Document:

EX-10.7

 Exhibit 10.7 

PROMISSORY NOTE 
  

			
	$29,500,000.00	  	June 28, 2017

 FOR VALUE RECEIVED, SSSST 376 W WATSON ST, LLC, a Delaware limited liability company, having its
principal place of business at 10 Terrace Road, Ladera Ranch, California 92694 (“Borrower”), promises to pay to the order of INSURANCE STRATEGY FUNDING IX, LLC, a Delaware limited liability company, having an office at c/o JPMorgan
Asset Management, 270 Park Avenue, 9th Floor, New York, New York 10017 (together with its successors and assigns, “Lender”), or at such other place as may be designated in writing by the holder of this Note, in legal tender of the
United States of America in immediately available funds, the principal sum of TWENTY-NINE MILLION FIVE HUNDRED THOUSAND AND 00/100 DOLLARS ($29,500,000.00) or so much thereof as shall at any time be outstanding (the “Principal
Amount”), together with interest on the Principal Amount at the Applicable Interest Rate (as hereinafter defined). 
  

	1.	CERTAIN DEFINED TERMS 

 As used herein the following terms shall have the meanings set
forth below: 
 (a) “Accrual Period” means the period commencing on the 1st day of a calendar month and ending on the last day of
such calendar month; provided that if this Note is dated as of any date other than the first (1st) day of a month, the first Accrual Period shall (i) consist of only the date hereof, if the date hereof is the last day of a month, and
(ii) otherwise commence on the date hereof and end on the last day of the calendar month in which this Note is executed. 
 (b)
“Additional Costs” shall have the meaning set forth in Section 12(b). 
 (c) “Applicable Interest Rate” shall mean,
with respect to each Accrual Period, an interest rate per annum equal to 4.20%, subject to Section 2(a)(4) hereof. 
 (d)
“Business Day” shall mean any day, on which commercial banks are not authorized or required by law to close in New York, New York. 

(e) “Collateral” shall have the meaning set forth in Section 2.12(a) of the Security Instrument. 

(f) “Default Rate” shall mean a per annum interest rate equal to the lesser of (i) five percent (5%) per annum above the
Applicable Interest Rate, subject to Section 2(a)(4) hereof, and (ii) the highest lawful rate of interest permitted under applicable law, whether or not an action against Borrower shall have been commenced, and if commenced, whether or not
a judgment against Borrower shall have been obtained. 
 (g) “Environmental Indemnity” shall mean that certain Environmental
Indemnity Agreement given by Borrower and Guarantor to Lender as of even date herewith. 
 (h) “Event of Default” shall have the
meaning set forth in Section 6.1 of the Security Instrument. 

 (i) “Governmental Authority” shall mean any national, state or local government
(whether domestic or foreign), any political subdivision thereof or any other governmental, quasi governmental, judicial, administrative, public or statutory instrumentality, authority, body, agency, bureau, commission, board, department or other
entity (including, without limitation, the Federal Deposit Insurance Corporation, the Comptroller of the Currency or the Federal Reserve Board, any central bank or any comparable authority) or any arbitrator with authority to bind a party at law.

 (j) “Guarantor” shall mean, jointly, severally and collectively, each of H. Michael Schwartz, an individual (subject to
Section 20 of the Guaranty (as defined in the Security Instrument)), and Strategic Student & Senior Housing Trust, Inc., a Maryland corporation. 

(k) “Late Charge” shall have the meaning assigned to such term in Section 4. 

(l) “Loan” shall mean the indebtedness evidenced by this Note. 

(m) “Loan Documents” shall mean this Note, the Security Instrument, and any other documents or instruments which now or shall
hereafter wholly or partially evidence and/or secure payment of this Note or which have otherwise been executed by Borrower and/or any other Person in connection with the Loan. 

(n) “Make-Whole Amount” shall mean a prepayment consideration amount equal to the greater of (x) 1% of the Principal Amount and
(y) an amount, not less than zero, equal to the amount by which the sum of the respective present values of each of the remaining scheduled payments of principal and interest (including any final payment of the Principal Amount) which would
have been payable under this Note through and including the ninetieth (90th) day preceding the Scheduled Maturity Date had this Note not been prepaid exceeds the then outstanding
Principal Amount of this Note on the date immediately prior to such Prepayment Date. Present values shall be computed by Lender in accordance with its customary accounting practices using a discount rate equal to the Treasury Yield (as hereinafter
defined) for the remaining average life of the Loan, as determined by Lender, through the ninetieth (90th) day preceding the Scheduled Maturity Date had the Loan not been prepaid. 

(o) “Maturity Date” shall mean the earliest to occur of (i) the Scheduled Maturity Date and (ii) the date this Note is
accelerated and becomes due and payable pursuant to the terms of the Loan Documents. 
 (p) “Monthly Payment” shall mean for each
Monthly Payment Date, a payment in an amount equal to $103,250.00. 
 (q) “Monthly Payment Date” shall mean the first day of each
calendar month prior to the Maturity Date commencing on August 1, 2017 and continuing through and including the Scheduled Maturity Date. 

(r) “Obligations” shall have the meaning ascribed to such term in Section 1.1 of the Security Instrument. 

  
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 (s) “Person” means any natural person, corporation, limited partnership, general
partnership, joint stock company, limited liability company, limited liability partnership, joint venture, association, company, trust, bank, trust company, land trust, business trust or other organization, whether or not a legal entity, or any
nongovernmental entity or Governmental Authority. 
 (t) “Prepayment Date” shall mean the actual date of prepayment of the Loan to
the extent permitted by, and in accordance with, the terms of this Note. 
 (u) “Prepayment Notice” shall have the meaning set
forth in Section 6(a). 
 (v) “Property” shall mean certain real property located in Fayetteville, Arkansas, as more
particularly described in the Security Instrument. 
 (w) “Recourse Obligations of Borrower” shall have the meaning assigned to
such term in the Security Instrument. 
 (x) “Regulatory Change” means, with respect to Lender, any change effective after the
date hereof in any law, treaty, order, policy, rule or regulation (including without limitation, Regulation D of the Board of Governors of the Federal Reserve System) or in the administration, interpretation or application thereof or the adoption,
making or issuance, after the date hereof, of any interpretation, directive, guideline or request (whether or not having the force of law and whether or not failure to comply therewith would be unlawful) applying to a class of banks, including
Lender, of or under any applicable law by any Governmental Authority charged with the interpretation or administration thereof or compliance by Lender with any interpretation, directive, guideline or request regarding capital adequacy; provided
that, notwithstanding anything herein to the contrary, the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines, requirements and directives thereunder issued in connection therewith or in implementation
thereof shall be deemed to be a “Regulatory Change”, regardless of the date enacted, adopted, issued or implemented. 
 (y)
“Scheduled Maturity Date” shall mean July 1, 2024. 
 (z) “Security Instrument” shall mean the Mortgage, Assignment
of Leases and Rents and Security Agreement dated the date hereof in the principal amount of $29,500,000.00, given by Borrower, as mortgagor, for the benefit of Lender, as mortgagee, covering the fee estate of Borrower in the Property. 

(aa) “Taxes” shall mean any present or future excise, stamp or other taxes, fees, duties, levies, imposts, charges, deductions,
withholdings or other charges of any nature whatsoever imposed by any taxing authority, but excluding (i) franchise taxes, (ii) any taxes (other than withholding taxes) that would not be imposed but for a connection between Lender and the
jurisdiction imposing such taxes (other than a connection arising solely by virtue of the activities of Lender in connection with the Loan), (iii) any taxes imposed on or measured by any of Lender’s assets, net income, net receipts or
branch profits and (iv) any taxes, unless such taxes result solely from (A) a change in any applicable law, treaty, governmental rule, regulation, guideline or order, or in the interpretation thereof, occurring after the date hereof, with
respect to the original Lender hereunder, or, (B) in the case of an assignment or transfer of this Note or a 

  
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designation of a new lending office of Lender, to the extent such taxes are imposed at a rate that does not exceed the rate in respect of those taxes for which the assignor or transferor Lender,
or Lender in respect of its prior lending office, as the case may be, was entitled to additional amounts from Borrower pursuant to Section 11 of this Note under the laws in effect immediately prior to the assignment or transfer of this Note or
such designation of a new lending office, as the case may be. 
 (bb) “Treasury Yield” shall mean a yield determined by Lender by
reference to the most recent Federal Reserve Statistical Release H.15 (519) (or any successor or substitute publication of the Federal Reserve Board) that has become publicly available at least two (2) Business Days prior to the Prepayment
Date, and shall be the most recent weekly average yield to maturity (expressed as a rate per annum) under the caption “Treasury Constant Maturities” for the year corresponding to the remaining average life of the Loan, as determined by
Lender, through the ninetieth (90th) day preceding the Scheduled Maturity Date had this Note not been prepaid, converted to a mortgage equivalent yield, plus 50 basis points. If no such “Treasury Constant Maturities” shall exactly
correspond to such remaining average life of the Loan, as determined by Lender, yields for the two most closely corresponding published “Treasury Constant Maturities” shall be used to interpolate a single yield on a straight-line basis
(rounding, in the case of relevant periods, to the nearest month). The Treasury Yield shall be computed to the fifth decimal place and then rounded to the fourth decimal point. 

 

	2.	PAYMENT TERMS 

 (a) The Principal Amount shall be paid by Borrower to Lender together
with interest at the Applicable Interest Rate, subject to the provisions of Section 6 of this Note, as follows: 
  

	 	(1)	If this Note is dated as of a date other than the first (1st) day of a calendar month, a payment shall be due from Borrower to Lender on the date hereof on account of all interest, at the Applicable Interest Rate,
scheduled to accrue on the Principal Amount from and after the date hereof through and including the last day of the current Accrual Period, subject to Section 2(a)(4) hereof. 

 

	 	(2)	On each Monthly Payment Date, Borrower shall make the Monthly Payment to Lender. Each Monthly Payment shall be applied first to interest accrued during the Accrual Period immediately preceding the Monthly Payment Date,
subject to Section 2(a)(4) hereof, and then to the Principal Amount. 

  

	 	(3)	The remaining balance of the Principal Amount, all accrued interest, subject to Section 2(a)(4) hereof, and all other portions of the Obligations remaining unpaid on the Scheduled Maturity Date shall be due and
payable on the Scheduled Maturity Date (unless accelerated by Lender or prepaid in accordance with the provisions of Section 6 of this Note, in which case the aforesaid sums described in this clause (3) shall be payable on the Maturity
Date or the Prepayment Date, as applicable). 

  

	 	(4)	Interest on the Principal Amount (whether at the Applicable Interest Rate or the Default Rate) shall be calculated on the basis of a three hundred sixty (360) day year, based on twelve (12) thirty
(30) day months. 

  
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 (b) All payments, whether of principal, interest or otherwise, due hereunder and under any of the
Loan Documents shall be paid by wire transfer of immediately available federal funds to the following account of Lender, unless otherwise directed by Lender in writing: 
  

					
	Bank Name:	  	Wells Fargo Bank, N.A.	  	
	Location	  	San Francisco, CA	  	
	ABA#:	  	121000248	  	
	Account Name:	  	Insurance Strategy Funding IX, LLC
	Account#	  	4258700699	  	
	Wire Text:	  	Sterling District	  	

 Any wire transfer received by Lender after 2:00 p.m. New York City time shall be deemed received on the next
succeeding Business Day. 
 (c) Unless payments are made in the required amount in immediately available funds at the place where this Note
is payable, remittances in payment of all or any part of the Obligations shall not, regardless of any receipt or credit issued therefor, constitute payment until the required amount is actually received by Lender in funds immediately available at
the place where this Note is payable (or any other place as Lender, in Lender’s sole discretion, may have established by delivery of written notice thereof to Borrower) and shall be made and accepted subject to the condition that any check or
draft may be handled for collection in accordance with the practice of the collecting bank or banks. 
  

	3.	DEFAULT AND ACCELERATION 

 If any payment required in this Note is not paid within five
(5) days following the date due (provided that Borrower shall only have such five (5) day grace period twice per twelve (12) month period) or on the happening of any other Event of Default, (a) the whole of the Principal Amount,
(b) interest, including interest at the Default Rate, Late Charges and other sums, as provided in this Note, the Security Instrument or the other Loan Documents, (c) all other monies agreed or provided to be paid by Borrower in this Note,
the Security Instrument or the other Loan Documents, (d) all sums advanced pursuant to the Security Instrument to protect and preserve the Property and the lien and the security interest created thereby, and (e) all sums advanced by Lender
and costs and expenses incurred by Lender in connection with the administration or enforcement of the Loan Documents or the Obligations or any part thereof, any renewal, extension or change of or substitution for the Obligations or any part thereof,
or the acquisition or perfection of the security therefor, whether made or incurred at the request of Borrower or Lender shall without notice become immediately due and payable at the option of Lender. 

  
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	4.	LATE CHARGE 

 In the event that any payment provided for herein shall become overdue for
a period of five (5) calendar days or more (other than the payment of principal due at maturity whether pursuant to acceleration of the Loan or otherwise), a late charge equal to the lesser of (x) five cents (.05¢) for each dollar of
the amount so overdue and (y) the maximum amount permitted by applicable law (the “Late Charge”) shall become immediately due to Lender as liquidated damages, and not as a penalty, and as a reasonable estimate of Lender’s
additional administrative expenses, the exact amount of which would be impossible to ascertain, and such sum shall, until paid, be part of the Obligations secured by the Security Instrument and the other Loan Documents. Application of the Late
Charge shall not be construed as a consent by Lender to an extension of time for any payment, as a waiver of any default that may be related to such or any other overdue payment or of any other default or as a waiver of any other right or remedy of
Lender hereunder, at law or in equity. 
  

	5.	DEFAULT RATE APPLIED UPON NON-PAYMENT 

 In the event that any payment due hereunder is
not paid in full when due or the Obligations are not paid in full on the Maturity Date, or such earlier date as the Obligations may become due hereunder, the entire Principal Amount and all of the Obligations (including, to the extent permitted by
applicable law, any portion thereof which constitutes accrued and unpaid interest, but excluding any accrued but unpaid Late Charges), shall accrue interest until all payments past due hereunder are fully paid at a rate of interest equal to the
Default Rate. 
  

	6.	PREPAYMENT 

 (a) Provided no Event of Default exists, the Loan may be prepaid, in whole,
but not in part, upon: (i) not less than thirty (30) days’ prior written notice to Lender specifying the Business Day on which prepayment is to be made, which notice shall be irrevocable once given (the “Prepayment Notice”);
(ii) payment of the Principal Amount and all accrued and unpaid interest on the Principal Amount of this Note to and including the day immediately prior to the Prepayment Date; (iii) payment of all other sums then due under this Note, the
Security Instrument and the other Loan Documents; and (iv) if the Prepayment Date occurs prior to the ninetieth (90th) day preceding the Scheduled Maturity Date, payment of the Make-Whole Amount. Lender shall not be obligated to accept any
prepayment of the Loan unless it is accompanied by all sums due in connection therewith. The calculation of the Make-Whole Amount shall be made by Lender in accordance with this Note in its sole and absolute
discretion and shall, absent manifest error, be final, conclusive and binding upon Borrower. 
 (b) Borrower hereby acknowledges that Lender
would not make the Loan without full and complete assurance by Borrower of its agreement to pay the Monthly Payments as hereinabove provided, and Borrower’s further agreement not to prepay all or any part of the Principal Amount prior to the
Scheduled Maturity Date, except on the terms expressly set forth in this Note. In consideration of the foregoing, if, as a result of an Event of Default hereunder or under the Security Instrument or any of the other Loan Documents, Lender shall
declare the Loan due and payable, in whole or in part, in accordance with Lender’s rights under this Note or any of the other Loan Documents, then Borrower shall pay to Lender on the date of such

  
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acceleration, in addition to all other amounts due Lender, an amount equal to the Make-Whole Amount. Except as expressly set forth in this Note, Borrower hereby waives any rights Borrower may
have to prepay the Loan without charge and agrees to pay the Make-Whole Amount upon any prepayment of the Loan prior to the Scheduled Maturity Date, whether voluntary, pursuant to any such acceleration or otherwise. Borrower hereby acknowledges that
if such acceleration shall result from an Event of Default, it shall be presumed, for purposes of imposing the Make-Whole Amount, and conclusively deemed to be a willful and deliberate attempt by Borrower to avoid the payment of the Make-Whole
Amount or the limitations on prepayment herein contained and the Make-Whole Amount shall constitute liquidated damages, and not a penalty, as a reasonable estimate of Lender’s loss (the exact amount of which damages would be impossible to
ascertain) as a consequence of the breach of the Borrower’s covenant not to prepay the Principal Amount and other Obligations, other than as specifically permitted herein. 

(c) Any such Make-Whole Amount (whether voluntary, pursuant to any acceleration or otherwise) shall constitute a portion of the Loan and the
Obligations evidenced hereby and secured by the Security Instrument or the other Loan Documents. Nothing herein shall constitute a waiver by Lender of any right it may have to specifically enforce the terms of repayment of the Loan and the
Obligations set forth herein, in the Security Instrument and in the other Loan Documents. The foregoing provisions shall be deemed to apply, without limitation, to any prepayment of the Loan prior to the Scheduled Maturity Date in connection with
(i) any reinstatement of any or all of the Loan Documents under any foreclosure proceedings, (ii) any right of redemption, or (iii) the consummation of any foreclosure sale, whether or not such prepayment is made by or on behalf of
Borrower or otherwise and whether or not any such prepayment is made pursuant to rights granted at law or in equity. 
 (d) Notwithstanding
the foregoing, provided no Event of Default shall have occurred and be continuing hereunder, no Make-Whole Amount shall be due in connection with any prepayment (i) resulting from the application of casualty or condemnation proceeds to the Loan
in accordance with the terms of the Security Instrument (together with any related prepayment made by Borrower in connection with any such casualty or condemnation), or (ii) made during the last ninety (90) days prior to the Scheduled
Maturity Date. 
  

	7.	SETOFF 

 Upon the occurrence and during the continuance of an Event of Default under the
terms of this Note, the Security Instrument or any of the Loan Documents, Lender is hereby authorized at any time or from time to time without notice to Borrower or to any other Person, any such notice being hereby expressly waived, to immediately
set off and appropriate and apply any and all deposits (general or special) provided for in the Note, the Security Instrument or the other Loan Documents and any other indebtedness at any time held or owing by Lender to or for the credit or the
account of Borrower against and on account of the Obligations. 

  
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	8.	EXCULPATION 

 (a) Notwithstanding anything to the contrary contained herein, in the
Security Instrument or in the other Loan Documents, but subject to the terms of Section 8(b) below, Lender shall not enforce the liability and obligation of Borrower to perform and observe the obligations contained in this Note or the Security
Instrument or the Loan Documents by any action or proceeding wherein a money judgment shall be sought against Borrower, except that Lender may sell the Property under any power of sale or right of non-judicial foreclosure or bring a foreclosure
action, confirmation action, action for specific performance or other appropriate action or proceeding to enable Lender to enforce and realize upon this Note, the Security Instrument, the other Loan Documents, and the interest in the Property, the
Rents and Profits (as defined in the Security Instrument) and any other Collateral given to Lender created by this Note, the Security Instrument and the other Loan Documents; provided, however, that any judgment in any such action or proceeding
shall be enforceable against Borrower only to the extent of Borrower’s interest in the Property, in the Rents and Profits and in any other Collateral given to Lender. Lender, by accepting this Note and the Security Instrument, agrees that it
shall not, except as otherwise provided herein or in the Security Instrument, sue for, seek or demand any deficiency judgment against Borrower in any such action or proceeding, under or by reason of or under or in connection with this Note, the
Security Instrument or the other Loan Documents. The provisions of this Article shall not, however, (i) constitute a waiver, release or impairment of any obligation evidenced or secured by this Note, the Security Instrument or the other Loan
Documents, subject to the foregoing limitation of recovery against Borrower; (ii) without limiting the provisions of clause (i) immediately above, impair the right of Lender to obtain a deficiency judgment in any action or proceeding with
respect to the Loan Documents in order to preserve its rights and remedies, including, without limitation, foreclosure, non-judicial foreclosure, or the exercise of a power of sale, under the Security Instrument; however, Lender agrees that it shall
not enforce such deficiency judgment against any assets of Borrower other than the Property (as defined in the Security Instrument) or in connection with the exercise of its rights and remedies under the Security Instrument (as such rights and
remedies may be limited by the provisions contained therein); (iii) impair the right of Lender to name Borrower as a party defendant in any action or suit for judicial foreclosure and sale under the Security Instrument; (iv) affect the
validity or enforceability of any indemnity, master lease or similar instrument made in connection with this Note, the Security Instrument or the other Loan Documents; (v) impair the right of Lender to obtain the appointment of a receiver;
(vi) impair the enforcement of the Assignment of Leases and Rents executed in connection herewith; (vii) impair the right of Lender to obtain a deficiency judgment or judgment on the Note against Borrower if necessary to obtain any
insurance proceeds or condemnation awards to which Lender would otherwise be entitled under the Security Instrument; provided however, Lender shall only enforce such judgment against the insurance proceeds and/or condemnation awards; or
(viii) impair, release or limit the liability of Borrower under the Environmental Indemnity or affect in any way the validity, enforceability or recourse of such Environmental Indemnity. 

(b) Notwithstanding anything to the contrary contained herein, Borrower shall be personally liable to Lender for the Recourse Obligations of
Borrower. 
 (c) Nothing herein shall be deemed to be a waiver of any right which Lender may have under Sections 506(a), 506(b), 1111(b) or
any other provisions of the U.S. Bankruptcy Code to file a claim for the full amount of the Obligations or to require that all Collateral shall continue to secure all of the Obligations owing to Lender in accordance with this Note, the Security
Instrument and the other Loan Documents. 

  
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	9.	WAIVERS 

 Except as otherwise expressly provided herein and in the other Loan Documents,
Borrower and all others who may become liable for the payment of all or any part of the Obligations do hereby severally waive presentment and demand for payment, notice of dishonor, protest and notice of protest and non-payment and all other notices
of any kind. No release of any security for the Obligations or extension of time for payment of this Note or any installment hereof, and no alteration, amendment or waiver of any provision of this Note, the Security Instrument or the other Loan
Documents made by agreement between Lender or any other Person or party shall release, modify, amend, waive, extend, change, discharge, terminate or affect the liability of Borrower, and any other Person who may become liable for the payment of all
or any part of the Obligations, under this Note, the Security Instrument or the other Loan Documents. No notice to or demand on Borrower shall be deemed to be a waiver of the obligation of Borrower or of the right of Lender to take further action
without further notice or demand as provided for in this Note, the Security Instrument or the other Loan Documents. In addition, acceptance by Lender of any payment in an amount less than the amount then due shall be deemed an acceptance on account
only, and the failure to pay the entire amount then due shall be and continue to be an Event of Default. If Borrower is a partnership, the agreements herein contained shall remain in force and applicable, notwithstanding any changes in the
individuals comprising the partnership, and the term “Borrower,” as used herein, shall include any alternate or successor partnership, but any predecessor partnership and their partners shall not thereby be released from any liability. If
Borrower is a corporation or limited liability company, the agreements contained herein shall remain in full force and applicable notwithstanding any changes in the shareholders or members comprising, or the officers and directors or managers
relating to, the corporation or limited liability company, and the term “Borrower” as used herein, shall include any alternative or successor corporation or limited liability company, but any predecessor corporation or limited liability
company shall not be relieved of liability hereunder. (Nothing in the foregoing sentence shall be construed as a consent to, or a waiver of, any prohibition or restriction on transfers of interests in a partnership, corporation or limited liability
company, which may be set forth in the Security Instrument or any other Loan Document.) 
  

	10.	TRANSFER 

 Upon the transfer of this Note, Borrower hereby waiving notice of any such
transfer, Lender may deliver all the Collateral mortgaged, conveyed, granted, pledged or assigned pursuant to the Security Instrument and the other Loan Documents, or any part thereof, to the transferee, who shall thereupon assume all obligations of
Lender hereunder and thereunder and become “Lender” hereunder and be vested with all the rights herein or under applicable law given to Lender with respect thereto, and Lender shall thereafter forever be relieved and fully discharged from
any liability or responsibility in the matter; but Lender shall retain all rights hereby given to it with respect to any liabilities and the Collateral not so transferred. 

  
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	11.	TAXES 

 (a) All payments by Borrower of principal of, and interest on, the Loan and all
other Obligations shall be made free and clear of and without deduction for Taxes. If any withholding or deduction from any payment to be made by Borrower hereunder is required in respect of any Taxes pursuant to any applicable law, then Borrower
will: 
  

	 	(1)	pay directly to the relevant Governmental Authority the full amount required to be so withheld or deducted; 

  

	 	(2)	promptly forward Lender an official receipt or other documentation satisfactory to Lender evidencing such payment to such Governmental Authority; and 

 

	 	(3)	pay to Lender for its account, such additional amount or amounts as is necessary to ensure that the net amount actually received by Lender will equal the full amount that Lender would have received had no such
withholding or deduction been required. 

 (b) If Borrower fails to pay any Taxes when due to the appropriate Governmental
Authority or fails to remit to Lender for its account the required receipts or other required documentary evidence, Borrower shall indemnify Lender for any incremental Taxes, interest or penalties that may become payable by Lender as a result of any
such failure. 
  

	12.	ADDITIONAL COSTS; CAPITAL ADEQUACY. 

 (a) If Lender determines that compliance with any
law or regulation or with any guideline or request from any central bank or other Governmental Authority (whether or not having the force of law) affects or would affect the amount of capital required or expected to be maintained by Lender, or any
corporation controlling Lender, as a consequence of, or with reference to, Lender’s or such corporation’s commitment hereunder or its making or maintaining of the Loan below the rate which Lender or such corporation controlling Lender
could have achieved but for such compliance (taking into account the policies of Lender or such corporation with regard to capital), then Borrower shall, from time to time, within thirty (30) calendar days after written demand by Lender, pay to
Lender additional amounts sufficient to compensate Lender or such corporation controlling Lender to the extent that Lender determines such increase in capital is allocable to Lender’s obligations hereunder. 

(b) In addition to, and not in limitation of the immediately preceding clause (a), Borrower shall promptly pay to Lender from time to time
such amounts as Lender may reasonably determine to be necessary to compensate Lender for any costs incurred by Lender that it determines are attributable to its maintaining of the Loan hereunder, any reduction in any amount receivable by Lender
under this Note or any of the other Loan Documents in respect of the Loan or such obligation or the maintenance by Lender of capital in respect of the Loan or its commitments hereunder (such increases in costs and reductions in amounts receivable
being herein called “Additional Costs”), resulting from any Regulatory Change that: 
 (i) changes the basis of
taxation of any amounts payable to Lender under this Note or any of the other Loan Documents in respect of the Loan or its commitments hereunder (other than taxes imposed on or measured by the overall net income of Lender or of its lending office
for the Loan by the jurisdiction in which Lender has its principal office or such lending office); 

  
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 (ii) imposes or modifies any reserve, special deposit or similar requirements
(including without limitation, Regulation D of the Board of Governors of the Federal Reserve System or other similar reserve requirement applicable to any other category of liabilities or category of extensions of credit or other assets by
reference to which the interest rate on the Loan is determined) relating to any extensions of credit or other assets of, or any deposits with or other liabilities of, or other credit extended by, or any other acquisition of funds by Lender (or its
parent corporation), or any commitment of Lender hereunder; or 
 (iii) has or would have the effect of reducing the rate of
return on capital of Lender to a level below that which Lender could have achieved but for such Regulatory Change (taking into consideration Lender’s policies with respect to capital adequacy). 

(c) Lender agrees to notify Borrower of any event occurring after the date hereof entitling Lender to compensation under any of the preceding
subsections of this Section 12 as promptly as practicable; provided, however, that the failure of Lender to give such notice shall not release Borrower from any of its obligations hereunder; provided further, that Borrower shall not be
responsible for any such compensation incurred more than ninety (90) days prior to the date that Lender notifies Borrower of the event giving rise to such increased costs. Lender agrees to furnish to Borrower a certificate setting forth the
basis and amount of each request for compensation under this Section 12. Determinations by Lender of the effect of any Regulatory Change shall be conclusive and binding for all purposes, absent manifest error. 

 

	13.	MISCELLANEOUS 

 (a) This Note is subject to the express condition that at no time shall
Borrower be obligated or required to pay interest on the principal balance due hereunder at a rate which could subject Lender to either civil or criminal liability as a result of being in excess of the maximum interest rate which Borrower is
permitted by applicable law to contract or agree to pay. If by the terms of this Note Borrower is at any time required or obligated to pay interest on the principal balance due hereunder at a rate in excess of such maximum rate, the Applicable
Interest Rate or the Default Rate, as the case may be, shall be deemed to be immediately reduced to such maximum rate and all previous payments in excess of the maximum rate shall be deemed to have been payments in reduction of principal and not on
account of the interest due hereunder. All sums paid or agreed to be paid to Lender for the use, forbearance or detention of the Obligations shall, to the extent permitted by applicable law, be amortized, prorated, allocated and spread throughout
the full stated term of the Note until payment in full so that the rate or amount of interest on account of the Obligations does not exceed the maximum lawful rate of interest from time to time in effect and applicable to the Obligations for so long
as the Obligations are outstanding. 
 (b) Each and every right, remedy and power hereby granted to Lender or allowed it by law or other
agreement shall be cumulative and not exclusive and may be exercised by Lender from time to time. 

  
 11 

 (c) If any payment on this Note becomes due and payable on a day that is not a Business Day, the
maturity thereof shall, unless otherwise provided herein, be extended to the next Business Day. 
 (d) Borrower hereby agrees to pay all
costs of collection when incurred, including reasonable attorneys’ fees and expenses (which costs may be added to the amount due under this Note and shall be paid promptly upon demand with interest thereon at the Default Rate) and to perform
and comply with each of the terms, covenants and provisions contained in this Note, the Security Instrument or any of the other Loan Documents on the part of Borrower to be observed or performed. 

(e) In the event that any provision of this Note or the application thereof to Borrower shall, to any extent, be invalid or unenforceable
under any applicable statute, regulation, or rule of law, then such provision shall be deemed inoperative to the extent that it may conflict therewith and shall be deemed modified to conform to such statute, regulation or rule of law, and the
remainder of this Note and the application of any such invalid or unenforceable provision to parties, jurisdictions, or circumstances other than to whom or to which it shall be held invalid or unenforceable, shall not be affected thereby nor shall
same affect the validity or enforceability of any other provision of this Note. 
 (f) The headings in this Note are for the convenience of
reference only, are not to be considered a part hereof and shall not limit or otherwise affect any of the terms hereof. 
 (g) This Note may
not be changed, modified, waived or discharged orally, but only by an agreement in writing executed by the party against whom enforcement of such change, modification, waiver or discharge is sought. 

(h) Whenever used in this Note, the singular number shall include the plural, the plural the singular, and the terms “Borrower” and
“Lender” shall include their respective successors and assigns; provided, however, that Borrower shall in no event or under any circumstances have the right, without obtaining the prior written consent of Lender (which may be granted or
withheld in the sole and absolute discretion of Lender), to assign or transfer its obligations under this Note, the Security Instrument or the other Loan Documents, in whole or in part, to any other person, party or entity, except as may be
otherwise expressly provided to the contrary herein or in the other Loan Documents. 
 (i) Any notice, demand, consent, approval, direction,
waiver, agreement or other communication required or permitted hereunder shall be delivered in accordance with the requirements of Section 9.5 of the Security Instrument. 

 

	14.	CROSS DEFAULT 

 (a) An Event of Default under the Security Instrument or any of the other
Loan Documents delivered in connection with this Note, shall, at Lender’s option, constitute an Event of Default under this Note, the Security Instrument and/or the Loan Documents or otherwise at law or in equity. 

  
 12 

 (b) The Security Instrument and, except as otherwise expressly provided in the Environmental
Indemnity, each of the other Loan Documents shall also secure the obligations of Borrower under this Note and the other Loan Documents and shall be for the benefit of Lender, the holder of this Note and their respective successors and assigns. 

 

	15.	APPLICABLE LAW; CONSENT TO JURISDICTION; NO JURY 

 BORROWER AND LENDER HEREBY AGREE
THAT THIS NOTE SHALL BE INTERPRETED, CONSTRUED, GOVERNED AND ENFORCED ACCORDING TO THE SUBSTANTIVE LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO ITS PRINCIPLES OF CHOICE OF LAW OR CONFLICTS OF LAW THAT WOULD DEFER TO THE SUBSTANTIVE LAW OF
ANOTHER JURISDICTION, PROVIDED THAT AT ALL TIMES THE PROVISIONS FOR CREATION, PERFECTION AND ENFORCEMENT OF THE LIENS AND SECURITY INTERESTS WITH RESPECT TO THE PROPERTY CREATED PURSUANT TO THE SECURITY INSTRUMENT AND THE OTHER LOAN DOCUMENTS SHALL
BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF ARKANSAS, IT BEING UNDERSTOOD THAT BORROWER HEREBY UNCONDITIONALLY AND IRREVOCABLY WAIVES ANY CLAIM TO ASSERT THAT THE LAW OF ANY JURISDICTION OTHER THAN THE STATE OF NEW YORK
AND/OR THE STATE OF ARKANSAS, AS AFORESAID, SHALL GOVERN THIS NOTE OR THE OTHER LOAN DOCUMENTS. BORROWER HEREBY IRREVOCABLY (A) SUBMITS IN ANY LEGAL PROCEEDING RELATING TO THIS NOTE OR THE SECURITY INSTRUMENT TO THE NON-EXCLUSIVE IN PERSONAM
JURISDICTION OF ANY STATE OR FEDERAL COURT OF COMPETENT JURISDICTION SITTING IN THE STATE OF NEW YORK, COUNTY OF NEW YORK, IN CONNECTION WITH ANY MATTER GOVERNED BY THE SUBSTANTIVE LAWS OF THE STATE OF NEW YORK, AND AGREES TO SUIT BEING BROUGHT IN
SUCH COURT AS LENDER MAY ELECT; (B) WAIVES ANY OBJECTION IT MAY NOW OR HEREAFTER HAVE TO THE VENUE OF SUCH PROCEEDING IN ANY SUCH COURT OR THAT SUCH PROCEEDING WAS BROUGHT IN AN INCONVENIENT FORUM; (C) AGREES TO SERVICE OF PROCESS IN ANY
LEGAL PROCEEDING BY MAILING OF COPIES THEREOF (BY REGISTERED OR CERTIFIED MAIL, IF PRACTICABLE) POSTAGE PREPAID, OR BY FACSIMILE COPY, TO ITS ADDRESS SET FORTH IN SECTION 9.5 OF THE SECURITY INSTRUMENT OR SUCH OTHER ADDRESS OF WHICH LENDER
SHALL HAVE BEEN NOTIFIED IN WRITING IN ACCORDANCE WITH THE PROVISIONS OF SUCH SECTION 9.5 OF THE SECURITY INSTRUMENT; AND (D) AGREES THAT NOTHING HEREIN SHALL AFFECT LENDER’S RIGHT TO EFFECT SERVICE OF PROCESS IN ANY OTHER MANNER PERMITTED
BY LAW, AND THAT LENDER SHALL HAVE THE RIGHT TO BRING ANY LEGAL PROCEEDINGS (INCLUDING A PROCEEDING FOR THE ENFORCEMENT OF A JUDGMENT ENTERED BY ANY OF THE AFOREMENTIONED COURTS) AGAINST BORROWER IN ANY OTHER COURT OR JURISDICTION IN ACCORDANCE WITH
APPLICABLE LAW. 

  
 13 

 BORROWER AND LENDER EACH HEREBY WAIVE THE RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING
BASED UPON, OR RELATED TO, THE LOAN EVIDENCED HEREBY OR ANY OF THE LOAN DOCUMENTS. THIS WAIVER IS KNOWINGLY, INTENTIONALLY, AND VOLUNTARILY MADE BY BORROWER AND LENDER, AND BORROWER ACKNOWLEDGES THAT NEITHER LENDER, NOR ANY PERSON ACTING ON BEHALF
OF LENDER, HAS MADE ANY REPRESENTATIONS OF FACT TO INDUCE THIS WAIVER OF TRIAL BY JURY OR IN ANY WAY TO MODIFY OR NULLIFY ITS EFFECT. BORROWER FURTHER ACKNOWLEDGES THAT IT HAS BEEN REPRESENTED IN CONNECTION WITH THE EXECUTION AND DELIVERY OF THIS
NOTE AND THE OTHER LOAN DOCUMENTS AND THE MAKING OF THIS WAIVER BY INDEPENDENT LEGAL COUNSEL SELECTED BY BORROWER OF ITS OWN FREE WILL AND THAT IT HAS HAD THE OPPORTUNITY TO DISCUSS THIS WAIVER WITH SUCH COUNSEL. BORROWER FURTHER ACKNOWLEDGES THAT
IT HAS READ AND UNDERSTANDS THE MEANING AND RAMIFICATIONS OF THIS WAIVER AND THAT ITS EXECUTION OF THIS NOTE SHALL CONSTITUTE CONCLUSIVE EVIDENCE OF THE FOREGOING. BORROWER SHALL NOT SEEK TO CONSOLIDATE, BY COUNTERCLAIM OR OTHERWISE, ANY ACTION IN
WHICH A JURY TRIAL HAS BEEN WAIVED WITH ANY OTHER ACTION IN WHICH A JURY TRIAL CANNOT BE OR HAS NOT BEEN WAIVED. THE PROVISIONS OF THIS SECTION 15 SHALL NOT BE DEEMED TO HAVE BEEN MODIFIED IN ANY RESPECT OR RELINQUISHED BY LENDER EXCEPT BY A WRITTEN
INSTRUMENT EXECUTED BY LENDER. 
 [SIGNATURE PAGE FOLLOWS] 

  
 14 

 IN WITNESS WHEREOF, the undersigned Borrower has executed this Note as of the date first
set forth above. 
  

			
	 BORROWER
  

SSSST 376 W WATSON ST, LLC,
 a Delaware limited liability
company

		
	By:	 	 Strategic Student & Senior Housing Trust, Inc.,

a Maryland corporation, its Manager

  

			
	      By:	 	/s/ H. Michael Schwartz
	       Name: H. Michael Schwartz

      Title: Chief Executive Officer

 ACKNOWLEDGMENT 

A notary public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this
certificate is attached, and not the truthfulness, accuracy, or validity of that document. 
 STATE OF CALIFORNIA
        } 
 COUNTY OF ORANGE            } 

On 6/28/17 before me, Francesca Lozano, Notary Public personally appeared H. Michael Schwartz who proved to me on the basis of satisfactory evidence to be the
person whose name is subscribed to the within instrument and acknowledged to me that he executed the same in his authorized capacity, and that by his signature on the instrument the person, or the entity upon behalf of which the person acted,
executed the instrument. 
 I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct.

 WITNESS my hand and official seal. 
  

	
	/s/ Francesca Lozano
	Signature of Notary Public

 (Seal) 

Sterling District – Signature Page to Promissory Note - BorrowerEX-10.8

 Exhibit 10.8 

EMPLOYEE AND DIRECTOR LONG-TERM INCENTIVE PLAN 

OF 
 STRATEGIC
STUDENT & SENIOR HOUSING TRUST, INC. 

 TABLE OF CONTENTS 

 

									
	 1.
	 	PURPOSES OF THE PLAN AND DEFINITIONS	  	 	1	
		 	1.1	  	PURPOSES	  	 	1	
		 	1.2	  	DEFINITIONS	  	 	1	
	 2.
	 	PARTICIPANTS	  	 	6	
	 3.
	 	SHARES OF STOCK SUBJECT TO THIS PLAN	  	 	6	
	 4.
	 	ADMINISTRATION	  	 	7	
		 	4.1	  	COMMITTEE	  	 	7	
		 	4.2	  	DURATION, REMOVAL, ETC.	  	 	7	
		 	4.3	  	MEETINGS AND ACTIONS OF COMMITTEE	  	 	7	
		 	4.4	  	COMMITTEE’S POWERS	  	 	7	
		 	4.5	  	TERM OF PLAN	  	 	9	
	 5.
	 	GRANT OF OPTIONS	  	 	9	
		 	5.1	  	WRITTEN AGREEMENT	  	 	9	
		 	5.2	  	ANNUAL $100,000 LIMITATION ON ISOS	  	 	9	
	 6.
	 	CERTAIN TERMS AND CONDITIONS OF OPTIONS AND OTHER AWARDS	  	 	9	 
		 	6.1	  	ALL AWARDS	  	 	9	
		 	6.2	  	TERMS AND CONDITIONS TO WHICH ONLY NQOS ARE SUBJECT	  	 	12	
		 	6.3	  	TERMS AND CONDITIONS TO WHICH ONLY ISOS ARE SUBJECT	  	 	13	
		 	6.4	  	SURRENDER OF OPTIONS	  	 	13	
	 7.
	 	RESTRICTED STOCK	  	 	14	
		 	7.1	  	GRANT	  	 	14	
		 	7.2	  	RESTRICTIONS	  	 	14	
		 	7.3	  	DISTRIBUTIONS	  	 	14	
	 8.
	 	STOCK APPRECIATION RIGHTS	  	 	14	
	 9.
	 	DIVIDEND EQUIVALENT RIGHTS	  	 	15	
		 	9.1	  	GENERAL	  	 	15	
		 	9.2	  	RIGHTS AND OPTIONS	  	 	15	
		 	9.3	  	PAYMENTS	  	 	15	
	 10.
	 	OTHER EQUITY-BASED AWARDS	  	 	15	
		 	10.1	  	GRANT	  	 	15	
		 	10.2	  	TERMS AND CONDITIONS	  	 	15	
		 	10.3	  	PAYMENT OR SETTLEMENT	  	 	15	
	 11.
	 	COMPLIANCE WITH LAWS	  	 	16	
	 12.
	 	EMPLOYMENT OR OTHER RELATIONSHIP	  	 	16	
	 13.
	 	AMENDMENT, SUSPENSION AND TERMINATION OF THIS PLAN	  	 	16	
	 14.
	 	LIABILITY AND INDEMNIFICATION OF THE COMMITTEE	  	 	17	
	 15.
	 	SECURITIES LAW LEGENDS	  	 	17	
	 16.
	 	SEVERABILITY	  	 	17	
	 17.
	 	EFFECTIVE DATE AND STOCKHOLDER APPROVAL	  	 	18	
	 18.
	 	MISCELLANEOUS	  	 	18	
		 	18.1	  	LOANS	  	 	18	
		 	18.2	  	FORFEITURE PROVISIONS	  	 	18	
		 	18.3	  	LIMITATIONS APPLICABLE TO SECTION 16	  	 	18	
		 	 18.4
	  	EFFECT OF PLAN UPON OTHER INCENTIVE AND COMPENSATION PLANS	  	 	18	
		 	 18.5
	  	SECTION 83(B) ELECTION PROHIBITED	  	 	19	

  
 i 

 EMPLOYEE AND DIRECTOR LONG-TERM INCENTIVE PLAN 

OF 
 STRATEGIC
STUDENT & SENIOR HOUSING TRUST, INC. 
 1. PURPOSES OF THE PLAN AND DEFINITIONS 

1.1. Purposes. The purposes of the Employee and Director Long-Term Incentive Plan (the “Plan”) of
Strategic Student & Senior Housing Trust, Inc. (the “Company”) are to: 
 (a) provide incentives to individuals chosen to
receive share-based awards because of their ability to improve operations and increase profits; 
 (b) encourage selected persons to accept
or continue employment or other service relationship with the Company, an Affiliate, a Subsidiary, or any Advisor or Affiliate of the Company; and 

(c) increase the interest of Directors in the Company’s welfare through their participation in the growth in value of the Company’s
Stock. 
 To accomplish these purposes, this Plan provides a means whereby Employees that the Committee deems important to the
Company’s long-term success, Directors, and other enumerated persons may receive Awards. 
 1.2. Definitions. For
purposes of this Plan, the following terms have the following meanings: 
 “Advisor” means the Person or Persons, if any,
appointed, employed or contracted with by the Company responsible for directing or performing the day-to-day business affairs of the Company, including any Person to whom the Advisor subcontracts substantially all of such functions. The initial
Advisor is SSSST Advisor, LLC. 
 “Affiliate” means any Person (other than an Advisor), whose employees (as such term is defined
in the Form S-8 registration statement under the Securities Act) are eligible to receive Awards under the Plan. The determination of whether a Person is an Affiliate shall be made by the Committee acting in its sole and absolute discretion.

 “Applicable Laws” means the requirements relating to the administration of Awards under U.S. state corporate laws, U.S. Federal
and state securities laws, the Code, any stock exchange or quotation system on which the shares of Stock are listed or quoted, and the applicable laws of any foreign country or jurisdiction where Awards are, or will be, granted under the Plan. 

“Articles of Incorporation” means the articles of incorporation of the Company as the same may be amended from time to time. 

“Award” means any award under this Plan, including any grant of Options, Restricted Shares, Stock Appreciation Rights, Distribution
Equivalent Rights, or Other Equity-Based Awards. 
 “Award Agreement” means, with respect to each Award, the written agreement
executed by the Company and the Participant, or other written document approved by the Committee setting forth the terms and conditions of the Award. 

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

  
 1 

 “Cause,” unless otherwise defined in a Participant’s employment agreement or the
Participant’s service agreement with the Company, Affiliate, Subsidiary, or Advisor, as applicable, means matters which, in the judgment of the Committee, constitute any one or more of the following: (i) gross negligence or willful
misconduct in carrying out the Participant’s duties, (ii) an uncured breach of any of the Participant’s material duties under his or her employment agreement or service agreement, (iii) fraud or other conduct against the material
best interests of his or her employer or the Company or the applicable Affiliate, Subsidiary or Advisor, or (iv) a conviction of a felony, if such conviction has a material adverse effect on his or her employer or the Company or the applicable
Affiliate, Subsidiary or Advisor. If “Cause” is otherwise defined in a Participant’s employment agreement or the Participant’s service agreement with the Company, Affiliate, Subsidiary, or Advisor, as applicable, the
definition in such employment or service agreement shall be effective for purposes of the Plan with respect to the Participant in question. 

“Code” means the Internal Revenue Code of 1986, as amended from time to time, and any successor statute, and any formal guidance and
Treasury Regulations issued thereunder. 
 “Committee” has the meaning given it in Section 4.1. 

“Common Stock” or “Stock” means common shares of capital stock of the Company, $0.001 par value per share. 

“Company” has the meaning given it in Section 1.1. 

“Consultant” means a person providing services to the Company or Affiliate in a capacity other than as an Employee or Director. 

“Director” means a person elected or appointed and serving as a member of the board of directors of the Company in accordance with
the Articles of Incorporation and the Maryland General Corporation Law. 
 “Distribution Equivalent Right” means an Award of
rights pursuant to Section 9. 
 “Effective Date” has the meaning given it in Section 17. 

“Employee” means an employee or prospective employee of the Company or an Affiliate or Subsidiary of the Company or an Advisor or
Affiliate of an Advisor, as “employee” is defined for purposes of Section 3401(c) of the Code. An employee includes an officer or a Director who is an employee of the Company. 

“Employment Termination” means that a Participant has ceased, for any reason and with or without Cause, to be an Employee or
Director of, or a Consultant to the Company, an Affiliate, a Subsidiary, or an Advisor. However, the term “Employment Termination” shall not include an Employee Director’s ceasing to be a Director, or a transfer of a Participant
from the Company to an Affiliate, a Subsidiary or an Advisor, or vice versa, or among one to another, or a duly-authorized leave of absence, unless the Committee has provided otherwise. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, and any successor statute. 

“Exercise Notice” has the meaning given it in Section 6.1(f). 

  
 2 

 “Fair Market Value” means with respect to Stock: 

(i) if the Stock is listed on any established stock exchange or a national market system, including, without limitation, the NASDAQ National
Market System, the Fair Market Value of shares of Stock shall be the closing sales price for the Stock, or the mean between the high bid and low asked prices if no sales were reported, as quoted on such system or exchange (or, if the Stock is listed
on more than one exchange, then on the largest such exchange) for the date the value is to be determined (or if there are no sales or bids for such date, then for the last preceding business day on which there were sales or bids), as reported in The
Wall Street Journal or similar publication; or 
 (ii) if the Stock is regularly quoted by a recognized securities dealer but selling
prices are not reported, or if there is no market for the Stock, the Fair Market Value of the shares of Stock shall be determined in good faith by the Committee by the reasonable application of a reasonable valuation method, with reference to all
information material to the value of the Company, including by way of example, the Company’s net worth, prospective earning power, distribution-paying capacity and other relevant factors, including the goodwill of the Company, the economic
outlook in the Company’s industry, the Company’s position in the industry and its management, and the values of stock of other enterprises in the same or similar lines of business; 

provided, however, that for purposes of granted Nonqualified Share Options or Stock Appreciation Rights, Fair Market Value of Stock shall be determined in
accordance with the requirements of Code Section 409A, and for purposes of granting Incentive Stock Options, Fair Market Value of Stock shall be determined in accordance with the requirements of Code Section 422. 

“Grant Date” has the meaning given it in Section 6.1(c). 

“Incentive Stock Option” or “ISO” means any option to purchase Common Stock from the Company that is granted under
Section 5 of the Plan and that is intended to meet the requirements of Section 422 of the Code. 
 “Non-Employee
Director” means a Person who is a non-employee director as defined in Rule 16b-3 or a Person who is an outside director as defined in Treasury Regulation 1.162-27(e)(3). 

“Non-Qualified Stock Option” or “NQO” means any Option that is not an Incentive Stock Option. 

“Option” means an ISO or an NQO granted under Section 5. 

“Other Equity-Based Award” means any Award other than an Option, Restricted Stock Appreciation Right, or Distribution Equivalent
Right which, subject to such terms and conditions as may be prescribed by the Committee, entitles a Participant to receive shares of Common Stock or rights or units valued in whole or in part by reference to, or otherwise based on, shares of Common
Stock or distributions on shares of Common Stock. 
 “Participant” means an eligible Person who is granted an Award. 

“Performance Goals” means any one or more of the following performance goals, intended by the Committee to constitute objective
goals for purposes of Code Section 162(m), either individually, alternatively or in any combination, applied to either the Company as a whole or to a business unit or Affiliate, either individually, alternatively or in combination, and measured
either quarterly, annually or cumulatively over a period of quarters or years, on an absolute basis or relative to a pre-established target, to previous quarter’s or years’ results or to a 

  
 3 

 
designated comparison group, any of which may be measured on an aggregate or per share basis, in each case as specified by the Committee in the Award Agreement: 

 

					
		 	(i)	  	earnings before any one or more of the following: interest, taxes, depreciation or amortization,
		 	(ii)	  	net income (loss) (either before or after interest, taxes, depreciation and/or amortization),
		 	(iii)	  	changes in the market price of the Stock (on a per share or aggregate basis),
		 	(iv)	  	economic value added,
		 	(v)	  	funds from operations or similar measure,
		 	(vi)	  	sales or revenue,
		 	(vii)	  	acquisitions or strategic transactions,
		 	(viii)	  	operating income (loss),
		 	(ix)	  	cash flow (including, but not limited to, operating cash flow and free cash flow),
		 	(x)	  	return on capital, assets, equity, or investment,
		 	(xi)	  	stockholder returns (including total returns calculated to include aggregate Stock appreciation and total dividends paid, assuming full reinvestment of dividends, during the applicable period),
		 	(xii)	  	cash available,
		 	(xiii)	  	return on sales,
		 	(xiv)	  	gross or net profit levels,
		 	(xv)	  	productivity,
		 	(xvi)	  	expense levels or management,
		 	(xvii)	  	margins,
		 	(xviii)	  	operating efficiency,
		 	(xix)	  	customer/tenant satisfaction,
		 	(xx)	  	working capital,
		 	(xxi)	  	earnings (loss) per share of Stock,
		 	(xxii)	  	revenue or earnings growth,
		 	(xxiii)	  	number of securities sold,
		 	(xxiv)	  	the Company’s ranking against selected peer groups,
		 	(xxv)	  	“same-store” performance from period to period,
		 	(xxvi)	  	leasing or occupancy rates,
		 	(xxvii)	  	objectively determinable capital deployment,
		 	(xxviii)	  	objectively determined expense management,
		 	(xxix)	  	sales or market shares,
		 	(xxx)	  	number of customers,
		 	(xxxi)	  	productivity of employees as measured by revenues, cost, or earnings per employee,
		 	(xxxii)	  	establishment of a trading market for the Company’s Stock, and
		 	(xxxiii)	  	any combination of the foregoing.

 The Committee may appropriately adjust any evaluation of performance under a Performance Goal to remove the effect of equity
compensation expense under FAS 123R; amortization of acquired technology and intangibles; asset write-downs; litigation or claim judgments or settlements; the effect of changes in or provisions under tax law, accounting principles or other such laws
or provisions affecting reported results; accruals for reorganization and restructuring programs; discontinued operations; and any items that are extraordinary, unusual in nature, non-recurring or infrequent in occurrence, except where such action
would result in the loss of the otherwise available exemption of the Award under Section 162(m) of the Code, if applicable. 

  
 4 

 “Performance Period” means, with respect to an Award, a period of time within which the
Performance Goals relating to such Award are to be measured, if applicable. The Performance Period, if applicable, will be established by the Committee at the time the Award is granted. 

“Person” means a corporation, partnership, trust, association, or any other entity. 

“Plan” means this Employee and Director Long-Term Incentive Plan of the Company. 

“Related Corporation” means a parent or subsidiary corporation of the Company, as those terms are defined in Sections 424(e) and
(f) of the Code. 
 “Restricted Stock” means an Award granted under Section 7. 

“Rule 16b-3” means Rule 16b-3 adopted under Section 16(b) of the Exchange Act or any successor rule, as it may be amended from
time to time, and references to paragraphs or clauses of Rules 16b-3 refer to the corresponding paragraphs or clauses of Rule 16b-3 as it exists at the Effective Date or the comparable paragraph or clause of Rule 16b-3 or successor rule, as that
paragraph or clause may thereafter be amended. 
 “Section 16(b)” means Section 16(b) under the Exchange Act. 

“Securities Act” means the Securities Act of 1933, as amended from time to time, and any successor statute. 

“Stock Appreciation Right” means an Award granted under Section 8. 

“Subsidiary” means a corporation or other business entity in which the Company directly or indirectly has an ownership interest of
50% or more. 
 “Ten Percent Stockholder” means any Person who, at the time this definition is being applied, owns, directly or
indirectly (or is treated as owning by reason of attribution rules currently set forth in Code Section 424), shares of the Company constituting more than 10% of the total combined voting power of all classes of outstanding capital stock of the
Company or any Related Corporation. 

  
 5 

 2. PARTICIPANTS 

Any Employee, Consultant, Director or other Person approved by the Committee shall be eligible to be designated a Participant; provided,
however, that: 
 (a) Incentive Stock Options may only be granted to an Employee of the Company or a Related Corporation; and 

(b) Any Award of Stock Options or Stock Appreciation Rights made to a Participant with respect to whom the Company is not an “eligible
issuer of service recipient stock” within the meaning of Treasury Regulation Section 1.409A-1(b)(5)(iii)(E)(1)(which generally includes only the entity for which the service provider provides direct services on the Grant Date of the Award
and any parent entity that has a controlling interest in such entity ) must contain terms and conditions intended to comply with the nonqualified deferred compensation requirements of Section 409A of the Code. 

3. SHARES OF STOCK SUBJECT TO THIS PLAN 

Any shares of Common Stock related to Awards that are settled in cash in lieu of Common Stock shall be available again for grant under the
Plan. Similarly, any shares of Common Stock related to Awards that terminate by expiration, forfeiture, cancellation or otherwise without the issuance of the related shares or are exchanged with the Committee’s permission for Awards not
involving Common Stock, shall be available again for grant under the Plan. 
 Further, any shares of Common Stock that are used by a
Participant for the full or partial payment to the Company of the purchase price of Common Stock upon exercise of an Option, or for withholding taxes due as a result of that exercise, shall again be available for Awards under the Plan. The shares of
Common Stock available for issuance under the Plan may be authorized and unissued shares. 
 The maximum number of shares of Stock that may
be issued under Awards, including ISOs, is a number of shares equal to ten percent (10%) of the Company’s outstanding Stock, but may never exceed 10,000,000 shares. The maximum number of shares of Stock with respect to which ISOs may be
granted under the Plan is the lesser of the total number of shares of Stock that may be issued under Awards or 10,000,000 shares. Such shares of Stock may consist, in whole or in part, of authorized and unissued Stock or shares of Stock reacquired
in private transactions or open market purchases, but all shares of Stock issued under the Plan, regardless of their source, shall be counted against the Stock limitation. Any shares of Stock subject to unexercised portions of Options granted
under the Plan which shall have been terminated or cancelled, or that have expired may again be subject to Options hereunder. Awards settled in cash will not reduce the maximum aggregate number of shares of Common Stock that may be issued under
the Plan. The number of shares of Stock reserved for issuance under this Plan is subject to adjustment in accordance with the provisions for adjustment in Section 6.1(a) and (b). To the extent required under Section 162(m) of the Code, as
applicable, for compensation to be treated as qualified performance-based compensation, and subject to adjustment in accordance with Section 6.1, the maximum number of shares of Stock with respect to which (a) Options, (b) Stock
Appreciation Rights, or (c) other Awards, to the extent they are granted with the intent that they qualify as qualified performance-based compensation under Section 162(m) of the Code, may be granted during any calendar year to any
Employee may not exceed 1,000,000. If, after grant, an Option is cancelled, the cancelled Option shall continue to be counted against the maximum number of shares for which Options may be granted to an Employee during any calendar year as described
in this Section 3. 

  
 6 

 4. ADMINISTRATION 

4.1. Committee. 

(a) In General. This Plan shall be administered by the compensation committee (the “Committee”) appointed by the Board
(or if no such committee is appointed, then the Board shall serve as the Committee). The number of Persons who shall constitute the Committee shall be determined from time to time by a majority of all the members of the Board; provided,
however, that the Committee shall not consist of fewer than two Persons. 
 (b) Section 162(m). To the extent the Board
desires to qualify Awards granted under this Plan as “performance based compensation” within the meaning of Section 162(m) of the Code, the Plan shall be administered by a Committee of two or more “outside directors” as
defined in Treasury Regulation 1.162-27(e)(3). 
 (c) Rule 16b-3. To the extent desirable to qualify transactions under this
Plan as exempt under Rule 16b-3, a Committee consisting solely of two or more “non-employee directors” as defined in Rule 16b-3, must approve such transactions. 

4.2. Duration, Removal, Etc. The members of the Committee shall serve at the pleasure of the Board, which shall have the
power, at any time and from time to time, to remove members from or add members to the Committee. Removal from the Committee may be with or without cause. Any individual serving as a member of the Committee shall have the right to resign
from the Committee by giving at least three days’ prior written notice to the Board. The Board, and not the remaining members of the Committee, shall have the power and authority to fill vacancies on the Committee, however caused. The
Board shall promptly fill any vacancy that causes the number of members of the Committee to be fewer than two or any other minimum number required to comply with Rule 16b-3 or Section 162(m) of the Code (unless the Board expressly determines
not to have Awards under the Plan comply with Rule 16b-3 or Section 162(m) of the Code, respectively). 
 4.3. Meetings and
Actions of Committee. The Board shall designate which of the Committee members shall be the chairperson of the Committee. If the Board fails to designate a chairperson for the Committee, the members of the Committee shall elect one
of the Committee members as chairperson, who shall act as chairperson until he or she ceases to be a member of the Committee or until the Board (or the Committee) elects a new chairperson. The Committee may make any rules and regulations for
the conduct of its business that are not inconsistent with this Plan, the Articles of Incorporation, the Bylaws of the Company or Applicable Laws. 

4.4. Committee’s Powers. Subject to the express provisions of this Plan, the Committee shall have the authority, in
its sole discretion: 
 (a) to grant Awards upon such terms and conditions (not inconsistent with the provisions of this Plan), as the
Committee may consider appropriate; 
 (b) to adopt, amend, and rescind administrative and interpretive rules and regulations relating to the
Plan; 
 (c) to determine the eligible Persons to whom, and the time or times at which, Awards shall be granted; 

(d) to determine the number of shares of Stock that shall be the subject of each Award; 

  
 7 

 (e) to determine the terms and provisions of each Award Agreement (which need not be identical)
and any amendments thereto, including provisions defining or otherwise relating to: 
 (i) the period or periods and extent of
exercisability of any Option or Stock Appreciation Right; 
 (ii) the methods by which the exercise price of an Option may be paid, the
form of payment, including, without limitation, cash, Stock, or other property (including “cashless exercise” arrangements), and the methods by which Stock shall be delivered or deemed to be delivered to Participants; provided, however,
that if Stock is used to pay the exercise price of an Option, such Stock must have been held by the Participant for at least six months; 

(iii) the extent to which the transferability of shares of Stock issued or transferred pursuant to any Award is restricted; 

(iv) the effect of Employment Termination on an Award; and 

(v) the effect of approved leaves of absence; 

(f) to accelerate the time of exercisability of any Option, Distribution Equivalent Right, Stock Appreciation Right or Other Equity-Based
Award; 
 (g) to adopt such procedures, addenda and sub-plans as are necessary or appropriate to permit participation in the Plan by Person
who are foreign nationals or employed outside the United States to the extent that such participation is desired by the Committee. 
 (h) to
construe the respective Award Agreements and the Plan; 
 (i) to make determinations of the Fair Market Value of shares of Stock; 

(j) to waive any provision, condition, or limitation set forth in an Award Agreement; 

(k) to delegate its duties under the Plan to such agents as it may appoint from time to time; provided, however, that the Committee may not
delegate its duties with respect to making or exercising discretion with respect to Awards to eligible Persons if such delegation would cause Awards intended to qualify for the exemptions provided by Rule 16b-3 or Section 162(m) of the Code not
to qualify for the exemptions provided by Rule 16b-3 or Section 162(m) of the Code (unless the Board expressly determines not to have Awards under the Plan comply with Rule 16b-3 or Section 162(m) of the Code, respectively); and 

(l) to make all other determinations, perform all other acts and exercise all other powers and authority necessary or advisable for
administering the Plan. 
 The Committee may discriminate among Participants and among Awards granted to a Participant in exercising its
discretion pursuant to this Plan. The Committee may correct any defect, supply any omission or reconcile any inconsistency in the Plan, in any Award or in any Award Agreement in the manner and to the extent it deems necessary or desirable to
implement the Plan, and the Committee shall be the sole and final judge of that necessity or desirability. The determinations of the Committee on the matters referred to in this Section 4.4 shall be final and conclusive. 

  
 8 

 4.5. Term of Plan. No Awards shall be granted under this Plan after 10 years
from the Effective Date of this Plan. 
 5. GRANT OF OPTIONS 

5.1. Written Agreement. Each Option shall be evidenced by an Award Agreement. The Award Agreement shall specify whether
each Option it evidences is an NQO or an ISO (in the absence of any such specification, an Option shall be an NQO). Each Option shall be designated as an ISO or an NQO and shall be subject to the terms and conditions set forth in
Section 6.1. If a NQO is granted to a Participant with respect to whom the Company is not an “eligible issuer of service recipient stock” within the meaning of Treasury Regulation Section 1.409A-1(b)(5)(iii)(E)(1)(which
generally includes only the entity for which the service provider provides direct services on the Grant Date of the Award and any parent entity that has a controlling interest in such entity ), such Award Agreement shall contain terms and conditions
intended to comply with the nonqualified deferred compensation requirements of Section 409A of the Code. 
 5.2. Annual $100,000
Limitation on ISOs. To the extent that the aggregate Fair Market Value of shares of Stock with respect to which ISOs first become exercisable by a Participant in any calendar year exceeds $100,000, taking into account ISOs granted under
this Plan and any other plan of the Company or any Related Corporation, the Options covering such additional shares of Stock becoming exercisable in that year shall cease to be ISOs and thereafter be NQOs. For this purpose, the Fair Market
Value of shares of Stock subject to Options shall be determined as of the date the Options were granted. In reducing the number of Options treated as ISOs to meet this $100,000 limit, the most recently granted Options shall be reduced first.

 6. CERTAIN TERMS AND CONDITIONS OF OPTIONS AND OTHER AWARDS 

The Committee may provide for different terms and conditions in any Award Agreement or amendment thereto as provided in Section 4.4 to the
extent not inconsistent with the terms of the Plan. 
 6.1. All Awards. All Options and other Awards shall be subject to
the following terms and conditions: 
 (a) Changes in Capital Structure. If the number of outstanding shares of Stock is
increased or decreased by means of a nonreciprocal transaction between the Company and its shareholders that causes the per-share Fair Market Value of the shares of Stock underlying an Award to change, such as a stock dividend, stock split, spinoff,
rights offering, or recapitalization through a large, nonrecurring cash dividend, (each an “Equity Restructuring”) then, from and after the record date for such Equity Restructuring, the number of shares of Stock and class of Stock subject
to this Plan and each outstanding Award shall be adjusted in proportion to such increase or decrease in outstanding Stock and the then-applicable exercise price of each outstanding Award shall be correspondingly decreased or increased, as
applicable. 
 (b) Certain Corporate Transactions. In the case of any reclassification or change of outstanding Stock issuable
upon exercise of an outstanding Award or in the case of any consolidation or merger of the Company with or into another entity (other than a merger in which the Company is the surviving entity and which does not result in any reclassification or
change in the then-outstanding Stock) or in the case of any sale or conveyance to another entity of the property of the Company as an entirety or substantially as an entirety, in each case that is not an Equity Restructuring, then, as a condition of
such reclassification, change, consolidation, merger, sale, or conveyance, the Company or such successor or purchasing entity, as the case may be, 

  
 9 

 
shall make lawful and adequate provision whereby the holder of each outstanding Award shall thereafter have the right, on exercise of such Award, to receive the kind and amount of securities,
property, and/or cash receivable upon such reclassification, change, consolidation, merger, sale, or conveyance by a holder of the number of securities issuable upon exercise of such Award immediately before such reclassification, change,
consolidation, merger, sale, or conveyance. Such provision shall include adjustments that shall be as nearly equivalent as may be practicable to the adjustments provided for in Section 6.1(a). Notwithstanding the foregoing, if such a
transaction occurs, in lieu of causing such rights to be substituted for outstanding Awards, the Committee may, in its sole discretion: (i) shorten the period during which Awards are exercisable, provided they remain exercisable, to the extent
otherwise exercisable, for at least 20 days after the date written notice is given to the Participant, or (ii) cancel an Award (both vested and unvested portions) upon payment to the Participant in cash, with respect to each Award to the extent
then exercisable, of an amount which, in the sole discretion of the Committee, is determined to be equivalent to the amount, if any, by which the Fair Market Value (at the effective time of the transaction) of the consideration that the Participant
would have received if the Award had been exercised before the effective time exceeds the exercise price of the Award (if any such Award is underwater, it shall be deemed to have $0 value and shall be cancelled with no payment). The actions
described in this Section 6.1(b) may be taken without regard to any resulting tax consequences to the Participant. 
 (c) Grant
Date. Each Award Agreement shall specify the date as of which it shall be effective (the “Grant Date”), which shall not be earlier than the date on which the Committee has approved the terms and conditions of the Award and has
determined the recipient of the Award and the number of shares, if any, covered by the Award, and has taken all such other actions materially necessary to complete the grant of the Award. 

(d) Time of Exercise; Vesting. Awards may, in the sole discretion of the Committee, be exercisable or may vest, and restrictions
may lapse, including without limitation, upon the achievement of any Performance Goals, if any, that may be established by the Committee as a condition to vesting or settlement of the Award, as the case may be, at such times and in such amounts as
may be specified by the Committee in the grant of the Award. Performance Goals, if any, shall be established before twenty-five percent (25%) of the Performance Period has elapsed, but in no event later than within ninety (90) days after
the first day of a Performance Period. At the time any Performance Goals are established, the outcome as to whether the Performance Goals will be met must be substantially uncertain. If any Performance Goal is established as a condition to vesting
or settlement of an Award and such Performance Goal is not based solely on the increase in the Fair Market Value of the Stock, the Committee shall certify in writing that the applicable Performance Goal was in fact satisfied before such Award is
vested or settled, as applicable. To the extent an Award is subject to Performance Goals with the intent that the Award constitute performance-based compensation under Code Section 162(m), the Committee shall comply with all applicable
requirements under Code Section 162(m) in granting, modifying, and settling such Award. The Committee may, but is not required to, structure any Award so as to qualify as performance-based compensation under Code Section 162(m) and may
establish other performance criteria that do not qualify as Performance Goals hereunder. 
 (e) Nonassignability of
Rights. Awards shall not be transferable other than with the consent of the Committee (which consent will not be granted in the case of ISOs unless the conditions for transfer of ISOs specified in the Code have been satisfied) or by will or
the laws of the descent and distribution. Awards requiring exercise shall be exercisable during the Participant’s lifetime, only by the Participant; or in the event the Participant is disabled (within the meaning of Section 22(e)(3)
of the Code), by the legal representative of the Participant; or in 

  
 10 

 
the event of death of the Participant, by the legal representative of the Participant’s estate or if no legal representative has been appointed within ninety (90) days of the
Participant’s death, by the Person(s) taking under the laws of descent and distribution governing the State in which the Participant was domiciled at the time of the Participant’s death; except to the extent that the Committee may provide
otherwise as to any Awards other than Incentive Stock Options. 
 (f) Notice and Payment. Unless otherwise specifically provided
in the applicable Award Agreement, to the extent it is exercisable, an Award shall be exercisable only by written or recorded electronic notice of exercise, in the manner specified by the Committee from time to time, delivered to the Company or its
designated agent during the term of the Award (the “Exercise Notice”). The Exercise Notice shall: (i) state the number of shares of Stock with respect to which the Award is being exercised; (ii) be signed by the holder of
the Award or by the person authorized to exercise the Award pursuant to Section 6.1(e); and (iii) include such other information, instruments and documents as may be required to satisfy any other condition to exercise set forth in the
Award Agreement. Except as specifically provided in the applicable Award Agreement or provided below, payment in full, in cash or check, shall be made for all shares of Stock purchased and all applicable tax withholding at the time notice of
exercise of an Award is given to the Company. The proceeds of any payment shall constitute general funds of the Company. At the time an Award is granted or before it is exercised, the Committee, in the exercise of its sole discretion, may
authorize any one or more of the following additional methods of payment: 
 (i) for all Participants other than officers of the Company and
Directors, acceptance of each such Participant’s full recourse promissory note for some or all (to the extent permitted by law) of the exercise price of the Stock being acquired and all applicable tax withholding, payable on such terms and rate
of interest as determined by the Committee, and secured in such manner, if at all, as the Committee shall approve, including, without limitation, by a security interest in the Stock which is the subject of the Award or other securities; 

(ii) for all Participants, delivery by each such Participant of Stock already owned by such Participant for all or part of the exercise price
of the Award being exercised and all applicable tax withholding, provided that the Fair Market Value of such Stock is equal on the date of exercise to the exercise price of the Award being exercised and all applicable tax withholding, or such
portion thereof as the Participant is authorized to pay and elects to pay by delivery of such shares of Stock; 
 (iii) for all
Participants, surrender by each such Participant, or withholding by the Company from the Stock issuable upon exercise of the Award, of a number of shares of Stock subject to the Award being exercised with a Fair Market Value equal to some or all of
the exercise price of the Stock being acquired and all applicable tax withholding, together with such documentation as the Committee shall require; or 

(iv) for all Participants, payment may be made pursuant to a cashless exercise arrangement approved by the Committee. 

(g) Termination of Employment; Removal of Employee or Director for Cause. The Committee shall establish, in respect of each Award
when granted, the effect of an Employment Termination on the rights and benefits thereunder and in so doing may, but need not, make distinctions based upon the cause of termination (such as retirement, death, disability or other factors) or which
party effected the termination (the employer or the Employee). Unless specifically provided otherwise in the applicable Award Agreement, all Awards granted to any Person, whether or not an Employee, will lapse on the date such Person’s
employment or service 

  
 11 

 
with the Company or its Affiliate, Subsidiary or Advisor terminates. Notwithstanding any other provision in this Plan or the Award Agreement, however, the Committee may decide in its discretion
at the time of any Employment Termination (or within a reasonable time thereafter) to extend the exercise period of an Award (but not beyond the period specified in Section 6.2(b) or 6.3(b) and Section 409A of the Code, as applicable) and
not decrease the number of shares of Stock covered by the Award with respect to which the Award is exercisable or vested.
 (h) Other
Provisions. Each Award Agreement may contain such other terms, provisions, and conditions not inconsistent with this Plan, as may be determined by the Committee, and each ISO granted under this Plan shall include such provisions and
conditions as are necessary to qualify such Option as an “incentive stock option” within the meaning of Section 422 of the Code. 

(i) Withholding and Employment Taxes. At the time of exercise of an Award or the lapse of restrictions on an Award, the
Participant shall remit to the Company the minimum statutory amount of all applicable Federal and state withholding and employment taxes, subject to any limitations as the Committee determines are necessary or appropriate.

(j) Employee Status/Continued Service. If the terms of any Award provide that it may be earned or exercised only during employment
or continued service or within a specified period of time after termination of employment or continued service, the Committee may decide to what extent leaves of absence for governmental or military service, illness, temporary disability, or other
reasons shall not be deemed interruptions of continuous employment or service. 
 (k) Stockholder Rights. A Participant, as a
result of receiving an Award, shall not have any rights as a stockholder until, and then only to the extent that, the Award is earned and settled in shares of Common Stock. As a condition to the issuance of Common Stock as part of the grant of an
Award or its vesting or exercise (as applicable), the Company may require a Participant (or beneficiary, as the case may be) to become a party to the Company’s shareholders’ agreement and any buy-sell, redemption, repurchase, restriction
or other similar agreement that the Company may require. 
 6.2. Terms and Conditions to Which Only NQOs Are
Subject. Options granted under this Plan which are designated as NQOs shall be subject to the following terms and conditions: 

(a) Exercise Price. The exercise price of an NQO shall be determined by the Committee; provided, however, that the exercise price
of an NQO shall not be less than the Fair Market Value of the Stock subject to the Option on the Grant Date. 
 (b) Option
Term. Unless the Committee specifies an earlier expiration date at the Grant Date, each NQO shall expire 10 years after the Grant Date. 

(c) Service Providers of Advisor/Affiliate. An NQO granted to a Participant with respect to whom the Company is not an “eligible
issuer of service recipient stock” within the meaning of Treasury Regulation Section 1.409A-1(b)(5)(iii)(E)(1)(which generally includes only the entity for which the service provider provides direct services on the Grant Date of the Award
and any parent entity that has a controlling interest in such entity ) must contain terms and conditions intended to comply with the nonqualified deferred compensation requirements of Section 409A of the Code. 

  
 12 

 6.3. Terms and Conditions to Which Only ISOs Are Subject. Options granted under
this Plan which are designated as ISOs shall be subject to the following terms and conditions: 
 (a) Exercise Price. The
exercise price of an ISO shall be determined in accordance with the applicable provisions of the Code and shall in no event be less than the Fair Market Value of the Stock covered by the ISO at the Grant Date; provided, however, that the exercise
price of an ISO granted to a Ten Percent Stockholder shall not be less than 110% of such Fair Market Value. 
 (b) Option
Term. Unless an earlier expiration date is specified by the Committee at the Grant Date, each ISO shall expire 10 years after the Grant Date; provided, however, that an ISO granted to a Ten Percent Stockholder shall expire no later than
five years after the Grant Date. 
 (c) Disqualifying Dispositions. If shares of Stock acquired by exercise of an ISO are
disposed of within two years after the Grant Date or within one year after the transfer of the Stock to the Participant, the holder of the Stock immediately before the disposition shall promptly notify the Company in writing of the date and terms of
the disposition and shall provide such other information regarding the disposition as the Company may reasonably require. 
 (d)
Termination of Employment. All vested ISOs must be exercised within three months of the Employment Termination of the Participant, or at any earlier time specified in the Award Agreement, unless such Employment Termination is due to the
Employee’s death or being disabled (within the meaning of Section 22(e)(3) of the Code), in which case the ISO shall be exercised within one year of the Employment Termination; provided, however, that such time limits may be exceeded by
the Committee under the terms of the Award, in which case, the ISO will be a NQO if it is exercised after the time limits that would otherwise apply. 

6.4. Surrender of Options. The Committee, acting in its sole discretion, may include a provision in an Award Agreement
allowing the Participant to surrender the Option, in whole or in part in lieu of exercise in whole or in part, on any date that the Fair Market Value of the Stock subject to the Option exceeds the exercise price and the Option is exercisable (to the
extent being surrendered). The surrender shall be effected by the delivery of the Award Agreement, together with a signed statement which specifies the number of shares of Stock as to which the Participant is surrendering the Option, together
with a request for such type of payment. Upon such surrender, the Participant shall receive (subject to any limitations imposed by Rule 16b-3), at the election of the Committee, payment in cash or shares of Stock, or a combination of the two,
equal to (or equal in Fair Market Value to) the excess of the Fair Market Value of the shares of Stock covered by the portion of the Option being surrendered on the date of surrender over the exercise price for such shares of Stock. The
Committee, acting in its sole discretion, shall determine the form of payment, taking into account such factors as it deems appropriate. To the extent necessary to satisfy Applicable Laws, the Committee may terminate a Participant’s rights
to receive payments in cash for fractional shares of Stock. Any Award Agreement providing for such surrender privilege shall also incorporate such additional restrictions on the exercise or surrender of Options as may be necessary to satisfy
Applicable Law. 

  
 13 

 7. RESTRICTED STOCK 

Restricted Stock shall be subject to the following terms and conditions: 

7.1. Grant. The Committee may grant one or more Awards of Restricted Stock to any Participant. Each Award of Restricted Stock
shall specify the number of shares of Stock to be issued to the Participant, the date of issuance, and the restrictions imposed on the shares of Stock including the conditions of release or lapse of such restrictions. Pending the lapse of
restrictions, certificates evidencing Restricted Stock (if any) shall bear a legend referring to the restrictions and shall be held by the Company. Upon the issuance of Restricted Stock, the Participant may be required to furnish such additional
documentation or other assurances as the Committee may require in order to enforce the restrictions applicable thereto or Applicable Law. 

7.2. Restrictions. Except as specifically provided elsewhere in this Plan or the Award Agreement regarding Restricted Stock,
Restricted Stock may not be sold, assigned, transferred, pledged, or otherwise disposed of or encumbered, either voluntarily or involuntarily, until the restrictions have lapsed and the rights to the shares of Restricted Stock have vested. The
Committee may in its sole discretion provide for the lapse of such restrictions in installments and may accelerate or waive such restrictions, in whole or in part, based on service, performance, or such other factors or criteria as the Committee may
determine. 
 7.3. Distributions. Unless otherwise determined by the Committee, cash distributions with respect to Restricted
Stock shall be paid to the Participant granted the Award of Restricted Stock on the normal distribution payment dates, and distributions payable in shares of Stock shall be paid in the form of Restricted Stock having the same terms as the Restricted
Stock upon which such distribution is paid. Each Award Agreement for Awards of Restricted Stock shall specify whether and, if so, the extent to which, the Participant shall be obligated to return to the Company any cash distributions paid with
respect to any shares of Restricted Stock which are subsequently forfeited. 
 8. STOCK APPRECIATION RIGHTS 

The Committee may grant Stock Appreciation Rights to eligible Persons. A Stock Appreciation Right shall entitle its holder to receive from
the Company, at the time of exercise of the right, an amount in cash equal to (or, at the Committee’s discretion, shares of Stock equal in Fair Market Value to) the excess of the Fair Market Value (at the date of exercise) of a share of Stock
over a specified base price fixed by the Committee in the governing Award Agreement multiplied by the number of shares of Stock as to which the holder is exercising the Stock Appreciation Right. The specified base price fixed by the Committee
shall not be less than the Fair Market Value of the shares of Stock on the Grant Date of the Stock Appreciation Right. Stock Appreciation Rights may be granted in tandem with any previously or contemporaneously granted Option in accordance with
Section 409A of the Code or independent of any Option. The specified base price of a tandem Stock Appreciation Right shall be the exercise price of the related Option. Any Stock Appreciation Rights granted in connection with an ISO
shall contain such terms as may be required to comply with Sections 422 and 409A of the Code. Stock Appreciation Rights granted to a Participant with respect to whom the Company is not an “eligible issuer of service recipient stock” within
the meaning of Treasury Regulation Section 1.409A-1(b)(5)(iii)(E)(1)(which generally includes only the entity for which the service provider provides direct services on the Grant Date of the Award and any parent entity that has a controlling
interest in such entity) shall contain terms and conditions intended to comply with the nonqualified deferred compensation requirements of Section 409A of the Code. 

  
 14 

 9. DISTRIBUTION EQUIVALENT RIGHTS 

9.1. General. The Committee shall have the authority to grant Distribution Equivalent Rights to Participants upon such terms
and conditions as it shall establish, subject in all events to the following limitations and provisions of general application set forth in this Plan and Section 409A of the Code. Each Distribution Equivalent Right shall entitle the
Participant to receive, for a period of time to be determined by the Committee, a payment equal to the periodic distributions declared and paid by the Company on one share of Stock. If the Distribution Equivalent Right relates to a specific
Option, the period shall not extend beyond the earliest of the date the Option is exercised, the date any Stock Appreciation Right related to the Option is exercised, or the expiration date set forth in the Option. To the extent the Committee deems
advisable, it shall structure the Distribution Equivalent Rights such that they are either exempt from or compliant with Code Section 409A. 

9.2. Rights and Options. Each Distribution Equivalent Right may relate to a specific Option granted under this Plan and may
be granted to the Participant either concurrently with the grant of such Option or at such later time as determined by the Committee, or each Distribution Equivalent Right may be granted independent of any Option. 

9.3. Payments. The Committee shall determine at the time of grant whether payment pursuant to a Distribution Equivalent
Right shall be immediate or deferred and if immediate, the Company shall make payments pursuant to each Distribution Equivalent Right concurrently with the payment of the periodic distributions to holders of Common Stock. If deferred, the
payments shall not be made until a date or the occurrence of an event specified by the Committee and then shall be made within 30 days after the occurrence of the specified date or event, unless the Distribution Equivalent Right is forfeited under
the terms of the Plan or applicable Award Agreement; provided, however, that the Committee may not make payment of a Distribution Equivalent Right contingent upon the exercise of the related Option or Stock Appreciation Right, to the extent such
payment would cause such Option or Stock Appreciation Right to violate Section 409A of the Code. The Committee shall also determine in its sole discretion whether any portion of any payment shall be made in shares of Stock or cash. 

10. OTHER EQUITY-BASED AWARDS 
 10.1.
Grant. The Committee may grant one or more Other Equity-Based Awards to any Participant. Each Award will specify the number of shares of Common Stock or other equity interests covered by such Awards. 

10.2. Terms and Conditions. The Committee, at the time an Other Equity-Based Award is made, shall specify the terms and
conditions which govern the Award. The terms and conditions of an Other Equity-Based Award may prescribe that a Participant’s rights in the Other Equity-Based Award shall be forfeitable, nontransferable, or otherwise restricted for a period of
time or subject to such other conditions as may be determined by the Committee, in its discretion and set forth in the Award Agreement. Other Equity-Based Awards may be granted to Participants, either alone or in addition to other Awards granted
under the Plan, and Other Equity-Based Awards may be granted in the settlement of other Awards granted under the Plan to the extent permitted by Section 409A of the Code and Applicable Law. To the extent the Committee deems advisable, it shall
structure such Other Equity-Based Awards such that they are either exempt from or compliant with Code Section 409A. 
 10.3.
Payment or Settlement. Other Equity-Based Awards valued in whole or in part by reference to, or otherwise based on, shares of Common Stock, shall be payable or settled in shares of Common Stock, cash or a combination of Common Stock
and cash, as determined by the Committee in its discretion. Other Equity-Based Awards denominated as equity interests other than shares of Common Stock may be paid or settled in shares or units of such equity interests, cash, or a combination of
both, as determined by the Committee in its discretion. 

  
 15 

 11. COMPLIANCE WITH LAWS 

This Plan, the granting and vesting of Awards under this Plan, the issuance and delivery of Stock, and the payment of money or other
consideration allowable under this Plan or under Awards awarded hereunder, are subject to compliance with all Applicable Laws (including, but not limited to, state and federal securities laws and federal margin requirements) and to such approvals by
any listing, regulatory, or governmental authority as may, in the opinion of counsel for the Committee, the Board, or the Company, be necessary or advisable in connection therewith. Without limiting the generality of the foregoing, the
Committee may, in its sole discretion, rescind, limit, amend, suspend, or alter any Award or limit a Participant’s ability to exercise, or refuse to settle, any Award hereunder to the extent that the granting, issuance, or exercise of such
Award (or any settlement thereof) or any term of such Award would jeopardize the status of the Company as a “real estate investment trust” under the Code or other Applicable Laws. Any securities delivered under this Plan shall be subject
to such restrictions, and the Person acquiring such securities shall, if requested by the Company, provide such assurances and representations to the Company as the Committee, the Board or the Company may deem necessary or desirable, to assure
compliance with all Applicable Laws. To the extent permitted by Applicable Law, the Plan shall be deemed amended to the extent necessary to conform to such laws, rules and regulations. Nothing in this Plan or in any Award or Award Agreement
shall require the Company to issue any Stock with respect to any Award if, in the opinion of counsel for the Company, that issuance could constitute a violation of any Applicable Laws. As a condition to the grant or exercise of any Award, the
Company may require the Participant (or, in the event of the Participant’s death, the Participant’s legal representatives, heirs, legatees, or distributees) to provide written representations concerning the Participant’s (or such
other Person’s) intentions with regard to the retention or disposition of the Stock covered by the Award and written covenants as to the manner of disposal of such Stock as may be necessary or useful to ensure that the grant, exercise, or
disposition thereof will not violate the Securities Act, any other Applicable Law or any rule of any applicable securities exchange or securities association then in effect. The Company shall not be required to register any Stock under the
Securities Act or register or qualify any Stock under any state or other securities laws. 
 12. EMPLOYMENT OR OTHER RELATIONSHIP 

Nothing in this Plan or any Award shall in any way interfere with or limit the right of the Company or its Affiliate or Subsidiary or an
Advisor to terminate any Participant’s employment services, or status as a Consultant or Director at any time, nor confer upon any Participant any right to continue in the employ or service of, or as a Director or Consultant of, the Company or
its Affiliate or Subsidiary or an Advisor. 
 13. AMENDMENT, SUSPENSION, AND TERMINATION OF THIS PLAN 

The Board may at any time amend, suspend, or discontinue this Plan provided that such amendment, suspension, or discontinuance meets the
requirements of Applicable Laws; provided, further, that shareholder approval shall be required for any amendment of the Plan that (a) materially increases the number of shares of Common Stock available for issuance under the Plan,
(b) materially expands the class of individuals eligible to receive Awards under the Plan, (c) materially increases the benefits accruing to Participants under the Plan or materially reduces the price at which shares of Common Stock may be
issued or purchased under the Plan, (d) extends the term of the Plan, or (e) expands the types of Awards available for issuance under the Plan. Except as permitted under Section 11 hereof or to conform this Plan to the requirements of
Applicable Laws or any amendment that disqualifies or impairs the status of an Option to be treated as an Incentive Stock Option, rights under any Award granted before an amendment of the Plan shall not be impaired by any such amendment to the Plan
except with the written consent of the affected Participant. 

  
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 14. LIABILITY AND INDEMNIFICATION OF THE COMMITTEE 

No Person constituting, or member of the group constituting, the Committee shall be liable for any act or omission on such Person’s part,
including but not limited to the exercise of any power or discretion given to such member under this Plan, except for those acts or omissions resulting from such member’s gross negligence or willful misconduct. The Company shall indemnify
each present and future Person constituting, or member of the group constituting, the Committee against, and each Person or member of the group constituting the Committee shall be entitled without further act on his or her part to indemnity from the
Company for, all expenses (including the amount of judgments and the amount of approved settlements made with a view to the curtailment of costs of litigation) reasonably incurred by such Person in connection with or arising out of any action, suit
or proceeding to the fullest extent permitted by law and by the Articles of Incorporation and Bylaws of the Company. 
 15. SECURITIES LAW LEGENDS

 Certificates of shares of Stock and Restricted Stock, if issued, may have the following legend and statements of other applicable
restrictions endorsed thereon: 
 THE SHARES OF STOCK REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
1933, AS AMENDED, OR ANY STATE LAWS. THE SHARES MAY NOT BE OFFERED FOR SALE, SOLD, PLEDGED, TRANSFERRED OR OTHERWISE DISPOSED OF UNTIL THE HOLDER HEREOF PROVIDES EVIDENCE SATISFACTORY TO OF THE ISSUER (WHICH, IN THE SOLE DISCRETION OF THE
ISSUER, MAY INCLUDE AN OPINION OF COUNSEL SATISFACTORY TO THE ISSUER) THAT SUCH OFFER, SALE, PLEDGE, TRANSFER OR OTHER DISPOSITION WILL NOT VIOLATE ANY APPLICABLE FEDERAL OR STATE SECURITIES LAWS. 

This legend shall not be required for any shares of Stock issued pursuant to an effective registration statement under the Securities Act.

 16. SEVERABILITY 
 If any provision
of this Plan is held to be illegal or invalid for any reason, that illegality or invalidity shall not affect the remaining portions of the Plan, but such provision shall be fully severable and the Plan shall be construed and enforced as if the
illegal or invalid provision had never been included in this Plan. Such an illegal or invalid provision shall be replaced by a revised provision that most nearly comports to the substance of the illegal or invalid provision. If any of the
terms or provisions of this Plan or any Award Agreement conflict with the requirements of Applicable Laws, those conflicting terms or provisions shall be deemed inoperative to the extent they conflict with Applicable Law. 

  
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 17. EFFECTIVE DATE 

The effective date of this Plan is the date this Plan was originally approved by the Company’s Board (August 1, 2017) (the “Effective
Date”) , provided that it was approved in that form by the holders of a majority of the Company’s voting stock (August 1, 2017) within twelve (12) months thereof in accordance with applicable law (including, without limitation,
approvals required under Rule 16b-3, Code Section 162(m) and Code Section 422) and any registration or stock exchange rule. Notwithstanding the above, any Stock Option that is designated as an Incentive Stock Option shall automatically be
treated as a Nonqualified Stock Option if the Plan is not approved by the shareholders of the Company within twelve (12) months after the Effective Date of the Plan; no Award that is intended to qualify as “performance-based
compensation” within the meaning of Code Section 162(m) that is granted to a Covered Employee shall be effective unless and until the Plan is approved by the Company’s shareholders; and no Restricted Stock Award shall be granted prior
to approval by the Company’s shareholders. 
 18. MISCELLANEOUS 

18.1. Loans. An employer may, in its discretion, extend one or more loans to Employees in connection with the exercise or
receipt of an Award granted under this Plan, to the extent not prohibited by Applicable Law or the terms of the Plan. The terms and conditions of any such loan shall be set by the board of directors of the employer. 

18.2. Forfeiture Provisions. Pursuant to its general authority to determine the terms and conditions applicable to Awards
granted under the Plan, the Committee shall have the right (to the extent consistent with the applicable exemptive conditions of Rule 16b-3) to provide, in the terms of an Award Agreement, or by separate written instrument, that (i) any
proceeds, gains, or other economic benefit actually or constructively received by a Participant upon the receipt or exercise of the Award, or upon the receipt or resale of any Stock underlying such Award, must be paid to the Company, and
(ii) the Award shall terminate and any unexercised portion of such Award (whether or not vested) shall be forfeited, if (a) Employment Termination occurs prior to a specified date, or within a specified time period following receipt or
exercise of the Award, or (b) the Participant, at any time, or during a specified time period, engages in any activity in competition with his employer or the Company, or its Affiliates, Subsidiary or Advisor, or which is inimical, contrary, or
harmful to the interests of his employer or the Company or its Affiliates, Subsidiary or Advisor, as may be further defined from time to time by the Committee. 

18.3. Limitations Applicable to Section 16. Notwithstanding any other provision of this Plan, this Plan, and any Award
granted to any individual who is then subject to Section 16 of the Exchange Act, shall be subject to any additional limitations set forth in any applicable exemptive rule under Section 16 of the Exchange Act (including any amendment to
Rule 16b-3) that are requirements for the application of such exemptive rule. To the extent permitted by Applicable Law, the Plan shall be deemed amended to the extent necessary to conform to such applicable exemptive rule. 

18.4. Effect of Plan Upon Other Incentive and Compensation Plans. The adoption of this Plan shall not affect any other
options or compensation or incentive plans in effect for the Company or its Affiliates, Subsidiary or Advisor. Nothing in this Plan shall be construed to limit the right of the Company or its Affiliates, Subsidiary or Advisor (i) to
establish any other forms of incentives or compensation for its employees, or (ii) to grant or assume options or other rights or awards otherwise than under this Plan in connection with any proper corporate purpose including, but not by way of
limitation, the grant or assumption of options in connection with the acquisition by purchase, lease, merger, consolidation, or otherwise of the business, stock or assets of any corporation, partnership, limited liability company, firm, or
association. 

  
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 18.5. Electronic Delivery. Any reference herein to a “written” agreement
or document shall include any agreement or document delivered electronically or posted on the Company’s intranet. 
 18.6.
Compliance with Section 409A. To the extent that the Board determines that any Award granted hereunder is subject to Section 409A of the Code, the Award Agreement evidencing such Award shall include provisions intended to cause
such Award to be compliant with, or exempt from, Section 409A of the Code. To the extent applicable, the Plan and Award Agreements shall be interpreted accordingly. Notwithstanding anything to the contrary in this Plan (and unless the Award
Agreement specifically provides otherwise), if the shares of Common Stock are publicly traded and a Participant holding an Award that constitutes “deferred compensation” under Section 409A of the Code is a “specified
employee” for purposes of Section 409A of the Code, no distribution or payment of any amount shall be made upon a “separation from service” before the day following the date that is six months after the date of such
Participant’s “separation from service” (as such term is defined in Section 409A of the Code and Treasury Reg. Section 1.409A-1(h) without regard to alternative definitions thereunder) or, if earlier, the date of the
Participant’s death. 
 18.7. Governing Law. This Plan shall be governed by and construed in accordance with the laws of
the State of Maryland, except as superseded by applicable Federal law. 
 18.8. No Assignment. No Awards (other than
unrestricted Awards) or any other payment under the Plan shall be subject in any manner to alienation, anticipation, sale, transfer (except by will or the laws of descent and distribution), assignment, pledge, or encumbrance; provided, however, the
Committee may (but need not) permit other transfers where the Committee concludes that transferability (i) does not result in accelerated taxation, (ii) does not cause any Option intended to be an ISO to fail to be described in Code
Section 422(b)(other than a transfer pursuant to a domestic relations order that is acceptable to the Committee, which may result in the Option being deemed to be a Nonstatutory Stock Option as a result of such transfer), and (iii) is
otherwise appropriate and desirable, taking into account any state or federal securities laws applicable to transferable Awards. During the lifetime of the Participant, no Award shall be payable to or exercisable by anyone other than the Participant
to whom it was granted, other than (a) the duly appointed conservator or other lawfully-designated representative of the Participant in the case of a permanent disability involving a mental incapacity or (b) the transferee in the case of
an Award transferred in accordance with the preceding sentence. 
 18.9. Section 83(b) Election Prohibited. No
Participant may make an election under Section 83(b) of the Code with respect to any Award granted under this Plan without the Company’s consent. Each Award for which an election under Section 83(b) of the Code could be made without
regard to this Section 18.7 shall, to the extent the Committee deems advisable, contain an acknowledgment by the Participant that such election may not be made without the Company’s consent. 

  
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