her duties hereunder and with respect to which imprisonment for a term
in excess of six (6) months is a possible punishment; 
 (5) the Executive’s conduct, or lack
thereof, which results in material economic damage to the Company or its reputation. It is expressly understood that if Executive’s good faith belief was that her conduct or lack thereof was in, or not opposed to, the best interest of the
Company, then “Cause” shall not be satisfied hereunder; or 
 (6) in the event there is a Change in
Control (as used in this Agreement, a “Change in Control” shall have the meaning ascribed thereto in the Company’s 2012 Stock Incentive Plan as in effect on the date this Agreement becomes effective), for a period of twelve
(12) months following the date of such Change in Control, the term “Cause” shall not include items (1) through (5) above and shall only mean the following: 

(A) the Executive materially violates any Company policy, regulation or guideline which Executive fails to cure
within sixty (60) days following written notice of such violation by the Company to the Executive; or 

(B) the Executive’s conviction or entering of a guilty plea or a plea of no contest with respect to
fraudulent or illegal activities which are materially injurious to the Company, monetarily or otherwise. 
 No termination of the
Executive’s employment hereunder by the Company for Cause shall be effective as a termination for Cause unless the provisions of this paragraph shall first have been complied with. The Executive shall be given a Notice of Termination by the
Board. The Executive shall have sixty (60) days after receipt of such notice to cure such alleged violation. If he fails to cure such alleged violation within such sixty (60)-day period, the Executive shall then be entitled to a hearing before
the Board. If after such hearing, the Board gives a second Notice of Termination to the Executive confirming that a majority of the members of the Board that are not then employed as employees of the Company voted after the hearing to terminate him
for Cause, the Executive’s employment shall thereupon be terminated for Cause. 
 (d) Good Reason. The
Executive terminates employment for Good Reason within two (2) years following the initial existence of the condition constituting Good Reason or for any other reason (including without Good Reason). As used in this Agreement, “Good
Reason” with respect to the termination from employment of Executive shall mean any of the following: 

(1) the Company’s material breach of this Agreement; 

  
 7 

 (2) the Company materially altering or materially impairing the
Executive’s authority, duties or responsibilities without her written consent; 
 (3) any reduction in
Executive’s then current Annual Base Salary, reduction in Executive’s target Bonus opportunity to a level below fifty percent (50%) of the then current Annual Base Salary, or material diminution of benefits provided under Company
plans which are applicable to Executive without her written consent; 
 (4) the Company requiring the
Executive to be based at any office or location other than Batavia, Ohio (or other agreed upon location) without the Executive’s prior written consent; or 

(5) in the event there is a Change in Control, for a period of twelve (12) months following the date of
such Change in Control, the term “Good Reason” shall include, in addition to items (1) through (6) above, the following: 

(A) (i) the assignment to the Executive of any duties inconsistent in any material adverse respect with the
Executive’s position, authority or responsibilities, or (ii) any other material adverse change in such position, including title, authority or responsibilities in each case without the prior written consent of Executive; or 

(B) failure of the Company to obtain the assumption in writing of its obligations under this Agreement by any
successor to all or substantially all of the business or assets of the Company no later than the closing of such transaction, unless such assumption occurs by operation of law. 

No termination of the Executive’s employment hereunder by the Executive for Good Reason shall be effective as a
termination for Good Reason unless the provisions of this paragraph shall first have been complied with. The Board shall be given a Notice of Termination by the Executive within ninety (90) days of the initial existence of the violation. The
Company shall have sixty (60) days after receipt of the Notice of Termination to fully cure such alleged violation. 
 6.2 Date of
Termination. As used in this Agreement, “Date of Termination” means: (i) if the Executive’s employment is terminated by the Company for Cause, the Date of Termination shall be the date on which the Executive receives the
Notice of Termination described in Section 6.1(c) that a majority of the members of the Board that are not then employees of the Company voted after the hearing to terminate him for Cause; (ii) if the Executive’s employment is
terminated by the Executive for Good Reason, the Date of Termination shall be the date on which the Notice of Termination is received by the Company, or such later date as may be specified therein, unless the Company has fully cured all grounds for
such termination within sixty (60) days after the Executive gives such notice; (iii) if the Executive’s employment is terminated by the Company other than for Cause or Disability, the 

  
 8 

 
Date of Termination shall be the date on which the Company notifies the Executive of such termination; (vi) if the Executive’s employment is terminated by the Executive for other than
Good Reason, the Date of Termination shall be the date on which the Company receives the Notice of Termination; and (v) if the Executive’s employment is terminated by reason of death or Disability, the Date of Termination shall be the date
of death of the Executive or the Disability Commencement Date. 
 6.3 Notice of Termination. As used in this Agreement,
“Notice of Termination” shall mean a written notice which: (i) indicates the specific termination provision in this Agreement relied upon; (ii) to the extent applicable, sets forth in reasonable detail the facts and circumstances
claimed to provide a basis for termination of the Executive’s employment under the provision so indicated; and (iii) if the Date of Termination is other than the date of receipt of such notice, specifies the termination date (which date
shall be not more than thirty (30) days after the giving of such notice). 
 7. OBLIGATIONS OF
THE COMPANY UPON TERMINATION. 
 7.1 Termination for Other Than Cause
and Executive’s Death or Disability; and for Good Reason. If the Executive’s employment is terminated (i) by the Company for any reason other than Cause or as a result of the Executive’s death or Disability; or
(ii) by the Executive for Good Reason: The Company shall pay, or commence to be paid, as applicable, to the Executive within thirty (30) days after the Date of Termination Executive’s Annual Base Salary through the Date of Termination
to the extent not previously paid, in a single lump sum in cash; 
 (a) The Company shall pay, or commence to
be paid, as applicable, to the Executive any compensation previously deferred by the Executive and any other non-qualified benefit plan balances to the extent not previously paid, in accordance with the terms of deferral or the other non-qualified
plan, as applicable; 
 (b) The Company shall pay an amount, paid in accordance with the Company’s regular
payroll processing cycle, commencing on the next payroll date after the Executive’s Date of Termination, equal to one (1) times the Executive’s Annual Base Salary. Notwithstanding the foregoing provisions of this Subsection (c), to
the extent the amounts payable under this Subsection do not exceed the Separation Pay Exemption Amount (defined below), such amounts shall be paid in accordance with the foregoing provisions of this Subsection (c). The amount payable that is in
excess of the Separation Pay Exemption Amount shall be paid as follows: (i) no portion of the excess amount may be paid, or commence to be paid, earlier than six (6) months after the date the Executive separates from service, and
(ii) the installment payments that would have otherwise been paid during such six (6) month period shall be accumulated and paid on the first day of the seventh month following the date the Employee separates from service and the remaining
installments shall be paid in accordance with the foregoing provisions of this Subsection (c). For purposes of this Subsection (c), the term “Separation Pay Exemption Amount” means an amount equal to two (2) times the lesser of
(x) the sum of the Executive’s annualized compensation based upon the annual rate of pay for services provided to the Company for the Executive’s taxable year preceding the taxable year in which the Executive separates from service
(adjusted for any increase during that year that was expected to continue indefinitely if the Executive had not 

  
 9 

 
separated from service); or (y) the maximum amount that may be taken into account under a qualified plan pursuant to Section 401(a)(17) of the Internal Revenue Code for the year in
which the Executive separates from service. In consideration of Executive’s receipt of severance benefits as described in this Section 7.1(c), Executive agrees, not later than 60 days following the Executive’s Date of Termination, to
execute and deliver a separation agreement and release in form and substance reasonably satisfactory to the Company (the “Release”). If Executive fails to execute and deliver the Release, as required, the severance payments provided in
this Section 7.1(c) shall cease; 
 (c) Except as otherwise prohibited in the applicable option/incentive
plans, all stock option and restricted stock awards that were outstanding immediately prior to the Date of Termination shall become fully and immediately exercisable and/or vested, as the case may be, with no further restrictions on sale or
transferability other than those mandated by law, and each nonqualified stock option (including already vested nonqualified stock options) shall remain exercisable through the latest date upon which the nonqualified stock option could have expired
by its original terms, and each incentive stock option (including already vested incentive stock options) shall remain exercisable for 90 days following the Date of Termination unless such stock option no longer qualifies as an incentive stock
option as a result of such accelerated vesting and exercisability, in which case the portion of the such stock option that no longer qualifies shall remain exercisable through the latest date upon which the stock option could have expired by its
original terms; 
 (d) For thirty (30) days after the Date of Termination, or such longer period as may be
provided by the terms of the appropriate plan, program, practice or policy, the Company shall continue to provide those benefits to the Executive and/or the Executive’s family that would have been provided to them in accordance with the welfare
plans, programs, practices and policies described in Section 4.5 of this Agreement if the Executive’s employment had not been terminated; provided, however, that the benefits shall be offset by any benefits provided by any subsequent
employment of Executive (determined on a benefit-by-benefit basis). Executive agrees to describe all benefits which her subsequent employer has agreed to provide him, including any changes to such benefits during the thirty (30) day period
described in this Subsection 7.1(d). To the extent any of the foregoing benefits are not exempt from the requirements of Section 409A of the Internal Revenue Code, the amount of expenses eligible for reimbursement (other than the reimbursement
of expenses referred to in Section 105(b) of the Internal Revenue Code (relating to medical reimbursement arrangements)), or in-kind benefits provided, during the Executive’s taxable year may not affect the expenses eligible for
reimbursement, or the in-kind benefits to be provided, in any other taxable year; 
 (e) The Company shall
reimburse the Executive for all reasonable out-of-pocket costs and expenses incurred by Executive to return Executive, her family, and their household goods to Australia, subject to the policies and procedures of the Company as are adopted from time
to time; and 
 (f) To the extent not previously paid or provided, the Company shall timely pay or provide to
the Executive any other amounts or benefits required to be paid or provided or which the Executive is entitled to receive under any plan, program, policy, contract or agreement of the Company. 

  
 10 

 7.2 Termination for Cause; or Other Than for Good Reason. If the Executive’s
employment is terminated (i) by the Company for Cause; or (ii) by the Executive without Good Reason, this Agreement shall terminate without further obligations to the Executive other than all of the following: 

(a) The Company shall pay to the Executive in a lump sum in cash within 30 days after the Date of Termination the
Executive’s Annual Base Salary through the Date of Termination to the extent not previously paid. 
 (b)
The Company shall pay, or commence to be paid, as applicable, to the Executive any compensation previously deferred by the Executive and any other non-qualified benefit plan balances to the extent not previously paid, in accordance with the terms of
deferral or the other non-qualified plan, as applicable. 
 (c) If the Executive terminates employment without
Good Reason through a plan of retirement acceptable to the Company, which will not be unreasonably withheld, except as otherwise prohibited in the applicable option/incentive plans, all stock option and restricted stock awards that were outstanding
immediately prior to the Date of Termination shall become fully and immediately exercisable and/or vested, as the case may be, with no further restrictions on sale or transferability other than those mandated by law, and each nonqualified stock
option (including already vested nonqualified stock options) shall remain exercisable through the latest date upon which the nonqualified stock option could have expired by its original terms, and each incentive stock option (including already
vested incentive stock options) shall remain exercisable for 90 days following the Date of Termination unless such stock option no longer qualifies as an incentive stock option as a result of such accelerated vesting and exercisability, in which
case the portion of the such stock option that no longer qualifies shall remain exercisable through the latest date upon which the stock option could have expired by its original terms; and 

(d) The Company shall reimburse the Executive for all reasonable out-of-pocket costs expenses incurred by
Executive to return Executive, her family, and their household goods to Australia, subject to the policies and procedures of the Company as are adopted from time to time; and 

(e) To the extent not previously paid or provided, the Company shall timely pay or provide to the Executive any
other amounts or benefits required to be paid or provided or which the Executive is entitled to receive under any plan, program, policy or practice or contract or agreement of the Company. 

7.3 Termination Due to Executive’s Death. If the Executive’s employment is terminated by reason of the Executive’s
death, this Agreement shall terminate without further obligations to the Executive’s legal representatives under this Agreement, other than all of the following: 

(a) The Company shall pay to the Executive’s legal representative in a lump sum in cash within 30 days after
the Date of Termination the aggregate of Executive’s Annual Base Salary through the Date of Termination to the extent not previously paid; 

  
 11 

 (b) The Company shall pay, or commence to be paid, as applicable,
to the Executive’s legal representative any compensation previously deferred by the Executive and any other non-qualified benefit plan balances to the extent not previously paid, in accordance with the terms of deferral or the other
non-qualified plan, as applicable. 
 (c) Except as otherwise prohibited in the applicable option/incentive
plans, all stock option and restricted stock awards that were outstanding immediately prior to the Date of Termination shall become fully and immediately exercisable and/or vested, as the case may be, with no further restrictions on sale or
transferability other than those mandated by law, and each stock option (including already vested stock options) shall remain exercisable by Executive’s legal representative for 12 months following the Date of Termination (but in no event
beyond the latest date upon which the stock option could have expired by its original terms); 
 (d) For thirty
(30) days after the Date of Termination, or such longer period as may be provided by the terms of the appropriate plan, program, practice or policy, the Company shall continue to provide those benefits to the Executive’s family that would
have been provided to them in accordance with the welfare plans, programs, practices and policies described in Section 4.5 of this Agreement if the Executive’s employment had not been terminated. To the extent any of the foregoing benefits
are not exempt from the requirements of Section 409A of the Internal Revenue Code, the amount of expenses eligible for reimbursement (other than the reimbursement of expenses referred to in Section 105(b) of the Internal Revenue Code
(relating to medical reimbursement arrangements)), or in-kind benefits provided, during the Executive’s taxable year may not affect the expenses eligible for reimbursement, or the in-kind benefits to be provided, in any other taxable year; 

(e) To the extent not previously paid or provided, the Company shall timely pay or provide to the
Executive’s applicable beneficiaries any other amounts or benefits required to be paid or provided or which the Executive is entitled to receive under any plan, program, policy or practice or contract or agreement of the Company; and 

(f) Any other death benefits then in effect for Company employees or executives and their beneficiaries. 

7.4 Termination Due to Executive’s Disability. If the Executive’s employment is terminated by reason of the
Executive’s Disability, the Company shall have all of the obligations set forth in the preceding Section 7.3 except that (i) any reference in Section 7.3(a), (b) and (c) to the “Executive’s legal
representative” shall refer to the “Executive,” (ii) the reference in Section 7.3(d) to the “Executive’s family” shall refer to the “Executive and/or the Executive’s family,” (iii) the
reference in Section 7.3(e) to the “Executive’s applicable beneficiary” shall refer to the “Executive” and (iv) Section 7.3(f) shall read: “Any other long-term disability benefits then in effect for
Company employees or executives and their beneficiaries.” 
 8. ARBITRATION. Except as provided in Section 5
or a party’s right to seek injunctive or other equitable relief, if any dispute shall arise between the Executive and the Company in any way connected to or arising from this Agreement, the dispute shall be exclusively determined, and the
dispute shall be settled, by arbitration in accordance with the CPR Rules for Non- 

  
 12 

 
Administered Arbitration (or such other independent dispute resolution body to which the parties shall mutually agree) (“Arbitration Forum”). The arbitration shall be held in
Cincinnati, Ohio before a single arbitrator, who shall be chosen from a panel of arbitrators selected by the Arbitration Forum. The decision of the arbitrator shall be final and binding upon the Executive and the Company and judgment upon such award
may be entered in any court of competent jurisdiction. The costs of the arbitrator and of the arbitration shall be borne equally by each of the parties. The costs of each party’s counsel, accountants, etc., as well as any costs solely for their
benefit, shall be borne separately by each party. EACH OF THE PARTIES HEREBY ACKNOWLEDGES THAT THIS PROVISION
CONSTITUTES A WAIVER OF THEIR RIGHT TO COMMENCE A LAWSUIT IN ANY
JURISDICTION WITH RESPECT TO THE MATTERS WHICH ARE REQUIRED TO BE
SETTLED BY ARBITRATION AS PROVIDED IN THIS SECTION 8. 

9. MISCELLANEOUS PROVISIONS. 

9.1 Binding Effect; Delegation of Duties Prohibited; Survival. This Agreement shall inure to the benefit of, and shall be binding
upon, the parties hereto and their respective successors, assigns, heirs and legal representatives, including any entity with which the Company may merge or consolidate, or to which all or substantially all of its assets may be transferred,
provided, the Company may assign this Agreement to any affiliate, but no such assignment shall relieve the Company of its obligations hereunder. The Company will require any successor (whether direct or indirect, by purchase, merger, consolidation
or otherwise) to all or substantially all of the business and/or assets of the Company to assume expressly and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such
succession had taken place. As used in this Agreement, “Company” shall mean the Company as hereinbefore defined and any successor to its business and/or assets as aforesaid which assumes and agrees to perform this Agreement by operation of
law, or otherwise. The duties and covenants of Executive under this Agreement, being personal, may not be delegated, but the Executive’s rights to compensation and benefits provided hereunder may be transferred only by will or operation of law.
Except as otherwise set forth in this Agreement, to the extent necessary to carry out the intentions of the parties hereunder the respective rights and obligations of the parties hereunder shall survive any termination of the Executive’s
employment. 
 9.2 Amendment; Waiver. This Agreement may be amended, modified or superseded only by a written instrument that
expressly refers to this Agreement and that is signed by all of the parties to this Agreement. No party shall be deemed to have waived compliance by another party of any provision of this Agreement unless such waiver is contained in a written
instrument signed by the waiving party and no waiver that may be given by a party will be applicable except in the specific instance for which it is given. The failure of any party to enforce at any time any of the provisions of this Agreement or to
exercise any right or option contained in this Agreement or to require at any time performance of any of the provisions of this Agreement, by any of the other parties shall not be construed to be a waiver of such provisions and shall not affect the
validity of this Agreement or any of its provisions or the right of such party thereafter to enforce each provision of this Agreement. No course of dealing shall operate as a waiver or modification of any provision of this Agreement or otherwise
prejudice such party’s rights, powers and remedies. 

  
 13 

 9.3 Entire Agreement. This Agreement embodies the entire agreement and
understanding of the parties related to the subject matter and supersedes all prior proposals, understandings, agreements, correspondence, arrangements and contemporaneous oral agreements relating to subject matter of this Agreement. No
representation, promise, inducement or statement of intention has been made by any party which has not been embodied in this Agreement. In the event of any inconsistency between any provision of this Agreement and any provision of any plan, employee
handbook, personnel manual, program, policy, arrangement or agreement of the Company or any of its affiliates (“Company Documents”), the provisions of this Agreement shall control; provided, however, to the extent any Company Document
provides for additional benefits to be afforded the Executive, such additional benefits will also be provided to the Executive in accordance with the terms of such Company Document. 

9.4 Exemption from, or Compliance with, Section 409A. The payment of amounts and the provision of benefits under this
Agreement are intended to be exempt from, or compliant with, Section 409A of the Internal Revenue Code. Accordingly, the payment of any amount under this Agreement subject to Section 409A shall be made in strict compliance with the
provisions hereof, and no such amounts payable hereunder may be accelerated or deferred beyond the periods provided herein. This Agreement shall be performed and construed in a manner that is consistent with the foregoing intention. 

9.5 Governing Law. This Agreement shall be governed by, and shall be construed, performed and enforced in accordance with, its
express terms, and otherwise in accordance with the laws of State of Ohio, applicable to contracts to be wholly performed within such state without giving effect to any conflict of law, rule or principle of such state. 

9.6 Headings; Section References; Construction. Section headings or captions contained in this Agreement are inserted only as a
matter of convenience and reference and in no way define, limit, extend or describe the scope of this Agreement, or the intent of any provision hereof. All references herein to Sections shall refer to Sections of this Agreement unless the context
clearly otherwise requires. Unless the context clearly states otherwise, the use of the singular or plural in this Agreement shall include the other and the use of any gender shall include all others. The parties have participated jointly in the
negotiation and drafting of this Agreement. If any ambiguity or question of intent or interpretation arises, no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any of the provisions of this
Agreement. 
 9.7 Notices. All notices, requests, consents, approvals, waivers, demands and other communications required or
permitted to be given or made under this Agreement shall be in writing and shall be deemed delivered to the parties (a) on the date of personal delivery against a written receipt, or (b) on the first business day following the date of
delivery to a nationally recognized overnight courier service, or (c) on the third business day following the date of deposit in the United States Mail, postage prepaid, by certified mail, in each case addressed as follows, or to such other
address, person or entity as any party may designate by notice to the others in accordance herewith: 

  
 14 

 To Executive to the residence of the Executive as reflected in the Company’s books and
records. 
 To Company: 

Multi-Color Corporation 
 4053
Clough Woods Drive 
 Batavia, OH 45103 

Attention: Chief Executive Officer 

with a required copy to: 
 Keating
Muething & Klekamp PLL 
 One East Fourth Street, Suite 1400 

Cincinnati, OH 45202 
 Attn:
Michael J. Moeddel 
 9.8 Policies, Regulations and Guidelines for Executives. The Company may, from time to time, issue
policies, rules, regulations, guidelines, procedures or other informational material, whether in the form of handbooks, memoranda or otherwise, relating to the Company’s Executives. Executive acknowledges and agrees that such materials are
general guidelines for Executive’s information and shall not be construed to alter, modify or amend this Agreement for any purpose whatsoever. 

9.9 Severability and Reformation of Provisions. If a court in any final, unappealable proceeding holds any provision of this
Agreement or its application to any person or circumstance invalid, illegal or unenforceable, the remainder of this Agreement, or the application of such provision to persons or circumstances other than those to which it was held to be invalid,
illegal or unenforceable, shall not be affected, and shall be valid, legal and enforceable to the fullest extent permitted by law, but only if and to the extent such enforcement would not materially and adversely frustrate the parties’
essential objectives as expressed in this Agreement. Furthermore, in lieu of any such invalid or unenforceable term or provision, the parties intend that the court add to this Agreement a provision as similar in terms to such invalid or
unenforceable provision as may be valid and enforceable, so as to effect the original intent of the parties to the greatest extent possible. 

9.10 Taxes. The Company may withhold from any amounts payable under this Agreement such Federal, state, local or foreign taxes as
shall be required to be withheld pursuant to any applicable law or regulation. 
 9.11 Full Settlement. In no event shall the
Executive be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to the Executive under any of the provisions of this Agreement and such amounts shall not be reduced whether or not the Executive
obtains other employment, except for the offset described in Section 7.1(d). 
 THIS AGREEMENT CONTAINS VERY IMPORTANT TERMS GOVERNING EXECUTIVE’S
EMPLOYMENT WITH THE COMPANY. SECTION 5 CONTAINS 

  
 15 

 
PROVISIONS WHICH AFFECT EXECUTIVE’S ABILITY TO TAKE CERTAIN ACTIONS FOLLOWING THE TERMINATION OF EXECUTIVE’S EMPLOYMENT. EXECUTIVE SHOULD FEEL FREE TO SEEK ADVICE FROM HER ATTORNEY
REGARDING ANY MATTER RELATING TO THIS AGREEMENT. BY EXECUTING THIS AGREEMENT, EXECUTIVE IS AFFIRMING THAT THE EXECUTIVE HAD THE OPPORTUNITY TO REVIEW THIS AGREEMENT AND TO CONSULT WITH HIS ATTORNEY, THAT EXECUTIVE UNDERSTANDS THE MEANING AND
SIGNIFICANCE OF ALL OF ITS PROVISIONS, THAT NO REPRESENTATIONS OR PROMISES HAVE BEEN MADE TO EXECUTIVE REGARDING HIS EMPLOYMENT WHICH ARE NOT SET FORTH IN THIS AGREEMENT, AND THAT EXECUTIVE IS FREELY SIGNING THIS AGREEMENT TO CONTINUE HIS EMPLOYMENT
WITH THE COMPANY. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT
BLANK—SIGNATURE PAGE TO FOLLOW] 

  
 16 

 IN WITNESS WHEREOF, the
parties have entered into this Agreement effective as of the date first written above. 
  

					
	MULTI-COLOR CORPORATION
		
	By:	 	 /s/ Nigel Vinecombe

	Title: CEO
	Date: June 12, 2014
		
	WITNESS:	 	 /S/ KAREN A. POWELL

	
	(“Company”)
	
	 /s/ Sharon Birkett

	SHARON BIRKETT
	
	Date: June 12, 2014
	(“Executive”)
		
	WITNESS:	 	 /S/ KAREN A. POWELL

 [Signature Page to Birkett Employment Agreement] 

  
 17EX 10.1 - 4th Amended Advisory Agrmt

Exhibit 10.1

FOURTH AMENDED AND RESTATED
ADVISORY MANAGEMENT AGREEMENT
This FOURTH AMENDED AND RESTATED ADVISORY MANAGEMENT AGREEMENT (this “Agreement”) is entered into on this 6th day of June, 2014 and shall be effective as of January 1, 2014, by and between BEHRINGER HARVARD OPPORTUNITY REIT II, INC., a Maryland corporation (the “Company”), and BEHRINGER HARVARD OPPORTUNITY ADVISORS II, LLC, a Texas limited liability company (the “Advisor”).
W I T N E S S E T H
WHEREAS, the Company and the Advisor previously entered that certain Third Amended and Restated Advisory Management Agreement dated July 5, 2011 that is currently in effect through January 4, 2015 (the “Original Agreement”); and
WHEREAS, the Company desires to continue to avail itself of the experience, sources of information, advice, assistance and certain facilities available to 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, all as provided herein; and
WHEREAS, the Company and the Advisor desire to reduce the fees payable to the Advisor; and 
WHEREAS, the Advisor is willing to undertake to provide these services, subject to the supervision of the Board, on the terms and conditions hereinafter set forth.
NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants and agreements contained herein, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereby amend and restate the Original Agreement as follows:
ARTICLE ONE
DEFINITIONS
The following defined terms used in this Agreement shall have the meanings specified below:
Acquisition Expenses.  A non-accountable acquisition expense reimbursement in the amount of: (i) 0.25% of the funds paid for purchasing an Asset, including any debt attributable to the Asset, plus 0.25% of the funds budgeted for development, construction or improvement in the case of Assets that the Company acquires and intends to develop, construct or improve or (ii) 0.25% of the funds advanced in respect of a loan or other investment.  Acquisition Expenses also include any investment-related expenses due to third parties in the case of a completed investment, including, but not limited to legal fees and expenses, travel and communications expenses, costs of appraisals, accounting fees and expenses, third-party brokerage or finder’s fees, title insurance, premium expenses and other closing costs.  Acquisition Expenses also include any payments approved in advance by the Board, and made to (i) a prospective seller of an asset, (ii) an agent of a prospective seller of an asset, or (iii) a party that has the right to control the sale of an asset intended for investment by the Company that are not refundable and that are not ultimately applied against the purchase price for such asset (“Non-Refundable Payments”).
Acquisition Fees.  Any and all fees and commissions, exclusive of Acquisition Expenses but including the Acquisition and Advisory Fees, paid by any Person to any other duly qualified and licensed 

EAST\75671330.5 

Person (including any fees or commissions paid by or to any duly qualified and licensed Affiliate of the Company or the Advisor) in connection with making or investing in Mortgages or other loans or the purchase, development or construction of an Asset, including, without limitation, real estate commissions, selection fees, investment banking fees, third party seller’s fees (to the extent the Company agrees to pay any such fees as part of an acquisition), Development Fees, Construction Fees, non-recurring 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 any Property.
Acquisition and Advisory Fees.  The fees payable to the Advisor pursuant to Section 3.01(b).
Administrative Services.  The services historically provided by the Advisor (either directly or through a third party) to fulfill its duties to the Company pursuant to Sections 2.02, 2.03, 2.04, and 2.05.
Administrative Services Fee.  Fee payable to the Advisor for providing the Administrative Services pursuant to Section 3.02(e).  The Administrative Services Fee is in addition to the Asset Management Fee, Debt Financing Fee, and the Acquisition Fee and is intended to reimburse for all costs associated with providing the Administrative Services, including without limitation the costs described on Schedule A.
Advisor.  Behringer Harvard Opportunity Advisors II, LLC, a Texas limited liability company, any successor advisor to the Company, or any Person to which Behringer Harvard Opportunity Advisors II, LLC or any successor advisor subcontracts all or substantially all of its functions.
Affiliate or Affiliated.  As to any Person, (i) any Person directly or indirectly owning, controlling, or holding, with the power to vote, 10% or more of the outstanding voting securities of such other Person; (ii) any Person 10% or more of whose outstanding voting securities are directly or indirectly owned, controlled, or held, with 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.
Articles of Incorporation.  The Articles of Incorporation of the Company filed with the Maryland State Department of Assessments and Taxation in accordance with the Maryland General Corporation Law, as amended or restated from time to time.
Assets.  Properties, Mortgages, loans and other direct or indirect investments (other than investments in bank accounts, money market funds or other current assets) owned by the Company, directly or indirectly through one or more of its Affiliates or Joint Ventures or through other investment interests.
Asset Management Fee.  The fee payable to the Advisor for day-to-day professional management services in connection with the Company and its investments in Assets pursuant to Section 3.01(a) of this Agreement.
Average Invested Assets.  For a specified period, the average of the aggregate book value of the Assets before deduction for depreciation, bad debts or other non-cash reserves, computed by taking the average of the values at the end of each month during the period.
Board.  The Board of Directors of the Company.
Bylaws.  The bylaws of the Company, as the same are in effect from time to time.

2

Change of Control.  Any (i) event (including, without limitation, issue, transfer or other disposition of Shares of capital stock of the Company or equity interests in the Partnership, merger, share exchange or consolidation) after which any “person” (as that term is used in Sections 13(d) and 14(d) of the Exchange Act) is or becomes the “beneficial owner” (as defined in Rule 13d-3 of the Exchange Act), directly or indirectly, of securities of the Company or the Partnership representing greater than 50% of the combined voting power of the Company's or the Partnership's then outstanding securities, respectively; provided, that, a Change of Control shall not be deemed to occur as a result of any widely distributed public offering of the Shares or (ii) direct or indirect sale, transfer, conveyance or other disposition (other than pursuant to clause (i)), in one or a series of related transactions, of all or substantially all of the properties or assets of the Company or the Partnership, taken as a whole, to any “person” (as that term is used in Sections 13(d) and 14(d) of the Exchange Act).
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 the 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.  Behringer Harvard Opportunity REIT II, Inc., a corporation organized under the laws of the State of Maryland.  Unless the context clearly indicates otherwise, references to the Company shall include its direct and indirect subsidiaries, including the Partnership.
Construction Fee.  A fee or other remuneration for acting as general contractor and/or construction manager to construct improvements, supervise and coordinate projects or to provide major repairs or rehabilitations on a Property.
Contract Purchase Price.  The amount (i) actually paid in respect of the purchase, development, construction or improvement of a Property, (ii) of funds advanced with respect to a Mortgage or other loan or (iii) actually paid in respect to the purchase of other Assets, in each case exclusive of Acquisition Fees and Acquisition Expenses but including any debt attributable to such acquired Assets.
Cost of Investment.  For each Asset, (i) with respect to an Asset wholly-owned by the Company or any wholly-owned subsidiary, the Fully Loaded Cost, and (ii) in the case of an Asset owned by any Joint Venture or in some other manner in which the Company is a co-venturer or partner or otherwise a co-owner, the portion of the Fully Loaded Cost that is attributable to the Company’s investment in the Joint Venture or other interest in such Asset.
Development Fee.  A fee for the packaging of an Asset, including the negotiation and approval of plans, and any assistance in obtaining zoning and necessary variances and financing for a specific development Property, either initially or at a later date.
Director.  A member of the Board.
Distributions.  Any dividends or other distributions of money or other property by the Company to Stockholders, including distributions that may constitute a return of capital for federal income tax purposes but excluding distributions that constitute the redemption of any Shares and excluding distributions on any Shares before their redemption.
Estimated Valuation Policy.  The Company’s Amended and Restated Policy for Estimation of Common Stock Value as amended from time to time.  

3

Exchange Act.  The Securities Exchange Act of 1934, as amended from time to time, or any successor statute thereto.  Reference to any provision of the Exchange Act 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.
Fully Loaded Cost.  The Contract Purchase Price of an Asset at the time of acquisition (exclusive of closing costs), plus the amount actually paid for the development, construction or improvement of the Asset, inclusive of expenses related thereto.
Independent Director.  A Director who is not on the date of determination, and within the last two years from the date of determination has not been, directly or indirectly associated with the Sponsor or the Advisor by virtue of (i) ownership of an interest in the Sponsor, the Advisor or any of their Affiliates, other than the Company, (ii) employment by the Sponsor, the Company, the Advisor or any of their Affiliates, (iii) service as an officer or director of the Sponsor, the Advisor or any of their Affiliates, other than as a Director of the Company, (iv) performance of services for the Company, other than as a Director of the Company, (v) service as a director or trustee of more than three real estate investment trusts organized by the Sponsor or advised by the Advisor, or (vi) maintenance of a material business or professional relationship with the Sponsor, the Advisor or any of their Affiliates.  Notwithstanding the foregoing, and consistent with (v) above, serving as a director of or receiving director fees from or owning an interest in a REIT or other real estate program organized by the Sponsor or advised or managed by the Advisor or its Affiliates shall not, by itself, cause a Director to be deemed associated with the Sponsor or the Advisor.  A business or professional relationship is considered material if the aggregate annual gross revenue derived by the Director from the Sponsor, the Advisor and their Affiliates (excluding fees for serving as a director of the Company or other REIT or real estate program organized or advised or managed by the Advisor or its Affiliates) exceeds five percent of either the Director's annual gross income during either of the last two years or the Director's net worth on a fair market value basis.  An indirect association with the Sponsor or the Advisor shall include circumstances in which a Director's spouse, parent, child, sibling, mother- or father-in-law, son- or daughter-in-law, or brother- or sister-in-law is or has been associated with the Sponsor, the Advisor, any of their Affiliates, or the Company.
Intellectual Property Rights.  All rights, titles and interests, whether foreign or domestic, in and to any and all trade secrets, confidential information rights, patents, invention rights, copyrights, service marks, trademarks, know-how, or similar intellectual property rights and all applications and rights to apply for such rights, as well as any and all moral rights, rights of privacy, publicity and similar rights and license rights of any type under the laws or regulations of any governmental, regulatory, or judicial authority, foreign or domestic and all renewals and extensions thereof.
Joint Ventures.  A legal organization formed to provide for the sharing of the risks and rewards in an enterprise co-owned and operated for mutual benefit by two or more business partners and established to acquire or hold Assets.
Listing or Listed.  The filing of a Form 8-A to register any class of the Company’s securities on a national securities exchange and an original listing application related thereto; provided, that the Shares shall not be deemed to be Listed until trading in the Shares shall have commenced on the relevant national securities exchange.
Mortgages.  In connection with mortgage financing provided, invested in or purchased by the Company, all of the notes, deeds of trust, security interests or other evidence of indebtedness or obligations, which are secured or collateralized by Real Property owned by the borrowers under such notes, deeds of trust, security interests or other evidence of indebtedness or obligations.

4

NASAA Guidelines.  The Statement of Policy Regarding Real Estate Investment Trusts adopted by the North American Securities Administrators Association, Inc. on May 7, 2007, and in effect on the date hereof.
Net Income.  For any period, the Company’s total revenues applicable to that period, less the total expenses applicable to the 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 Assets.
Offering.  Any public offering of Shares pursuant to an effective registration statement filed under the Securities Act, other than a public offering of Shares under a distribution reinvestment plan.
Organization and Offering Expenses.  Any and all costs and expenses incurred by and to be paid by the Company in connection with an Offering, the formation of the Company, and including the qualification and registration of the Offering and the marketing and distribution of its Shares, including, without limitation:  total underwriting and brokerage discounts and commissions (including fees of the underwriters’ attorneys); expenses for printing, engraving, amending registration statements and supplementing prospectuses; mailing and distribution costs; reimbursement of bona fide due diligence expenses of broker-dealers; salaries of employees while engaged in sales activity, such as preparing supplemental sales literature; telephone and other telecommunication costs; all advertising and marketing expenses, including the costs related to investor and broker-dealer meetings; charges of transfer agents, registrars, trustees, escrow holders, depositories and experts; filing, registration and qualification fees and taxes relating to the Offering under federal and state laws; and accountants’ and attorneys’ fees.
Partnership.  Behringer Harvard Opportunity OP II, LP, a Delaware limited partnership, through which the Company may own Assets or otherwise conduct its operations.
Person.  An individual, corporation, association, business trust, estate, trust, partnership, limited liability company or other legal entity.
Property or Properties.  As the context requires, any, or all, respectively, of the Real Property acquired by the Company, either directly or indirectly (whether through Joint Ventures or other investment interests, regardless of whether the Company consolidates the financial results of these entities).
Proprietary Property.  All modeling algorithms, tools, computer programs, know-how, methodologies, processes, technologies, ideas, concepts, skills, routines, subroutines, operating instructions and other materials and aides used in performing the duties set forth in Section 2.02 that relate to advice regarding current and potential Assets, and all modifications, enhancements and derivative works of the foregoing.
Prospectus.  Prospectus has the meaning set forth in Section 2(a)(10) of the Securities Act, including a preliminary prospectus, an offering circular as described in Rule 253 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 of the Company.
Real Property or Real Estate.  Land, rights in land (including leasehold interests), and any buildings, structures, improvements, furnishings, fixtures and equipment located on or used in connection with land and rights or interests in land.
REIT.  A corporation, trust, association or other legal entity (other than a real estate syndication) that is engaged primarily in investing in interests in Real Estate (including fee ownership and leasehold 

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interests) or in loans secured by Real Estate or both in accordance with Sections 856 through 860 of the Code.
Sale or Sales.  (i) Any transaction or series of transactions whereby: (A) the Company or the Partnership directly or indirectly (except as described in other subsections of this definition) sells, grants, transfers, conveys, or relinquishes its ownership of any Property or portion thereof, including the lease of any Property consisting of a building only, and including any event with respect to any Property which gives rise to a significant amount of insurance proceeds or condemnation awards; (B) the Company or the Partnership 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 Company or the 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 Partnership as a co-venturer or partner sells, grants, transfers, conveys, or relinquishes its ownership of any Property or portion thereof, including any event with respect to any Property which gives rise to insurance claims or condemnation awards; (D) the Company or the Partnership directly or indirectly (except as described in other subsections of this definition) sells, grants, conveys or relinquishes its interest in any Mortgage or other loan or portion thereof (including with respect to any Mortgage or other loan, all payments thereunder or in satisfaction thereof other than regularly scheduled interest payments of amounts owed pursuant to the Mortgage or other loan) and any event with respect to a Mortgage or other loan which gives rise to a significant amount of insurance proceeds or similar awards; or (E) the Company or the Partnership directly or indirectly (except as described in other subsections of this definition) sells, grants, transfers, conveys, or relinquishes its ownership of any other Asset not previously described in this definition or any portion thereof, but (ii) not including any transaction or series of transactions specified in clause (i) (A) through (E) above in which the proceeds of such transaction or series of transactions are reinvested in one or more Assets within 180 days thereafter.
Securities Act.  The Securities Act of 1933, as amended from time to time, or any successor statute thereto.  Reference to any provision of the Securities Act shall mean the 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.
Shares.  Any shares of the Company's common stock, par value $0.0001 per share.
Sponsor.  Sponsor has the meaning ascribed to such term in the Articles of Incorporation.
Stockholders.  The record holders of the Company's Shares as maintained in the books and records of the Company or its transfer agent.
Termination Date.  The date of termination of this Agreement.
Texas Tax Code.  The Texas Tax Code as amended by Texas H.B. 3, 79th Leg., 3rd C.S. (2006).  Reference to any provision of the Texas Tax Code Act shall mean the provision as in effect from time to time, as the same may be amended, and any successor provision thereto, as interpreted by any applicable administrative rules as in effect from time to time.   
Total Operating Expenses.  All costs and expenses paid or incurred by the Company, as determined under generally accepted accounting principles, which are in any way related to the operation of the Company or to Company business, including the Asset Management Fee, but excluding (i) the expenses of raising capital such as Organization and Offering Expenses, legal, audit, accounting, underwriting, brokerage, listing, registration, and other fees, printing and other expenses and tax incurred in connection with the issuance, distribution, transfer, registration and Listing of the Shares, (ii) interest payments, (iii) taxes, (iv) non-cash 

6

expenditures such as depreciation, amortization and bad debt reserves, (v) Acquisition Fees and Acquisition Expenses, (vi) real estate commissions on the Sale of Assets, and (vii) 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).
Value of Investment.  For each Asset, (i) with respect to an Asset wholly-owned by the Company or any wholly-owned subsidiary, the Asset’s value determined in connection with the Board’s establishment and publication of an estimated value per share as determined in accordance with the Estimated Valuation Policy, and (ii) in the case of an Asset owned by any Joint Venture or in some other manner in which the Company is a co-venturer or partner or otherwise a co-owner, the portion of the Asset’s value determined in connection with the Board’s establishment of an estimated value per share as determined in accordance with the Estimated Valuation Policy that is attributable to the Company’s investment in the Joint Venture or other interest in such Asset.  Notwithstanding the foregoing, if the Company acquires an Asset after the Board’s most recent establishment and publication of an estimated value per share, the Asset’s value shall be the Cost of Investment.  
ARTICLE II
THE ADVISOR
2.01    Appointment.  The Company hereby appoints the Advisor to serve as its advisor on the terms and conditions set forth in this Agreement, and the Advisor hereby accepts such appointment.
2.02    Duties of the Advisor.  The Advisor shall be deemed to be in a fiduciary relationship to the Company and its Stockholders.  Subject to Section 2.08, the Advisor undertakes to use its commercially reasonable best efforts to present to the Company potential investment opportunities consistent with the investment objectives and policies of the Company as determined and adopted from time to time by the Board.  In performing its duties, subject to the supervision of the Board and consistent with the provisions of the Company's most recent public filings, the Articles of Incorporation and Bylaws, the Advisor shall, either directly or by engaging a duly qualified and licensed Affiliate of the Advisor or other duly qualified and licensed Person:
(a)    provide the Company with research and economic and statistical data in connection with the Assets and investment policies;
(b)    manage the Company’s day-to-day operations and perform and supervise the various administrative functions reasonably necessary for the management and operations of the Company;
(c)    maintain and preserve the books and records of the Company, including stock books and records reflecting a record of the Stockholders and their ownership of the Company's Shares;
(d)    investigate, select, and, on behalf of the Company, engage and conduct business with the duly qualified and licensed Persons as the Advisor deems necessary to the proper performance of its obligations hereunder, including but not limited to duly qualified and licensed 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, mortgagors, property management companies, transfer agents and any and all agents for any of the foregoing, including duly qualified and licensed Affiliates of the Advisor, and duly qualified and licensed Persons acting in any other capacity deemed by the Advisor necessary or desirable for the performance of any of 

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the foregoing services, including but not limited to entering into contracts in the name of the Company with any of the foregoing;
(e)    consult with the officers and the Board and assist the Board in the formulation and implementation of the Company's financial policies, and, as necessary, furnish the Board with advice and recommendations with respect to the making of investments consistent with the investment objectives and policies of the Company and in connection with any borrowings proposed to be undertaken by the Company;
(f)    subject to the provisions of Sections 2.02(h) and 2.03 hereof, (i) locate, analyze and select potential investments in Assets, (ii) structure and negotiate the terms and conditions of transactions pursuant to which investment in Assets will be made; (iii) make investments in Assets on behalf of the Company or the Partnership in compliance with the investment objectives and policies of the Company; (iv) arrange for financing and refinancing and make other changes in the asset or capital structure of, and dispose of, reinvest the proceeds from the sale of, or otherwise deal with the investments in, Assets; and (v) enter into leases of Property and service contracts for Assets with duly qualified and licensed Persons and, to the extent necessary, perform all other operational functions for the maintenance and administration of the Assets, including the servicing of Mortgages;
(g)    provide the Board with periodic reports regarding prospective investments in Assets;
(h)    obtain the prior approval of the Board (including a majority of all Independent Directors) for any and all investments in Assets;
(i)    negotiate on behalf of the Company with banks or lenders for loans to be made to the Company, negotiate on behalf of the Company with investment banking firms and broker-dealers, and negotiate private sales of Shares and other securities of the Company or obtain loans for the Company, as and when appropriate, 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;
(j)    obtain reports (which may be prepared by or for the Advisor or its Affiliates), where appropriate, concerning the value of investments or contemplated investments of the Company in Assets;
(k)    from time to time, or at any time reasonably requested by the Board, make reports to the Board of its performance of services to the Company under this Agreement;
(l)    assist the Company in arranging for all necessary cash management services;
(m)    deliver to or maintain on behalf of the Company copies of all appraisals obtained in connection with the investments in Assets;
(n)    upon request of the Company, act, or obtain the services of duly qualified and licensed others to act, as attorney-in-fact or agent of the Company in making, acquiring and disposing of Assets, disbursing, and collecting the funds, paying the debts and fulfilling the obligations of the Company and retaining counsel or other advisors to assist in handling, prosecuting and settling any claims of the Company, including foreclosing and otherwise enforcing mortgage and other liens and security interests comprising any of the Assets;

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(o)    supervise the preparation and filing and distribution of returns and reports to governmental agencies and to Stockholders and other investors and act on behalf of the Company;
(p)    provide office space, equipment and personnel as required for the performance of the foregoing services as Advisor;
(q)    assist the Company in preparing all reports and returns required by the Securities and Exchange Commission, Internal Revenue Service and other state or federal governmental agencies; and
(r)    do all things necessary to assure its ability to render the services described in this Agreement.
2.03    Authority of Advisor.
(a)    Pursuant to the terms of this Agreement (including the restrictions included in this Section 2.03, in Section 2.06, and in the written consent of the special committee of the Board adopted on February 16, 2014), and subject to the continuing and exclusive authority of the Board over the management of the Company, the Board hereby delegates to the Advisor the authority to (i) locate, analyze and select investment opportunities, (ii) structure the terms and conditions of transactions pursuant to which investments will be made or acquired for the Company or the Partnership, (iii) acquire Properties, make and acquire Mortgages and other loans and invest in other Assets in compliance with the investment objectives and policies of the Company, (iv) arrange for financing or refinancing of Assets, (v) enter into leases for the Properties and service contracts for the Assets with duly qualified and licensed non-affiliated and Affiliated Persons, including oversight of non-affiliated and Affiliated Persons that perform property management, acquisition, advisory, disposition or other services for the Company, (vi) oversee duly qualified and licensed property managers and other Persons who perform services for the Company, and (vii) arrange for, or provide, accounting and other record-keeping functions at the Asset level.
(b)    Notwithstanding the foregoing, any investment in Assets by the Company or the Partnership (as well as any financing acquired by the Company or the Partnership in connection with the investment), will require the prior approval of the Board (including a majority of the Independent Directors).
(c)    The prior approval of a majority of the Independent Directors and a majority of the Board not otherwise interested in the transaction will be required for each transaction with the Advisor or its Affiliates.
(d)    If a transaction requires approval by the Board, the Advisor will deliver to the Directors all documents required by them to properly evaluate the proposed transaction.
The Board may, at any time upon the giving of notice to the Advisor, modify or revoke the authority set forth in this Section 2.03.  If and to the extent the Board so modifies or revokes the authority contained herein, the Advisor shall henceforth submit to the Board for prior approval the proposed transactions involving investments in Assets as thereafter require prior approval; provided, however, that the 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 the notification.
2.04    Bank Accounts.  The Advisor may establish and maintain one or more bank accounts in its own name for the account of the Company or in the name of the Company and may collect and deposit into 

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any account or accounts, and disburse from any account or accounts, any money on behalf of the Company, under the terms and conditions as the Board may approve; provided that no funds of the Company or the Partnership shall be commingled nor shall any of such funds be commingled with the funds of the Advisor; and the Advisor shall from time to time render accountings of the collections and payments to the Board, its Audit Committee and the auditors of the Company.
2.05    Records; Access.  The Advisor shall maintain records of all its activities hereunder and make the records available for inspection by the Board and by counsel, auditors and authorized agents of the Company, at any time or from time to time during normal business hours.  The Advisor shall at all reasonable times have access to the books and records of the Company.
2.06    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, the Shares or any of the Company's securities, or otherwise not be permitted by the Articles of Incorporation or Bylaws, except if the action shall be ordered by the Board, in which case the Advisor shall notify promptly the Board of the Advisor's judgment of the potential impact of the action and shall refrain from taking the action until it receives further clarification or instructions from the Board. In such event the Advisor shall have no liability for acting in accordance with the specific instructions of the Board so given.  The Advisor, its directors, officers, employees and stockholders, and the directors, officers, employees and stockholders of the Advisor's Affiliates shall not be liable to the Company or to the Board or Stockholders for any act or omission by the Advisor, its directors, officers, employees or stockholders, or for any act or omission of any Affiliate of the Advisor, its directors, officers or employees or stockholders except as provided in Section 5.02 of this Agreement.
2.07    Relationship with Directors.  Directors, officers and employees of the Advisor or an Affiliate of the Advisor may serve as Directors, officers or employees of the Company, except that no director, officer or employee of the Advisor or its Affiliates who also is a Director shall receive any compensation from the Company for serving as a Director other than reasonable reimbursement for travel and related expenses incurred in attending meetings of the Board.
2.08    Other Activities of the Advisor.  Nothing herein contained shall prevent the Advisor or its Affiliates from engaging in other activities, including, without limitation, the rendering of advice to other Persons (including other REITs) and the management of other programs advised, sponsored or organized by the Advisor or its Affiliates; nor shall this Agreement limit or restrict the right of any director, officer, employee, or stockholder of the Advisor or its Affiliates to engage in any other business or to render services of any kind to any other Person. The Advisor may, with respect to any investment in which the Company is a participant, also render advice and service to each and every other participant therein.  The Advisor shall report to the Board the existence of any condition or circumstance, existing or anticipated, of which it has knowledge, which creates or could create a conflict of interest between the Advisor's obligations to the Company and its obligations to or its interest in any other Person.  The Advisor or its Affiliates shall promptly disclose to the Board knowledge of such condition or circumstance.  The Advisor shall inform the Board at least quarterly of the investment opportunities that have been offered to other programs with similar investment objectives sponsored by the Sponsor, Advisor, Director or their Affiliates.  If the Sponsor, Advisor, Director 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 Board (including the Independent Directors) to adopt a reasonable method by which investments are to be allocated to the competing investment entities and to use their best efforts to apply such method fairly to the Company.

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2.09    Intentionally omitted.
ARTICLE III
COMPENSATION AND REIMBURSEMENT OF SPECIFIED COSTS
3.01    Fees.
(a)    Asset Management Fee.  The Company shall pay the Advisor a monthly Asset Management Fee on the 15th day of each month in an amount equal to 1/12 th of 0.7% of, for each and every Asset, the Value of Investment.  The Advisor, in its sole discretion, may waive, reduce or defer all or any portion of the Asset Management Fee to which it would otherwise be entitled.  The Advisor hereby agrees to waive accrued but unpaid Asset Management Fees in the amount of $257,356 owed under the Original Agreement for the period from August 2013 through December 2013 resulting from increased Asset valuations for certain Assets.  
(b)    Acquisition and Advisory Fees.  The Company shall pay the Advisor a fee in the amount of 1.5% of the Contract Purchase Price of each Asset as Acquisition and Advisory Fees.  The total of all Acquisition Fees and any Acquisition Expenses shall be limited in accordance with the Articles of Incorporation.  Acquisition and Advisory Fees shall be paid as follows: (1) for real property (including properties where development/redevelopment is expected), at the time of acquisition, (2) for development/redevelopment projects (other than the initial acquisition of the real property), at the time that funds are disbursed pursuant to a final approved budget, and (3) for loans and similar assets (including without limitation mezzanine loans), quarterly based on the value of loans made or acquired.  In the case of a development/redevelopment project subject to clause (2) above, upon completion of the development/redevelopment project, the Advisor shall determine the actual amounts paid.  To the extent the amounts actually paid vary from the budgeted amounts on which the Acquisition and Advisory Fee was initially based, the Advisor will pay or invoice the Company for 1.5% of the budget variance such that the Acquisition and Advisory Fee is ultimately 1.5% of amounts expended on such development/redevelopment project.  The Advisor, in its sole discretion, may waive, reduce or defer all or any portion of the Acquisition and Advisory Fees to which it would otherwise be entitled.  
(c)    Debt Financing Fee.  In the event of any debt financing obtained by or for the Company (including any refinancing of debt), the Company will pay to the Advisor a non-accountable debt financing fee equal to 0.5% of the amount available under the financing.  The Company shall pay directly all third-party costs associated with obtaining debt financing, including without limitation mortgage broker fees, placement fees and loan origination fees.  The Advisor, in its sole discretion, may waive, reduce or defer all or any portion of the Debt Financing Fee to which it would otherwise be entitled.  
(d)    Development Fee.  If the Advisor or an Affiliate provides the development services, the Company shall pay the Advisor Development Fees in amounts that are usual and customary for comparable services rendered to similar projects in the geographic market; provided, however, that a majority of the Independent Directors must determine that such Development Fees are fair and reasonable and on terms and conditions not less favorable than those available from unaffiliated third parties.  Development Fees will include the reimbursement of the specified cost incurred by the Advisor of engaging third parties for such services.  The Advisor, in its sole discretion, may waive, reduce or defer all or any portion of the Development Fee to which it would otherwise be entitled.  Notwithstanding the above, the Advisor may engage (on behalf of the Company) third 

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parties to provide development services pursuant to its authority under Section 2.03 and pay such third parties all applicable Development Fees.
(e)    Administrative Services Fee.  The Company shall pay the Advisor an Administrative Services Fee in the amount of $1,775,000 per calendar year, payable in four equal quarterly installments within 45 days of the end of each calendar quarter beginning with calendar year 2014. Notwithstanding anything to the contrary, including Section 3.02 of this Agreement, no additional fees or expense reimbursement shall be payable to the Advisor in connection with the provision of the Administrative Services whether or not paid to a third party without the prior consent of the Board.  
3.02    Expenses.
(a)    In addition to the compensation paid to the Advisor pursuant to Section 3.01, the Company shall pay directly or reimburse the Advisor for the following costs and expenses paid or incurred by the Advisor:
(i)    Acquisition Expenses; 
(ii)    costs associated with insurance required in connection with the business of the Company or by the Board; 
(iii)    third-party expenses connected with payments of Distributions in cash or otherwise made or caused to be made by the Company to the Stockholders; 
(iv)    expenses of any third-party transfer agent for the Shares and third-party 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; and
(v)    other expenses incurred by the Advisor and approved by the Board.
(b)    Expenses incurred by the Advisor on behalf of the Company and payable pursuant to this Section 3.02 shall be reimbursed no less than quarterly to the Advisor within 60 days after the end of each quarter.  The Advisor shall prepare a statement documenting the expenses of the Company during each quarter and shall deliver the statement to the Company within 45 days after the end of each quarter.
(c)    For avoidance of doubt, the Company is and remains responsible for paying any and all expenses of the Company, including without limitation third party audit, accounting and legal fees. 
(d)    Notwithstanding anything to the contrary in this Section 3.02, with respect to investments the Company does not make (i) the Advisor will be responsible for paying all of the investment-related expenses that the Company or the Advisor incurs that are due to third parties other than Non-Refundable Payments approved in advance by the Board and (ii) the Company shall be responsible for paying directly or reimbursing the Advisor for all Non-Refundable Payments approved in advance by the Board.
3.03    Other Services.  Should the Board request that the Advisor or any director, officer or employee thereof render services for the Company other than set forth in Section 2.02, the services shall be 

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separately compensated at the rates and in the amounts as are agreed by the Advisor and the Independent Directors, 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.
3.04    Reimbursement to the Advisor.  The Company shall not reimburse the Advisor for Total Operating Expenses to the extent that Total Operating Expenses (including the Asset Management Fee), 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 for that period of four consecutive fiscal quarters.  Any Excess Amount paid to the Advisor during a fiscal quarter shall be repaid to the Company.  Reimbursement of all or any portion of the Total Operating Expenses that exceed the limitation set forth in the preceding sentence may, at the option of the Advisor, be deferred without interest and may be reimbursed in any subsequent Expense Year where such limitation would permit such reimbursement if the Total Operating Expense were incurred during such period.  Notwithstanding the foregoing, if there is an Excess Amount in any Expense Year and the Independent Directors determine that all or a portion of such excess was justified, based on unusual and nonrecurring factors which they deem sufficient, the Excess Amount may be reimbursed to the Advisor.  If the Independent Directors determine such excess was justified, then, after the end of any fiscal quarter of the Company for which there is an Excess Amount for the 12 months then ended paid to the Advisor, the Advisor, at the direction of the Independent Directors, shall cause such fact to be disclosed in the next quarterly report of the Company or in a separate writing and sent to the Stockholders within 60 days of such quarter end, together with an explanation of the factors the Independent Directors considered in determining that such Excess Amount was justified. Such determination shall be reflected in the minutes of the meetings of the Board.  The Company will not reimburse the Advisor or its Affiliates for services for which the Advisor or its Affiliates are entitled to compensation in the form of a separate fee.  All figures used in any computation pursuant to this Section 3.04 shall be determined in accordance with generally accepted accounting principles applied on a consistent basis.
3.05    Audit of Advisor Payments.  It is the intention of the parties hereto to conform strictly to the applicable provisions hereof as to fees, reimbursements and any other amounts (the “Advisor Payments”) to be paid to the Advisor hereunder.  However, at any time, either party shall have the right, upon reasonable written notice, to engage a separate audit, on a confidential basis, of its own and the other party’s records, books and accounts in respect of Advisor Payments to ascertain whether the Advisor Payments were properly determined and paid.  An audit may be engaged only once in any 12-month period regardless of which party engages the audit.  Any such audit shall be conducted by an independent certified public accounting firm of recognized national standing designated by the party requesting the audit (the “Requesting Party”), other than the then current auditor of its or any of its Affiliates’ financial statements, and shall be conducted during regular business hours and in such a manner so as not to interfere with the Company’s or the Advisor’s regular business activities.  The Requesting Party shall bear the costs of the audit unless the audit conclusively reveals an underpayment or overpayment of Advisor Payments adverse to the Requesting Party in an amount greater than 10% of the total amount of Advisor Payments owed for the period being inspected, in which case the other party shall bear the costs of the audit.  Any auditor who is engaged to perform an audit shall not be compensated on a contingent basis or any other basis that would tend to give the auditor an interest in the outcome of the audit, and the auditor shall perform its audit on an impartial basis and certify in writing as such.  If the audit conclusively reveals an overpayment or underpayment of Advisor Payments, the Company or the Advisor shall promptly pay to the other party the amount of the overpayment or underpayment, as the case may be, without interest.  Any underpayment or overpayment under this Agreement shall not be a breach of this Agreement unless and until an audit performed in accordance with this Section 3.05 is completed and the party who may be obligated to make a payment hereunder as a result of such audit shall have failed to promptly make any required payment.

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ARTICLE IV
TERM AND TERMINATION
4.01    Term; Renewal.  Subject to Section 4.02 hereof, this Agreement shall continue in force until June 6, 2015.  Thereafter, this Agreement may be renewed for an unlimited number of successive one-year terms upon mutual consent of the parties.  It is the duty of the Board 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.
4.02    Termination.  This Agreement will automatically terminate upon Listing.  This agreement also may be terminated at the option of either party upon 60 days’ written notice without cause or penalty (if termination is by the Company, then the termination shall be upon the approval of a majority of the Independent Directors).  Notwithstanding the foregoing, the provisions of Section 4.03, Article V and Article VI shall continue in full force and effect and shall survive the termination or expiration of this Agreement.
4.03    Payments to and Duties of Advisor upon Termination.
(a)    After the Termination Date, the Advisor shall not be entitled to compensation for further services hereunder except it shall be entitled to and receive from the Company within 30 days after the effective date of the termination all unpaid reimbursements of expenses, subject to the provisions of Section 3.04 hereof, and all contingent liabilities related to fees payable to the Advisor prior to termination of this Agreement.  
(b)    The Advisor shall promptly upon termination:
(i)    pay over to the Company all money collected and held for the account of the Company pursuant to this Agreement, after deducting any accrued compensation and reimbursement for its expenses to which it is then entitled;
(ii)    deliver to the Board a full accounting, including a statement showing all payments collected by it and a statement of all money held by it, covering the period following the date of the last accounting furnished to the Board;
(iii)    deliver to the Board all assets, including the Assets, and documents of the Company then in the custody of the Advisor; and
(iv)    cooperate with the Company and take all reasonable actions requested by the Company to provide an orderly management transition.
(c)    Intentionally omitted.
ARTICLE V
INDEMNIFICATION
5.01    Indemnification by the Company.
(a)    The Company shall indemnify and hold harmless the Advisor and its Affiliates, including their respective officers, directors, partners and employees, from all liability, claims, damages or losses arising in the performance of their duties hereunder, and related expenses, 

14

including reasonable attorneys' fees, to the extent such liability, claims, damages or losses and related expenses are not fully reimbursed by insurance, subject to any limitations imposed by the laws of the State of Maryland, the Articles of Incorporation and the NASAA Guidelines. Notwithstanding the foregoing, the Company shall not indemnify or hold harmless the Advisor or its Affiliates, including their respective officers, directors, partners and employees, for any liability or loss suffered by the Advisor or its Affiliates, including their respective officers, directors, partners and employees, nor shall it provide that the Advisor or its Affiliates, including their respective officers, directors, partners and employees, be held harmless for any loss or liability suffered by the Company, unless all of the following conditions are met: (i) the Advisor or its Affiliates, including their respective officers, directors, partners and employees, have determined, in good faith, that the course of conduct which caused the loss or liability was in the best interests of the Company; (ii) the Advisor or its Affiliates, including their respective officers, directors, partners and employees, were acting on behalf of or performing services of the Company; (iii) the liability or loss was not the result of negligence or misconduct by the Advisor or its Affiliates, including their respective officers, directors, partners and employees; and (iv) the 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 for any losses, liability or expenses arising from or out of an alleged violation of federal or state securities laws by such party unless one or more of the following conditions are met: (i) there has been a successful adjudication on the merits of each count involving alleged securities law violations as to the particular indemnitee; (ii) such claims have been dismissed with prejudice on the merits by a court of competent jurisdiction as to the particular indemnitee; and (iii) a court of competent jurisdiction approves a settlement of the claims against a particular indemnitee and finds that indemnification of the settlement and the related costs should be made, and the court considering the request for indemnification has been advised of the position of the Securities and Exchange Commission and of the published position of any state securities regulatory authority in which securities of the Company were offered or sold as to indemnification for violations of securities laws.
(b)    The Company may advance funds to the Advisor or 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: (i) the legal action relates to acts or omissions with respect to the performance of duties or services on behalf of the Company; (ii) the legal action is initiated by a third-party who is not a stockholder or the legal action is initiated by a stockholder acting in his or her capacity as such and a court of competent jurisdiction specifically approves such advancement; (iii) the Advisor or its Affiliates, including their respective officers, directors, partners and employees, undertake to repay the advanced funds to the Company together with the applicable legal rate of interest thereon, in cases in which the Advisor or its Affiliates, including their respective officers, directors, partners and employees, are found not to be entitled to indemnification.
(c)    Notwithstanding the provisions of this Section 5.01, the Advisor shall not be entitled to indemnification or be held harmless pursuant to this Section 5.01 for any activity which the Advisor shall be required to indemnify or hold harmless the Company pursuant to Section 5.02.
5.02    Indemnification by Advisor.  The Advisor shall indemnify and hold harmless the Company from contract or other liability, claims, damages, taxes or losses and related expenses including attorneys' fees, to the extent that the liability, claims, damages, taxes or losses and related expenses are not fully reimbursed by insurance and are incurred by reason of the Advisor's bad faith, fraud, misfeasance, misconduct, 

15

gross negligence or reckless disregard of its duties, but the Advisor shall not be held responsible for any action of the Board in following or declining to follow any advice or recommendation given by the Advisor.
ARTICLE VI
MISCELLANEOUS
6.01    Assignment to an Affiliate.  This Agreement and any rights, duties, liabilities and obligations hereunder and the fees and compensation related thereto may be assigned by the Advisor, in whole or in part, to a duly qualified and licensed Affiliate of the Advisor without obtaining the approval of the Board.  Any other assignment shall be made only with the approval of a majority of the Board (including a majority of the Independent Directors).  The Advisor may assign any rights to receive fees or other payments under this Agreement without obtaining the approval of the Board.  This Agreement shall not be assigned by the Company without the consent of the Advisor, except in the case of an assignment by the Company to a corporation or other organization which is a successor to all of the assets, rights and obligations of the Company, in which case the successor organization shall be bound hereunder and by the terms of said assignment in the same manner as the Company is bound by this Agreement.  This Agreement shall be binding on successors to the Company resulting from a Change of Control or sale of all or substantially all the assets of the Company or the Partnership, and shall likewise be binding upon any successor to the Advisor.
6.02    Relationship of Advisor and Company.  The Company and the Advisor are not partners or joint venturers with each other, and nothing in this Agreement shall be construed to make them such partners or joint venturers or impose any liability as such on either of them.
6.03    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:    Behringer Harvard Opportunity REIT II, Inc.
15601 Dallas Parkway
Suite 600
Addison, Texas 75001
Attention: Chief Executive Officer

To the Advisor:                Behringer Harvard Opportunity Advisors II, LLC
15601 Dallas Parkway
Suite 600
Addison, Texas 75001
Attention: Chief Legal Officer

Either party shall, as soon as reasonably practicable, give notice in writing to the other party of a change in its address for the purposes of this Section 6.03.
6.04    Modification.  This Agreement shall not be changed, modified, or amended, in whole or in part, except by an instrument in writing signed by both parties hereto, or their respective successors or permitted assignees.

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6.05    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.
6.06    Choice of Law; Venue.  The provisions of this Agreement shall be construed and interpreted in accordance with the laws of the State of Texas, and venue for any action brought with respect to any claims arising out of this Agreement shall be brought exclusively in Dallas County, Texas.
6.07    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 signed by each of the parties hereto.
6.08    Waiver.  Neither the failure nor any delay on the part of a party to exercise any right, remedy, power or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the same or of any other right, remedy, power or privilege, nor shall any waiver of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of the 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 the waiver.
6.09    Gender; Number.  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.
6.10    Headings.  The titles and headings 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.
6.11    Execution in Counterparts.  This Agreement may be executed in multiple 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.
6.12    Initial Investment.  The Advisor or one of its Affiliates has contributed $200,000 (the “Initial Investment”) in exchange for the initial issuance of Shares of the Company.  The Advisor or its Affiliates may not sell any of the Shares purchased with the Initial Investment while the Advisor acts in an advisory capacity to the Company.  The restrictions included above shall not apply to any Shares acquired by the Advisor or its Affiliates other than the Shares acquired through the Initial Investment.  Neither the Advisor nor its Affiliates shall vote any Shares they now own, or hereafter acquire, in any vote regarding removal of the Advisor or its Affiliates or the approval of any transaction between the Company and the Advisor or its Affiliates.
6.13    Ownership of Proprietary Property.  The Advisor retains ownership of and reserves all Intellectual Property Rights in the Proprietary Property.  To the extent that the Company has or obtains any claim to any right, title or interest in the Proprietary Property, including without limitation in any suggestions, enhancements or contributions that Company may provide regarding the Proprietary Property, the Company 

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hereby assigns and transfers exclusively to the Advisor all right, title and interest, including without limitation all Intellectual Property Rights, free and clear of any liens, encumbrances or licenses in favor of the Company or any other party, in and to the Proprietary Property. In addition, at the Advisor's expense, the Company will perform any acts that may be deemed desirable by the Advisor to evidence more fully the transfer of ownership of right, title and interest in the Proprietary Property to the Advisor, including but not limited to the execution of any instruments or documents now or hereafter requested by the Advisor to perfect, defend or confirm the assignment described herein, in a form determined by the Advisor.
6.14    Treatment Under Texas Margin Tax.  For purposes of the Texas margin tax, the Advisor’s performance of the services specified in this Agreement will cause the Advisor to conduct part of the active trade or business of the Company, and the compensation specified in Article III includes both the payment of management fees and the reimbursement of specified costs incurred in the Advisor’s conduct of the active trade or business of the Company.  Therefore, the Advisor and Company intend Advisor to be, and shall treat Advisor as, a “management company” within the meaning of Section 171.0001(11) of the Texas Tax Code.  The Company and the Advisor will apply Sections 171.1011(m-1) and 171.1013(f)-(g) of the Texas Tax Code to the Company’s reimbursements paid to the Advisor pursuant to this Agreement of specified costs and wages and compensation.  The Advisor and the Company further recognize and intend that (i) as a result of the fiduciary relationship created by this Agreement and acknowledged in Section 2.02, reimbursements paid to the Advisor pursuant to this Agreement are “flow-through funds” that the Advisor is mandated by law or fiduciary duty to distribute, within the meaning of Section 171.1011(f) of the Texas Tax Code, and (ii) as a result of Advisor’s contractual duties under this Agreement, certain reimbursements under this Agreement are “flow-through funds” mandated by contract to be distributed within the meaning of Section 171.1011(g) of the Texas Tax Code.  The terms of this Agreement shall be interpreted in a manner consistent with the characterization of the Advisor as a “management company” as defined in Section 171.0001(11), and with the characterization of the reimbursements as “flow-through funds” within the meaning of Section 171.1011(f)-(g) of the Texas Tax Code.
6.15    Non-Solicitation.  During the period commencing on January 4, 2008 and ending one year following the termination of this Agreement, the Company shall not, without the Advisor’s prior written consent, directly or indirectly, (i) solicit or encourage any person to leave the employment or other service of the Advisor or its affiliates or (ii) hire, on behalf of the Company or any other person or entity, any person who has left the employment within the one year period following the termination of that person’s employment the Advisor or its affiliates.  During the period commencing on January 4, 2008 and ending one year following the termination of this Agreement, the Company shall not, whether for its own account or for the account of any other person, firm, corporation or other business organization, intentionally interfere with the relationship of the Advisor or it affiliates with, or endeavor to entice away from the Advisor or its affiliates, any person who during the term of the Agreement is, or during the preceding one-year period was, a customer of the Advisor or its affiliates.
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IN WITNESS WHEREOF, the parties hereto have executed this Fourth Amended and Restated Advisory Management Agreement as of June 6, 2014.
BEHRINGER HARVARD OPPORTUNITY REIT II, INC.

By: /s/ Andreas Bremer    
Andreas Bremer
Independent Director

BEHRINGER HARVARD OPPORTUNITY ADVISORS II, LLC

By: /s/ Robert S. Aisner    
Robert S. Aisner
Chief Executive Officer and President

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EAST\75671330.5 

SCHEDULE A

COSTS ASSOCIATED WITH PROVIDING  
ADMINISTRATIVE SERVICES

	
			
	COST CATEGORY
	 
	DESCRIPTION

	FULLY BURDENED COMPENSATION1
	 
	Direct costs associated with salaries and wages and the related employment taxes and benefits for employees.  These employees are generally associated within a specific department or group whose job duties and responsibilities are aligned for the benefit of the Company.

Fully burdened compensation is attributable to the following departments: 
•    Fund Accounting/Legal General
•    Internal Audit
•    Marketing
•    Real Estate Transaction Services2
•    Risk Management
•    Treasury
•    Shareholder Services
•    Due Diligence/Investor Relations Services
•    Legal Information Management 

	HARD COSTS
	 
	The actual costs of goods, services and materials incurred for the benefit of the Company, including:  mobile phones and personal communication costs; travel and hotel; meals and entertainment; conference fees and related charges; employee recruiting fees; employee relocation costs; employee – gifts and other; contract labor; education and training; dues/ subscriptions & licenses; office supplies; printing costs; computer accessories and software licensing costs; postage, shipping and courier.  

Hard costs are attributable to the following departments:  
•    Fund Accounting/Legal General
•    Internal Audit
•    Marketing-General
•    Risk Management
•    Treasury
•    Shareholder Services
•    Due Diligence/Investor Relations Services
•    Legal Information Management

	BUSINESS OPERATIONS INFRASTRUCTURE
	 
	Indirect costs associated with maintaining business operations infrastructure (collectively, “Executive Suites”) that can be shared with other Behringer Harvard affiliated funds to achieve operational cost efficiency, including network infrastructure, computers and information technology; business center costs; office management services; human resource services; office space costs (rent for office space for shared service functions; office furniture and equipment; telephone and communications; general office supplies costs; kitchen food and beverage costs).

Business operations infrastructure costs are attributable to the following departments:
•    Human Resources
•    Office Management Services
•    Information Technology

1Compensation for employees associated with capital markets, acquisition services and asset management is not reimbursement by the Company.
2 Real estate transaction services are costs for managing the asset disposition process and performing services in support of transactions, including review and preparation of due diligence materials associate with acquisitions, financings, dispositions, DIL/foreclosures and other transactions; activities such as the supervision or performance of site visits; tenant interviews; review of rent rolls; verification of leases and other contracts relating to the ownership, capital structure or operation of an asset; review of environmental and property conditions.

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