Document:

exv10w1

Exhibit 10.1

FORM OF

ADVISORY AGREEMENT

     This ADVISORY AGREEMENT (this “Agreement”) is entered into on this the ___ day of ________,
2011, by and between COLE CORPORATE INCOME TRUST, INC., a Maryland corporation (the “Company”), and
COLE CORPORATE INCOME ADVISORS, LLC, a Delaware limited liability company (the “Advisor”).

WITNESSETH

     WHEREAS, the Company intends to issue shares of its common stock, par value $.01, to the
public, upon registration of such shares with the Securities and Exchange Commission pursuant to
the Securities Act of 1933, as amended;

     WHEREAS, the Company intends to qualify as a real estate investment trust and to invest its
funds in investments permitted by the terms of the Company’s Articles of Amendment and Restatement
and Sections 856 through 860 of the Internal Revenue Code;

     WHEREAS, the Company desires 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 of Directors (the “Board”) of the Company, all as provided herein; and

     WHEREAS, the Advisor is willing to undertake to render such 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
are hereby acknowledged, the parties hereto agree as follows:

ARTICLE I

DEFINITIONS

     The following defined terms used in this Agreement shall have the meanings specified below:

Acquisition Expenses. Any and all expenses incurred by the Company, the Advisor, or any
Affiliate of either in connection with the selection, evaluation, structuring, acquisition or
development of any Asset, whether or not acquired, including, without limitation, legal fees and
expenses, travel and communications expenses, costs of appraisals, nonrefundable option payments on
property not acquired, accounting fees and expenses, and title insurance premiums.

Acquisition Fees. The fees payable to the Advisor pursuant to Section 3.01(b) of this
Agreement.

Advisor. Cole Corporate Income Advisors, LLC, a Delaware limited liability company, any
successor advisor to the Company, or any Person to which Cole Corporate Income Advisors, LLC, or
any successor advisor subcontracts all or substantially all of its functions.

Advisory 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 this Agreement.

 

 

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 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
Person; (iv) any executive officer, director, trustee or general partner of such Person; and (v)
any legal entity for which such Person acts as an executive officer, director, trustee or general
partner.

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

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 from time to time.

Assets. Properties, Mortgages and other direct or indirect investments in equity interests
in, or loans secured by, Real Property (other than investments in bank accounts, money market funds
or other current assets, whether of the proceeds from an Offering or the sale of an Asset or
otherwise) owned by the Company, directly or indirectly through one or more of its Affiliates.

Average Invested Assets. For a specified period, the average of the aggregate book value
of the Assets, before reserves for depreciation, amortization, bad debts or other similar non-cash
reserves, other than impairment charges, computed by taking the average of such values at the end
of each business day during such period; provided, however, that after the Board is determining on
a regular basis an estimated per share value of the Shares, “Average Invested Assets” will be based
upon the aggregate valuation of the Assets as reasonably determined by the Board.

Board. The Board of Directors of the Company.

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

Change of Control. Any 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 Securities Exchange Act of 1934, as amended) is or becomes the “beneficial
owner” (as defined in Rule 13d-j of the Securities Exchange Act of 1934, as amended), directly or
indirectly, of securities of the Company or the Partnership representing greater than 50% or more
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.

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

Company. Cole Corporate Income Trust, Inc., a corporation organized under the laws of the
State of Maryland.

Competitive Real Estate Commission. A real estate or brokerage commission paid or, if no
such commission is paid, the amount that customarily would be paid, for the purchase or sale of a
Property which is reasonable, customary, and competitive in light of the size, type and location of
the Property.

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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 actually paid or allocated in respect of the purchase,
development, construction or improvement of an Asset, or the amount of funds advanced with respect
to a Mortgage, exclusive of Acquisition Fees and Acquisition Expenses.

Contract Sales Price. The total consideration provided for in the sales contract for the
sale of a Property.

Dealer Manager. Cole Capital Corporation, an Affiliate of the Advisor, or such Person
selected by the Board to act as the dealer manager for an Offering.

Director. A member of the Board of Directors.

Disposition Fees. The fees payable to the Advisor pursuant to Section 3.01(d) of this
Agreement.

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

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

Independent Expert. A Person with no material current or prior business or personal
relationship with the Advisor or the Directors who is engaged to a substantial extent in the
business of rendering opinions regarding the value of Assets of the type held by the Company.

Independent Director. A Director who is not, and within the last two years 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, (ii) employment by the Sponsor,
the Advisor or any of their Affiliates, (iii) service as an officer or director of the Sponsor, the
Advisor or any of their Affiliates, (iv) performance of services, other than as a Director, for the
Company, (v) service as a director or trustee of more than three real estate investment trusts
organized by the Sponsor or advised by the Advisor or (vi) maintenance of a material business or
professional relationship with the Sponsor, the Advisor or any of their Affiliates. A business or
professional relationship is considered “material” per se if the gross revenue derived by the
prospective Independent Director from the Sponsor, the Advisor and their Affiliates exceeds 5.0% of
either (x) the prospective Independent Director’s annual gross revenue, derived from all sources,
during either of the last two years, or (y) the prospective Independent Director’s net worth on a
fair market value basis. An indirect relationship 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.

Invested Capital. The amount calculated by multiplying the total number of Shares
purchased by Stockholders by the issue price at the time of such purchase, reduced by the portion
of any Distribution

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that is attributable to Net Sales Proceeds and by any amounts paid by the Company to repurchase
Shares pursuant to the Company’s plan for repurchase of Shares.

Joint Ventures. The joint venture or partnership arrangements in which the Company or the
Partnership is a co-venturer or general partner which are established to acquire or hold Assets.

Listing
or Listed. The approval of the Company’s application to list the Shares by
a national securities exchange and the commencement of trading in the Shares on the respective
national securities exchange. Upon such Listing, the Shares shall be deemed Listed.

Market Value. Upon Listing, the market value of the outstanding Shares, measured by taking
the average closing price for a single Share over a period of 30 consecutive trading days, with
such period beginning 180 days after Listing, multiplying that number by the number of Shares
outstanding on the date of measurement.

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 evidences 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 evidences of indebtedness or obligations.

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

Net Income. For any period, the Company’s total revenues applicable to such period, less
the total expenses applicable to such period other than additions to reserves for depreciation, bad
debts or other similar non-cash reserves and excluding any gain from the sale of the Assets. If
the Advisor is paid a Subordinated Performance Fee in connection with a Listing, “Net Income” for
purposes of calculating Total Operating Expenses, shall exclude the gain from the Sale of any
Assets.

Net Sales Proceeds. In the case of a transaction described in clause (A) of the definition
of Sale, the proceeds of any such transaction less the amount of selling expenses incurred by or on
behalf of the Company, including all real estate commissions, closing costs and legal fees and
expenses. In the case of a transaction described in clause (B) of such definition, Net Sales
Proceeds means the proceeds of any such transaction less the amount of selling expenses incurred by
or on behalf of the Company, including any legal fees and expenses and other selling expenses
incurred in connection with such transaction. In the case of a transaction described in clause (C)
of such definition, Net Sales Proceeds means the proceeds of any such transaction actually
distributed to the Company from the Joint Venture less the amount of any selling expenses,
including legal fees and expenses incurred by or on behalf of the Company (other than those paid by
the Joint Venture). In the case of a transaction or series of transactions described in clause (D)
of the definition of Sale, Net Sales Proceeds means the proceeds of any such transaction (including
the aggregate of all payments under a Mortgage or in satisfaction thereof other than regularly
scheduled interest payments) less the amount of selling expenses incurred by or on behalf of the
Company, including all commissions, closing costs and legal fees and expenses. In the case of a
transaction described in clause (E) of such definition, Net Sales Proceeds means the proceeds of
any such transaction less the amount of selling expenses incurred by or on behalf of the Company,
including any legal fees and expenses and other selling expenses incurred in connection with such
transaction. In the case of a transaction described in the last sentence of the definition of Sale,
Net Sales Proceeds means the proceeds of such transaction or series of transactions less all
amounts generated thereby which are reinvested in one or more Assets within 180 days thereafter and
less the amount of any real estate commissions, closing costs, and legal fees and expenses and
other selling expenses incurred by or

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allocated to the Company in connection with such transaction or series of transactions. Net Sales
Proceeds shall also include any consideration (including non-cash consideration such as stock,
notes, or other property or securities) that the Company determines, in its discretion, to be
economically equivalent to proceeds of a Sale, valued in the reasonable determination of the
Company. Net Sales Proceeds shall not include any reserves established by the Company in its sole
discretion.

Offering. Any public offering and sale 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 and Shares offered under any employee benefit plan.

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 Advisory 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 such expenses and tax incurred
in connection with the issuance, distribution, transfer, registration and Listing of the Shares,
(ii) interest payments, (iii) taxes, (iv) non-cash expenditures such as depreciation, amortization
and bad debt reserves, (v) the Subordinated Performance Fee, (vi) Acquisition Fees and Acquisition
Expenses, (vii) real estate commissions on the Sale of Property, and (viii) other fees and expenses
connected with the acquisition, disposition, management and ownership of real estate interests,
mortgage loans or other property (including the costs of foreclosure, insurance premiums, legal
services, maintenance, repair and improvement of property).

Organization and Offering Expenses. All expenses incurred by and to be paid from the
assets of the Company in connection with and in preparing the Company for registration of and
subsequently offering and distributing its Shares to the public, including, but not limited to,
total underwriting and brokerage discounts and commissions (including fees of the underwriters’
attorneys); expenses for printing, engraving and mailing; salaries of employees while engaged in
sales activities; charges of transfer agents, registrars, trustees, escrow holders, depositaries
and experts; and expenses of qualification of the sale of the securities under federal and state
laws, including taxes and fees; and accountants’ and attorneys’ fees.

Partnership. Cole Corporate Income Operating Partnership, LP, a Delaware limited
partnership, through which the Company may own Assets.

Person. An individual, corporation, 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 venture
arrangements or other partnership or investment interests).

Prospectus. Prospectus has the meaning set forth in Section 2(10) of the Securities Act,
including a preliminary prospectus, an offering circular as described in Rule 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 to the public.

Real Property. 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 equity 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. 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 portion thereof (including
with respect to any Mortgage, all repayments thereunder or in satisfaction thereof other than
regularly scheduled interest payments) and any event with respect to a Mortgage 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. Notwithstanding the foregoing, “Sale” or “Sales” shall not
include any transaction or series of transactions specified in clause (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 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.

Selling Commissions. Any and all commissions payable to underwriters, dealer managers or
other broker-dealers in connection with the sale of the Shares, including, without limitation,
commissions payable to Cole Capital Corporation.

Shares. Any Shares of the Company’s common stock, par value $.01 per share.

Soliciting Dealers. Broker-dealers who are members of the Financial Industry Regulatory
Authority, Inc., or that are exempt from broker-dealer registration, and who, in either case, have
executed participating broker or other agreements with the Dealer Manager to sell Shares.

Sponsor. Cole Holdings Corporation.

Stockholders. The record holders of the Shares as maintained in the books and records of
the Company or its transfer agent.

Stockholders’ 8.0% Return. As of any date, an aggregate amount equal to an 8.0%
cumulative, noncompounded, annual return on Invested Capital.

Subordinated Performance Fee. The fee payable to the Advisor under certain circumstances
as described in Section 3.01(c).

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Termination Date. The date of termination of this Agreement.

2%/25% Guidelines. The requirement pursuant to the NASAA Guidelines that, in any four
consecutive fiscal quarters, total Operating Expenses not exceed the greater of 2% of Average
Invested Assets during such period or 25% of Net Income over the same period.

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.
By accepting such appointment, the Advisor acknowledges that it has contractual and fiduciary
responsibility to the Company and the Stockholders.

2.02 Duties of the Advisor. Subject to Section 2.07, 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 performance of this undertaking, subject to the supervision of
the Board and consistent with the provisions of the Company’s most recent Prospectus for Shares,
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)	 	serve as the Company’s investment and financial advisor and provide research
and economic and statistical data in connection with the Assets and the Company’s
investment policies;
	 
	 	(b)	 	provide the daily management of the Company and perform and supervise the
various administrative functions reasonably necessary for the management and
operations of the Company;
	 
	 	(c)	 	provide oversight and management of all third party and affiliated property
management and leasing functions;
	 
	 	(d)	 	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;
	 
	 	(e)	 	investigate, select, and, on behalf of the Company, engage and conduct
business with such Persons as the Advisor deems necessary to the proper performance of
its obligations hereunder, including but not limited to consultants, accountants,
correspondents, lenders, technical advisors, attorneys, brokers, underwriters,
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 Affiliates of the Advisor, and Persons acting in any other
capacity deemed by the Advisor necessary or desirable for the performance of any of
the foregoing services, including but not limited to entering into contracts in the
name of the Company with any of the foregoing;

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	 	(f)	 	consult with, and provide information to, 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;
	 
	 	(g)	 	subject to the provisions of Sections 2.02(j) 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,
structure and negotiate 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; (v) enter into leases of Property and
service contracts for Assets; and (vi) review and analyze each Property’s operating
and capital budget; and, to the extent necessary, perform all other operational
functions for the maintenance and administration of such Assets, including the
servicing of Mortgages;
	 
	 	(h)	 	provide the Board with periodic reports regarding prospective investments in
Assets;
	 
	 	(i)	 	if a transaction requires approval by the Board, deliver to the Board all
documents required by them to properly evaluate the proposed transaction;
	 
	 	(j)	 	obtain the prior approval of a majority of the Independent Directors and a
majority of the Board not otherwise interested in any transaction with the Advisor or
its Affiliates;
	 
	 	(k)	 	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;
	 
	 	(l)	 	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;
	 
	 	(m)	 	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;
	 
	 	(n)	 	provide the Company with, or assist the Company in arranging for, all
necessary cash management services;
	 
	 	(o)	 	deliver to or maintain on behalf of the Company copies of all appraisals
obtained in connection with the investments in Assets;
	 
	 	(p)	 	upon request of the Company, act, or obtain the services of others to act, as
attorney-in-fact or agent of the Company in making, requiring and disposing of Assets,
disbursing, and collecting the funds, paying the debts and fulfilling the obligations
of the Company

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	 	 	 	and 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;

	 	(q)	 	arrange for the disposal of Properties on the Company’s behalf in compliance
with the Company’s investment objectives and policies as stated in the Company’s most
recent Prospectus for Shares and advise the Board in connection with liquidity
opportunities;
	 
	 	(r)	 	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 in connection with investor relations;
	 
	 	(s)	 	oversee recruitment and hiring of personnel who will have direct
responsibility for the operations of each property we acquire, which may include, but
is not limited to, on-site managers and building and maintenance personnel, and direct
and establish policies for such personnel;
	 
	 	(t)	 	provide office space, equipment and supplies as required for the performance
of the foregoing services as Advisor;
	 
	 	(u)	 	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;
	 
	 	(v)	 	advise the Board on the timing and method of providing liquidity
opportunities to Stockholders; and
	 
	 	(w)	 	do all things necessary to assure its ability to render the services
described in this Agreement.

2.03 Authority of Advisor. Pursuant to the terms of this Agreement Including the duties
set forth in Section 2.02 and the restrictions included in this Section 2.03 and in Section 2.06,
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) find and evaluate
investment opportunities for the Company and the Partnership consistent with the Company’s
investment objectives, (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 and 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, and (vi) arrange for, or provide, accounting and other
record-keeping functions at the Asset level.

     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, provided however, that such modification or revocation
shall be effective upon receipt by the Advisor or such later date as is specified by the Board and
included in the notice provided to the Company and such modification or revocation shall not be
applicable to investment transactions to which the Advisor has committed the Company prior to the
date of receipt by the Advisor of such notification, or, if later, the effective date of such
modification or revocation specified by the Board.

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

2.05 Records; Access. The Advisor shall maintain appropriate records of all its activities
hereunder and make such records available for inspection by the Board and by counsel, auditors and
authorized agents of the Company, at any time or from time to time, upon reasonable request, 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, (c) violate any law,
rule, regulation or statement of policy of any governmental body or agency having jurisdiction over
the Company, the Shares or its other securities, or (d) not be permitted by the Articles of
Incorporation or Bylaws, except if such action shall be ordered by the Board, in which case the
Advisor shall notify promptly the Board of the Advisor’s judgment of the potential impact of such
action and shall refrain from taking such action until it receives further clarification or
instructions from the Board. In such event the Advisor shall have no liability for acting in
accordance with the specific instructions of the Board so given. Notwithstanding the foregoing,
the Advisor, its directors, officers, employees and stockholders, and 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,
employees or stockholders, except as provided in Section 5.02 of this Agreement.

2.07 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. If the Sponsor,
Advisor, any 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 the method set forth
in the Company’s most recent Prospectus for its Shares or another 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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ARTICLE III

COMPENSATION

3.01 Fees.

	 	(a)	 	Advisory Fee. On the last day of each month, the Company shall pay
to the Advisor a monthly Advisory Fee based upon the monthly Average Invested Assets.
The Advisory Fee shall be calculated according to the following schedule:

	 	 	 	 	 
	Average Invested Assets	 	Annualized Fee Rate
	$0 - $2 billion
	 	 	0.80	%
	Over
$2 billion - $4 billion
	 	 	0.775	%
	Over $4 billion
	 	 	0.75	%

The Advisory Fee shall be applied according to the above schedule for each level of monthly Average
Invested Assets, resulting in a blended annualized rate for fees paid in respect of Average
Invested Assets in excess of $2 billion. For example, the annualized rate for fees paid in respect
of Average Invested Assets of $5 billion is 0.78%.

	 	(b)	 	Acquisition Fees. The Company shall pay the Advisor, or an Affiliate
of the Advisor, a fee in the amount of 2.0% of the Contract Purchase Price of each
Asset as Acquisition Fees. The total of all Acquisition Fees and any Acquisition
Expenses shall be limited in accordance with the Articles of Incorporation.
Acquisition 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 a final budget is approved, 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 Fee was initially based,
the Advisor will pay or invoice the Company for 2.0% of the budget variance such that
the Acquisition Fee is ultimately 2.0% of amounts expended on such
development/redevelopment project. Any portion of the Acquisition Fee may be deferred
and paid in a subsequent year upon the mutual agreement of the parties hereto.
	 
	 	(c)	 	Subordinated Performance Fee. The Company shall pay the Advisor a
Subordinated Performance Fee in connection with any one of the following events:
	 
	 	 	 	Upon Listing, the Advisor shall be entitled to the Subordinated Performance Fee in
an amount equal to 15.0% of the amount by which (i) the Market Value of the
Company’s outstanding Shares plus distributions paid by the Company prior to
Listing, exceeds (ii) the sum of (A) 100% of Invested Capital and (B) the total
Distributions required to be paid to the Stockholders in order to pay the
Stockholders’ 8.0% Return from inception through the date that Market Value is
determined. The Company shall have the option to pay such fee in the form of cash,

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	 	 	 	Shares, a non-interest bearing promissory note, or any combination of the foregoing.
If the Company pays such fee with a non-interest bearing promissory note, payment
in full shall be made from the Net Sales Proceeds of the first Sale completed by the
Company after Listing. If the Net Sales Proceeds from the first Sale after Listing
are insufficient to pay the promissory note in full, then the promissory note shall
be paid in part with such Net Sales Proceeds, and in part from the Net Sales
Proceeds from the next successive Sales until the amount owing pursuant to such
promissory note is paid in full. If the promissory note has not been paid in full
within five years from the date of Listing, then the Advisor, or its successors or
assigns, may elect to convert the unpaid balance into Shares at a price per Share
equal to the average closing price of the Shares over the ten trading days
immediately preceding the date of such election. If the Shares are no longer Listed
at such time as the promissory note becomes convertible into Shares as provided by
this paragraph, then the price per Share, for purposes of conversion, shall equal
the fair market value for the Shares as determined by the Board based upon the
Appraised Value of the Assets as of the date of election.

	 	 	 	Upon a Sale, the Advisor shall be entitled to the Subordinated Performance Fee in an
amount equal to 15.0% of Net Sale Proceeds remaining after the Stockholders have
received Distributions equal to the sum of the Stockholders’ 8.0% Return and 100% of
Invested Capital. The Company shall have the option to pay such fee in the form of
cash, Shares, a non-interest bearing promissory note, or any combination of the
foregoing.
	 
	 	 	 	Upon termination, unless such termination is by the Company because of a material
breach of this Agreement by the Advisor or occurs upon a Change of Control, the
Advisor shall be entitled to receive a payment of the Subordinated Performance Fee
equal to 15.0% of the amount, if any, by which (i) the Appraised Value of the
Assets, valued on a portfolio basis, on the Termination Date, less the amount of all
indebtedness secured by the Assets, plus the total Distributions paid to
Stockholders from the Company’s inception through the Termination Date, exceeds (ii)
Invested Capital plus an amount equal to the Stockholders’ 8.0% Return from
inception through the Termination Date. The Company shall pay such Subordinated
Performance Fee at such time as the Company completes the first Sale after the
Termination Date. Payment shall be made from the Net Sales Proceeds of such Sale.
The Company shall have the option to pay such fee in the form of cash, Shares, a
non-interest bearing promissory note, or any combination of the foregoing. If the
Net Sales Proceeds from the first Sale after the Termination Date are insufficient
to pay the Subordinated Performance Fee in full, then the Subordinated Performance
Fee shall be paid in part with such Net Sales Proceeds, and in part from the Net
Sales Proceeds from the next successive Sales until the Subordinated Performance Fee
is paid in full. If the Subordinated Performance Fee has not been paid in full
within five years from the Termination Date, then the Advisor, its successors or
assigns, may elect to convert the balance of the fee into Shares at a price per
Share equal to the average closing price of the Shares over the ten trading days
immediately preceding the date of such election if the Shares are Listed at such
time. If the Shares are not Listed at such time, the Advisor, its successors or
assigns, may elect to convert the balance of the fee into Shares at a price per
Share equal to the fair market value for the Shares as reasonably determined by the
Board.
	 
	 	 	 	Notwithstanding the foregoing, if termination occurs upon a Change of Control, the
Advisor shall be entitled to payment of the Subordinated Performance Fee equal to
15.0% of the amount, if any, by which (i) the value of the Assets on the Termination
Date as determined in good faith by the Board, including a majority of the
Independent Directors,

-12-

 

	 	 	 	based upon such factors as the consideration paid in connection with the Change of
Control and the most recent Appraised Value of the Assets, valued on a portfolio
basis, less the amount of all indebtedness secured by the Assets, plus the total
Distributions paid to Stockholders from the Company’s inception through the
Termination Date, exceeds (ii) Invested Capital plus an amount equal to the
Stockholders’ 8.0% Return from inception through the Termination Date. No deferral
of payment of the Subordinated Performance Fee may be made under this paragraph of
this Section 3.01(c). In the event that the Advisor disagrees with the valuation of
Shares pursuant to the immediately preceding paragraph of this Section 3.01(c) where
the Shares are not Listed for purposes of determining the number of Shares to be
issued to the Advisor following the Advisor’s election to convert the balance of the
Subordinated Performance Fee owed to the Advisor, then the fair market value of such
Shares shall be determined by an Independent Expert of equity value selected by the
Advisor.

	 	(d)	 	Disposition Fee. If the Advisor or an Affiliate of the Advisor
provides a substantial amount of the services (as determined by a majority of the
Independent Directors) in connection with the Sale of one or more Properties, the
Advisor or such Affiliate shall receive a Disposition Fee equal to up to one-half of
the real estate commission paid on the Sale of the Property, not to exceed 1% of the
Contract Sales Price of each Property sold; provided, however, in no event may the
Disposition Fee paid to the Advisor or an Affiliate of the Advisor, when added to the
real estate commissions paid to non-Affiliates, exceed the lesser of (i) the
Competitive Disposition Fee or (ii) 6.0% of the Contract Sales Price of a Property.

3.02 Expenses.

	 	(a)	 	In addition to the compensation paid to the Advisor pursuant to Section 3.01
hereof, the Company shall pay directly or reimburse the Advisor, as applicable, for
all of the expenses paid or incurred by the Advisor in connection with the services it
provides to the Company pursuant to this Agreement, including, but not limited to:
	 
	 	 	 	(i) Organization and Offering Expenses; provided, however, that within 60 days after
the end of the month in which an Offering terminates, the Advisor shall reimburse
the Company for any Organization and Offering Expenses reimbursed by the Company to
the Advisor to the extent that such reimbursements exceed 1.5% of the Gross Proceeds
raised in the completed Offering. The Advisor shall be responsible for the payment
of Organization and Offering Expenses in excess of 1.5% of the Gross Proceeds;
	 
	 	 	 	(ii) Acquisition Expenses incurred in connection with the selection and acquisition
of Assets in an amount estimated to be up to 0.5% of the Contract Purchase Price;
	 
	 	 	 	(iii) the actual cost of goods, services and materials used by the Company and
obtained from Persons not affiliated with the Advisor, other than Acquisition
Expenses, including property management and leasing services;
	 
	 	 	 	(iv) interest and other costs for borrowed money, including discounts, points and
other similar fees;
	 
	 	 	 	(v) taxes and assessments on income or property and taxes as an expense of doing
business;

-13-

 

	 	 	 	(vi) costs associated with insurance required in connection with the business of the
Company or by the Board;
	 
	 	 	 	(vii) expenses of managing and operating Assets owned by the Company, whether
payable to an Affiliate of the Company, including wages and salaries and other
personnel-related expenses, unless otherwise waived, in whole or in part, by the
Affiliate in its sole discretion, of all on-site and off-site employees of the
Affiliate who are engaged in the operation, management, maintenance and leasing or
access control of the Asset, or to a non-affiliated Person;
	 
	 	 	 	(viii) all expenses in connection with payments to the Board for attendance at
meetings of the Board and Stockholders;
	 
	 	 	 	(ix) expenses associated with Listing or with the issuance and distribution of
Shares and other securities of the Company, such as Selling Commissions and fees,
advertising expenses, taxes, legal and accounting fees, and Listing and registration
fees;
	 
	 	 	 	(x) expenses connected with payments of Distributions in cash or otherwise made or
caused to be made by the Company to the Stockholders;
	 
	 	 	 	(xi) expenses of organizing, reorganizing, liquidating or dissolving the Company or
amending the Articles of Incorporation or the Bylaws;
	 
	 	 	 	(xii) expenses of any third party transfer agent for the Shares and 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;
	 
	 	 	 	(xiii) administrative service expenses, including all costs and expenses incurred by
Advisor in fulfilling its duties hereunder. Such costs and expenses may include
reasonable wages and salaries and other personnel-related expenses of all employees
of Advisor or its Affiliates who are engage in the management, administration,
operations, and marketing of the Company and its Assets, including taxes, insurance
and benefits relating to such employees, and legal, travel and other out-of-pocket
expenses which are directly related to their services provided hereunder,
provided, however that the Company shall not reimburse the Advisor for
salaries and benefits paid to persons who are executive officers of the Company, nor
shall the Company pay personnel costs in connection with services for which the
Advisor receives an Acquisition Fee or Disposition Fee; and
	 
	 	 	 	(xiv) audit, accounting and legal fees, and other fees and expenses associated with
regulatory compliance.
	 
	 	(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 such statement to the Company within 45 days after the end of each quarter.

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, such
services shall be

-14-

 

separately compensated at such rates and in such amounts as are agreed by the Advisor and the
Board, 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, at the end
of any fiscal quarter, for any Operating Expenses to the extent that, in the four consecutive
fiscal quarters then ended (the “Expense Year”) the Operating Expenses exceed (the “Excess Amount”)
the greater of (i) 2% of Average Invested Assets or (ii) 25% of Net Income (the “2%/25%
Guidelines”) for that period of four consecutive quarters unless the Independent Directors
determine that such excess was justified, based on unusual and nonrecurring factors which the
Independent Directors deem sufficient. If the Independent Directors do not approve such excess as
being so justified, any Excess Amount paid to the Advisor during a fiscal quarter shall be repaid
to the Company. If the Independent Directors determine such excess was justified, then within 60
days after the end of any fiscal quarter of the Company for which total reimbursed Operating
Expenses for the Expense Year exceed the 2%/25% Guidelines, 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, together with an explanation of the
factors the Independent Directors considered in determining that such excess expenses were
justified. The Company will ensure that such determination will be reflected in the minutes of the
meetings of the Board. All figures used in the foregoing computation shall be determined in
accordance with generally accepted accounting principles applied on a consistent basis.

ARTICLE IV

TERM AND TERMINATION

4.01 Term; Renewal. Subject to Section 4.02 hereof, this Agreement has a one-year term and
shall continue in force until the first anniversary of the date hereof. Thereafter, this Agreement
may be renewed for an unlimited number of successive one-year terms upon mutual consent of the
parties. It is the Board’s Duty 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 (i) immediately upon a Change of
Control or (ii) upon 60 days written notice without cause or penalty (in either case, if
termination is by the Company, then such termination shall be upon the approval of a majority of
the Independent Directors). Notwithstanding the foregoing, the provisions of this Agreement which
provide for payment to the Advisor of expenses, fees or other compensation following the date of
termination (i.e., Sections 3.01(c) and 4.03) shall continue in full force and effect until all
amounts payable thereunder to the Advisor are paid in full. The provisions of Sections 2.05, 2.06
and 4.03 through 6.11 shall survive the termination 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 such 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, provided that the Subordinated Performance Fee, if any, shall be paid
in accordance with the provisions of Section 3.01(c).
	 
	 	(b)	 	The Advisor shall promptly upon termination:

-15-

 

	 	 	 	(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, and take all reasonable actions requested by, the Company to
provide an orderly management transition.

ARTICLE V

INDEMNIFICATION

5.01 (a) The Company shall indemnify and hold harmless the Advisor and its Affiliates, including
their respective officers, directors, partners and employees, from all liability, claims, damages
or losses arising in the performance of their duties hereunder, and related expenses, including
reasonable attorneys’ fees, to the extent such liability, claims, damages or losses and related
expenses are not fully reimbursed by insurance, subject to any limitations imposed by the laws of
the State of Maryland, the Articles of Incorporation and the NASAA Guidelines under the Articles of
Incorporation. 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) such
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) such
indemnification or agreement to hold harmless is recoverable only out of the Company’s net assets
and not from Stockholders. Notwithstanding the foregoing, the Advisor and its Affiliates,
including their respective officers, directors, partners and employees, shall not be indemnified by
the Company 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 Articles of Incorporation provide that the advancement of Company funds to the Advisor
or its Affiliates, including their respective officers, directors, partners and employees, for
legal

-16-

 

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 such 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 (i) such liability, claims, damages, taxes or losses and
related expenses are not fully reimbursed by insurance and (ii) are incurred by reason of the
Advisor’s bad faith, fraud, misfeasance, misconduct, negligence or reckless disregard of its
duties. 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 may be assigned by the Advisor to an
Affiliate of the Advisor 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 such 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:

-17-

 

	 	 	 

	To the Directors and to the Company:

	 	Cole Corporate Income Trust, Inc.

2555 E. Camelback Road, Suite 400

Phoenix, Arizona 85016

Attention: Chief Executive Officer and President
	 
	 	 
	To the Advisor:

	 	Cole Corporate Income Advisors, LLC

2555 E. Camelback Road, Suite 400

Phoenix, Arizona 85016

Attention: President

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 assignees.

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 Arizona, and venue for any action brought
with respect to any claims arising out of this Agreement shall be brought exclusively in Maricopa
County, Arizona.

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 such right, remedy, power or privilege with respect to any other occurrence. No waiver
shall be effective unless it is in writing and is signed by the party asserted to have granted such
waiver.

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 any number of
counterparts, each of which shall be deemed to be an original as against any party whose signature
appears thereon, and

-18-

 

all of which shall together constitute one and the same instrument. This Agreement shall become
binding when the 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 acquires, in any vote for the election of Directors or any vote regarding the
approval or termination of any contract with the Advisor or any of its Affiliates.

[THE REMAINDER OF THIS PAGE HAS BEEN INTENTIONALLY LEFT BLANK]

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

	 	 	 	 	 
	 	COLE CORPORATE INCOME TRUST, INC.

 	 
	 	By:  	
 	 
	 	 	Christopher H. Cole 	 
	 	 	Chief Executive Officer and President 	 
	 
	 	COLE CORPORATE INCOME ADVISORS, LLC

 	 
	 	By:  	 	 
	 	 	Marc T. Nemer 	 
	 	 	President 	 
	 

-20-exv10w4

Exhibit 10.4

ESCROW AGREEMENT

UMB Bank, N.A.

1010 Grand Blvd., 4th Floor

Mail Stop: 1020409

Kansas City, MO 64106

			
	     Re:	 	Cole Corporate Income Trust, Inc.

Ladies and Gentlemen:

COLE CORPORATE INCOME TRUST, INC., a Maryland corporation (the “Company”), will issue in a
public offering (the “Offering”) shares of its common stock (the “Stock”) pursuant
to a registration statement on Form S-11 filed by the Company with the Securities and Exchange
Commission. Cole Capital Corporation, an Arizona corporation (the “Dealer Manager”), will
act as dealer manager for the offering of the Stock. The Company is entering into this agreement
to set forth the terms on which UMB BANK, N.A. (the “Escrow Agent”), will, except as
otherwise provided herein, hold and disburse the proceeds from subscriptions for the purchase of
the Stock in the Offering until such time as: (i) in the case of subscriptions received from all
nonaffiliates of the Company, the Company has received subscriptions for Stock resulting in a total
of 250,000 shares of common stock sold in the offering (the “Required Capital”); (ii) in
the case of subscriptions received from residents of Pennsylvania (“Pennsylvania
Subscribers”), the Company has received subscriptions for Stock from nonaffiliates of the
Company resulting in total minimum capital raised of $148,750,000 (the “Pennsylvania Required
Capital”); and (iii) in the case of subscriptions received from residents of Tennessee
(“Tennessee Subscribers”), the Company has received subscriptions for Stock from
nonaffiliates of the Company resulting in total minimum capital raised of $25,000,000 (the
“Tennessee Required Capital”).

The Company hereby appoints UMB Bank, N.A. as Escrow Agent for purposes of holding the proceeds
from the subscriptions for the Stock, on the terms and conditions hereinafter set forth:

1. Until such time as the Company has received subscriptions for Stock resulting in total
minimum capital raised equal to the Required Capital and such funds are disbursed from the Escrow
Account (as defined below) in accordance with paragraph 3(a) hereof, persons subscribing to
purchase the Stock (the “Subscribers”) will be instructed by the Dealer Manager or any
soliciting dealers to remit the purchase price in the form of checks, drafts, wires, Automated
Clearing House (ACH) or money orders (hereinafter “instruments of payment”) payable to the
order of “UMB Bank, N.A., Agent for Cole Corporate Income Trust, Inc.” or a recognizable
contraction or abbreviation thereof, including but not limited to, “UMB Bank, N.A., f/b/o Corporate
Income Trust” or, in the event that the purchase is made using a subscription agreement covering
the Stock and the stock of one or more other Cole REITs, “UMB Bank, N.A., Agent for Cole REIT” or a
recognizable contraction or abbreviation thereof. After subscriptions are received resulting in
total minimum capital raised equal to the Required Capital and such funds are disbursed from the
Escrow Account in accordance with paragraph 3(a) hereof, subscriptions shall continue to be so
submitted unless otherwise instructed by the Dealer Manager. Any checks, drafts or money orders
received made payable to a party other than the Escrow Agent (or after the Required Capital is
received, made payable by a Subscriber other than a Pennsylvania Subscriber or a Tennessee
Subscriber to a party other than the party designated by the Dealer Manager) shall be returned to
the soliciting dealer who submitted the check, draft or money order. Within one (1) business day
after receipt of instruments of payment from the Offering, the Dealer Manager, the Company or their
respective agents will (a) send to

 

 

the Escrow Agent: each Subscriber’s name, address, number of shares purchased, and purchase price
remitted, and (b) Escrow Agent will deposit the instruments of payment from such Subscribers into
an interest-bearing deposit account entitled “Escrow Account for the Benefit of Subscribers for
Common Stock of Cole Corporate Income Trust, Inc.” (the “Escrow Account”), which deposit
shall occur within one (1) business day after the Escrow Agent’s receipt of the instrument of
payment, until such Escrow Account has closed pursuant to paragraph 3(a) hereof. The Escrow Agent
agrees to maintain the funds contributed by the Pennsylvania Subscribers and the Tennessee
Subscribers in a manner in which they each may be separately accounted for on the records of
Escrow Agent so that the requirements of Section 3 of this Agreement can be met. The Escrow
Account will be established and maintained in such a way as to permit the interest income
calculations described in paragraph 7. The Company shall, and shall cause its agents to, cooperate
with the Escrow Agent in separately accounting for Pennsylvania and Tennessee subscription proceeds
in the Escrow Account, and the Escrow Agent shall be entitled to rely upon information provided by
the Company or its agents in this regard.

2. The Escrow Agent agrees to promptly process for collection the instruments of payment upon
deposit into the Escrow Account. Deposits shall be held in the Escrow Account until such funds are
disbursed in accordance with paragraph 3 hereof. Prior to disbursement of the funds deposited in
the Escrow Account, such funds shall not be subject to claims by creditors of the Escrow Agent, the
Company, the Dealer Manager, any soliciting dealer or any of their respective affiliates. If any
of the instruments of payment are returned to the Escrow Agent for nonpayment prior to receipt of
the Required Capital or, in connection with subscriptions from Pennsylvania Subscribers or
Tennessee Subscribers, the Pennsylvania Required Capital or the Tennessee Required Capital,
respectively, the Escrow Agent shall promptly notify the Dealer Manager and the Company in writing
via mail, email or facsimile of such nonpayment, and is authorized to debit the Escrow Account in
the amount of such returned payment as well as any interest earned on the amount of such payment.

     3. (a) (i) Subject to the provisions of subparagraphs 3(b)-3(g) below, once the collected
funds in the Escrow Account are an amount equal to or greater than the Required Capital, the Escrow
Agent shall promptly notify the Company and, upon receiving written instruction from the Company,
(A) disburse to the Company, by check, ACH or wire transfer, the funds in the Escrow Account
representing the gross purchase price for the Stock less any funds received from Pennsylvania
Subscribers and the Tennessee Subscribers, and (B) within five business days after the first
business day of the succeeding month, disburse to the Company any interest thereon pursuant to the
provisions of subparagraph 3(g). After such time the Escrow Account shall remain open and the
Company shall continue to cause subscriptions for the Stock to be deposited therein until the
Company informs the Escrow Agent in writing to cease depositing subscriptions received from
Subscribers other than Pennsylvania Subscribers and Tennessee Subscribers, and thereafter any
subscription documents and instruments of payment received by the Escrow Agent from Subscribers
other than Pennsylvania Subscribers and Tennessee Subscribers shall be forwarded directly to the
Company. For purposes of this Agreement, the term “collected funds” shall mean all funds received
by the Escrow Agent that have cleared normal banking channels and are in the form of cash or cash
equivalent. After the satisfaction of the aforementioned provisions of this paragraph 3(a)(i), in
the event the Company receives subscriptions made payable to the Escrow Agent (other than
subscriptions from Pennsylvania Subscribers and Tennessee Subscribers), such subscription proceeds
may continue to be received in this account generally, but to the extent such proceeds shall not be
subject to escrow due to the satisfaction of the aforementioned provisions of this paragraph
3(a)(i), such proceeds are not subject to this Escrow Agreement and at the instruction of the
Company to the Escrow Agent shall be transferred from the Escrow Account or deposited directly
into, as the case may be, a commercial deposit account in the name of the Company (the “Deposit
Account”) that has been previously established by the Company, unless otherwise directed by the
Company. The Company hereby covenants and agrees that it shall do all things necessary in order to
establish the Deposit Account, which, if established with the Escrow Agent, shall be subject to the
Escrow Agent’s

-2-

 

usual account guidelines and regulations, prior to its use. No provisions of this Escrow
Agreement shall apply to the Deposit Account.

          (ii) regardless of any release of funds from the Escrow Account from Subscribers other than
Pennsylvania Subscribers, the Company, the Dealer Manager and soliciting dealers shall continue to
forward instruments of payment received from Pennsylvania Subscribers for deposit into the Escrow
Account to the Escrow Agent until such time as the Company notifies the Escrow Agent in writing
that total subscription proceeds (including the amount then in the Escrow Account from Pennsylvania
Subscribers) equal or exceed the Pennsylvania Required Capital. Within five days after receipt by
the Escrow Agent of such notice, the Escrow Agent shall (A) disburse to the Company, by check, ACH
or wire transfer, the funds then in the Escrow Account representing the gross purchase price for
the Stock from Pennsylvania Subscribers, and (B) within five business days after the first business
day of the succeeding month, disburse to the Company any interest thereon pursuant to the
provisions of subparagraph 3(g). Following such disbursements, the Escrow Agent shall close the
Escrow Account, and thereafter any instruments of payment received by the Escrow Agent from
Pennsylvania Subscribers shall not be subject to this Escrow Agreement and shall be deposited
directly into the Deposit Account, as instructed in writing by the Company pursuant to subparagraph
3(a)(i) above.

          (iii) regardless of any release of funds from the Escrow Account from Subscribers other than
Tennessee Subscribers, the Company, the Dealer Manager and soliciting dealers shall continue to
forward instruments of payment received from Tennessee Subscribers for deposit into the Escrow
Account to the Escrow Agent until such time as the Company notifies the Escrow Agent in writing
that total subscription proceeds (including the amount then in the Escrow Account from Tennessee
Subscribers) equal or exceed the Tennessee Required Capital. Within five days after receipt by the
Escrow Agent of such notice, the Escrow Agent shall (A) disburse to the Company, by check, ACH or
wire transfer, the funds then in the Escrow Account representing the gross purchase price for the
Stock from Tennessee Subscribers, and (B) within five business days after the first business day of
the succeeding month, disburse to the Company any interest thereon pursuant to the provisions of
subparagraph 3(g). Following such disbursements, any instruments of payment received by the Escrow
Agent from Tennessee Subscribers shall not be subject to this Escrow Agreement and shall be
deposited directly into the Deposit Account, as instructed in writing by the Company pursuant to
subparagraph 3(a)(i) above.

     (b) Within four business days of the close of business on the date that is one year following
commencement of the Offering (the “Expiration Date”), the Escrow Agent shall promptly
notify the Company if it is not in receipt of evidence of deposits for the purchase of Stock
providing for aggregate offering proceeds that equal or exceed the Required Capital (from all
sources but exclusive of any funds received from subscriptions for Stock from entities which the
Company has notified the Escrow Agent are affiliated with the Company). Within ten days following
the date of such notice, the Escrow Agent shall promptly return directly to each Subscriber the
collected funds deposited in the Escrow Account on behalf of such Subscriber (unless earlier
disbursed in accordance with paragraph 3(c)), or shall return the instruments of payment delivered,
but not yet processed for collection prior to such time, in either case, together with interest
income (which interest shall be paid within five business days after the first business day of the
succeeding month) in the amounts calculated pursuant to paragraph 7 for each Subscriber at the
address provided by the Dealer Manager or the Company to the Escrow Agent, which the Escrow Agent
shall be entitled to rely upon. Notwithstanding the above, in the event the Escrow Agent has not
received an executed IRS Form W-9 at such time for each Subscriber, the Escrow Agent shall remit an
amount to the Subscribers in accordance with the provisions hereof, withholding the applicable
percentage for backup withholding required by the Internal Revenue Code, as then in effect, from
any interest income on subscription proceeds (determined in accordance with paragraph 7)
attributable to each Subscriber for whom the Escrow Agent does not possess an executed IRS Form
W-9.

-3-

 

However, the Escrow Agent shall not be required to remit any payments until the Escrow Agent
has collected funds represented by such payments.

     (c) Notwithstanding subparagraphs 3(a) and 3(b) above, if the Escrow Agent is not in receipt
of evidence of subscriptions accepted on or before the close of business on such date that is 120
days after commencement of the Offering (the Company will notify the Escrow Agent of the
commencement date of the Offering) (the “Initial Escrow Period”), and instruments of
payment dated not later than that date, for the purchase of Stock providing for total purchase
proceeds from all nonaffiliated sources that equal or exceed the Pennsylvania Required Capital, the
Escrow Agent shall promptly notify the Company. Thereafter, the Company shall send to each
Pennsylvania Subscriber by certified mail within ten (10) calendar days after the end of the
Initial Escrow Period a notification in the form of Exhibit A. If, pursuant to such notification,
a Pennsylvania Subscriber requests the return of his or her subscription funds within ten (10)
calendar days after receipt of the notification (the “Request Period”), the Escrow Agent
shall promptly refund directly to each Pennsylvania Subscriber the collected funds deposited in the
Escrow Account on behalf of such Pennsylvania Subscriber or shall return the instruments of payment
delivered, but not yet processed for collection prior to such time, to the address provided by the
Dealer Manager or the Company or their respective agents to the Escrow Agent, which the Escrow
Agent shall be entitled to rely upon, together with interest income (which interest shall be paid
within five business days after the first business day of the succeeding month) in the amounts
calculated pursuant to paragraph 7. Notwithstanding the above, if the Escrow Agent has not
received an executed IRS Form W-9 is for such Pennsylvania Subscriber, the Escrow Agent shall
thereupon remit an amount to such Pennsylvania Subscriber in accordance with the provisions hereof,
withholding the applicable percentage for backup withholding required by the Internal Revenue Code,
as then in effect, from any interest income earned on subscription proceeds (determined in
accordance with paragraph 7) attributable to such Pennsylvania Subscriber. However, the Escrow
Agent shall not be required to remit such payments until the Escrow Agent has collected funds
represented by such payments.

     (d) The subscription funds of Pennsylvania Subscribers who do not request the return of their
subscription funds within the Request Period shall remain in the Escrow Account for successive
120-day escrow periods (a “Successive Escrow Period”), each commencing automatically upon
the termination of the prior Successive Escrow Period, and the Company and Escrow Agent shall
follow the notification and payment procedure set forth in subparagraph 3(c) above with respect to
the Initial Escrow Period for each Successive Escrow Period until the occurrence of the earliest of
(i) the Expiration Date, (ii) the receipt and acceptance by the Company of subscriptions for the
purchase of Stock with total purchase proceeds that equal or exceed the Pennsylvania Required
Capital and the disbursement of the funds from Pennsylvania Subscribers from the Escrow Account on
the terms specified herein, or (iii) all funds held in the Escrow Account from Pennsylvania
Subscribers having been returned to the Pennsylvania Subscribers in accordance with the provisions
hereof.

     (e) In the event that the Offering is terminated prior to the receipt of the Tennessee
Required Capital, the Company shall notify the Escrow Agent of the termination of the Offering.
Within ten days following the date of such notice, the Escrow Agent shall promptly return directly
to each Tennessee Subscriber the collected funds deposited in the Escrow Account on behalf of such
Tennessee Subscriber, or shall return the instruments of payment delivered, but not yet processed
for collection prior to such time, in either case, together with interest income (which interest
shall be paid within five business days after the first business day of the succeeding month) in
the amounts calculated pursuant to paragraph 7 for each such Tennessee Subscriber at the address
provided by the Dealer Manager or the Company to the Escrow Agent, which the Escrow Agent shall be
entitled to rely upon. Notwithstanding the above, in the event the Escrow Agent has not received
an executed IRS Form W-9 at such time for any Tennessee Subscriber, the Escrow Agent shall remit an
amount to such Tennessee Subscriber in accordance with the provisions hereof, withholding the
applicable percentage for backup withholding required by the Internal

-4-

 

Revenue Code, as then in effect, from any interest income earned on subscription proceeds
(determined in accordance with paragraph 7) attributable to such Tennessee Subscriber. However,
the Escrow Agent shall not be required to remit such payments until the Escrow Agent has collected
funds represented by such payments.

     (f) If the Company rejects any subscription for which the Escrow Agent has collected funds,
the Escrow Agent shall, upon the written request of the Company, promptly issue a refund to the
rejected Subscriber at the address provided by the Dealer Manager or the Company, which the Escrow
Agent shall be entitled to rely upon. If the Company rejects any subscription for which the Escrow
Agent has not yet collected funds but has submitted the Subscriber’s check for collection, the
Escrow Agent shall promptly return the funds in the amount of the Subscriber’s check to the
rejected Subscriber, at the address provided by the Dealer Manager or the Company or their
respective agents, which the Escrow Agent shall be entitled to rely upon, after such funds have
been collected. If the Escrow Agent has not yet submitted a rejected Subscriber’s check for
collection, the Escrow Agent shall promptly remit the Subscriber’s check directly to the
Subscriber.

     (g) At any time after funds are disbursed upon the Company’s acceptance of subscriptions
pursuant to subparagraph 3(a) above, on the fifth business day following the first business day of
the next succeeding month following the date of such acceptance, the Escrow Agent shall promptly
provide directly to the Company the amount of the interest payable to the Company. However, the
Escrow Agent shall not be required to remit any payments until the Escrow Agent has collected the
funds represented by such payments.

     In the event that instruments of payment are returned for nonpayment, the Escrow Agent is
authorized to debit the Escrow Account in accordance with paragraph 2 hereof.

4. The Escrow Agent shall provide to the Company monthly statements (or more frequently as
reasonably requested by the Company) which include, without limitation, if such amounts are not
available to the Company at least daily pursuant to the “TrustDirect” program, the account balance
in the Escrow Account, the account balance of the funds in the Escrow Account from Pennsylvania
Subscribers, the account balance of the funds in the Escrow Account from Tennessee Subscribers, and
the activity in the Escrow Account and, separately, the activity involving Pennsylvania Subscribers
and Tennessee Subscribers since the last report. The Escrow Agent will provide access to its
“TrustDirect” program to allow the Company to view account balances for the Escrow Account and the
funds in the Escrow Account from Pennsylvania Subscribers and Tennessee Subscribers at any time.

5. Prior to the disbursement of funds deposited in the Escrow Account in accordance with the
provisions of paragraph 3 hereof, the Escrow Agent shall invest all of the funds deposited as well
as earnings and interest derived therefrom in the Escrow Account in the “Short-Term Investments”
specified below at the written direction of the Company, unless the costs to the Company for the
making of such investment are reasonably expected to exceed the anticipated interest earnings from
such investment in which case the funds and interest thereon shall remain in the Escrow Account
until the balance in the Escrow Account reaches the minimum amount necessary for the anticipated
interest earnings from such investment to exceed the costs to the Company for the making of such
investment, as determined by the Company based upon applicable interest rates.

     “Short-Term Investments” include obligations of, or obligations guaranteed by, the United
States government or bank money-market accounts or certificates of deposit of national or state
banks that have deposits insured by the Federal Deposit Insurance Corporation (including
certificates of deposit of any bank acting as a depository or custodian for any such funds) which
mature on or before the Expiration Date, unless such instrument cannot be readily sold or otherwise
disposed of for cash by the Expiration

-5-

 

Date without any dissipation of the offering proceeds invested. Without limiting the
generality of the foregoing, Exhibit B hereto sets forth specific Short-Term Investments
that shall be deemed permissible investments hereunder.

The following securities are not permissible investments:

     (a) money market funds;

     (b) corporate equity or debt securities;

     (c) repurchase agreements;

     (d) bankers’ acceptances;

     (e) commercial paper; and

     (f) municipal securities.

It is hereby expressly agreed and stipulated by the parties hereto that the Escrow Agent shall not
be required to exercise any discretion hereunder and shall have no investment or management
responsibility and, accordingly, shall have no duty to, or liability for its failure to, provide
investment recommendations or investment advice to the parties hereto. It is the intention of the
parties hereto that the Escrow Agent shall never be required to use, advance or risk its own funds
or otherwise incur financial liability in the performance of any of its duties or the exercise of
any of its rights and powers hereunder.

6. The Escrow Agent is entitled to rely upon written instructions received from the Company or the
Dealer Manager or their respective agents, unless the Escrow Agent has actual knowledge that such
instructions are not valid or genuine; provided that, if in the Escrow Agent’s opinion, any
instructions from the Company or the Dealer Manager or their respective agents are unclear, the
Escrow Agent may request clarification from the Company or the Dealer Manager or their respective
agents, as applicable, prior to taking any action, and if such instructions continue to be unclear,
the Escrow Agent may rely upon written instructions from the Company’s legal counsel in
distributing or continuing to hold any funds. However, the Escrow Agent shall not be required to
disburse any funds attributable to instruments of payment that have not been processed for
collection, until such funds are collected and then shall disburse such funds in compliance with
the disbursement instructions from the Company or the Dealer Manager or their respective agents.

7. If the Offering terminates prior to receipt of the Required Capital or the Tennessee Required
Capital, or one or more Pennsylvania Subscribers elects to have his or her subscription returned in
accordance with paragraph 3, interest income earned in the Escrow Account on subscription proceeds
deposited in the Escrow Account (the “Escrow Income”) shall be remitted to the applicable
Subscribers at the addresses provided by the Dealer Manager or the Company to the Escrow Agent,
which the Escrow Agent shall be entitled to rely upon, in accordance with paragraph 3 and without
any deductions for escrow expenses. The Company shall reimburse the Escrow Agent for all escrow
expenses. If the Escrow Agent remits interest income pursuant to this Agreement, the Escrow Agent
shall be responsible for any necessary federal tax reporting associated with such income; provided,
however, that the Escrow Agent shall not be responsible for any other tax reporting associated with
this Agreement. The Escrow Agent shall remit all such Escrow Income in accordance with paragraph
3. If the Company chooses to leave the Escrow Account open to Subscribers other than Pennsylvania
Subscribers and Tennessee Subscribers after receiving the Required Capital, then it shall make
regular acceptances of such subscriptions therein, but no less frequently than monthly, and the
Escrow Income from the last such acceptance shall be calculated and remitted to the Company
pursuant to the provisions of paragraph 3(g).

8. The Escrow Agent shall receive compensation from the Company as set forth in Exhibit C
attached hereto, which such Exhibit C is hereby incorporated by reference.

-6-

 

9. In performing any of its duties hereunder, the Escrow Agent shall not incur any liability to
anyone for any damages, losses, or expenses, except for willful misconduct, breach of trust, or
gross negligence. Accordingly, the Escrow Agent shall not incur any such liability with respect to
any action taken or omitted (a) in good faith upon advice of the Escrow Agent’s counsel given with
respect to any questions relating to the Escrow Agent duties and responsibilities under this
Agreement, or (b) in reliance upon any instrument, including any written instrument or instruction
provided for in this Agreement, not only as to its due execution and validity and effectiveness of
its provisions but also as to the truth and accuracy of information contained therein, which the
Escrow Agent shall in good faith believe to be genuine, to have been signed or presented by a
proper person or persons and to conform to the provisions of this Agreement.

10. The Company hereby agrees to indemnify and hold the Escrow Agent harmless against any and all
losses, claims, damages, liabilities, and expenses, including reasonable attorneys’ fees and
disbursements, that may be imposed on or incurred by the Escrow Agent in connection with acceptance
of appointment as the Escrow Agent hereunder, or the performance of the duties hereunder, including
any litigation arising from this Agreement or involving the subject matter hereof, except where
such losses, claims, damages, liabilities, and expenses result from willful misconduct, breach of
trust, or gross negligence.

11. In the event of a dispute between the parties hereto sufficient in the Escrow Agent’s
discretion to justify doing so, the Escrow Agent shall be entitled to tender into the registry or
custody of any court of competent jurisdiction all money or property in its hands under this
Agreement, together with such legal pleadings as deemed appropriate, and thereupon be discharged
from all further duties and liabilities under this Agreement. In the event of any uncertainty as to
the duties hereunder, the Escrow Agent may refuse to act under the provisions of this Agreement
pending order of a court of competent jurisdiction and shall have no liability to the Company or to
any other person as a result of such action. Any such legal action may be brought in such court,
as the Escrow Agent shall determine to have jurisdiction thereof. The filing of any such legal
proceedings shall not deprive the Escrow Agent of its compensation earned prior to such filing.

12. All communications and notices required or permitted by this Agreement shall be in writing and
shall be deemed to have been given when delivered personally or by messenger or by overnight
delivery service or when received via telecopy or other electronic transmission, in all cases
addressed to the person for whom it is intended at such person’s address set forth below or to such
other address as a party shall have designated by notice in writing to the other party in the
manner provided by this paragraph:

     (a)   if to the Company:

Cole Corporate Income Trust, Inc.

2555 E. Camelback Road, Suite 400

Phoenix, Arizona 85016

Fax: (602) 778-8780

Attention: Richard R. Lavin, Esq.

     (b)   if to the Dealer Manager:

Cole Capital Corporation

2575 E. Camelback Road, Suite 500

Phoenix, Arizona 85016

Fax: (602) 778-8780

Attention: Marc T. Nemer, Esq.

-7-

 

     (c)   if to the Escrow Agent:

UMB Bank, N.A.

Corporate Trust Department M/S 1020409

1010 Grand Blvd., 4th Floor

Mail Stop: 1020409

Kansas City, MO 64106

Attention: Lara Stevens

Each party hereto may, from time to time, change the address to which notices to it are to be
delivered or mailed hereunder by notice in accordance herewith to the other parties.

13. This Agreement shall be governed by the laws of the State of Arizona as to both interpretation
and performance without regard to the conflict of laws rules thereof.

14. The provisions of this Agreement shall be binding upon the legal representatives, successors,
and assigns of the parties hereto.

15. The Company and the Dealer Manager hereby acknowledge that UMB Bank, N.A. is serving as Escrow
Agent only for the limited purposes herein set forth, and hereby agree that they will not represent
or imply that, by serving as Escrow Agent hereunder or otherwise, have investigated the
desirability or advisability of investment in the Company or have approved, endorsed, or passed
upon the merits of the Stock or the Company, nor shall they use the name of the Escrow Agent in any
manner whatsoever in connection with the offer or sale of the Stock other than by acknowledgment
that is has agreed to serve as Escrow Agent for the limited purposes herein set forth.

16. This Agreement and any amendment hereto may be executed by the parties hereto in one or more
counterparts, each of which shall be deemed to be an original.

17. Except as otherwise required for subscription funds received from Pennsylvania Subscribers or
Tennessee Subscribers as provided herein, in the event that the Dealer Manager receives instruments
of payment after the Required Capital has been received and the proceeds of the Escrow Account have
been distributed to the Company, the Escrow Agent is hereby authorized to deposit such instruments
of payment within one (1) business day to any deposit account as directed by the Company. The
application of said funds into a deposit account or to forward such funds directly to the Company,
in either case directed by the Company shall be a full acquittance to the Escrow Agent, who shall
not be responsible for the application of said funds thereafter.

18. The Escrow Agent shall be bound only by the terms of this Escrow Agreement and shall not be
bound by or incur any liability with respect to any other agreements or understanding between any
other parties, whether or not the Escrow Agent has knowledge of any such agreements or
understandings.

19. Indemnification provisions set forth herein shall survive the termination of this Agreement.

20. In the event that any part of this Agreement is declared by any court or other judicial or
administrative body to be null, void, or unenforceable, said provision shall survive to the extent
it is not so declared, and all of the other provisions of this Agreement shall remain in full force
and effect.

21. Unless otherwise provided in this Agreement, final termination of this Escrow Agreement shall
occur on the date that all funds held in the Escrow Account are distributed either (a) to the
Company or to

-8-

 

Subscribers and the Company has informed the Escrow Agent in writing to close the Escrow Account
pursuant to paragraph 3 hereof or (b) to a successor escrow agent upon written instructions from
the Company.

22. Neither the Escrow Agent, nor its agents, shall have responsibility for accepting, rejecting,
or approving subscriptions. The Escrow Agent, or its agent, shall complete an OFAC search, in
compliance with its policy and procedures, of each subscription check and shall inform the Company
if a subscription check fails the OFAC search. The Dealer Manager shall provide a copy of each
subscription check in order that the Escrow Agent, or its agent, may perform such OFAC search.

23. This Agreement shall not be modified, revoked, released, or terminated unless reduced to
writing and signed by all parties hereto, subject to the following paragraph.

If, at any time, any attempt is made to modify this Agreement in a manner that would increase the
duties and responsibilities of the Escrow Agent or to modify this Agreement in any manner which the
Escrow Agent shall deem undesirable, or at any other time, the Escrow Agent may resign by providing
written notice to the Company and until (a) the acceptance by a successor escrow agent as shall be
appointed by the Company; or (b) thirty (30) days after such written notice has been given,
whichever occurs sooner, the Escrow Agent’s only remaining obligation shall be to perform its
duties hereunder in accordance with the terms of the Agreement.

24. The Escrow Agent may resign at any time from its obligations under this Escrow Agreement by
providing written notice to the Company. Such resignation shall be effective on the date specified
in such notice, which shall be not less than thirty (30) days after such written notice has been
given. The Escrow Agent shall have no responsibility for the appointment of a successor escrow
agent.

25. The Escrow Agent may be removed for cause by the Company by written notice to the Escrow Agent
effective on the date specified in such written notice. The removal of the Escrow Agent shall not
deprive the Escrow Agent of its compensation earned prior to such removal.

26. The Company shall provide to Escrow Agent any documentation and information reasonably
requested by the Escrow Agent for it to comply with the USA Patriot Act of 2001, as amended from
time to time.

[Signature page follows]

-9-

 

Agreed to as of the ___ day of _________, 201_.

	 	 	 	 	 
	 	COLE CORPORATE INCOME TRUST, INC.

 	 
	 	By:  	 	 
	 	 	Richard R. Lavin 	 
	 	 	Executive Vice President and Secretary 	 
	 

	 	 	 	 	 
	 	COLE CAPITAL CORPORATION

 	 
	 	By:  	 	 
	 	 	Marc T. Nemer 	 
	 	 	President, Secretary and Treasurer 	 
	 

The terms and conditions contained above are hereby accepted and agreed to by:

UMB Bank, N.A. as Escrow Agent

	 	 	 	 	 

	By:
	 	 	 	 
	 

	 	 

	 	 
	Name:
	 	 	 	 
	 

	 	 

	 	 
	Title:
	 	 	 	 
	 

	 	 

	 	 

-10-

 

EXHIBIT A

[Form of Notice to Pennsylvania Subscribers]

You have tendered a subscription to purchase shares of common stock of Cole Corporate Income Trust,
Inc. (the “Company”). Your subscription is currently being held in escrow. The guidelines of the
Pennsylvania Securities Commission do not permit the Company to accept subscriptions from
Pennsylvania residents until an aggregate of $148,750,000 of gross offering proceeds have been
received by the Company. The Pennsylvania guidelines provide that until this minimum amount of
offering proceeds is received by the Company, every 120 days during the offering period
Pennsylvania Subscribers may request that their subscription be returned.

If you wish to continue your subscription in escrow until the Pennsylvania minimum subscription
amount is received, nothing further is required.

If you wish to terminate your subscription for the Company’s common stock and have your
subscription returned please so indicate below, sign, date, and return to the Escrow Agent, UMB
Bank, N.A.

I hereby terminate my prior subscription to purchase shares of common stock of Cole Corporate
Income Trust, Inc. and request the return of my subscription funds. I certify to Cole Corporate
Income Trust, Inc. that I am a resident of Pennsylvania.

	 	 	 	 	 

	 

	 	Signature:	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	 	 	 
	 

	 	 	 	     (please print)
	 

	 	Date:	 	 
	 

	 	 	 	 

Please send the subscription refund to:

 

 

 

 

-

 

EXHIBIT B

PERMISSIBLE ESCROW INVESTMENTS

     (i)   Bank accounts;

     (ii)   Bank money-market accounts;

     (iii)   Short time certificates of deposit issued by a bank; and

     (iv)   Short-term securities issued or guaranteed by the U.S. government

 

 

EXHIBIT C

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