Document:

EX-10.2

 EXHIBIT 10.2 
  

 
  
  

 
  

ADVISORY AGREEMENT 
 Among 

HINES GLOBAL REIT II ADVISORS LP, 

HINES GLOBAL REIT II PROPERTIES LP, 

and 
 HINES GLOBAL REIT II, INC.

 August 15, 2014 

 TABLE OF CONTENTS 
  

							
	 	  	 	  	Page	 
		
	 ARTICLE 1 DEFINITIONS
	  	 	1	  
		
	 ARTICLE 2 APPOINTMENT
	  	 	4	  
		
	 ARTICLE 3 DUTIES OF THE ADVISOR
	  	 	4	  
	 3.01
	  	Offering Services	  	 	4	  
	 3.02
	  	Acquisition Services	  	 	5	  
	 3.03
	  	Asset Management Services	  	 	5	  
	 3.04
	  	Accounting and Other Administrative Services	  	 	6	  
	 3.05
	  	Stockholder Services	  	 	7	  
	 3.06
	  	Financing Services	  	 	7	  
	 3.07
	  	Disposition Services	  	 	7	  
		
	 ARTICLE 4 AUTHORITY OF ADVISOR
	  	 	7	  
	 4.01
	  	General	  	 	7	  
	 4.02
	  	Powers of the Advisor	  	 	8	  
	 4.03
	  	Approval by Directors	  	 	8	  
		
	 ARTICLE 5 BANK ACCOUNTS
	  	 	8	  
		
	 ARTICLE 6 RECORDS AND FINANCIAL STATEMENTS
	  	 	8	  
		
	 ARTICLE 7 LIMITATION ON ACTIVITIES
	  	 	9	  
		
	 ARTICLE 8 RELATIONSHIP WITH DIRECTORS AND OFFICERS
	  	 	9	  
		
	 ARTICLE 9 FEES
	  	 	10	  
	 9.01
	  	Acquisition Fees	  	 	10	  
	 9.02
	  	Asset Management Fees	  	 	10	  
	 9.03
	  	Disposition Fees	  	 	10	  
		
	 ARTICLE 10 EXPENSES
	  	 	11	  
	 10.01
	  	General	  	 	11	  
	 10.02
	  	Reimbursement to Advisor	  	 	12	  
	 10.03
	  	Reimbursement to Company	  	 	12	  
		
	 ARTICLE 11 OTHER SERVICES
	  	 	13	  
		
	ARTICLE 12 RELATIONSHIP OF ADVISOR AND COMPANY; OTHER ACTIVITIES OF THE ADVISOR	  	 	13	  
	 12.01
	  	Relationship	  	 	13	  
	 12.02
	  	Time Commitment	  	 	13	  
	 12.03
	  	Investment Opportunities and Allocation	  	 	14	  

  
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	 ARTICLE 13 THE HINES NAME
	  	 	14	  
		
	 ARTICLE 14 TERM AND TERMINATION OF THE AGREEMENT
	  	 	14	  
	 14.01
	  	Term	  	 	14	  
	 14.02
	  	Termination by Either Party	  	 	15	  
	 14.03
	  	Termination by the Company	  	 	15	  
	 14.04
	  	Termination by the Advisor	  	 	15	  
	 14.05
	  	Payments on Termination and Survival of Certain Rights and Obligations	  	 	15	  
	 14.06
	  	Repurchase of Units	  	 	16	  
		
	 ARTICLE 15 ASSIGNMENT
	  	 	16	  
		
	 ARTICLE 16 INDEMNIFICATION AND LIMITATION OF LIABILITY
	  	 	16	  
	 16.01
	  	Indemnification by the Company	  	 	16	  
	 16.02
	  	Indemnification by the Advisor	  	 	16	  
	 16.03
	  	Advisor’s Liability	  	 	17	  
		
	 ARTICLE 17 MISCELLANEOUS
	  	 	18	  
	 17.01
	  	Notices	  	 	18	  
	 17.02
	  	Modification	  	 	18	  
	 17.03
	  	Severability	  	 	18	  
	 17.04
	  	Construction	  	 	18	  
	 17.05
	  	Entire Agreement	  	 	19	  
	 17.06
	  	Waiver	  	 	19	  
	 17.07
	  	Gender	  	 	19	  
	 17.08
	  	Titles Not to Affect Interpretation	  	 	19	  
	 17.09
	  	Counterparts	  	 	19	  

  
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 ADVISORY AGREEMENT 

This Advisory Agreement, dated as of August 15, 2014 is among Hines Global REIT II Advisors LP, a Texas limited partnership, Hines Global REIT
II Properties LP, a Delaware limited partnership, and Hines Global REIT II, Inc., a Maryland corporation (the “Agreement”). 

W I T N E S S E T H 
 WHEREAS,
the Company (as hereinafter defined) desires to avail itself of the knowledge, experience, sources of information, advice, assistance and certain facilities available to the Advisor (hereinafter defined) and to have the Advisor undertake the duties
and responsibilities hereinafter set forth herein on the terms set forth in this Agreement; and 
 WHEREAS, the Advisor is willing to
undertake to render such services 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 Advisory Agreement shall have the meanings specified below: 
 “Acquisition Expenses”
has the meaning set forth in the Charter. 
 “Advisor” means (i) Hines Global REIT II Advisors LP, a Texas limited
partnership, or (ii) any successor advisor to the Company. 
 “Affiliate” has the meaning set forth in the Charter.
For the purposes of this Agreement, the Advisor shall not be deemed to be an Affiliate of the Company, and vice versa. 

“Asset” has the meaning set forth in the Charter. 

“Board of Directors” means the Board Directors of the General Partner. 

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

“Charter” means the Articles of Incorporation of the General Partner, as amended from time to time. 

“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 Hines Global REIT II Properties LP, a Delaware limited
partnership. Within the context of discussions of the operations, business and administration of the Company, the term “Company” shall mean, collectively, Hines Global REIT II Properties LP and the General Partner for the purposes of this
Agreement. 
 “Competitive Commission” has the meaning set forth in the Charter. 

“Dealer Manager” means Hines Securities, Inc., a Delaware corporation, or such other entity selected by the Board of
Directors to act as the managing dealer for the Offering. 
 “Director” means a member of the Board of Directors of the
General Partner. 
 “Gross Consideration” means the value of any cash, the Market Value of any securities that are listed
on a national securities exchange and the value of any securities redeemable for cash. 
 “General Partner” means Hines
Global REIT II, Inc., a Maryland corporation and general partner of the Company. 
 “Gross Proceeds” has the meaning set
forth in the Charter. 
 “Hines” means Hines Interests Limited Partnership and its Affiliates. 

“Independent Director” has the meaning set forth in the Charter. 

“Initial Asset Value” means (i) the gross purchase price of real estate investments acquired, including any debt
attributable to such investments, or the total principal amounts committed under any loans made or acquired directly by the Company, or (ii) when the Company makes an investment or makes or acquires a loan indirectly through another entity,
such investment’s pro rata share of (a) the gross asset value of any real estate investments held by that entity, including any debt attributable to such investments, or (b) the total principal amount committed under any loans made or
acquired by that entity. 
 “Limited Partnership Agreement” means the Limited Partnership Agreement of Hines Global REIT II
Properties LP, as the same may be amended and restated from time to time. 
 “Limited Partnership Interests” means the
Special OP Units and the Units owned by the Advisor and its Affiliates. 
 “Liquidity Event” means a Listing or any merger,
reorganization, business combination, share exchange, tender offer, acquisition by any Person or related group of Persons of beneficial ownership of all or substantially all of the Shares in one or more related transactions, or other similar
transaction involving the General Partner or Hines Global REIT II Properties LP pursuant to which the Stockholders receive for their Shares, as full or partial consideration, cash, securities listed on a national securities exchange, securities
redeemable for cash, or any combination thereof. 
 “Listing” means the listing of the Shares on a national securities
exchange. 

  
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 “Market Value” means the average closing price, or average of bid and asked
prices (if closing prices are not available) of securities over a period of 30 days during which the securities are traded, with such period beginning 90 days after the commencement of trading of the shares. 

“Offering” means a public offering of Shares pursuant to any Prospectus. 

“Operating Expenses” has the meaning set forth in the Charter. 

“Organization and Offering Expenses” has the meaning set forth in the Charter. 

“Person” means an individual, corporation, partnership, estate, trust, a portion of a trust permanently set aside for or to
be used exclusively for the purposes described in Section 642(c) of the Code, association, private foundation within the meaning of Section 509(a) of the Code, joint stock company or other entity. 

“Property Manager” means Hines Interests Limited Partnership, a Texas limited partnership, or an Affiliate thereof, when
serving as the property manager for any property owned by the Company pursuant to a Property Management and Leasing Agreement. 

“Property Management and Leasing Agreement” means any Property Management and Leasing Agreement between the Company and the
Property Manager. 
 “Prospectus” means the General Partner’s final prospectus for any public offering within the
meaning of Section 2(10) of the Securities Act of 1933, as amended. 
 “REIT” means a “real estate investment
trust” under Sections 856 through 860 of the Code. 
 “Sale” has the meaning set forth in the Charter. 

“Securities” means any class or series of units or shares of the Company or the General Partner, including common shares and
units, preferred shares and units, special units or shares and any other evidences of equity or beneficial or other interests, voting trust certificates, bonds, debentures, notes or other evidences of indebtedness, secured or unsecured, convertible,
subordinated or otherwise, or in general any instruments commonly known as “securities” or any certificates of interest, shares or participations in, temporary or interim certificates for, receipts for, guarantees of, or warrants, options
or rights to subscribe to, purchase or acquire, any of the foregoing. 
 “Shares” means shares of common stock of the
General Partner, par value $.001 per share. 
 “Stockholders” means the registered holders of the outstanding Shares. 

“Special Op Units” has the meaning set forth in the Limited Partnership Agreement. 

  
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 “Termination Date” means the date of termination of this Agreement. 

“2%/25% Guidelines” has the meaning set forth in the Charter. 

“Units” has the meaning set forth in the Limited Partnership Agreement. 

ARTICLE 2 
 APPOINTMENT

 The Company hereby appoints the Advisor to serve as its advisor on the terms and conditions set forth in this Agreement, and the
Advisor hereby accepts such appointment. 
 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 real
estate investments to the fullest extent allowed by law. The Advisor shall, either directly or by engaging an Affiliate or third party, perform the following duties: 

3.01 Offering Services. The Advisor shall manage and supervise: 

(i) Development of the product offering, including the determination of the specific terms of the Securities to be offered by the General
Partner and/or the Company, preparation of all offering and related documents, and obtaining all required regulatory approvals of such documents; 

(ii) Along with the Dealer Manager, approval of the participating broker dealers and negotiation of the related selling agreements; 

(iii) Coordination of the due diligence process relating to participating broker dealers and their review of any Prospectus and other Offering
and Company documents; 
 (iv) Preparation and approval of all marketing materials contemplated to be used by the Dealer Manager or others
in the Offering of the General Partner’s Securities; 
 (v) Along with the Dealer Manager, negotiation and coordination with the
transfer agent for the receipt, collection, processing and acceptance of subscription agreements, commissions, and other administrative support functions; 

(vi) Creation and implementation of various technology and electronic communications related to the Offering of the General Partner’s
Securities; and 
 (vii) All other services related to organization of the Company or the Offering, whether performed and incurred by the
Advisor or its Affiliates. 

  
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 3.02 Acquisition Services. 

(i) Serve as the Company’s investment and financial advisor and obtain certain market research and economic and statistical data in
connection with the Company’s real estate investments and investment objectives and policies; 
 (ii) Subject to Article 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 real estate investments will be made; and
(c) acquire real estate investments on behalf of the Company; 
 (iii) Oversee the due diligence process; 

(iv) Prepare reports regarding prospective investments which 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; and 
 (vi) Negotiate and execute approved investments and other
transactions. 
 3.03 Asset Management Services. 

(i) Investigate, select, and, on behalf of the Company, engage and conduct business with such Persons as the Advisor deems necessary to the
proper performance of its obligations hereunder, including but not limited to consultants, accountants, lenders, technical advisors, attorneys, brokers, underwriters, corporate fiduciaries, escrow agents, depositaries, custodians, agents for
collection, insurers, insurance agents, developers, construction companies 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; 

(ii) 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; 
 (iii) Monitor and evaluate the performance of investments of the Company; provide daily management
services to the Company and perform and supervise the various management and operational functions related to the Company’s investments; 

(iv) Coordinate with any property manager; 

(v) Coordinate and manage relationships between the Company and any joint venture partners; and 

(vi) Provide financial and operational planning services and investment portfolio management functions. 

  
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 3.04 Accounting and Other Administrative Services: 

(i) Manage and perform the various administrative functions necessary for the management of the day-to-day operations of the Company; 

(ii) From time-to-time, or at any time reasonably requested by the Directors, make reports to the Directors on the Advisor’s performance
of services to the Company under this Agreement; 
 (iii) Coordinate with the Company’s independent accountants and auditors to prepare
and deliver to the General Partner’s audit committee an annual report covering the Advisor’s compliance with certain material aspects of this Advisory Agreement; 

(iv) Provide or arrange for 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; 
 (v) Provide financial and operational planning
services and portfolio management functions; 
 (vi) Maintain accounting data and any other information concerning the activities of the
Company as shall be needed to prepare and file all periodic financial reports and returns required to be filed by the General Partner with the Securities and Exchange Commission and any other regulatory agency, including annual financial statements;

 (vii) Maintain all appropriate books and records of the Company; 

(viii) Oversee tax and compliance services and risk management services and coordinate with appropriate third parties, including independent
accountants and other consultants, on related tax matters; 
 (ix) Supervise the performance of such ministerial and administrative
functions as may be necessary in connection with the daily operations of the Company; 
 (x) Provide the Company with all necessary cash
management services; 
 (xi) Manage and coordinate with the transfer agent the distribution process and payments to stockholders; 

(xii) Consult with the officers and Directors of the General Partner and assist in evaluating and obtaining adequate insurance coverage based
upon risk management determinations; 
 (xiii) Provide the officers and Directors of the General Partner 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; 

  
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 (xiv) Consult with the officers and Directors of the General Partner and the Board of Directors
relating to the corporate governance structure and appropriate policies and procedures related thereto; and 
 (xv) Oversee all reporting,
record keeping, internal controls and similar matters in a manner to allow the General Partner to comply with applicable law including the Sarbanes-Oxley Act. 

3.05 Stockholder Services. 

(i) Manage communications with shareholders, including answering phone calls, preparing and sending written and electronic reports and other
communications; and 
 (ii) Establish technology infrastructure to assist in providing stockholder support and service. 

3.06 Financing Services. 

(i) Identify and evaluate potential financing and refinancing sources, engaging a third-party broker if necessary; 

(ii) Negotiate terms, arrange and execute financing agreements; 

(iii) Manage relationships between the Company and its lenders; and 

(iv) Monitor and oversee the service of the Company’s debt facilities and other financings. 

3.07 Disposition Services. 

(i) Consult with the Board of Directors and provide assistance with the evaluation and approval of potential asset dispositions, sales or
other liquidity events; and 
 (ii) Structure and negotiate the terms and conditions of transactions pursuant to which real estate
investments may be sold. 
 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 to the fullest extent allowed by law. 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 from time to time deem appropriate. Any authority delegated by the Advisor to any other Person shall be subject to applicable law and the limitations on the rights and powers of the Advisor
specifically set forth in this Agreement or the Charter. 

  
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 4.02 Powers of the Advisor. Subject to the express limitations set forth in this
Agreement, the power to direct the management, operation and policies of the Company shall to the fullest extent allowed by law 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 Directors. 

(i) Notwithstanding the foregoing any real estate investments, including any acquisition of real estate investment by the Company or any
investment by the Company in a joint venture, limited partnership or similar entity owning real estate investments, will require the prior approval of the Board of Directors. The Advisor will deliver to the Board of Directors all documents required
by it to properly evaluate the proposed investment. 
 (ii) If the Charter requires that a transaction be approved by the Independent
Directors, the Advisor will deliver to the Independent Directors all documents required by them to properly evaluate the proposed real estate investment. The prior approval of a majority of the Independent Directors will be required for each
transaction between the Company and the Advisor or its Affiliates. 
 ARTICLE 5 

BANK ACCOUNTS 
 The
Advisor will maintain one or more bank accounts in the name of the Company and will collect and deposit into any such account or accounts, and disburse from any such account or accounts, any money on behalf of the Company. Notwithstanding the
foregoing, no funds shall be commingled with the funds of the Advisor. 
 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 United States generally accepted accounting principles (“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. Such books and records shall include all information necessary to calculate and audit the fees or reimbursements paid under this Agreement. 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 Advisor delivers to the Company shall be
prepared on an accrual basis in accordance with GAAP, except for special financial reports which by their nature require a deviation from GAAP. The Advisor shall maintain necessary liaison with the Company’s independent accountants and shall
provide such accountants with such reports and other information as the Company shall request. 

  
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 ARTICLE 7 

LIMITATION ON ACTIVITIES 

Notwithstanding any provision in this Agreement to the contrary, the Advisor shall not take any action which, in its sole judgment made in
good faith, would (i) adversely affect the ability of the General Partner to qualify or continue to qualify to be taxed as a REIT, (ii) subject the Company or the General Partner to regulation under the Investment Company Act of 1940, as
amended, (iii) violate any law, rule or regulation of any governmental body or agency having jurisdiction over the Company, the General Partner or their Securities, or (iv) violate the Charter or Bylaws. In the event an action that would
violate (i) through (iv) of the preceding sentence but such action has been ordered by the Board of Directors acting on behalf of the General Partner, the Advisor shall notify the Board of Directors of the Advisor’s judgment of the
potential impact of such action and shall refrain from taking such action until it receives further clarification or instructions from the Board of Directors. In such event the Advisor shall, to the fullest extent allowed by law, have no liability
for acting in accordance with the specific instructions of the Board of Directors so given. Notwithstanding the foregoing, none of the Advisor, its Affiliates and none of their managers, directors, officers, employees and equityholders, shall be
liable to the Company, the General Partner, the Board of Directors or the Stockholders for any act or omission by such Persons or individuals, except as provided in this Agreement. THE PARTIES HERETO INTEND THAT THE LIMITATION OF LIABILITY SET FORTH
IN THIS SECTION BE CONSTRUED AND APPLIED AS WRITTEN NOTWITHSTANDING ANY RULE OF CONSTRUCTION TO THE CONTRARY. WITHOUT LIMITING THE FOREGOING, THE LIMITATION OF LIABILITY SHALL, TO THE FULLEST EXTENT ALLOWED BY LAW, APPLY NOTWITHSTANDING ANY
STATE’S “EXPRESS NEGLIGENCE RULE” OR SIMILAR RULE THAT WOULD DENY COVERAGE BASED ON A PERSON’S SOLE, CONCURRENT OR CONTRIBUTORY ACTIVE OR PASSIVE NEGLIGENCE, GROSS NEGLIGENCE OR STRICT LIABILITY. IT IS THE INTENT OF THE PARTIES
THAT, TO THE EXTENT PROVIDED IN THIS SECTION, THE LIMITATION OF LIABILITY SET FORTH HEREIN SHALL, TO THE FULLEST EXTENT ALLOWED BY LAW, APPLY TO A PERSON’S SOLE, CONCURRENT OR CONTRIBUTORY ACTIVE OR PASSIVE NEGLIGENCE, GROSS NEGLIGENCE OR
STRICT LIABILITY. THE PARTIES AGREE THAT THIS PROVISION IS “CONSPICUOUS” FOR PURPOSES OF ALL STATE LAWS. 
 ARTICLE 8 

RELATIONSHIP WITH DIRECTORS AND OFFICERS 

Managers, Directors, officers and employees of the Advisor or any direct or indirect Affiliate of the Advisor may serve as Directors, and as
officers of the General Partner, except that no manager, director, officer or employee of the Advisor or any of its Affiliates who also is a Director or officer of the General Partner shall receive any compensation from the Company or General
Partner for serving as a Director or officer other than reasonable reimbursement for travel and related expenses incurred in attending meetings of the Board of Directors. 

  
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 ARTICLE 9 

FEES 
 9.01 Acquisition
Fees. The Company will pay the Advisor in cash or Units, or a combination of both, the form of payment to be determined in the sole discretion of the Advisor, as compensation for services including those described in Section 3.02, an
acquisition fee of 2.25% of the Initial Asset Value, as well as reimburse the Advisor for all expenses incurred by the Advisor in conjunction with such services as required by Article 10. The amount of such acquisition fees shall be subject to any
limitations contained in the Charter. The Advisor shall submit an invoice to the Company following the closing or closings of each investment, accompanied by a computation of the fee. The fee shall be payable within ten business days after receipt
of the invoice by the Company. 
 9.02 Asset Management Fees. The Company will pay the Advisor in cash or Units, or a combination of
both, the form of payment to be determined in the sole discretion of the Advisor, as compensation for services including those described in Section 3.03, an asset management fee in accordance with this Section 9.02, as well as reimburse
the Advisor for all expenses incurred by the Advisor in connection with such services as required by Article 10. Subject to any limitations contained in the Charter, this asset management fee shall be earned monthly and the amount of this asset
management fee payable by the Company to the Advisor shall equal 0.0625% of the net equity invested in real estate investments at the end of each month; provided that, if our Board of Directors determines an estimated net asset value per share,
then, with respect to the real estate investments included in the Board of Director’s determination, the asset management fee will be equal to 0.0625% of the most recently determined value of such real estate investments at the end of each
month. 
 9.03 Disposition Fees. The Company will pay the Advisor, its Affiliates or related parties, a disposition fee as
compensation for providing a substantial amount of services, as determined by a majority of the Independent Directors, in connection with a Liquidity Event or a Sale or transfer of one or more Assets of the Company, as well as will reimburse the
Advisor for all expenses incurred by the Advisor in connection with such services (which include, but are not limited to, the services described in Section 3.07) as required by Article 10. Subject to any limitations contained in the Charter,
the disposition fees shall be paid in an amount equal to (a) 1% of the Market Value determined in connection with a Listing, or 1% of the Gross Consideration received or to be received by the Company or the Stockholders upon the occurrence of
any other Liquidity Event (including the Sale or transfer of the Company or a portion thereof), or (b) 1% of the gross sales price upon the Sale or transfer of one or more Assets (including a Sale of all of the Company’s Assets). When a
real estate or brokerage commission is payable in connection with a particular transaction, the total disposition fee paid by the Company, as applicable, when added to the sum of all real estate and brokerage fees and commissions paid to
unaffiliated parties, shall not exceed the lesser of (i) a Competitive Commission, or (ii) 6% of the gross sales price. Any such disposition fee deemed to be earned by the Advisor, its Affiliates or related parties shall be paid by the
Company or the Operating 

  
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Partnership to the Advisor, such Affiliates or such related parties (x) in the case of a Liquidity Event (other than a Listing) or a Sale or transfer of one or more Assets, upon the
consummation of such Liquidity Event, Sale or transfer or as soon as reasonably practicable thereafter, and (y) in the case of a Listing, payment shall be made within 125 days after the Listing shall have occurred. The disposition fee shall be
paid in any combination of cash, Units, or, if applicable, securities received by Stockholders in connection with a transaction or event described in clauses (a) and (b) of this Section 9.03, the form of payment to be determined in
the sole discretion of the Advisor. 
 ARTICLE 10 

EXPENSES 
 10.01
General. In addition to the compensation paid to the Advisor pursuant to Article 9 hereof, the Company shall pay directly or reimburse the Advisor for all of the expenses paid or incurred by the Advisor or Affiliates in connection with the
services provided to the Company pursuant to this Agreement, including, but not limited to: 
 (i) Acquisition Expenses incurred in
connection with the selection and acquisition of real estate investments including such expenses incurred related to real estate investments pursued or considered but not ultimately acquired by the Company; 

(ii) the actual out-of-pocket cost of goods and services used by the Company or the General Partner and obtained from entities not Affiliated
with the Advisor, including brokerage fees paid in connection with the purchase and sale of real estate investments; 
 (iii) taxes and
assessments on income or Assets and taxes as an expense of doing business and any other taxes otherwise imposed on the Company and its business or income; 

(iv) out-of-pocket costs associated with insurance required in connection with the business of the Company or by its officers and Directors;

 (v) all out-of-pocket expenses in connection with payments to the Board of Directors and meetings of the Board of Directors and
Stockholders; 
 (vi) personnel and related employment direct costs incurred by the Advisor or Affiliates (a) in performing the
services described in Section 3.05 and in providing professional services for the Company and the General Partner in-house, including legal services, tax services, internal audit services, technology-related services and services in connection
with compliance with the Sarbanes-Oxley Act of 2002, or (b) as otherwise approved by Independent Directors, including but not limited to salary, benefits, burdens and overhead of all employees directly involved in the performance of such
services, plus all out-of-pocket costs incurred; 
 (vii) out-of-pocket expenses of maintaining communications with Stockholders, including
the cost of preparation, printing, and mailing annual reports and other Stockholder reports, proxy statements and other reports required by governmental entities; 

  
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 (viii) 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 Independent Directors or any committee of the Board of Directors; 

(ix) out-of-pocket costs for the Company to comply with all applicable laws, regulation and ordinances; 

(x) all other out-of-pocket costs incurred by the Advisor in performing its duties hereunder; 

(xi) all other out-of-pocket costs necessary for the operation of the Company and its real estate investments; and 

(xii) personnel and related employment direct costs, including but not limited to salary, benefits, burdens and overhead of all employees
directly involved in the performance of such services, plus all out-of-pocket costs incurred, by the Advisor or Affiliates: (A) in performing services with respect to the Company’s non-U.S. properties that would typically be provided by a
property manager in the United States; (B) in performing such other additional services necessary to meet U.S. accounting and reporting requirements for non-U.S. assets, such as translation of foreign property financial statements to U.S. GAAP
and the managing of foreign currency risks through hedging and other activities, and (C) in performing services with respect to managing all non-U.S. entities implemented as part of a tax structure for owning any non-U.S. real estate asset,
including but not limited to entities based in Luxembourg, Cyprus or the British Virgin Islands. 
 Except as specifically provided for
above in (vi) or (xii), or as contemplated by Article 11, the expenses and payments subject to reimbursement by the Company in this Section 10.01 do not include personnel and related direct employment or overhead costs of the Advisor or
Affiliates. The Company shall also reimburse the Advisor or Affiliates of the Advisor for all expenses incurred on behalf of the Company or the General Partner prior to the execution of this Agreement. 

10.02 Reimbursement to Advisor. Expenses incurred by the Advisor on behalf of the Company and payable pursuant to this Article 10 shall
be reimbursed to the Advisor within 10 days after the Advisor provides the Company with an invoice and/or supporting documentation relating to such reimbursement; provided, that, the Company shall not reimburse the Advisor for
any Organization and Offering Expenses unless the Company has received sufficient subscriptions to satisfy the minimum offering requirements set forth in the Prospectus for its initial public Offering and the subscription funds have been released
from the escrow account established for such Offering and delivered to the Company. 
 10.03 Reimbursement to Company. 

(i) The Company shall not reimburse the Advisor during any fiscal quarter for Operating Expenses that, in the four consecutive fiscal quarters
then ended (the “Expense Year”), exceed the 2%/25% Guidelines for such year (the “Excess Amount”), unless the Independent Directors determine that such excess was justified, based on unusual and non-recurring
factors which they deem sufficient, in which case the Excess Amount may be reimbursed. Any Excess Amount paid to the Advisor during a fiscal quarter without the Independent Directors determining that such expenses were justified shall be repaid to
the Company. Within 60 days after the end of any fiscal quarter of the Company for which total Operating Expenses for the Expense Year exceed the 2%/25% Guidelines and the Independent 

  
 12 

 
Directors determined that such expenses were justified, there shall be sent to the Stockholders a written disclosure of such fact, together with an explanation of the factors the Independent
Directors considered in determining that such excess expenses were justified. Such determination shall be reflected in the minutes of the meetings of the Board of Directors. 

(ii) The Advisor shall reimburse the Company for any Organization and Offering Expenses that exceed 15% of Gross Proceeds. 

ARTICLE 11 
 OTHER SERVICES

 Should (i) the General Partner request that the Advisor or any manager, officer or employee thereof render services for the
Company other than as set forth in this Agreement or (ii) there are changes to the regulatory environment in which the Advisor or Company operates that would increase significantly the level of services performed such that the costs and
expenses borne by the Advisor for which the Advisor is not entitled to separate reimbursement for personnel and related employment direct costs and overhead under Article 10 of this Agreement would increase significantly, such services shall be
separately compensated at such rates and in such amounts as are agreed by the Advisor and the Independent Directors, subject to the limitations contained in the Charter, and shall not be deemed to be services pursuant to the terms of this Agreement.

 ARTICLE 12 
 RELATIONSHIP
OF ADVISOR AND COMPANY; 
 OTHER ACTIVITIES OF THE ADVISOR 

12.01 Relationship. To the fullest extent allowed by law, 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 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 of Directors the existence of any condition or circumstance, existing or anticipated, of which it has knowledge, which creates or could create a conflict of interest between the
Advisor’s obligations to the Company and its obligations to or its interest in any other Person. 
 12.02 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 other Affiliates of Hines 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. 

  
 13 

 12.03 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 which is consistent with the investment policies and objectives of the Company, but neither the Advisor nor any Affiliate of the Advisor shall be
obligated generally to present any particular investment opportunity to the Company even if the opportunity is of character which, if presented to the Company, could be taken by the Company. In the event an investment opportunity is located, the
allocation procedure set forth under the caption “Conflicts of Interest—Competitive Activities of Hines and its Affiliates” in any Prospectus (as may be amended from time to time) shall govern the allocation of the opportunity among
the Company and Affiliates of the Advisor. 
 ARTICLE 13 

THE HINES NAME 
 The
Advisor, Hines and their Affiliates have a proprietary interest in the name “Hines”. The Advisor hereby grants to the Company a non-transferable, non-assignable, non-exclusive royalty-free right and license to use the name
“Hines” during the term of this Agreement. Accordingly, and in recognition of this right, if at any time the Company ceases to retain Hines or an Affiliate thereof to perform the services of Advisor, the Company (including the General
Partner) will, promptly after receipt of written request from Hines, cease to conduct business under or use the name “Hines” or any derivative thereof and the Company and the General Partner shall change the name of the Company and the
General Partner to a name that does not contain the name “Hines” 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 Affiliate thereof. 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 “Hines”. 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 “Hines” as a part of their name, all without the need for any consent (and without the right to object thereto) by the Company or the General Partner. 

ARTICLE 14 
 TERM AND
TERMINATION OF THE AGREEMENT 
 14.01 Term. This Agreement shall have an initial term of one year from the date of the Agreement.
This Agreement may be renewed for an unlimited number of successive one-year terms upon mutual consent of the parties. Any such renewal must be approved by a majority of the Independent Directors. The General Partner (through the Independent
Directors) will evaluate the performance of the Advisor annually before renewing the Agreement, and each such renewal shall be for a term of no more than one year. 

  
 14 

 14.02 Termination by Either Party. This Agreement may be terminated upon 60 days’
written notice without cause or penalty by either party. 
 14.03 Termination by the Company. This Agreement may be terminated
immediately by the Company upon (i) any fraudulent conduct, criminal conduct, willful misconduct or the negligent breach of fiduciary duty of or by the Advisor, (ii) a material breach of this Agreement by the Advisor not cured within 10
business days after the Advisor receives written notice of such breach, or (iii) an event of the bankruptcy of the Advisor or commencement of any bankruptcy or similar insolvency proceedings of the Advisor. 

14.04 Termination by the Advisor. This Agreement may be terminated immediately by the Advisor in the event of (i) the bankruptcy
of the Company or commencement of any bankruptcy or similar insolvency proceedings of the Company, or (ii) any material breach of this Agreement by the Company not cured by the Company within 10 days after written notice thereof. 

14.05 Payments on Termination and Survival of Certain Rights and Obligations. Payments to the Advisor pursuant to this
Section 14.05 shall be subject to the 2%/25% Guidelines to the extent applicable. 
 (i) After the Termination Date, the Advisor shall
not be entitled to compensation for further services hereunder except it shall be entitled to receive from the Company within 30 days after the effective date of such termination all unpaid reimbursements of expenses and all earned but unpaid fees
payable to the Advisor prior to termination of this Agreement. 
 (ii) The Advisor shall promptly upon termination: 

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

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

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

Upon the expiration or termination of this Agreement, neither party shall have any further rights or obligations under this Agreement, except
that Articles 13, 14, 16 and 17 shall survive the termination or expiration of this Agreement. 

  
 15 

 14.06 Repurchase of Units. 

The Company shall repurchase or redeem the Limited Partnership Interests held by the Advisor or any of the Advisor’s affiliates as
required by the Limited Partnership Agreement. 
 ARTICLE 15 

ASSIGNMENT 
 This
Agreement may be assigned by the Advisor to an Affiliate with the consent of the General Partner by approval of a majority of the Independent Directors. The Advisor may assign any rights to receive fees or other payments under this Agreement without
obtaining the approval of the Board of Directors. This Agreement shall not be assigned by the Company without the consent of the Advisor. 

ARTICLE 16 
 INDEMNIFICATION
AND LIMITATION OF LIABILITY 
 16.01 Indemnification by the Company. The Company shall indemnify and hold harmless the Advisor
and its Affiliates, including their respective managers, officers, directors, partners and employees, from all liability, claims, damages or losses arising in the performance of their duties hereunder, and related expenses, including reasonable
attorneys’ fees, to the extent such liability, claims, damages or losses and related expenses are not fully reimbursed by insurance, subject to any limitations imposed by the laws of the State of Texas, the Charter or Agreement of Limited
Partnership of the Company, provided that: (i) the Advisor and its Affiliates have determined that the course of conduct which caused the loss or liability was in the best interests of the Company, (ii) the Advisor and its Affiliates were
acting on behalf of or performing services for the Company, (iii) the indemnified claim was not the result of negligence, misconduct, or fraud of the indemnified person or resulted from a breach of the agreement by the Advisor, and (iv) in
the event the loss , liability or expense arises from or out of an alleged violation of federal or state securities laws by the Advisor or its Affiliates, the conditions set forth in at least one of clauses (X), (Y) or (Z) of
Section 12.2(b) of the Charter must be satisfied (deeming, for purposes of this Agreement, that the Advisor or its Affiliates are each an “Indemnitee” as such term is used in such clauses) for the Company to provide such
indemnification. Any indemnification of the Advisor may be made only out of the net assets of the Company and not from the Stockholders. 

16.02 Indemnification by the Advisor. The Advisor shall indemnify and hold harmless the Company from contract or other liability,
claims, damages, taxes or losses and related expenses, including attorneys’ fees, to the extent that such liability, claims, damages, taxes or losses and related expenses are not fully reimbursed by insurance and are incurred by reason of the
Advisor’s bad faith, fraud, willful misconduct or reckless disregard of its duties, but the Advisor shall not be held responsible for any action of the Board of Directors in following or declining to follow any of the Advisor’s advice or
recommendation. THE PARTIES HERETO INTEND THAT THE INDEMNITIES SET FORTH IN THIS AGREEMENT BE CONSTRUED AND APPLIED AS WRITTEN NOTWITHSTANDING ANY RULE OF 

  
 16 

 
CONSTRUCTION TO THE CONTRARY. WITHOUT LIMITING THE FOREGOING, THE INDEMNITIES SHALL, TO THE FULLEST EXTENT ALLOWED BY LAW, AND TO THE EXTENT PROVIDED IN THIS AGREEMENT, APPLY NOTWITHSTANDING ANY
STATE’S “EXPRESS NEGLIGENCE RULE” OR SIMILAR RULE THAT WOULD DENY COVERAGE BASED ON AN INDEMNIFIED PERSON’S SOLE, CONCURRENT OR CONTRIBUTORY ACTIVE OR PASSIVE NEGLIGENCE OR STRICT LIABILITY OR GROSS NEGLIGENCE. IT IS THE INTENT
OF THE PARTIES THAT, TO THE EXTENT PROVIDED IN THIS AGREEMENT, THE INDEMNITIES SET FORTH HEREIN SHALL, TO THE FULLEST EXTENT ALLOWED BY LAW, APPLY TO AN INDEMNIFIED PERSON’S SOLE, CONCURRENT OR CONTRIBUTORY ACTIVE OR PASSIVE NEGLIGENCE OR
STRICT LIABILITY OR GROSS NEGLIGENCE. THE PARTIES AGREE THAT THIS PROVISION IS “CONSPICUOUS” FOR PURPOSES OF ALL STATE LAWS. 

16.03 Advisor’s Liability 

(i) Notwithstanding any other provisions of this Agreement, in no event shall the Company make any claim against Advisor, or its Affiliates,
on account of any good faith interpretation by Advisor of the provisions of this Agreement (even if such interpretation is later determined to be a breach of this Agreement) or any alleged errors in judgment made in good faith and in accordance with
this Agreement in connection with the operation of the operations of the Company hereunder by Advisor or the performance of any advisory or technical services provided by or arranged by the Advisor. The provisions of this Section 16.03(i) shall
not be deemed to release Advisor from liability for its gross negligence. 
 (ii) The Company shall not object to any expenditures made by
the Advisor in good faith in the course of its performance of its obligations under this Agreement or in settlement of any claim arising out of the operation of the Company unless such expenditure is specifically prohibited by this Agreement. The
provisions of this Section 16.03(ii) shall not be deemed to release Advisor from liability for its gross negligence. 
 (iii) IN NO
EVENT WILL EITHER PARTY BE LIABLE FOR DAMAGES BASED ON LOSS OF INCOME, PROFIT OR SAVINGS OR INDIRECT, INCIDENTAL, CONSEQUENTIAL, EXEMPLARY, PUNITIVE OR SPECIAL DAMAGES OF THE OTHER PARTY OR PERSON, INCLUDING THIRD PARTIES, EVEN IF SUCH PARTY HAS
BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES IN ADVANCE, AND ALL SUCH DAMAGES ARE EXPRESSLY DISCLAIMED. IN NO EVENT WILL ADVISOR’S AGGREGATE LIABILITY UNDER THIS AGREEMENT EVER EXCEED THE TOTAL AMOUNT OF FEES IT ACTUALLY RECEIVES FROM THE
COMPANY PURSUANT TO ARTICLE 9. 
 (iv) THE PARTIES HERETO INTEND THAT THE RELEASE FROM LIABILITY SET FORTH IN SECTION 16.03 BE
CONSTRUED AND APPLIED AS WRITTEN NOTWITHSTANDING ANY RULE OF CONSTRUCTION TO THE CONTRARY. WITHOUT LIMITING THE FOREGOING, THE RELEASE FROM LIABILITY SHALL, TO THE FULLEST EXTENT ALLOWED BY LAW, APPLY NOTWITHSTANDING ANY STATE’S “EXPRESS
NEGLIGENCE RULE” OR 

  
 17 

 
SIMILAR RULE THAT WOULD DENY COVERAGE BASED ON A PERSON’S SOLE, CONCURRENT OR CONTRIBUTORY ACTIVE OR PASSIVE NEGLIGENCE OR STRICT LIABILITY. IT IS THE INTENT OF THE PARTIES THAT, TO THE
EXTENT PROVIDED IN SECTION 16.03, THE RELEASE FROM LIABILITY SET FORTH HEREIN SHALL, TO THE FULLEST EXTENT ALLOWED BY LAW, APPLY TO A RELEASED PERSON’S SOLE, CONCURRENT OR CONTRIBUTORY ACTIVE OR PASSIVE NEGLIGENCE OR STRICT LIABILITY. THE
PARTIES AGREE THAT THIS PROVISION IS “CONSPICUOUS” FOR PURPOSES OF ALL STATE LAWS. 
 ARTICLE 17 

MISCELLANEOUS 
 17.01
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
accepted by the party to whom it is given, and shall be given by being delivered by hand or by overnight mail or other overnight delivery service to the addresses set forth herein: 

To the Company, the General Partner or the Directors: 

Hines Global REIT II Properties LP 

c/o Hines Global REIT II, Inc. 

2800 Post Oak Blvd., Suite 5000 

Houston, Texas 77056 
 To the
Advisor: 
 Hines Global REIT II Advisors LP 

2800 Post Oak Blvd., Suite 5000 

Houston, Texas 77056 
 Either party may at any
time give notice in writing to the other party of a change in its address for the purposes of this Section 17.01. 
 17.02
Modification. This Agreement shall not be changed, modified, terminated, or discharged, in whole or in part, except by an instrument in writing signed by all parties hereto, or their respective successors or assignees. 

17.03 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. 

17.04 Construction. The provisions of this Agreement shall be construed and interpreted in accordance with the laws of the State of
Texas. 

  
 18 

 17.05 Entire Agreement. This Agreement contains the entire agreement and understanding
among the parties hereto with respect to the subject matter hereof, and supersedes all prior and contemporaneous agreements, understandings, inducements and conditions, express or implied, oral or written, of any nature whatsoever with respect to
the subject matter hereof. The express terms hereof control and supersede any course of performance and/or usage of the trade inconsistent with any of the terms hereof. This Agreement may not be modified or amended other than by an agreement in
writing. 
 17.06 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. 
 17.07 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. 

17.08 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. 
 17.09
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 

[The remainder of this page is intentionally left blank. Signature page follows.] 

  
 19 

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

			
	 Hines Global REIT II Properties LP

		
	By:	 	Hines Global REIT II, Inc.
	Its:	 	General Partner

  

			
	By:	 	/s/ Sherri W. Schugart
		 	Name: Sherri W. Schugart
		 	Title:   President and Chief Executive Officer

  

			
	 Hines Global REIT II Advisors LP

		
	By:	 	Hines Global REIT II Advisors GP LLC
	Its:	 	General Partner

  

			
	By:	 	/s/ Charles M. Baughn
		 	Name: Charles M. Baughn
		 	Title:   Manager

  

			
	 Hines Global REIT II, Inc.

 

			
	By:	 	/s/ Sherri W. Schugart
		 	Name: Sherri W. Schugart
		 	Title:   President and Chief Executive Officer

  
 20EX-10.3

 EXHIBIT 10.3 

ESCROW AGREEMENT 

THIS ESCROW AGREEMENT (this “Agreement”) is made and entered into as of this 15th day of August, 2014 by and among Hines Securities, Inc., a Delaware corporation (the “Dealer Manager”), Hines Global REIT II, Inc., a Maryland corporation (the
“Company”), and UMB Bank, N.A., as escrow agent, a national banking association organized and existing under the laws of the United States of America (the “Escrow Agent”). 

RECITALS 
 WHERE
AS, the Company proposes to offer and sell up to $2.0 billion of its Class A shares and Class T shares of common stock (collectively, the “Shares”), on a best-efforts basis (excluding the shares of its common stock to
be offered and sold pursuant to the Company’s distribution reinvestment plan), (the “Offering”) to investors pursuant to the Company’s Registration statement on Form S-11 (File No. 333-191106), as amended from time to
time (the “Offering Document”). The initial offering price of Class A shares will be $10.00 per share and the initial offering price of the Class T shares will be $9.47 per share. 

WHERE AS, the Dealer Manager has been engaged by the Company to offer and sell the Shares on a best efforts basis through a network of
participating broker-dealers (the “Dealers”). 
 WHERE AS, the Company has agreed that the subscription price
paid by subscribers for shares will be refunded to such subscribers if at least $2.0 million of gross offering proceeds (the “Minimum Offering”) has not been raised within one year from the date the Offering Document becomes
effective with the Securities and Exchange Commission (the “Closing Date”). 
 WHERE AS, the Dealer Manager and the
Company desire to establish an escrow account (the “Escrow Account”), as further described herein in which funds received from subscribers will be deposited into an interest-bearing account entitled “UMB Bank, N.A., as Escrow
Agent for Hines Global REIT II, Inc.” and the Company desires that UMB Bank, N.A. act as escrow agent to the Escrow Account and Escrow Agent is willing to act in such capacity. 

WHERE AS, deposits received from residents of the commonwealth of Pennsylvania (the “Pennsylvania Subscribers”) will
remain in the Escrow Account until the conditions of Section 3 hereof have been met. 
 WHERE AS, deposits received from
residents of the state of Washington (the “Washington Subscribers”) will remain in the Escrow Account until the conditions of Section 4 hereof have been met. 

WHERE AS, the Escrow Agent has engaged DST Systems (the “Transfer Agent”) to examine for “good order” and to
act as record keeper, maintaining on behalf of the Escrow Agent the ownership records for the Escrow Account. In so acting, the Transfer Agent shall be acting solely in the capacity of agent for the Escrow Agent and not in any capacity on behalf of
the Company or the Dealer Manager, nor shall they have any interest other than that provided in this Agreement in assets in Transfer Agent’s possession as the agent of the Escrow Agent. 

 WHERE AS, in order to subscribe for Shares during the Escrow Period (as defined below), a
subscriber must deliver the full amount of its subscription: (i) by check, draft or money order made payable to the order of UMB Bank, N.A., as Escrow Agent for Hines Global REIT II, Inc., in U.S. dollars or (ii) by draft, wire transfer of
immediately available funds in U.S. dollars, made payable as provided in Section 12(2). 
 AGREEMENT

 NOW, THEREFORE, the Dealer Manager, the Company and the Escrow Agent agree to the terms of this Agreement as follows: 

1. Establishment of Escrow Account; Escrow Period. On or prior to the commencement of the offering of Shares pursuant to the Offering Document, the
Company shall establish the Escrow Account with the Escrow Agent, which shall be entitled “UMB Bank, N.A., as Escrow Agent for Hines Global REIT II, Inc.” The Escrow Agent hereby agrees to maintain the funds contributed by the Pennsylvania
Subscribers and the Washington Subscribers in a manner in which they may be separately accounted for by the records of the Transfer Agent so that the requirements set forth in Section 3 of this Agreement with respect to Pennsylvania Subscribers
and Section 4 of this Agreement with respect to Washington Subscribers can be satisfied. This Agreement shall be effective on the date on which the Offering Document becomes effective. Except as otherwise set forth herein for the Pennsylvania
Subscribers and the Washington Subscribers, the escrow period shall commence upon the effectiveness of this Agreement and shall continue until the earlier of (i) the date upon which the Escrow Agent receives confirmation from the Company and
the Dealer Manager that the Company has raised the Minimum Offering, (ii) the Closing Date, or (iii) the termination of the Offering by the Company prior to the receipt of the Minimum Offering (the “Escrow Period”). 

2. Operation of the Escrow. 
 (a)
Deposits in the Escrow Account. During the Escrow Period, persons subscribing to purchase Shares will be instructed by the Company, the Dealer Manager and the Dealers to make checks for subscriptions payable to the order of “UMB Bank,
N.A., as Escrow Agent for Hines Global REIT II, Inc.” Any Dealer receiving a check not conforming to the foregoing instructions shall return such check directly to such subscriber not later than the end of the next business day following its
receipt. Checks received by the Dealer which conform to the foregoing instructions shall be transmitted for deposit in accordance with the following procedures. Where, pursuant to a Dealer’s internal supervisory procedures, internal supervisory
review is conducted at the same location at which subscription documents and checks are initially received from subscribers, checks will be transmitted by the end of the next business day following receipt of the subscription documents and checks by
the Dealer to the Escrow Agent until the Minimum Offering has been achieved, with respect to subscribers other than Pennsylvania Subscribers and Washington Subscribers (“Non-Pennsylvania/Washington Subscribers”), or until the
Pennsylvania Minimum Offering (as defined in Section 3 hereof) has been achieved, with respect to Pennsylvania Subscribers or until the Washington Minimum Offering (as defined in Section 4) has been achieved, with respect to Washington
Subscribers. After the Minimum Offering has been achieved, in the case of Non- Pennsylvania/Washington Subscribers, or after the Pennsylvania Minimum Offering has been achieved, in the case of Pennsylvania Subscribers, or after the Washington
Minimum Offering has been achieved, in the case of Washington Subscribers, such subscription documents and checks will be transmitted by the end of the next business day following receipt of the subscription documents and such checks by the Dealer
to the Company or to such other account or agent as directed by the Company. Where, pursuant to a Dealer’s internal supervisory procedures, final internal supervisory review is 

  
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conducted at a different location (the “Final Review Office”), subscription documents and checks will be transmitted to the Final Review Office by the end of the next business
day following receipt of the subscription documents and checks by the Dealer. The Final Review Office will transmit such subscription documents and checks by the end of the next business day following receipt by the Final Review Office to the Escrow
Agent until the Minimum Offering has been achieved, with respect to Non- Pennsylvania/Washington Subscribers, or until the Pennsylvania Minimum Offering has been achieved, with respect to Pennsylvania Subscribers or until the Washington Minimum
Offering has been achieved, with respect to the Washington Subscribers. After the Minimum Offering has been achieved, with respect to Non- Pennsylvania/Washington Subscribers, or after the Pennsylvania Minimum Offering has been achieved, with
respect to Pennsylvania Subscribers or after the Washington Minimum Offering has been achieved, with respect to Washington Subscribers, such subscription documents and checks will be transmitted by the end of the next business day following receipt
by the Final Review Office to the Company or to such other account or agent as directed by the Company. 
 Dealers shall deliver checks and
completed subscription documents via overnight courier to the Escrow Agent at the address as provided for in Section 12(2), and wire payments shall be transmitted directly to the Escrow Account. Deposits shall be held in the Escrow Account
until such funds are disbursed in accordance with this Agreement. Prior to disbursement of the funds deposited in the Escrow Account, such funds shall not be subject to claims by creditors of the Company or any of its affiliates. If any of the
instruments of payment are returned to the Escrow Agent for nonpayment prior to raising the Minimum Offering, with respect to Non- Pennsylvania/Washington Subscribers, or prior to raising the Pennsylvania Minimum Offering, with respect to
Pennsylvania Subscribers, or prior to raising the Washington Minimum Offering, with respect to Washington Subscribers, the Escrow Agent shall promptly notify the Transfer Agent and the Company in writing via mail, email or facsimile of such
nonpayment, and the Escrow Agent is authorized to debit the Escrow Account in the amount of such returned payment and the Transfer Agent shall delete the appropriate account from the records maintained by the Transfer Agent. The Transfer Agent will
maintain a written account of each sale, which account shall set forth, among other things, the following information: (i) the subscriber’s name and address, (ii) the subscriber’s social security number, (iii) the number of
Shares purchased by such subscriber, and (iv) the amount paid by such subscriber for such Shares. During the Escrow Period neither the Company nor the Dealer Manager will be entitled to any funds received into the Escrow Account. 

(b) Distribution of the Funds in the Escrow Account to Subscribers other than the Pennsylvania Subscribers and the Washington
Subscribers. If at any time on or prior to the Closing Date, the Minimum Offering has been raised, then upon the happening of such event, the funds in the Escrow Account shall remain in the Escrow Account until the Escrow Agent receives written
direction provided by the Company and the Dealer Manager instructing the Escrow Agent to deliver such funds as the Company shall direct (other than any funds received from Pennsylvania Subscribers and Washington Subscribers, which cannot be released
until the conditions of Section 3 and Section 4, respectively, have been met). Thereafter, the Escrow Agent shall release funds and any interest or other income earned thereon from the Escrow Account as directed by the Company pursuant to
written instruction that the Company shall provide to the Escrow Agent from time to time. 
 (c) If the Company has not raised the Minimum
Offering on or prior to the Closing Date, the Transfer Agent shall provide the Escrow Agent the information needed to return the funds in the Escrow Account, together with any interest thereon, to each respective subscriber, and the Escrow Agent
shall promptly create and dispatch checks and 

  
 - 3 - 

 
wires drawn on the Escrow Account to return the full amount of the funds deposited in the Escrow Account, together with their pro rata share of any interest thereon, to the respective
subscribers, and the Escrow Agent shall notify the Company and the Dealer Manager of its distribution of the funds. Any amounts previously paid hereunder will be reimbursed by the Escrow Agent to such party after applying the interest to any escrow
fees and expenses that are or will be due under this Agreement as of the Closing Date. The subscription payments returned to each subscriber shall be free and clear of any and all claims of the Company or any of its creditors. 

3. Distribution of the Funds from Pennsylvania Subscribers. 

(a) Notwithstanding anything to the contrary herein, disbursements of funds contributed by Pennsylvania Subscribers may only be distributed in
compliance with the provisions of this Section 3. Irrespective of any disbursement of funds from the Escrow Account pursuant to Section 2 and Section 4 hereof, the Escrow Agent will continue to place deposits from the Pennsylvania
Subscribers into the Escrow Account, until such time as the Company notifies the Escrow Agent in writing that total subscriptions (including amounts previously disbursed as directed by the Company and the amounts then held in the Escrow Account)
equal or exceed $100,000,000 (the “Pennsylvania Minimum Offering”), whereupon the Escrow Agent shall disburse to the Company, at the Company’s request, any funds from the Pennsylvania Subscribers received by the Escrow Agent
for accepted subscriptions, but not those funds of a subscriber whose subscription has been rejected or rescinded of which the Escrow Agent has been notified by the Company, or otherwise in accordance with the Company’s written request. 

(b) If the Company has not received total subscriptions of at least $100,000,000 within 120 days of the date the Company first receives a
subscription from a Pennsylvania Subscriber (the “Pennsylvania Initial Escrow Period”), the Company shall notify each Pennsylvania Subscriber by certified mail or any other means (whereby receipt of delivery is obtained) of the
right of Pennsylvania Subscribers to have their investment returned to them. If, pursuant to such notice, a Pennsylvania Subscriber requests the return of his or her subscription funds within ten (10) days after receipt of the notification (the
“Request Period”), the Escrow Agent shall promptly refund, without interest or deduction, directly to each Pennsylvania Subscriber the fund deposited in the Escrow Account on behalf of the Pennsylvania Subscriber. 

(c) The funds of Pennsylvania Subscribers who do not request the return of their funds within the Request Period shall remain in the Escrow
Account for successive 120-day escrow periods (each a “Successive Escrow Period”), each commencing automatically upon the termination of the prior Successive Escrow Period, and the Company and Escrow Agent shall follow the
notification and payment procedure set forth in Section 3(b) above with respect to the Pennsylvania Initial Escrow Period for each Successive Escrow Period, provided that any refunds made to a Pennsylvania Subscriber after a Successive Escrow
Period shall include a pro rata share of any interest earned thereon after the Pennsylvania Initial Escrow Period, until 

  
 - 4 - 

 
the occurrence of the earliest of (i) the termination of the Offering, (ii) the receipt and acceptance by the Company of total subscriptions that equal or exceed $100,000,000 and the
disbursement of the Escrow Account on the terms specified in this Section 3, or (iii) all funds held in the Escrow Account that were contributed by Pennsylvania Subscribers having been returned to the Pennsylvania Subscribers in accordance
with the provisions hereof. 
 If, upon termination of the Offering, the Company has not received and accepted total subscriptions that equal
or exceed $100,000,000, all funds in the Escrow Account that were contributed by Pennsylvania Subscribers will be promptly returned in full to such Pennsylvania Subscribers, together with their pro rata share of any interest earned thereon pursuant
to instructions made by the Company, upon which the Escrow Agent may conclusively rely. 
 4. Distribution of the Funds from Washington Subscribers.

 Notwithstanding anything to the contrary herein, disbursements of funds contributed by Washington Subscribers may only be distributed in
compliance with the provisions of this Section 4. Irrespective of any disbursement of funds from the Escrow Account pursuant to Section 2 hereof, the Escrow Agent will continue to place deposits from the Washington Subscribers into the
Escrow Account, until such time as the Company notifies the Escrow Agent in writing that total subscriptions (including amounts previously disbursed as directed by the Company and the amounts then held in the Escrow Account) equal or exceed
$20,000,000 (the “Washington Minimum Offering”), whereupon the Escrow Agent shall disburse to the Company, at the Company’s request, any funds from the Washington Subscribers received by the Escrow Agent for accepted
subscriptions, but not those funds of a subscriber whose subscription has been rejected or rescinded of which the Escrow Agent has been notified by the Company, or otherwise in accordance with the Company’s written request. 

If, upon termination of the Offering, the Company has not received and accepted total subscriptions that equal or exceed $20,000,000, all
funds in the Escrow Account that were contributed by Washington Subscribers will be promptly returned in full to such Washington Subscribers, together with their pro rata share of any interest earned thereon pursuant to instructions made by the
Company, upon which the Escrow Agent may conclusively rely. 
 5. Funds in the Escrow Account. Upon receipt of funds from subscribers, the Escrow
Agent shall hold such funds in escrow pursuant to the terms of this Agreement. All such funds held in the Escrow Account shall be invested at the direction of the Company. Unless otherwise directed by the Company, the Escrow Agent is hereby directed
to invest all funds received under this Agreement in UMB Bank Money Market Special, a UMB Bank interest-bearing money market deposit account. The Escrow Agent shall be entitled to sell or redeem any such investment as necessary to make any
distributions required under this Agreement and shall not be liable or responsible for any loss resulting from any such sale or redemption. Notwithstanding the foregoing, all such funds shall not be invested in anything other than “Short Term
Investments” in compliance with Rule 15c2-4 of the Securities Exchange Act of 1934, as amended. Interest, if any, resulting from the investment of the funds in the Escrow Account shall be distributed according to this Agreement. The Escrow
Agent shall provide to the Company monthly statements (or more frequently as reasonably requested by the Company) on the account balance in the Escrow Account and the activity in such account since the last report. 

6. Duties of the Escrow Agent. The Escrow Agent shall have no duties or responsibilities other than those expressly set forth in this Agreement, and no
implied duties or obligations shall be read into this Agreement against the Escrow Agent. The Escrow Agent is not a party to, or bound by, any other agreement among the other parties hereto with respect to the subject matter hereof, and the Escrow
Agent’s duties shall be determined solely by reference to this Agreement. The Escrow Agent shall have no duty to enforce any obligation of any person, other than as provided herein. The Escrow Agent shall be under no liability to anyone by
reason of any failure on the part of any party hereto or any maker, endorser or other signatory of any document or any other person to perform such person’s obligations under any such document. 

7. Liability of the Escrow Agent; Indemnification. The Escrow Agent acts hereunder as a depository only. The Escrow Agent is not responsible or liable
in any manner for the sufficiency, correctness, genuineness or validity of this Agreement or with respect to the form of execution of the same. The Escrow Agent shall not be liable for any action taken or omitted by it, or any action suffered by it
to be taken or omitted, in good faith, and in the exercise of its own best judgment, and may rely conclusively and shall be protected in acting upon any order, notice, demand, certificate, opinion or advice of counsel (including counsel chosen by
the Escrow Agent), statement, instrument, report or other paper or document (not only as to its due execution 

  
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and the validity and effectiveness of its provisions, but also as to the truth and acceptability of any information therein contained) which is reasonably believed by the Escrow Agent to be
genuine and to be signed or presented by the proper person(s). The Escrow Agent shall not be held liable for any error in judgment made in good faith by any of its officers or employees unless it shall be proved that the Escrow Agent was grossly
negligent or reckless in ascertaining the pertinent facts or acted intentionally in bad faith. The Escrow Agent shall not be bound by any notice of demand, or any waiver, modification, termination or rescission of this Agreement or any of the terms
hereof, unless evidenced by a writing delivered to the Escrow Agent signed by the proper party or parties and, if the duties or rights of the Escrow Agent are affected, unless it shall give its prior written consent thereto. 

The Escrow Agent may consult legal counsel and shall exercise reasonable care in the selection of such counsel, in the event of any dispute or question as to
the construction of any provisions hereof or its duties hereunder, and it shall incur no liability and shall be fully protected in acting in accordance with the reasonable opinion or instructions of such counsel. 

The Escrow Agent shall not be responsible, may conclusively rely upon and shall be protected, indemnified and held harmless by the Company, for the
sufficiency or accuracy of the form of, or the execution, validity, value or genuineness of any document or property received, held or delivered by it hereunder, or of the signature or endorsement thereon, or for any description therein; nor shall
the Escrow Agent be responsible or liable in any respect on account of the identity, authority or rights of the persons executing or delivering or purporting to execute or deliver any document, property or this Agreement. 

In the event that the Escrow Agent shall become involved in any arbitration or litigation relating to the funds in the Escrow Account, it is authorized to
comply with any decision reached through such arbitration or litigation. 
 The Company, hereby agrees to indemnify the Escrow Agent for, and to hold it
harmless against any loss, liability or expense incurred in connection herewith without gross negligence, recklessness or willful misconduct on the part of the Escrow Agent, including without limitation reasonable and documented legal or other fees
arising out of or in connection with its entering into this Agreement and carrying out its duties hereunder, including without limitation the costs and expenses of defending itself against any claim of liability in the premises or any action for
interpleader. The Escrow Agent shall not be under any obligation to institute or defend any action, suit, or legal proceeding in connection herewith, unless first indemnified and held harmless to its satisfaction in accordance with the foregoing,
except that it shall not be indemnified against any loss, liability or expense arising out of its own gross negligence, recklessness or willful misconduct. Such indemnity shall survive the termination or discharge of this Agreement or resignation of
the Escrow Agent. 
 8. The Escrow Agent’s Fee. Escrow Agent shall be entitled to fees and expenses for its regular services as Escrow Agent as
set forth in Exhibit A. Additionally, Escrow Agent is entitled to reasonable fees for extraordinary services and reimbursement of any reasonable out of pocket and extraordinary costs and expenses related to its obligations as Escrow
Agent under this Agreement, including, but not limited to, reasonable attorneys’ fees. All of the Escrow Agent’s compensation, costs and expenses shall be paid by the Company. 

  
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 9. Security Interests. No party to this Agreement shall grant a security interest in any monies or other
property deposited with the Escrow Agent under this Agreement, or otherwise create a lien, encumbrance or other claim against such monies or borrow against the same. 

10. Dispute. In the event of any disagreement between the undersigned or the person or persons named in the instructions contained in this Agreement,
or any other person, resulting in adverse claims and demands being made in connection with or for any papers, money or property involved herein, or affected hereby, the Escrow Agent shall be entitled to refuse to comply with any demand or claim, as
long as such disagreement shall continue, and in so refusing to make any delivery or other disposition of any money, papers or property involved or affected hereby, the Escrow Agent shall not be or become liable to the undersigned or to any person
named in such instructions for its refusal to comply with such conflicting or adverse demands, and the Escrow Agent shall be entitled to refuse and refrain to act until: (a) the rights of the adverse claimants shall have been fully and finally
adjudicated in a Court assuming and having jurisdiction of the parties and money, papers and property involved herein or affected hereby, or (b) all differences shall have been adjusted by agreement and the Escrow Agent shall have been notified
thereof in writing, signed by all the interested parties. 
 11. Resignation of Escrow Agent. Escrow Agent may resign or be removed, at any time, for
any reason, by written notice of its resignation or removal to the proper parties at their respective addresses as set forth herein, at least 60 days before the date specified for such resignation or removal to take effect; upon the effective date
of such resignation or removal: 
 (a) All cash and other payments and all other property then held by the Escrow Agent
hereunder shall be delivered by it to such successor escrow agent as may be designated in writing by the Company, whereupon the Escrow Agent’s obligations hereunder shall cease and terminate. 

(b) If no such successor escrow agent has been designated by such date, all obligations of the Escrow Agent hereunder shall,
nevertheless, cease and terminate, and the Escrow Agent’s sole responsibility thereafter shall be to keep all property then held by it and to deliver the same to a person designated in writing by the Company or in accordance with the directions
of a final order or judgment of a court of competent jurisdiction. 
 (c) Further, if no such successor escrow agent has been
designated by such date, the Escrow Agent may petition any court of competent jurisdiction for the appointment of a successor agent; further the Escrow Agent may pay into court all monies and property deposited with Escrow Agent under this
Agreement. 
 12. Notices. All notices, demands and requests required or permitted to be given under the provisions hereof must be in writing and
shall be deemed to have been sufficiently given, upon receipt, if (i) personally delivered, (ii) sent by telecopy and confirmed by phone or (iii) mailed by registered or certified mail, with return receipt requested, or by overnight
courier with signature required, delivered to the addresses set forth below, or to such other address as a party shall have designated by notice in writing to the other parties in the manner provided by this paragraph: 

 

			
	 (1) If to Company:
	  	 Hines Global REIT II, Inc.

		  	 2800 Post Oak Boulevard

		  	 Suite 5000

		  	 Houston, Texas 77056-6118

  
 - 7 - 

			
	 (2) If to the Escrow Agent:
	  	UMB Bank, N.A., as Escrow Agent for Hines Global REIT II, Inc.
		  	1010 Grand Blvd., 4th Floor
		  	Mail Stop: 1020409
		  	Kansas City, Missouri 64106
		  	Attention: Lara Stevens,
		  	Corporate Trust & Escrow Services
		  	Telephone: (816) 860-3017
		  	Facsimile: (816) 860-3029
		
		  	Escrow Agent Wiring Instructions:
		  	UMB Bank, N.A.
		  	ABA Routing Number: 101000695
		  	Account Number:
		  	Account Name: UMB Bank, N.A. as Escrow Agent for Hines Global REIT II, Inc.
		
		  	Checks Payable Information:
		  	UMB Bank, N.A., as Escrow Agent for Hines Global REIT II, Inc.
		  	 Attention: Lara Stevens, Corporate Trust
 1010
Grand Boulevard, 4th Floor
 Mail Stop 1020409

Kansas City, Missouri 64106

		
	(3) If to Dealer Manager:	  	Hines Securities, Inc.
		  	Suite 4700
		  	2800 Post Oak Boulevard
		  	Houston, Texas 77056-6118

 13. Governing Law. This Agreement shall be construed and enforced in accordance with the laws of the State of Texas
without regard to the principles of conflicts of law. 
 14. Binding Effect; Benefit. This Agreement shall be binding upon and inure to the benefit
of the permitted successors and assigns of the parties hereto. 
 15. Modification. This Agreement may be amended, modified or terminated at any time
by a writing executed by the Dealer Manager, the Company and the Escrow Agent. 
 16. Assignability. This Agreement shall not be assigned by the
Escrow Agent without the Company’s prior written consent. 

  
 - 8 - 

 17. Counterparts. This Agreement may be executed in one or more counterparts, each of which will be deemed
an original, but all of which together will constitute one and the same instrument. Copies, telecopies, facsimiles, electronic files and other reproductions of original executed documents shall be deemed to be authentic and valid counterparts of
such original documents for all purposes, including the filing of any claim, action or suit in the appropriate court of law. 
 18. Headings. The
section headings contained in this Agreement are inserted for convenience only, and shall not affect in any way, the meaning or interpretation of this Agreement. 

19. Severability. This Agreement constitutes the entire agreement among the parties and supersedes all prior and contemporaneous agreements and
undertakings of the parties in connection herewith. No failure or delay of the Escrow Agent in exercising any right, power or remedy may be, or may be deemed to be, a waiver thereof; nor may any single or partial exercise of any right, power or
remedy preclude any other or further exercise of any right, power or remedy. In the event that any one or more of the provisions contained in this Agreement, shall, for any reason, be held to be invalid, illegal or unenforceable in any respect, then
to the maximum extent permitted by law, such invalidity, illegality or unenforceability shall not affect any other provision of this Agreement. 
 20.
Earnings Allocation; Tax Matters; Patriot Act Compliance; OFAC Search Duties. The Escrow Agent or its agent shall be responsible for all tax reporting under this Escrow Agreement at the direction of the Company. The Company shall provide to
Escrow Agent upon the execution of this Agreement any documentation requested and any information reasonably requested by the Escrow Agent to comply with the USA Patriot Act of 2001, as amended from time to time, including Exhibit B. The Escrow
Agent, or its agent, shall complete an OFAC search, in compliance with its policy and procedures, of each subscription check and shall inform the Company if a subscription check fails the OFAC search. The Dealer Manager shall provide a copy of each
subscription check in order that the Escrow Agent, or its agent, may perform such OFAC search. 
 21. Miscellaneous. This Agreement shall not be
construed against the party preparing it, and shall be construed without regard to the identity of the person who drafted it or the party who caused it to be drafted and shall be construed as if all parties had jointly prepared this Agreement and it
shall be deemed their joint work product, and each and every provision of this Agreement shall be construed as though all of the parties hereto participated equally in the drafting hereof; and any uncertainty or ambiguity shall not be interpreted
against any one party. As a result of the foregoing, any rule of construction that a document is to be construed against the drafting party shall not be applicable. 

22. Third Party Beneficiaries. The Transfer Agent shall be a third party beneficiary under this Agreement, entitled to enforce any rights, duties or
obligations owed to it under this Agreement notwithstanding the terms of any other agreements between the Transfer Agent and any party hereto. 
 23.
Termination of the Escrow Agreement. This Escrow Agreement, except for Sections 7 and 11 hereof, which shall continue in effect, shall terminate upon written notice from the Company to the Escrow Agent. Unless otherwise provided, final
termination of this Escrow Agreement shall occur on the date that all funds held in the Escrow Account are distributed either (a) to the Company or to subscribers and the Company has informed the Escrow Agent in writing to close the Escrow
Account or (b) to a successor escrow agent upon written instructions from the Company. 

  
 - 9 - 

 24. Relationship of Parties. The Dealer Manager, the Company and the Escrow Agent are unaffiliated
parties, and this Agreement does not create any partnership or joint venture among them. This Agreement may be filed as an exhibit to the Offering Document and the Escrow Agent consents to being named in any such Offering Document (including
exhibits and amendments thereto) in connection with the Offering. 
 [SIGNATURE PAGES FOLLOW] 

  
 - 10 - 

 IN WITNESS WHEREOF, the undersigned have caused this Agreement to be
executed by their duly authorized representatives as of the date first written hereinabove: 
  

			
	 DEALER MANAGER:
  

HINES SECURITIES, INC.

		
	By:	 	/s/ Frank Apollo
	Name:	 	Frank Apollo
	Title:	 	Chief Operating Officer

  

			
	 COMPANY:
  

HINES GLOBAL REIT II, INC.

		
	By:	 	/s/ J. Shea Morgenroth
	Name:	 	J. Shea Morgenroth
	Title:	 	Chief Accounting Officer

  

			
	 ESCROW AGENT:
  

UMB BANK, N.A.

		
	By:	 	/s/ Lara L. Stevens
	Name:	 	Lara L. Stevens
	Title:	 	Vice President

  
 - 11 - 

 EXHIBIT A 

ESCROW FEES AND EXPENSES 
  

			
	 Acceptance Fee
	  	
	 Review document, establish accounts, and
Set up recon file/feeds with DST
	  	$1,750
		
	 Annual Fee
	  	
	 Annual Escrow Agent
	  	$2,000
		
	 Transactional Fees
	  	
	 Outgoing Wire Transfer
	  	$35 each
	 Daily BAI File to DST
	  	$2.50 per Bus Day
	 Daily Wire Ripping to DST
	  	$10.00 per Bus Day
	 Web Exchange Access
	  	$60 per month
	 Overnight Delivery/Mailings
	  	$16.50 each
	 IRS Tax Reporting
	  	$10 per 1099

 Acceptance fee and Annual fee will be payable at the initiation of the escrow. Thereafter, the annual fee will be billed
annually in advance and the Transactional fees will be billed in quarterly in arrears. Other fees and expenses will be billed as incurred. 
 Fees specified
are for the regular, routine services contemplated by the Escrow Agreement, and any additional or extraordinary services, including, but not limited to disbursements involving a dispute or arbitration, or administration while a dispute, controversy
or adverse claim is in existence, will be charged based upon time required at the then standard hourly rate. In addition to the specified fees, all expenses related to the administration of the Escrow Agreement (other than normal overhead expenses
of the regular staff) such as, but not limited to, travel, postage, shipping, courier, telephone, facsimile, supplies, legal fees, accounting fees, etc., will be reimbursable. 

  
 - 12 - 

 EXHIBIT B 

CERTIFICATE AS TO AUTHORIZED SIGNATURES 
 The
specimen signatures shown below are the specimen signatures of the individuals who have been designated as Authorized Representatives of Hines Global REIT II, Inc. and are authorized to initiate and approve transactions of all types for the
above-mentioned account on behalf of Hines Global REIT II, Inc.: 
  

					
	Name/Title	 		 	Signature
			
	 	 		 	
			
	 	 		 	 
			
	 	 		 	
			
	 	 		 	 
			
	 	 		 	
			
	 	 		 	 
			
	 	 		 	
			
	 	 		 	 

  
 - 13 -

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