Document:

EX-10.1

 EXHIBIT 10.1 
 THIS CONVERTIBLE PROMISSORY NOTE AND THE SECURITIES TO BE DELIVERED IN CONNECTION HEREWITH AND UPON CONVERSION HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“ACT”), OR UNDER ANY STATE SECURITIES LAW. NO SALE, ASSIGNMENT, PLEDGE OR OTHER TRANSFER OF EITHER THIS CONVERTIBLE PROMISSORY NOTE OR ANY SUCH SECURITIES MAY BE MADE EXCEPT PURSUANT TO THE PROVISIONS OF THE ACT AND APPLICABLE STATE
SECURITIES LAWS OR UNLESS AN OPINION OF COUNSEL, SATISFACTORY TO MAKER, IS OBTAINED STATING THAT SUCH SALE, ASSIGNMENT, PLEDGE OR TRANSFER IS IN COMPLIANCE WITH AN AVAILABLE EXEMPTION UNDER THE ACT AND APPLICABLE STATE SECURITIES LAWS. 

THIS CONVERTIBLE PROMISSORY NOTE HAS BEEN EXECUTED AND DELIVERED OUTSIDE OF THE STATE OF FLORIDA AND NO FLORIDA DOCUMENTARY STAMP TAXES ARE DUE.

 CONVERTIBLE PROMISSORY NOTE 
  

			
	$1,000,000.00	 	October 16, 2012

 FOR VALUE RECEIVED, CYTODYN INC., a Colorado corporation (“Maker”), hereby promises to pay to
Jordan Naydenov (“Holder”) the principal amount of One Million Dollars ($1,000,000.00), together with interest thereon at a fixed simple interest rate of five percent (5%) per annum. 

Principal outstanding under this Convertible Promissory Note (this “Promissory Note”) shall be due and payable in cash in a
single payment on October 15, 2015 (the “Due Date”). Interest shall be payable in cash semiannually in arrears beginning on April 15, 2013, and continuing on each of October 15, 2013, April 15, 2014, October 15,
2014, April 15, 2015, and October 15, 2015, except to the extent that this Promissory Note has been previously converted into shares of Maker’s common stock (the “Shares”) as set forth below. 

In connection with this Promissory Note, Holder is entitled to, at no additional cost to Holder, a warrant to purchase 1,333,333 Shares
(the “Warrants,” and together with the Shares, collectively, the “Securities”) at an exercise price of $2.00 per Share (the “Exercise Price”), in substantially the form attached hereto as Exhibit A. The Warrants
are exercisable at the option of the Holder at any time after October 16, 2012 (the “Effective Date”), but not later than two (2) years after the Effective Date. 

All or any portion of principal and any related accrued but unpaid interest hereunder may be converted (each, a “Conversion”)
at any time by Holder into a number of Shares determined by dividing the converted principal amount and related accrued but unpaid interest by the conversion price of $0.75 per Share, with the resulting number of Shares to be issued, rounded down to
the nearest whole Share, being referred to as the “Conversion Share Number.” 

 No Conversion hereunder shall be effective unless written notice of the Conversion is given
by Holder at least five (5) days prior to such Conversion, in substantially the form attached hereto as Exhibit B. Notwithstanding the foregoing, no Conversion hereunder shall be permitted after a date that is later than 30 days prior to
the Due Date. 
 The Maker shall not issue any fractional Shares upon Conversion by Holder of any principal and related accrued
but unpaid interest hereunder or upon the exercise of the Warrants. With respect to any fraction of a Share resulting from such Conversion or exercise, the Maker shall issue to Holder a number of Shares rounded down to the nearest whole Share.

 Default in the payment of the principal of or interest on this Promissory Note when the same becomes due and payable shall
constitute an event of default hereunder. 
 Upon the occurrence of an event of default, or at any time thereafter during the
continuance of any such event, the Holder may, with or without notice to the Maker, declare this Promissory Note to be forthwith due and payable, whereupon this Promissory Note and the indebtedness evidenced hereby shall forthwith be due and
payable, both as to principal and interest, without presentment, demand, protest, or other notice of any kind, all of which are hereby expressly waived, anything contained herein or in any other instrument executed in connection with or securing
this Note to the contrary notwithstanding. If the Due Date of this Promissory Note is accelerated as provided above, the Holder may convert the principal portion of this Promissory Note into Shares at any time prior to the payment of such principal
amount. 
 If the Maker sells all or substantially all of its assets to a third party, merges, or consolidates with another
entity, or engages in any other transaction with a third party requiring approval of the shareholders of the Maker, Maker shall give prompt notice to the Holder, and Holder may immediately convert the principal amount of this Promissory Note into
Shares at any time prior to the consummation of such transaction. 
 If this Promissory Note or any interest hereon becomes due
and payable on Saturday, Sunday or other day on which commercial banks are authorized or permitted to close under the laws of the State of Oregon, the maturity of this Promissory Note or such installment shall be extended to the next succeeding
business day. 
 Maker may elect to prepay, on or before the Due Date, but not earlier than one (1) year following the
effective date of this Promissory Note, all or any portion of the outstanding principal balance under this Promissory Note, together with accrued but unpaid interest, by wire transfer or other cash equivalent acceptable to Maker; provided, however,
for any such prepayment, Maker must first give Holder at least ten (10) days prior notice of such prepayment and, during such time, Holder may elect in writing to effect a Conversion of all or a portion of such principal balance, together with
any accrued but unpaid interest so desired to be prepaid by Maker, into Shares as provided herein. 
 If the payment of
principal or any payment of interest or both is more than five (5) days late, the Maker agrees to pay the Holder a late charge equal to three percent (3%) of the payment (the “Late Fee”). The provisions of this Promissory Note
establishing a Late Fee shall not be deemed to extend the time for any payment due or to constitute a “grace period” giving the Maker a right to cure such default. 

  
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 This Promissory Note and the Securities to be issued in connection herewith and upon
Conversion hereof may not be offered, sold or otherwise disposed of except under circumstances which will not result in a violation of the Securities Act of 1933, as amended (the “Securities Act”). Upon Conversion of this Promissory Note,
the Holder hereof will be required to confirm in writing, by executing the form attached as Schedule 1 to Exhibit B hereto, that the Shares so purchased are being acquired for investment and not with a view toward distribution or resale. This
Promissory Note and all Shares issued upon Conversion hereof or upon the exercise of the Warrants (unless registered under the Securities Act) shall be stamped or imprinted with a legend in substantially the following form: 

“THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 OR THE SECURITIES ACT OF ANY
STATE. THE SHARES HAVE BEEN ACQUIRED FOR INVESTMENT AND MAY NOT BE SOLD, TRANSFERRED FOR VALUE, PLEDGED, HYPOTHECATED, OR OTHERWISE ENCUMBERED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION OF THEM UNDER THE SECURITIES ACT OF 1933 OR THE SECURITIES ACT
OF ANY STATE OR AN APPLICABLE EXEMPTON FROM REGISTRATION UNDER SUCH ACT OR ACTS.” 
 With respect to any offer, sale or
other disposition of this Promissory Note or any Securities to be issued in connection herewith or upon Conversion hereof prior to registration of such Promissory Note or Securities, the Holder hereof and each subsequent Holder of this Promissory
Note will be required to give written notice to the Maker prior thereto, describing briefly the manner thereof, together with a written opinion of such Holder’s counsel reasonably acceptable to the Maker’s counsel, if such opinion is
reasonably requested by the Maker, to the effect that such offer, sale or other disposition may be effected without registration or qualification (under the Securities Act as then in effect or any federal or state law then in effect) of this
Promissory Note or such Securities and indicating whether or not under the Securities Act this Promissory Note or certificates for such Securities to be sold or otherwise disposed of require any restrictive legend as to applicable restrictions on
transferability in order to ensure compliance with applicable law. Promptly upon receiving such written notice and reasonably satisfactory opinion, if so requested, the Maker, as promptly as practicable, shall notify such Holder that such Holder may
sell or otherwise dispose of this Promissory Note or such Securities, all in accordance with the terms of the notice delivered to the Maker. If a determination has been made pursuant to this paragraph that the opinion of counsel for the Holder is
not reasonably satisfactory to the Maker, the Maker shall so notify the Holder promptly after such determination has been made and neither this Promissory Note nor any Securities shall be sold or otherwise disposed of until such disagreement has
been resolved. The foregoing notwithstanding, this Promissory Note or such Securities may as to such federal laws, be offered, sold or otherwise disposed of in accordance with Rule 144 under the Securities Act, provided that the Maker shall have
been furnished with such information as the Maker may 

  
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reasonably request to provide a reasonable assurance that the provisions of Rule 144 have been satisfied. This Promissory Note and each certificate representing the Securities thus transferred
(except a transfer pursuant to Rule 144) shall bear a legend as to the applicable restrictions on transferability in order to ensure compliance with such laws, unless in the aforesaid opinion of counsel for the Holder, reasonably acceptable to the
Maker, such legend is not required in order to ensure compliance with such laws. The Maker may issue stop transfer instructions to its transfer agent or, if acting as its own transfer agent, the Maker may stop transfer on its corporate books, in
connection with such restrictions. 
 Any provision of this Promissory Note that is prohibited or unenforceable in any
jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof or affecting the validity or enforceability of such provision in any other
jurisdiction. 
 This Promissory Note is not transferable or assignable by the Maker without the consent of the Holder. This
Promissory Note is not transferable or assignable by the Holder without the consent of the Maker. If this Promissory Note is collected by law or through an attorney at law, or under advice therefrom, the Maker agrees to pay all costs of collection,
including reasonable attorneys’ fees. Reasonable attorneys’ fees are defined to include, but not be limited to, all fees incurred in all matters of collection and enforcement, trial proceedings and appeals, as well as appearances in and
connected with any bankruptcy proceedings or creditors’ reorganization or similar proceedings and any post judgment collection efforts. 
 Any failure to exercise any right, remedy or recourse hereunder shall not be deemed to be a waiver or release of the same, such waiver or release to be effected only through a written document executed by
the Holder and then only to the extent specifically recited therein. A waiver or release with reference to any one event shall not be construed as continuing, as a bar to, or as a waiver or release of any subsequent right, remedy or recourse as to a
subsequent event. 
 In no event shall the amount of interest due or payments in the nature of interest payable hereunder exceed
the maximum rate of interest allowed by applicable law, as amended from time to time, and in the event any such payment is paid by the Maker or received by the Holder, then such excess sum shall be credited as a payment of principal, unless the
Maker shall notify the Holder, in writing, that the Maker elects to have such excess sum returned to the Maker forthwith. 
 The
Maker hereby waives all and every exemption secured to it by the laws and constitution of the State of Oregon, and of any other state. The Maker hereby waives demand, presentment, protest, notice of nonpayment or dishonor, and any other notice
required by law and agrees that its obligation hereunder shall not be affected by any renewal or extension of the time of payment hereof, or by any indulgences. 

  
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 This Promissory Note shall be governed by and construed in accordance with the laws of the
State of Oregon applicable to debts and obligations incurred and to be paid solely in such jurisdiction. This Promissory Note may not be modified or amended and no provision hereof may be waived except by a written instrument executed by the parties
to be bound thereby. 
  

			
	CYTODYN INC.
		
	By:	 	 /s/ Nader Pourhassan

		 	Nader Pourhassan, Interim President & Chief Executive Officer

  
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 EXHIBIT 10.1 
 EXHIBIT “A” 
 Warrant Number
             
 THE WARRANT REPRESENTED BY THIS CERTIFICATE AND THE SHARES
ISSUABLE UPON EXERCISE THEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) OR QUALIFIED UNDER ANY APPLICABLE STATE SECURITIES LAW (“APPLICABLE STATE SECURITIES LAW”). THIS WARRANT
HAS BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR FOR SALE IN CONNECTION WITH, ANY DISTRIBUTION THEREOF WITHIN THE MEANING OF THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAW. THIS WARRANT AND THE SHARES ISSUABLE UPON EXERCISE
THEREOF MAY NOT BE PLEDGED, SOLD, ASSIGNED OR TRANSFERRED UNLESS A REGISTRATION STATEMENT WITH RESPECT THERETO UNDER THE SECURITIES ACT IS EFFECTIVE, AND ANY APPLICABLE STATE SECURITIES LAW REQUIREMENTS HAVE BEEN MET OR EXEMPTIONS FROM THE
REGISTRATION REQUIREMENTS UNDER THE SECURITIES ACT AND THE REGISTRATION OR QUALIFICATION REQUIREMENTS OF APPLICABLE STATE SECURITIES LAW ARE AVAILABLE. NO TRANSFER OF ANY INTEREST IN THIS WARRANT OR THE SECURITIES PURCHASABLE UPON EXERCISE MAY BE
EFFECTED WITHOUT FIRST SURRENDERING THIS WARRANT OR SUCH SECURITIES, AS THE CASE MAY BE, TO THE COMPANY OR ITS TRANSFER AGENT, IF ANY. 
 Warrant to Purchase 
 Shares of 

Common Stock 
 As
Herein Described 
 October 16, 2012 
 WARRANT TO PURCHASE COMMON STOCK OF 
 CYTODYN INC. 

This is to certify that, for value received, Jordan Naydenov, or a proper assignee (the “Holder”), is entitled to purchase up
to 1,333,333 shares (“Warrant Shares”) of common stock, no par value per share (the “Common Stock”), of CytoDyn Inc., a Colorado corporation (the “Company”), subject to the provisions of this Warrant Number
            , from the Company. This Warrant shall be exercisable at Two Dollars ($2.00) per share (the “Exercise Price”). This Warrant also is subject to the following terms and
conditions: 
 1. Exercise and Payment; Exchange. 

(a) This Warrant may be exercised in whole or in part at any time from and after the date hereof (the “Commencement Date”)
through 5:00 p.m., Pacific time, on 

 
October 15, 2014 (the “Expiration Date”), at which time this Warrant shall expire and become void, but if such date is a day on which federal or state chartered banking
institutions located in the State of Oregon are authorized to close, then on the next succeeding day which shall not be such a day. Exercise shall be by presentation and surrender to the Company, or at the office of any transfer agent designated by
the Company (the “Transfer Agent”), of (i) this Warrant, (ii) the attached exercise form properly executed, and (iii) a certified or official bank check for the Exercise Price for the number of Warrant Shares specified in
the exercise form. If this Warrant is exercised in part only, the Transfer Agent shall, upon surrender of the Warrant, execute and deliver a new Warrant evidencing the rights of the Holder to purchase the remaining number of Warrant Shares
purchasable hereunder. Upon receipt by the Company of this Warrant in proper form for exercise, accompanied by payment as aforesaid, the Holder shall be deemed to be the holder of record of the Common Stock issuable upon such exercise,
notwithstanding that the stock transfer books of the Company shall then be closed or that certificates representing such Warrant Shares shall not then be actually delivered by the Holder. 

(b) Conditions to Exercise or Exchange. The restrictions in Section 7 shall apply, to the extent applicable by their terms,
to any exercise or exchange of this Warrant permitted by this Section 1. 
 2. Reservation of Shares. The Company
shall, at all times until the expiration of this Warrant, reserve for issuance and delivery upon exercise of this Warrant the number of Warrant Shares which shall be required for issuance and delivery upon exercise of this Warrant. 

3. Fractional Interests. The Company shall not issue any fractional shares or scrip representing fractional shares upon the
exercise or exchange of this Warrant. With respect to any fraction of a share resulting from the exercise or exchange hereof, the Company shall pay to the Holder an amount in cash equal to such fraction multiplied by the current fair market value
per share of Common Stock, determined as follows: 
 (a) If the Common Stock is listed on a national securities exchange or
admitted to unlisted trading privileges on such an exchange, the current fair market value shall be the last reported sale price of the Common Stock on such exchange on the last business day prior to the date of exercise of this Warrant or if no
such sale is made on such day, the mean of the closing bid and asked prices for such day on such exchange; 
 (b) If the Common
Stock is not so listed or admitted to unlisted trading privileges or quoted on a national securities exchange, the current fair market value shall be the mean of the last bid and asked prices reported on the last business day prior to the date of
the exercise of this Warrant by the OTC Markets Group, Inc.; or 
 (c) If the Common Stock is not so listed or admitted to
unlisted trading privileges and bid and asked prices are not so reported, the current fair market value shall be an amount, not less than book value, determined in such reasonable manner as may be prescribed by the Company in good faith. 

4. No Rights as Shareholder. This Warrant shall not entitle the Holder to any rights as a shareholder of the Company, either at
law or in equity. The rights of the Holder are limited to those expressed in this Warrant and are not enforceable against the Company except to the extent set forth herein. 

 5. Adjustments in Number and Exercise Price of Warrant Shares. 

5.1 The number of shares of Common Stock for which this Warrant may be exercised and the Exercise Price therefor shall be subject to
adjustment as follows: 
 (a) If the Company is recapitalized through the subdivision or combination of its outstanding shares
of Common Stock into a larger or smaller number of shares, the number of shares of Common Stock for which this Warrant may be exercised shall be increased or reduced, as of the record date for such recapitalization, in the same proportion as the
increase or decrease in the outstanding shares of Common Stock, and the Exercise Price shall be adjusted so that the aggregate amount payable for the purchase of all of the Warrant Shares issuable hereunder immediately after the record date for such
recapitalization shall equal the aggregate amount so payable immediately before such record date. 
 (b) If the Company
declares a dividend on Common Stock payable in Common Stock or securities convertible into Common Stock, the number of shares of Common Stock for which this Warrant may be exercised shall be increased as of the record date for determining which
holders of Common Stock shall be entitled to receive such dividend, in proportion to the increase in the number of outstanding shares (and shares of Common Stock issuable upon conversion of all such securities convertible into Common Stock) of
Common Stock as a result of such dividend, and the Exercise Price shall be adjusted so that the aggregate amount payable for the purchase of all the Warrant Shares issuable hereunder immediately after the record date for such dividend shall equal
the aggregate amount so payable immediately before such record date. 
 (c) If the Company distributes to holders of its Common
Stock, other than as part of its dissolution or liquidation or the winding up of its affairs, any shares of its Common Stock, any evidence of indebtedness or any of its assets (other than cash, Common Stock or securities convertible into Common
Stock), the Company shall give written notice to the Holder of any such distribution at least fifteen (15) days prior to the proposed record date in order to permit the Holder to exercise this Warrant on or before the record date. There shall
be no adjustment in the number of shares of Common Stock for which this Warrant may be exercised, or in the Exercise Price, by virtue of any such distribution. 
 (d) If the Company offers rights or warrants to the holders of Common Stock which entitle them to subscribe to or purchase additional Common Stock or securities convertible into Common Stock, the Company
shall give written notice of any such proposed offering to the Holder at least fifteen (15) days prior to the proposed record date in order to permit the Holder to exercise this Warrant on or before such record date. There shall be no
adjustment in the number of shares of Common Stock for which this Warrant may be exercised, or in the Exercise Price, by virtue of any such distribution. 
 (e) If the event, as a result of which an adjustment is made under paragraph (a) or (b) above, does not occur, then any adjustments in the Exercise Price or number

 
of shares issuable that were made in accordance with such paragraph (a) or (b) shall be adjusted to the Exercise Price and number of shares as were in effect immediately prior to the
record date for such event. 
 5.2 In the event of any reorganization or reclassification of the outstanding shares of Common
Stock (other than a change in par value or from no par value to par value, or from par value to no par value, or as a result of a subdivision or combination) or in the event of any consolidation or merger of the Company with another entity after
which the Company is not the surviving entity, at any time prior to the expiration of this Warrant, upon subsequent exercise of this Warrant the Holder shall have the right to receive the same kind and number of shares of common stock and other
securities, cash or other property as would have been distributed to the Holder upon such reorganization, reclassification, consolidation or merger had the Holder exercised this Warrant immediately prior to such reorganization, reclassification,
consolidation or merger, appropriately adjusted for any subsequent event described in this Section 5. The Holder shall pay upon such exercise the Exercise Price that otherwise would have been payable pursuant to the terms of this Warrant. If
any such reorganization, reclassification, consolidation or merger results in a cash distribution in excess of the then applicable Exercise Price, the holder may, at the Holder’s option, exercise this Warrant without making payment of the
Exercise Price, and in such case the Company shall, upon distribution to the Holder, consider the Exercise Price to have been paid in full, and in making settlement to the Holder, shall deduct an amount equal to the Exercise Price from the amount
payable to the Holder. In the event of any such reorganization, merger or consolidation, the corporation formed by such consolidation or merger or the corporation which shall have acquired the assets of the Company shall execute and deliver a
supplement hereto to the foregoing effect, which supplement shall also provide for adjustments which shall be as nearly equivalent as may be practicable to the adjustments provided in this Warrant. 

5.3 If the Company shall, at any time before the expiration of this Warrant, dissolve, liquidate or wind up its affairs, the Holder shall
have the right to receive upon exercise of this Warrant, in lieu of the shares of Common Stock of the Company that the Holder otherwise would have been entitled to receive, the same kind and amount of assets as would have been issued, distributed or
paid to the Holder upon any such dissolution, liquidation or winding up with respect to such Common Stock receivable upon exercise of this Warrant on the date for determining those entitled to receive any such distribution. If any such dissolution,
liquidation or winding up results in any cash distribution in excess of the Exercise Price provided by this Warrant, the Holder may, at the Holder’s option, exercise this Warrant without making payment of the Exercise Price and, in such case,
the Company shall, upon distribution to the Holder, consider the Exercise Price to have been paid in full and, in making settlement to the Holder, shall deduct an amount equal to the Exercise Price from the amount payable to the Holder. 

6. Notices to Holder. So long as this Warrant shall be outstanding (a) if the Company shall pay any dividends or make any
distribution upon the Common Stock otherwise than in cash or (b) if the Company shall offer generally to the holders of Common Stock the right to subscribe to or purchase any shares of any class of Common Stock or securities convertible into
Common Stock or any similar rights or (c) if there shall be any capital reorganization of the Company in which the Company is not the surviving entity, 

 
recapitalization of the capital stock of the Company, consolidation or merger of the Company with or into another corporation, sale, lease or other transfer of all or substantially all of the
property and assets of the Company, or voluntary or involuntary dissolution, liquidation or winding up of the Company, then in such event, the Company shall cause to be mailed to the Holder, at least thirty (30) days prior to the relevant date
described below (or such shorter period as is reasonably possible if thirty (30) days is not reasonably possible), a notice containing a description of the proposed action and stating the date or expected date on which a record of the
Company’s shareholders is to be taken for the purpose of any such dividend, distribution of rights, or such reclassification, reorganization, consolidation, merger, conveyance, lease or transfer, dissolution, liquidation or winding up is to
take place and the date or expected date, if any is to be fixed, as of which the holders of Common Stock of record shall be entitled to exchange their shares of Common Stock for securities or other property deliverable upon such event. 

7. Transfer, Exercise, Exchange, Assignment or Loss of Warrant, Warrant Shares or Other Securities. 

7.1 This Warrant may be transferred, exercised, exchanged or assigned (“transferred”), in whole or in part, subject to the
following restrictions. This Warrant and the Warrant Shares or any other securities (“Other Securities”) received upon exercise of this Warrant shall be subject to restrictions on transferability until registered under the Securities Act
of 1933, as amended (the “Securities Act”), unless an exemption from registration is available. Until this Warrant and the Warrant Shares or Other Securities are so registered, this Warrant and any certificate for Warrant Shares or Other
Securities issued or issuable upon exercise of this Warrant shall contain a legend on the face thereof, in form and substance satisfactory to counsel for the Company, stating that this Warrant the Warrant Shares or Other Securities may not be sold,
transferred or otherwise disposed of unless, in the opinion of counsel satisfactory to the Company, which may be counsel to the Company, that this Warrant, the Warrant Shares or Other Securities may be transferred without such registration. This
Warrant and the Warrant Shares or Other Securities may also be subject to restrictions on transferability under applicable state securities or blue sky laws. Until this Warrant and the Warrant Shares or Other Securities are registered under the
Securities Act, the Holder shall reimburse the Company for its expenses, including attorneys’ fees, incurred in connection with any transfer or assignment, in whole or in part, of this Warrant or any Warrant Shares or Other Securities.

 7.2 Until this Warrant, the Warrant Shares or other Securities are registered under the Securities Act, the Company may
require, as a condition of transfer of this Warrant, the Warrant Shares, or Other Securities, that the transferee (who may be the Holder in the case of an exercise or exchange) represent that the securities being transferred are being acquired for
investment purposes and for the transferee’s own account and not with a view to or for sale in connection with any distribution of the security. 
 7.3 Any transfer permitted hereunder shall be made by surrender of this Warrant to the Company or to the Transfer Agent at its offices with a duly executed request to transfer the Warrant, which shall
provide adequate information to effect such transfer and shall be accompanied by funds sufficient to pay any transfer taxes applicable. Upon satisfaction of all transfer conditions, the Company or Transfer Agent shall, without charge, execute and
deliver a new Warrant in the name of the transferee named in such transfer request, and this Warrant promptly shall be cancelled. 

 7.4 Upon receipt by the Company of evidence satisfactory to it of loss, theft, destruction
or mutilation of this Warrant and, in the case of loss, theft or destruction, of reasonable satisfactory indemnification, or, in the case of mutilation, upon surrender of this Warrant, the Company will execute and deliver, or instruct the Transfer
Agent to execute and deliver, a new Warrant of like tenor and date, any such lost, stolen or destroyed Warrant thereupon shall become void. 
 8. Representations and Warranties of the Holder. The Holder hereby represents and warrants to the Company with respect to the issuance of the Warrant as follows: 

8.1 Experience. The Holder has substantial experience in evaluating and investing in securities in companies similar to the
Company so that such Holder is capable of evaluating the merits and risks of such Holder’s investment in the Company and has the capacity to protect such Holder’s own interests. 

8.2 Investment. The Holder is acquiring this Warrant (and the Warrant Shares issuable upon exercise of this Warrant) for
investment for such Holder’s own account, not as a nominee or agent, and not with the view to, or for resale in connection with, any distribution thereof. The Holder understands that this Warrant (and the Warrant Shares issuable upon exercise
of the Warrant) have not been, and will not be, registered under the Securities Act by reason of a specific exemption from the registration provisions of the Securities Act which depends upon, among other things, the bona fide nature of the
investment intent and the accuracy of such Holder’s representations as expressed herein. 
 8.3 Held Indefinitely.
The Holder acknowledges that this Warrant (and the Warrant Shares issuable upon exercise of this Warrant) must be held indefinitely unless subsequently registered under the Securities Act or an exemption from such registration is available.

 8.4 Accredited Holder. The Holder is an “accredited investor” within the meaning of Rule 501 of Regulation D
under the Securities Act. 
 8.5 Legends. The Holder understands and acknowledges that the certificate(s) evidencing the
securities issued by the Company will be imprinted with a restrictive legend as referenced in Section 7.1 above. 
 8.6
Access to Data. The Holder has had an opportunity to discuss the Company’s business, management, and financial affairs with the Company’s management and the opportunity to review the Company’s facilities and business plans. The
Holder has also had an opportunity to ask questions of officers of the Company, which questions were answered to its satisfaction. 

 8.7 Authorization. This Warrant and the agreements contemplated hereby, when executed and
delivered by the Holder, will constitute a valid and legally binding obligation of the Holder, enforceable in accordance with their respective terms. 
 8.8 Brokers or Finders. The Company has not incurred, and will not incur, directly or indirectly, as a result of any action taken by such Holder, any liability for brokerage or finders’ fees
or agents’ commissions or any similar charges in connection with this Warrant or any transaction contemplated hereby. 
 9.
Notices. All notices, requests, demands or other communications hereunder shall be in writing and shall be deemed to have been duly given, if delivered in person or mailed, certified, return-receipt requested, postage prepaid to the address
set forth on the signature page below. Any party hereto may from time to time, by written notice to the other parties, designate a different address, which shall be substituted for the one specified below for such party. If any notice or other
document is sent by certified or registered mail, return receipt requested, postage prepaid, properly addressed as aforementioned, the same shall be deemed served or delivered seventy-two (72) hours after mailing thereof. If any notice is sent
by fax or email to a party, it will be deemed to have been delivered on the date the fax or email thereof is actually received, provided the original thereof is sent by certified mail, in the manner set forth above, within twenty-four
(24) hours after the fax or email is sent. 
 10. Amendment. Any provision of this Warrant may be amended or the
observance thereof may be waived (either generally or in a particular instance and either retroactively or prospectively), only with the written consent of the Company and the Holder. 

11. Governing Law. This Warrant shall be governed by and construed in accordance with the laws of the State of Oregon. 

IN WITNESS WHEREOF, the Company and the Holder have executed this Warrant on the respective dates set forth below. 

 

									
		 		 		 	HOLDER
				
		 		 		 	JORDAN NAYDENOV
				
	Date:	 	  
	 		 	  

				
		 		 		 	CYTODYN INC.
					
	Date:	 	  
	 		 	By:	 	  

		 		 		 	Name:	 	Nader Pourhassan
		 		 		 	Title:	 	Interim President and Chief Executive Officer

 FORM OF EXERCISE 

To be executed upon exercise of Warrant 
 (please print) 
 The undersigned hereby irrevocably elects to exercise the
right, represented by this Warrant Number              certificate, to purchase 1,333,333 shares of common stock, no par value per share (“Common Stock”) of CytoDyn Inc. (the
“Company”) and herewith tenders payment for such shares of Common Stock to the order of the Company the amount of $2.00 per share in accordance with the terms hereof. The undersigned requests that a certificate for such shares of Common
Stock be registered in the name of              whose address is             . If said number of shares of Common Stock is less
than all of the shares of Common Stock purchasable hereunder, the undersigned requests that a new Warrant Certificate representing the remaining balance of the shares of Common Stock be registered in the name of
            , whose address is             , and that such Warrant Certificate be delivered to
            , whose address is             . 
 Representations of the undersigned. 
  

	 	a)	The undersigned acknowledges that the undersigned has received, read and understood the Warrant and agrees to abide by and be bound by its terms and conditions.

  

	 	b)	(i) The undersigned has such knowledge and experience in business and financial matters that the undersigned is capable of evaluating the Company and the proposed
activities thereof, and the risks and merits of this prospective investment. 

 [    ]
YES    [    ] NO 
 (ii) If “No”, the undersigned is represented by a
“purchaser representative,” as that term is defined in Regulation D under the Securities Act of 1933, as amended (the “Securities Act”). 
 [    ] YES    [    ] NO 
  

	 	c)	(i) The undersigned is an “accredited investor,” as that term is defined in the Securities Act. 

[    ] YES    [    ] NO 

(ii) If “Yes,” the undersigned comes within the following category of that definition (check one and complete the blanks as
applicable): 
  

	 	[    ]	 1. The undersigned is a natural person whose present net worth (or whose joint net worth with his or her spouse), excluding the value of the
undersigned’s primary residence, exceeds $1,000,000. For purposes of 

	 	
calculating the undersigned’s present net worth, the undersigned has included the following as liabilities: (i) any indebtedness that is secured by the undersigned’s primary
residence in excess of the estimated fair market value of the undersigned’s primary residence at the time of the sale of the shares, and (ii) any incremental debt secured by the undersigned’s primary residence that was incurred in the
60 days before the sale of the shares, other than as a result of the acquisition of the undersigned’s primary residence. 

  

	 	[    ]	2. The undersigned is a natural person who had individual income in excess of $200,000 in each of the last two years or joint income with the undersigned’s spouse
in excess of $300,000 during such two years, and the undersigned reasonably expects to have the same income level in the current year. 

  

	 	[    ]	3. The undersigned is an officer or director of the Company. 

  

	 	[    ]	4. The undersigned is a corporation or partnership not formed for the specific purpose of acquiring the securities offered, with total assets in excess of $5,000,000.

  

	 	[    ]	5. The undersigned is a trust with total assets in excess of $5,000,000 whose purchase is directed by a person with such knowledge and experience in financial and
business matters that such person is capable of evaluating the merits and risks of the prospective investment. 

  

	 	[    ]	6. The undersigned is an entity, all of whose equity owners are accredited investors under paragraphs 1, 2, 3, 4 or 5, above. 

 

	 	d)	The undersigned understands that the shares purchased hereunder have not been registered under the Securities Act, in reliance upon the exemption from the registration
requirements under the Securities Act pursuant to Section 4(2) of the Securities Act and Rule 506 promulgated thereunder; and, therefore, that the undersigned must bear the economic risk of the investment for an indefinite period of time since
the securities cannot be sold, transferred or assigned to any person or entity without compliance with the provisions of the Securities Act. 

  

									
	Submitted by:	 		 	Accepted by CytoDyn Inc.:
					
	By:	 	  
	 		 	By:	 	  

	Date:	 	  
	 		 	Date:	 	  

	SS/Tax ID:	 	  
	 		 	Tax ID:	 	  

	Telephone:	 	  
	 		 		 	
	Email:	 	  
	 		 		 	

 (Signature must conform in all respects to name of holder as specified on the face of the Warrant Certificate.)

 EXHIBIT “B” 

NOTICE OF CONVERSION 
 (please print) 
  

	To:	CYTODYN INC. 

 1. In accordance
with that certain Convertible Promissory Note issued by CYTODYN INC. to Jordan Naydenov on October 16, 2012 (the “Promissory Note”), the undersigned hereby elects to convert
$             of the principal amount of the Promissory Note, together with any related accrued but unpaid interest, into Shares. 

2. Please issue a certificate or certificates representing the Shares in the name of the undersigned or in such other name or names as
are specified below: 
  

	
	  

	(Name)
	
	  

	  

	(Address)

 3. The undersigned represents that the aforesaid Shares are being acquired for the account of the
undersigned for investment and not with a view to, or for resale in connection with, the distribution thereof and that the undersigned has no present intention of distributing or reselling such Shares. In support thereof, the undersigned has
executed an Investment Representation Statement attached hereto as Schedule 1. 
 4. All capitalized terms used but not defined
herein shall have the meaning ascribed to such terms in the Promissory Note. 
  

	
	  

	(Signature)

  

			
	  

	(Date)	 	

  

			
	Contact telephone:	 	  

 

			
	Email:	 	  

 EXHIBIT 10.1 
 SCHEDULE 1 
 INVESTMENT REPRESENTATION STATEMENT 

 

			
	Purchaser:	 	Jordan Naydenov
	Company	 	CYTODYN INC.
	Security:	 	Common Stock
	Amount:	 	
	Date:	 	

 In connection with the purchase of the above-listed securities (the “Shares”) pursuant to that
certain Convertible Promissory Note issued by CYTODYN INC. to Jordan Naydenov on October 16, 2012 (the “Promissory Note”), the undersigned (the “Purchaser”) represents to the Maker as follows: 

 

	 	(a)	The Purchaser is aware of the Maker’s business affairs and financial condition, and has acquired information about the Maker sufficient to reach an informed and
knowledgeable decision to acquire the Shares. The Purchaser is acquiring the Shares for his own account for investment purposes only and not with a view to, or for the resale in connection with, any “distribution” thereof for purposes of
the Securities Act. The Purchaser is an “accredited investor” as that term is defined in Securities and Exchange Commission Rule 501(a) of Regulation D. 

 

	 	(b)	The Purchaser understands that the Shares have not been registered under the Securities Act in reliance upon a specific exemption therefrom, which exemption depends
upon, among other things, the bona fide nature of the Purchaser’s investment intent as expressed herein. 

  

	 	(c)	The Purchaser further understands that the Shares must be held indefinitely unless subsequently registered under the Securities Act and any applicable state securities
laws, or unless exemptions from registration are otherwise available. 

  

	 	(d)	The Purchaser is aware of the provisions of Rule 144, promulgated under the Securities Act, which, in substance, permit limited public resale of “restricted
securities” acquired by non-affiliates of the issuer thereof, directly or indirectly, from the issuer (or from an affiliate of such issuer), in a non-public offering subject to the satisfaction of certain conditions, if applicable, including,
among other things, the availability of certain public information about the Maker and the resale occurring not less than six (6) months after the party has purchased and paid for the securities to be sold. 

 

	 	(e)	The Purchaser further understands that at the time Purchaser wishes to sell the Shares there may be no public market upon which to make such a sale, and that, even if
such a public market then exists, the Maker may not have filed all reports and other materials required under Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, other than Form 8-K reports, during the preceding 12 months,
and that, in such event, because the Maker used to be a “shell company” as contemplated under Rule 144(i), Rule 144 will not be available to the Purchaser. 

	 	(f)	The Purchaser further understands that in the event all of the requirements of Rule 144 are not satisfied, registration under the Securities Act, compliance with
Regulation A, or some other registration exemption will be required; and that, notwithstanding the fact that Rule 144 is not exclusive, the staff of the Securities and Exchange Commission has expressed its opinion that persons proposing to sell
private placement securities other than in a registered offering and otherwise than pursuant to Rule 144 will have a substantial burden of proof in establishing that an exemption from registration is available for such offers or sales, and that such
persons and their respective brokers who participate in such transactions do so at their own risk. 

 All
capitalized terms used but not defined herein shall have the meaning ascribed to such terms in the Promissory Note. 
  

			
	Purchaser:	 	  

		
	Date:EX-10.5

 Exhibit 10.5 

 
  

RREEF PROPERTY TRUST, INC. 
 AMENDED AND RESTATED INCENTIVE PLAN 
  

 

 RREEF PROPERTY TRUST, INC. 

AMENDED AND RESTATED INCENTIVE PLAN 
  

							
	 ARTICLE 1
	 	 PURPOSE
	  	 	1	  
	 1.1
	 	 General
	  	 	1	  
	 ARTICLE 2
	 	 DEFINITIONS
	  	 	1	  
	 2.1
	 	 Definitions
	  	 	1	  
	 ARTICLE 3
	 	 EFFECTIVE TERM OF PLAN
	  	 	6	  
	 3.1
	 	 Effective Date
	  	 	6	  
	 3.2
	 	 Term of Plan
	  	 	6	  
	 ARTICLE 4
	 	 ADMINISTRATION
	  	 	6	  
	 4.1
	 	 Committee
	  	 	6	  
	 4.2
	 	 Actions and Interpretations by the Board
	  	 	6	  
	 4.3
	 	 Authority of the Board
	  	 	7	  
	 ARTICLE 5
	 	 SHARES SUBJECT TO THE PLAN
	  	 	7	  
	 5.1
	 	 Number of Shares
	  	 	7	  
	 5.2
	 	 Share Counting
	  	 	8	  
	 5.3
	 	 Stock Distributed
	  	 	8	  
	 ARTICLE 6
	 	 ELIGIBILITY
	  	 	8	  
	 6.1
	 	 General
	  	 	8	  
	 ARTICLE 7
	 	 STOCK OPTIONS
	  	 	9	  
	 7.1
	 	 General
	  	 	9	  
	 7.2
	 	 Incentive Stock Options
	  	 	9	  
	 ARTICLE 8
	 	 RESTRICTED STOCK, RESTRICTED STOCK UNITS AND DEFERRED STOCK UNITS
	  	 	10	  
	 8.1
	 	 Grant of Restricted Stock, Restricted Stock Units and Deferred Stock Units
	  	 	10	  
	 8.2
	 	 Issuance and Restrictions
	  	 	10	  
	 8.3
	 	 Dividends on Restricted Stock
	  	 	10	  
	 8.4
	 	 Forfeiture
	  	 	10	  
	 8.5
	 	 Delivery of Restricted Stock
	  	 	10	  
	 ARTICLE 9
	 	 PERFORMANCE AWARDS
	  	 	10	  
	 9.1
	 	 Grant of Performance Awards
	  	 	10	  
	 9.2
	 	 Performance Goals
	  	 	11	  
	 ARTICLE 10
	 	 STOCK OR OTHER STOCK-BASED AWARDS
	  	 	11	  
	 10.1
	 	 Grant of Stock or Other Stock-Based Awards
	  	 	11	  
	 ARTICLE 11
	 	 PROVISIONS APPLICABLE TO AWARDS
	  	 	11	  
	 11.1
	 	 Award Certificates
	  	 	11	  
	 11.2
	 	 Form of Payment of Awards
	  	 	11	  
	 11.3
	 	 Limits on Transfer
	  	 	11	  
	 11.4
	 	 Beneficiaries
	  	 	12	  
	 11.5
	 	 Stock Trading Restrictions
	  	 	12	  
	 11.6
	 	 Acceleration for Any Reason
	  	 	12	  
	 11.7
	 	 Forfeiture Events
	  	 	12	  
	 11.8
	 	 Substitute Awards
	  	 	13	  
	 ARTICLE 12
	 	 CHANGES IN CAPITAL STRUCTURE
	  	 	13	  
	 12.1
	 	 Mandatory Adjustments
	  	 	13	  
	 12.2
	 	 Discretionary Adjustments
	  	 	13	  
	 12.3
	 	 General
	  	 	13	  

							
	 ARTICLE 13
	 	 AMENDMENT, MODIFICATION AND TERMINATION
	  	 	14	  
	 13.1
	 	 Amendment, Modification and Termination
	  	 	14	  
	 13.2
	 	 Awards Previously Granted
	  	 	14	  
	 13.3
	 	 Compliance Amendments
	  	 	14	  
	 ARTICLE 14
	 	 GENERAL PROVISIONS
	  	 	15	  
	 14.1
	 	 Rights of Participants
	  	 	15	  
	 14.2
	 	 Withholding
	  	 	15	  
	 14.3
	 	 Special Provisions Related to Section 409A of the Code
	  	 	15	  
	 14.4
	 	 Unfunded Status of Awards
	  	 	17	  
	 14.5
	 	 Relationship to Other Benefits
	  	 	17	  
	 14.6
	 	 Expenses
	  	 	17	  
	 14.7
	 	 Titles and Headings
	  	 	17	  
	 14.8
	 	 Gender and Number
	  	 	17	  
	 14.9
	 	 Fractional Shares
	  	 	17	  
	 14.10
	 	 Government and Other Regulations
	  	 	18	  
	 14.11
	 	 Governing Law
	  	 	18	  
	 14.12
	 	 Severability
	  	 	18	  
	 14.13
	 	 No Limitations on Rights of Company
	  	 	18	  

 Exhibit 10.5 
 RREEF PROPERTY TRUST, INC. 
 AMENDED AND RESTATED INCENTIVE PLAN

 ARTICLE 1 
 PURPOSE 
 1.1. GENERAL. The purpose of the RREEF Property
Trust, Inc. Amended and Restated Incentive Plan (the “Plan”) is to promote the success, and enhance the value, of RREEF Property Trust, Inc. (the “Company”), by linking the personal interests of employees
(to the extent the Company hires any employees), officers, directors and consultants of the Company or any Affiliate (as defined below) to those of Company stockholders and by providing such persons with an incentive for outstanding performance. The
Plan is further intended to provide flexibility to the Company in its ability to motivate, attract, and retain the services of employees, officers, directors and consultants upon whose judgment, interest, and special effort the successful conduct of
the Company’s operation is largely dependent. Accordingly, the Plan permits the grant of incentive awards from time to time to selected employees, officers, directors and consultants of the Company and its Affiliates. 

ARTICLE 2 

DEFINITIONS 
 2.1. DEFINITIONS. When a word or phrase appears in this Plan with the initial letter capitalized, and the word or phrase does not commence a sentence, the word or phrase shall generally be given
the meaning ascribed to it in this Section or in Section 1.1 unless a clearly different meaning is required by the context. The following words and phrases shall have the following meanings: 

(a) “Affiliate” means (i) any Subsidiary or Parent, or (ii) an entity that directly or through
one or more intermediaries controls, is controlled by or is under common control with, the Company, as determined by the Board. 
 (b) “Award” means an award of Options, Restricted Stock, Restricted Stock Units, Deferred Stock Units, Performance Awards, Other Stock-Based Awards, or any other right or interest
relating to Stock, granted to a Participant under the Plan. 
 (c) “Award Certificate” means a
written document, in such form as the Board prescribes from time to time, setting forth the terms and conditions of an Award. Award Certificates may be in the form of individual award agreements or certificates or a program document describing the
terms and provisions of an Award or series of Awards under the Plan. The Board may provide for the use of electronic, internet or other non-paper Award Certificates, and the use of electronic, internet or other non-paper means for the acceptance
thereof and actions thereunder by a Participant. 
 (d) “Beneficial Owner” shall have the
meaning given such term in Rule 13d-3 of the General Rules and Regulations under the 1934 Act. 
 (e)
“Board” means the Board of Directors of the Company. 
 (f) “Cause” as a reason
for a Participant’s termination of employment shall have the meaning assigned such term in the employment, severance or similar agreement, if any, between such Participant and the Company or an Affiliate; provided, however, that
if there is no such employment, severance or similar agreement in which such term is defined, and unless otherwise defined in the applicable Award Certificate, “Cause” shall mean any of the following acts by the

 
Participant, as determined by the Board: gross neglect of duty, prolonged absence from duty without the consent of the Company, material breach by the Participant of any published Company code of
conduct or code of ethics; or willful misconduct, misfeasance or malfeasance of duty which is reasonably determined to be detrimental to the Company. With respect to a Participant’s termination of directorship, “Cause” means an act or
failure to act that constitutes cause for removal of a director under applicable Maryland law. The determination of the Board as to the existence of “Cause” shall be conclusive on the Participant and the Company. 

(g) “Change in Control” means and includes the occurrence of any one of the following events but shall
specifically exclude a Public Offering: 
 (i) during any consecutive 12-month period, individuals who, at the
beginning of such period, constitute the Board (the “Incumbent Directors”) cease for any reason to constitute at least a majority of such Board, provided that any person becoming a director after the beginning of such 12-month
period and whose election or nomination for election was approved by a vote of at least a majority of the Incumbent Directors then on the Board shall be an Incumbent Director; provided, however, that no individual initially elected or
nominated as a director of the Company as a result of an actual or threatened election contest with respect to the election or removal of directors (“Election Contest”) or other actual or threatened solicitation of proxies or
consents by or on behalf of any Person other than the Board (“Proxy Contest”), including by reason of any agreement intended to avoid or settle any Election Contest or Proxy Contest, shall be deemed an Incumbent Director; or

 (ii) any person becomes a Beneficial Owner, directly or indirectly, of either (A) 35% or more of the
then-outstanding shares of common stock of the Company (“Company Common Stock”) or (B) securities of the Company representing 35% or more of the combined voting power of the Company’s then outstanding securities eligible
to vote for the election of directors (the “Company Voting Securities”); provided, however, that for purposes of this subsection (ii), the following acquisitions of Company Common Stock or Company Voting Securities
shall not constitute a Change in Control: (w) an acquisition directly from the Company, (x) an acquisition by the Company or a Subsidiary, (y) an acquisition by any employee benefit plan (or related trust) sponsored or maintained by
the Company or any Subsidiary, or (z) an acquisition pursuant to a Non-Qualifying Transaction (as defined in subsection (iii) below); or 
 (iii) the consummation of a reorganization, merger, consolidation, statutory share exchange or similar form of corporate transaction involving the Company or a Subsidiary (a
“Reorganization”), or the sale or other disposition of all or substantially all of the Company’s assets (a “Sale”) or the acquisition of assets or stock of another corporation or other entity (an
“Acquisition”), unless immediately following such Reorganization, Sale or Acquisition: (A) all or substantially all of the individuals and entities who were the Beneficial Owners, respectively, of the outstanding Company Common
Stock and outstanding Company Voting Securities immediately prior to such Reorganization, Sale or Acquisition beneficially own, directly or indirectly, more than 35% of, respectively, the then outstanding shares of common stock and the combined
voting power of the then outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of the entity resulting from such Reorganization, Sale or Acquisition (including, without limitation, an entity which
as a result of such transaction owns the Company or all or substantially all of the Company’s assets or stock either directly or through one or more subsidiaries, the “Surviving Entity”) in

  
 - 2 -

 
substantially the same proportions as their ownership, immediately prior to such Reorganization, Sale or Acquisition, of the outstanding Company Common Stock and the outstanding Company Voting
Securities, as the case may be, and (B) no person (other than (x) the Company or any Subsidiary, (y) the Surviving Entity or its ultimate parent entity, or (z) any employee benefit plan (or related trust) sponsored or maintained
by any of the foregoing) is the Beneficial Owner, directly or indirectly, of 35% or more of the total common stock or 35% or more of the total voting power of the outstanding voting securities eligible to elect directors of the Surviving Entity, and
(C) at least a majority of the members of the board of directors of the Surviving Entity were Incumbent Directors at the time of the Board’s approval of the execution of the initial agreement providing for such Reorganization, Sale or
Acquisition (any Reorganization, Sale or Acquisition which satisfies all of the criteria specified in (A), (B) and (C) above shall be deemed to be a “Non-Qualifying Transaction”). 

(h) “Charter” means the articles of incorporation of the Company, as such articles of incorporation may
be amended from time to time. 
 (i) “Code” means the Internal Revenue Code of 1986, as amended
from time to time. For purposes of this Plan, references to sections of the Code shall be deemed to include references to any applicable regulations thereunder and any successor or similar provision. 

(j) “Committee” means the committee of the Board described in Article 4. 

(k) “Company” means RREEF Property Trust, Inc., a Maryland corporation, or any successor
corporation. 
 (l) “Continuous Service” means the absence of any interruption or termination of
service as an employee, officer, consultant or director of the Company or any Affiliate, as applicable; provided, however, that for purposes of an Incentive Stock Option, “Continuous Service” means the absence of any
interruption or termination of service as an employee of the Company or any Parent or Subsidiary, as applicable, pursuant to applicable tax regulations. Continuous Service shall not be considered interrupted in the following cases: (i) a
Participant transfers employment between the Company and an Affiliate or between Affiliates, (ii) in the discretion of the Board as specified at or prior to such occurrence, in the case of a spin-off, sale or disposition of the
Participant’s employer from the Company or any Affiliate, or (iii) any leave of absence authorized in writing by the Company prior to its commencement; provided, however, that for purposes of Incentive Stock Options, no such
leave may exceed 90 days, unless reemployment upon expiration of such leave is guaranteed by statute or contract. If reemployment upon expiration of a leave of absence approved by the Company is not so guaranteed, on the 91st day of such leave any
Incentive Stock Option held by the Participant shall cease to be treated as an Incentive Stock Option and shall be treated for tax purposes as a Nonstatutory Stock Option. Whether military, government or other service or other leave of absence shall
constitute a termination of Continuous Service shall be determined in each case by the Board at its discretion, and any determination by the Board shall be final and conclusive; provided, however, that for purposes of any Award that is
subject to Section 409A of the Code, the determination of a leave of absence must comply with the requirements of a “bona fide leave of absence” as provided in Treas. Reg. Section 1.409A-1(h). 

  
 - 3 -

 (m) “Deferred Stock Unit” means a right granted to a
Participant under Article 8 to receive Shares (or the equivalent value in cash or other property if the Board so provides) at a future time as determined by the Board, or as determined by the Participant within guidelines established by the Board in
the case of voluntary deferral elections. 
 (n) “Disability” of a Participant means that the
Participant (i) is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not
less than 12 months, or (ii) is, by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, receiving income
replacement benefits for a period of not less than three months under an accident and health plan covering employees of the Participant’s employer. If the determination of Disability relates to an Incentive Stock Option, Disability means
Permanent and Total Disability as defined in Section 22(e)(3) of the Code. In the event of a dispute, the determination of whether a Participant is Disabled will be made by the Board and may be supported by the advice of a physician competent
in the area to which such Disability relates. 
 (o) “Effective Date” has the meaning assigned
such term in Section 3.1. 
 (p) “Eligible Participant” means an employee, officer,
consultant or director of the Company or any Affiliate. 
 (q) “Exchange” means any national
securities exchange on which the Stock may from time to time be listed or traded. 
 (r) “Fair Market
Value,” on any date, means (i) if the Stock is listed on a securities exchange, the closing sales price on the principal such exchange on such date or, in the absence of reported sales on such date, the closing sales price on the
immediately preceding date on which sales were reported, or (ii) if the Stock is not listed on a securities exchange, the mean between the bid and offered prices as quoted by the applicable interdealer quotation system for such date, provided
that if the Stock is not quoted on an interdealer quotation system or it is determined that the fair market value is not properly reflected by such quotations, Fair Market Value will be (a) equal to the Company’s net asset value per Share
for so long as the Company is conducting a public offering of its Stock at a sales price that is equal to the Company’s net asset value per Share, or (b) determined by such other method as the Board determines in good faith to be
reasonable and in compliance with Section 409A of the Code. 
 (s) “Grant Date” of an Award
means the first date on which all necessary corporate action has been taken to approve the grant of the Award as provided in the Plan, or such later date as is determined and specified as part of that authorization process. Notice of the grant shall
be provided to the grantee within a reasonable time after the Grant Date. 
 (t) “Incentive Stock
Option” means an Option that is intended to be an incentive stock option and meets the requirements of Section 422 of the Code or any successor provision thereto. 

(u) “Non-Employee Director” means a director of the Company who meets the requirements set forth for an
“independent director” in the Charter. 
 (v) “Nonstatutory Stock Option” means an
Option that is not an Incentive Stock Option. 

  
 - 4 -

 (w) “Option” means a right granted to a Participant under
Article 7 of the Plan to purchase Stock at a specified price during specified time periods. An Option may be either an Incentive Stock Option or a Nonstatutory Stock Option. 

(x) “Other Stock-Based Award” means a right, granted to a Participant under Article 10, that relates
to or is valued by reference to Stock or other Awards relating to Stock. 
 (y) “Parent” means a
corporation, limited liability company, partnership or other entity which owns or beneficially owns a majority of the outstanding voting stock or voting power of the Company. Notwithstanding the above, with respect to an Incentive Stock Option,
Parent shall have the meaning set forth in Section 424(e) of the Code. 
 (z) “Participant”
means an Eligible Participant who has been granted an Award under the Plan; provided that in the case of the death of a Participant, the term “Participant” refers to a beneficiary designated pursuant to Section 11.4 or the legal
guardian or other legal representative acting in a fiduciary capacity on behalf of the Participant under applicable state law and court supervision. 
 (aa) “Performance Award” means any award granted under the Plan pursuant to Article 9. 
 (bb) “Person” means any individual, entity or group, within the meaning of Section 3(a)(9) of the 1934 Act and as used in Section 13(d)(3) or 14(d)(2) of the 1934 Act.

 (cc) “Plan” means the RREEF Property Trust, Inc. Amended and Restated Incentive Plan, as
amended from time to time. 
 (dd) “Public Offering” means a public offering of any class or
series of the Company’s equity securities pursuant to a registration statement filed by the Company under the 1933 Act. 
 (ee) “Restricted Stock” means Stock granted to a Participant under Article 8 that is subject to certain restrictions and to risk of forfeiture. 

(ff) “Restricted Stock Unit” means the right granted to a Participant under Article 8 to receive shares
of Stock (or the equivalent value in cash or other property if the Board so provides) in the future, which right is subject to certain restrictions and to risk of forfeiture. 

(gg) “Shares” means shares of the Company’s Stock. If there has been an adjustment or substitution
pursuant to Article 12, the term “Shares” shall also include any shares of stock or other securities that are substituted for Shares or into which Shares are adjusted pursuant to Article 12. 

(hh) “Stock” means (i) the $0.01 par value Class A common stock of the Company, (ii) the
$0.01 par value Class B common stock of the Company, and (iii) such other securities of the Company as may be substituted for either such class of Stock pursuant to Section 12.1. 

(ii) “Subsidiary” means any corporation, limited liability company, partnership or other entity of which
a majority of the outstanding voting stock or voting power is beneficially owned directly or indirectly by the Company. Notwithstanding the above, with respect to an Incentive Stock Option, Subsidiary shall have the meaning set forth in
Section 424(f) of the Code. 

  
 - 5 -

 (jj) “1933 Act” means the Securities Act of 1933, as
amended from time to time. 
 (kk) “1934 Act” means the Securities Exchange Act of 1934, as
amended from time to time. 
 ARTICLE 3 
 EFFECTIVE TERM OF PLAN 
 3.1. EFFECTIVE DATE. The Plan will become
effective on the date that it is approved by both the Board and the stockholder of the Company (the “Effective Date”). 
 3.2. TERMINATION OF PLAN. Unless earlier terminated as provided herein, the Plan shall continue in effect until the tenth anniversary of the Effective Date. The termination of the Plan on such date
shall not affect the validity of any Award outstanding on the date of termination, which shall continue to be governed by the applicable terms and conditions of the Plan. 
 ARTICLE 4 
 ADMINISTRATION 

4.1. COMMITTEE. The Plan shall be administered by the Board or, at the discretion of the Board from time to time, the Plan may be
administered by a Committee appointed by the Board (which Committee shall consist of at least two directors). It is intended that at least two of the directors appointed to serve on the Committee shall be “non-employee directors” within
the meaning of Rule 16b-3 promulgated under the 1934 Act and that any such members of the Committee who do not so qualify shall abstain from participating in any decision to make or administer Awards that are made to Eligible Participants who at the
time of consideration for such Award are persons subject to the short-swing profit rules of Section 16 of the 1934 Act. However, the mere fact that a Committee member shall fail to qualify as a non-employee director or shall fail to abstain
from such action shall not invalidate any Award made by the Committee which Award is otherwise validly made under the Plan. The members of the Committee shall be appointed by, and may be changed at any time and from time to time in the discretion
of, the Board. The Board may delegate any or all of its authority and responsibility under the Plan to the Committee to act as administrator of the Plan for any and all purposes. To the extent the Board has delegated any authority and responsibility
or during any time that the Committee is acting as administrator of the Plan, the Committee and its members shall have all the powers and protections of the Board hereunder, and any reference herein to the Board (other than in this Section 4.1)
shall include the Committee. To the extent any action of the Board under the Plan conflicts with actions taken by the Committee, the actions of the Board shall control. 
 4.2. ACTION AND INTERPRETATIONS BY THE BOARD. For purposes of administering the Plan, the Board may from time to time adopt rules, regulations, guidelines and procedures for carrying out the
provisions and purposes of the Plan and make such other determinations, not inconsistent with the Plan, as the Board may deem appropriate. The Board may correct any defect, supply any omission or reconcile any inconsistency in the Plan or in any
Award in the manner and to the extent it deems necessary to carry out the intent of the Plan. The Board’s interpretation of the Plan, any Awards granted under the Plan, any Award Certificate and all decisions and determinations by the Board
with respect to the Plan are final, binding, and conclusive on all parties. Each member of the Board is entitled to, in good faith, rely or act upon any report or other information furnished to that member by any officer or other employee of the
Company or any Affiliate, the Company’s or an Affiliate’s independent certified public accountants, Company counsel or any executive compensation consultant or other professional retained by the Company to assist in the administration of
the Plan. No member of the Board will be liable for any good faith determination, act or omission in connection with the Plan or any Award. 

  
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 4.3. AUTHORITY OF THE BOARD. Except as provided in Section 4.1 hereof, the Board
has the exclusive power, authority and discretion to: 
 (a) grant Awards; 

(b) designate Participants; 
 (c) determine the type or types of Awards to be granted to each Participant; 
 (d) determine the number of Awards to be granted and the number of Shares or dollar amount to which an Award will relate; 

(e) determine the terms and conditions of any Award granted under the Plan; 

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

(g) decide all other matters that must be determined in connection with an Award; 

(h) establish, adopt or revise any rules, regulations, guidelines or procedures as it may deem necessary or advisable to
administer the Plan; 
 (i) make all other decisions and determinations that may be required under the Plan or as
the Board deems necessary or advisable to administer the Plan; 
 (j) amend the Plan or any Award Certificate as
provided herein; and 
 (k) adopt such modifications, procedures, and subplans as may be necessary or desirable
to comply with provisions of the laws of the United States or any non-U.S. jurisdictions in which the Company or any Affiliate may operate, in order to assure the viability of the benefits of Awards granted to participants located in the United
States or such other jurisdictions and to further the objectives of the Plan. 
 ARTICLE 5 

SHARES SUBJECT TO THE PLAN 
 5.1. NUMBER OF SHARES. Subject to adjustment as provided in Sections 5.2 and Section 12.1, the aggregate number of Shares reserved and available for issuance pursuant to Awards granted under
the Plan shall be 300,000 (comprised solely of Shares of Class B Stock); provided, however, that no Awards shall be granted under the Plan on any date on which the aggregate number of Shares subject to Awards previously issued under
the Plan, together with the proposed Awards to be granted on such date, shall exceed two percent (2%) of the Company’s total outstanding Shares on such date. The maximum number of Shares that may be issued upon exercise of Incentive
Stock Options granted under the Plan shall be 300,000. 

  
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 5.2. SHARE COUNTING. Shares covered by an Award shall be subtracted from the Plan
share reserve as of the Grant Date, but shall be added back to the Plan share reserve in accordance with this Section 5.2. 
 (a) To the extent that an Award is canceled, terminates, expires, is forfeited or lapses for any reason, any unissued or forfeited Shares originally subject to the Award will be added back to the Plan
share reserve and again be available for issuance pursuant to Awards granted under the Plan. 
 (b) Shares
subject to Awards settled in cash will be added back to the Plan share reserve and again be available for issuance pursuant to Awards granted under the Plan. 
 (c) Shares withheld or repurchased from an Award or delivered by a Participant to satisfy minimum tax withholding requirements will be added back to the Plan share reserve and again be available for
issuance pursuant to Awards granted under the Plan. 
 (d) If the exercise price of an Option is satisfied in
whole or in part by delivering Shares to the Company (by either actual delivery or attestation), the number of Shares so tendered (by delivery or attestation) shall be added to the Plan share reserve and will be available for issuance pursuant to
Awards granted under the Plan. 
 (e) To the extent that the full number of Shares subject to an Option is not
issued upon exercise of the Option for any reason, including by reason of net-settlement of the Award, the unissued Shares originally subject to the Award will be added back to the Plan share reserve and again be available for issuance pursuant to
other Awards granted under the Plan. 
 (f) To the extent that the full number of Shares subject to an Award
other than an Option is not issued for any reason, including by reason of failure to achieve maximum performance goals, the unissued Shares originally subject to the Award will be added back to the Plan share reserve and again be available for
issuance pursuant to Awards granted under the Plan. 
 (g) Substitute Awards granted pursuant to
Section 11.8 of the Plan shall not count against the Shares otherwise available for issuance under the Plan under Section 5.1. 
 (h) Subject to applicable Exchange requirements, shares available under a stockholder-approved plan of a company acquired by the Company (as appropriately adjusted to Shares to reflect the transaction)
may be issued under the Plan pursuant to Awards granted to individuals who were not employees of the Company or its Affiliates immediately before such transaction and will not count against the maximum share limitation specified in Section 5.1.

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

ELIGIBILITY 
 6.1. GENERAL. Awards may be granted only to Eligible Participants. Incentive Stock Options may be granted only to Eligible Participants who are employees of the Company or a Parent or Subsidiary as
defined in Section 424(e) and (f) of the Code. Eligible Participants who are service providers to an Affiliate may be granted Options under this Plan only if the Affiliate qualifies as an “eligible issuer of service recipient
stock” within the meaning of Treas. Reg. Section 1.409A-1(b)(5)(iii)(E). 

  
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 ARTICLE 7 
 STOCK OPTIONS 
 7.1. GENERAL. The Board may grant Options to
Participants on the following terms and conditions: 
 (a) EXERCISE PRICE. The exercise price per Share
under an Option shall be determined by the Board, provided that the exercise price for any Option (other than an Option issued as a substitute Award pursuant to Section 11.8) shall not be less than the Fair Market Value as of the Grant Date.

 (b) TIME AND CONDITIONS OF EXERCISE. The Board shall determine the time or times at which an Option may
be exercised in whole or in part, subject to Section 7.1(d), including a provision that an Option that is otherwise exercisable and has an exercise price that is less than the Fair Market Value of the Stock on the last day of its term will be
automatically exercised on such final date of the term by means of a “net exercise,” thus entitling the optionee to Shares equal to the intrinsic value of the Option on such exercise date, less the number of Shares required for tax
withholding. The Board shall also determine the performance or other conditions, if any, that must be satisfied before all or part of an Option may be exercised or vested. 

(c) PAYMENT. The Board shall determine the methods by which the exercise price of an Option may be paid, the form
of payment, and the methods by which Shares shall be delivered or deemed to be delivered to Participants. As determined by the Board at or after the Grant Date, payment of the exercise price of an Option may be made in, in whole or in part, in the
form of (i) cash or cash equivalents, (ii) delivery (by either actual delivery or attestation) of previously-acquired Shares based on the Fair Market Value of the Shares on the date the Option is exercised, (iii) withholding of Shares
from the Option based on the Fair Market Value of the Shares on the date the Option is exercised, (iv) broker-assisted market sales, or (iv) any other “cashless exercise” arrangement. 

(d) EXERCISE TERM. Except for Nonstatutory Options granted to Participants outside the United States, no Option
granted under the Plan shall be exercisable for more than ten years from the Grant Date. 
 (e) NO DEFERRAL
FEATURE. No Option shall provide for any feature for the deferral of compensation other than the deferral of recognition of income until the exercise or disposition of the Option. 

7.2. INCENTIVE STOCK OPTIONS. The terms of any Incentive Stock Options granted under the Plan must comply with the requirements of
Section 422 of the Code. Without limiting the foregoing, any Incentive Stock Option granted to a Participant who at the Grant Date owns more than 10% of the voting power of all classes of Shares of the Company must have an exercise price per
Share of not less than 110% of the Fair Market Value per Share on the Grant Date and an Option term of not more than five years. If all of the requirements of Section 422 of the Code (including the above) are not met, the Option shall
automatically become a Nonstatutory Stock Option. 

  
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 ARTICLE 8 
 RESTRICTED STOCK, RESTRICTED STOCK UNITS 
 AND DEFERRED STOCK UNITS

 8.1. GRANT OF RESTRICTED STOCK, RESTRICTED STOCK UNITS AND DEFERRED STOCK UNITS. The Board may make Awards of
Restricted Stock, Restricted Stock Units or Deferred Stock Units to Participants in such amounts and subject to such terms and conditions as may be selected by the Board. An Award of Restricted Stock, Restricted Stock Units or Deferred Stock Units
shall be evidenced by an Award Certificate setting forth the terms, conditions, and restrictions applicable to the Award. 

8.2. ISSUANCE AND RESTRICTIONS. Restricted Stock, Restricted Stock Units or Deferred Stock Units shall be subject to such
restrictions on transferability and other restrictions as the Board may impose (including, for example, limitations on the right to vote Restricted Stock or the right to receive dividends on the Restricted Stock). These restrictions may lapse
separately or in combination at such times, under such circumstances, in such installments, upon the satisfaction of performance goals or otherwise, as the Board determines at the time of the grant of the Award or thereafter. Except as otherwise
provided in an Award Certificate or any special Plan document governing an Award, a Participant shall have none of the rights of a stockholder with respect to Restricted Stock Units or Deferred Stock Units until such time as Shares of Stock are paid
in settlement of such Awards. 
 8.3 DIVIDENDS ON RESTRICTED STOCK. In the case of Restricted Stock,
the Board may provide that ordinary cash dividends declared on the Shares before they are vested (i) will be forfeited, (ii) will be deemed to have been reinvested in additional Shares or otherwise reinvested (subject to Share availability
under Section 5.1 hereof), or (iii) in the case of Restricted Stock that is not subject to performance-based vesting, will be paid or distributed to the Participant as accrued (in which case, such dividends must be paid or distributed no
later than the 15th day of the 3rd month following the later of (A) the calendar year in which the
corresponding dividends were paid to stockholders, or (B) the first calendar year in which the Participant’s right to such dividends is no longer subject to a substantial risk of forfeiture). 

8.4. FORFEITURE. Subject to the terms of the Award Certificate and except as otherwise determined by the Board at the time of the
grant of the Award or thereafter, upon termination of Continuous Service during the applicable restriction period or upon failure to satisfy a performance goal during the applicable restriction period, Restricted Stock or Restricted Stock Units that
are at that time subject to restrictions shall be forfeited. 
 8.5. DELIVERY OF RESTRICTED STOCK. Shares of Restricted
Stock shall be delivered to the Participant at the Grant Date either by book-entry registration or by delivering to the Participant, or a custodian or escrow agent (including, without limitation, the Company or one or more of its employees)
designated by the Board, a stock certificate or certificates registered in the name of the Participant. If physical certificates representing shares of Restricted Stock are registered in the name of the Participant, such certificates must bear an
appropriate legend referring to the terms, conditions, and restrictions applicable to such Restricted Stock. 
 ARTICLE 9

 PERFORMANCE AWARDS 
 9.1. GRANT OF PERFORMANCE AWARDS. The Board may grant any Award under this Plan with performance-based vesting criteria, on such terms and conditions as may be selected by the Board. Any such
Awards with performance-based vesting criteria are referred to herein as Performance 

  
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Awards. The Board shall have the complete discretion to determine the number of Performance Awards granted to each Participant, and to designate the provisions of such Performance Awards as
provided in Section 4.3. All Performance Awards shall be evidenced by an Award Certificate or a written program established by the Board, pursuant to which Performance Awards are awarded under the Plan under uniform terms, conditions and
restrictions set forth in such written program. 
 9.2. PERFORMANCE GOALS. The Board may establish performance goals for
Performance Awards which may be based on any criteria selected by the Board. Such performance goals may be described in terms of Company-wide objectives or in terms of objectives that relate to the performance of the Participant, an Affiliate or a
division, region, department or function within the Company or an Affiliate. If the Board determines that a change in the business, operations, corporate structure or capital structure of the Company or the manner in which the Company or an
Affiliate conducts its business, or other events or circumstances render performance goals to be unsuitable, the Board may modify such performance goals in whole or in part, as the Board deems appropriate. If a Participant is promoted, demoted or
transferred to a different business unit or function during a performance period, the Board may determine that the performance goals or performance period are no longer appropriate and may (i) adjust, change or eliminate the performance goals
or the applicable performance period as it deems appropriate to make such goals and period comparable to the initial goals and period, or (ii) make a cash payment to the participant in an amount determined by the Board. 

ARTICLE 10 

STOCK OR OTHER STOCK-BASED AWARDS 
 10.1. GRANT OF STOCK OR OTHER STOCK-BASED AWARDS. The Board may, subject to limitations under applicable law, grant to Participants such other Awards that are payable in, valued in whole or in part
by reference to, or otherwise based on or related to Shares, as deemed by the Board to be consistent with the purposes of the Plan, including without limitation membership interests in a Subsidiary or operating partnership, Shares awarded purely as
a “bonus” and not subject to any restrictions or conditions, convertible or exchangeable debt securities, other rights convertible or exchangeable into Shares, and Awards valued by reference to book value of Shares or the value of
securities of or the performance of specified Parents or Subsidiaries. The Board shall determine the terms and conditions of such Awards. 
 ARTICLE 11 
 PROVISIONS APPLICABLE TO AWARDS 

11.1. AWARD CERTIFICATES. Each Award shall be evidenced by an Award Certificate. Each Award Certificate shall include such
provisions, not inconsistent with the Plan, as may be specified by the Board. 
 11.2. FORM OF PAYMENT FOR AWARDS. At the
discretion of the Board, payment of Awards may be made in cash, Stock, a combination of cash and Stock, or any other form of property as the Board shall determine. In addition, payment of Awards may include such terms, conditions, restrictions
and/or limitations, if any, as the Board deems appropriate, including, in the case of Awards paid in the form of Stock, restrictions on transfer and forfeiture provisions. Further, payment of Awards may be made in the form of a lump sum, or in
installments, as determined by the Board. 
 11.3. LIMITS ON TRANSFER. No right or interest of a Participant in any
unexercised or restricted Award may be pledged, encumbered, or hypothecated to or in favor of any party other than the Company or an Affiliate, or shall be subject to any lien, obligation, or liability of such Participant to any other party other
than the Company or an Affiliate. No unexercised or restricted Award shall be 

  
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assignable or transferable by a Participant other than by will or the laws of descent and distribution; provided, however, that the Board may (but need not) permit other transfers
(other than transfers for value) where the Board concludes that such transferability (i) does not result in accelerated taxation, (ii) does not cause any Option intended to be an Incentive Stock Option to fail to be described in
Section 422(b) of the Code, and (iii) is otherwise appropriate and desirable, taking into account any factors deemed relevant, including without limitation, state or federal tax or securities laws applicable to transferable Awards.

 11.4. BENEFICIARIES. Notwithstanding Section 11.3, a Participant may, in the manner determined by the Board,
designate a beneficiary to exercise the rights of the Participant and to receive any distribution with respect to any Award upon the Participant’s death. A beneficiary, legal guardian, legal representative, or other person claiming any rights
under the Plan is subject to all terms and conditions of the Plan and any Award Certificate applicable to the Participant, except to the extent the Plan and Award Certificate otherwise provide, and to any additional restrictions deemed necessary or
appropriate by the Board. If no beneficiary has been designated or survives the Participant, any payment due to the Participant shall be made to the Participant’s estate. Subject to the foregoing, a beneficiary designation may be changed or
revoked by a Participant, in the manner provided by the Company, at any time provided the change or revocation is filed with the Board. 
 11.5. STOCK TRADING RESTRICTIONS. All Stock issuable under the Plan is subject to any stop-transfer orders and other restrictions as the Board deems necessary or advisable to comply with federal or
state securities laws, rules and regulations and the rules of any national securities exchange or automated quotation system on which the Stock is listed, quoted, or traded. The Board may place legends on any Stock certificate or issue instructions
to the transfer agent to reference restrictions applicable to the Stock. 
 11.6. ACCELERATION FOR ANY REASON. The Board
may in its sole discretion at any time determine that all or a portion of a Participant’s Options and other Awards in the nature of rights that may be exercised shall become fully or partially exercisable, that all or a part of the time-based
vesting restrictions on all or a portion of the outstanding Awards shall lapse, and/or that any performance-based criteria with respect to any Awards shall be deemed to be wholly or partially satisfied, in each case, as of such date as the Board
may, in its sole discretion, declare. The Board may discriminate among Participants and among Awards granted to a Participant in exercising its discretion pursuant to this Section 11.6. Notwithstanding anything in the Plan, including this
Section 11.6, the Board may not accelerate the payment of any Award if such acceleration would violate Section 409A(a)(3) of the Code. 
 11.7. FORFEITURE EVENTS. Awards under the Plan shall be subject to any compensation recoupment policy that the Company may adopt from time to time that is applicable by its terms to the
Participant. In addition, the Board may specify in an Award Certificate that the Participant’s rights, payments and benefits with respect to an Award shall be subject to reduction, cancellation, forfeiture or recoupment upon the occurrence of
certain specified events, in addition to any otherwise applicable vesting or performance conditions of an Award. Such events may include, but shall not be limited to, (i) termination of employment for cause, (ii) violation of material
Company or Affiliate policies, (iii) breach of noncompetition, confidentiality or other restrictive covenants that may apply to the Participant, (iv) other conduct by the Participant that is detrimental to the business or reputation of the
Company or any Affiliate, or (v) a later determination that the vesting of, or amount realized from, a Performance Award was based on materially inaccurate financial statements or any other materially inaccurate performance metric criteria,
whether or not the Participant caused or contributed to such material inaccuracy. 

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

ARTICLE 12 

CHANGES IN CAPITAL STRUCTURE 
 12.1. MANDATORY ADJUSTMENTS. In the event of a nonreciprocal transaction between the Company and its stockholders that causes the per-share value of the Stock to change (including, without
limitation, any stock dividend, stock split, spin-off, rights offering, or large nonrecurring cash dividend), the authorization limits under Section 5.1 shall be adjusted proportionately, and the Board shall make such adjustments to the Plan
and Awards as it deems necessary, in its sole discretion, to prevent dilution or enlargement of rights immediately resulting from such transaction. Action by the Board may include: (i) adjustment of the number and kind of shares that may be
delivered under the Plan; (ii) adjustment of the number and kind of shares subject to outstanding Awards; (iii) adjustment of the exercise price of outstanding Awards or the measure to be used to determine the amount of the benefit payable
on an Award; and (iv) any other adjustments that the Board determines to be equitable. Notwithstanding the foregoing, the Board shall not make any adjustments to outstanding Options that would constitute a modification or substitution of the
stock right under Treas. Reg. Section 1.409A-1(b)(5)(v) that would be treated as the grant of a new stock right or change in the form of payment for purposes of. Without limiting the foregoing, in the event of a subdivision of the outstanding
Stock (stock-split), a declaration of a dividend payable in Shares, or a combination or consolidation of the outstanding Stock into a lesser number of Shares, the authorization limits under Section 5.1 shall automatically be adjusted
proportionately, and the Shares then subject to each Award shall automatically, without the necessity for any additional action by the Board, be adjusted proportionately without any change in the aggregate purchase price therefor. 

12.2 DISCRETIONARY ADJUSTMENTS. Upon the occurrence or in anticipation of any corporate event or transaction involving the Company
(including, without limitation, any merger, reorganization, recapitalization, combination or exchange of shares, or any transaction described in Section 12.1), the Board may, in its sole discretion, provide (i) that Awards will be settled
in cash rather than Stock, (ii) that Awards will become immediately vested and non-forfeitable and exercisable (in whole or in part) and will expire after a designated period of time to the extent not then exercised, (iii) that Awards will
be assumed by another party to a transaction or otherwise be equitably converted or substituted in connection with such transaction, (iv) that outstanding Awards may be settled by payment in cash or cash equivalents equal to the excess of the
fair market value of the underlying Stock, as of a specified date associated with the transaction (or the per-shares transaction price), over the exercise or base price of the Award, (v) that performance targets and performance periods for
Performance Awards will be modified, or (vi) any combination of the foregoing. The Board’s determination need not be uniform and may be different for different Participants whether or not such Participants are similarly situated.

 12.3 GENERAL. Any discretionary adjustments made pursuant to this Article 12 shall be subject to the provisions of
Section 12.2. To the extent that any adjustments made pursuant to this Article 12 cause Incentive Stock Options to cease to qualify as Incentive Stock Options, such Options shall be deemed to be Nonstatutory Stock Options. 

  
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 ARTICLE 13 
 AMENDMENT, MODIFICATION AND TERMINATION 
 13.1. AMENDMENT, MODIFICATION
AND TERMINATION. The Board or the Committee may, at any time and from time to time, amend, modify or terminate the Plan without stockholder approval; provided, however, that if an amendment to the Plan would, in the reasonable
opinion of the Board or the Committee, constitute a material change requiring stockholder approval under applicable laws, policies or regulations or the applicable listing or other requirements of an Exchange, then such amendment shall be subject to
stockholder approval; and provided, further, that the Board or Committee may condition any other amendment or modification on the approval of stockholders of the Company for any reason, including by reason of such approval being
necessary or deemed advisable (i) to comply with the listing or other requirements of an Exchange, or (ii) to satisfy any other tax, securities or other applicable laws, policies or regulations. 

13.2. AWARDS PREVIOUSLY GRANTED. At any time and from time to time, the Board may amend, modify or terminate any outstanding Award
without approval of the Participant; provided, however: 
 (a) Subject to the terms of the
applicable Award Certificate, such amendment, modification or termination shall not, without the Participant’s consent, reduce or diminish the value of such Award determined as if the Award had been exercised, vested, cashed in or otherwise
settled on the date of such amendment or termination (with the per-share value of an Option for this purpose being calculated as the excess, if any, of the Fair Market Value as of the date of such amendment or termination over the exercise or base
price of such Award); 
 (b) The original term of an Option may not be extended without the prior approval of the
stockholders of the Company; 
 (c) No termination, amendment, or modification of the Plan shall adversely affect
any Award previously granted under the Plan, without the written consent of the Participant affected thereby. An outstanding Award shall not be deemed to be “adversely affected” by a Plan amendment if such amendment would not reduce or
diminish the value of such Award determined as if the Award had been exercised, vested, cashed in or otherwise settled on the date of such amendment (with the per-share value of an Option for this purpose being calculated as the excess, if any, of
the Fair Market Value as of the date of such amendment over the exercise or base price of such Award). 
 13.3. COMPLIANCE
AMENDMENTS. Notwithstanding anything in the Plan or in any Award Certificate to the contrary, the Board may amend the Plan or an Award Certificate, to take effect retroactively or otherwise, as deemed necessary or advisable for the purpose of
conforming the Plan or Award Certificate to any present or future law relating to plans of this or similar nature (including, but not limited to, Section 409A of the Code), and to the administrative regulations and rulings promulgated
thereunder. By accepting an Award under this Plan, a Participant agrees to any amendment made pursuant to this Section 13.3 to any Award granted under the Plan without further consideration or action. 

  
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 ARTICLE 14 
 GENERAL PROVISIONS 
 14.1. RIGHTS OF PARTICIPANTS. 

(a) No Participant or any Eligible Participant shall have any claim to be granted any Award under the Plan. Neither the
Company, its Affiliates nor the Board is obligated to treat Participants or Eligible Participants uniformly, and determinations made under the Plan may be made by the Board selectively among Eligible Participants who receive, or are eligible to
receive, Awards (whether or not such Eligible Participants are similarly situated). 
 (b) Nothing in the Plan,
any Award Certificate or any other document or statement made with respect to the Plan, shall interfere with or limit in any way the right of the Company or any Affiliate to terminate any Participant’s employment or status as an officer, or any
Participant’s service as a director, at any time, nor confer upon any Participant any right to continue as an employee, officer, or director of the Company or any Affiliate, whether for the duration of a Participant’s Award or otherwise.

 (c) Neither an Award nor any benefits arising under this Plan shall constitute an employment contract with the
Company or any Affiliate and, accordingly, subject to Article 13, this Plan and the benefits hereunder may be terminated at any time in the sole and exclusive discretion of the Board without giving rise to any liability on the part of the Company or
an of its Affiliates. 
 (d) No Award gives a Participant any of the rights of a stockholder of the Company
unless and until Shares are in fact issued to such person in connection with such Award. 
 14.2. WITHHOLDING. The
Company or any Affiliate shall have the authority and the right to deduct or withhold, or require a Participant to remit to the Company or such Affiliate, an amount sufficient to satisfy federal, state, and local taxes (including the
Participant’s FICA obligation) required by law to be withheld with respect to any exercise, lapse of restriction or other taxable event arising as a result of the Plan. The obligations of the Company under the Plan will be conditioned on such
payment or arrangements and the Company or such Affiliate will, to the extent permitted by law, have the right to deduct any such taxes from any payment of any kind otherwise due to the Participant. Unless otherwise determined by the Board at the
time the Award is granted or thereafter, any such withholding requirement may be satisfied, in whole or in part, by withholding from the Award Shares having a Fair Market Value on the date of withholding equal to the minimum amount (and not any
greater amount) required to be withheld for tax purposes, all in accordance with such procedures as the Board establishes. All such elections shall be subject to any restrictions or limitations that the Board, in its sole discretion, deems
appropriate. 
 14.3. SPECIAL PROVISIONS RELATED TO SECTION 409A OF THE CODE. 

(a) General. It is intended that the payments and benefits provided under the Plan and any Award shall either be
exempt from the application of, or comply with, the requirements of Section 409A of the Code. The Plan and all Award Certificates shall be construed in a manner that effects such intent. Nevertheless, the tax treatment of the benefits provided
under the Plan or any Award is not warranted or guaranteed. Neither the Company, its Affiliates nor their respective directors, officers, employees or advisers (other than in his or her capacity as a Participant) shall be held liable for any taxes,
interest, penalties or other monetary amounts owed by any Participant or other taxpayer as a result of the Plan or any Award. 

  
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 (b) Definitional Restrictions. Notwithstanding anything in the Plan
or in any Award Certificate to the contrary, to the extent that any amount or benefit that would constitute non-exempt “deferred compensation” for purposes of Section 409A of the Code (“Non-Exempt Deferred
Compensation”) would otherwise be payable or distributable, or a different form of payment (e.g., lump sum or installment) of such Non-Exempt Deferred Compensation would be effected, under the Plan or any Award Certificate by reason of the
occurrence of a Change in Control, or the Participant’s Disability or separation from service, such Non-Exempt Deferred Compensation will not be payable or distributable to the Participant, and/or such different form of payment will not be
effected, by reason of such circumstance unless the circumstances giving rise to such Change in Control, Disability or separation from service meet any description or definition of “change in control event”, “disability” or
“separation from service”, as the case may be, in Section 409A of the Code and applicable regulations (without giving effect to any elective provisions that may be available under such definition). This provision does not prohibit the
vesting of any Award upon a Change in Control, Disability or separation from service, however defined. If this provision prevents the payment or distribution of any amount or benefit, or the application of a different form of payment of any
amount or benefit, such payment or distribution shall be made at the time and in the form that would have applied absent the Change in Control, Disability or separation from service, as applicable. 

(c) Allocation among Possible Exemptions. If any one or more Awards granted under the Plan to a Participant could
qualify for any separation pay exemption described in Treas. Reg. Section 1.409A-1(b)(9), but such Awards in the aggregate exceed the dollar limit permitted for the separation pay exemptions, the Company (acting through the Board or the Chief
Financial Officer) shall determine which Awards or portions thereof will be subject to such exemptions. 
 (d)
Six-Month Delay in Certain Circumstances. Notwithstanding anything in the Plan or in any Award Certificate to the contrary, if any amount or benefit that would constitute Non-Exempt Deferred Compensation would otherwise be payable or
distributable under this Plan or any Award Certificate by reason of a Participant’s separation from service during a period in which the Participant is a Specified Employee (as defined below), then, subject to any permissible acceleration of
payment by the Board under Treas. Reg. Section 1.409A-3(j)(4)(ii) (domestic relations order), (j)(4)(iii) (conflicts of interest), or (j)(4)(vi) (payment of employment taxes): 

(i) the amount of such Non-Exempt Deferred Compensation that would otherwise be payable during the six-month period
immediately following the Participant’s separation from service will be accumulated through and paid or provided on the first day of the seventh month following the Participant’s separation from service (or, if the Participant dies during
such period, within 30 days after the Participant’s death) (in either case, the “Required Delay Period”); and 
 (ii) the normal payment or distribution schedule for any remaining payments or distributions will resume at the end of the Required Delay Period. 

For purposes of this Plan, the term “Specified Employee” has the meaning given such term in
Section 409A of the Code and the final regulations thereunder. 
 (e) Installment Payments. If,
pursuant to an Award, a Participant is entitled to a series of installment payments, such Participant’s right to the series of installment payments shall be treated as a right to a series of separate payments and not to a single payment. For
purposes of the preceding sentence, the term “series of installment payments” has the meaning provided in Treas. Reg. Section 1.409A-2(b)(2)(iii) (or any successor thereto). 

  
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 (f) Timing of Release of Claims. Whenever an Award conditions a
payment or benefit on the Participant’s execution and non-revocation of a release of claims, such release must be executed and all revocation periods shall have expired within 60 days after the date of termination of the Participant’s
employment; failing which such payment or benefit shall be forfeited. If such payment or benefit is exempt from Section 409A of the Code, the Company may elect to make or commence payment at any time during such 60-day period. If such payment
or benefit constitutes Non-Exempt Deferred Compensation, then, subject to subsection (d) above, (i) if such 60-day period begins and ends in a single calendar year, the Company may make or commence payment at any time during such period at
its discretion, and (ii) if such 60-day period begins in one calendar year and ends in the next calendar year, the payment shall be made or commence during the second such calendar year (or any later date specified for such payment under the
applicable Award), even if such signing and non-revocation of the release occur during the first such calendar year included within such 60-day period. 
 (g) Permitted Acceleration. The Company shall have the sole authority to make any accelerated distribution permissible under Treas. Reg. Section 1.409A-3(j)(4) to Participants of deferred
amounts, provided that such distribution(s) meets the requirements of Treas. Reg. Section 1.409A-3(j)(4). 
 14.4.
UNFUNDED STATUS OF AWARDS. The Plan is intended to be an “unfunded” plan for incentive and deferred compensation. With respect to any payments not yet made to a Participant pursuant to an Award, nothing contained in the Plan or any
Award Certificate shall give the Participant any rights that are greater than those of a general creditor of the Company or any Affiliate. In its sole discretion, the Board may authorize the creation of grantor trusts or other arrangements to meet
the obligations created under the Plan to deliver Shares or payments in lieu of Shares or with respect to Awards. This Plan is not intended to be subject to ERISA. 
 14.5. RELATIONSHIP TO OTHER BENEFITS. No payment under the Plan shall be taken into account in determining any benefits under any pension, retirement, savings, profit sharing, group insurance,
welfare or benefit plan of the Company or any Affiliate unless provided otherwise in such other plan. Nothing contained in the Plan will prevent the Company from adopting other or additional compensation arrangements, subject to stockholder approval
if such approval is required; and such arrangements may be either generally applicable or applicable only in specific cases. 

14.6. EXPENSES. The expenses of administering the Plan shall be borne by the Company and its Affiliates. 

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

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

  
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 14.10. GOVERNMENT AND OTHER REGULATIONS. 

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

 14.12. SEVERABILITY. In the event that any provision of this Plan is found to be invalid or otherwise unenforceable
under any applicable law, such invalidity or unenforceability will not be construed as rendering any other provisions contained herein as invalid or unenforceable, and all such other provisions will be given full force and effect to the same extent
as though the invalid or unenforceable provision was not contained herein. 
 14.13. NO LIMITATIONS ON RIGHTS OF COMPANY.
The grant of any Award shall not in any way affect the right or power of the Company to make adjustments, reclassification or changes in its capital or business structure or to merge, consolidate, dissolve, liquidate, sell or transfer all or any
part of its business or assets. The Plan shall not restrict the authority of the Company, for proper corporate purposes, to draft or assume awards, other than under the Plan, to or with respect to any person. If the Board so directs, the Company may
issue or transfer Shares to an Affiliate, for such lawful consideration as the Board may specify, upon the condition or understanding that the Affiliate will transfer such Shares to a Participant in accordance with the terms of an Award granted to
such Participant and specified by the Board pursuant to the provisions of the Plan. 
 ************* 

  
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 The foregoing is hereby acknowledged as being the RREEF Property Trust, Inc. Amended
and Restated Incentive Plan as adopted by the Board and the stockholder on February 12, 2013. 
  

			
	RREEF PROPERTY TRUST, INC.
		
	By:	 	 /s/ AIMEE E. SAMFORD

		 	Aimee E. Samford
		 	Vice President and Secretary

  
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