Document:

EX-10.1

 EXHIBIT 10.1 

ADVISORY AGREEMENT 

between 
 RESOURCE REAL
ESTATE INNOVATION OFFICE REIT, INC. and 
 RRE INNOVATION OFFICE ADVISOR, LLC 

May 29, 2015 

 TABLE OF CONTENTS 

 

							
	 	 	 	 	Page	 
			
	ARTICLE 1.	 	DEFINITIONS	 	 	1	  
			
	ARTICLE 2.	 	APPOINTMENT	 	 	6	  
			
	ARTICLE 3.	 	DUTIES OF THE ADVISOR	 	 	7	  
	 3.01
	 	Organizational and Offering Services	 	 	7	  
	 3.02
	 	Acquisition Services	 	 	7	  
	 3.03
	 	Asset Management Services	 	 	8	  
	 3.04
	 	Stockholder Services	 	 	10	  
	 3.05
	 	Other Services	 	 	10	  
			
	ARTICLE 4.	 	AUTHORITY OF ADVISOR	 	 	10	  
	 4.01
	 	General	 	 	10	  
	 4.02
	 	Powers of the Advisor	 	 	10	  
	 4.03
	 	Approval by the Board	 	 	10	  
	 4.04
	 	Modification or Revocation of Authority of Advisor	 	 	11	  
			
	ARTICLE 5.	 	BANK ACCOUNTS	 	 	11	  
			
	ARTICLE 6.	 	RECORDS AND FINANCIAL STATEMENTS	 	 	11	  
			
	ARTICLE 7.	 	LIMITATION ON ACTIVITIES	 	 	11	  
			
	ARTICLE 8.	 	FEES	 	 	12	  
	 8.01
	 	Acquisition Fees	 	 	12	  
	 8.02
	 	Asset Management Fees	 	 	12	  
	 8.03
	 	Disposition Fees	 	 	13	  
	 8.04
	 	Debt Financing Fees	 	 	13	  
	 8.05
	 	Changes to Fee Structure	 	 	13	  
	 8.06
	 	Limitations on an Internalization Transaction	 	 	13	  
			
	ARTICLE 9.	 	EXPENSES	 	 	14	  
	 9.01
	 	General	 	 	14	  
	 9.02
	 	Timing of and Additional Limitations on Reimbursements	 	 	15	  
			
	ARTICLE 10.	 	VOTING AGREEMENT	 	 	16	  
			
	ARTICLE 11.	 	RELATIONSHIP OF ADVISOR AND COMPANY; OTHER ACTIVITIES OF THE ADVISOR	 	 	16	  
	 11.01
	 	Relationship	 	 	16	  
	 11.02
	 	Commitment of Time and Resources	 	 	16	  
	 11.03
	 	Investment Opportunities and Allocation	 	 	16	  
	 11.04
	 	Non-Solicitation	 	 	16	  

  
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	ARTICLE 12.		THE RESOURCE REAL ESTATE INNOVATION OFFICE NAME		17	 
			
	ARTICLE 13.		TERM AND TERMINATION OF THE AGREEMENT		 	17	  
	 13.01
		Term; Renewal		 	17	  
	 13.02
		Termination		 	17	  
	 13.03
		Payments on Termination		 	17	  
	 13.04
		Duties of Advisor Upon Termination		 	18	  
			
	ARTICLE 14.		ASSIGNMENT		 	18	  
			
	ARTICLE 15.		INDEMNIFICATION AND LIMITATION OF LIABILITY		 	18	  
	 15.01
		Indemnification		 	18	  
	 15.02
		Limitation on Indemnification		 	18	  
			
	ARTICLE 16.		GUARANTEE		 	19	  
			
	ARTICLE 17.		MISCELLANEOUS		 	20	  
	 17.01
		Notices		 	20	  
	 17.02
		Modification		 	20	  
	 17.03
		Severability		 	20	  
	 17.04
		Construction; Venue		 	20	  
	 17.05
		Entire Agreement		 	20	  
	 17.06
		Waiver		 	20	  
	 17.07
		Gender; Number		 	21	  
	 17.08
		Titles Not to Affect Interpretation		 	21	  
	 17.09
		Counterparts		 	21	  
	 17.10
		Initial Investment		 	21	  
	 17.11
		Additional Investment		 	21	  

  
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 ADVISORY AGREEMENT 

This Advisory Agreement, dated as of May 29, 2015 and effective as of the Effective Date (the “Agreement”), is between
Resource Real Estate Innovation Office REIT, Inc., a Maryland corporation (the “Company”), and RRE Innovation Office Advisor, LLC, a Delaware limited liability company (the “Advisor”). 

W I T N E S S E T H 

WHEREAS, the Company desires to avail itself of the knowledge, experience, sources of information, advice, assistance and certain facilities
available to the Advisor and to have the Advisor undertake the duties and responsibilities hereinafter set forth, on behalf of, and subject to the supervision of, the board of directors of the Company (the “Board”), all as provided
herein; and 
 WHEREAS, the Advisor is willing to undertake to render such services, subject to the supervision of the Board, on the terms
and conditions hereinafter set forth. 
 NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants and agreements
contained herein, the parties hereto agree as follows: 
 ARTICLE 1. 

DEFINITIONS 
 The following
defined terms used in this Agreement shall have the meanings specified below: 
 “Acquisition Expenses” means any and all
expenses, excluding the Acquisition Fee and Debt Financing Fee, incurred by the Company, the Advisor or any Affiliate of either in connection with the selection, acquisition or development of any property, loan or other potential investment, whether
or not acquired or originated, as applicable, including legal fees and expenses, travel and communications expenses, costs of appraisals, nonrefundable option payments on properties or other investments not acquired, accounting fees and expenses,
and title insurance premiums. 
 “Acquisition Fees” means the fee payable to the Advisor pursuant to Section 8.01 plus all
other fees and commissions, excluding Acquisition Expenses, paid by the Company or any of its Subsidiaries to any Person in connection with making or investing in any Property, Loan or other Permitted Investment or the purchase, development or
construction of any Property by the Company or any of its Subsidiaries. Included in the computation of such fees or commissions shall be any real estate commission, selection fee, Development Fee, Construction Fee, nonrecurring management fee, loan
fees or points or any fee of a similar nature, however designated. Excluded shall be any development fees and construction fees paid to Persons not Affiliated with the Advisor in connection with the actual development and construction of a Property.

 “Advisor” means (i) RRE Innovation Office Advisor, LLC, a Delaware limited liability company, or (ii) any
successor advisor to the Company. 
 “Affiliate” or “Affiliated” means, with respect to any first Person,
any of the following: (i) any other Person directly or indirectly controlling, controlled by, or under common control with such first Person; (ii) any other Person directly or indirectly owning, controlling, or holding with the power to
vote 10% or more of the outstanding voting securities of such first Person; (iii) any legal entity for which such first Person acts as an executive officer, director, trustee, or general partner; (iv) any other Person 10% or more of whose
outstanding voting securities are directly or indirectly owned, controlled, or held, with 

  
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power to vote, by such first Person; and (v) any executive officer, director, trustee, or general partner of such first Person. An entity shall not be deemed to control or be under common
control with a program sponsored by the same Person or an affiliated Person unless (i) the entity owns 10% or more of the voting equity interests of such program or (ii) a majority of the board of directors (or equivalent governing body)
of such program is composed of the same individuals. 
 “Appraised Value” means the value of the Properties, Loans and
Permitted Investments as determined in connection with the Company’s most recently published NAV. For the avoidance of doubt, Appraised Value shall not include a deduction for any indebtedness. 

“Asset Management Fee” has the meaning set forth in Section 8.02. 

“Average Invested Assets” means, for a specified period, the average of the aggregate book value of the assets of the Company
invested, directly or indirectly, in Properties, Loans and other Permitted Investments secured by real estate, before reserves for depreciation, bad debts or other similar non-cash reserves, computed by taking the average of such book values at the
end of each month during such period. 
 “Board” means the board of directors of the Company, as of any particular time.

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

“Cause” means (i) fraud, criminal conduct, willful misconduct or illegal or negligent breach of fiduciary duty by the
Advisor, or (ii) if any of the following events occur: (A) the Advisor shall breach any material provision of this Agreement, and after written notice of such breach, shall not cure such default within thirty (30) days or have begun
action within thirty (30) days to cure the default which shall be completed with reasonable diligence; (B) the Advisor shall be adjudged bankrupt or insolvent by a court of competent jurisdiction, or an order shall be made by a court of
competent jurisdiction for the appointment of a receiver, liquidator or trustee of the Advisor, for all or substantially all its property by reason of the foregoing, or if a court of competent jurisdiction approves any petition filed against the
Advisor for reorganization, and such adjudication or order shall remain in force or unstayed for a period of thirty (30) days; or (C) the Advisor shall institute proceedings for voluntary bankruptcy or shall file a petition seeking
reorganization under the federal bankruptcy laws, or for relief under any law for relief of debtors, or shall consent to the appointment of a receiver for itself or for all or substantially all its property, or shall make a general assignment for
the benefit of its creditors, or shall admit in writing its inability to pay its debts, generally, as they become due. 

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

“Code” means the Internal Revenue Code of 1986, as amended from time to time, or any successor statute thereto. Reference to
any provision of the Code shall mean such provision as in effect from time to time, as the same may be amended, and any successor provision thereto, as interpreted by any applicable regulations as in effect from time to time. 

“Company” means Resource Real Estate Innovation Office REIT, Inc., a corporation organized under the laws of the State of
Maryland. 
 “Competitive Brokerage Commission” means a real estate or brokerage commission for the purchase or sale of a
Property, Loan or Permitted Investment that is reasonable, customary, and competitive in light of the size, type, and location of the Property, Loan or Permitted Investment. 

  
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 “Construction Fee” means a fee or other remuneration for acting as general
contractor and/or construction manager to construct improvements, supervise and coordinate projects or to provide major repairs or rehabilitation on a Property. 

“Contract Sales Price” means the total consideration received by the Company or one of its Subsidiaries for the Sale of a
Property, Loan or other Permitted Investment. 
 “Cost of Investments” means the sum of (i) with respect to the
acquisition or origination of a Property, Loan or other Permitted Investment to be owned by the Company or a Subsidiary, the amount actually paid or allocated to fund the acquisition, origination, development, construction or improvement of the
Property, Loan or other Permitted Investment, inclusive of Acquisition Expenses associated with the acquisition or origination of such Property, Loan or other Permitted Investment and the amount of any debt associated with, or used to fund the
investment in, such Property, Loan or other Permitted Investment and (ii) with respect to the acquisition or origination of a Property, Loan or other Permitted Investment through any Joint Venture or any partnership in which the Company or the
Partnership is, directly or indirectly, a co-venturer or partner and which is not deemed a Subsidiary, the portion that is attributable to the Company’s direct or indirect investment in such Joint Venture or partnership of the amount actually
paid or allocated to fund the acquisition, origination, development, construction or improvement of the Property, Loan or other Permitted Investment, inclusive of expenses associated with the acquisition or origination of such Property, Loan or
other Permitted Investment and the amount of any debt associated with, or used to fund the investment in, such Property, Loan or other Permitted Investment. 

“Dealer Manager” means (i) Resource Securities, Inc., or (ii) any successor dealer manager to the Company. 

“Dealer Manager Fee” means the dealer manager fee paid with respect to the sale of Shares to the Dealer Manager for serving
as the dealer manager of an Offering. 
 “Debt Financing Fee” has the meaning set forth in Section 8.04. 

“Development Fee” means a fee for the packaging of a Property, including negotiating and approving plans, and undertaking to
assist in obtaining zoning and necessary variances and necessary financing for the Property, either initially or at a later date. 

“Director” means a member of the Board. 

“Distributions” means any dividends or other distributions of money or other property by the Company to owners of Shares,
including distributions that may constitute a return of capital for federal income tax purposes. 
 “Effective Date” means
the commencement date of the Initial Public Offering. 
 “Excess Amount” has the meaning set forth in
Section 9.02(iii). 
 “Expense Year” has the meaning set forth in Section 9.02(iii). 

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

  
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 “Good Reason” means: (i) any failure to obtain a satisfactory agreement
from any successor to the Company to assume and agree to perform obligations under this Agreement; or (ii) any material breach of this Agreement of any nature whatsoever by the Company. 

“Gross Proceeds” means the aggregate purchase price of all Shares sold for the account of the Company through an Offering,
without deduction for Organization and Offering Expenses. 
 “Guaranteed Obligations” has the meaning set forth in Article
16. 
 “Guarantor” has the meaning set forth in Article 16. 

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

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

“Initial Investment” has the meaning set forth in Section 17.10. 

“Initial Public Offering” means the public offering of Shares registered pursuant to the Registration Statement. 

“Internalization Transaction” has the meaning set forth in Section 8.06. 

“Joint Venture” means any joint venture, limited liability company or other arrangement between the Company and a third party
or an Affiliate of the Company that owns, in whole or in part, on behalf of the Company any Properties, Loans or other Permitted Investments. 

“Listed” or “Listing” shall have the meaning set forth in the Charter. 

“Loan Servicer” means an entity that has been retained to perform and carry out loan servicing functions with respect to one
or more Loans. 
 “Loans” means mortgage loans and other types of debt financing investments made by the Company or the
Partnership, either directly or indirectly, including through ownership interests in a Joint Venture or partnership, including mezzanine loans, B-notes, bridge loans, convertible mortgages, wraparound mortgage loans, construction mortgage loans,
loans on leasehold interests, and participations in such loans. 
 “NASAA Guidelines” means the Statement of Policy
Regarding Real Estate Investment Trusts published by the North American Securities Administrators Association, Inc. on May 7, 2007, and in effect on the date hereof. 

“NAV” means the net asset value of the Company, as determined from time to time, pursuant to valuation guidelines and
procedures approved by the Board. 
 “Net Income” means, for any period, the Company’s total revenues applicable to
such period, less the total expenses applicable to such period excluding additions to reserves for depreciation, bad debts or other similar non-cash reserves; provided, however, Net Income for purposes of calculating total allowable Total Operating
Expenses shall exclude the gain included in the Company’s consolidated accounts arising from the Sale of assets. 

“Offering” means any offering of the Company’s Shares that is registered with the SEC, excluding Shares offered under
any employee benefit plan. 

  
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 “Organization and Offering Expenses” means all expenses incurred by and to be
paid from the assets of the Company in connection with and in preparing the Company for registration of and subsequently offering and distributing of Shares in an Offering, which may include total underwriting and brokerage discounts and commissions
(including fees of the underwriters’ attorneys); expenses for printing, engraving and mailing; salaries of employees while engaged in sales activities; charges of transfer agents, registrars, trustees, escrow holders, depositaries and experts;
and expenses of qualification of the sale of the securities under Federal and state laws, including taxes and fees, accountants’ and attorneys’ fees. 

“Partnership” means RRE Innovation Office OP, LP, a Delaware limited partnership formed to own and operate Properties, Loans
and other Permitted Investments on behalf of the Company. 
 “Permitted Investments” means all investments (other than
Properties and Loans) in which the Company may acquire an interest, either directly or indirectly, including through ownership interests in a Joint Venture or partnership, pursuant to its Charter, Bylaws and the investment objectives and policies
adopted by the Board from time to time, other than short-term investments acquired for purposes of cash management. 

“Person” means an individual, corporation, partnership, estate, trust (including a trust qualified under Section 401(a)
or
 501(c) (17) of the Code), a portion of a trust permanently set aside for or to be used exclusively for the purposes described in Section 642(c) of the Code, association, private foundation within the meaning of
Section 509(a) of the Code, joint stock company or other entity, or any government or any agency or political subdivision thereof, and also includes a group as that term is used for purposes of Section 13(d)(3) of the Securities Exchange
Act of 1934, as amended. 
 “Property” means any real property or properties acquired by the Company or the Partnership,
either directly or indirectly, including through ownership interests in a Joint Venture or partnership. 
 “Property
Manager” means an entity that has been retained to perform and carry out at one or more of the Properties property management services, excluding persons, entities or independent contractors retained or hired to perform facility management
or other services or tasks at a particular Property, the costs for which are passed through to and ultimately paid by the tenant at such Property. 

“Registration Statement” means the registration statement filed by the Company with the SEC on Form S-11 (File
 No. 333-201842), as amended from time to time. 
 “REIT” means a corporation,
trust, association or other legal entity (other than a real estate syndication) that is engaged primarily in investing in equity interests in real estate (including fee ownership and leasehold interests) or in loans secured by real estate or both in
accordance with Sections 856 through 860 of the Code. 
 “Sale” means (i) any transaction or series of transactions
whereby: (A) the Company or the Partnership directly or indirectly (except as described in other subsections of this definition) sells, grants, transfers, conveys, or relinquishes its ownership of any Property, Loan or other Permitted
Investment or portion thereof, including the transfer of any Property that is the subject of a ground lease, including any event with respect to any Property, Loan or other Permitted Investment that gives rise to a significant amount of insurance
proceeds or condemnation awards, and including the issuance by one of the Company’s subsidiaries of any asset-backed securities or collateralized debt obligations as part of a securitization transaction; (B) the Company or the Partnership
directly or indirectly (except as described in other subsections of this definition) sells, grants, transfers, conveys, or relinquishes its ownership of all or substantially all of the interest of the Company or the Partnership in any Joint Venture
or any 

  
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partnership in which it is a co-venturer or partner; or (C) any Joint Venture or any partnership in which the Company or the Partnership is a co-venturer or partner directly or indirectly
(except as described in other subsections of this definition) sells, grants, transfers, conveys, or relinquishes its ownership of any Property, Loan or other Permitted Investment or portion thereof, including any event with respect to any Property,
Loan or other Permitted Investment that gives rise to insurance claims or condemnation awards, and including the issuance by such Joint Venture or any partnership or one of its subsidiaries of any asset-backed securities or collateralized debt
obligations as part of a securitization transaction, but (ii) not including any transaction or series of transactions specified in clause (i) (A) through (C) above in which the proceeds of such transaction or series of
transactions are reinvested in one or more Properties, Loans or other Permitted Investments within 180 days thereafter. 

“SEC” means the United States Securities and Exchange Commission. 

“Selling Commissions” means any and all commissions payable to underwriters, dealer managers or other broker-dealers in
connection with the sale of Shares, including commissions payable to the Dealer Manager. 
 “Shares” means any shares of
common stock of the Company, par value $0.01 per share. 
 “Stockholders” means the registered holders of the Shares. 

“Subsidiary” means, with respect to any Person (the “parent”), at any date, any corporation, limited
liability company, partnership, association or other entity the accounts of which would be consolidated with those of the parent in the parent’s consolidated financial statements if such financial statements were prepared in accordance with
GAAP as of such date, as well as any other corporation, limited liability company, partnership, association or other entity of which securities or other ownership interests representing more than 50% of the equity or more than 50% of the ordinary
voting power or, in the case of a partnership or limited liability company, more than 50% of the general partnership interests or managing member interests are, as of such date, owned, controlled or held, directly or indirectly, by one or more of
the parent and its Subsidiaries. 
 “Termination Date” means the date of termination of the Agreement determined in
accordance with Article 13 hereof. 
 “Total Operating Expenses” has the meaning set forth in the Charter. The definition
of “Total Operating Expenses” is intended to encompass only those expenses which are required to be treated as Total Operating Expenses under the NASAA Guidelines. As a result, and notwithstanding the definition in the Charter, any expense
of the Company which is not part of Total Operating Expenses under the NASAA Guidelines shall not be treated as part of Total Operating Expenses for purposes hereof. 

“2%/25% Guidelines” has the meaning set forth in Section 9.02(iii). 

ARTICLE 2. 
 APPOINTMENT

 The Company hereby appoints the Advisor to serve as its advisor and asset manager on the terms and conditions set forth in this
Agreement and subject to the supervision of the Board, and the Advisor hereby accepts such appointment. 

  
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 ARTICLE 3. 

DUTIES OF THE ADVISOR 
 The
Advisor, as a result of its relationship with the Company pursuant to this Agreement, has a fiduciary responsibility and duty to the Company and the Stockholders. The Advisor is responsible for managing, operating, directing and supervising the
operations and administration of the Company and its assets. The Advisor undertakes to use its reasonable efforts to present to the Company investment opportunities, to make investment decisions on behalf of the Company subject to the limitations in
the Charter, the direction and oversight of the Board and Section 4.03 hereof, and to provide the Company with a continuing and suitable investment program consistent with the investment policies and objectives of the Company as determined and
adopted from time to time by the Board. Subject to the limitations set forth in this Agreement, including Article 4 hereof, and the continuing and exclusive authority of the Board over the management of the Company, the Advisor shall, either
directly or by engaging an Affiliate or third party, perform the following duties: 
 3.01 Organizational and Offering Services. The
Advisor shall perform all services related to the organization of the Company or any Offering of the Company’s securities, other than services that (i) are to be performed by the Dealer Manager, (ii) the Company elects to perform
directly or (iii) would require the Advisor to register as a broker-dealer with the SEC or any state. 
 3.02 Acquisition
Services. 
 (i) Serve as the Company’s investment and financial advisor and provide relevant market research and economic and
statistical data in connection with the Company’s assets and investment objectives and policies; 
 (ii) Subject to Section 4
hereof and the investment objectives and policies of the Company approved by the Board: (a) locate, analyze and select potential investments; (b) structure and negotiate the terms and conditions of transactions pursuant to which
investments in Properties, Loans and other Permitted Investments will be made; (c) acquire, originate and dispose of Properties, Loans and other Permitted Investments on behalf of the Company and its Subsidiaries; (d) arrange for financing
and refinancing and make other changes in the asset or capital structure of investments in Properties, Loans and other Permitted Investments of the Company and its Subsidiaries; and (e) enter into leases, service contracts and other agreements
for Properties, Loans and other Permitted Investments of the Company and its Subsidiaries; 
 (iii) Perform due diligence on prospective
investments and create due diligence reports summarizing the results of such work; 
 (iv) With respect to prospective investments presented
to the Board, prepare reports regarding such prospective investments that include recommendations and supporting documentation necessary for the Directors to evaluate the proposed investments; 

(v) Obtain reports (which may be prepared by the Advisor or its Affiliates), where appropriate, concerning the value of contemplated
investments of the Company and its Subsidiaries; 
 (vi) Deliver to or maintain on behalf of the Company copies of all appraisals obtained
in connection with the Company’s and its Subsidiaries’ investments; and 
 (vii) Negotiate and execute approved investments and
other transactions, including prepayments, maturities, workouts and other settlements of Loans and other Permitted Investments of the Company and its Subsidiaries. 

  
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 3.03 Asset Management Services. 

(i) Real Estate and Related Services: 

(a) Investigate, select and, on behalf of the Company, engage and conduct business with (including enter contracts with) such Persons as the
Advisor deems necessary to the proper performance of its obligations as set forth in this Agreement, including consultants, accountants, lenders, technical advisors, attorneys, brokers, underwriters, corporate fiduciaries, escrow agents,
depositaries, custodians, agents for collection, insurers, insurance agents, developers, construction companies, Property Managers and any and all Persons acting in any other capacity deemed by the Advisor necessary or desirable for the performance
of any of the foregoing services; 
 (b) Negotiate and service the Company’s and its Subsidiaries’ debt facilities and other
financings; 
 (c) Monitor applicable markets and obtain reports (which may be prepared by the Advisor or its Affiliates) where appropriate,
concerning the value of investments of the Company and its Subsidiaries; 
 (d) Monitor and evaluate the performance of each asset of the
Company and its Subsidiaries and the Company’s and its Subsidiaries’ overall portfolio of assets, provide daily management services to the Company and perform and supervise the various management and operational functions related to the
Company’s and its Subsidiaries’ investments; 
 (e) Formulate and oversee the implementation of strategies for the administration,
promotion, management, operation, maintenance, improvement, financing and refinancing, marketing, leasing and disposition of Properties, Loans and other Permitted Investments on an overall portfolio basis; 

(f) Consult with the Company’s officers and the Board and assist the Board in the formulation and implementation of the Company’s
financial policies, and, as necessary with respect to investment and borrowing opportunities presented to the Board, furnish the Board with advice and recommendations with respect to the making of investments consistent with the investment
objectives and policies of the Company and in connection with any borrowings proposed to be undertaken by the Company and its Subsidiaries; 

(g) Oversee the performance by the (1) Property Managers of their duties, including collection and proper deposits of rental payments and
payment of Property expenses and maintenance and (2) Loan Servicers of their duties, including collection and application of payments, restructurings, workouts, foreclosures and accounting for Loans; 

(h) Conduct periodic on-site property visits to some or all (as the Advisor deems reasonably necessary) of the Properties to inspect the
physical condition of the Properties and to evaluate the performance of the Property Managers; 
 (i) Review, analyze and comment upon the
operating budgets, capital budgets and leasing plans prepared and submitted by each Property Manager and aggregate these property budgets into the Company’s overall budget; 

(j) Coordinate and manage relationships between the Company and its Subsidiaries, on the one hand, and any Joint Venture partners on the
other; and 

  
 8 

 (k) Consult with the Company’s officers and the Board and provide assistance with the
evaluation and approval of potential asset disposition, sale and refinancing opportunities that are presented to the Board. 
 (ii)
Accounting and Other Administrative Services: 
 (a) Provide the day-to-day management of the Company and perform and supervise the various
administrative functions reasonably necessary for the management of the Company and its Subsidiaries; 
 (b) From time to time, or at any
time reasonably requested by the Board, make reports to the Board on the Advisor’s performance of services to the Company and its Subsidiaries under this Agreement; 

(c) Make reports to the Independent Directors each quarter of the allocation of investment opportunities of the type suitable for the Company
among the Company and the other programs sponsored by the Advisor or any of its Affiliates, in order to enable the Independent Directors to monitor the Advisor’s compliance with the investment allocation policy in effect from time to time as
approved by the Board; 
 (d) Provide or arrange for any administrative services and items, legal and other services, office space, office
furnishings, personnel and other overhead items necessary and incidental to the Company’s and its Subsidiaries’ businesses and operations; 

(e) Provide financial and operational planning services; 

(f) Calculate NAV and NAV per share as requested by the Board, and in connection therewith, supervise any independent valuation experts
engaged by the Company with the approval of the Board; 
 (g) Maintain accounting and other record-keeping functions at the Company and
investment levels, including information concerning the activities of the Company as shall be required to prepare and to file all periodic financial reports, tax returns and any other information required to be filed with the SEC, the Internal
Revenue Service and any other regulatory agency; 
 (h) Maintain and preserve all appropriate books and records of the Company and its
Subsidiaries; 
 (i) Provide tax and compliance services and coordinate with appropriate third parties, including the Company’s
independent auditors and other consultants, on related tax matters; 
 (j) Provide the Company and its Subsidiaries with all necessary cash
management services; 
 (k) Manage and coordinate with the transfer agent the periodic Distribution process and payments to Stockholders;

 (l) Consult with the Company’s officers and the Board and assist the Board in evaluating and obtaining adequate insurance coverage
based upon risk management determinations; 
 (m) Consult with the Company’s officers and the Board relating to the corporate
governance structure and appropriate policies and procedures related thereto; 

  
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 (n) Perform all reporting, record keeping, internal controls and similar matters in a manner to
allow the Company and its Subsidiaries to comply with applicable law, including federal and state securities laws and the Sarbanes-Oxley Act of 2002, and provide the Company’s officers and the Board with timely updates regarding the
Company’s compliance with applicable law; 
 (o) Recommend liquidity event strategies to the Board when appropriate and implement any
such strategies approved by the Board; 
 (p) Notify the Board of all proposed material transactions before they are completed and get
approval where necessary; and 
 (q) Do all things necessary to assure its ability to render the services described in this Agreement. 

3.04 Stockholder Services. 

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

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

(iv) Consistent with Section 3.01, the Advisor shall perform the various subscription processing services reasonably necessary for the
admission of new Stockholders. 
 3.05 Other Services. Except as provided in Article 7, the Advisor shall perform any other services
reasonably requested by the Company (acting through the Independent Directors). 
 ARTICLE 4. 

AUTHORITY OF ADVISOR 
 4.01
General. All rights and powers to manage the day-to-day business and affairs of the Company and its Subsidiaries shall be vested in the Advisor. The Advisor shall have the power to delegate all or any part of its rights and powers to manage
the day-to-day business and affairs of the Company and its Subsidiaries to such officers, employees, Affiliates, agents and representatives of the Advisor or the Company as it may deem appropriate. Any authority delegated by the Advisor to any other
Person shall be subject to the limitations on the rights and powers of the Advisor specifically set forth in this Agreement or the Charter. 

4.02 Powers of the Advisor. Subject to the express limitations set forth in this Agreement and the continuing and exclusive authority
of the Board over the management of the Company, including as set forth in any investment guidelines approved by the Board, the power to direct the management, operation and policies of the Company, including making, financing and disposing of
investments, shall be vested in the Advisor, which shall have the power by itself and shall be authorized and empowered on behalf and in the name of the Company to carry out any and all of the objectives and purposes of the Company and to perform
all acts and enter into and perform all contracts and other undertakings that it may in its sole discretion deem necessary, advisable or incidental thereto to perform its obligations under this Agreement. 

4.03 Approval by the Board. Notwithstanding the foregoing, the Advisor may not take any action on behalf of the Company (or its
Subsidiaries) without the prior approval of the Board or duly 

  
 10 

 
authorized committees thereof if the Charter or Maryland General Corporation Law require the prior approval of the Board (or if the governing documents or governing law applicable to any
Subsidiary require the prior approval of the governing body of such Subsidiary). If the Board or a committee of the Board must approve a proposed investment, financing or disposition or chooses to do so, the Advisor will deliver to the Board or
committee, as applicable, all documents required by it to evaluate such investment, financing or disposition. 
 4.04 Modification or
Revocation of Authority of Advisor. The Board may, at any time upon the giving of notice to the Advisor, modify or revoke the authority set forth in Article 3 and this Article 4 hereof; provided, however, that such modification or revocation
shall be effective upon receipt by the Advisor and shall not be applicable to investment transactions to which the Advisor has committed the Company or its Subsidiaries prior to the date of receipt by the Advisor of such notification. 

ARTICLE 5. 
 BANK
ACCOUNTS 
 The Advisor may establish and maintain one or more bank accounts in the name of the Company (and its Subsidiaries) and may
collect and deposit into any such account or accounts, and disburse from any such account or accounts, any money on behalf of the Company and its Subsidiaries, under such terms and conditions as the Board (or the governing body of such Subsidiary)
may approve, provided that no funds shall be commingled with the funds of the Advisor. The Advisor shall from time to time render appropriate accountings of such collections and payments to the Board and the independent auditors of the Company. 

ARTICLE 6. 
 RECORDS AND
FINANCIAL STATEMENTS 
 The Advisor, in the conduct of its responsibilities to the Company, shall maintain adequate and separate books
and records for the Company’s and its Subsidiaries’ operations in accordance with GAAP, which shall be supported by sufficient documentation to ascertain that such books and records are properly and accurately recorded. Such books and
records shall be the property of the Company and its Subsidiaries and shall be available for inspection by the Board and by counsel, independent auditors and other authorized agents of the Company, at any time or from time to time during normal
business hours. Such books and records shall include all information necessary to calculate and audit the fees or reimbursements paid under this Agreement. The Advisor shall utilize procedures to attempt to ensure such control over accounting and
financial transactions as is reasonably required to protect the Company’s and its Subsidiaries’ assets from theft, error or fraudulent activity. All financial statements that the Advisor delivers to the Company shall be prepared on an
accrual basis in accordance with GAAP, except for special financial reports that by their nature require a deviation from GAAP. The Advisor shall liaise with the Company’s officers and independent auditors and shall provide such officers and
independent auditors with the reports and other information that the Company so requests. 
 ARTICLE 7. 

LIMITATION ON ACTIVITIES 

Notwithstanding any provision in this Agreement to the contrary, the Advisor shall not take any action that, in its sole judgment made in good
faith, would (i) adversely affect the ability of the Company to qualify or continue to qualify as a REIT under the Code, (ii) subject the Company to regulation under the Investment Company Act of 1940, as amended, (iii) violate any
law, rule, regulation or statement of policy of any governmental body or agency having jurisdiction over the Company, its Shares or its other securities, (iv) require the Advisor to register as a broker-dealer with the SEC or any state,
(v) violate the 

  
 11 

 
Charter or Bylaws, or (vi) violate the governing documents of any Subsidiary of the Company. In the event an action that would violate (i) through (vi) of the preceding sentence
but such action has been ordered by the Board, the Advisor shall notify the Board of the Advisor’s judgment of the potential impact of such action and shall refrain from taking such action until it receives further clarification or instructions
from the Board. In such event, the Advisor shall have no liability for acting in accordance with the specific instructions of the Board so given. 

ARTICLE 8. 
 FEES

 8.01 Acquisition Fees. As compensation for the investigation, selection, sourcing and acquisition or origination (by purchase,
investment or exchange) of Properties, Loans and other Permitted Investments, the Company shall pay an Acquisition Fee to the Advisor for each such investment (whether an acquisition or origination). With respect to the acquisition or origination of
a Property, Loan or other Permitted Investment to be owned by the Company or a Subsidiary, the Acquisition Fee payable to the Advisor shall equal 2.0% of the sum of the amount actually paid or allocated to fund the acquisition, origination,
development, construction or improvement of the Property, Loan or other Permitted Investment, inclusive of the Acquisition Expenses associated with such Property, Loan or other Permitted Investment and the amount of any debt associated with, or used
to fund the investment in, such Property, Loan or other Permitted Investment. With respect to the acquisition or origination of a Property, Loan or other Permitted Investment through any Joint Venture or any partnership in which the Company or the
Partnership is, directly or indirectly, a partner and which is not deemed a Subsidiary, the Acquisition Fee payable to the Advisor shall equal 2.0% of the portion that is attributable to the Company’s direct or indirect investment in such Joint
Venture or partnership of the amount actually paid or allocated to fund the acquisition, origination, development, construction or improvement of the Property, Loan or other Permitted Investment, inclusive of the Acquisition Expenses associated with
such Property, Loan or other Permitted Investment, and the amount of any debt associated with, or used to fund the investment in, such Property, Loan or other Permitted Investment. Notwithstanding anything herein to the contrary, the payment of
Acquisition Fees by the Company shall be subject to the limitations on Acquisition Fees contained in (and defined in) the Charter. The Advisor shall submit an invoice to the Company following the closing or closings of each acquisition or
origination, accompanied by a computation of the Acquisition Fee. Generally, the Acquisition Fee payable to the Advisor shall be paid at the closing of the transaction upon receipt of the invoice by the Company. However, the Acquisition Fee may or
may not be taken, in whole or in part, as to any year in the sole discretion of the Advisor. All or any portion of the Acquisition Fees not taken as to any fiscal year shall be deferred without interest and may be paid in such other fiscal year as
the Advisor shall determine. 
 8.02 Asset Management Fees. The Company shall pay the Advisor as compensation for the
services described in Section 3.03 hereof a monthly fee (the “Asset Management Fee”) in an amount equal to one-twelfth of 0.75% of the Cost of Investments, as of the end of the current month subject to the following adjustments:

 (a) For any month in which a Property, Loan or other Permitted Investment is disposed of, the Company shall prorate the portion of the
Asset Management Fee related to that specific Property, Loan or other Permitted Investment by using a numerator equal to the number of days owned during the month of disposal, divided by a denominator equal to the total number of days in such month
and add the resulting amount to the fee due for such month; and 
 (b) For any month in which a Property, Loan or other Permitted Investment
is acquired, the Company shall prorate the portion of the Asset Management Fee related to that specific Property, Loan or other Permitted Investment by using a numerator equal to the number of days in the month less the number of days owned during
the month (including the full day of closing), divided by a denominator equal to the total number of days in such month and deduct the resulting amount from the fee due for such month. 

The Advisor shall submit a monthly invoice to the Company, accompanied by a computation of the Asset Management Fee for the applicable period.
Generally, the Asset Management Fee payable to the Advisor for any month shall be paid on the last day of such month, or within the first three business days following the last day of such month. As an example, the Asset Management Fee calculated
with respect to the Property, Loans, or other Permitted Investments owned at the end of the month of January shall be due and payable between January 31 and the third business day of February in any year. 

The Asset Management Fee may or may not be taken, in whole or in part, as to any year in the sole discretion of the Advisor. All or any
portion of the Asset Management Fees not taken as to any fiscal year shall be deferred without interest and may be paid in such other fiscal year as the Advisor shall determine. 

  
 12 

 8.03 Disposition Fees. If the Advisor or any of its Affiliates provide a substantial
amount of services (as determined by the Independent Directors) in connection with a Sale, the Advisor or such Affiliate shall receive a fee at the closing (the “Disposition Fee”) equal to the lesser of (i) (A) one-half of
the aggregate brokerage commission paid, including brokerage commissions payable to third parties or (B) if no brokerage commission is paid to any third party, the Competitive Brokerage Commission or (ii) 2.0% of the Contract Sales Price.
The Company will not pay a Disposition Fee upon the maturity, prepayment or workout of a loan or other real estate-related debt investment; however, if the Company takes ownership of a property as a result of a workout or foreclosure of a loan or
the Company provides substantial assistance during the course of a workout, the Company will pay a Disposition Fee upon the sale of such property or disposition of such loan or other real estate-related debt investment. The payment of any
Disposition Fees by the Company shall be subject to the limitations contained in the Charter. Any Disposition Fee payable under this Section 8.03 may be paid in addition to commissions paid to non-Affiliates, provided that the total commissions
(including such Disposition Fee) paid to all Persons by the Company for each Sale shall not exceed an amount equal to the lesser of (i) 6% of the aggregate Contract Sales Price of each Property, Loan or other Permitted Investment or
(ii) the Competitive Brokerage Commission for each Property, Loan or other Permitted Investment. The Advisor shall submit an invoice to the Company following the closing or closings of each disposition, accompanied by a computation of the
Disposition Fee. Generally, the Disposition Fee payable to the Advisor shall be paid at the closing of the transaction upon receipt of the invoice by the Company. However, the Disposition Fee may or may not be taken, in whole or in part, as to any
year in the sole discretion of the Advisor. All or any portion of the Disposition Fees not taken as to any fiscal year shall be deferred without interest and may be paid in such other fiscal year as the Advisor shall determine. 

8.04 Debt Financing Fees. In the event of any debt financing obtained or assumed by or for the Company or its Subsidiaries (and any
Joint Ventures that are not Subsidiaries but for which the Advisor provides substantial services in connection with obtaining such debt financing), the Company will pay to the Advisor a debt financing fee equal to 0.5% of the amount available under
the financing (the “Debt Financing Fee”). The payment of any Debt Financing Fees by the Company shall be subject to the limitations contained in the Charter. The Debt Financing Fee includes the reimbursement of the specified cost
incurred by the Advisor of engaging third parties to source debt financing, and nothing herein shall prevent the Advisor from entering fee-splitting arrangements with third parties with respect to the Debt Financing Fee. All or any portion of the
Debt Financing Fees not taken as to any fiscal year shall be deferred without interest and may be paid in such other fiscal year as the Advisor shall determine. In no event will the Debt Financing Fee be paid more than once in respect of the same
debt. Upon refinancing, the Advisor would only receive 0.5% of the incremental amount of additional debt financing obtained in the refinancing. 

8.05 Changes to Fee Structure. In the event of Listing, the Company and the Advisor shall negotiate in good faith to establish a fee
structure appropriate for a perpetual-life entity. 
 8.06 Limitations on an Internalization Transaction. The Company may not acquire
the Advisor or an Affiliate thereof in order to become self-managed, whether by means of a merger, stock acquisition, or asset purchase (an “Internalization Transaction”) unless the Advisor agrees to proceed with an Internalization
Transaction without the payment of any internalization fee by the Company, whether in the form of a cash payment or in the form of stock, warrants or options. Notwithstanding the foregoing, subject to the approval of the Board, to the extent the
Advisor or its Affiliates perform substantial services or incur costs in connection with any Internalization Transaction, the Company shall pay for such services and reimburse any and all costs and expenses reasonably associated with the
Internalization Transaction. 

  
 13 

 ARTICLE 9. 

EXPENSES 
 9.01
General. In addition to the compensation paid to the Advisor pursuant to Article 8 hereof and subject to the limitations set forth in the Charter, the Company shall pay directly or reimburse the Advisor, as applicable, for all of the expenses
paid or incurred by the Advisor in connection with the services provided to the Company pursuant to this Agreement, including: 
 (i) All
Organization and Offering Expenses; provided, however, that 
  

	 	(a)	the Company shall not reimburse the Advisor to the extent such reimbursement would cause the total amount paid by the Company for Selling Commissions, Dealer Manager Fees and Organization and Offering Expenses to exceed
15.0% of the Gross Proceeds raised as of the termination of the Offering; and 

  

	 	(b)	the Company shall not reimburse the Advisor for any Organization and Offering Expenses that the Independent Directors determine are not fair and commercially reasonable to the Company. 

(ii) Acquisition Fees and Acquisition Expenses incurred in connection with the selection and acquisition of Properties, Loans and other
Permitted Investments and Joint Venture opportunities, including such expenses incurred related to assets pursued or considered but not ultimately acquired by the Company or any of its Subsidiaries; 

(iii) The actual out-of-pocket cost of goods and services used by the Company and its Subsidiaries and obtained from entities not Affiliated
with the Advisor, including travel, meals and lodging expenses incurred by the Advisor in performing duties associated with the acquisition or origination of Properties, Loans or other Permitted Investments; 

(iv) Interest and other costs for borrowed money, including discounts, points and other similar fees; 

(v) Taxes and assessments on income or Properties, taxes as an expense of doing business and any other taxes otherwise imposed on the Company
and its Subsidiaries and their business, assets or income; 
 (vi) Out-of-pocket costs associated with insurance required in connection with
the business of the Company or by its officers and Directors or by its Subsidiaries; 
 (vii) Expenses of managing, improving, developing,
operating and selling Properties, Loans and other Permitted Investments owned, directly or indirectly, by the Company, as well as expenses of other transactions relating to such Properties, Loans and other Permitted Investments, including
prepayments, maturities, workouts and other settlements of Loans and other Permitted Investments; 
 (viii) All out-of-pocket expenses in
connection with payments to the Board and meetings of the Board and Stockholders; 
 (ix) Personnel and related employment costs incurred by
the Advisor or its Affiliates in performing the services described in Article 3 hereof, including reasonable salaries and wages, benefits and overhead of all employees directly involved in the performance of such services, provided that no
reimbursement shall be made for costs of such employees of the Advisor or its Affiliates to the extent that such employees perform services for which the Advisor receives Acquisition Fees, Debt Financing Fees or Disposition Fees; 

  
 14 

 (x) Out-of-pocket expenses of providing services for and maintaining communications with
Stockholders, including the cost of preparation, printing, and mailing annual reports and other Stockholder reports, proxy statements and other reports required by governmental entities; 

(xi) Audit, accounting and legal fees, and other fees for professional services relating to the operations of the Company and its Subsidiaries
and all such fees incurred at the request, or on behalf of, the Board, the Independent Directors or any committee of the Board; 
 (xii)
Out-of-pocket costs for the Company and its Subsidiaries to comply with all applicable laws, regulations and ordinances; 
 (xiii) Expenses
connected with payments of Distributions made or caused to be made by the Company to the Stockholders; 
 (xiv) Expenses of organizing,
redomesticating, merging, liquidating or dissolving the Company or of amending the Charter or the Bylaws; and 
 (xv) All other
out-of-pocket costs incurred by the Advisor in performing its duties hereunder. 
 9.02 Timing of and Additional Limitations on
Reimbursements. 
 (i) Expenses incurred by the Advisor on behalf of the Company and reimbursable pursuant to this Article 9 shall be
reimbursed no less than monthly to the Advisor. The Advisor shall prepare a statement documenting the expenses of the Company during each quarter and shall deliver such statement to the Company within 45 days after the end of each quarter. 

(ii) Notwithstanding anything else in this Article 9 to the contrary, the expenses enumerated in this Article 9 shall not become reimbursable
to the Advisor unless and until the Company has raised $2 million in the Initial Public Offering and funds held in escrow pursuant to the Escrow Agreement with UMB Bank, N.A. have been released to the Company. 

(iii) Commencing four fiscal quarters after the Company’s acquisition of a Property, Joint Venture or Loan, the following limitation on
Total Operating Expenses shall apply: the Company shall not reimburse the Advisor at the end of any fiscal quarter for Total Operating Expenses that in the four consecutive fiscal quarters then ended (the “Expense Year”) exceed (the
“Excess Amount”) the greater of 2% of Average Invested Assets or 25% of Net Income (the “2%/25% Guidelines”) for such year unless the Independent Directors determine that such excess was justified, based on unusual
and nonrecurring factors which they deem sufficient. If the Independent Directors do not approve such excess as being so justified, any Excess Amount paid to the Advisor during a fiscal quarter shall be repaid to the Company. If the Independent
Directors determine such excess was justified, then, within 60 days after the end of any fiscal quarter of the Company for which total reimbursed Total Operating Expenses for the Expense Year exceed the 2%/25% Guidelines, the Advisor, at the
direction of the Independent Directors, shall cause such fact to be disclosed to the Stockholders in writing (or the Company shall disclose such fact to the Stockholders in the next quarterly report of the Company or by filing a Current Report on
Form 8-K with the SEC within 60 days of such quarter end), together with an explanation of the factors the Independent Directors considered in determining that such excess expenses were justified. The Company will ensure that such determination will
be reflected in the minutes of the meetings of the Board. All figures used in the foregoing computation shall be determined in accordance with GAAP applied on a consistent basis. 

  
 15 

 ARTICLE 10. 

VOTING AGREEMENT 
 The
Advisor agrees that, with respect to any Shares now or hereinafter owned by it or its Affiliates, the Advisor or its Affiliate, as the case may be, will not vote or consent on matters submitted to the Stockholders regarding (i) the removal of
the Advisor or any Affiliate of the Advisor or (ii) any transaction between the Company or its Subsidiaries and the Advisor or any of its Affiliates. This voting restriction shall survive until such time as neither the Advisor nor any Affiliate
of the Advisor is serving as the Company’s external advisor. For the avoidance of doubt, the Independent Directors are not deemed to be an Affiliate of the Advisor for the purposes of this Article. 

ARTICLE 11. 

RELATIONSHIP OF ADVISOR AND COMPANY; OTHER ACTIVITIES OF THE ADVISOR 

11.01 Relationship. The Company and the Advisor are not partners or joint venturers with each other, and nothing in this Agreement
shall be construed to make them such partners or joint venturers. Nothing herein contained shall prevent the Advisor from engaging in other activities, including the rendering of advice to other Persons (including other REITs) and the management of
other programs advised, sponsored or organized by the Advisor or its Affiliates. Nor shall this Agreement limit or restrict the right of any manager, director, officer, employee or equityholder of the Advisor or its Affiliates to engage in any other
business or to render services of any kind to any other Person. The Advisor may, with respect to any investment in which the Company is a participant, also render advice and service to each and every other participant therein. The Advisor shall
promptly disclose to the Board the existence of any condition or circumstance, existing or anticipated, of which it has knowledge, that creates or could create a conflict of interest between the Advisor’s obligations to the Company and its
obligations to or its interest in any other Person. 
 11.02 Commitment of Time and Resources. The Advisor shall, and shall cause its
Affiliates and their respective employees, officers and agents to, devote to the Company such time and resources as shall be reasonably necessary to discharge the Advisor’s obligations to the Company in an appropriate manner consistent with the
terms of this Agreement. The Company acknowledges that the Advisor and its Affiliates and their respective employees, officers and agents may also engage in activities unrelated to the Company and may provide services to Persons other than the
Company or any of its Affiliates. 
 11.03 Investment Opportunities and Allocation. The Advisor shall be required to use commercially
reasonable efforts to present a continuing and suitable investment program to the Company that is consistent with the investment policies and objectives of the Company, but neither the Advisor nor any Affiliate of the Advisor shall be obligated
generally to present any particular investment opportunity to the Company even if the opportunity is of character that, if presented to the Company, could be taken by the Company. In the event an investment opportunity is located, the allocation
procedure set forth under the caption “Conflicts of Interest – Certain Conflict Resolution Measures – Resolution of Potential Conflicts of Interest in Allocation of Investment Opportunities” in the Registration Statement shall
govern the allocation of the opportunity among the Company and Affiliates of the Advisor. 
 11.04 Non-Solicitation. During the
period commencing on the date hereof through and ending one year following the termination of this Agreement, the Company shall not, without the Advisor’s prior written consent, directly or indirectly, (i) solicit or encourage any person
to leave the employment or other service of the Advisor or its Affiliates or (ii) hire, on behalf of the Company or any other person or entity, any person who has left the employment within the one year period following the termination of that
person’s employment with the Advisor or its Affiliates. During the period commencing on the date hereof through and ending one year following the termination of this Agreement, the Company shall not, 

  
 16 

 
whether for its own account or for the account of any other person or entity, intentionally interfere with the relationship of the Advisor or its Affiliates with, or endeavor to entice away from
the Advisor or its Affiliates, any person who during the term of the Agreement is, or during the preceding one-year period was, a customer of the Advisor or its Affiliates. 

ARTICLE 12. 
 THE
RESOURCE REAL ESTATE NAME 
 The Advisor and its Affiliates have a proprietary interest in the tradename and servicemark “RESOURCE
REAL ESTATE.” The Advisor, on its behalf and on behalf of its Affiliates, hereby grants to the Company a non-transferable, non-assignable, non-exclusive royalty-free right and license to use the tradename and servicemark “RESOURCE REAL
ESTATE” solely in connection with the use of “RESOURCE REAL ESTATE INNOVATION OFFICE” during the term of this Agreement. Accordingly, and in recognition of this right, if at any time the Company ceases to retain the Advisor or one of
its Affiliates to perform advisory services for the Company, the Company will, promptly after receipt of written request from the Advisor, cease to conduct business under or use the name “RESOURCE REAL ESTATE INNOVATION OFFICE” or any
derivative thereof and the Company shall change its name and the names of any of its subsidiaries to a name that does not contain the name “RESOURCE REAL ESTATE INNOVATION OFFICE” or any other word or words that might, in the reasonable
discretion of the Advisor, be susceptible of indication of some form of relationship between the Company and the Advisor or any of its Affiliates. At such time, the Company will also make any changes to any trademarks, servicemarks or other marks
necessary to remove any references to the word “RESOURCE REAL ESTATE INNOVATION OFFICE.” Consistent with the foregoing, it is specifically recognized that the Advisor or one or more of its Affiliates has in the past and may in the future
organize, sponsor or otherwise permit to exist other investment vehicles (including vehicles for investment in real estate) and financial and service organizations having “RESOURCE REAL ESTATE” as a part of their name, all without the need
for any consent (and without the right to object thereto) by the Company. 
 ARTICLE 13. 

TERM AND TERMINATION OF THE AGREEMENT 

13.01 Term; Renewal. This Agreement has a one-year term from the Effective Date and shall continue in full force until the first
anniversary of the Effective Date. Thereafter, this Agreement may be renewed for an unlimited number of successive one-year terms upon mutual consent of the parties. It is the Board’s duty to evaluate the performance of the Advisor annually
before reentering into or renewing this Agreement, and each such renewal shall be for a term of no more than one year. Any such renewal must be approved by the Independent Directors. If this Agreement is not renewed by either party, the notice
provisions of Section 13.02 shall apply to such determination to not renew. 
 13.02 Termination. This Agreement will
automatically terminate upon Listing. This Agreement also may be terminated upon 60 days’ written notice with or without Cause, with or without Good Reason, and without penalty by either the Company (acting through the Independent Directors) or
the Advisor. If the Agreement is terminated by the Company for Cause or by the Advisor for Good Reason, the written notice shall so state. The provisions of Articles 1, 10, 12, 13, 15 and 17 (excluding Sections 17.10 and 17.11) shall survive
termination of this Agreement. 
 13.03 Payments on Termination. After the Termination Date, the Advisor shall not be entitled to
compensation for further services hereunder except it shall be entitled to receive from the Company within 30 days after the effective date of such termination all unpaid reimbursements of expenses and all earned but unpaid fees payable to the
Advisor prior to termination of this Agreement. Payments to the Advisor pursuant to this Section 13.03 shall be subject to the 2%/25% Guidelines to the extent applicable. 

  
 17 

 13.04 Duties of Advisor Upon Termination. The Advisor shall promptly upon termination:

 (i) pay over to the Company all money collected pursuant to this Agreement, if any, after deducting any accrued compensation and
reimbursement for its expenses to which it is then entitled; 
 (ii) deliver to the Board a full accounting, including a statement showing
all payments collected by it and a statement of all money held by it, covering the period following the date of the last accounting furnished to the Board; 

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

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

ARTICLE 14. 
 ASSIGNMENT

 This Agreement may be assigned by the Advisor to an Affiliate with the consent of the Independent Directors. The Advisor may assign
any rights to receive fees or other payments under this Agreement without obtaining the approval of the Independent Directors. This Agreement shall not be assigned by the Company without the consent of the Advisor, except in the case of an
assignment by the Company to a corporation or other organization that is a successor to all of the assets, rights and obligations of the Company, in which case such successor organization shall be bound hereunder and by the terms of said assignment
in the same manner as the Company is bound by this Agreement. 
 ARTICLE 15. 

INDEMNIFICATION AND LIMITATION OF LIABILITY 

15.01 Indemnification. 

(i) Except as prohibited by the restrictions provided in this Article 15, the Company shall indemnify, defend and hold harmless the Advisor and
its Affiliates, including their respective officers, directors, partners and employees, from all liability, claims, damages or losses arising in the performance of their duties hereunder, and related expenses, including reasonable attorneys’
fees, to the extent such liability, claims, damages or losses and related expenses are not fully reimbursed by insurance, subject to any limitations imposed by the laws of the State of Maryland, the Charter and the NASAA Guidelines under the
Charter. Any indemnification of the Advisor may be made only out of the net assets of the Company and not from Stockholders. 
 (ii) The
Advisor shall indemnify, defend and hold harmless the Company from contract or other liability, claims, damages, taxes or losses and related expenses including reasonable attorneys’ fees, to the extent that such liability, claims, damages,
taxes or losses and related expenses are not fully reimbursed by insurance and are incurred by reason of the Advisor’s bad faith, fraud, willful misfeasance, intentional misconduct, gross negligence or reckless disregard of its duties;
provided, however, that the Advisor shall not be held responsible for any action of the Board in following or declining to follow any advice or recommendation given by the Advisor. 

15.02 Limitation on Indemnification. 

(iii) Notwithstanding Section 15.01, the Company shall not indemnify or hold harmless the Advisor or its Affiliates, including their
respective officers, directors, partners and employees, for any liability or loss suffered by the Advisor or its Affiliates, including their respective officers, directors, partners and employees, nor shall it provide that the Advisor or its
Affiliates, including their respective officers, directors, partners and employees, be held harmless for any loss or liability suffered by the Company, unless all of the following conditions are met: (a) the Advisor or its Affiliates, including
their respective officers, directors, 

  
 18 

 
partners and employees, have determined, in good faith, that the course of conduct which caused the loss or liability was in the best interests of the Company; (b) the Advisor or its
Affiliates, including their respective officers, directors, partners and employees, were acting on behalf of or performing services of the Company; (c) such liability or loss was not the result of negligence or misconduct by the Advisor or its
Affiliates, including their respective officers, directors, partners and employees; and (d) such indemnification or agreement to hold harmless is recoverable only out of the Company’s net assets and not from Stockholders. 

(iv) Notwithstanding Section 15.01, the Advisor and its Affiliates, including their respective officers, directors, partners and
employees, shall not be indemnified by the Company for any losses, liability or expenses arising from or out of an alleged violation of federal or state securities laws by such party unless one or more of the following conditions are met:
(a) there has been a successful adjudication on the merits of each count involving alleged securities law violations as to the particular indemnitee; (b) such claims have been dismissed with prejudice on the merits by a court of competent
jurisdiction as to the particular indemnitee; or (c) a court of competent jurisdiction approves a settlement of the claims against a particular indemnitee and finds that indemnification of the settlement and the related costs should be made,
and the court considering the request for indemnification has been advised of the position of the SEC and of the published position of any state securities regulatory authority in which securities of the Company were offered or sold as to
indemnification for violations of securities laws. 
 (v) The Charter provides that the advancement of Company funds to the Advisor or its
Affiliates, including their respective officers, directors, partners and employees, for reasonable legal expenses and other costs incurred as a result of any legal proceeding for which indemnification is being sought is permissible only if all of
the following conditions are satisfied: (a) the legal proceeding relates to acts or omissions with respect to the performance of duties or services on behalf of the Company; (b) the legal proceeding is initiated by a third party who is not
a Stockholder or the legal proceeding is initiated by a Stockholder acting in his or her capacity as such and a court of competent jurisdiction specifically approves such advancement; and (c) the Advisor or its Affiliates, including their
respective officers, directors, partners and employees, undertake to repay the advanced funds to the Company together with the applicable legal rate of interest thereon, if such Advisor or its Affiliates, including their respective officers,
directors, partners and employees, is found not to be entitled to indemnification. 
 ARTICLE 16. 

GUARANTEE 
 Resource Real
Estate, Inc., the ultimate parent company of the Advisor (the “Guarantor”), will in all respects guarantee the due and proper performance of the services to be provided under this Agreement by the Advisor, which guarantee shall
extend to include any renewal of or amendment to this Agreement, provided Guarantor’s obligations are not materially increased by such renewal or amendment without the Guarantor’s consent, such consent not to be unreasonably withheld or
delayed. If the Advisor fails to perform all or any of its obligations, duties, undertakings, and covenants to provide services (collectively, the “Guaranteed Obligations”) under this Agreement (unless relieved from the performance
of any part of this Agreement by statute, by the decision of a court or tribunal of competent jurisdiction or by waiver of the Company), upon written notice from the Company, the Guarantor shall perform or cause to be performed such Guaranteed
Obligations. This guarantee is a guarantee of performance of the Guaranteed Obligations and not of payment of any liabilities of the Advisor. The termination of this Agreement shall constitute a termination of this guarantee. This guarantee will be
applicable to and binding upon the successors and assigns of Guarantor. 

  
 19 

 ARTICLE 17. 

MISCELLANEOUS 
 17.01
Notices. Any notice, report or other communication required or permitted to be given hereunder shall be in writing unless some other method of giving such notice, report or other communication is required by the Charter, the Bylaws or is
accepted by the party to whom it is given, and shall be given by being delivered by hand or by overnight mail or other overnight delivery service to the addresses set forth herein: 

To the Company or the Board: 
 Resource Real
Estate Innovation Office REIT, Inc. 
 1845 Walnut Street, 18th Floor 

Philadelphia, Pennsylvania 19103 

Attn: Chief Executive Officer 
 To the Advisor:

 RRE Innovation Office Advisor, LLC 

1845 Walnut Street, 18th Floor 

Philadelphia, Pennsylvania 19103 

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

17.03 Severability. The provisions of this Agreement are independent of and severable from each other, and no provision shall be
affected or rendered invalid or unenforceable by virtue of the fact that for any reason any other or others of them may be invalid or unenforceable in whole or in part. 

17.04 Construction; Venue. The provisions of this Agreement shall be construed and interpreted in accordance with the laws of the
Commonwealth of Pennsylvania, and venue for any action brought with respect to any claims arising out of this Agreement shall be brought exclusively in Philadelphia, Pennsylvania. 

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

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

  
 20 

 17.07 Gender; Number. Words used herein regardless of the number and gender specifically
used, shall be deemed and construed to include any other number, singular or plural, and any other gender, masculine, feminine or neuter, as the context requires. The word “including” and words of similar import when used in this Agreement
shall mean “including, without limitation,” unless the context otherwise requires or unless otherwise specified. 
 17.08
Titles Not to Affect Interpretation. The titles of Articles and Sections contained in this Agreement are for convenience only, and they neither form a part of this Agreement nor are they to be used in the construction or interpretation
hereof. 
 17.09 Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an
original as against any party whose signature appears thereon, and all of which shall together constitute one and the same instrument. This Agreement shall become binding when one or more counterparts hereof, individually or taken together, shall
bear the signatures of all of the parties reflected hereon as the signatories. 
 17.10 Initial Investment. The Advisor has invested
$200,000 (the “Initial Investment”) in the Company through the purchase of Shares. For so long as the Advisor acts in an advisory capacity to the Company, the Advisor or its Affiliates may not sell any of the Shares purchased with
the Initial Investment or received prior to the Effective Date pursuant to a stock distribution. The restrictions included above shall not apply to any Shares acquired by the Advisor or its Affiliates other than the Shares acquired through the
Initial Investment or received pursuant to a stock distribution prior to the Effective Date. 
 17.11 Additional Investment. Prior to
the termination of the Initial Public Offering, the Advisor agrees to purchase an additional amount of Shares at the then-current public offering price per Share, net of any Selling Commissions or Dealer Manager Fees, equal to the lesser of
(a) 1% of the amount of Gross Proceeds raised from sales to persons who are not Affiliates of the Advisor in the Initial Public Offering or (b) $1,000,000. 

[THE REMAINDER OF THIS PAGE HAS BEEN INTENTIONALLY LEFT BLANK] 

  
 21 

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

			
	RESOURCE REAL ESTATE INNOVATION OFFICE REIT, INC.
		
	By:		/s/ Alan F. Feldman
			Alan F. Feldman, Chief Executive Officer
	
	RRE INNOVATION OFFICE ADVISOR, LLC
		
	By:		/s/ Kevin M. Finkel
			Kevin M. Finkel, President
	
	RESOURCE REAL ESTATE, INC., with respect to Article 16
		
	By:		/s/ Alan F. Feldman
			Alan F. Feldman, Chief Executive Officer

 [Signature Page to Advisory Agreement]EX-10.3

 Exhibit 10.3 
  

 
 RESOURCE REAL ESTATE INNOVATION
OFFICE REIT, INC. 
 2015 INCENTIVE PLAN 
  

 

 RESOURCE REAL ESTATE INNOVATION OFFICE REIT, INC. 

2015 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
		 	7	  
	 4.1
		Committee		 	7	  
	 4.2
		Actions and Interpretations by the Committee		 	7	  
	 4.3
		Authority of Committee		 	7	  
	 4.4
		Delegation of Administrative Duties		 	8	  
	 4.5
		Indemnification		 	8	  
	 ARTICLE 5 SHARES SUBJECT TO THE PLAN
		 	8	  
	 5.1
		Number of Shares		 	8	  
	 5.2
		Share Counting		 	9	  
	 5.3
		Stock Distributed		 	9	  
	 ARTICLE 6 ELIGIBILITY
		 	10	  
	 6.1
		General		 	10	  
	 ARTICLE 7 STOCK OPTIONS
		 	10	  
	 7.1
		General		 	10	  
	 7.2
		Incentive Stock Options		 	11	  
	 ARTICLE 8 RESTRICTED STOCK AND STOCK UNITS
		 	11	  
	 8.1
		Grant of Restricted Stock and Stock Units		 	11	  
	 8.2
		Issuance and Restrictions		 	11	  
	 8.3
		Dividends on Restricted Stock		 	11	  
	 8.4
		Forfeiture		 	11	  
	 8.5
		Delivery of Restricted Stock		 	12	  
	 ARTICLE 9 PERFORMANCE AWARDS
		 	12	  
	 9.1
		Grant of Performance Awards		 	12	  
	 9.2
		Performance Goals		 	12	  
	 ARTICLE 10 STOCK OR OTHER STOCK-BASED AWARDS
		 	12	  
	 10.1
		 Grant of Stock or Other Stock-Based Awards
		 	12	  
	 ARTICLE 11 PROVISIONS APPLICABLE TO AWARDS
		 	13	  
	 11.1
		 Award Certificates
		 	13	  
	 11.2
		 Form of Payment of Awards
		 	13	  
	 11.3
		 Limits on Transfer
		 	13	  
	 11.4
		 Beneficiaries
		 	13	  
	 11.5
		 Stock Trading Restrictions
		 	13	  
	 11.6
		 Acceleration for Any Reason
		 	13	  
	 11.7
		 Forfeiture Events
		 	14	  
	 11.8
		 Substitute Awards
		 	14	  
	 ARTICLE 12 CHANGES IN CAPITAL STRUCTURE
		 	14	  
	 12.1
		 Mandatory Adjustments
		 	14	  

							
	 12.2
		 Discretionary Adjustments
		 	14	  
	 12.3
		 General
		 	15	  
	 ARTICLE 13 AMENDMENT, MODIFICATION AND TERMINATION
		 	15	  
	 13.1
		 Amendment, Modification and Termination
		 	15	  
	 13.2
		 Awards Previously Granted
		 	15	  
	 13.3
		 Compliance Amendments
		 	16	  
	 ARTICLE 14 GENERAL PROVISIONS
		 	16	  
	 14.1
		 Rights of Participants
		 	16	  
	 14.2
		 Withholding
		 	16	  
	 14.3
		 Special Provisions Related to Section 409A of the Code
		 	17	  
	 14.4
		 Unfunded Status of Awards
		 	18	  
	 14.5
		 Relationship to Other Benefits
		 	19	  
	 14.6
		 Expenses
		 	19	  
	 14.7
		 Titles and Headings
		 	19	  
	 14.8
		 Gender and Number
		 	19	  
	 14.9
		 Fractional Shares
		 	19	  
	 14.10
		 Government and Other Regulations
		 	19	  
	 14.11
		 Governing Law
		 	20	  
	 14.12
		 Severability
		 	20	  
	 14.13
		 No Limitations on Rights of Company
		 	20	  

 RESOURCE REAL ESTATE INNOVATION OFFICE REIT, INC. 

2015 INCENTIVE PLAN 
 ARTICLE 1

 PURPOSE 
 1.1. GENERAL. The purpose of
the Resource Real Estate Innovation Office REIT, Inc. 2015 Incentive Plan (the “Plan”) is to promote the success, and enhance the value, of Resource Real Estate Innovation Office REIT, Inc. (the “Company”), by linking the
personal interests of 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 Committee. 

  

	 	(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 an Eligible Participant under the Plan. 

  

	 	(c)	“Award Certificate” means a written document, in such form as the Committee 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 Committee 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

  
 - 1 - 

	 	
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 Committee: gross neglect
of duty, intentionally engaging in activity that is in conflict with or adverse to the business or other interests of the Company, 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; intentionally engaging in activity that is in conflict with or adverse to the business or other interests of the Company; or willful misconduct, misfeasance or malfeasance of duty which is reasonably
determined to be detrimental to the Company. The determination of the Committee 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 of
Directors of the Company (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) 40% or more of the then-outstanding
shares of common stock of the Company (“Company Common Stock”) or (B) securities of the Company representing 40% 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 40% 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, 

  
 - 2 - 

 
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 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 40% or more of the total common stock or 40% 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)	“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. 

  

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

  

	 	(j)	“Company” means Resource Real Estate Innovation Office REIT, Inc., a Maryland corporation, or any successor corporation. 

 

	 	(k)	 “Continuous Service” means the absence of any interruption or termination of service as an employee, officer, director or consultant
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, or (ii) in the discretion of the Committee 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, (iii) a Participant
transfers from being an employee of the Company or an Affiliate to being a director of the Company or of an Affiliate, or vice versa, (iv) in the discretion of the Committee as specified at or prior to such occurrence, a Participant transfers
from being an employee of the Company or an Affiliate to being a consultant to the Company or of an Affiliate, or vice versa, or (v) 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 Committee at its discretion, and any determination by the Committee shall be final and conclusive; provided,

  
 - 3 - 

	 	
however, that for purposes of any Award that is subject to Code Section 409A, 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). 

  

	 	(l)	“Deferred Stock Unit” means a right granted to an Eligible Participant under Article 8 to receive Shares (or the equivalent value in cash or other property if the Committee so provides) at a future time
as determined by the Committee, or as determined by the Participant within guidelines established by the Committee in the case of voluntary deferral elections. 

  

	 	(m)	“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 or 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 has incurred a
Disability will be made by the Committee and may be supported by the advice of a physician competent in the area to which such Disability relates. 

  

	 	(n)	“Effective Date” has the meaning assigned such term in Section 3.1. 

  

	 	(o)	“Eligible Participant” means an employee (including a leased employee), officer, director or consultant of the Company or any Affiliate. 

 

	 	(p)	“Exchange” means any national securities exchange on which the Stock may from time to time be listed or traded. 

  

	 	(q)	“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 determined
by such other method as the Committee determines in good faith to be reasonable and in compliance with Code Section 409A. 

  

	 	(r)	“Full-Value Award” means an Award other than in the form of an Option, and which is settled by the issuance of Stock (or at the discretion of the Committee, settled in cash valued by reference to Stock
value). 

  

	 	(t)	“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. 

  
 - 4 - 

	 	(u)	“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.

  

	 	(v)	“Independent Director” means a director of the Company who is not a common law employee of the Company or an Affiliate and who qualifies at any given time as a “non-employee” director under
Rule 16b-3 of the 1934 Act. 

  

	 	(w)	“Non-Employee Director” means a director of the Company who is not a common law employee of the Company or an Affiliate. 

 

	 	(x)	“Nonstatutory Stock Option” means an Option that is not an Incentive Stock Option. 

  

	 	(y)	“Option” means a right granted to an Eligible 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. 

  

	 	(z)	“Other Stock-Based Award” means a right, granted to an Eligible Participant under Article 10, that relates to or is valued by reference to Stock or other Awards relating to Stock. 

 

	 	(aa)	“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. 

  

	 	(bb)	“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. 

 

	 	(cc)	“Performance Award” means any award granted under the Plan pursuant to Article 9. 

  

	 	(dd)	“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. 

 

	 	(ee)	“Plan” means the Resource Real Estate Innovation Office REIT, Inc. 2015 Incentive Plan, as amended from time to time. 

 

	 	(ff)	“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. 

 

	 	(gg)	“Restricted Stock” means Stock granted to an Eligible Participant under Article 8 that is subject to certain restrictions and to risk of forfeiture. 

 

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

  
 - 5 - 

	 	(ii)	“Shares” means shares of the Company’s Stock. If there has been an adjustment or substitution with respect to the Shares (whether or not 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. 

  

	 	(jj)	“Stock” means the $0.01 par value common stock of the Company and such other securities of the Company as may be substituted for Stock pursuant to Article 12. 

 

	 	(kk)	“Subsidiary” means any corporation, limited liability company, partnership or other entity, domestic or foreign, 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. 

 

	 	(ll)	“1933 Act” means the Securities Act of 1933, as amended from time to time. 

  

	 	(mm)	“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 adopted by the Board (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.
Notwithstanding the foregoing, no Incentive Stock Options may be granted more than ten (10) years after the Effective Date. 

  
 - 6 - 

 ARTICLE 4 

ADMINISTRATION 
 4.1.
COMMITTEE. The Plan shall be administered by a Committee appointed by the Board (which Committee shall consist of at least two directors) or, at the discretion of the Board from time to time, the Plan may be administered by the Board. 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. It is intended that at least two of the directors appointed to serve on the Committee shall be Independent
Directors 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 under the foregoing requirement 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 Board may reserve to itself any or all of the authority and responsibility of the Committee under the Plan or may act as administrator of the Plan for any and
all purposes. To the extent the Board has reserved any authority and responsibility or during any time that the Board is acting as administrator of the Plan, it shall have all the powers and protections of the Committee hereunder, and any reference
herein to the Committee (other than in this Section 4.1) shall include the Board. 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 COMMITTEE. For purposes of administering the Plan, the Committee 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 Committee may deem appropriate. The Committee 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 Committee’s interpretation of the Plan, any Awards granted under the
Plan, any Award Certificate and all decisions and determinations by the Committee with respect to the Plan are final, binding, and conclusive on all parties. Each member of the Committee 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 or the Committee to assist in the administration of the Plan. No member of the Committee will be liable for any good faith determination, act or omission in connection with the Plan or any Award. 

4.3. AUTHORITY OF COMMITTEE. Except as provided in Section 4.1 hereof, the Committee 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; 

  
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	 	(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; and 

 

	 	(i)	make all other decisions and determinations that may be required under the Plan or as the Committee 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. 

4.4. DELEGATION OF ADMINISTRATIVE DUTIES. The Committee may delegate to one or more of its members or to one or more officers of the
Company or an Affiliate or to one or more agents or advisors such administrative duties or powers as it may deem advisable, and the Committee or any individuals to whom it has delegated duties or powers as aforesaid may employ one or more
individuals to render advice with respect to any responsibility the Committee or such individuals may have under this Plan. 
 4.5.
INDEMNIFICATION. Each person who is or shall have been a member of the Committee, or of the Board, or an officer of the Company to whom authority was delegated in accordance with this Article 4 shall be indemnified and held harmless by the
Company against and from any loss, cost, liability, or expense that may be imposed upon or reasonably incurred by him or her in connection with or resulting from any claim, action, suit, or proceeding to which he or she may be a party or in which he
or she may be involved by reason of any action taken or failure to act under the Plan and against and from any and all amounts paid by him or her in settlement thereof, with the Company’s approval, or paid by him or her in satisfaction of any
judgment in any such action, suit, or proceeding against him or her, provided he or she shall give the Company an opportunity, at its own expense, to handle and defend the same before he or she undertakes to handle and defend it on his or her own
behalf, unless such loss, cost, liability, or expense is a result of his or her own willful misconduct or except as expressly provided by statute. The foregoing right of indemnification shall not be exclusive of any other rights of indemnification
to which such persons may be entitled under the Company’s charter or bylaws, as a matter of law, or otherwise, or any power that the Company may have to indemnify them or hold them harmless. 

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 500,000. The maximum number of Shares that may be issued upon exercise of Incentive Stock Options granted under the Plan shall be 500,000. The maximum
aggregate number of Shares associated with any Award granted under the Plan in any 12-month period to any one Non-Employee Director shall be 500,000 Shares. The maximum number of Shares that may be issued upon the exercise of Options granted under
the Plan shall not exceed, in the aggregate, an amount equal to ten percent (10%) of the outstanding Shares on the Grant Date. 

  
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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 or otherwise treated in accordance with subsections (a) through (h) of 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 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 a Full-Value Award 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. 

  
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 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). 
 ARTICLE 7 

STOCK OPTIONS 
 7.1.
GENERAL. The Committee is authorized to grant Options to Eligible Participants on the following terms and conditions: 
  

	 	(a)	Exercise Price. The exercise price per Share under an Option shall be determined by the Committee, 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)	Prohibition on Repricing. Except as otherwise provided in Article 12, without the prior approval of stockholders of the Company: (i) the exercise price of an Option may not be reduced, directly or
indirectly, (ii) an Option may not be cancelled in exchange for cash, other Awards, or Options with an exercise price that is less than the exercise price of the original Option, or otherwise and (iii) the Company may not repurchase an
Option for value (in cash or otherwise) from a Participant if the current Fair Market Value of the Shares underlying the Option is lower than the exercise price per share of the Option. 

 

	 	(c)	Time and Conditions of Exercise. The Committee shall determine the time or times at which an Option may be exercised in whole or in part, subject to Section 7.1(e), and may include in the Award Certificate 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 Committee 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. 

  

	 	(d)	Payment. The Committee 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 Committee at or after the Grant Date, payment of the exercise price of an Option may be made, 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. 

  
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	 	(e)	Exercise Term. Except for Nonstatutory Options granted to Eligible Participants outside the United States, no Option granted under the Plan shall be exercisable for more than ten years from the Grant Date.

  

	 	(f)	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 an Eligible 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. 
 ARTICLE 8 

RESTRICTED STOCK AND STOCK UNITS 

8.1. GRANT OF RESTRICTED STOCK AND STOCK UNITS. The Committee is authorized to make Awards of Restricted Stock, Restricted Stock Units
or Deferred Stock Units to Eligible Participants in such amounts and subject to such terms and conditions as may be selected by the Committee. 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 Committee 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
Committee 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 Committee may provide that ordinary cash dividends declared on the Shares before they are vested will be (i) forfeited, (ii) deemed to have been reinvested in
additional Shares or otherwise reinvested (subject to Share availability under Section 5.1 hereof), (iii) credited by the Company to an account for the Participant and accumulated without interest until the date upon which the host Award
becomes vested, and any dividends accrued with respect to forfeited Restricted Stock will be reconveyed to the Company without further consideration or any act or action by the Participant, or (iv) 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 Committee 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. 

  
 - 11 - 

 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 Committee, 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 Committee is authorized to grant any Award under this Plan with performance-based vesting criteria, on such terms and conditions as may be selected by the Committee. Any such Awards with performance-based vesting
criteria are referred to herein as Performance Awards. The Committee 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 Committee, 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 Committee may establish performance goals for
Performance Awards which may be based on any criteria selected by the Committee. 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 Committee 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 Committee may modify such performance goals in whole or in part, as the Committee deems appropriate. If a Participant is promoted,
demoted or transferred to a different business unit or function during a performance period, the Committee 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 Committee.

 ARTICLE 10 
 STOCK OR OTHER
STOCK-BASED AWARDS 
 10.1. GRANT OF STOCK OR OTHER STOCK-BASED AWARDS. The Committee is authorized, subject to limitations under
applicable law, to grant to Eligible 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 Committee to be consistent with the purposes of the
Plan, including without limitation 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 Committee shall determine the terms and conditions of such Awards. 

  
 - 12 - 

 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 Committee. 
 11.2. FORM OF PAYMENT FOR AWARDS. At the discretion of the
Committee, payment of Awards may be made in cash, Stock, a combination of cash and Stock, or any other form of property as the Committee shall determine. In addition, payment of Awards may include such terms, conditions, restrictions and/or
limitations, if any, as the Committee 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 Committee. 
 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 assignable or transferable by a Participant other than by will or the laws of descent and distribution; provided, however, that the Committee may (but need not) permit other
transfers (other than transfers for value) where the Committee 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 Code Section 422(b) 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 Committee, 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 Committee. 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 Company. 

11.5. STOCK TRADING RESTRICTIONS. All Stock issuable under the Plan is subject to any stop-transfer orders and other restrictions as
the Committee 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
Committee 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 Committee may in its sole discretion at any time determine that all or a portion of a
Participant’s Options or SARs shall become fully or partially exercisable, that all or a part of the restrictions on all or a portion of a Participant’s outstanding Awards shall lapse, and/or that any performance-based criteria with
respect to any Awards held by a Participant shall be deemed to be wholly or partially satisfied, in each case, as of such date as the Committee may, in its sole discretion, declare. The Committee may discriminate among Participants and among Awards
granted to a Participant in exercising its discretion pursuant to this Section 11.6. 

  
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 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 Committee 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. 

11.8. SUBSTITUTE AWARDS. The Committee 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 Committee may direct that the substitute awards be granted on such terms and conditions as the Committee 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 Committee 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 Committee 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 Committee determines to be equitable. Notwithstanding the foregoing, the Committee 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 Code Section 409A. 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 Committee, 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 Committee 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 

  
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(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, over the exercise 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 Committee’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 13.2.
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. 

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 Committee 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 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)	Except as otherwise provided in Section 12.1, the exercise price of an Option may not be reduced, directly or indirectly, without the prior approval of the stockholders of the Company; and 

 

	 	(d)	 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

  
 - 15 - 

	 	
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 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. 

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 Committee is obligated to treat Participants or Eligible Participants
uniformly, and determinations made under the Plan may be made by the Committee 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 or consultant, at any time, nor confer upon any Participant any right to continue as an employee, officer, director or consultant 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 Committee 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 Committee 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 

  
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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 Committee
establishes. All such elections shall be subject to any restrictions or limitations that the Committee, 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. 

  

	 	(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 affect the dollar amount or prohibit the vesting of any Non-Exempt Deferred Compensation upon a Change in Control, Disability or termination of employment, however defined. If
this provision prevents the payment or distribution of any Non-Exempt Deferred Compensation, or the application of a different form of payment, such payment or distribution shall be made at the time and in the form that would have applied absent the
non-409A-conforming event. 

  

	 	(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 shall determine which Awards or portions thereof will be subject to such exemptions. 

  
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	 	(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 Committee 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 Code Section 409A 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).

  

	 	(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 (c) 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. In other words, a Participant is not permitted to influence the calendar year of payment based on the timing of signing the release. 

  

	 	(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 Committee 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. 

  
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 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 Committee 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. 
 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 Committee 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 Committee. Any
Participant receiving or purchasing Shares pursuant to an Award shall make such representations and agreements and furnish such information as the Committee 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 Committee’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. 

  
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 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 Committee so directs, the Company may issue or transfer Shares to an Affiliate, for such lawful consideration as the
Committee 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 Committee pursuant to the provisions
of the Plan. 
 The foregoing is hereby acknowledged as being the Resource Real Estate Innovation Office REIT, Inc. 2015 Incentive Plan as
adopted by the Board on March 31, 2015 and by the Company’s sole stockholder on May 27, 2015. 
  

					
	RESOURCE REAL ESTATE INNOVATION OFFICE REIT, INC.
			
			By:		 /s/ Kevin M. Finkel

			Its:		 Chief Operating Officer and President

  
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