Document:

EX-10.20

 Exhibit 10.20 

ADVISORY AGREEMENT 
 between 

PACIFIC OAK STRATEGIC OPPORTUNITY REIT, INC., 

and 
 PACIFIC OAK CAPITAL
ADVISORS, LLC 
 [            ], 202[  ] 

 TABLE OF CONTENTS 
  

					
	 	  	Page	 
	 ARTICLE 1 - DEFINITIONS
	  	 	1	 
	 ARTICLE 2 - APPOINTMENT
	  	 	5	 
	 ARTICLE 3 - DUTIES OF THE ADVISOR
	  	 	6	 
	 3.01   Organizational and Offering Services
	  	 	6	 
	 3.02   Acquisition Services
	  	 	6	 
	 3.03   Asset Management Services
	  	 	7	 
	 3.04   Stockholder Services
	  	 	9	 
	 3.05   Other Services
	  	 	10	 
	 ARTICLE 4 - AUTHORITY OF ADVISOR
	  	 	10	 
	 4.01   General
	  	 	10	 
	 4.02   Powers of the Advisor
	  	 	10	 
	 4.03   Approval by the Board
	  	 	10	 
	 4.04   Modification or Revocation of Authority of Advisor
	  	 	10	 
	 ARTICLE 5 - BANK ACCOUNTS
	  	 	11	 
	 ARTICLE 6 - RECORDS AND FINANCIAL STATEMENTS
	  	 	11	 
	 ARTICLE 7 - LIMITATION ON ACTIVITIES
	  	 	11	 
	 ARTICLE 8 —FEES
	  	 	12	 
	 8.01   Management Fee
	  	 	12	 
	 8.02   Performance Fee
	  	 	12	 
	 8.03   Registration Rights
	  	 	14	 
	 8.04   Termination, Expiration or Liquidation
	  	 	14	 
	 ARTICLE 9 - EXPENSES
	  	 	14	 
	 9.01   General
	  	 	14	 
	 9.02   Timing of and Limitations on Reimbursements
	  	 	16	 
	 ARTICLE 10 - VOTING AGREEMENT
	  	 	16	 
	 ARTICLE 11 - RELATIONSHIP OF ADVISOR AND COMPANY; OTHER ACTIVITIES OF THE ADVISOR
	  	 	17	 
	 11.01   Relationship
	  	 	17	 
	 11.02   Time Commitment
	  	 	17	 
	 11.03   Investment Opportunities and Allocation
	  	 	17	 
	 ARTICLE 12 - THE PACIFIC OAK NAME
	  	 	17	 
	 ARTICLE 13 - TERM AND TERMINATION OF THE AGREEMENT
	  	 	18	 
	 13.01   Term
	  	 	18	 
	 13.02   Termination by Either Party
	  	 	18	 
	 13.03   Payments on Termination and Survival of Certain Rights and Obligations
	  	 	18	 
	 ARTICLE 14 - ASSIGNMENT
	  	 	19	 
	 ARTICLE 15 - INDEMNIFICATION AND LIMITATION OF LIABILITY
	  	 	19	 
	 15.01   Indemnification of the Advisor and its Affiliates
	  	 	19	 
	 15.02   Limitation on Indemnification of the Advisor and its Affiliates
	  	 	19	 
	 15.03   Limitation on Payment of Expenses of the Advisor and its Affiliates
	  	 	20	 
	 ARTICLE 16 - MISCELLANEOUS
	  	 	20	 
	 16.01   Notices
	  	 	20	 
	 16.02   Modification
	  	 	21	 

  
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	 16.03   Severability
	  	 	21	 
	 16.04   Construction
	  	 	21	 
	 16.05   Entire Agreement
	  	 	21	 
	 16.06   Waiver
	  	 	21	 
	 16.07   Gender
	  	 	21	 
	 16.08   Titles Not to Affect Interpretation
	  	 	21	 
	 16.09   Counterparts
	  	 	21	 

  

  
 ii 

 ADVISORY AGREEMENT 

This Advisory Agreement, dated as of [            , 2021] (the
“Agreement”), is by and between Pacific Oak Strategic Opportunity REIT, Inc., a Maryland corporation (the “Company”) and Pacific Oak Capital Advisors, LLC, a Delaware limited liability company (the
“Advisor”). Capitalized terms used herein shall have the meanings ascribed to them in Article 1 below. 
 W I T N E S S E T
H 
 WHEREAS, the Company desires to avail itself of the knowledge, experience, sources of information, advice, assistance and certain
facilities available to the Advisor and to have the Advisor undertake the duties and responsibilities hereinafter set forth, on behalf of, and subject to the supervision of, the Board, all as provided herein; and 

WHEREAS, the Advisor is willing to undertake to render such services, subject to the supervision of the Board, on the terms and conditions
hereinafter set forth. 
 NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants and agreements contained herein, the
parties hereto agree as follows: 
 ARTICLE 1 

DEFINITIONS 
 The following
defined terms used in this Agreement shall have the meanings specified below: 
 “Acquisition Expenses” means any and all
expenses, excluding Acquisition Fees, incurred by the Company, the Advisor or any Affiliate of either in connection with the selection, acquisition or development of any property, loan or other potential investment, whether or not acquired or
originated, as applicable, including, without limitation, legal fees and expenses, travel and communication expenses, costs of appraisals, nonrefundable option payments on properties or other investments not acquired, accounting fees and expenses,
title insurance premiums and miscellaneous expenses related to the selection, acquisition, origination or development of any property, loan or other potential investment. 

“Acquisition Fees” means any and all fees and commissions, excluding Acquisition Expenses, paid by any Person to any Person
in connection with making, originating or investing in any Property, Loan or other Permitted Investment or the purchase, development or construction of any Property by the Company. Included in the computation of such fees or commissions shall be any
real estate commission, selection fee, Development Fee, Construction Fee, nonrecurring management fee, loan fees or points or any fee of a similar nature, however designated. 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. 

  
 1 

 “Advisor” means (i) Pacific Oak Capital Advisors, LLC, a Delaware
limited liability company, or (ii) any successor advisor to the Company. 
 “Affiliate” or
“Affiliated.” An Affiliate of another Person includes any of 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. 
 “Average Invested Assets” means, 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” means the board of directors of the Company, as of any particular time. 

“Bylaws” means the bylaws of the Company, as amended from time to time. 

“Catch-Up” shall have the meaning set forth in Section 8.02. 

“Charter” means the articles of incorporation of the Company, as amended and supplemented from time to time. 

“Class I Common Stock” shall have the meaning set forth in the Charter. 

“Code” means the 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” means Pacific Oak Strategic Opportunity REIT, Inc., a corporation organized under the laws of the State of
Maryland. 
 “Conflicts Committee” shall have the meaning set forth in the Charter. 

“Construction Fee” means 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. 
 “Dealer
Manager” means (i) Pacific Oak Capital Markets, LLC, a Delaware limited liability company, or (ii) any successor dealer manager to the Company. 

  
 2 

 “Development Fee” means 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” means a member of the Board of Directors of the Company. 

“Distribution Fees” shall have the meaning set forth in the Charter. 

“Distributions” means 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. 
 “Excess Amount” shall have the
meaning set forth in Section 9.02(ii). 
 “Excess Profits” shall have the meaning set forth in Section 8.02. 

“Expense Year” shall have the meaning set forth in Section 9.02(ii). 

“GAAP” means accounting principles generally accepted in the United States. 

“Gross Proceeds” means the aggregate purchase price of all Shares sold for the account of the Company through an Offering,
without deduction for Organization and Offering Expenses. 
 “High Water Mark” shall have the meaning set forth in
Section 8.02. 
 “Hurdle Amount” shall have the meaning set forth in Section 8.02. 

“Joint Venture” means 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 Properties, Loans or other Permitted Investments. 
 “Listing” shall have the meaning
set forth in the Charter. 
 “Loans” means 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. 

“Loss Carryforward Amount” shall have the meaning set forth in Section 8.02. 

Management Fee” shall have the meaning set forth in Section 8.01. 

“NASAA Guidelines” means the NASAA Statement of Policy Regarding Real Estate Investment Trusts as in effect on the date
hereof. 
 “NAV” shall mean the net asset value of the Company or per Share, as the context requires, calculated pursuant
to the Valuation Guidelines. 

  
 3 

 “Net Income” means, 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. 

“Offering” means any offering of Shares that is registered with the SEC, excluding Shares offered under any employee benefit
plan. 
 “Operating Expenses” means all costs and expenses incurred by the Company, as determined under GAAP, that 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 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 the resale of real property, and other expenses connected with the acquisition, origination, disposition, and ownership of real estate interests, loans or other property (other than commissions on the sale of
assets other than real property), such as the costs of foreclosure, insurance premiums, legal services, maintenance, repair and improvement of property. 

“Organization and Offering Expenses” means all expenses incurred by or on behalf of the Company in connection with or in
preparing the Company for registration of and subsequently offering and distributing its Shares to the public, whether incurred before or after the date of this Agreement, which may include but are not limited to, total underwriting and brokerage
discounts and commissions (including fees of the underwriters’ attorneys); any expense allowance granted by the Company to the underwriter or any reimbursement of expenses of the underwriter by the Company; expenses for printing, engraving and
mailing; compensation 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. 
 “Performance Fee” shall have the meaning set forth
in Section 8.02. 
 “Partnership” means Pacific Oak Strategic Opportunity Limited Partnership, a Delaware limited
partnership formed to own and operate Properties, Loans and other Permitted Investments on behalf of the Company. 
 “Permitted
Investments” means all investments (other than Properties, Loans and short-term investments acquired for purposes of cash management) in which the Company may acquire an interest, either directly or indirectly, including through ownership
interests in a Joint Venture or partnership, pursuant to the Charter, Bylaws and the investment objectives and policies adopted by the Board from time to time. 

“Person” means 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 

  
 4 

 
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. 

“PORT II” means Pacific Oak Residential Trust, Inc., Inc., a Maryland corporation. 

“Property” means any real property or properties transferred or conveyed to the Company or the Partnership, either directly
or indirectly, including through ownership interests in a Joint Venture or partnership. 
 “Property Manager” means an
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. 

“Registration Statement” means a registration statement filed by the Company with the SEC, as amended from time to time, in
connection with an Offering. 
 “REIT” means a “real estate investment trust” under Sections 856 through 860 of
the Code. 
 “SEC” means the United States Securities and Exchange Commission. 

“Shares” means the shares of common stock of the Company of any class or series. 

“Stockholders” means the registered holders of the Shares. 

“Total Return” shall have the meaning set forth in Section 8.02. 

“Valuation Guidelines” mean the valuation guidelines adopted by the Board, as amended from time to time, for determining the
Company’s NAV and NAV per Share for each class of Shares. 
 “2%/25% Guidelines” means the requirement pursuant to the
NASAA Guidelines that, in any period of four consecutive fiscal quarters, total Operating Expenses not exceed the greater of 2% of the Company’s Average Invested Assets during such 12-month period or 25%
of the Company’s Net Income over the same 12-month period. 
 ARTICLE 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. 

  
 5 

 ARTICLE 3 

DUTIES OF THE ADVISOR 
 The
Advisor is responsible for managing, operating, directing and supervising the operations and administration of the Company and its assets. The Advisor undertakes to use its best efforts to present to the Company potential investment opportunities,
to make investment decisions on behalf of the Company subject to the limitations in the Charter, the direction and oversight of the Board and Section 4.03 hereof, and to provide the Company with a continuing and suitable investment program
consistent with the investment objectives and policies of the Company as determined and adopted from time to time by the Board. Subject to the limitations set forth in this Agreement, including Article 4 hereof, and the continuing and exclusive
authority of the Board over the management of the Company, the Advisor shall, either directly or by engaging an Affiliate or third party, perform the following duties: 

3.01 Organizational and Offering Services. The Advisor shall perform all services related to the organization of the Company or any
Offering or private sale of the Company’s securities, other than services that (i) are to be performed by the Dealer Manager, (ii) the Company elects to perform directly or (iii) would require the Advisor to register as a
broker-dealer with the SEC or any state. 
 3.02 Acquisition Services. 

(i) Serve as the Company’s investment and financial advisor and provide relevant market research and economic and
statistical data in connection with the Company’s assets and investment objectives and policies; 
 (ii) Subject to
Section 4 hereof and the investment objectives and policies of the Company: (a) locate, analyze and select potential investments; (b) structure and negotiate the terms and conditions of transactions pursuant to which investments in
Properties, Loans and other Permitted Investments will be made; (c) acquire, originate and dispose of Properties, Loans and other Permitted Investments on behalf of the Company; (d) arrange for financing and refinancing and make other
changes in the asset or capital structure of investments in Properties, Loans and other Permitted Investments; and (e) enter into leases, service contracts and other agreements for Properties, Loans and other Permitted Investments; 

(iii) Perform due diligence on prospective investments and create due diligence reports summarizing the results of such work;

 (iv) With respect to prospective investments presented to the Board, prepare reports regarding such prospective
investments that include recommendations and supporting documentation necessary for the Directors to evaluate the proposed investments; 

(v) Obtain reports (which may be prepared by the Advisor or its Affiliates), where appropriate, concerning the value of
contemplated investments of the Company; 

  
 6 

 (vi) Deliver to or maintain on behalf of the Company copies of all
appraisals obtained in connection with the Company’s investments; and 
 (vii) Negotiate and execute approved
investments and other transactions, including prepayments, maturities, workouts and other settlements of Loans and other Permitted Investments. 

3.03 Asset Management Services. 

(i) Real Estate and Related Services: 

(a) Investigate, select and, on behalf of the Company, engage and conduct business with (including enter contracts with) such
Persons as the Advisor deems necessary to the proper performance of its obligations as set forth in this Agreement, including but not limited to consultants, accountants, lenders, technical advisors, attorneys, brokers, underwriters, corporate
fiduciaries, escrow agents, depositaries, custodians, agents for collection, insurers, insurance agents, developers, construction companies, Property Managers and any and all Persons acting in any other capacity deemed by the Advisor necessary or
desirable for the performance of any of the foregoing services; 
 (b) Negotiate and service the Company’s debt
facilities and other financings; 
 (c) Monitor applicable markets and obtain reports (which may be prepared by the Advisor
or its Affiliates), where appropriate, concerning the value of investments of the Company; 
 (d) Monitor and evaluate the
performance of each asset of the Company and the Company’s overall portfolio of assets, provide daily management services to the Company and perform and supervise the various management and operational functions related to the Company’s
investments; 
 (e) 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; 

(f) Consult with the Company’s officers and the Board and assist the Board in the formulation and implementation of the
Company’s financial policies, and, as necessary with respect to investment and borrowing opportunities presented to the Board, 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; 

  
 7 

 (g) 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; 
 (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 Property
Managers; 
 (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)
Coordinate and manage relationships among the Company, on the one hand, and any co-venturers or partners, on the other; and 

(k) Consult with the Company’s officers and the Board and provide assistance with the evaluation and approval of
potential asset dispositions, sales and refinancings. 
 (ii) Accounting and Other Administrative Services: 

(a) Provide the day-to-day management of the
Company and perform and supervise the various administrative functions reasonably necessary for the management of the Company; 

(b) From time to time, or at any time reasonably requested by the Board, make reports to the Board on the Advisor’s
performance of services to the Company under this Agreement; 
 (c) Make reports to the Conflicts Committee each quarter of
the investments that have been made by other programs sponsored by the Advisor or any of its Affiliates, as well as any investments that have been made by the Advisor or any of its Affiliates directly; 

(d) Provide or arrange for any administrative services and items, legal and other services, office space, office furnishings,
personnel and other overhead items necessary and incidental to the Company’s business and operations; 
 (e) Provide
financial and operational planning services; 
 (f) Maintain accounting and other record-keeping functions at the Company
and investment levels, including information concerning the activities of the Company as shall be required to prepare and to file all periodic financial reports, tax returns and any other information required to be filed with the SEC, the Internal
Revenue Service and any other regulatory agency; 
 (g) Maintain and preserve all appropriate books and records of the
Company; 

  
 8 

 (h) Provide tax and compliance services and coordinate with appropriate
third parties, including the Company’s independent auditors and other consultants, on related tax matters; 
 (i)
Provide the Company with all necessary cash management services; 
 (j) Manage and coordinate with the transfer agent the
dividend process, redemption process and payments to Stockholders; 
 (k) Consult with the Company’s officers and the
Board and assist the Board in evaluating and obtaining adequate insurance coverage based upon risk management determinations; 

(l) Provide the Company’s officers and the Board with timely updates related to the overall regulatory environment
affecting the Company, as well as managing compliance with such matters, including but not limited to compliance with the Sarbanes-Oxley Act of 2002; 

(m) Consult with the Company’s officers and the Board relating to the corporate governance structure and appropriate
policies and procedures related thereto; 
 (n) Perform all reporting, record keeping, internal controls and similar matters
in a manner to allow the Company to comply with applicable law, including federal and state securities laws and the Sarbanes-Oxley Act of 2002; 

(o) Notify the Board of all proposed material transactions before they are completed; 

(p) Assist with the calculation of the Company’s NAV and NAV per Share in accordance with the Valuation Guidelines; 

(s) Monitor the valuation firms engaged pursuant to the Valuation Guidelines to ensure that each complies with the
Company’s Valuation Guidelines; 
 (u) Do all things necessary to assure its ability to render the services described
in this Agreement. 
 3.04 Stockholder Services. 

(i) Manage services for and communications with Stockholders, including answering phone calls, preparing and sending written
and electronic reports and other communications; 
 (ii) Oversee the performance of the transfer agent and registrar; 

(iii) Establish technology infrastructure to assist in providing Stockholder support and service; and 

  
 9 

 (iv) Consistent with Section 3.01, the Advisor shall perform the
various subscription processing services reasonably necessary for the admission of new Stockholders. 
 3.05 Other Services. Except
as provided in Article 7, the Advisor shall perform any other services reasonably requested by the Company (acting through the Conflicts Committee). 

ARTICLE 4 
 AUTHORITY OF ADVISOR

 4.01 General. All rights and powers to manage and control the
day-to-day business and affairs of the Company shall be vested in the Advisor. The Advisor shall have the power to delegate all or any part of its rights and powers to
manage and control the business and affairs of the Company to such officers, employees, Affiliates, agents and representatives of the Advisor or the Company as it may deem appropriate. Any authority delegated by the Advisor to any other Person shall
be subject to the limitations on the rights and powers of the Advisor specifically set forth in this Agreement or the Charter. 
 4.02
Powers of the Advisor. Subject to the express limitations set forth in this Agreement and the continuing and exclusive authority of the Board over the management of the Company, the power to direct the management, operation and policies of
the Company, including making, financing and disposing of investments, shall be vested in the Advisor, which shall have the power by itself and shall be authorized and empowered on behalf and in the name of the Company to carry out any and all of
the objectives and purposes of the Company and to perform all acts and enter into and perform all contracts and other undertakings that it may in its sole discretion deem necessary, advisable or incidental thereto to perform its obligations under
this Agreement. 
 4.03 Approval by the Board. Notwithstanding the foregoing, the Advisor may not take any action on behalf of the
Company without the prior approval of the Board or duly authorized committees thereof if the Charter or Maryland General Corporation Law require the prior approval of the Board. If the Board or a committee of the Board must approve a proposed
investment, financing or disposition or chooses to do so, the Advisor will deliver to the Board or committee, as applicable, all documents required by it to evaluate such investment, financing or disposition. 

4.04 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 Article 3 and this Article 4 hereof; 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. 
 4.05 PORT II..
Notwithstanding anything to the contrary in this Agreement, the Advisor will not be responsible for managing the operations or assets of PORT II. Pacific Oak Residential Advisors, LLC, an affiliate of the Advisor, will manage the operations and
assets of PORT II pursuant to a separate advisory agreement. All references to the power, authority, 

  
 10 

 
responsibility and duties of the Advisor with respect to the Company in this Agreement shall be deemed to exclude PORT II, its operations and its assets. The Advisor will rebate or offset its
fees under this Agreement to the extent of the Company’s indirect economic interest in fees paid by PORT II to Pacific Oak Residential Advisors, LLC (which will be based on the Company’s indirect ownership in PORT II OP LP, which is the
operating partnership of PORT II and the entity ultimately responsible for PORT II’s administrative expenses). 
 ARTICLE 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. The Advisor shall from time to time render appropriate accountings of such collections and
payments to the Board and the independent auditors of the Company. 
 ARTICLE 6 

RECORDS AND FINANCIAL STATEMENTS 

The Advisor, in the conduct of its responsibilities to the Company, shall maintain adequate and separate books and records for the
Company’s operations in accordance with GAAP, which shall be supported by sufficient documentation to ascertain that such books and records are properly and accurately recorded. Such books and records shall be the property of the Company and
shall be available for inspection by the Board and by counsel, auditors and other authorized agents of the Company, at any time or from time to time during normal business hours. Such books and records shall include all information necessary to
calculate and audit the fees or reimbursements paid under this Agreement. The Advisor shall utilize procedures to attempt to ensure such control over accounting and financial transactions as is reasonably required to protect the Company’s
assets from theft, error or fraudulent activity. All financial statements that the Advisor delivers to the Company shall be prepared on an accrual basis in accordance with GAAP, except for special financial reports that by their nature require a
deviation from GAAP. The Advisor shall liaise with the Company’s officers and independent auditors and shall provide such officers and auditors with the reports and other information that the Company so requests. 

ARTICLE 7 
 LIMITATION ON
ACTIVITIES 
 Notwithstanding any provision in this Agreement to the contrary, the Advisor shall not take any action that, in its sole
judgment made in good faith, would (i) adversely affect the ability of the Company to qualify or continue to qualify as a REIT under the Code, (ii) subject the Company to regulation under the Investment Company Act of 1940, as amended,
(iii) violate any law, rule, regulation or statement of policy of any governmental body or agency having 

  
 11 

 
jurisdiction over the Company, its Shares or its other securities, (iv) require the Advisor to register as a broker-dealer with the SEC or any state, or (v) violate the Charter or
Bylaws. In the event an action that would violate (i) through (v) of the preceding sentence but such action has been ordered by the Board, the Advisor shall notify 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. 

ARTICLE 8 
 FEES 

8.01 Management Fee. The Company will pay the Advisor a management fee (the “Management Fee”) equal to 1.25% of NAV of
the Company per annum payable monthly, before giving effect to any accruals for the Management Fee, Distribution Fees, the Performance Fee or any Distributions. The Advisor shall receive the Management Fees as compensation for services rendered
hereunder. 
 The Management Fee may be paid, at the Advisor’s election, in cash or cash equivalent aggregate NAV amounts of
Class I Common Stock. If the Advisor elects to receive any portion of its Management Fee in Class I Common Stock, the Advisor may elect to have the Company repurchase such Class I Common Stock from the Advisor at a later date and the
then-current NAV per Share for Class I Common Stock. Class I Common Stock obtained by the Advisor as payment for the Management Fee will not be subject to the redemption limits of the Company’s share redemption program or any
reduction or penalty for an early redemption or otherwise. 1 
 8.02 Performance
Fee. The Company will pay the Advisor a performance fee (the “Performance Fee”) equal to 15.0% of the Total Return, subject to a 6% Hurdle Amount and a High Water Mark, with a Catch-Up
(each term as defined below). Such Performance Fee shall be paid annually and accrue monthly. Specifically, the Company will pay the Advisor the Performance Fee equal to: 
  

	 	•	 	 First, if the Total Return for the applicable period exceeds the sum of (i) the Hurdle Amount for that
period and (ii) the Loss Carryforward Amount (any such excess, “Excess Profits”), 100% of such annual Excess Profits until the total Performance Fee equals 6.0% of the sum of (x) the Hurdle Amount for that period and (y) any
amount due to the Advisor pursuant to this clause (this is referred to as a “Catch-Up”); and 

  

	 	•	 	 Second, to the extent there are remaining Excess Profits, 15.0% of such remaining Excess Profits.

  
  

	1 	 I.e., these shares would be redeemed/repurchased outside of the redemption program and would not be subject to
our count towards its limits. 

  
 12 

 “Total Return” for any period since the end of the prior calendar year shall equal
the sum of: 
  

	 	(i)	 all Distributions accrued or paid (without duplication) on outstanding Shares at the end of such period since
the beginning of the then-current calendar year, plus 

  

	 	(ii)	 the change in aggregate NAV of such Shares since the beginning of the year, before giving effect to
(x) changes resulting solely from the proceeds of issuances of shares, (y) any accrual to the performance fee and (z) applicable Distribution Fee expenses (including any payments made to the Company for payment of such expenses).

 For the avoidance of doubt, the calculation of Total Return will (i) include any appreciation or depreciation in
the NAV of Shares issued during the then-current calendar year but (ii) exclude the proceeds from the initial issuance of such Shares. 

“Hurdle Amount” for any period during a calendar year means that amount that results in a 6% annualized internal rate of return on
the NAV of outstanding Shares at the beginning of the then-current calendar year and all Shares issued since the beginning of the then-current calendar year, taking into account the timing and amount of all Distributions accrued or paid (without
duplication) on all such Shares, and all issuances of Shares over the period and calculated in accordance with recognized industry practices. The ending NAV of Shares used in calculating the internal rate of return will be calculated before giving
effect to any accrual to the Performance Fee and applicable Distribution Fee expenses. 
 Except as described in Loss Carryforward below,
any amount by which Total Return falls below the Hurdle Amount will not be carried forward to subsequent periods. 
 “Loss Carryforward
Amount” shall initially equal zero and shall cumulatively increase by the absolute value of any negative annual Total Return and decrease by any positive annual Total Return, provided that the Loss Carryforward Amount shall at no time be less
than zero. The effect of the Loss Carryforward Amount is that the recoupment of past annual Total Return losses will offset the positive annual Total Return for purposes of the calculation of the Performance Fee. This is referred to as a “High
Water Mark.” 
 For purposes of the calculation above, the initial “calendar year” will be deemed to begin on
[                    ] and end on December 31, 20[    ].2 

 
  

	2 	 The intention here is that this new performance fee will go into effect upon NAV conversion. This would mean
that, if there is a performance fee due with respect to performance since Sept 2018 (which was the cutoff for the KBS Termination Payout), the Advisor and the IDs will need to agree on how to handle that. 

  
 13 

 The Performance Fee may be paid, at the Advisor’s election, in cash or cash equivalent
aggregate NAV amounts of Class I Common Stock. If the Advisor elects to receive any portion of its Performance Fee in Class I Common Stock, the Advisor may elect to have the Company repurchase such Class I Common Stock from the
Advisor at a later date. Any such repurchase requests will not be subject to the Early Redemption Deduction but will be subject to the redemption limits under the Company’s share redemption program.
3 
 8.03 Registration Rights. With respect to any Shares received as payment
for the Management Fee or Performance Fee, within six months after a Listing of the Shares, the Advisor and the Company covenant and agree to negotiate in good faith and enter into a registration rights agreement for such Shares with terms mutually
agreeable to the Company and the Advisor. Such registration rights agreement shall be in customary form for agreements of this type entered into by REITs with institutional investors prior to an initial public offering and will provide for:
(a) a long-form “demand” registration right exercisable once by the Advisor; (b) “shelf” registration rights so long as Form S-3 is available to the Company; (c) “piggy-back”
registration rights; and (d) in the event of “underwriters’ cut-backs” in relation to a demand registration, a shelf registration or any piggyback registration, the ability of the Company
to reduce the number of such Shares to be registered on a pro rata basis with other registering stockholders. 
 8.04. Termination,
Expiration or Liquidation. In the event this Agreement is terminated or its term expires without renewal, the Advisor will be entitled to receive its prorated Management Fee and Performance Fee through the date of termination. Such pro ration
shall take into account the number of days of any partial calendar month or calendar year for which this Agreement was in effect. In the event the Company commences a liquidation of its Properties, Loans and other Permitted Investments during any
calendar year, the Company will pay the Advisor the Management Fee and Performance Fee from the proceeds of the liquidation. 
 ARTICLE 9

 EXPENSES 
 9.01
General. In addition to the compensation paid to the Advisor pursuant to Article 8 hereof, the Company shall pay directly or reimburse the Advisor or its Affiliates for all of the expenses paid or incurred by the Advisor or its Affiliates on
behalf of the Company or in connection with the services provided to the Company pursuant to this Agreement, including, but not limited to: 

(i) Organization and Offering Expenses; provided that within 60 days after the end of the month in which a primary or
distribution reinvestment plan Offering terminates, the Advisor shall reimburse the Company to the extent the Company incurred Organization and Offering Expenses in the aggregate exceeding 15% of the Gross Proceeds raised in the applicable completed
Offering; 
  
  

	3 	 As written, these shares would be redeemed/repurchased as part of the redemption program and would be subject
to and count towards its limits. Client to consider whether the Advisor would participate in the SRP equally with stockholders (which is how this would work as written) or whether the Advisor should only be allowed to redeem to the extent
stockholders who want out have been redeemed. 

  
 14 

 (ii) Acquisition Fees and Acquisition Expenses incurred in connection with
the selection, acquisition or origination of Properties, Loans and other Permitted Investments, including such expenses incurred related to assets pursued or considered but not ultimately acquired by the Company, provided that, notwithstanding
anything herein to the contrary, the payment of Acquisition Fees and Acquisition Expenses by the Company shall be subject to the limitations contained in the Charter; 

(iii) The actual out-of-pocket cost of goods
and services used by the Company or and obtained from entities not Affiliated with the Advisor; 
 (iv) Interest and other
costs for borrowed money and financing transactions, including discounts, points and other similar fees; 
 (v) Taxes and
assessments on income or Properties, taxes as an expense of doing business and any other taxes otherwise imposed on the Company and its business, assets or income; 

(vi) Out-of-pocket costs associated with
insurance required in connection with the business of the Company or by its officers and Directors; 
 (vii) Expenses of
managing, improving, developing, operating and selling Properties, Loans and other Permitted Investments owned, directly or indirectly, by the Company, as well as expenses of other transactions relating to such Properties, Loans and other Permitted
Investments, including but not limited to prepayments, maturities, workouts and other settlements of Loans and other Permitted Investments; 

(viii) All out-of-pocket expenses in connection
with payments to the Board and meetings of the Board and Stockholders; 
 (ix) Personnel and related employment costs
incurred by the Advisor or its Affiliates in performing the services described in Article 3 hereof, including but not limited to reasonable salaries and wages, benefits and overhead of all employees directly involved in the performance of such
services, provided that no reimbursement shall be made for the salaries and benefits the Advisor or its Affiliates may pay to the Company’s executive officers; 

(x) Out-of-pocket expenses of providing
services for and 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; 

(xi) Audit, accounting and legal fees, and other fees for professional services relating to the operations of the Company and
all such fees incurred at the request, or on behalf of, the Board, the Conflicts Committee, the audit committee of the Board or any other committee of the Board; 

(xii) Out-of-pocket costs for the Company to
comply with all applicable laws, regulations and ordinances; 

  
 15 

 (xiii) Expenses connected with payments of Distributions made or caused to
be made by the Company to the Stockholders; 
 (xiv) Expenses of organizing, redomesticating, merging, liquidating or
dissolving the Company or of amending the Charter or the Bylaws; and 
 (xv) All other out-of-pocket costs incurred by the Advisor and its Affiliates in performing its duties hereunder. 

9.02 Timing of and Additional Limitations on Reimbursements. 

(i) Expenses incurred by the Advisor or its Affiliates on behalf of the Company and reimbursable pursuant to this Article 9
shall be reimbursed no less than monthly to the Advisor or its Affiliates, as applicable. 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) The following limitation on Operating Expenses shall apply: The Company shall not
reimburse the Advisor at the end of any fiscal quarter for 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 that 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 cause such fact
to be disclosed to the Stockholders in writing (or the Company shall disclose such fact to the Stockholders in the next quarterly report of the Company or by filing a Current Report on Form 8-K with the SEC
within 60 days of such quarter end), 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. All figures used in the foregoing computation shall be determined in accordance with GAAP applied on a consistent basis. 

ARTICLE 10 
 VOTING AGREEMENT 

The Advisor agrees that, with respect to any Shares now or hereinafter owned by it, the Advisor will not vote or consent on matters submitted
to the stockholders of the Company regarding (i) the removal of the Advisor, a director or any of their Affiliates or (ii) any transaction between the Company and the Advisor, a director or any of their Affiliates. This voting restriction
shall survive until such time that the Advisor is both no longer serving as such and is no longer an Affiliate of the Company. 

  
 16 

 ARTICLE 11 

RELATIONSHIP OF ADVISOR AND COMPANY; 

OTHER ACTIVITIES OF THE ADVISOR 

11.01 Relationship. 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. 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 manager, director, officer, employee or equityholder of the Advisor or its Affiliates
to engage in any other business or to render services of any kind to any other Person. The Advisor may, with respect to any investment in which the Company is a participant, also render advice and service to each and every other participant therein.
The Advisor shall promptly disclose to the Board the existence of any condition or circumstance, existing or anticipated, of which it has knowledge, that creates or could create a conflict of interest between the Advisor’s obligations to the
Company and its obligations to or its interest in any other Person. 
 11.02 Time Commitment. The Advisor shall, and shall cause its
Affiliates and their respective employees, officers and agents to, devote to the Company such time as shall be reasonably necessary to conduct the business and affairs of the Company in an appropriate manner consistent with the terms of this
Agreement. The Company acknowledges that the Advisor and its Affiliates and their respective employees, officers and agents may also engage in activities unrelated to the Company and may provide services to Persons other than the Company or any of
its Affiliates. 
 11.03 Investment Opportunities and Allocation. The Advisor shall be required to use commercially reasonable
efforts to present a continuing and suitable investment program to the Company that is consistent with the investment policies and objectives of the Company, but neither the Advisor nor any Affiliate of the Advisor shall be obligated generally to
present any particular investment opportunity to the Company even if the opportunity is of character that, if presented to the Company, could be taken by the Company. 

ARTICLE 12 
 THE PACIFIC OAK NAME

 The Advisor and its Affiliates have a proprietary interest in the name “Pacific Oak.” The Advisor hereby grants to the Company
a non-transferable, non-assignable, non-exclusive, royalty-free right and license to use the name “Pacific Oak” during
the term of this Agreement. Accordingly, and in recognition of this right, if at any time the Company ceases to retain the Advisor or one of its Affiliates to perform advisory services for the Company, the Company will, promptly after receipt of
written request from the Advisor, cease to conduct business under or use the name “Pacific Oak” or any derivative thereof and the Company shall change its name and the names of any of its subsidiaries to a name that does not contain the
name “Pacific Oak” or any other word or words that might, in the reasonable discretion of the Advisor, be susceptible of indication of some form of relationship between the Company and the Advisor or any its

  
 17 

 
Affiliates. At such time, the Company will also make any changes to any trademarks, servicemarks or other marks necessary to remove any references to the word “Pacific Oak.” 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 “Pacific Oak” as a part of their name, all without the need for any consent (and without the right to object thereto) by the Company. 

ARTICLE 13 
 TERM AND TERMINATION
OF THE AGREEMENT 
 13.01 Term. This Agreement shall have an initial term of one year from the date hereof and may be renewed for an
unlimited number of successive one-year terms upon mutual consent of the parties. The Company (acting through the Conflicts Committee) will evaluate the performance of the Advisor annually before renewing this
Agreement, and each such renewal shall be for a term of no more than one year. Any such renewal must be approved by the Conflicts Committee. 

13.02 Termination by Either Party. This Agreement may be terminated upon 60 days written notice without cause or penalty by either the
Company (acting through the Conflicts Committee) or the Advisor. The provisions of Articles 1, 10, 12, 13, 15 and 16 shall survive termination of this Agreement. 

13.03 Payments on Termination and Survival of Certain Rights and Obligations. Payments to the Advisor pursuant to this
Section 13.03 shall be subject to the 2%/25% Guidelines to the extent applicable. 
 (i) After the termination or
expiration of this Agreement, 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 or expiration all
unpaid reimbursements of expenses and all earned but unpaid fees payable to the Advisor prior to termination or expiration of this Agreement. 

(ii) The Advisor shall promptly upon termination or expiration: 

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

(c) deliver to the Board all assets and documents of the Company then in the custody of the Advisor; and 

  
 18 

 (d) cooperate with the Company to provide an orderly transition of advisory
functions. 
 ARTICLE 14 

ASSIGNMENT 
 This Agreement may
be assigned by the Advisor to an Affiliate with the consent of the Conflicts Committee. The Advisor may assign any rights to receive fees or other payments under this Agreement without obtaining the approval of the Board or the Conflicts Committee.
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, partnership or other organization that 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. 

ARTICLE 15 
 INDEMNIFICATION AND
LIMITATION OF LIABILITY 
 15.01 Indemnification of the Advisor and its Affiliates. Except as prohibited by the restrictions provided
in this Section 15.01, Section 15.02 and Section 15.03 and subject to any limitations imposed by Maryland General Corporation Law and the Charter, the Company shall indemnify, defend and hold harmless the Advisor and its Affiliates,
including their respective officers, directors, equity holders, 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. Any indemnification of the Advisor may be made only out of the net assets of the Company and not from Stockholders. 

Notwithstanding the foregoing, the Company shall not indemnify the Advisor or its Affiliates for any loss, liability or expense arising from
or out of an alleged violation of federal or state securities laws by such party unless one or more of the following conditions are met: (i) there has been a successful adjudication on the merits of each count involving alleged material
securities law violations as to the particular indemnitee; (ii) such claims have been dismissed with prejudice on the merits by a court of competent jurisdiction as to the particular indemnitee; or (iii) a court of competent jurisdiction
approves a settlement of the claims against a particular indemnitee and finds that indemnification of the settlement and the related costs should be made, and the court considering the request for indemnification has been advised of the position of
the SEC and of the published position of any state securities regulatory authority in which securities of the Company were offered or sold as to indemnification for violations of securities laws. 

15.02 Limitation on Indemnification of the Advisor and its Affiliates. Notwithstanding the foregoing, the Company shall not provide for
indemnification of the Advisor or its Affiliates for any liability or loss suffered by any of them, nor shall any of them be held harmless for any loss or liability suffered by the Company, unless all of the following conditions are met: 

(i) The Advisor or its Affiliates have determined, in good faith, that the course of conduct that caused the loss or liability
was in the best interests of the Company. 

  
 19 

 (ii) The Advisor or its Affiliates were acting on behalf of or performing
services for the Company. 
 (iii) Such liability or loss was not the result of negligence or misconduct by the Advisor or
its Affiliates. 
 15.03 Limitation on Payment of Expenses of the Advisor and its Affiliates. The Company shall pay or reimburse
reasonable legal expenses and other costs incurred by the Advisor or its Affiliates in advance of the final disposition of a proceeding only if (in addition to the procedures required by the Maryland General Corporation Law, as amended from time to
time) all of the following are satisfied: (a) the proceeding relates to acts or omissions with respect to the performance of duties or services on behalf of the Company, (b) the legal proceeding was initiated by a third party who is not a
Stockholder or, if by a Stockholder acting in his or her capacity as such, a court of competent jurisdiction approves such advancement and (c) the Advisor or its Affiliates undertake to repay the amount paid or reimbursed by the Company,
together with the applicable legal rate of interest thereon, if it is ultimately determined that the particular indemnitee is not entitled to indemnification. 

ARTICLE 16 
 MISCELLANEOUS 

16.01 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 Charter, the Bylaws or is accepted by the party to whom it is given, and shall be given by being delivered by hand, by overnight mail or other overnight delivery
service or by electronic mail to the addresses set forth herein: 
 To the Company or the Board: 

Pacific Oak Strategic Opportunity REIT, Inc. 

11766 Wilshire Blvd., Suite 1670 

Los Angeles, California 90025 

To the Advisor: 
 Pacific Oak
Capital Advisors, LLC 
 11766 Wilshire Blvd., Suite 1670 

Los Angeles, California 90025 

  
 20 

 Any party may at any time give notice in writing to the other party of a change in its
address for the purposes of this Section 16.01. 
 16.02 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 permitted assigns. 

16.03 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. 

16.04 Construction. The provisions of this Agreement shall be construed and interpreted in accordance with the laws of the State of
Delaware. 
 16.05 Entire Agreement. This Agreement contains the entire agreement and understanding between 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. 

16.06 Waiver. Neither the failure nor any delay on the part of a party to exercise any right, remedy, power or privilege under this
Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the same or of any other right, remedy, power or privilege, nor shall any waiver
of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence. No waiver shall be effective unless it is in writing and is signed by
the party asserted to have granted such waiver. 
 16.07 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. 

16.08 Titles Not to Affect Interpretation. The titles of Articles and Sections 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. 
 16.09
Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original as against any party whose signature appears thereon, and all of which shall together constitute one and the same
instrument. This Agreement shall become binding when one or more counterparts hereof, individually or taken together, shall bear the signatures of all of the parties reflected hereon as the signatories. 

  
 21 

 [The remainder of this page is intentionally left blank. 

Signature page follows.] 

  
 22 

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

					
	PACIFIC OAK STRATEGIC OPPORTUNITY REIT, INC.
		
	    By:	 	  

		 	Keith D. Hall, Chief Executive Officer
	
	PACIFIC OAK CAPITAL ADVISORS, LLC
		
	    By:	 	Pacific Oak Holding Group, LLC, sole Member
			
		 	By:	 	  

		 		 	Peter McMillan III, Member
			
		 	By:	 	  

		 		 	Keith D. Hall, Member

  
 23Document

Exhibit 10.1

SLACK TECHNOLOGIES, INC.
AMENDED AND RESTATED EXECUTIVE SEVERANCE PLAN
1.Purpose.  Slack Technologies, Inc. (the “Company”) considers it essential to the best interests of its stockholders to foster the continuous employment of key management personnel. The Board of Directors of the Company (the “Board”) recognizes, however, that, the possibility of an involuntary termination of employment, either before or after a Change in Control (as defined in Section 2 hereof), exists and that such possibility, and the uncertainty and questions that it may raise among management, may result in the departure or distraction of management personnel to the detriment of the Company and its stockholders. Therefore, the Board has determined that the Slack Technologies, Inc. Amended and Restated Executive Severance Plan (the “Plan”) should be adopted to reinforce and encourage the continued attention and dedication of the Company’s Covered Executives (as defined in Section 2 hereof) to their assigned duties without distraction. Nothing in this Plan shall be construed as creating an express or implied contract of employment and nothing shall alter the “at will” nature of the Covered Executives’ employment with the Company.
2.Definitions.  The following terms shall be defined as set forth below:
(a)“Accounting Firm” shall mean a nationally recognized accounting firm selected by the Company.
(b)“Administrator” means the Board or a committee thereof.
(c)“Base Salary” shall mean the higher of the Covered Executive’s (i) annual base salary in effect immediately prior to the Date of Termination or (ii) annual base salary in effect for the fiscal year immediately prior to the fiscal year in which the Date of Termination occurs.
(d)“Cause” shall mean, and shall be limited to, the occurrence of any one or more of the following events: 
(i) conduct by the Covered Executive constituting a material act of misconduct in connection with the performance of his or her duties, including, without limitation, misappropriation of funds or property of the Company or any of its subsidiaries or affiliates other than the occasional, customary and de minimis use of Company property for personal purposes;
(ii) the commission by the Executive of any felony or a misdemeanor involving moral turpitude, deceit, dishonesty or fraud, or any conduct by the Covered Executive that would reasonably be expected to result in material injury or reputational harm to the Company or any of its subsidiaries and affiliates if he or she were retained in his or her position;
(iii) continued non-performance by the Covered Executive of his or her duties to the Company (other than by reason of the Covered Executive’s physical or mental 

illness, incapacity or disability) which has continued for 30 days following written notice of such non-performance from the Company;
(iv) a material violation by the Covered Executive of the Proprietary Information and Inventions Agreement entered into between the Covered Executive and the Company or any other confidentiality, invention assignment or similar agreement with the Company;
(v) a material violation by the Covered Executive of one of the Company’s material written employment policies that would reasonably be expected to result in material injury or reputational harm to the Company or any of its subsidiaries and affiliates if he or she were retained in his or her position; or
(vi) the Covered Executive’s failure to cooperate with a bona fide internal investigation or an investigation by regulatory or law enforcement authorities, after being instructed by the Company to cooperate, or the Covered Executive’s willful destruction or failure to preserve documents or other materials known to be relevant to such investigation or the inducement of others to fail to cooperate or to produce documents or other materials in connection with such investigation.
(e)“Change in Control” shall have the same meaning as “Sale Event” as defined in the Company’s 2019 Stock Option and Incentive Plan (as may be amended from time to time). 
(f)“Change in Control Period” shall mean the period beginning three months prior to the date of a Change in Control and ending 12 months after the date of a Change in Control. 
(g)“Code” shall mean the Internal Revenue Code of 1986, as amended.
(h)“Covered Executives” shall mean those officers and other executives or individuals designated by the Board in its discretion to participate in the Plan and who meet the eligibility requirements set forth in Section 4 of this Plan. 
(i)“Date of Termination” shall mean the date that a Covered Executive’s employment, in any and all capacities, with the Company (or any successor) ends, which date shall be specified in the Notice of Termination.  Notwithstanding the foregoing, a Covered Executive’s employment shall not be deemed to have been terminated solely as a result of the Covered Executive becoming an employee of any direct or indirect successor to the business or assets of the Company.
(j)“Disability” means “disability” as defined in Section 422(c) of the Code.
(k)“Good Reason” shall mean that the Covered Executive has complied with the “Good Reason Process” following the occurrence of any of the following events:
(i) a material diminution in the Covered Executive’s position, responsibilities, authority or duties;

(ii) a reduction in the Covered Executive’s base salary by more than 10% except for across-the-board salary reductions similarly affecting all or substantially all management employees; 
(iii) the relocation of the Company office at which the Covered Executive is principally employed to a location more than 35 miles from such office; or 
(iv) the failure of any successor to the Company to assume and agree to be bound by the terms and conditions of this Plan with respect to the applicable Covered Executive.
For purposes of Section 2(k)(i), a change in the reporting relationship or a change in a title will not, by itself, be sufficient to constitute a material diminution of responsibilities, authority or duty; provided, however, for each of the Company’s Chief Financial Officer and General Counsel, if such individual is no longer directly reporting to the Chief Executive Officer of the surviving corporation immediately following a Change in Control, then such change shall be deemed a material diminution in such Covered Executive’s position for purposes of Section 2(k)(i).
(l)“Good Reason Process” shall mean:
(i) the Covered Executive reasonably determines in good faith that a “Good Reason” condition has occurred; 
(ii) the Covered Executive notifies the Company or its successor in writing of the occurrence of the Good Reason condition within 30 days of the occurrence of such condition; 
(iii) the Covered Executive cooperates in good faith with the Company’s or its successor’s efforts, for a period of 30 days following such notice (the “Cure Period”), to remedy the condition; 
(iv) notwithstanding such efforts, the Good Reason condition continues to exist following the Cure Period; and 
(v) the Covered Executive terminates his or her employment and provides the Company or its successor with a Notice of Termination with respect to such termination, each within 30 days after the end of the Cure Period.
If the Company or the successor cures the Good Reason condition during the Cure Period, Good Reason shall be deemed not to have occurred.
(m)“Notice of Termination” shall mean a written notice which shall indicate the specific termination provision in this Plan relied upon for the termination of a Covered Executive’s employment and the Date of Termination. 
(n)“Participation Agreement” shall mean an agreement between a Covered Executive and the Company that acknowledges the Covered Executive’s participation in the Plan. 

(o)“Public Offering” shall mean the consummation of the first public offering pursuant to an effective registration statement under the Securities Act covering the offer and sale of the Company’s equity securities, as a result of or following which the Company’s common stock shall be publicly held.
(p) “Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations thereunder.
3.Administration of the Plan.
(a)Administrator. The Plan shall be administered by the Administrator.
(b)Powers of Administrator. The Administrator shall have all powers necessary to enable it properly to carry out its duties with respect to the complete control of the administration of the Plan. Not in limitation, but in amplification of the foregoing, the Administrator shall have the power and authority in its discretion to:
(i) construe the Plan to determine all questions that shall arise as to interpretations of the Plan’s provisions, including, but not limited to, determination of which individuals are Covered Executives, the benefits to which any Covered Executives may be entitled, the eligibility requirements for participation in the Plan and all other matters pertaining to the Plan;
(ii) adopt amendments to the Plan which are deemed necessary or desirable to comply with all applicable laws and regulations, including but not limited to Code Section 409A and the guidance thereunder;
(iii) make all determinations it deems advisable for the administration of the Plan, including the authority and ability to delegate administrative functions to a third party; 
(iv) decide all disputes arising in connection with the Plan; and 
(v) otherwise supervise the administration of the Plan.
(c)All decisions and interpretations of the Administrator shall be binding on all persons, including the Company and Covered Executives.
4.Eligibility. All Covered Executives who have executed and submitted to the Company a Participation Agreement, and satisfied such other requirements as may be determined by the Administrator, are eligible to participate in the Plan.  
5.Termination Benefits Generally. In the event a Covered Executive’s employment with the Company is terminated for any reason, the Company shall pay or provide to the Covered Executive any earned but unpaid salary, unpaid expense reimbursements and accrued but unused leave entitlement, if applicable (collectively, the “Accrued Benefits”), within the time required by law but in no event more than 30 days after the Date of Termination.  
6.Termination Not in Connection with a Change in Control. In the event the employment of a Covered Executive is terminated (i) by the Company for any reason other than 

by reason of death, Disability, or for Cause, or (b) by the Covered Executive for Good Reason, and, in each case,  such termination occurs outside of the Change in Control Period, then with respect to such Covered Executive, in addition to the Accrued Benefits, subject to his or her execution of a separation agreement containing, among other provisions, an effective general release of claims in favor of the Company and related persons and entities, confidentiality, return of property and non-disparagement, in a form and manner satisfactory to the Company by the Covered Executive and the expiration of any revocation period with respect thereto within 60 days of the Date of Termination (the “Release Requirement”), the Company shall:
(a)pay the Covered Executive a single lump sum cash amount equal to 12 months’ Base Salary for the Company’s Chief Executive Officer and 6 months’ Base Salary for each other Covered Executive.  Such amount shall be paid as soon as reasonably practicable, but not later than 60 days after the Date of Termination occurs; and
(b)if the Covered Executive was participating in the Company’s group health plan immediately prior to the Date of Termination and elects COBRA health continuation, then for a period of 12 months for the Company’s Chief Executive Officer and 6 months for each other Covered Executive following the date of termination, or until the Covered Executive becomes covered under a group health plan of another employer, whichever is earlier (the “COBRA Coverage Period”), the Company shall provide the Covered Executive, at the Company’s sole expense, continued medical, dental and vision insurance benefit coverage in accordance with the provisions of COBRA, provided that the Covered Executive timely executes all necessary COBRA election documentation and remains eligible for COBRA coverage.  After the Covered Executive’s COBRA Coverage Period, if the Covered Executive wishes to continue such COBRA coverage and is eligible therefor, the Covered Executive will be required to pay all requisite premiums for such continued coverage.
7.Termination in Connection with a Change in Control.  In the event the employment of a Covered Executive is terminated (i) by the Company for any reason other than by reason of death, Disability, or for Cause or (ii) by the Covered Executive for Good Reason, and, in each case, such termination occurs during the Change in Control Period, then with respect to such Covered Executive, in addition to the Accrued Benefits, subject to his or her satisfaction of the Release Requirement, the Company shall:
(a)cause 100% of the outstanding and unvested equity awards held by the Covered Executive to immediately become fully exercisable and vested as of the Date of Termination (or the date of the Change in Control, if later); provided , that the performance conditions applicable to any stock-based awards subject to performance conditions will be deemed satisfied at the higher of the target level specified in the terms of the applicable award agreement or actual achievement;
(b)pay the Covered Executive a single lump sum cash amount equal to 12 months’ Base Salary for the Company’s Chief Executive Officer and 12 months’ Base Salary for each other Covered Executive.  Such amount shall be paid as soon as reasonably practicable, but not later than 60 days after the Date of Termination occurs; 

(c)if the Covered Executive was participating in the Company’s group health plan immediately prior to the Date of Termination and elects COBRA health continuation, then for a period of 12 months for the Company’s Chief Executive Officer and 12 months for each other Covered Executive following the date of termination, or until the Covered Executive becomes covered under a group health plan of another employer, whichever is earlier (the “CiC COBRA Coverage Period”), the Company shall provide the Covered Executive, at the Company’s sole expense, continued medical, dental and vision insurance benefit coverage in accordance with the provisions of COBRA, provided that the Covered Executive timely executes all necessary COBRA election documentation and remains eligible for COBRA coverage.  After the Covered Executive’s CiC COBRA Coverage Period, if the Covered Executive wishes to continue such COBRA coverage and is eligible therefor, the Covered Executive will be required to pay all requisite premiums for such continued coverage; and
(d)pay the Covered Executive a single lump sum cash amount equal to the Covered Executive’s annual target bonus in effect as of the Date of Termination pro-rated to reflect the portion of the year that has elapsed.
For the avoidance of doubt, the severance pay and benefits provided in this Section 7 shall apply in lieu of, and expressly supersede, the provisions of Section 6 and no Covered Executive shall be entitled to the severance pay and benefits under both Section 6 and 7 hereof.
8.Recoupment and Reimbursement. Without limiting the Company’s other remedies at law or equity, if the Administrator determines after a Covered Executive’s Date of Termination that circumstances constituting Cause existed at or prior to the Covered Executive’s Date of Termination, the Administrator has the authority to (i) cease any remaining payments or benefits to the Covered Executive or his or her representatives, estate, heirs and beneficiaries pursuant to Sections 6 and/or 7 of this Plan and/or (ii) require the Covered Executive or his or her representatives, estate, heirs and beneficiaries to repay to the Company any severance payments and benefits provided to the Covered Executive under Sections 6 and/or 7 of this Plan to the greatest extent permitted by applicable law.  The repayment of such amounts shall be due to the Company within 90 days after the Company provides notice to the Covered Executive that it is enforcing this provision. 
If the Company incurs attorneys’ fees and costs in order to collect repayment as allowed under this section, the Company has the right to recover those fees and costs from the Covered Executive and his or her representatives, estate, heirs and beneficiaries, and such party will be required to pay interest on any amounts he or she holds which should have been returned to the Company under the terms of this section. The Company has a first priority right to receive a reimbursement payment under this section which is superior to any and all claims, debts or liens asserted by any third-party, and by participating in and accepting severance payments and benefits from the Company under this Plan, the Covered Executive agrees, on behalf of himself or herself and his or her representatives, estate, heirs and beneficiaries, that any reimbursement amounts owed to the Company under this section are Company assets to the extent of the amount of Plan severance and benefits provided on behalf of the Covered Executive, and Covered Executive and his or her representatives, estate, heirs and beneficiaries shall be fiduciaries with respect to such amounts, and shall be liable for and agree to pay any costs and fees (including 

reasonable attorneys’ fees) incurred by the Company to enforce its recoupment and reimbursement rights.
In the event the Covered Executive or his or her representatives, estate, heirs and beneficiaries dispute the applicability of this section when it is sought to be enforced, then such individual shall submit a written notice of dispute to the Administrator who will make a written decision regarding the dispute and provide a basis for the decision.  If the individual still disputes the Administrator decision, then the individual shall submit a written appeal of the decision to the Administrator stating the reasons for disagreement, and the Administrator will make a written decision regarding the appeal and provide a basis for the decision, and the Administrator’s determination of the appeal will be final and binding on all parties to the dispute.
9.Additional Limitation.
(a)Anything in this Plan to the contrary notwithstanding, in the event that the amount of any compensation, payment or distribution by the Company to or for the benefit of the Covered Executive, whether paid or payable or distributed or distributable pursuant to the terms of this Plan or otherwise, calculated in a manner consistent with Section 280G of the Code and the applicable regulations thereunder (the “Aggregate Payments”), would be subject to the excise tax imposed by Section 4999 of the Code, then, (i) if the Company has not consummated an Public Offering, (A) the Aggregate Payments payable to such Covered Executive under this Plan shall be reduced (but not below zero) to the extent necessary so that the maximum Aggregate Payments shall not exceed the Threshold Amount (the “Reduction Amount”), and (b) the Company shall use reasonable efforts to satisfy the shareholder approval requirements set forth in Q/A 7 of Treasury Regulations Section 1.280G-1 with respect to such Reduction Amount, and if such requirements are satisfied then such Reduction Amount shall become payable hereunder as if subsection (A) above had not applied thereto, and (ii) if the Company has consummated an Public Offering, the Aggregate Payments shall be reduced (but not below zero) so that the sum of all of the Aggregate Payments shall be $1.00 less than the amount at which the Covered Executive becomes subject to the excise tax imposed by Section 4999 of the Code; provided that such reduction shall only occur if it would result in the Covered Executive receiving a higher After Tax Amount (as defined below) than the Covered Executive would receive if the Aggregate Payments were not subject to such reduction.  In such event, the Aggregate Payments shall be reduced in the following order, in each case, in reverse chronological order beginning with the Aggregate Payments that are to be paid the furthest in time from consummation of the transaction that is subject to Section 280G of the Code:  (i) cash payments not subject to Section 409A of the Code; (ii) cash payments subject to Section 409A of the Code; (iii) equity-based payments and acceleration; and (iv) non-cash forms of benefits; provided that in the case of all the foregoing Aggregate Payments all amounts or payments that are not subject to calculation under Treas. Reg. §1.280G-1, Q&A-24(b) or (c) shall be reduced before any amounts that are subject to calculation under Treas. Reg. §1.280G-1, Q&A-24(b) or (c). For purposes of this Section, “Threshold Amount” shall mean three times the Covered Executive’s “base amount” within the meaning of Section 280G(b)(3) of the Code and the regulations thereunder, less one dollar.

(b)For purposes of this Section 9, the “After Tax Amount” means the amount of the Aggregate Payments less all federal, state, and local income, excise, employment and social security taxes imposed on the Covered Executive as a result of the Covered Executive’s receipt of the Aggregate Payments.  For purposes of determining the After Tax Amount, the Covered Executive shall be deemed to pay federal income taxes at the highest marginal rate of federal income taxation applicable to individuals for the calendar year in which the determination is to be made, and state and local income taxes and social security at the highest marginal rates of individual taxation in each applicable state and locality, net of the maximum reduction in federal income taxes which could be obtained from deduction of such state and local taxes.
(c)The determination as to whether a reduction in the Aggregate Payments shall be made pursuant to Section 9(a) shall be made by the Accounting Firm, which shall provide detailed supporting calculations both to the Company and the Covered Executive within 15 business days of the Date of Termination, if applicable, or at such earlier time as is reasonably requested by the Company or the Covered Executive.  Any determination by the Accounting Firm  shall be binding upon the Covered Executive.
10.Proprietary Information and Inventions Agreement. As a condition to participating in the Plan, each Covered Executive shall continue to comply with the terms and conditions contained in the Proprietary Information and Inventions Agreement entered into between the Covered Executive and the Company. If a Covered Executive has not entered into a Proprietary Information and Inventions Agreement or similar agreement with the Company, he or she shall enter into such agreement prior to participating in the Plan.
11.Withholding. All payments made by the Company under this Plan shall be subject to any tax or other amounts required to be withheld by the Company under applicable law. 
12.Section 409A.
(a)Anything in this Plan to the contrary notwithstanding, if at the time of the Covered Executive’s “separation from service” within the meaning of Section 409A of the Code, the Company determines that the Covered Executive is a “specified employee” within the meaning of Section 409A(a)(2)(B)(i) of the Code, then to the extent any payment or benefit that the Covered Executive becomes entitled to under this Plan would be considered deferred compensation subject to the 20 percent additional tax imposed pursuant to Section 409A(a) of the Code as a result of the application of Section 409A(a)(2)(B)(i) of the Code, such payment shall not be payable and such benefit shall not be provided until the date that is the earlier of (A) six months and one day after the Covered Executive’s separation from service, or (B) the Covered Executive’s death.  If any such delayed cash payment is otherwise payable on an installment basis, the first payment shall include a catch-up payment covering amounts that would otherwise have been paid during the six-month period but for the application of this provision, and the balance of the installments shall be payable in accordance with their original schedule.
(b)The parties intend that this Plan will be administered in accordance with Section 409A of the Code and that all amounts payable hereunder shall be exempt from the requirements of such section as a result of being “short term deferrals” for purposes of Section 

409A of the Code to the greatest extent possible.  To the extent that any provision of this Plan is not exempt from Section 409A of the Code and ambiguous as to its compliance with Section 409A of the Code, the provision shall be read in such a manner to comply with Section 409A of the Code.  Each payment pursuant to this Plan is intended to constitute a separate payment for purposes of Treasury Regulation Section 1.409A‐2(b)(2).  The parties agree that this Plan may be amended, as reasonably requested by either party, and as may be necessary to fully comply with Section 409A of the Code and all related rules and regulations in order to preserve the payments and benefits provided hereunder without additional cost to either party.
(c)To the extent that any payment or benefit described in this Plan constitutes “non-qualified deferred compensation” under Section 409A of the Code, and to the extent that such payment or benefit is payable upon the Covered Executive’s termination of employment, then such payments or benefits shall be payable only upon the Covered Executive’s “separation from service.”  The determination of whether and when a separation from service has occurred shall be made in accordance with the presumptions set forth in Treasury Regulation Section 1.409A-1(h).
(d)All in-kind benefits provided and expenses eligible for reimbursement under this Plan shall be provided by the Company or incurred by the Covered Executive during the time periods set forth in this Plan.  All reimbursements shall be paid as soon as administratively practicable, but in no event shall any reimbursement be paid after the last day of the taxable year following the taxable year in which the expense was incurred.  The amount of in-kind benefits provided or reimbursable expenses incurred in one taxable year shall not affect the in-kind benefits to be provided or the expenses eligible for reimbursement in any other taxable year (except for any lifetime or other aggregate limitation applicable to medical expenses).  Such right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit.
(e)The Company makes no representation or warranty and shall have no liability to the Covered Executive or any other person if any provisions of this Plan are determined to constitute deferred compensation subject to Section 409A of the Code but do not satisfy an exemption from, or the conditions of, such Section.
13.Notice and Date of Termination.
(a)Notice of Termination. A termination of the Covered Executive’s employment shall be communicated by Notice of Termination from the Company to the Covered Executive or vice versa in accordance with this Section 13.  
(b)Notice to Covered Executive or the Company. Any notices, requests, demands, and other communications provided for by this Plan shall be sufficient if in writing and delivered in person or sent by registered or certified mail, postage prepaid, to a Covered Executive at the last physical or email address the Covered Executive has filed in writing with the Company, or to the Company at the following physical or email address:
Slack Technologies, Inc.
Attention: David Schellhase, General Counsel

500 Howard Street
San Francisco, CA 94105
dschellhase@slack-corp.com
14.No Mitigation. The Covered Executive is not required to seek other employment or to attempt in any way to reduce any amounts payable to the Covered Executive by the Company under this Plan.  
15.Benefits and Burdens. This Plan shall inure to the benefit of and be binding upon the Company and the Covered Executives, their respective successors, executors, administrators, heirs and permitted assigns. In the event of a Covered Executive’s death after a termination of employment but prior to the completion by the Company of all payments due to him or her under this Plan, the Company shall continue such payments to the Covered Executive’s beneficiary designated in writing to the Company prior to his or her death (or to his or her estate, if the Covered Executive fails to make such designation).
16.Enforceability. If any portion or provision of this Plan shall to any extent be declared illegal or unenforceable by a court of competent jurisdiction, then the remainder of this Plan, or the application of such portion or provision in circumstances other than those as to which it is so declared illegal or unenforceable, shall not be affected thereby, and each portion and provision of this Plan shall be valid and enforceable to the fullest extent permitted by law.
17.Waiver. No waiver of any provision hereof shall be effective unless made in writing and signed by the waiving party.  The failure of any party to require the performance of any term or obligation of this Plan, or the waiver by any party of any breach of this Plan, shall not prevent any subsequent enforcement of such term or obligation or be deemed a waiver of any subsequent breach.
18.Non-Duplication of Benefits and Effect on Other Plans. Notwithstanding any other provision in the Plan to the contrary, the benefits provided hereunder shall be in lieu of any other severance payments and/or benefits provided by the Company, including any such payments and/or benefits pursuant to an employment agreement or offer letter between the Company and the Covered Executive.
19.No Contract of Employment. Nothing in this Plan shall be construed as giving any Covered Executive any right to be retained in the employ of the Company or shall affect the terms and conditions of a Covered Executive’s employment with the Company.
20.Amendment or Termination of Plan. The Company may amend or terminate this Plan at any time or from time to time, but no such action shall adversely affect the rights of any Covered Executive without the Covered Executive’s written consent.
21.Governing Law. This Plan shall be construed under and be governed in all respects by the laws of the State of California.
22.Obligations of Successors. In addition to any obligations imposed by law upon any successor to the Company, any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of the Company 

shall expressly assume and agree to perform this Plan in the same manner and to the same extent that the Company would be required to perform if no such succession had taken place.
23.Effectiveness. This Plan, as amended and restated, shall be effective as of December 17, 2020.

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