Document:

Exhibit

EXHIBIT 10.1

AMENDMENT NO. 3 TO DEALER MANAGER AGREEMENT 
AND PARTICIPATING DEALER AGREEMENT
This Amendment No. 3 to Dealer Manager Agreement and Participating Dealer Agreement (this “Amendment”) is made and entered into as of this 25th day of April, 2016 by and among Griffin Capital Essential Asset REIT II, Inc., a Maryland corporation (the “Company”), Griffin Capital Securities, LLC, a Delaware limited liability company (the “Dealer Manager”), and, solely with respect to the amendment of Section 3.3 of the Dealer Manager Agreement as set forth below, Griffin Capital Essential Asset Advisor II, LLC (the “Advisor”).
RECITALS
WHEREAS, the Company previously filed a Registration Statement on Form S-11 (File No. 333-194280) to register for offer and sale up to $2.0 billion in shares of its common stock (the “Shares”), consisting of up to $1.0 billion in shares of Class A common stock and up to $1.0 billion in shares of Class T common stock (excluding shares of its common stock to be offered and sold pursuant to the Company’s distribution reinvestment plan), at an initial purchase price of $10.00 per share for shares of Class A common stock and $9.4241 per share for shares of Class T common stock (the “Offering”), which Offering was declared effective by the SEC on July 31, 2014;
WHEREAS, in connection with the Offering, the Company and the Dealer Manager have entered into a Dealer Manager Agreement, dated June 20, 2014 (the “Dealer Manager Agreement”), and the Dealer Manager has subsequently entered into Participating Dealer Agreements, dated various dates, with participating dealers; 
WHEREAS, on November 25, 2014, the Company and the Dealer Manager entered into Amendment No. 1 to the Dealer Manager Agreement, pursuant to which references to the minimum offering amount were removed from the Dealer Manager Agreement and the Participating Dealer Agreement, as a result of the Company’s achievement of the minimum offering amount, and references to shares of Class T common stock were removed from the Dealer Manager Agreement and the Participating Dealer Agreement, as a result of the Company’s decision to no longer sell shares of Class T common stock in the Offering; 
WHEREAS, on October 9, 2015, the Company and the Dealer Manager entered into Amendment No. 2 to the Dealer Manager Agreement, pursuant to which various provisions were revised and added to reflect the Company’s determination to cease offering shares of Class A common stock in the Offering and again commence offering shares of Class T common stock, and to reallocate the shares offered in the Offering in accordance therewith; and
WHEREAS, the Company has determined that it will commence offering shares of Class I common stock in the Offering, effective April 25, 2016, and therefore has reallocated the shares offered in the Offering, to reflect that the Company is offering up to approximately $1.56 billion in shares of Class T common stock at an initial purchase price of $10.00 per share and up to approximately $0.2 billion in shares of Class I common stock at an initial purchase price of $9.30 per share, and previously sold approximately $0.24 billion in shares of Class A common stock (excluding shares of its common stock to be offered and sold pursuant to the Company’s distribution reinvestment plan).
NOW THEREFORE, effective April 25, 2016, the Company, the Dealer Manager, and, solely with respect to the amendment of Section 3.3 of the Dealer Manager Agreement as set forth below, the Advisor, hereby modify and amend the Dealer Manager Agreement and agree as follows:
1.Defined Terms. Capitalized terms used herein and not defined herein shall have the meanings set forth in the Dealer Manager Agreement.

2.Amendments to Dealer Manager Agreement to incorporate Class I Shares.

The introductory paragraph is hereby removed and replaced with the following:
“Griffin Capital Essential Asset REIT II, Inc., a Maryland corporation (the “Company”), is registering for public sale a maximum of up to $2.2 billion in shares (the “Shares”) of its common stock, $0.001 par value per share (the “Offering”), to be issued and sold (consisting of approximately $0.24 billion 

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in Class A shares previously sold to the public, up to approximately $1.56 billion in Class T shares to be offered to the public, each at a purchase price of $10.00 per share, and up to approximately $0.2 billion in Class I shares to be offered to the public at a purchase price of $9.30 per share, and $200 million in shares to be offered pursuant to the Company’s distribution reinvestment plan at a purchase price of $9.50 per share). The minimum purchase by any one person shall be $2,500 in Shares except as otherwise indicated in the Prospectus or in any letter or memorandum from the Company to Griffin Capital Securities, LLC (the “Dealer Manager”). It is anticipated that the Dealer Manager will enter into Participating Dealer Agreements in the form attached to this Dealer Manager Agreement with other broker-dealers participating in the Offering (each dealer being referred to herein as a “Dealer” and said dealers being collectively referred to herein as the “Dealers”). The Company shall have the right to approve any material modifications or addendums to the form of the Participating Dealer Agreement. Terms not defined herein shall have the same meaning as in the Prospectus. In connection therewith, the Company hereby agrees with the Dealer Manager, as follows:...”
Section 3.3 is hereby removed and replaced with the following:
“3.3    Except as otherwise provided in the “Plan of Distribution” section of the Prospectus, as compensation for the services rendered by the Dealer Manager, the Company agrees that it will pay to the Dealer Manager, at the time of sale of shares,  sales commissions in the amount of 3.0% of the gross proceeds of the Class T shares sold, and the Company and Griffin Capital Essential Asset Advisor II, LLC (the “Advisor”) agree that they will pay to the Dealer Manager, at the time of sale of shares, an aggregate dealer manager fee in the amount of 3.0% of gross proceeds of Class T shares or Class I shares sold, 1.0% of which will be funded by the Company and 2.0% of which will be funded by the Advisor. In addition, the Company agrees that it will pay to the Dealer Manager a quarterly stockholder servicing fee in the aggregate amount of up to 4.0% of gross proceeds of Class T shares sold, which stockholder servicing fee will accrue daily in an amount equal to 1/365th of 1.0% of the purchase price per share (or, once reported, the amount of the estimated NAV), of Class T shares sold, excluding Class T shares sold pursuant to the distribution reinvestment plan.  The Company will cease paying the stockholder servicing fee with respect to the Class T shares sold in the Offering on the earlier of (i) the date at which the aggregate underwriting compensation from all sources equals 10.0% of the gross proceeds from the sale of Shares in the primary portion of the Offering (i.e., excluding proceeds from sales pursuant to the distribution reinvestment plan); (ii) the fourth anniversary of the last day of the fiscal quarter in which the Offering (excluding the distribution reinvestment plan offering) terminates; (iii) the date that such Class T share is redeemed or is no longer outstanding; and (iv) the occurrence of a merger, listing on a national securities exchange, or an extraordinary transaction. The stockholder servicing fee relates to the share or shares sold.  The Dealer Manager may, in its discretion, re-allow to Dealers up to 100% of the stockholder servicing fee for services that such Dealers perform in connection with the Class T stockholders; provided, however, that with respect to any individual investment, the Dealer Manager will not re-allow the related stockholder servicing fee to any Dealer if such Dealer ceases to hold the account related to such investment.  In addition, the Dealer Manager will not re-allow the stockholder servicing fee to any Dealer if such Dealer has not executed a Participating Dealer Agreement with the Dealer Manager.  In any instance in which the Dealer Manager does not re-allow the stockholder servicing fee to a Dealer, the Dealer Manager will return such fee to the Company.  No selling commissions or dealer manager fee shall be paid with respect to Shares sold pursuant to the Company’s distribution reinvestment plan.  In no event shall the total aggregate underwriting compensation payable to the Dealer Manager and any Dealers participating in the Offering, including, but not limited to, selling commissions and the dealer manager fee (which includes expense reimbursements and non-cash compensation), exceed 10.0% of gross offering proceeds in the aggregate. The Company will not be liable or responsible to any Dealer for direct payment of commissions to any Dealer, it being the sole and exclusive responsibility of the Dealer Manager for payment of commissions to Dealers. Notwithstanding the above, at the discretion of the Company, the Company may act as agent of the Dealer Manager by making direct payment of commissions to Dealers on behalf of the Dealer Manager without incurring any liability.”

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3.Amendments to Participating Dealer Agreement to incorporate Class I Shares.

The introductory paragraph is hereby removed and replaced with the following:
“Griffin Capital Securities, LLC, as the dealer manager (“Dealer Manager”) for Griffin Capital Essential Asset REIT II, Inc. (the “Company”), a Maryland corporation, invites you (the “Dealer”) to participate in the distribution of shares of common stock (“Shares”) of the Company, consisting of Class T Shares and Class I Shares, subject to the following terms:...”
Section III is hereby removed and replaced with the following:
“Except as may be otherwise provided for in the “Plan of Distribution” section of the Prospectus, Class T Shares shall be offered to the public at the offering price of $10.00 per Share, Class I Shares shall be offered to the public at the offering price of $9.30 per Share, and Shares shall be offered pursuant to the Company’s distribution reinvestment plan at $9.50 per Share. Except as otherwise indicated in the Prospectus or in any letter or memorandum sent to the Dealer by the Company or Dealer Manager, a minimum initial purchase of $2,500 in Shares is required. The Shares are nonassessable.”
4.Amendment.  This Amendment may not be amended or modified except in writing signed by all parties.

5.Governing Law.  This Amendment shall be governed by and construed in accordance with the laws of the State of California.

6.Counterparts.  This Amendment may be executed in counterparts, each of which shall be deemed an original, and all of which together shall constitute a single instrument.

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

	
			
	COMPANY:

	 

	GRIFFIN CAPITAL ESSENTIAL ASSET REIT II, INC.

	 

	By:
	 
	/s/ Kevin A. Shields

	Name:
	Kevin A. Shields

	Title:
	Chief Executive Officer

	 

	DEALER MANAGER:

	 

	GRIFFIN CAPITAL SECURITIES, LLC

	 

	By:
	/s/ Jeffrey S. Schwaber

	Name:
	Jeffrey S. Schwaber

	Title:
	President of Capital Markets

	 
	 

	SOLELY WITH RESPECT TO the amendment of Section 3.3 of the Dealer Manager Agreement as set forth ABOVE:

	 
	 

	ADVISOR:

	 

	GRIFFIN CAPITAL ESSENTIAL ASSET ADVISOR II, LLC

	 

	By:
	/s/ Kevin A. Shields

	Name:
	Kevin A. Shields

	Title:
	Chief Executive Officer

4Exhibit

EXHIBIT 10.2

AMENDMENT NO. 2 TO THE SECOND AMENDED AND RESTATED
LIMITED PARTNERSHIP AGREEMENT
OF
GRIFFIN CAPITAL ESSENTIAL ASSET OPERATING PARTNERSHIP II, L.P.

In accordance with Section 4.2(a)(i) and Article 12 of the Second Amended and Restated Limited Partnership Agreement, effective as of June 24, 2015 (the “Partnership Agreement”), of Griffin Capital Essential Asset Operating Partnership II, L.P. (the “Partnership”), the Partnership Agreement is hereby amended by this Amendment No. 2 thereto (this “Amendment”) to reflect certain changes in share classification of Griffin Capital Essential Asset REIT II, Inc. (the “General Partner”).  Capitalized terms used and not otherwise defined herein shall have the meanings set forth in the Partnership Agreement.
WHEREAS, the Partnership Agreement has previously been amended by Amendment No. 1 dated June 24, 2015 (“Amendment No. 1”), which established a series of up to 15,000,000 Preferred Units of the Partnership;
WHEREAS, prior to the date hereof, pursuant to the First Articles of Amendment and Restatement of the General Partner, 700,000,000 of its shares were designated common stock, of which 350,000,000 shares were classified as Class A Common Stock, $0.001 par value per share (the “Class A Common Stock”) and 350,000,000 shares were classified as Class T Common Stock, $0.001 par value per share (the “Class T Common Stock”), 
WHEREAS, the General Partner has filed, on the date herewith, Articles Supplementary to reclassify 100,000,000 authorized but unissued shares of Class A Common Stock as shares of Class I Common Stock, $0.001 par value per share, of the General Partner (the “Class I Common Stock”) and 50,000 authorized but unissued shares of Class T Common Stock as shares of Class I Common Stock, with the preferences, rights, voting powers, restrictions, limitations as to dividends and other distributions, qualifications, or terms or conditions of redemption described therein;
WHEREAS, the parties hereto desire to reflect certain changes in share classification and other changes by amending the Partnership Agreement as previously amended by Amendment No. 1, by entering into this Amendment.
NOW THEREFORE, in consideration of the mutual covenants contained herein, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:
Section 1. Amendments to Defined Terms

A.    The following are hereby added as additional defined terms in the Partnership Agreement:
Class A REIT Shares means the REIT Shares classified as Class A common stock in the Articles of Incorporation.
Class A Unit means a Partnership Unit entitling the holder thereof to the rights of a holder of a Class A Unit as provided in this Agreement.
Class I REIT Shares means the REIT Shares classified as Class I common stock in the Articles of Incorporation.
Class I Unit means a Partnership Unit entitling the holder thereof to the rights of a holder of a Class I Unit as provided in this Agreement.
Class T REIT Shares means the REIT Shares classified as Class T common stock in the Articles of Incorporation.
Class T Unit means a Partnership Unit entitling the holder thereof to the rights of a holder of a Class T Unit as provided in this Agreement.

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Exchanged REIT Shares has the meaning set for in Section 7.1(e) hereof.
General Partner’s Prospectus means any document, notice, or other communication satisfying the standards set forth in Section 10 of the Securities Act of 1933, and contained in a currently effective registration statement filed by the General Partner with, and declared effective by, the SEC, or if no registration statement is currently effective, then the Prospectus contained in the most recently effective registration statement.
Received REIT Shares has the meaning set forth in Section 7.1(e) hereof.
Stockholder Servicing Fee has the meaning set forth in the General Partner’s Prospectus.
B.    The following definitions are hereby revised and restated defined terms in the Partnership Agreement:
Conversion Factor means 1.0, provided that in the event that the General Partner (i) declares or pays a dividend on its outstanding REIT Shares in REIT Shares or makes a distribution to all holders of its outstanding REIT Shares in REIT Shares, (ii) subdivided its outstanding REIT Shares, or (iii) combines its outstanding REIT Shares into a smaller number of REIT Shares, the Conversion Factor shall be adjusted by multiplying the Conversion Factor by a fraction, the numerator of which shall be the number of REIT Shares issued and outstanding on the record date for such dividend, distribution, subdivision or combination (assuming for such purposes that such dividend, distribution, subdivision or combination has occurred as of such time), and the denominator of which shall be the actual number of REIT Shares (determined without the above assumption) issued and outstanding on such date and, provided further, that in the event that an entity other than an Affiliate of the General Partner shall become General Partner pursuant to any merger, consolidation or combination of the General Partner with or into another entity (the “Successor Entity”), the Conversion Factor shall be adjusted by multiplying the Conversion Factor by the number of shares of the Successor Entity into which one REIT Share is converted pursuant to such merger, consolidation or combination, determined as of the date of such merger, consolidation or combination.  Any adjustment to the Conversion Factor shall become effective immediately after the effective date of such event retroactive to the record date, if any, for such event; provided, however, that if the General Partner receives a Notice of Exchange after the record date, but prior to the effective date of such dividend, distribution, subdivision or combination, the Conversion Factor shall be determined as if the General Partner had received the Notice of Exchange immediately prior to the record date for such dividend, distribution, subdivision or combination.  A separate Conversion Factor shall be determined for each class of Partnership Units by taking into account only the outstanding REIT Shares having the same class designation as the applicable class of Partnership Units.
Invested Capital means the amount calculated by multiplying the total number of REIT Shares purchased by Stockholders by (a) the offering price for such Stock actually paid by such Stockholders in an offering or (b) for Stock not purchased in an Offering, the issue price for the Stock; in each case reduced by any Distributions attributable to Net Sale Proceeds and any amounts paid by the General Partner to repurchase shares of Stock pursuant to a plan for repurchase of the General Partner’s Stock.
Partnership Unit means a fractional, undivided share of the Partnership Interests of all Partners issued hereunder, including Class A Units, Class I Units and Class T Units.  Without limitation on the authority of the General Partner as set forth in Section 4.2 hereof, the General Partner may designate any Partnership Units, when issued, as Common Units or Preferred Units, may establish any other class of Partnership Units, and may designate one or more series of any class of Partnership Units.  The allocation of Partnership Units of each class among the Partners shall be as set forth on Exhibit A, as such Exhibit may be amended from time to time.
REIT Share means a share of common stock, par value $0.001 per share, in the General Partner (or successor entity, as the case may be), including Class A REIT Shares, Class I REIT Shares and Class T REIT Shares, the terms and conditions of which are set forth in the Articles of Incorporation.

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Section 2. Amendments to Article 4 of Partnership Agreement

A.    Section 4.2(a)(i)(1) is hereby amended and restated as follows: 
(A) the additional Partnership Interests are issued in connection with an issuance of REIT Shares or other interests in the General Partner, which shares or interests have designations, preferences and other rights, all such that the economic interests are substantially similar to the designations, preferences and other rights, all such that the economic interests are substantially similar to the designations, preferences and other rights of the additional Partnership Interests issued to the General Partner by the partnership in accordance with this Section 4.2 (without limiting the foregoing, for example, the Partnership shall issue Partnership Interests consisting of Class A Units to the General Partner in connection with the issuance of Class A REIT Shares, Class I Units to the General Partner in connection with the issuance of Class I REIT Shares and Class T Units to the General Partner in connection with the issuance of Class T REIT Shares) and (B) the General Partner shall make a Capital Contribution to the Partnership in an amount equal to the proceeds raised in connection with the issuance of such shares of stock of or other interests in the General Partner.
B.    Section 4.2(a)(ii)(B) is hereby amended and restated as follows:
the General Partner contributes the net proceeds from the issuance of such Additional Securities and from any exercise of rights contained in such Additional Securities, directly through the General Partner, to the Partnership (without limiting the foregoing, for example, the Partnership shall issue Limited Partnership Interests consisting of Class A Units to the General Partner in connection with the issuance of Class A REIT Shares, Class I Units to the General Partner in connection with the issuance of Class I REIT Shares and Class T Units to the General Partner in connection with the issuance of Class T REIT Shares); provided, however, that the General Partner is allowed to issue Additional Securities in connection with an acquisition of a property to be held directly by the General Partner, but if and only if, such direct acquisition and issuance of Additional Securities have been approved and determined to be in the best interests of the General Partner and the Partnership by a majority of the Independent Directors (as defined in the General Partner’s Articles of Incorporation). 
C.    The last sentence of Section 4.2(a)(ii) is hereby amended and restated as follows:
For example, in the event the General Partner issues REIT Shares of any class for a cash purchase price and contributes all of the proceeds of such issuance to the Partnership, the General Partner shall be issued a number of additional Partnership Units having the same class designation as the issued REIT Shares equal to the product of (A) the number of such REIT Shares of that class issued by the General Partner, the proceeds of which were so contributed, multiplied by (B) a fraction, the numerator of which is 100%, and the denominator of which is the Conversion Factor for that class of Partnership Units in effect on the date of such contribution.
D.    The following is hereby added to the last line of Section 4.2(b):
, and any such expenses shall be allocable solely to the class of Partnership Units issued to the General Partner at such time.
Section 3. Amendment to Article 5 of Partnership Agreement

A new Section 5.1(h) is hereby added as follows:
(h)    Special Allocations of Class-Specific Items.  To the extent that any items of income, gain, loss or deduction of the General Partner are allocable to a specific class or classes of REIT Shares 

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as provided in the General Partner’s Prospectus, such items, or an amount equal thereto, shall be specially allocated to the class or classes of Partnership Units corresponding to such class or classes of REIT Shares.    
Section 4. Amendment to Article 6 of the Partnership Agreement

Section 6.10 is hereby amended and restated as follows:
6.10 Miscellaneous.  In the event the General Partner redeems any REIT Shares (other than REIT Shares redeemed in accordance with the share redemption program of the General Partner through proceeds received from the General Partner’s distribution reinvestment plan), then the General Partner shall cause the Partnership to purchase from the General Partner a number of Partnership Units as determined based on the application of the Conversion Factor on the same terms that the General Partner exchanged such REIT Shares (without limiting the foregoing, for example, the Partnership shall purchase from the General Partner Partnership Interests consisting of Class A Units in connection with the exchange of Class A REIT Shares, Class I Units in connection with the exchange of Class I REIT Shares and Class T Units in connection with the exchange of Class T REIT Shares).  Moreover, if the General Partner makes a cash tender offer or other offer to acquire REIT Shares, then the General Partner shall cause the Partnership to make a corresponding offer to the General Partner to acquire an equal number of Partnership Units held by the General Partner.  In the event any REIT Shares are exchanged by the General Partner pursuant to such offer, the Partnership shall redeem an equivalent number of the General Partner’s Partnership Units for an equivalent purchase price based on the application of the Conversion Factor (without limiting the foregoing, for example, the Partnership shall redeem from the General Partner Partnership Interests consisting of Class A Units in connection with the exchange of Class A REIT Shares, Class I Units in connection with the exchange of Class I REIT Shares and Class T Units in connection with the exchange of Class T REIT Shares).
Section 5. Amendments to Article 7 of Partnership Agreement

A new Section 7.1(e) is hereby added as follows:
(e)    If the General Partner exchanges any REIT Shares of any class (“Exchanged REIT Shares”) for REIT Shares of a different class (“Received REIT Shares”), then the General Partner shall, and shall cause the Partnership to, exchange a number of Partnership Units having the same class designation as the Exchanged REIT Shares, as determined based on the application of the Conversion Factor, for Partnership Units having the same class designation as the Received REIT Shares on the same terms that the General Partner exchanged the Exchanged REIT Shares.  The exchange of Units shall occur automatically after the close of business on the applicable date of the exchange of REIT Shares, as of which time the holder of class of Units having the same designation as the Exchanged REIT Shares shall be credited on the books and records of the Partnership with the issuance, as of the opening of business on the next day, of the applicable number of Units having the same designation as the Received REIT Shares.
Section 6. Continuation of Partnership Agreement

The Partnership Agreement, Amendment No. 1 and this Amendment shall be read together and shall have the same force and effect as if the provisions of the Partnership Agreement, Amendment No. 1 and this Amendment were contained in one document.  Any provisions of the Partnership Agreement not amended by Amendment No. 1 or this Amendment shall remain in full force and effect as provided in the Partnership Agreement immediately prior to the date hereof.  In the event of a conflict between the provisions of this Amendment and the Partnership Agreement and Amendment No. 1, the provisions of this Amendment shall control.
[Signature Page Follows.]

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IN WITNESS WHEREOF, the parties hereto have executed this Amendment to the Partnership Agreement as of the 25th day of April, 2016.
	
			
	GRIFFIN CAPITAL ESSENTIAL ASSET OPERATING PARTNERSHIP II, L.P.

	 

	By:
	 
	Griffin Capital Essential Asset REIT II, Inc., 
its sole general partner

	By:
	 
	/s/ Michael J. Escalante

	Name:
	Michael J. Escalante

	Title:
	President

	 

	GRIFFIN CAPITAL ESSENTIAL ASSET REIT II, INC.

	 

	By:
	 
	/s/ Michael J. Escalante

	Name:
	Michael J. Escalante

	Title:
	President

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