Document:

Advisory Agreement

 Exhibit 10.1 

ADVISORY AGREEMENT 

THIS ADVISORY AGREEMENT, dated as of
June 7th, 2010, is between WELLS CORE OFFICE INCOME
REIT, INC., a Maryland corporation (the “Company”), and WELLS REAL ESTATE ADVISORY SERVICES III, LLC, a Georgia limited liability company (the “Advisor”). 

W I T N E S S E T H 

WHEREAS, the Company has filed with the Securities and Exchange Commission a Registration Statement on Form S-11 (No.
333-163411) (the “Registration Statement”) covering the issuance of common stock; 
 WHEREAS, the
Company intends to qualify as a REIT (as defined below), and intends to invest its funds in investments permitted by the terms of the Company’s Articles of Incorporation and Sections 856 through 860 of the Code (as defined below); 

WHEREAS, the Company 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 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
of Directors, on the terms and conditions hereinafter set forth. 
 NOW, THEREFORE, in consideration of the
foregoing and of the mutual covenants and agreements contained herein, the parties hereto agree as follows: 

1. Definitions. As used in this Advisory Agreement (the “Agreement”), the following terms have
the definitions hereinafter indicated: 
 Acquisition Expenses. Any and all expenses, excluding the fee
payable to the Advisor pursuant to Section 8(b), incurred by the Company, the Advisor, or any Affiliate of either in connection with the selection, acquisition, origination or development of any Property, Loan or other Permitted Investment
whether or not acquired, including, without limitation, legal fees and expenses, travel and communications expenses, costs of appraisals, nonrefundable option payments on property not acquired, accounting fees and expenses, and title insurance
premiums. 
 Acquisition Fees. Any and all fees and commissions, exclusive of Acquisition Expenses, paid
by any Person to any other Person (including any fees or commissions paid by or to any Affiliate of the Company or the Advisor) in connection with purchase, development, origination or construction of any Property, Loan or other Permitted
Investment. Included in the computation of such fees or commissions shall be any real estate commissions, acquisition fees, finder’s fees, selection fees, Development Fees, Construction Fees, nonrecurring management fees, loan fees, points, or
any other fees or commissions of a similar nature. Excluded shall be 

 
Development Fees and Construction Fees paid to Persons not Affiliated with the Advisor in connection with the actual development and construction of a Property. 

Adjusted Cost. (A) As of any date of determination and until such time as the Company completes an
Asset-based Valuation, the sum of: (a) other than with respect to Joint Ventures, the actual amount invested on behalf of the Company in Properties, Loans and other Permitted Investments as of the date of determination and (b) with respect
to Joint Ventures, (1) the actual amount invested on behalf of the Company in the Joint Ventures as of the date of determination plus (2) the Company’s allocable share of capital improvements. 

(B) On and after such time as the Company completes an Asset-based Valuation, “Adjusted Cost” means, as of any
date of determination, the lesser of (1) the amount determined in accordance with paragraph (A) above or (2) the aggregate value of the Company’s interest in the Properties, Loans and other Permitted Investments and Joint
Ventures as established in connection with the most recent Asset-based Valuation.  
 Advisor.
Wells Real Estate Advisory Services III, LLC, a Georgia limited liability company, any successor advisor to the Company, or any Person(s) to which Wells Real Estate Advisory Services III, LLC or any successor advisor subcontracts substantially all
of its functions. 
 Affiliate or Affiliated. An Affiliate of another Person includes only the following:
(i) any Person directly or indirectly controlling, controlled by, or under common control with such other Person; (ii) any Person directly or indirectly owning, controlling, or holding with the power to vote 10% or more of the outstanding
voting securities of such other Person; (iii) any legal entity for which such Person acts as an executive officer, director, trustee, or general partner; (iv) 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; and (v) any executive officer, director, trustee, or general partner of such other Person. An entity shall not be deemed to control or be under common control with
an Advisor-sponsored program (or an Affiliate of an Advisor-sponsored program) unless (i) the entity owns 10% or more of the voting equity interests of such program or (ii) a majority of the board (or equivalent governing body) of such
program is comprised of Affiliates of the entity. 
 Appraised Value. The “As Is” fair market
value according to an appraisal made by an Independent Appraiser. 
 Articles of Incorporation. The
Articles of Incorporation of the Company under Title 2 of the Corporations and Associations Article of the Annotated Code of Maryland, as amended from time to time. 

Asset-based Valuation. An estimate of the value of a share of the Company’s common stock approved by the
Board of Directors of the Company and based in part on an estimate of the value of the Company’s assets (as opposed to an estimate based solely on the most recent price paid for a share of the Company’s common stock in an offering of such
shares). 
 Asset Management Fee. The Asset Management Fee payable to the Advisor as defined in
Section 8(a). 
  

 2 

 Asset Management Fee Percentage. The Asset Management Fee Percentage
equals 0.75%. 
 Average Invested Assets. For a specified period, the average of the aggregate book value
of the assets of the Company invested, directly or indirectly, in Properties, Loans and other Permitted Investments secured by real estate before reserves for depreciation or bad debts or other similar non-cash reserves, computed by taking the
average of such values at the end of each month during such period. 
 Board of Directors or
Board. The persons holding such office, as of any particular time, under the Articles of Incorporation of the Company, whether they be the Directors named therein or additional or successor Directors. 

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

Capped O&O Expenses. All Organizational and Offering Expenses other than selling commissions and the dealer
manager fee as described under “Plan of Distribution” in the Registration Statement. 
 Cash from
Financings. Net cash proceeds realized by the Company from the financing of Property, Loans or other Permitted Investments or from the refinancing of any Company indebtedness. 

Cash from Sales. Net cash proceeds realized by the Company from the sale, exchange or other disposition of any of
its assets after deduction of all expenses incurred in connection therewith. Cash from Sales shall not include Cash from Financings. 

Cash from Sales and Financings. The total sum of Cash from Sales and Cash from Financings. 

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. Wells Core Office Income REIT, Inc., a corporation organized under the laws of the State of Maryland.

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

Conflicts Committee. “Conflicts Committee” shall have the meaning set forth in the Articles of
Incorporation. 
 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 rehabilitation on a Property. 
  

 3 

 Contract Sales Price. The total consideration received by the Company
for the sale of a Property, Loan or other Permitted Investment. 
 Development Fee. A fee for the
packaging of a Property, including negotiating and approving plans, and undertaking to assist in obtaining zoning and necessary variances and necessary financing for the Property, either initially or at a later date. 

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

Disposition Fee. The Disposition Fee as defined in Paragraph 8(d). 

Distributions. Any distributions of money or other property by the Company to owners of Shares, including
distributions that may constitute a return of capital for federal income tax purposes. 
 Financing Fee.
The Financing Fee as defined in Paragraph 8(c). 
 Gross Proceeds. The aggregate purchase price of all
Shares sold for the account of the Company through an Offering, without deduction for Organization and Offering Expenses. 

Guaranteed Obligations. The Guaranteed Obligations as defined in Paragraph 20. 

Guarantor. The Guarantor as defined in Paragraph 20. 

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

 Invested Capital. The amount calculated by multiplying the total number of Shares purchased by
stockholders by the issue price, reduced by the portion of any Distribution 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 redemption of Shares. For
purposes of calculating the Stockholders’ 8% Return, Invested Capital shall be determined for each day during the period for which the Stockholders’ 8% Return is being calculated net of (1) Distributions of Cash from Sales and
Financings, except to the extent such Distributions would be required to achieve a cumulative, non-compounded, annual return of 8%, and (2) Distributions other than from Cash from Sales and Financings to the extent such Distributions provide a
cumulative, non-compounded, annual return in excess of 8%, as all such amounts are computed on a daily basis based on a three hundred sixty-five day year. 

Joint Venture. Any joint venture, limited liability company or other Affiliate of the Company that owns, in whole
or in part on behalf of the Company, any Property, Loan or other Permitted Investment. 
  

 4 

 Listing. The listing of the Shares on a national securities exchange
or over-the-counter market. 
 Loans. Mortgage loans and other types of debt financing investments made
by the Company or the Partnership, either directly or indirectly, including through ownership interests in a Joint Venture or partnership, and including, without limitation, mezzanine loans, B-notes, bridge loans, convertible mortgages, wraparound
mortgage loans, construction mortgage loans, loans on leasehold interests, and participations in such loans. 

NASAA Guidelines. The NASAA Statement of Policy Regarding Real Estate Investment Trusts as in effect on the date
hereof. 
 Net Asset Value. The excess of (i) the aggregate of the Adjusted Cost over (ii) the
aggregate outstanding amount of debt of the Company, the Partnership, and the Joint Ventures (as adjusted for the Company’s interest in such Joint Ventures) and any accrued interest thereon (excluding debt borrowed for purposes other than
acquiring or refinancing Properties). 
 Net Income. For any period, the total revenues applicable to
such period, less the total expenses applicable to such period excluding additions to reserves for depreciation, bad debts or other similar non-cash reserves; provided, however, Net Income for purposes of calculating total allowable Operating
Expenses (as defined herein) shall exclude the gain from the sale of the Company’s assets. 
 Net Sales
Proceeds. In the case of a transaction described in clause (i) (A) of the definition of Sale, the proceeds of any such transaction less the amount of all real estate commissions and closing costs paid by the Company. In the case of a
transaction described in clause (i) (B) of such definition, Net Sales Proceeds means the proceeds of any such transaction less the amount of any legal and other selling expenses incurred in connection with such transaction. In the case of
a transaction described in clause (i) (C) of such definition, Net Sales Proceeds means the proceeds of any such transaction actually distributed to the Company from the joint venture. In the case of a transaction described in clause
(ii) of the definition of Sale, Net Sales Proceeds means the proceeds of such transaction or series of transactions less all amounts generated thereby and reinvested in one or more Properties within 180 days thereafter and less the amount of
any real estate commissions, closing costs, and legal and other selling expenses incurred by or allocated to the Company in connection with such transaction or series of transactions. Net Sales Proceeds shall not include any reserves established by
the Company in its sole discretion. 
 Offering. Any offering of Shares that is registered with the SEC,
excluding Shares offered under any employee benefit plan. 
 Operating Expenses. All costs and expenses
incurred by the Company, as determined under generally accepted accounting principles, which in any way are related to the operation of the Company or to Company business, including fees paid to the Advisor, but excluding (i) the expenses of
raising capital such as 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 
  

 5 

 
the Shares, (ii) interest payments, (iii) taxes, (iv) non-cash expenditures such as depreciation, amortization and bad loan reserves, (v) incentive fees paid in compliance
with Section IV.F. of the NASAA Guidelines and (vi) Acquisition Fees, Acquisition Expenses, real estate commissions on resale of property, and other expenses connected with the acquisition, disposition, and ownership of real estate interests,
mortgage loans or other property (such as the costs of foreclosure, insurance premiums, legal services, maintenance, repair and improvement of property). 

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, which may include but are 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 activity; 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, accountants’ and attorneys’ fees. 

Partnership. Wells Core Office Income Operating Partnership, L.P., a Delaware limited partnership formed to own
and operate properties on behalf of the Company. 
 Permitted Investments. All investments (other than
Properties and Loans) in which the Company acquires an interest, either directly or indirectly, including through ownership interests in a Joint Venture or partnership, pursuant to its Articles of Incorporation, Bylaws and the investment objectives
and policies adopted by the Board from time to time, other than short-term investments acquired for purposes of cash management. 

Person. An individual, corporation, partnership, estate, trust (including a trust qualified under
Section 401(a) or 501(c) (17) of the Code), a portion of a trust permanently set aside for or to be used exclusively for the purposes described in Section 642(c) of the Code, association, private foundation within the meaning of
Section 509(a) of the Code, joint stock company or other entity, or any government or any agency or political subdivision thereof, and also includes a group as that term is used for purposes of Section 13(d)(3) of the Securities Exchange
Act of 1934, as amended. 
 Property or Properties. Any real property or properties transferred or
conveyed to the Company or the Partnership, either directly or indirectly, and/or any real property or properties transferred or conveyed to a Joint Venture or partnership in which the Company is, directly or indirectly, a co-venturer or partner.

 Property Manager. Any entity that has been retained to perform and carry out at one or more of the
Properties property management services, excluding persons, entities or independent contractors retained or hired to perform facility management or other services or tasks at a particular Property, the costs for which are passed through to and
ultimately paid by the tenant at such Property. 
 REIT. A “real estate investment trust” under
Sections 856 through 860 of the Code. 
  

 6 

 Sale or Sales. (i) Any transaction or series of transactions
whereby: (A) the Company or the Partnership sells, grants, transfers, conveys, or relinquishes its ownership of any Property, Loan or other Permitted Investment or portion thereof, including the transfer of any Property that is the subject of a
ground lease, and including any event with respect to any Property, Loan or other Permitted Investment that gives rise to a significant amount of insurance proceeds or condemnation awards; (B) the Company or the Partnership 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 or partnership in which it is, directly or indirectly, a co-venturer or partner; or (C) any
Joint Venture or partnership (in which the Company or the Partnership is, directly or indirectly, a co-venturer or partner) sells, grants, transfers, conveys, or relinquishes its ownership of any Property, Loan or other Permitted Investment or
portion thereof, including any event with respect to any Property, Loan or other Permitted Investment that gives rise to insurance claims or condemnation awards, but (ii) not including any transaction or series of transactions specified in
clause (i) (A), (i) (B), or (i) (C) above in which the proceeds of such transaction or series of transactions are reinvested in one or more Properties, Loans or other Permitted Investments within 180 days thereafter. 

Shares. The Company’s shares of common stock, par value $0.01 per share. 

Stockholders. The registered holders of the Shares. 

Stockholders’ 8% Return means, as of any date, an aggregate amount equal to an 8% cumulative, non-compounded,
annual return on Invested Capital (calculated like simple interest on a daily basis based on a three hundred sixty-five day year). 

Subordinated Incentive Fee. The fee payable to the Advisor under certain circumstances if the Shares are listed on
a national securities exchange or over-the-counter market as defined in Paragraph 8(f). 
 Subordinated
Incentive Fee Threshold. The Subordinated Incentive Fee Threshold as defined in Paragraph 8(f). 

Subordinated Performance Fee Due Upon Termination. Subordinated Performance Fee Due Upon Termination means a fee
equal to (1) 15% of the amount, if any, by which (a) the Appraised Value of the Company’s Properties at the Termination Date, less amounts of all indebtedness secured by the Company’s Properties, plus the fair market value of all
other Loans and Permitted Investments of the Company at the Termination Date, less amounts of indebtedness related to such Loans and Permitted Investments, plus total Distributions (excluding any stock dividend and Distributions paid on Shares that
have been redeemed by the Company) through the Termination Date exceeds (b) the sum of Invested Capital plus total Distributions required to be made to the stockholders in order to pay the Stockholders’ 8% Return from inception through the
Termination Date to then existing Stockholders less (2) any prior payment to the Advisor of a Subordinated Share of Net Sales Proceeds. For the purpose of the foregoing calculations, all asset values and liabilities shall be adjusted to exclude
the portion of such amounts allocable to minority interest holders not otherwise considered in the calculation in the value of Joint Ventures. 
  

 7 

 Subordinated Performance Fee Due Upon Termination Threshold.
Subordinated Performance Fee Due Upon Termination Threshold means an amount equal to the sum of Invested Capital plus total Distributions required to be made the stockholders in order to pay the Stockholders’ 8% Return from inception
through the Termination Date to then existing Stockholders. 
 Subordinated Share of Net Sales Proceeds.
The Subordinated Share of Net Sales Proceeds as defined in Paragraph 8(e). 
 Subordinated Share of Net Sales
Proceeds Threshold. The Subordinated Share of Net Sales Proceeds Threshold as defined in Paragraph 8(e). 

Termination Date. The date of termination of the Agreement. 

2%/25% Guidelines. The requirement pursuant to the NASAA Guidelines that, in any 12-month period, total Operating
Expenses not exceed the greater of 2% of the Company’s Average Invested Assets during such 12-month period or 25% of the Company’s Net Income over the same 12-month period. 

2. Appointment. The Company hereby appoints the Advisor to serve as its advisor and asset manager on the
terms and conditions set forth in this Agreement, and the Advisor hereby accepts such appointment. 
 3.
Duties and Authority of the Advisor. The Advisor undertakes to use its reasonable efforts (1) to present to the Company potential investment opportunities to provide a continuing and suitable investment program consistent with
(i) the investment objectives and policies of the Company as determined and adopted from time to time by the Board and (ii) the investment allocation method described at Section 11(b) of this agreement and (2) to manage,
administer, promote, maintain, and improve the Properties on an overall portfolio basis in a diligent manner. The services of the Advisor are to be of scope and quality not less than those generally performed by professional asset managers of other
similar property portfolios. The Advisor shall make available the full benefit of the judgment, experience and advice of the members of the Advisor’s organization and staff with respect to the duties it will perform under this Agreement. The
Advisor shall also obtain Property Managers, which may include Affiliates of the Advisor, to manage, promote, and lease the Properties. To facilitate the Advisor’s performance of these undertakings, but subject to the restrictions included in
Paragraphs 4 and 7 and to the continuing and exclusive authority of the Board over the management of the Company and the Partnership, the Company hereby delegates to the Advisor the authority to, and the Advisor hereby agrees to, either directly or
by engaging an Affiliate: 
 (a) serve as the Company’s investment and financial advisor and
provide research and economic and statistical data in connection with the Company’s assets and investment policies; 

(b) provide the daily management of the Company and perform and supervise the various administrative
functions reasonably necessary for the management of the Company; 
 (c) maintain and preserve
the books and records of the Company, including a stock ledger reflecting a record of the Stockholders and their ownership of the Company’s Shares and 

 

 8 

 
acting as transfer agent for the Company’s Shares and maintaining the accounting and other record-keeping functions at the asset and Company levels; 

(d) 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, 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; 

(e) consult with the officers and the Board of the Company and assist the Board in the formulation and
implementation of the Company’s financial policies, and, as necessary, furnish the Board with advice and recommendations with respect to the making of investments consistent with the investment objectives and policies of the Company and in
connection with any borrowings proposed to be undertaken by the Company; 
 (f) oversee the
performance by the Property Managers of their duties, including collection and proper deposits of rental payments and payment of Property expenses and maintenance; 

(g) oversee the performance by the loan servicers of their duties, including collection, and other loan
administration services; 
 (h) conduct periodic on-site property visits to some or all (as the
Advisor deems reasonably necessary) of the Properties to inspect the physical condition of the Properties and to evaluate the performance of the related Property Manager of its duties; 

(i) review, analyze and comment upon the operating budgets, capital budgets and leasing plans prepared and
submitted by each Property Manager and aggregate these property budgets into the Company’s overall budget; 

(j) review and analyze on-going financial information pertaining to each Property, Loan and other
Permitted Investment and the overall portfolio of Properties, Loans and other Permitted Investments; 

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

(l) subject to the provisions of Paragraphs 3(m) and 4 hereof, (i) locate, analyze and select
potential investments in Properties, Loans and other Permitted Investments, (ii) structure and negotiate the terms and conditions of transactions pursuant to which investment in Properties, Loans and other Permitted Investments will be made;
(iii) make investments in Properties, Loans and other Permitted Investments on behalf of the Company or the Partnership 
  

 9 

 
in compliance with the investment objectives and policies of the Company; (iv) arrange for financing and refinancing and make other changes in the asset or capital structure of, and dispose
of, reinvest the proceeds from the sale of, or otherwise deal with the investments in, any Property, Loan or other Permitted Investment; (v) enter into leases and service contracts, as applicable, for each Property, Loan or other Permitted
Investment including oversight of Affiliated companies that perform property management services or loan servicing for the Company; (vi) oversee non-affiliated property managers and loan servicers and other non-affiliated Persons who perform
services for the Company; and (vii) to the extent necessary, perform all other operational functions for the maintenance and administration of such Property, Loan or other Permitted Investment; 

(m) obtain the prior approval of the Board for any and all investments in Properties, Loans and other
Permitted Investments (as well as any financing acquired by the Company or the Partnership in connection with such investment); 

(n) if a transaction requires approval by the Board of Directors, deliver to the Board of Directors all
documents required by them to properly evaluate the proposed investment in the Property, Loan or other Permitted Investment; 

(o) negotiate on behalf of the Company with banks or lenders for loans to be made to the Company, and
negotiate on behalf of the Company with investment banking firms and broker-dealers or negotiate private sales of Shares and other securities or obtain loans for the Company, 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; 

(p) obtain reports (which may be prepared by the Advisor or its Affiliates), where appropriate, concerning
the value of investments or contemplated investments of the Company in Properties, Loans and other Permitted Investments; 

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

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

(s) provide the Company with all necessary cash management services; 

(t) deliver to or maintain on behalf of the Company copies of all appraisals obtained in connection with
the investments in Properties, Loans and other Permitted Investments; 
 (u) notify the Board of
all proposed material transactions before they are completed; 
 (v) at the direction of Company
management, prepare the Company’s periodic reports and other filings made under the Securities Exchange Act of 1934, as amended, and the Company’s Post-Effective Amendments to the Registration Statement as well as all related

  

 10 

 
prospectuses, prospectus supplements and supplemental sales literature and assist in connection with the filing of such documents with the appropriate regulatory authorities; and 

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

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

5. Bank Accounts. The Advisor may establish and maintain one or more bank accounts in its own name for the
account of the Company or 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 shall be commingled with the funds of the Advisor; and the Advisor shall from time to time render appropriate accountings of such collections and payments to the Board and to the auditors of the Company. 

6. Records; Access. The Advisor shall maintain appropriate records of all its activities hereunder and make
such records available for inspection by the Board and by counsel, auditors and authorized agents of the Company, at any time or from time to time during normal business hours. The Advisor shall at all reasonable times have access to the books and
records of the Company. 
 7. Limitations on Activities. Anything else in this Agreement to the
contrary notwithstanding, the Advisor shall refrain from taking any action which, in its sole judgment made in good faith, would (a) adversely affect the status of the Company as a REIT, (b) subject the Company to regulation under the
Investment Company Act of 1940, as amended, or (c) violate any law, rule, regulation or statement of policy of any governmental body or agency having jurisdiction over the Company, its Shares or its other securities, or 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 stockholders, directors and officers 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 or employees, or stockholders, directors or officers of the Advisor’s Affiliates except as provided in Paragraphs 18 and 19 of this Agreement. 
  

 11 

 8. Fees. 

(a) Asset Management Fee. Subject to the overall limitations contained below in this
Section 8(a), commencing on the date hereof, the Advisor shall be paid for the asset management services included in the services described in Section 3 a monthly fee (the “Asset Management Fee”) in an amount equal to one-twelfth
of the product of the Asset Management Fee Percentage multiplied by the Adjusted Cost calculated on the last day of each preceding month. For purposes of clarity, the Asset Management Fee payment due in January 2011 will be based on
December 31, 2011 Adjusted Cost amounts. 
 (b) Acquisition Fees. The Advisor shall
receive, as compensation for services rendered in connection with the investigation, selection and acquisition (by purchase, investment or exchange) of Properties, Loans and other Permitted Investments, Acquisition Fees in an amount equal to 2.0% of
Gross Proceeds, payable by the Company upon the Company’s receipt of Gross Proceeds; provided that upon termination of this Agreement, the Advisor will be obligated to reimburse the Company for any Acquisition Fee that has not been allocated to
the purchase price of Company Properties, Loans and other Permitted Investments as provided for in Section 8.7 of the Articles of Incorporation. 

(c) Financing Fee. In the event of any debt financing obtained (whether or not drawn), acquired or
otherwise assumed by or for the Company, the Company will pay to the Advisor an annual fee (a “Financing Fee”) equal to (i) 0.20% of the amount available under the financing at the Company, Partnership, or any direct or indirect
subsidiary level and (ii) 0.20% of the portion that is attributable to the Company’s direct or indirect investment in a Joint Venture or partnership in which the Company or the Partnership is, directly or indirectly, a co-venturer or
partner. The Financing Fee includes the reimbursement of the specified cost incurred by the Advisor of engaging third parties to source debt financing, and nothing herein shall prevent the Advisor from entering fee-splitting arrangements with third
parties with respect to the Financing Fee. Notwithstanding the annual nature of the fee, in no event will the Company pay an aggregate amount of more than 0.50% (or, in the case of a Joint Venture, the portion of 0.50% attributable to the
Company’s investment in the Joint Venture) of the amount available under the financing or any refinancing of any particular financing. 

(d) Disposition Fee. If the Advisor or an Affiliate provides a substantial amount of the services
(as determined by the Conflicts Committee) in connection with the Sale of one or more Properties, Loans or other Permitted Investments, the Advisor or such Affiliate shall receive at closing a Disposition Fee of up to 3.0% of the sales price of such
Property, Loan or other Permitted Investment. Any Disposition Fee payable under this section may be paid in addition to real estate commissions paid to non-Affiliates, provided that (i) if a non-Affiliate receives a real estate commission, then
the Advisor or Affiliate thereof may not receive more than such non-Affiliate and (ii) the total real estate commissions (including such Disposition Fee) paid to all Persons by the Company for each Property disposed of shall not exceed an
amount equal to the lesser of (A) 6.0% of the aggregate Contract Sales Price of each Property or (B) the Competitive Real Estate Commission for each Property. 

(e) Subordinated Share of Net Sales Proceeds. The Subordinated Share of Net Sales Proceeds shall be
payable to the Advisor in an amount equal to 15% of Net Sales Proceeds 
  

 12 

 
remaining after the Stockholders have received Distributions equal to the sum of the Stockholders’ 8% Return and 100% of Invested Capital (this sum is the “Subordinated Share of Net
Sale Proceeds Threshold”). Following Listing, no Subordinated Share of Net Sales Proceeds will be paid to the Advisor. 

(f) Subordinated Incentive Fee. Upon Listing, the Advisor shall be entitled to the Subordinated
Incentive Fee in an amount equal to 15.0% of the amount by which (i) the market value of the outstanding stock of the Company, measured by taking the average closing price or average of bid and asked price, as the case may be, over a period of
30 days during which the Shares are traded, with such period beginning 180 days after Listing (the “Market Value”), plus the total of all Distributions paid to then existing Stockholders from the Company’s inception until the date
that Market Value is determined, exceeds (ii) the sum of (A) 100% of Invested Capital, and (B) the total Distributions required to be paid to the then existing Stockholders in order to pay the Stockholders’ 8% Return from
inception through the date Market Value is determined (the sum of (A) and (B) is the “Subordinated Incentive Fee Threshold”). The Advisor shall have the option to receive such fee in the form of cash (subject to availability),
Shares, a promissory note to be negotiated in light of then existing market conditions or any combination of the foregoing. The Subordinated Incentive Fee will be reduced by the amount of any prior payment to the Advisor of a Subordinated Share of
Net Sales Proceeds. In the event the Subordinated Incentive Fee is paid to the Advisor following Listing, no other performance fee or Subordinated Share of Net Sales Proceeds, including the Subordinated Performance Fee Due Upon Termination, will be
paid to the Advisor. 
 (g) Changes to Fee Structure. The Advisor and the Company shall
not agree to increase the Acquisition Fee or reduce the Subordinated Share of Net Sale Proceeds Threshold, the Subordinated Incentive Fee Threshold, or the Subordinated Performance Fee Due Upon Termination Threshold without the approval of the
Stockholders. In the event of Listing, the Company and the Advisor shall negotiate in good faith to establish a fee structure appropriate for a perpetual-life entity. 

9. Expenses. 

(a) Reimbursable Expenses. In addition to the compensation paid to the Advisor pursuant to
Paragraph 8 hereof, the Company shall pay directly or reimburse the Advisor for all of the expenses paid or incurred by the Advisor (to the extent not reimbursable by another party, such as the dealer manager) in connection with the services it
provides to the Company pursuant to this Agreement, including, but not limited to: 
 (i) the
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 to the extent (i) Capped O&O Expenses borne by the Company exceed
2.0% of the Gross Proceeds raised in a completed offering and (ii) Organization and Offering Expenses borne by the Company exceed 15% of the Gross Proceeds raised in a completed Offering; 

 

 13 

 (ii) Acquisition Fees and Acquisition Expenses payable to
unaffiliated Persons incurred in connection with the selection and acquisition of Properties, Loans and other Permitted Investments; 

(iii) the actual cost of goods and services used by the Company and obtained from entities not affiliated
with the Advisor; 
 (iv) interest and other costs for borrowed money, including discounts,
points and other similar fees; 
 (v) taxes and assessments on income or assets and taxes as an
expense of doing business; 
 (vi) costs associated with insurance required in connection with
the business of the Company or by the Board; 
 (vii) expenses of managing and operating
Properties, Loans and other Permitted Investments owned by the Company, whether payable to an Affiliate of the Company or a non-affiliated Person; 

(viii) all expenses in connection with payments to the Board and meetings of the Board and Stockholders;

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

(x) expenses connected with payments of Distributions in cash or otherwise made or caused to be made by
the Company to the Stockholders; 
 (xi) expenses of organizing, redomesticating, merging,
liquidating or dissolving the Company or of amending the Articles of Incorporation or the Bylaws; 

(xii) expenses of maintaining communications with Stockholders, 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 employee-related expenses of all employees of Advisor who are engaged in the management, administration, operations, and marketing of the Company,
including taxes, insurance and benefits relating to such employees, and legal, travel and other out-of-pocket expenses which are directly related to their services provided hereunder; and 

(xiv) audit, accounting and legal fees. 

 

 14 

 Notwithstanding the foregoing, no reimbursement shall be made for costs of
personnel of the Advisor or its Affiliates to the extent that such personnel perform services for which the Advisor receives the Acquisition Fee or the Disposition Fee. 

(b) 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 Paragraph 3, such services shall be separately compensated at such rates and in such amounts as are agreed by the Advisor and the Conflicts Committee, 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. 

(c) Timing of and Limitations on Reimbursements. 

(i) Expenses incurred by the Advisor on behalf of the Company and payable pursuant to this Paragraph 9
shall be reimbursed no less than monthly to the Advisor. 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.

 (ii) Notwithstanding anything else in this Section 9 to the contrary, the expenses
enumerated in Section 9 shall not become reimbursable to the Advisor unless and until the Company has raised $2.5 million in an offering. 

(iii) The Company shall not reimburse the Advisor at the end of any fiscal quarter Operating Expenses
that, in the four consecutive fiscal quarters then ended (the “Expense Year”) exceed (the “Excess Amount”) the greater of 2% of Average Invested Assets or 25% of Net Income (the “2%/25% Guidelines”) for such year unless
the Conflicts Committee determines that such excess was justified, based on unusual and nonrecurring factors which the Conflicts Committee deems sufficient. If the Conflicts Committee does not approve such excess as being so justified, any Excess
Amount paid to the Advisor during a fiscal quarter shall be repaid to the Company. If the Conflicts Committee determines 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 Conflicts Committee, shall send to the stockholders a written disclosure of such fact, together with an explanation of the factors the
Conflicts Committee considered in determining that such excess expenses were justified. The Company will ensure that such determination will be reflected in the minutes of the meetings of the Board of Directors. All figures used in the foregoing
computation shall be determined in accordance with generally accepted accounting principles applied on a consistent basis. 

10. Fidelity Bond. The Advisor shall maintain a fidelity bond for the benefit of the Company which bond
shall insure the Company from losses of up to $10,000,000 and shall be of the type customarily purchased by entities performing services similar to those provided to the Company by the Advisor. 

 

 15 

 11. Other Activities of the Advisor. 

(a) General. Nothing herein contained shall prevent the Advisor from engaging in other activities,
including, without limitation, the rendering of advice to other Persons (including other REITs) and the management of other programs advised, sponsored or organized by the Advisor or its Affiliates; nor shall this Agreement limit or restrict the
right of any director, officer, employee, or stockholder of the Advisor or its Affiliates to engage in any other business or to render services of any kind to any other partnership, corporation, firm, individual, trust or association. The Advisor
may, with respect to any investment in which the Company 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 partnership, corporation, firm, individual, trust
or association. 
 (b) Policy with Respect to Allocation of Investment Opportunities.
Before the Advisor presents an investment opportunity that would in its judgment be suitable for the Company to another Advisor-sponsored program, the Advisor shall determine in its sole discretion that the investment opportunity is more suitable
for such other program than for the Company based on factors such as the following: the investment objectives and criteria of each program; the cash requirements and anticipated cash flow of each program; the size of the investment opportunity; the
effect of the acquisition on diversification of each program’s investments by type of commercial property, geographic area and tenant base; the estimated income tax effects of the purchase on each entity; the policies of each program relating
to leverage; the funds of each entity available for investment and the length of time such funds have been available for investment. In the event that an investment opportunity becomes available that is, in the sole discretion of the Advisor,
equally suitable for both the Company and another Advisor-sponsored program, then the Advisor may offer the other program the investment opportunity if it has had the longest period of time elapse since it was offered an investment opportunity. The
Advisor will use its reasonable efforts to fairly allocate investment opportunities in accordance with such allocation method and will promptly disclose any material deviation from such policy or the establishment of a new policy, which shall be
allowed provided (1) the Board is provided with notice of such policy at least 60 days prior to such policy becoming effective and (2) such policy provides for the reasonable allocation of investment opportunities among such programs. The
Advisor shall provide the Conflicts Committee with any information reasonably requested so that the Conflicts Committee can insure that the allocation of investment opportunities is applied fairly. Nothing herein shall be deemed to prevent the
Advisor or an Affiliate from pursuing an investment opportunity directly rather than offering it to the Company or another Advisor-sponsored program so long as the Advisor is fulfilling its obligation to present a continuing and suitable investment
program to the Company which is consistent with the investment policies and objectives of the Company. 
  

 16 

 12. 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. 

13. Representations and Warranties. 

(a) Of the Company. To induce the Advisor to enter into this Agreement, the Company hereby
represents and warrants that: 
 (i) The Company is a corporation, duly organized, validly
existing and in good standing under the laws of the State of Maryland with all requisite corporate power and authority and all material licenses, permits and authorizations necessary to carry out the transactions contemplated by this Agreement.

 (ii) The Company’s execution, delivery and performance of this Agreement have been duly
authorized. This Agreement constitutes the valid and binding obligation of the Company, enforceable against the Company in accordance with its terms. The Company’s execution and delivery of this Agreement and its fulfillment of and compliance
with the respective terms hereof do not and will not (i) conflict with or result in a breach of the terms, conditions or provisions of, (ii) constitute a default under, (iii) result in the creation of any lien, security interest,
charge or encumbrance upon the assets of the Company pursuant to, (iv) give any third party the right to modify, terminate or accelerate any obligation under, (v) result in a violation of or (vi) require any authorization, consent,
approval, exception or other action by or notice to any court or administrative or governmental body pursuant to, the Articles of Incorporation or Bylaws or any law, statute, rule or regulation to which the Company is subject, or any agreement,
instrument, order, judgment or decree by which the Company is bound, in any such case in a manner that would have a material adverse effect on the ability of the Company to perform any of its obligations under this Agreement. 

(b) Of the Advisor. To induce the Company to enter into this Agreement, the Advisor represents and
warrants that: 
 (i) The Advisor is a limited liability company, duly organized, validly
existing and in good standing under the laws of the State of Georgia with all requisite limited liability company power and authority and all material licenses, permits and authorizations necessary to carry out the transactions contemplated by this
Agreement. 
 (ii) The Advisor’s execution, delivery and performance of this Agreement have
been duly authorized. This Agreement constitutes a valid and binding obligation of the Advisor, enforceable against the Advisor in accordance with its terms. The Advisor’s execution and delivery of this Agreement and its fulfillment of and
compliance with the respective terms hereof do not and will not (i) conflict with or result in a breach of the terms, conditions or provisions of, (ii) constitute a default under, (iii) result in the creation of any lien, security
interest, charge or encumbrance upon the Advisor’s assets pursuant to, (iv) give any third party the right to modify, terminate or accelerate any obligation under, (v) result in a violation of or (vi) require any authorization,
consent, 
  

 17 

 
approval, exemption or other action by or notice to any court or administrative or governmental body pursuant to, the Advisor’s articles of organization or operating agreement, or any law,
statute, rule or regulation to which the Advisor is subject, or any agreement, instrument, order, judgment or decree by which the Advisor is bound, in any such case in a manner that would have a material adverse effect on the ability of the Advisor
to perform any of its obligations under this Agreement. 
 (iii) The Advisor has received copies
of the Articles of Incorporation, Bylaws, and the Registration Statement and of the Partnership’s limited partnership agreement and is familiar with the terms thereof, including without limitation the investment limitations included therein.
Advisor warrants that it will use reasonable care to avoid any act or omission that would conflict with the terms of the Articles of Incorporation, Bylaws, the Registration Statement, or the Partnership’s limited partnership agreement in the
absence of the express direction of the Conflicts Committee. 
 14. Term; Termination of
Agreement. This Agreement shall continue in force until the first anniversary of the date hereof, subject to an unlimited number of successive one-year renewals upon mutual consent of the parties. The Company, acting through the Board, will
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. 

15. Termination by Either Party. This Agreement may be terminated upon 60 days written notice without cause
or penalty, by either party (by majority of the Conflicts Committee or a majority of the Board of Directors of the Advisor, as the case may be). The provisions of Sections 1, 6, 7, 12, and 17 through 30 survive termination of this Agreement.

 16. Assignment to an Affiliate. This Agreement may be assigned by the Advisor to an Affiliate
with the approval of a majority of the Conflicts Committee, which approval shall not be unreasonably withheld or delayed. 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. 

17. 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 receive from the Company within 30 days after the effective date of such termination the following: 

(i) all unpaid reimbursements of expenses and all earned but unpaid fees payable to the Advisor prior to
termination of this Agreement; and 
 (ii) the Subordinated Performance Fee Due Upon Termination,
provided that no Subordinated Performance Fee Due Upon Termination will be paid if the Company has paid or is obligated to pay the Subordinated Incentive Fee. 
  

 18 

 (b) The Advisor shall promptly upon termination: 

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

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

(iii) deliver to the Board all assets, including Properties, Loans and other Permitted Investments, and
documents of the Company then in the custody of the Advisor; and 
 (iv) cooperate with the
Company to provide an orderly management transition. 
 18. Indemnification by the Company. 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
or the Articles of Incorporation. Notwithstanding the foregoing, the Advisor shall not be entitled to indemnification or be held harmless pursuant to this Paragraph 18 for any activity which the Advisor shall be required to indemnify or hold
harmless the Company pursuant to Paragraph 19. Any indemnification of the Advisor may be made only out of the net assets of the Company and not from Stockholders. 

19. Indemnification by Advisor. The Advisor shall indemnify and hold harmless the Company from contract or
other liability, claims, damages, taxes or losses and related expenses including attorneys’ fees, to the extent that such liability, claims, damages, taxes or losses and related expenses are not fully reimbursed by insurance and are incurred by
reason of the Advisor’s bad faith, fraud, willful misfeasance, misconduct, or reckless disregard of its duties. 

20. Parent Guarantee. Wells Real Estate Funds, Inc., a Georgia corporation and the parent company of the
Advisor (the “Guarantor”), will in all respects guarantee the due and proper performance of the services to be provided under this Agreement by the Advisor, which guarantee shall extend to include any renewal or amendment to this
Agreement, provided Guarantor’s obligations are not materially increased by such renewal or amendment without the Guarantor’s consent, such consent not to be unreasonably withheld. If the Advisor fails to perform all or any of its
obligations, duties, undertakings, and covenants to provide services (collectively, the “Guaranteed Obligations”) under this Agreement (unless relieved from the performance of any part of this Agreement by statute, by the decision
of a court or tribunal of competent jurisdiction or by waiver of the Company), upon written notice from the Company, the Guarantor shall perform or cause to be performed such Guaranteed Obligations. This guarantee is a guarantee of performance of
the Guaranteed Obligations and not of payment of any liabilities of the Advisor. The termination of the Advisor shall constitute a termination of 

 

 19 

 
this guarantee. This guarantee will be applicable to and binding upon the successors and assigns of Guarantor. 

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

			
	 To the Board and to the Company:
	  	 Wells Core Office Income REIT, Inc.

6200 The Corners Parkway, Suite 250
 Norcross,
Georgia 30092

		
	 To the Advisor:
	  	 Wells Real Estate Advisory Services III, LLC

6200 The Corners Parkway, Suite 250
 Norcross,
Georgia 30092

 Either party may at any time give notice in writing to the other party of a
change in its address for the purposes of this Paragraph 21. 
 22. Modification. This Agreement
shall not be changed, modified, terminated, or discharged, in whole or in part, except by an instrument in writing signed by both parties hereto, or their respective successors or assignees, and any change or modification to this Agreement must be
in accordance with Paragraph 8(g) hereof, to the extent applicable. 
 23. 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. 
 24. Construction. The provisions of this Agreement shall be
construed and interpreted in accordance with the laws of the State of Georgia. 
 25. 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. 
 26.
Indulgences, Not Waivers. Neither the failure nor any delay on the part of a party to exercise any right, remedy, power or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of
any right, remedy, power or privilege preclude any other or further exercise of the same or of any other right, remedy, power or privilege, nor shall any waiver of any right, remedy, power or privilege with respect to any occurrence be construed as
a waiver of such right, remedy, power or privilege with respect to any other 
  

 20 

 
occurrence. No waiver shall be effective unless it is in writing and is signed by the party asserted to have granted such waiver. 

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

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

29. Execution in Counterparts. This Agreement may be executed in any number of counterparts, each of which
shall be deemed to be an original as against any party whose signature appears thereon, and all of which shall together constitute one and the same instrument. This Agreement shall become binding when the counterparts hereof, taken together, bear
the signatures of all of the parties reflected hereon as the signatories. 
 30. Name. Wells Real
Estate Advisory Services III, LLC and its Affiliates have a proprietary interest in the name “Wells.” Accordingly, and in recognition of this right, if at any time the Company ceases to retain Wells Real Estate Advisory Services III, LLC.
or an Affiliate thereof to perform the services of Advisor, the Company will, promptly after receipt of written request from Wells Real Estate Advisory Services III, LLC, cease to conduct business under or use the name “Wells” or any
derivative thereof and the Company shall use its best efforts to change the name of the Company to a name that does not contain the name “Wells” or any other word or words that might, in the sole discretion of the Advisor, be susceptible
of indication of some form of relationship between the Company and the Advisor or any Affiliate thereof. Consistent with the foregoing, it is specifically recognized that the Advisor or one or more of its Affiliates has in the past and may in the
future organize, sponsor or otherwise permit to exist other investment vehicles (including vehicles for investment in real estate) and financial and service organizations having “Wells” as a part of their name, all without the need for any
consent (and without the right to object thereto) by the Company or its Board. 
 [Signatures appear on next page.]

  

 21 

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

			
	 WELLS CORE OFFICE INCOME REIT, INC.

		
	 By:
	 	 /s/ Douglas P. Williams

	 Name:
	 	 Douglas P. Williams

	 Title:
	 	 Executive Vice President

  

			
	 WELLS REAL ESTATE ADVISORY SERVICES III, LLC

		
	 By:
	 	 /s/ Douglas P. Williams

	 Name:
	 	 Douglas P. Williams

	 Title:
	 	 Executive Vice President

[Signature Page to Advisory Agreement between Wells Core Office Income REIT, Inc. and Wells 

Real Estate Advisory Services III, LLC]2010 Long-Term Incentive Plan

 Exhibit 10.2 

WELLS CORE OFFICE INCOME REIT, INC. 

FORM OF 2010 LONG-TERM INCENTIVE PLAN 

WELLS CORE OFFICE INCOME REIT, INC. 

FORM OF 2010 LONG-TERM INCENTIVE PLAN 
  

					
	ARTICLE 1 PURPOSE	  	1
			
	 1.1
	 	General	  	1
		
	ARTICLE 2 DEFINITIONS	  	1
			
	 2.1
	 	Definitions	  	1
		
	ARTICLE 3 EFFECTIVE TERM OF PLAN	  	3
			
	 3.1
	 	Effective Date	  	3
			
	 3.2
	 	Term of Plan	  	3
		
	ARTICLE 4 ADMINISTRATION	  	3
			
	 4.1
	 	Committee	  	3
			
	 4.2
	 	Actions and Interpretations by the Committee	  	3
			
	 4.3
	 	Authority of Committee	  	3
			
	 4.4
	 	Award Certificates	  	4
		
	ARTICLE 5 SHARES SUBJECT TO THE PLAN	  	4
			
	 5.1
	 	Number of Shares	  	4
			
	 5.2
	 	Share Counting	  	4
			
	 5.3
	 	Stock Distributed	  	4
		
	ARTICLE 6 ELIGIBILITY	  	4
			
	 6.1
	 	General	  	4
		
	ARTICLE 7 STOCK OPTIONS	  	4
			
	 7.1
	 	General	  	4
			
	 7.2
	 	Incentive Stock Options	  	4
		
	ARTICLE 8 STOCK APPRECIATION RIGHTS	  	5
			
	 8.1
	 	Grant of Stock Appreciation Rights	  	5
		
	ARTICLE 9 PERFORMANCE AWARDS	  	5
			
	 9.1
	 	Grant of Performance Awards	  	5
			
	 9.2
	 	Performance Goals	  	5
			
	 9.3
	 	Right to Payment	  	5
			
	 9.4
	 	Other Terms	  	5
		
	ARTICLE 10 RESTRICTED STOCK AND RESTRICTED STOCK UNIT AWARDS	  	6

					
			
	 10.1
	 	Grant of Restricted Stock and Restricted Stock Units	  	6
			
	 10.2
	 	Issuance and Restrictions	  	6
			
	 10.3
	 	Forfeiture	  	6
			
	 10.4
	 	Delivery of Restricted Stock	  	6
		
	ARTICLE 11 DEFERRED STOCK UNITS	  	6
			
	 11.1
	 	Grant of Deferred Stock Units	  	6
		
	ARTICLE 12 DIVIDEND EQUIVALENTS	  	6
			
	 12.1
	 	Grant of Dividend Equivalents	  	6
		
	ARTICLE 13 STOCK OR OTHER STOCK-BASED AWARDS	  	6
			
	 13.1
	 	Grant of Stock or Other Stock-Based Awards	  	6
		
	ARTICLE 14 PROVISIONS APPLICABLE TO AWARDS	  	6
			
	 14.1
	 	Stand-Alone and Tandem Awards	  	6
			
	 14.2
	 	Term of Awards	  	6
			
	 14.3
	 	Form of Payment of Awards	  	7
			
	 14.4
	 	Limits on Transfer	  	7
			
	 14.5
	 	Beneficiaries	  	7
			
	 14.6
	 	Stock Certificates	  	7
			
	 14.7
	 	Acceleration Upon Death or Disability	  	7
			
	 14.8
	 	Treatment upon a Change in Control	  	7
			
	 14.9
	 	Acceleration For Any Reason	  	7
			
	 14.10
	 	Termination of Employment	  	8
			
	 14.11
	 	Forfeiture Events	  	8
			
	 14.12
	 	Substitute Awards	  	8
		
	ARTICLE 15 CHANGES IN CAPITAL STRUCTURE	  	8
			
	 15.1
	 	Mandatory Adjustments	  	8
			
	 15.2
	 	Discretionary Adjustments	  	8
			
	 15.3
	 	General	  	8
		
	ARTICLE 16 AMENDMENT, MODIFICATION AND TERMINATION	  	8
			
	 16.1
	 	Amendment, Modification and Termination	  	8
			
	 16.2
	 	Awards Previously Granted	  	8
		
	ARTICLE 17 GENERAL PROVISIONS	  	9
			
	 17.1
	 	No Rights to Awards; Non-Uniform Determinations	  	9
			
	 17.2
	 	No Shareholder Rights	  	9

  

 ii 

					
			
	 17.3
	 	Withholding	  	9
			
	 17.4
	 	No Right to Continued Service	  	9
			
	 17.5
	 	Unfunded Status of Awards	  	9
			
	 17.6
	 	Relationship to Other Benefits	  	9
			
	 17.7
	 	Expenses	  	9
			
	 17.8
	 	Titles and Headings	  	9
			
	 17.9
	 	Gender and Number	  	9
			
	 17.10
	 	Fractional Shares	  	9
			
	 17.11
	 	Government and Other Regulations	  	9
			
	 17.12
	 	Governing Law	  	9
			
	 17.13
	 	Additional Provisions	  	9
			
	 17.14
	 	No Limitations on Rights of Company	  	10
			
	 17.15
	 	Indemnification	  	10
			
	 17.16
	 	Special Provisions Related to Section 409A of the Code	  	10

  

 iii 

 Exhibit 10.2 

WELLS CORE OFFICE INCOME REIT, INC. 

FORM OF 2010 LONG-TERM INCENTIVE PLAN 

ARTICLE 1 

PURPOSE 

1.1. GENERAL. The purpose of the Wells Core Office Income REIT, Inc. 2010 Long-Term Incentive Plan (the “Plan”)
is to promote the success, and enhance the value, of Wells Core Office Income REIT, Inc. (the “Company”), by linking the personal interests of employees, officers, directors and consultants of the Company or any Affiliate (as
defined below) to those of Company stockholders and by providing such persons with an incentive for outstanding performance. The Plan is further intended to provide flexibility to the Company in its ability to motivate, attract, and retain the
services of employees, officers, directors and consultants upon whose judgment, interest, and special effort the successful conduct of the Company’s operation is largely dependent. Accordingly, the Plan permits the grant of incentive awards
from time to time to selected employees, officers, directors and consultants of the Company and its Affiliates. 
 ARTICLE 2

 DEFINITIONS 

2.1. DEFINITIONS. When a word or phrase appears in this Plan with the initial letter capitalized, and the word or phrase does not
commence a sentence, the word or phrase shall generally be given the meaning ascribed to it in this Section or in Section 1.1, unless a clearly different meaning is required by the context. The following words and phrases shall have the
following meanings: 
 (a) “Affiliate” means (i) any Subsidiary or Parent, or (ii) an
entity that directly or through one or more intermediaries controls, is controlled by or is under common control with, the Company, as determined by the Committee. 

(b) “Award” means any Option, Stock Appreciation Right, Restricted Stock Award, Restricted Stock Unit
Award, Deferred Stock Unit Award, Performance Award, Dividend Equivalent Award, Other Stock-Based Award, Performance-Based Cash Awards, or any other right or interest relating to Stock or cash, granted to a Participant under the Plan. 

(c) “Award Certificate” means a written document, in such form as the Committee prescribes from time to
time, setting forth the terms and conditions of an Award. Award Certificates may be in the form of individual award agreements or certificates or a program document describing the terms and provisions of an Awards or series of Awards under the Plan.

 (d) “Board” means the Board of Directors of the Company. 

(e) “Cause” as a reason for a Participant’s termination of employment shall have the meaning
assigned such term in the employment, severance or similar agreement, if any, between such Participant and the Company or an Affiliate, provided, however that if there is no such employment, severance or similar agreement in which such term is
defined, and unless otherwise defined in the applicable Award Certificate, “Cause” shall mean any of the following acts by the Participant, as determined by the Committee or the Board: (i) the willful and continued failure of
the Participant to perform his or her required duties as an officer or employee of the Company or any Affiliate, (ii) any action by the Participant that involves willful misfeasance or gross negligence, (iii) the requirement of or
direction by a federal or state regulatory agency that has jurisdiction over the Company or any Affiliate to terminate the employment of the Participant, (iv) the conviction of the Participant of the commission of any criminal offense that
involves dishonesty or breach of trust, or (v) any intentional breach by the Participant of a material term, condition or covenant of any agreement between the Participant and the Company or any Affiliate. 

(f) “Change in Control” means and includes the occurrence of any one of the following events but shall
specifically exclude a Public Offering: 
 (i) individuals who, on the Effective Date, constitute the Board
(the “Incumbent Directors”) cease for any reason to constitute at least a majority of such Board, provided that any person becoming a director after the Effective Date and whose election or nomination for election was approved by a
vote of at least a majority of the Incumbent Directors then on the Board shall be an Incumbent Director; provided, however, that no individual initially elected or nominated as a director of the Company as a result of an actual or
threatened election contest with respect to the election or removal of directors (“Election Contest”) or other actual or threatened solicitation of proxies or consents by or on behalf of any Person other than the Board
(“Proxy Contest”), including by reason of any agreement intended to avoid or settle any Election Contest or Proxy Contest, shall be deemed an Incumbent Director; or 

(ii) any person becomes a “beneficial owner” (as defined in Rule 13d-3 under the 1934 Act), directly or
indirectly, of either (A) 25% or more of the then-outstanding shares of common stock of the Company (“Company Common Stock”) or (B) securities of the Company representing 25% or more of the combined voting power of the
Company’s then outstanding securities eligible to vote for the election of directors (the “Company Voting Securities”); provided, however, that for purposes of this subsection (ii), the following acquisitions of
Company Common Stock or Company Voting Securities shall not constitute a Change in Control: (w) an acquisition directly from the Company, (x) an acquisition by the Company or a Subsidiary of the Company, (y) an acquisition by any
employee benefit plan (or related trust) sponsored or maintained by the Company or any Subsidiary of the Company, or (z) an acquisition pursuant to a Non-Qualifying Transaction (as defined in subsection (iii) below); or 

(iii) the consummation of a reorganization, merger, consolidation, statutory share exchange or similar form of corporate
transaction involving the Company or a Subsidiary (a “Reorganization”), or the sale or other disposition of all or substantially all of the Company’s assets (a “Sale”) or the acquisition of assets or stock of
another corporation (an “Acquisition”), unless immediately following such Reorganization, Sale or Acquisition: (A) all or substantially all of the individuals and entities who were the beneficial owners, respectively, of the
outstanding Company Common Stock and outstanding Company Voting Securities immediately prior to such Reorganization, Sale or Acquisition beneficially own, directly or indirectly, more than 50% of, respectively, the then outstanding shares of common
stock and the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of the corporation resulting from such Reorganization, Sale or Acquisition (including, without
limitation, a corporation which as a result of such transaction owns the Company or all or substantially all of the Company’s assets or stock either directly or through one or more subsidiaries, the “Surviving Corporation”) in
substantially the same proportions as their ownership, immediately prior to such Reorganization, Sale or Acquisition, of the outstanding Company Common Stock and the outstanding Company Voting Securities, as the case may be, and (B) no person
(other than (x) the Company or any Subsidiary of the Company, (y) the Surviving Corporation or its ultimate parent corporation, or (z) any employee benefit plan (or related trust) sponsored or maintained by any of the foregoing is the
beneficial owner, directly or indirectly, of 25% or more of the total common stock or 25% or more of the total voting power of the outstanding voting securities eligible to elect directors of the Surviving Corporation, and (C) at least a
majority of the members of the board of directors of the Surviving Corporation were Incumbent Directors at the time of the Board’s approval of the execution of the initial agreement providing for such Reorganization, Sale or Acquisition (any
Reorganization, Sale or Acquisition which satisfies all of the criteria specified in (A), (B) and (C) above shall be deemed to be a “Non-Qualifying Transaction”); or 

(iv) approval by the stockholders of the Company of a complete liquidation or dissolution of the Company. 

 

 1 

 (g) “Code” means the Internal Revenue Code of 1986, as
amended from time to time, and includes a reference to the underlying final regulations. 
 (h)
“Committee” means the committee of the Board described in Article 4. 
 (i)
“Company” means Wells Core Office Income REIT, Inc., a Maryland corporation, or any successor corporation. 

(j) “Continuous Status as a Participant” means the absence of any interruption or termination of service
as an employee, officer, consultant or director of the Company or any Affiliate, as applicable; provided, however, that for purposes of an Incentive Stock Option, or a Stock Appreciation Right issued in tandem with an Incentive Stock Option,
“Continuous Status as a Participant” means the absence of any interruption or termination of service as an employee of the Company or any Parent or Subsidiary, as applicable, pursuant to applicable tax regulations. Continuous Status as
a Participant shall continue to the extent provided in a written severance or employment agreement during any period for which severance compensation payments are made to an employee, officer, consultant or director and shall not be considered
interrupted in the case of any short-term disability or leave of absence authorized in writing by the Company prior to its commencement; provided, however, that for purposes of Incentive Stock Options, no such leave may exceed 90 days, unless
reemployment upon expiration of such leave is guaranteed by statute or contract. If reemployment upon expiration of a leave of absence approved by the Company is not so guaranteed, on the 91st day of such leave any Incentive Stock Option held by the
Participant shall cease to be treated as an Incentive Stock Option and shall be treated for tax purposes as a Nonstatutory Stock Option. 

(k) “Deferred Stock Unit” means a right granted to a Participant under Article 11. 

(l) “Disability” or “Disabled” has the same meaning as provided in the long-term
disability plan or policy maintained by the Company or if applicable, most recently maintained, by the Company or if applicable, an Affiliate, for the Participant, whether or not such Participant actually receives disability benefits under such plan
or policy. If no long-term disability plan or policy was ever maintained on behalf of Participant or if the determination of Disability relates to an Incentive Stock Option, or a Stock Appreciation Right issued in tandem with an Incentive Stock
Option, Disability means Permanent and Total Disability as defined in Section 22(e)(3) of the Code. In the event of a dispute, the determination whether a Participant is Disabled will be made by the Committee and may be supported by the advice
of a physician competent in the area to which such Disability relates. 
 (m) “Dividend
Equivalent” means a right granted to a Participant under Article 12. 
 (n) “Effective
Date” has the meaning assigned such term in Section 3.1. 
 (o) “Eligible
Participant” means an employee, officer, consultant or director of the Company or any Affiliate. 

(p) “Fair Market Value”, on any date, means(i) if the Stock is listed on a national securities exchange
or is traded on a national market system, the closing sales price on such exchange or over such system on such date or, in the absence of reported sales on such date, the closing sales price on the immediately preceding date on which sales were
reported, or (ii) if the Stock is not listed on a national securities exchange or traded on a national market system, the mean between the bid and offered prices as quoted by NASDAQ for such date, provided that if it is determined that the fair
market value is not properly reflected by such NASDAQ quotations or bid and offered prices for the Shares are not quoted by NASDAQ, Fair Market Value will be determined by such other method as the Committee determines in good faith to be reasonable.

 (q) “Full Value Award” means an Award other than in the form of an Option or SAR, and which
is settled by the issuance of Stock. 
 (r) “Grant Date” of an Award means the first date on
which all necessary corporate action has been taken to approve the grant of the Award as provided in the Plan, or such later date as is determined and specified as part of that authorization process. Notice of the grant shall be provided to the
grantee within a reasonable time after the Grant Date. 
 (s) “Incentive Stock Option” means an
Option that is intended to be an incentive stock option and meets the requirements of Section 422 of the Code or any successor provision thereto. 

(t) “Independent Director” means a director of the Company who is not a common law employee of the
Company or an Affiliate. 
 (u) “Nonstatutory Stock Option” means an Option that is not an
Incentive Stock Option. 
 (v) “Option” means a right granted to a Participant under Article 7
of the Plan to purchase Stock at a specified price during specified time periods. An Option may be either an Incentive Stock Option or a Nonstatutory Stock Option. 

(w) “Other Stock-Based Award” means a right, granted to a Participant under Article 13, that relates to
or is valued by reference to Stock or other Awards relating to Stock. 
 (x) “Parent” means a
corporation, limited liability company, partnership or other entity which owns or beneficially owns a majority of the outstanding voting stock or voting power of the Company. Notwithstanding the above, with respect to an Incentive Stock Option,
Parent shall have the meaning set forth in Section 424(e) of the Code. 
 (y) “Participant”
means a person who, as an employee, officer, director or consultant of the Company or any Affiliate, has been granted an Award under the Plan; provided that in the case of the death of a Participant, the term “Participant” refers to
a beneficiary designated pursuant to Section 14.5 or the legal guardian or other legal representative acting in a fiduciary capacity on behalf of the Participant under applicable state law and court supervision. 

(z) “Performance Award” means Performance Shares or Performance Units or Performance-Based Cash Awards
granted pursuant to Article 9. 
 (aa) “Performance-Based Cash Award” means a right granted to a
Participant under Article 9 to a cash award to be paid upon achievement of such performance goals as the Committee establishes with regard to such Award. 

(bb) “Performance Share” means any right granted to a Participant under Article 9 to a unit to be valued
by reference to a designated number of Shares to be paid upon achievement of such performance goals as the Committee establishes with regard to such Performance Share. 

(cc) “Performance Unit” means a right granted to a Participant under Article 9 to a unit valued by
reference to a designated amount of cash or property other than Shares to be paid to the Participant upon achievement of such performance goals as the Committee establishes with regard to such Performance Unit. 

(dd) “Person” means any individual, entity or group, within the meaning of Section 3(a)(9) of the
1934 Act and as used in Section 13(d)(3) or 14(d)(2) of the 1934 Act. 
 (ee) “Plan” means
the Wells Core Office Income REIT, Inc. 2010 Long-Term Incentive Plan, as amended from time to time. 
 (ff)
“Public Offering” shall occur on the closing date of a firm commitment underwritten public offering of any class or series of the Company’s equity securities pursuant to a registration statement filed by the Company under the 1933
Act. 
 (gg) “Restricted Stock Award” means Stock granted to a Participant under Article 10 that
is subject to certain restrictions and to risk of forfeiture. 
 (hh) “Restricted Stock Unit
Award” means the right granted to a Participant under Article 10 to receive shares of Stock (or the equivalent value in cash or other property if the Committee so provides) in the future, which right is subject to certain restrictions and
to risk of forfeiture. 
  

 2 

 (ii) “Shares” means shares of the Company’s Stock. If
there has been an adjustment or substitution pursuant to Section 15.1, the term “Shares” shall also include any shares of stock or other securities that are substituted for Shares or into which Shares are adjusted pursuant to
Section 15.1. 
 (jj) “Stock” means the $.01 par value common stock of the Company and such
other securities of the Company as may be substituted for Stock pursuant to Article 15. 
 (kk) “Stock
Appreciation Right” or “SAR” means a right granted to a Participant under Article 8 to receive a payment equal to the difference between the Fair Market Value of a Share as of the date of exercise of the SAR over the grant
price of the SAR, all as determined pursuant to Article 8. 
 (ll) “Subsidiary” means any
corporation, limited liability company, partnership or other entity of which a majority of the outstanding voting stock or voting power is beneficially owned directly or indirectly by the Company. Notwithstanding the above, with respect to an
Incentive Stock Option, Subsidiary shall have the meaning set forth in Section 424(f) of the Code. 

(mm) “1933 Act” means the Securities Act of 1933, as amended from time to time. 

(nn) “1934 Act” means the Securities Exchange Act of 1934, as amended from time to time. 

ARTICLE 3 

EFFECTIVE TERM OF PLAN 

3.1. EFFECTIVE DATE. The Plan shall be effective as of the date it is approved by the stockholders of the Company (the
“Effective Date”). 
 3.2. TERMINATION OF PLAN. The Plan shall terminate on the tenth anniversary of the
Effective Date unless earlier terminated as provided herein. The termination of the Plan on such date shall not affect the validity of any Award outstanding on the date of termination. 

ARTICLE 4 

ADMINISTRATION 

4.1. COMMITTEE. The Plan shall be administered by a Committee appointed by the Board (which Committee shall consist of at least
two directors) or, at the discretion of the Board from time to time, the Plan may be administered by the Board. It is intended that at least two of the directors appointed to serve on the Committee shall be “non-employee directors” (within
the meaning of Rule 16b-3 promulgated under the 1934 Act) and that any such members of the Committee who do not so qualify shall abstain from participating in any decision to make or administer Awards that are made to Eligible Participants who at
the time of consideration for such Award are persons subject to the short-swing profit rules of Section 16 of the 1934 Act. However, the mere fact that a Committee member shall fail to qualify under the foregoing requirement or shall fail to
abstain from such action shall not invalidate any Award made by the Committee which Award is otherwise validly made under the Plan. The members of the Committee shall be appointed by, and may be changed at any time and from time to time in the
discretion of, the Board. The Board may reserve to itself any or all of the authority and responsibility of the Committee under the Plan or may act as administrator of the Plan for any and all purposes. To the extent the Board has reserved any
authority and responsibility or during any time that the Board is acting as administrator of the Plan, it shall have all the powers of the Committee hereunder, and any reference herein to the Committee (other than in this Section 4.1) shall
include the Board. To the extent any action of the Board under the Plan conflicts with actions taken by the Committee, the actions of the Board shall control. 

4.2. ACTION AND INTERPRETATIONS BY THE COMMITTEE. For purposes of administering the Plan, the Committee may from time to time
adopt rules, regulations, guidelines and procedures for carrying out the provisions and purposes of the Plan and make such other determinations, not inconsistent with the Plan, as the Committee may deem appropriate. The Committee’s
interpretation of the Plan, any Awards granted under the Plan, any Award Certificate and all decisions and determinations by the Committee with respect to the Plan are final, binding, and conclusive on all parties. Each member of the Committee is
entitled to, in good faith, rely or act upon any report or other information furnished to that member by any officer or other employee of the Company or any Affiliate, the Company’s or an Affiliate’s independent certified public
accountants, Company counsel or any executive compensation consultant or other professional retained by the Company to assist in the administration of the Plan. 

4.3. AUTHORITY OF COMMITTEE. Except as provided below, the Committee has the exclusive power, authority and discretion to:

 (a) Grant Awards; 

(b) Designate Participants; 

(c) Determine the type or types of Awards to be granted to each Participant; 

(d) Determine the number of Awards to be granted and the number of Shares or dollar amount to which an Award will relate;

 (e) Determine the terms and conditions of any Award, not inconsistent with the provisions of the Plan, granted
under the Plan, including but not limited to, the exercise price, grant price, or purchase price, any restrictions or limitations on the Award, any schedule for lapse of forfeiture restrictions or restrictions on the exercisability of an Award, and
accelerations or waivers thereof, based in each case on such considerations as the Committee in its sole discretion determines; 

(f) Determine whether, to what extent, and under what circumstances an Award may be settled in, or the exercise price of
an Award may be paid in, cash, Stock, other Awards, or other property, or an Award may be canceled, forfeited, or surrendered; 

(g) Prescribe the form of each Award Certificate, which need not be identical for each Participant; 

(h) Decide all other matters that must be determined in connection with an Award; 

(i) Establish, adopt or revise any rules, regulations, guidelines or procedures as it may deem necessary or advisable to
administer the Plan; 
 (j) Make all other decisions and determinations that may be required under the Plan or as
the Committee deems necessary or advisable to administer the Plan; 
 (k) Amend the Plan or any Award Certificate
as provided herein; and 
 (l) Adopt such modifications, procedures, and subplans as may be necessary or
desirable to comply with provisions of the laws of non-U.S. jurisdictions in which the Company or any Affiliate may operate, in order to assure the viability of the benefits of Awards granted to participants located in such other jurisdictions and
to meet the objectives of the Plan. 
 Notwithstanding the foregoing, grants of Awards to Independent Directors hereunder shall
be made only in accordance with the terms, conditions and parameters of a plan, program or policy for the compensation of Independent Directors as in effect from time to time, and the Committee may not make discretionary grants hereunder to
Independent Directors. 
  

 3 

 Notwithstanding the above, the Board or the Committee may, by resolution, expressly delegate
to a special committee, consisting of one or more directors who are also officers of the Company, the authority, within specified parameters, to (i) designate officers, employees and/or consultants of the Company or any of its Affiliates to be
recipients of Awards under the Plan, and (ii) to determine the number of such Awards to be granted to any such Participants; provided that a limit on the total number or dollar value of Awards to be granted to any such Participants shall be
approved in advance by the Board or the Committee and provided further that such delegation of duties and responsibilities to such special committee may not be made with respect to the grant of Awards to eligible participants who are subject to
Section 16(a) of the 1934 Act at the Grant Date. The acts of such delegates shall be treated hereunder as acts of the Board and such delegates shall report regularly to the Board and the Committee regarding the delegated duties and
responsibilities and any Awards so granted. 
 4.4. AWARD CERTIFICATES. Each Award shall be evidenced by an Award
Certificate. Each Award Certificate shall include such provisions, not inconsistent with the Plan, as may be specified by the Committee. 

ARTICLE 5 

SHARES SUBJECT TO THE PLAN 

5.1. NUMBER OF SHARES. Subject to adjustment as provided in Sections 5.2 and 15.1, the aggregate number of Shares reserved and
available for issuance pursuant to Awards granted under the Plan shall be 500,000. The maximum number of Shares that may be issued upon exercise of Incentive Stock Options granted under the Plan shall be 500,000. The maximum number of Shares that
may be issued upon the exercise or grant of an Award granted under the Plan shall not exceed in the aggregate an amount equal to 10% of the outstanding Shares on the Grant Date. 

5.2. SHARE COUNTING. 

(a) To the extent that an Award is canceled, terminates, expires, is forfeited or lapses for any reason, any unissued
Shares from such Award will again be available for issuance pursuant to Awards granted under the Plan. 
 (b)
Shares subject to Awards settled in cash will again be available for issuance pursuant to Awards granted under the Plan. 

(c) Shares withheld from an Award to satisfy minimum tax withholding requirements will again be available for
issuance pursuant to Awards granted under the Plan, but Shares delivered by a Participant (by either actual delivery or attestation) to satisfy tax withholding requirements shall not be added back to the number of Shares available for
issuance under the Plan. 
 (d) If the exercise price of an Option is satisfied by delivering Shares to the
Company (by either actual delivery or attestation), only the net number of Shares actually issued by the Company shall be considered for purposes of determining the number of Shares remaining available for issuance pursuant to Awards granted under
the Plan. 
 (e) To the extent that the full number of Shares subject to an Award is not issued for any reason,
only the number of Shares issued and delivered shall be considered for purposes of determining the number of Shares remaining available for issuance pursuant to Awards granted under the Plan. Nothing in this subsection shall imply that any
particular type of cashless exercise of an Option is permitted under the Plan, that decision being reserved to the Committee or other provisions of the Plan. 

5.3. STOCK DISTRIBUTED. Any Stock distributed pursuant to an Award may consist, in whole or in part, of authorized and unissued
Stock, treasury Stock or Stock purchased on the open market. 
 ARTICLE 6 

ELIGIBILITY 

6.1. GENERAL. Awards may be granted only to Eligible Participants; except that Incentive Stock Options may be granted to only to
Eligible Participants who are employees of the Company or a Parent or Subsidiary as defined in Section 424(e) and (f) of the Code. 

ARTICLE 7 

STOCK OPTIONS 

7.1. GENERAL. The Committee is authorized to grant Options to Participants subject to terms and conditions, not inconsistent with
the provisions of the Plan, as the Committee shall establish, including the following: 
 (a) EXERCISE
PRICE. The exercise price per Share under an Option shall be determined by the Committee; provided, however, that the exercise price of an Option shall not be less than the Fair Market Value as of the Grant Date. 

(b) TIME AND CONDITIONS OF EXERCISE. The Committee shall determine the time or times at which an Option may be
exercised in whole or in part, subject to Section 7.1(d). The Committee shall also determine the performance or other conditions, if any, that must be satisfied before all or part of an Option may be exercised or vested. Except under certain
circumstances contemplated by Section 14.8 or 14.9 or as may be set forth in an Award Certificate with respect to death or Disability of a Participant, Options will not be exercisable before the expiration of one year from the Grant Date.

 (c) PAYMENT. The Committee shall determine the methods by which the exercise price of an Option may be
paid, the form of payment, including, without limitation, cash, Shares, or other property (including “cashless exercise” arrangements), and the methods by which Shares shall be delivered or deemed to be delivered to Participants; provided,
however, that if Shares are used to pay the exercise price of an Option, such Shares must have been held by the Participant for at least such period of time, if any, as necessary to avoid the recognition of an expense under generally accepted
accounting principles as a result of the exercise of the Option. 
 (d) EXERCISE TERM. In no event may any
Option be exercisable for more than ten years from the Grant Date. 
 7.2. INCENTIVE STOCK OPTIONS. The terms of any
Incentive Stock Options granted under the Plan must comply with the following additional rules: 
 (a)
EXERCISE PRICE. The exercise price of an Incentive Stock Option shall not be less than the Fair Market Value as of the Grant Date. 

(b) LAPSE OF OPTION. Subject to any earlier termination provision contained in the Award Certificate, an Incentive
Stock Option shall lapse upon the earliest of the following circumstances: 
 (1) The expiration date set forth
in the Award Certificate. 
 (2) The tenth anniversary of the Grant Date. 

 

 4 

 (3) Three months after termination of the Participant’s Continuous
Status as a Participant for any reason other than the Participant’s Disability or death. 
 (4) One year
after the Participant’s Continuous Status as a Participant by reason of the Participant’s Disability. 

(5) Two years after the Participant’s death if the Participant dies while employed, or during the three-month period
described in paragraph (3) or during the one-year period described in paragraph (4) and before the Option otherwise lapses. 

Unless the exercisability of the Incentive Stock Option is accelerated as provided in Article 14, if a Participant
exercises an Option after termination of employment, the Option may be exercised only with respect to the Shares that were otherwise vested on the Participant’s termination of employment. Upon the Participant’s death, any exercisable
Incentive Stock Options may be exercised by the Participant’s beneficiary, determined in accordance with Section 14.5. 

(c) INDIVIDUAL DOLLAR LIMITATION. The aggregate Fair Market Value (determined as of the Grant Date) of all Shares
with respect to which Incentive Stock Options are first exercisable by a Participant in any calendar year may not exceed $100,000.00. 

(d) TEN PERCENT OWNERS. No Incentive Stock Option shall be granted to any individual who, at the Grant Date, owns
stock possessing more than ten percent of the total combined voting power of all classes of stock of the Company or any Parent or Subsidiary unless the exercise price per share of such Option is at least 110% of the Fair Market Value per Share at
the Grant Date and the Option expires no later than five years after the Grant Date. 
 (e) EXPIRATION OF
AUTHORITY TO GRANT INCENTIVE STOCK OPTIONS. No Incentive Stock Option may be granted pursuant to the Plan after the day immediately prior to the tenth anniversary of the Effective Date of the Plan, or the termination of the Plan, if earlier.

 (f) RIGHT TO EXERCISE. During a Participant’s lifetime, an Incentive Stock Option may be exercised
only by the Participant or, in the case of the Participant’s Disability, by the Participant’s guardian or legal representative. 

(g) ELIGIBLE GRANTEES. The Committee may not grant an Incentive Stock Option to a person who is not at the Grant
Date an employee of the Company or a Parent or Subsidiary. 
 ARTICLE 8 

STOCK APPRECIATION RIGHTS 

8.1. GRANT OF STOCK APPRECIATION RIGHTS. The Committee is authorized to grant Stock Appreciation Rights to Participants on the
following terms and conditions: 
 (a) RIGHT TO PAYMENT. Upon the exercise of a Stock Appreciation Right,
the Participant to whom it is granted has the right to receive the excess, if any, of: 
 (1) The Fair Market
Value of one Share on the date of exercise; over 
 (2) The base price of the Stock Appreciation Right as
determined by the Committee, which shall not be less than the Fair Market Value of one Share on the Grant Date. 

(b) OTHER TERMS. All awards of Stock Appreciation Rights shall be evidenced by an Award Certificate. The terms,
methods of exercise, methods of settlement, form of consideration payable in settlement, and any other terms and conditions of any Stock Appreciation Right shall be determined by the Committee at the time of the grant of the Award and shall be
reflected in the Award Certificate. 
 ARTICLE 9 

PERFORMANCE AWARDS 

9.1. GRANT OF PERFORMANCE AWARDS. The Committee is authorized to grant Performance Shares, Performance Units or Performance-Based
Cash Awards to Participants on such terms and conditions as may be selected by the Committee. The Committee shall have the complete discretion to determine the number of Performance Awards granted to each Participant and to designate the provisions
of such Performance Awards as provided in Section 4.3. All Performance Awards shall be evidenced by an Award Certificate or a written program established by the Committee, pursuant to which Performance Awards are awarded under the Plan under
uniform terms, conditions and restrictions set forth in such written program. 
 9.2. PERFORMANCE GOALS. The Committee
may establish performance goals for Performance Awards which may be based on any performance criteria selected by the Committee. Such performance criteria may be described in terms of Company-wide objectives or in terms of objectives that relate to
the performance of the Participant, an Affiliate or a division, region, department or function within the Company or an Affiliate. The length of a performance period shall be determined by the Committee; provided, however, that a performance period
shall not be shorter than 12 months. 
 9.3. RIGHT TO PAYMENT. The grant of a Performance Share to a Participant will
entitle the Participant to receive at a specified later time a specified number of Shares, or the equivalent cash value, if the performance goals established by the Committee are achieved and the other terms and conditions thereof are satisfied. The
grant of a Performance Unit to a Participant will entitle the Participant to receive at a specified later time a specified dollar value, which may be settled in cash or other property, including Shares, variable under conditions specified in the
Award, if the performance goals in the Award are achieved and the other terms and conditions thereof are satisfied. The grant of a Performance-Based Cash Award to a Participant will entitle the Participant to receive at a specified later time a
specified dollar value in cash variable under conditions specified in the Award, if the performance goals in the Award are achieved and the other terms and conditions thereof are satisfied. The Committee shall set performance goals and other terms
or conditions to payment of the Performance Awards in its discretion which, depending on the extent to which they are met, will determine the value of the Performance Awards that will be paid to the Participant. 

9.4. OTHER TERMS. Performance Awards may be payable in cash, Stock or other property, and have such other terms and conditions as
determined by the Committee and reflected in the Award Certificate. For purposes of determining the number of Shares to be used in payment of a Performance Award denominated in cash but payable in whole or in part in Shares or Restricted Stock, the
number of Shares to be so paid will be determined by dividing the cash value of the Award to be so paid by the Fair Market Value of a Share on the date of determination by the Committee of the amount of the payment under the Award, or, if the
Committee so directs, the date immediately preceding the date the Award is paid. 
  

 5 

 ARTICLE 10 

RESTRICTED STOCK AND RESTRICTED STOCK UNIT AWARDS 

10.1. GRANT OF RESTRICTED STOCK AND RESTRICTED STOCK UNITS. The Committee is authorized to make Awards of Restricted Stock or
Restricted Stock Units to Participants in such amounts and subject to such terms and conditions as may be selected by the Committee. An Award of Restricted Stock or Restricted Stock Units shall be evidenced by an Award Certificate setting forth the
terms, conditions, and restrictions applicable to the Award. 
 10.2. ISSUANCE AND RESTRICTIONS. Restricted Stock or
Restricted Stock Units shall be subject to such restrictions on transferability and other restrictions as the Committee may impose (including, without limitation, limitations on the right to vote Restricted Stock or the right to receive dividends on
the Restricted Stock or dividend equivalents on the Restricted Stock Units) covering a period of time specified by the Committee (the “Restriction Period”). These restrictions may lapse separately or in combination at such times,
under such circumstances, in such installments, upon the satisfaction of performance goals or otherwise, as the Committee determines at the time of the grant of the Award or thereafter. Except as otherwise provided in an Award Certificate or any
special Plan document governing an Award, the Participant shall have all of the rights of a stockholder with respect to the Restricted Stock, and the Participant shall have none of the rights of a stockholder with respect to Restricted Stock Units
until such time as Shares of Stock are paid in settlement of the Restricted Stock Units. 
 10.3. FORFEITURE. Except for
certain limited situations (including the death or Disability of the Participant or a Change in Control referred to in Section 14.8), Restricted Stock Awards and Restricted Stock Unit Awards subject solely to continued employment restrictions
shall have a Restriction Period of not less than three years from the Grant Date (but permitting pro-rata vesting over such time). Except as otherwise determined by the Committee at the time of the grant of the Award or thereafter, immediately after
termination of Continuous Status as a Participant during the applicable restriction period or upon failure to satisfy a performance goal during the applicable restriction period, Restricted Stock or Restricted Stock Units that are at that time
subject to restrictions shall be forfeited. 
 10.4. DELIVERY OF RESTRICTED STOCK. Shares of Restricted Stock shall be
delivered to the Participant at the time of grant either by book-entry registration or by delivering to the Participant, or a custodian or escrow agent (including, without limitation, the Company or one or more of its employees) designated by the
Committee, a stock certificate or certificates registered in the name of the Participant. If physical certificates representing shares of Restricted Stock are registered in the name of the Participant, such certificates must bear an appropriate
legend referring to the terms, conditions, and restrictions applicable to such Restricted Stock. 
 ARTICLE 11 

DEFERRED STOCK UNITS 

11.1. GRANT OF DEFERRED STOCK UNITS. The Committee is authorized to grant Deferred Stock Units to Participants subject to such
terms and conditions as may be selected by the Committee. Deferred Stock Units shall entitle the Participant to receive Shares of Stock (or the equivalent value in cash or other property if so determined by the Committee) at a future time as
determined by the Committee, or as determined by the Participant within guidelines established by the Committee in the case of voluntary deferral elections. An Award of Deferred Stock Units shall be evidenced by an Award Certificate setting forth
the terms and conditions applicable to the Award. 
 ARTICLE 12 

DIVIDEND EQUIVALENTS 

12.1. GRANT OF DIVIDEND EQUIVALENTS. The Committee is authorized to grant Dividend Equivalents to Participants, in connection with
other Awards or on a freestanding basis, subject to such terms and conditions as may be selected by the Committee. Dividend Equivalents shall entitle the Participant to receive payments equal to dividends with respect to all or a portion of the
number of Shares subject to any Award, as determined by the Committee. The Committee may provide that Dividend Equivalents be paid or distributed when accrued or be deemed to have been reinvested in additional Shares or units equivalent to Shares,
or otherwise reinvested. 
 ARTICLE 13 

STOCK OR OTHER STOCK-BASED AWARDS 

13.1. GRANT OF STOCK OR OTHER STOCK-BASED AWARDS. The Committee is authorized, subject to limitations under applicable law, to
grant to Participants such other Awards that are payable in, valued in whole or in part by reference to, or otherwise based on or related to Shares or other property, as deemed by the Committee to be consistent with the purposes of the Plan,
including without limitation Shares awarded purely as a “bonus” and not subject to any restrictions or conditions, convertible or exchangeable debt securities, other rights convertible or exchangeable into Shares, and Awards valued by
reference to book value of Shares or the value of securities of or the performance of specified Parents or Affiliates (“Other Stock-Based Awards”). Such Other Stock-Based Awards shall also be available as a form of payment in the
settlement of other Awards granted under the Plan. The Committee shall determine the terms and conditions of such Other Stock-Based Awards. Except for certain limited situations (including the death or Disability of the Participant or a Change in
Control referred to in Section 14.8), Other Stock-Based Awards subject solely to continued employment restrictions shall be subject to restrictions imposed by the Committee for a period of not less than three years from the Grant Date (but
permitting pro-rata vesting over such time); provided that such restrictions shall not be applicable to any substitute awards granted under Section 14.12, grants of Other Stock-Based Awards in payment of Performance Awards pursuant to Article
9, grants of Other Stock-Based Awards granted in lieu of cash or other compensation, or grants of Other Stock-Based Awards on a deferred basis. 

ARTICLE 14 

PROVISIONS APPLICABLE TO AWARDS 

14.1. STAND-ALONE AND TANDEM AWARDS. Awards granted under the Plan may, in the discretion of the Committee, be granted either
alone or in addition to, in tandem with, any other Award granted under the Plan. Subject to Section 16.2, awards granted in addition to or in tandem with other Awards may be granted either at the same time as or at a different time from the
grant of such other Awards. 
 14.2. TERM OF AWARD. The term of each Award shall be for the period as determined by the
Committee, provided that in no event shall the term of any Incentive Stock Option or a Stock Appreciation Right granted in tandem with the Incentive Stock Option exceed a period of ten years from its Grant Date (or, if Section 7.2(d) applies,
five years from its Grant Date). 
  

 6 

 14.3. FORM OF PAYMENT FOR AWARDS. Subject to the terms of the Plan and any applicable
law or Award Certificate, payments or transfers to be made by the Company or an Affiliate on the grant or exercise of an Award may be made in such form as the Committee determines at or after the Grant Date, including without limitation, cash,
Stock, other Awards, or other property, or any combination, and may be made in a single payment or transfer or in installments, in each case determined in accordance with rules adopted by, and at the discretion of, the Committee. 

14.4. LIMITS ON TRANSFER. No right or interest of a Participant in any unexercised or restricted Award may be pledged, encumbered,
or hypothecated to or in favor of any party other than the Company or an Affiliate, or shall be subject to any lien, obligation, or liability of such Participant to any other party other than the Company or an Affiliate. No unexercised or restricted
Award shall be assignable or transferable by a Participant other than by will or the laws of descent and distribution or, except in the case of an Incentive Stock Option, pursuant to a domestic relations order that would satisfy
Section 414(p)(1)(A) of the Code if such Section applied to an Award under the Plan; provided, however, that the Committee may (but need not) permit other transfers where the Committee concludes that such transferability (i) does not
result in accelerated taxation, (ii) does not cause any Option intended to be an Incentive Stock Option to fail to be described in Code Section 422(b), and (iii) is otherwise appropriate and desirable, taking into account any factors
deemed relevant, including without limitation, state or federal tax or securities laws applicable to transferable Awards. 

14.5. BENEFICIARIES. Notwithstanding Section 14.4, a Participant may, in the manner determined by the Committee, designate a
beneficiary to exercise the rights of the Participant and to receive any distribution with respect to any Award upon the Participant’s death. A beneficiary, legal guardian, legal representative, or other person claiming any rights under the
Plan is subject to all terms and conditions of the Plan and any Award Certificate applicable to the Participant, except to the extent the Plan and Award Certificate otherwise provide, and to any additional restrictions deemed necessary or
appropriate by the Committee. If no beneficiary has been designated or survives the Participant, payment shall be made to the Participant’s estate. Subject to the foregoing, a beneficiary designation may be changed or revoked by a Participant
at any time provided the change or revocation is filed with the Company. 
 14.6. STOCK CERTIFICATES. All Stock issuable
under the Plan is subject to any stop-transfer orders and other restrictions as the Committee deems necessary or advisable to comply with federal or state securities laws, rules and regulations and the rules of any national securities exchange or
automated quotation system on which the Stock is listed, quoted, or traded. The Committee may place legends on any Stock certificate or issue instructions to the transfer agent to reference restrictions applicable to the Stock. 

14.7. ACCELERATION UPON DEATH OR DISABILITY. Except as otherwise provided in the Award Certificate or any special Plan document
governing an Award, upon the Participant’ s death or Disability during his or her Continuous Status as a Participant, (i) all of such Participant’s outstanding Options, SARs, and other Awards in the nature of rights that may be
exercised shall become fully exercisable, (ii) all time-based vesting restrictions on the Participant’s outstanding Awards shall lapse, and (iii) the target payout opportunities attainable under all of such Participant’s
outstanding performance-based Awards shall be deemed to have been fully earned as of the date of termination based upon (A) an assumed achievement of all relevant performance goals at the “target” level if the date of termination
occurs during the first half of the applicable performance period, or (B) the actual level of achievement of all relevant performance goals against target, if the date of termination occurs during the second half of the applicable performance
period, and, in either such case, there shall be a prorata payout to the Participant or his or her estate within thirty (30) days following the date of termination (unless a later date is required by Section 17.16 hereof) based upon the
length of time within the performance period that has elapsed prior to the date of termination. Any Awards shall thereafter continue or lapse in accordance with the other provisions of the Plan and the Award Certificate. To the extent that this
provision causes Incentive Stock Options to exceed the dollar limitation set forth in Section 7.2(c), the excess Options shall be deemed to be Nonstatutory Stock Options. 

14.8. TREATMENT UPON A CHANGE IN CONTROL. The provisions of this Section 14.8 shall apply in the case of a Change in Control,
unless otherwise provided in the Award Certificate or any special Plan document or separate agreement with a Participant governing an Award. 

(a) Awards not Assumed or Substituted by Surviving Entity. Upon the occurrence of a Change in Control, and except
with respect to any Awards assumed by the Surviving Entity or otherwise equitably converted or substituted in connection with the Change in Control in a manner approved by the Committee or the Board: (i) outstanding Options, SARs, and other
Awards in the nature of rights that may be exercised shall become fully exercisable, (ii) time-based vesting restrictions on outstanding Awards shall lapse, and (iii) the target payout opportunities attainable under outstanding
performance-based Awards shall be deemed to have been fully earned as of the effective date of the Change in Control based upon (A) an assumed achievement of all relevant performance goals at the “target” level if the Change in
Control occurs during the first half of the applicable performance period, or (B) the actual level of achievement of all relevant performance goals against target, if the Change in Control occurs during the second half of the applicable
performance period, and, in either such case, there shall be prorata payout to Participants within thirty (30) days following the Change in Control (unless a later date is required by Section 17.16 hereof) based upon the length of time
within the performance period that has elapsed prior to the Change in Control. Any Awards shall thereafter continue or lapse in accordance with the other provisions of the Plan and the Award Certificate. To the extent that this provision causes
Incentive Stock Options to exceed the dollar limitation set forth in Section 7.2(b), the excess Options shall be deemed to be Nonstatutory Stock Options. 

(b) Awards Assumed or Substituted by Surviving Entity. With respect to Awards assumed by the Surviving Entity or
otherwise equitably converted or substituted in connection with a Change in Control: if within two years after the effective date of the Change in Control, a Participant’s employment is terminated without Cause or the Participant resigns for
Good Reason, then (i) all of that Participant’s outstanding Options, SARs and other Awards in the nature of rights that may be exercised shall become fully exercisable, (ii) all time-based vesting restrictions on the his or her
outstanding Awards shall lapse, and (iii) the target payout opportunities attainable under all outstanding of that Participant’s performance-based Awards shall be deemed to have been fully earned as of the date of termination based upon
(A) an assumed achievement of all relevant performance goals at the “target” level if the date of termination occurs during the first half of the applicable performance period, or (B) the actual level of achievement of all
relevant performance goals against target, if the date of termination occurs during the second half of the applicable performance period, and, in either such case, there shall be prorata payout to such Participant within thirty (30) days
following the date of termination of employment (unless a later date is required by Section 17.16 hereof) based upon the length of time within the performance period that has elapsed prior to the date of termination of employment. With regard
to each Award, a Participant shall not be considered to have resigned for Good Reason unless either (i) the Award Certificate includes such provision or (ii) the Participant is party to an employment, severance or similar agreement with
the Company or an Affiliate that includes provisions in which the Participant is permitted to resign for Good Reason. Any Awards shall thereafter continue or lapse in accordance with the other provisions of the Plan and the Award Certificate. To the
extent that this provision causes Incentive Stock Options to exceed the dollar limitation set forth in Section 7.2(b), the excess Options shall be deemed to be Nonstatutory Stock Options. 

14.9. ACCELERATION FOR ANY REASON. Regardless of whether an event has occurred as described in Section 14.7 or 14.8 above,
the Committee may in its sole discretion at any time determine that all or a portion of a Participant’s Options, SARs, and other Awards in the nature of rights that may be exercised shall become fully or partially exercisable, that all or a
part of the time-based vesting restrictions on all or a portion of the outstanding Awards shall lapse, and/or that any performance-based criteria with respect to any Awards shall be deemed to be wholly or partially satisfied, in each case, as of
such date as the Committee may, in its sole discretion, declare. The Committee may discriminate among Participants and among Awards granted to a Participant in exercising its discretion pursuant to this Section 14.9. Notwithstanding anything in
the Plan, including this Section 14.9, the Committee may not accelerate the payment of any Award if such acceleration would violate Section 409A(a)(3) of the Code. 

 

 7 

 14.10. TERMINATION OF EMPLOYMENT. Whether military, government or other service or
other leave of absence shall constitute a termination of employment shall be determined in each case by the Committee at its discretion, and any determination by the Committee shall be final and conclusive. A Participant’s Continuous Status as
a Participant shall not be deemed to terminate (i) in a circumstance in which a Participant transfers from the Company to an Affiliate, transfers from an Affiliate to the Company, or transfers from one Affiliate to another Affiliate, or
(ii) in the discretion of the Committee as specified at or prior to such occurrence, in the case of a spin-off, sale or disposition of the Participant’s employer from the Company or any Affiliate. To the extent that this provision causes
Incentive Stock Options to extend beyond three months from the date a Participant is deemed to be an employee of the Company, a Parent or Subsidiary for purposes of Sections 424(e) and 424(f) of the Code, the Options held by such Participant shall
be deemed to be Nonstatutory Stock Options. 
 14.11. FORFEITURE EVENTS. The Committee may specify in an Award
Certificate that the Participant’s rights, payments and benefits with respect to an Award shall be subject to reduction, cancellation, forfeiture or recoupment upon the occurrence of certain specified events, in addition to any otherwise
applicable vesting or performance conditions of an Award. Such events shall include, but shall not be limited to, termination of employment for cause, violation of material Company or Affiliate policies, breach of non-competition, confidentiality or
other restrictive covenants that may apply to the Participant, or other conduct by the Participant that is detrimental to the business or reputation of the Company or any Affiliate. 

14.12. SUBSTITUTE AWARDS. The Committee may grant Awards under the Plan in substitution for stock and stock-based awards held by
employees of another entity who become employees of the Company or an Affiliate as a result of a merger or consolidation of the former employing entity with the Company or an Affiliate or the acquisition by the Company or an Affiliate of property or
stock of the former employing corporation. The Committee may direct that the substitute awards be granted on such terms and conditions as the Committee considers appropriate in the circumstances. 

ARTICLE 15 

CHANGES IN CAPITAL STRUCTURE 

15.1. MANDATORY ADJUSTMENTS. In the event of a nonreciprocal transaction between the Company and its shareholders that causes the
per-share value of the Stock to change (including, without limitation, any stock dividend, stock split, spin-off, rights offering, or large nonrecurring cash dividend), the authorization limits under Section 5.1 shall be adjusted
proportionately, and the Committee shall make such adjustments to the Plan and Awards as it deems necessary, in its sole discretion, to prevent dilution or enlargement of rights immediately resulting from such transaction. Action by the Committee
may include: (i) adjustment of the number and kind of shares that may be delivered under the Plan; (ii) adjustment of the number and kind of shares subject to outstanding Awards; (iii) adjustment of the exercise price of outstanding
Awards or the measure to be used to determine the amount of the benefit payable on an Award; and (iv) any other adjustments that the Committee determines to be equitable. Notwithstanding the foregoing, the Committee shall not make any
adjustments to outstanding Options or SARs that would constitute a modification or substitution of the stock right under Treas. Reg. Sections 1.409A-1(b)(5)(v) that would be treated as the grant of a new stock right or change in the form of payment
for purposes of Code Section 409A. Without limiting the foregoing, in the event of a subdivision of the outstanding Stock (stock-split), a declaration of a dividend payable in Shares, or a combination or consolidation of the outstanding Stock
into a lesser number of Shares, the authorization limits under Section 5.1 shall automatically be adjusted proportionately, and the Shares then subject to each Award shall automatically, without the necessity for any additional action by the
Committee, be adjusted proportionately without any change in the aggregate purchase price therefor. 
 15.2 DISCRETIONARY
ADJUSTMENTS. Upon the occurrence or in anticipation of any corporate event or transaction involving the Company (including, without limitation, any merger, reorganization, recapitalization, combination or exchange of shares, or any transaction
described in Section 15.1), the Committee may, in its sole discretion, provide (i) that Awards will be settled in cash rather than Stock, (ii) that Awards will become immediately vested and exercisable and will expire after a
designated period of time to the extent not then exercised, (iii) that Awards will be assumed by another party to a transaction or otherwise be equitably converted or substituted in connection with such transaction, (iv) that outstanding
Awards may be settled by payment in cash or cash equivalents equal to the excess of the Fair Market Value of the underlying Stock, as of a specified date associated with the transaction, over the exercise price of the Award, (v) that
performance targets and performance periods for Performance Awards will be modified or (vi) any combination of the foregoing. The Committee’s determination need not be uniform and may be different for different Participants whether or not
such Participants are similarly situated. 
 15.3 GENERAL. Any discretionary adjustments made pursuant to this Article 15
shall be subject to the provisions of Section 16.2. To the extent that any adjustments made pursuant to this Article 15 cause Incentive Stock Options to cease to qualify as Incentive Stock Options, such Options shall be deemed to be
Nonstatutory Stock Options. 
 ARTICLE 16 

AMENDMENT, MODIFICATION AND TERMINATION 

16.1. AMENDMENT, MODIFICATION AND TERMINATION. The Board or the Committee may, at any time and from time to time, amend, modify or
terminate the Plan without stockholder approval; provided, however, that if an amendment to the Plan would, in the reasonable opinion of the Board or the Committee, either (i) materially increase the number of Shares available under the Plan,
(ii) expand the types of awards under the Plan, (iii) materially expand the class of participants eligible to participate in the Plan, (iv) materially extend the term of the Plan, or (v) otherwise constitute a material change
requiring stockholder approval under applicable laws, policies or regulations or the applicable listing or other requirements of an exchange, then such amendment shall be subject to stockholder approval; and provided, further, that the Board or
Committee may condition any other amendment or modification on the approval of stockholders of the Company for any reason, including by reason of such approval being necessary or deemed advisable to (i) permit Awards made hereunder to be exempt
from liability under Section 16(b) of the 1934 Act, (ii) to comply with the listing or other requirements of an exchange, or (iii) to satisfy any other tax, securities or other applicable laws, policies or regulations. 

16.2. AWARDS PREVIOUSLY GRANTED. At any time and from time to time, the Committee may amend, modify or terminate any outstanding
Award without approval of the Participant; provided, however: 
 (a) Subject to the terms of the applicable Award
Certificate, such amendment, modification or termination shall not, without the Participant’s consent, reduce or diminish the value of such Award; 

(b) The original term of an Option may not be extended without the prior approval of the stockholders of the Company;

 (c) Except as otherwise provided in Article 15, the Committee shall not be permitted to (i) lower the
exercise price per Share of an Option after it is granted, (b) cancel an Option when the exercise price per Share exceeds the Fair Market Value of the underlying Shares in exchange for another Award, or (c) take any other action with
respect to an Option that may be treated as a repricing under the rules and regulations of an exchange, without the prior approval of the stockholders of the Company; and 
  

 8 

 (d) No termination, amendment, or modification of the Plan shall adversely
affect any Award previously granted under the Plan, without the written consent of the Participant affected thereby. 

ARTICLE 17 

GENERAL PROVISIONS 

17.1. NO RIGHTS TO AWARDS; NON-UNIFORM DETERMINATIONS. No Participant or any Eligible Participant shall have any claim to be
granted any Award under the Plan. Neither the Company, its Affiliates nor the Committee is obligated to treat Participants or Eligible Participants uniformly, and determinations made under the Plan may be made by the Committee selectively among
Eligible Participants who receive, or are eligible to receive, Awards (whether or not such Eligible Participants are similarly situated). 

17.2. NO SHAREHOLDER RIGHTS. No Award gives a Participant any of the rights of a stockholder of the Company unless and until
Shares are in fact issued to such person in connection with such Award. 
 17.3. WITHHOLDING. The Company or any
Affiliate shall have the authority and the right to deduct or withhold, or require a Participant to remit to the Company, an amount sufficient to satisfy federal, state, and local taxes (including the Participant’s FICA obligation) required by
law to be withheld with respect to any exercise, lapse of restriction or other taxable event arising as a result of the Plan. If Shares are surrendered to the Company to satisfy withholding obligations in excess of the minimum withholding
obligation, such Shares must have been held by the Participant as fully vested shares for such period of time, if any, as necessary to avoid the recognition of an expense under generally accepted accounting principles. The Company shall have the
authority to require a Participant to remit cash to the Company in lieu of the surrender of Shares for tax withholding obligations if the surrender of Shares in satisfaction of such withholding obligations would result in the Company’s
recognition of expense under generally accepted accounting principles. With respect to withholding required upon any taxable event under the Plan, the Committee may, at the time the Award is granted or thereafter, require or permit that any such
withholding requirement be satisfied, in whole or in part, by withholding from the Award Shares having a Fair Market Value on the date of withholding equal to the minimum amount (and not any greater amount) required to be withheld for tax purposes,
all in accordance with such procedures as the Committee establishes. 
 17.4. NO RIGHT TO CONTINUED SERVICE. Nothing in
the Plan, any Award Certificate or any other document or statement made with respect to the Plan, shall interfere with or limit in any way the right of the Company or any Affiliate to terminate any Participant’s employment or status as an
officer, director or consultant at any time, nor confer upon any Participant any right to continue as an employee, officer, director or consultant of the Company or any Affiliate, whether for the duration of a Participant’s Award or otherwise.

 17.5. UNFUNDED STATUS OF AWARDS. The Plan is intended to be an “unfunded” plan for incentive and deferred
compensation. With respect to any payments not yet made to a Participant pursuant to an Award, nothing contained in the Plan or any Award Certificate shall give the Participant any rights that are greater than those of a general creditor of the
Company or any Affiliate. This Plan is not intended to be subject to ERISA. 
 17.6. RELATIONSHIP TO OTHER BENEFITS. No
payment under the Plan shall be taken into account in determining any benefits under any pension, retirement, savings, profit sharing, group insurance, welfare or benefit plan of the Company or any Affiliate unless provided otherwise in such other
plan. 
 17.7. EXPENSES. The expenses of administering the Plan shall be borne by the Company and, if applicable, its
Affiliates. The allocation of expenses among the Company and its Affiliates shall be as agreed to by the Company and the applicable Affiliates. 

17.8. TITLES AND HEADINGS. The titles and headings of the Sections in the Plan are for convenience of reference only, and in the
event of any conflict, the text of the Plan, rather than such titles or headings, shall control. 
 17.9. GENDER AND
NUMBER. Except where otherwise indicated by the context, any masculine term used herein also shall include the feminine; the plural shall include the singular and the singular shall include the plural. 

17.10. FRACTIONAL SHARES. No fractional Shares shall be issued and the Committee shall determine, in its discretion, whether cash
shall be given in lieu of fractional Shares or whether such fractional Shares shall be eliminated by rounding up or down. 

17.11. GOVERNMENT AND OTHER REGULATIONS. 

(a) Notwithstanding any other provision of the Plan, no Participant who acquires Shares pursuant to the Plan may, during
any period of time that such Participant is an affiliate of the Company (within the meaning of the rules and regulations of the Securities and Exchange Commission under the 1933 Act), sell such Shares, unless such offer and sale is made
(i) pursuant to an effective registration statement under the 1933 Act, which is current and includes the Shares to be sold, or (ii) pursuant to an appropriate exemption from the registration requirement of the 1933 Act, such as that set
forth in Rule 144 promulgated under the 1933 Act. 
 (b) Notwithstanding any other provision of the Plan, if at
any time the Committee shall determine that the registration, listing or qualification of the Shares covered by an Award upon any exchange or under any foreign, federal, state or local law or practice, or the consent or approval of any governmental
regulatory body, is necessary or desirable as a condition of, or in connection with, the granting of such Award or the purchase or receipt of Shares thereunder, no Shares may be purchased, delivered or received pursuant to such Award unless and
until such registration, listing, qualification, consent or approval shall have been effected or obtained free of any condition not acceptable to the Committee. Any Participant receiving or purchasing Shares pursuant to an Award shall make such
representations and agreements and furnish such information as the Committee may request to assure compliance with the foregoing or any other applicable legal requirements. The Company shall not be required to issue or deliver any certificate or
certificates for Shares under the Plan prior to the Committee’s determination that all related requirements have been fulfilled. The Company shall in no event be obligated to register any securities pursuant to the 1933 Act or applicable state
or foreign law or to take any other action in order to cause the issuance and delivery of such certificates to comply with any such law, regulation or requirement. 

17.12. GOVERNING LAW. To the extent not governed by federal law, the Plan and all Award Certificates shall be construed in
accordance with and governed by the laws of the State of Maryland. 
 17.13. ADDITIONAL PROVISIONS. Each Award
Certificate may contain such other terms and conditions as the Committee may determine; provided that such other terms and conditions are not inconsistent with the provisions of the Plan. 

 

 9 

 17.14. NO LIMITATIONS ON RIGHTS OF COMPANY. The grant of any Award shall not in any
way affect the right or power of the Company to make adjustments, reclassification or changes in its capital or business structure or to merge, consolidate, dissolve, liquidate, sell or transfer all or any part of its business or assets. The Plan
shall not restrict the authority of the Company, for proper corporate purposes, to draft or assume awards, other than under the Plan, to or with respect to any person. If the Committee so directs, the Company may issue or transfer Shares to an
Affiliate, for such lawful consideration as the Committee may specify, upon the condition or understanding that the Affiliate will transfer such Shares to a Participant in accordance with the terms of an Award granted to such Participant and
specified by the Committee pursuant to the provisions of the Plan. 
 17.15. INDEMNIFICATION. Each person who is or shall
have been a member of the Committee, or of the Board, or an officer of the Company to whom authority was delegated in accordance with Article 4 shall be indemnified and held harmless by the Company against and from any loss, cost, liability, or
expense that may be imposed upon or reasonably incurred by him or her in connection with or resulting from any claim, action, suit, or proceeding to which he or she may be a party or in which he or she may be involved by reason of any action taken
or failure to act under the Plan and against and from any and all amounts paid by him or her in settlement thereof, with the Company’s approval, or paid by him or her in satisfaction of any judgment in any such action, suit, or proceeding
against him or her, provided he or she shall give the Company an opportunity, at its own expense, to handle and defend the same before he or she undertakes to handle and defend it on his or her own behalf, unless such loss, cost, liability, or
expense is a result of his or her own willful misconduct or except as expressly provided by statute. The foregoing right of indemnification shall not be exclusive of any other rights of indemnification to which such persons may be entitled under the
Company’s Articles of Incorporation or Bylaws, as a matter of law, or otherwise, or any power that the Company may have to indemnify them or hold them harmless. 

17.16. SPECIAL PROVISIONS RELATED TO SECTION 409A OF THE CODE. 

(a) General. It is intended that the payments and benefits provided under the Plan and any Award shall either be exempt
from the application of, or comply with, the requirements of Section 409A of the Code. The Plan and all Award Certificates shall be construed in a manner that effects such intent. Nevertheless, the tax treatment of the benefits provided under
the Plan or any Award is not warranted or guaranteed. Neither the Company, its Affiliates nor their respective directors, officers, employees or advisers shall be held liable for any taxes, interest, penalties or other monetary amounts owed by any
Participant or other taxpayer as a result of the Plan or any Award. 
 (b) Definitional Restrictions.
Notwithstanding anything in the Plan or in any Award Certificate to the contrary, to the extent that any amount or benefit that would constitute non-exempt “deferred compensation” for purposes of Section 409A of the Code would
otherwise be payable or distributable, or a different form of payment (e.g., lump sum or installment) would be effected, under the Plan or any Award Certificate by reason of the occurrence of a Change in Control, or the Participant’s Disability
or separation from service, such amount or benefit will not be payable or distributable to the Participant, and/or such different form of payment will not be effected, by reason of such circumstance unless the circumstances giving rise to such
Change in Control, Disability or separation from service meet any description or definition of “change in control event”, “disability” or “separation from service”, as the case may be, in Section 409A of the Code
and applicable regulations (without giving effect to any elective provisions that may be available under such definition). This provision does not prohibit the vesting of any Award upon a Change in Control, Disability or separation from service,
however defined. If this provision prevents the payment or distribution of any amount or benefit, such payment or distribution shall be made on the next earliest payment or distribution date or event specified in the Award Certificate that is
permissible under Section 409A of the Code. If this provision prevents the application of a different form of payment of any amount or benefit, such payment shall be made in the same form as would have applied absent such designated event or
circumstance. 
 (c) Allocation among Possible Exemptions. If any one or more Awards granted under the Plan to a
Participant could qualify for any separation pay exemption described in Treas. Reg. Section 1.409A-1(b)(9), but such Awards in the aggregate exceed the dollar limit permitted for the separation pay exemptions, the Company (acting through the
Committee) shall determine which Awards or portions thereof will be subject to such exemptions. 
 (d) Six-Month
Delay in Certain Circumstances. Notwithstanding anything in the Plan or in any Award Certificate to the contrary, if any amount or benefit that would constitute non-exempt “deferred compensation” for purposes of Section 409A of the
Code would otherwise be payable or distributable under this Plan or any Award Certificate by reason of a Participant’s separation from service during a period in which the Participant is a Specified Employee (as defined below), then, subject to
any permissible acceleration of payment by the Committee under Treas. Reg. Section 1.409A-3(j)(4)(ii) (domestic relations order), (j)(4)(iii) (conflicts of interest), or (j)(4)(vi) (payment of employment taxes): 

(i) the amount of such non-exempt deferred compensation that would otherwise be payable during the six-month period
immediately following the Participant’s separation from service will be accumulated through and paid or provided on the first day of the seventh month following the Participant’s separation from service (or, if the Participant dies during
such period, within 30 days after the Participant’s death) (in either case, the “Required Delay Period”), and 

(ii) the normal payment or distribution schedule for any remaining payments or distributions will resume at the end of the
Required Delay Period. 
 For purposes of this Plan, the term “Specified Employee” has the meaning
given such term in Section 409A of the Code and the final regulations thereunder, provided, however, that, as permitted in such final regulations, the Company’s Specified Employees and its application of the six-month delay rule of
409A(a)(2)(B)(i) of the Code shall be determined in accordance with rules adopted by the Board or any committee of the Board, which shall be applied consistently with respect to all nonqualified deferred compensation arrangements of the Company,
including this Plan. 
 (e) Grants to Employees of Affiliates. Eligible Participants who are service providers to
an Affiliate may be granted Options or SARs under this Plan only if the Affiliate qualifies as an “eligible issuer of service recipient stock” within the meaning of §1.409A-1(b)(5)(iii)(E) of the final regulations under
Section 409A of the Code. 
 (f) Fair Market Value of Unlisted Stock. If the Stock is not listed on a
securities exchange, the Fair Market Value of the Stock as of any given date shall, for purposes of the Plan and any Award, be determined by such method as the Committee determines in good faith to be reasonable and in compliance with
Section 409A of the Code. 
 (g) Design Limits on Options and SARs. Notwithstanding anything in this Plan or
any Award Certificate, no Option or SAR granted under this Plan shall (i) provide for Dividend Equivalents or (ii) have any feature for the deferral of compensation other than the deferral of recognition of income until the exercise or
disposition of the Option or SAR. 
 (h) Timing of Distribution of Dividend Equivalents. Unless otherwise
provided in the applicable Award Certificate, and Dividend Equivalents granted with respect to an Award hereunder will be paid or distributed no later than the 15th day of the 3rd month following the later of (i) the calendar year in which the
corresponding dividends were paid to shareholders, or (ii) the first calendar year in which the Participant’s right to such Dividends Equivalents is no longer subject to a substantial risk of forfeiture. 

 

 10 

 The foregoing is hereby acknowledged as being the Wells Core Office
Income REIT, Inc. 2010 Long-Term Incentive Plan as adopted by the Board on
June 7th, 2010, approved by the sole stockholder on
June 7th, 2010. 

 

			
	WELLS CORE OFFICE INCOME REIT, INC.
		
	By:	 	/s/ Douglas P. Williams
	Name:	 	Douglas P. Williams
	Title:	 	Executive Vice President

  

 11 

 Exhibit 10.2 

WELLS CORE OFFICE INCOME REIT, INC. 

FORM OF 2010 INDEPENDENT DIRECTORS COMPENSATION PLAN 

WELLS CORE OFFICE INCOME REIT, INC. 

FORM OF 2010 INDEPENDENT DIRECTORS COMPENSATION PLAN 

 

					
	ARTICLE 1 PURPOSE	  	1
			
	 1.1
	 	Purpose	  	1
			
	 1.2
	 	Eligibility	  	1
		
	ARTICLE 2 DEFINITIONS	  	1
			
	 2.1
	 	Definitions	  	1
		
	ARTICLE 3 ADMINISTRATION	  	1
			
	 3.1
	 	Administration	  	1
			
	 3.2
	 	Reliance	  	2
			
	 3.3
	 	Indemnification	  	2
		
	ARTICLE 4 SHARES	  	2
			
	 4.1
	 	Source of Shares for the Plan	  	2
		
	ARTICLE 5 BASE RETAINER, MEETING FEES AND EXPENSES	  	2
			
	 5.1
	 	Base Annual Retainer	  	2
			
	 5.2
	 	Meeting Fees	  	2
			
	 5.3
	 	Travel Expense Reimbursement	  	2
		
	ARTICLE 6 EQUITY COMPENSATION	  	2
			
	 6.1
	 	General	  	2
			
	 6.2
	 	Terms and Conditions of Options	  	2
			
	 6.3
	 	Restrictions on Transfer	  	3
		
	ARTICLE 7 ALTERNATIVE FORMS OF PAYMENT FOR BASE RETAINER AND MEETING FEES	  	3
			
	 7.1
	 	Payment of Base Retainer	  	3
			
	 7.2
	 	Payment of Meeting Fees	  	3
			
	 7.3
	 	Timing and Manner of Payment Election	  	3
		
	ARTICLE 8 AMENDMENT, MODIFICATION AND TERMINATION	  	3
			
	 8.1
	 	Amendment, Modification and Termination	  	3
		
	ARTICLE 9 GENERAL PROVISIONS	  	3
			
	 9.1
	 	Adjustments	  	3
			
	 9.2
	 	Duration of the Plan	  	3
			
	 9.3
	 	Expenses of the Plan	  	3
			
	 9.4
	 	Status of the Plan	  	3
			
	 9.5
	 	Effective Date	  	3

  

 1 

 Exhibit 10.2 

WELLS CORE OFFICE INCOME REIT, INC. 

FORM OF 2010 INDEPENDENT DIRECTORS COMPENSATION PLAN 

ARTICLE 1 

PURPOSE 

1.1. PURPOSE. The purpose of the Wells Core Office Income REIT, Inc. 2010 Independent Directors Compensation Plan is to attract,
retain and compensate highly-qualified individuals who are not employees of Wells Core Office Income REIT, Inc. or any of its Affiliates for service as members of the Board by providing them with competitive compensation and an ownership interest in
the Stock of the Company. The Company intends that the Plan will benefit the Company and its stockholders by allowing Independent Directors to have a personal financial stake in the Company through an ownership interest in the Stock and will closely
associate the interests of Independent Directors with that of the Company’s stockholders. 
 1.2. ELIGIBILITY.
Independent Directors of the Company who are Eligible Participants, as defined below, shall automatically be participants in the Plan. 

ARTICLE 2 

DEFINITIONS 

2.1. DEFINITIONS. Unless the context clearly indicates otherwise, the following terms shall have the following meanings:

 “Affiliate” has the meaning given such term in the Equity Incentive Plan. 

“Base Retainer” means the retainer (excluding meeting fees and expenses) payable by the Company to an Independent
Director pursuant to Section 5.1 hereof for service as a director of the Company, as such amount may be changed from time to time. 

“Board” means the Board of Directors of the Company. 

“Change in Control” has the meaning given such term in the Equity Incentive Plan. 

“Charter” means the articles of incorporation of the Company, as such articles of incorporation may be amended from time
to time. 
 “Code” means the Internal Revenue Code of 1986, as amended. 

“Committee” has the meaning given such term in the Equity Incentive Plan. 

“Company” means Wells Core Office Income REIT, Inc., a Maryland corporation. 

“Director Disability” means any illness or other physical or mental condition of an Independent Director that renders
him or her incapable of performing as a director of the Company, or any medically determinable illness or other physical or mental condition resulting from a bodily injury, disease or mental disorder which, in the judgment of the Committee, is
permanent and continuous in nature. The Committee may require such medical or other evidence as it deems necessary to judge the nature and permanency of an Independent Director’s condition. 

“Effective Date” of the Plan means the date of the approval of the Equity Incentive Plan by the Company’s
stockholders. 
 “Eligible Participant” means any person who is an Independent Director on the Effective Date
or becomes an Independent Director while this Plan is in effect; except that during any period a director is prohibited from participating in the Plan by his or her employer or otherwise waives participation in the Plan, such director shall not be
an Eligible Participant. 
 “Equity Incentive Plan” means the Wells Core Office Income REIT, Inc. 2010
Long-Term Incentive Plan, or any subsequent equity compensation plan approved by the Company’s stockholders and designated as the Equity Incentive Plan for purposes of this Plan. 

“Fair Market Value” has the meaning given such term in the Equity Incentive Plan. 

“Independent Director” means a director that meets either the independence standards promulgated by the New York Stock
Exchange or the definition of an Independent Director set forth in the Charter. 
 “Plan” means this Wells Core
Office Income REIT, Inc. 2010 Independent Directors Compensation Plan, as amended from time to time. 
 “Plan
Year” means the approximate 12-month period beginning with the annual stockholders meeting and ending at the next annual stockholders meeting; provided that the first Plan Year shall begin on the Effective Date and extend until the next
annual stockholders meeting. 
 “Shares” has the meaning given such term in the Equity Incentive Plan.

 “Stock” has the meaning given such term in the Equity Incentive Plan. 

ARTICLE 3 

ADMINISTRATION 

3.1. ADMINISTRATION. The Plan shall be administered by the Committee. Subject to the provisions of the Plan, the Committee shall
be authorized to interpret the Plan, to establish, amend and rescind any rules and regulations relating to the Plan, and to make all other determinations necessary or advisable for the administration of the Plan. The Committee’s interpretation
of the Plan, and all actions taken and determinations made by the Committee pursuant to the powers vested in it hereunder, shall be conclusive and binding upon all parties concerned including the Company, its stockholders and persons granted awards
under the Plan. The 

 
Committee may appoint a plan administrator to carry out the ministerial functions of the Plan, but the administrator shall have no other authority or powers of the Committee. 

3.2. RELIANCE. In administering the Plan, the Committee may rely upon any information furnished by the Company, its public
accountants and other experts. No individual will have personal liability by reason of anything done or omitted to be done by the Company or the Committee in connection with the Plan. This limitation of liability shall not be exclusive of any other
limitation of liability to which any such person may be entitled under the Company’s certificate of incorporation or otherwise. 

3.3. INDEMNIFICATION. Each person who is or has been a member of the Committee or who otherwise participates in the administration
or operation of this Plan shall be indemnified by the Company against, and held harmless from, any loss, cost, liability or expense that may be imposed upon or incurred by him or her in connection with or resulting from any claim, action, suit or
proceeding in which such person may be involved by reason of any action taken or failure to act under the Plan and shall be fully reimbursed by the Company for any and all amounts paid by such person in satisfaction of judgment against him or her in
any such action, suit or proceeding, provided he or she will give the Company an opportunity, by written notice to the Committee, to defend the same at the Company’s own expense before he or she undertakes to defend it on his or her own behalf.
This right of indemnification shall not be exclusive of any other rights of indemnification to which any such person may be entitled under the Company’s Charter, Bylaws, contract or Maryland law. 

ARTICLE 4 

SHARES 

4.1. SOURCE OF SHARES FOR THE PLAN. The Options, Shares or other equity awards that may be issued pursuant to the Plan shall be
issued under the Equity Incentive Plan, subject to all of the terms and conditions of the Equity Incentive Plan. The terms contained in the Equity Incentive Plan are incorporated into and made a part of this Plan with respect to Options, Shares or
other equity awards granted pursuant hereto and any such awards shall be governed by and construed in accordance with the Equity Incentive Plan. In the event of any actual or alleged conflict between the provisions of the Equity Incentive Plan and
the provisions of this Plan, the provisions of the Equity Incentive Plan shall be controlling and determinative. This Plan does not constitute a separate source of shares for the grant of the equity awards described herein. 

ARTICLE 5 

BASE RETAINER, MEETING FEES AND EXPENSES 

5.1. BASE RETAINER. Each Eligible Participant shall be paid a Base Retainer for service as a director during each Plan Year,
payable in such form as shall be elected by the Eligible Participant in accordance with Section 7.1. The amount of the Base Retainer shall be established from time to time by the Committee. Until changed by the Committee, the Base Retainer for
a full Plan Year shall be $30,000. The Base Annual Retainer shall be payable in approximately equal quarterly installments in advance, beginning on the date of the annual shareholders meeting; provided, however, that for the first Plan Year, the
first installment shall begin on the Effective Date and be prorated based on the number of full months in such quarter after the Effective Date. 

Each person who first becomes an Eligible Participant on a date other than the Effective Date or an annual meeting date shall be paid a
retainer equal to the quarterly installment of the Base Annual Retainer for the first quarter of eligibility, based on the number of full months he or she serves as an Independent Director during such quarter. Payment of such prorated Base Annual
Retainer shall begin on the date that the person first becomes an Eligible Participant. 
 5.2. MEETING FEES. Each
Independent Director shall be paid a meeting fee for each meeting of the Board he or she attends, payable in such form as shall be elected by the Eligible Participant in accordance with Section 7.2. The amount of the meeting fees shall be
established from time to time by the Committee. Until changed by the Committee, the meeting fee for attending a meeting of the Board, or a committee thereof, whether telephonically or in person, shall be as follows: 

 

				
	 Meeting Type
	  	Fee
	 Regular Board Meeting
	  	$	2,500
	 Audit Committee Meeting
	  	$	2,500
	 Other Committee Meeting
	  	$	1,500
	 Special Board or Committee Meeting
	  	$	250
	 Committee Chair, in addition to other meeting fee, if attended in person
	  	$	500

 Meeting fees shall be payable within
thirty (30) days following the date of the applicable meeting to which they relate. 
 5.3. TRAVEL EXPENSE
REIMBURSEMENT. All Independent Directors shall be reimbursed for reasonable travel expenses (including spouse’s expenses to attend events to which spouses are invited) in connection with attendance at meetings of the Board and its
committees, or other Company functions at which the Chair of the Board or the Chief Executive Officer requests the Independent Director to participate. Notwithstanding the foregoing, the Company’s reimbursement obligations pursuant to this
Section 5.3 shall be limited to expenses incurred while the Independent Director serves on the Board in the capacity as an Independent Director. Such payments will be made within thirty (30) days after delivery of the Independent
Director’s written requests for payment, accompanied by such evidence of expenses incurred as the Company may reasonably require, but in no event later than the December 31 following the year in which the expense was incurred. The amount
reimbursable in any one tax year shall not affect the amount reimbursable in any other tax year. Independent Directors’ right to reimbursement pursuant to this Section 5.3 shall not be subject to liquidation or exchange for another
benefit. 
 ARTICLE 6 

EQUITY COMPENSATION 

6.1. GENERAL. As provided for in Section 4.3 of the Equity Incentive Plan, the Committee is provided all necessary authority
to grant Awards to Participants subject to terms and conditions, not inconsistent with the provisions of the Plan, as the Committee shall establish. 

6.2. TERMS AND CONDITIONS OF OPTIONS. Options granted under this Article 6 shall be evidenced by a written Award Certificate, and
shall be subject to the terms and conditions described below and of the Equity Incentive Plan. 
  

 2 

 (i) EXERCISE PRICE. The exercise price per share under an Option shall be
the Fair Market Value on the date of grant of the Option. 
 (ii) OPTION TERM. Subject to earlier termination as
provided herein, the Option shall expire on the tenth anniversary of the date of grant. 
 (iii) VESTING. Each
Option granted pursuant to this Article 6 shall, unless earlier terminated as provided herein, vest and become exercisable as to one-third (1/3) of the shares on the Grant Date and as to one-third (1/3) of the shares on each of the first
two (2) anniversaries of the date of grant. Notwithstanding the foregoing, all Options granted under this Article 6 shall become fully vested and exercisable on the earlier occurrence of (i) the termination of the optionee’s service
as a director of the Company due to his or her death, Director Disability or termination without Cause (as defined in the Equity Incentive Plan), or (ii) a Change in Control of the Company (as defined in the Equity Incentive Plan). If the
optionee’s service as a director of the Company (whether or not in an Independent Director capacity) terminates for Cause, then the optionee shall forfeit all of his or her right, title and interest in and to any unvested Options as of the date
of such termination from the Committee. 
 6.3. RESTRICTIONS ON TRANSFER. The limitations on transfer provision of the
Equity Incentive Plan shall apply with respect to equity awards outstanding or to be granted pursuant to this Plan. 
 ARTICLE
7 
 ALTERNATIVE FORMS OF PAYMENT FOR BASE RETAINER AND MEETING FEES 

7.1 PAYMENT OF BASE RETAINER. At the election of each Eligible Participant, the Base Retainer for a given Plan Year shall be
either (i) payable in cash, in equal quarterly payments payable on the date of the annual stockholders meeting (i.e., the first day of the Plan Year) and on the three, six and nine month anniversaries thereof, or (ii) subject to share
availability under the Equity Incentive Plan, payable by a grant on the day following the annual stockholders meeting (the “Annual Retainer Stock Grant Date”) of a number of Shares determined by dividing the Base Retainer by a price
determined by the Committee from time to time. Any Shares granted under the Plan as the Base Retainer under clause (ii) above will be 100% vested and nonforfeitable as of the Annual Retainer Stock Grant Date, and the Eligible Participant
receiving such Shares (or his or her custodian, if any) will have immediate rights of ownership in the Shares, including the right to vote the Shares and the right to receive dividends or other distributions thereon. 

7.2 PAYMENT OF MEETING FEES. At the election of each Eligible Participant, the Meeting Fees to be earned during a Plan Year shall
be either (i) payable in cash at each meeting date or such other date(s) on which such fees are normally paid, or (ii) subject to share availability under the Equity Incentive Plan, payable by a grant on the day following each meeting date
(the “Meeting Fee Stock Grant Date”) of that number of Shares determined by dividing the Meeting Fees otherwise payable on the meeting date by a price determined by the Committee from time to time. Any Shares granted under the Plan as
Meeting Fees under clause (ii) above will be 100% vested and nonforfeitable as of the Meeting Fee Stock Grant Date, and the Eligible Participant receiving such Shares (or his or her custodian, if any) will have immediate rights of ownership in
the Shares, including the right to vote the Shares and the right to receive dividends or other distributions thereon. 
 7.3
TIMING AND MANNER OF PAYMENT ELECTION. Each Eligible Participant shall elect the form of payment desired for his or her Base Retainer and Meeting Fees for a Plan Year by delivering a valid Election Form to the Committee or the plan
administrator prior to the beginning of such Plan Year, which will be effective as of the first day of the Plan Year beginning after the Committee or the plan administrator receives the Eligible Participant’s Election Form. The Election Form
signed by the Eligible Participant prior to the Plan Year will be irrevocable for the coming Plan Year. However, prior to the commencement of the following Plan Year, an Eligible Participant may change his or her election for future Plan Years by
executing and delivering a new Election Form indicating different choices. If an Eligible Participant fails to deliver a new Election Form prior to the commencement of the new Plan Year, his or her Election Form in effect during the previous Plan
Year shall continue in effect during the new Plan Year. If no Election Form is filed or effective, the Base Retainer and Meeting Fees will be paid in cash. 

ARTICLE 8 

AMENDMENT, MODIFICATION AND TERMINATION 

8.1. AMENDMENT, MODIFICATION AND TERMINATION. The Committee may terminate or suspend the Plan at any time, without stockholder
approval. The Committee may amend the Plan at any time and for any reason without stockholder approval; provided, however, that the Committee may condition any amendment on the approval of stockholders of the Company if such approval is necessary or
deemed advisable with respect to tax, securities or other applicable laws, policies or regulations. No termination, modification or amendment of the Plan may, without the consent of an Independent Director, adversely affect an Independent
Director’s rights under an award granted prior thereto. 
 ARTICLE 9 

GENERAL PROVISIONS 

9.1. ADJUSTMENTS. The adjustment provisions of the Equity Incentive Plan shall apply with respect to equity awards outstanding or
to be granted pursuant to this Plan. 
 9.2. DURATION OF THE PLAN. The Plan shall remain in effect until the tenth
anniversary of the Effective Date, unless terminated earlier by the Committee. 
 9.3. EXPENSES OF THE PLAN. The expenses
of administering the Plan shall be borne by the Company. 
 9.4. STATUS OF THE PLAN. The Plan is intended to be a
nonqualified, unfunded plan of deferred compensation under the Code. Plan benefits shall be paid from the general assets of the Company or as otherwise directed by the Company. A participant shall have the status of a general unsecured creditor of
the Company with respect to his or her right to receive Common Stock or other payment upon settlement of equity awards under the Plan. No right or interest in the Options shall be subject to the claims of creditors of the Independent Director or to
liability for the debts, contracts or engagements of the Independent Director, or shall be subject to disposition by transfer, alienation, anticipation, pledge, encumbrance, assignment or any other means whether such disposition be voluntary or
involuntary or by operation of law by judgment, levy, attachment, garnishment or any other legal or equitable proceedings (including bankruptcy), and any attempted disposition thereof shall be null and void and of no effect; provided, however, that
nothing in this Plan shall prevent transfers by will or by the applicable laws of descent and distribution. To the extent that any participant acquires the right to receive payments under the Plan (from whatever source), such right shall be no
greater than that of an unsecured general creditor of the Company. Participants and their beneficiaries shall not have any preference or security interest in the assets of the Company other than as a general unsecured creditor. 

9.5. EFFECTIVE DATE. The Plan was adopted by the Board and became effective on
June 7th, 2010. 

 

 3 

 The foregoing is hereby acknowledged as being the Wells Core Office
Income REIT, Inc. 2010 Independent Directors Compensation Plan as adopted by the Board on
June 7th, 2010, approved by the sole stockholder on
June 7th, 2010. 

 

			
	WELLS CORE OFFICE INCOME REIT, INC.
		
	By:	 	/s/ Douglas P. Williams
	Name:	 	Douglas P. Williams
	Title:	 	Executive Vice President

  

 4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00177-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00177-of-00352.parquet"}]]