Document:

EX-10.9

 Exhibit 10.9 

THIRD AMENDMENT TO AGREEMENT OF SALE AND PURCHASE 

THIS THIRD AMENDMENT TO AGREEMENT OF SALE AND PURCHASE (this “Third Amendment”) is made as of the 17th day of July,
2015, by and between HB Von Karman, LLC, a Delaware limited liability company (“Seller”), and KBS Capital Advisors LLC, a Delaware limited liability company (“Buyer”). In consideration of the mutual promises and
covenants contained herein, the parties hereto agree as follows: 
 RECITALS 

A.          Seller and Buyer are parties to that certain Agreement of Sale and Purchase
dated as of June 4, 2015, as reinstated and amended by that certain Reinstatement and First Amendment to Agreement of Sale and Purchase, dated as of July 8, 2015, and as amended by that certain Second Amendment to Agreement of Sale and
Purchase, dated as of July 14, 2015 (as reinstated and amended, the “Purchase Agreement”). All initially-capitalized terms not otherwise defined herein shall have the meanings set forth in the Purchase Agreement unless the
context clearly indicates otherwise. 
 B.          Seller and Buyer have agreed to modify
the terms of the Purchase Agreement as set forth in this Third Amendment. 
 NOW, THEREFORE, for valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, and intended to be legally bound, Seller and Buyer agree as follows: 

1.          Recitals.  The Recitals set forth above are hereby
incorporated herein by reference as if the same were fully set forth herein. 

2.          Additional Due Diligence Date.  The Additional Due
Diligence Date shall be, and hereby is, extended from July 17, 2015, 5:00 p.m. Pacific Time to July 20, 2015, 5:00 p.m. Pacific Time. 

3.          Effectiveness of Agreement.  Except as modified by this
Third Amendment, all the terms of the Purchase Agreement shall remain unchanged and in full force and effect. 

4.          Counterparts.  This Third Amendment may be executed in
counterparts, and all counterparts together shall be construed as one document. 

5.          Telecopied/Emailed Signatures.  A counterpart of this
Third Amendment that is signed by one party to this Third Amendment and telecopied/emailed to the other party to this Third Amendment or its counsel (i) shall have the same effect as an original signed counterpart of this Third Amendment, and
(ii) shall be conclusive proof, admissible in judicial proceedings, of such party’s execution of this Third Amendment. 

6.          Successors and Assigns.  All of the terms and
conditions of this Third Amendment shall apply to benefit and bind the successors and assigns of the respective parties. 

 IN WITNESS WHEREOF, Seller and Buyer have entered into this Third Amendment as of the date first
above stated. 
 [SIGNATURES ON NEXT PAGE] 

			
	“SELLER”
	
	HB VON KARMAN, LLC,
	a Delaware limited liability company
	
	By: /s/ Brian Carr
	Name:  Brian Carr
	Title: Authorized Signatory

			
	“BUYER”
	
	 KBS CAPITAL ADVISORS LLC,
 a
Delaware limited liability company

		
	By:	 	/s/ Charles J. Schreiber, Jr.
		 	Charles J. Schreiber, Jr.,
		 	Chief Executive OfficerEX-10.10

 Exhibit 10.10 

AMENDED AND RESTATED 

ADVISORY AGREEMENT 

between 
 KBS
GROWTH & INCOME REIT, INC. 
 and 

KBS CAPITAL ADVISORS LLC 
  

August 11, 2015 

 TABLE OF CONTENTS 

 

						
	 	  	Page
		
	 ARTICLE 1 - DEFINITIONS
	  	 	 	1	 
	 ARTICLE 2 - APPOINTMENT
	  	 	 	9	 
	 ARTICLE 3 - DUTIES OF THE ADVISOR
	  	 	 	9	 
	 3.01 Organizational and Offering Services
	  	 	 	9	 
	 3.02 Acquisition Services
	  	 	 	9	 
	 3.03 Asset Management Services
	  	 	 	10	 
	 3.04 Stockholder Services
	  	 	 	12	 
	 3.05  Other Services
	  	 	 	13	 
	 ARTICLE 4 - AUTHORITY OF ADVISOR
	  	 	 	13	 
	 4.01 General
	  	 	 	13	 
	 4.02 Powers of the Advisor
	  	 	 	13	 
	 4.03 Approval by the Board
	  	 	 	13	 
	 4.04 Modification or Revocation of Authority of Advisor
	  	 	 	13	 
	 ARTICLE 5 - BANK ACCOUNTS
	  	 	 	13	 
	 ARTICLE 6 - RECORDS AND FINANCIAL STATEMENTS
	  	 	 	14	 
	 ARTICLE 7 - LIMITATION ON ACTIVITIES
	  	 	 	14	 
	 ARTICLE 8 - FEES
	  	 	 	15	 
	 8.01 Acquisition Fees
	  	 	 	15	 
	 8.02 Origination Fees
	  	 	 	15	 
	 8.03 Asset Management Fees
	  	 	 	16	 
	 8.04 Disposition Fees
	  	 	 	17	 
	 8.05 Subscription Processing Fee
	  	 	 	17	 
	 8.06 Subordinated Share of Cash Flows
	  	 	 	17	 
	 8.07 Subordinated Incentive Fee
	  	 	 	17	 
	 8.08 Changes to Fee Structure
	  	 	 	18	 
	 ARTICLE 9 - EXPENSES
	  	 	 	18	 
	 9.01 General
	  	 	 	18	 
	 9.02 Timing of and Limitations on Reimbursements
	  	 	 	20	 
	ARTICLE 10 - RELATIONSHIP OF ADVISOR AND COMPANY; OTHER ACTIVITIES OF THE ADVISOR	  	 	 	20	 
	 10.01 Relationship
	  	 	 	20	 
	 10.02 Time Commitment
	  	 	 	20	 
	 10.03 Investment Opportunities and Allocation
	  	 	 	20	 
	 ARTICLE 11 - THE KBS NAME
	  	 	 	21	 
	 ARTICLE 12 - TERM AND TERMINATION OF THE AGREEMENT
	  	 	 	22	 
	 12.01 Term
	  	 	 	22	 
	 12.02 Termination by Either Party
	  	 	 	22	 
	 12.03 Payments on Termination and Survival of Certain Rights and Obligations
	  	 	 	22	 
	 ARTICLE 13 - ASSIGNMENT
	  	 	 	22	 
	 ARTICLE 14 - INDEMNIFICATION AND LIMITATION OF LIABILITY
	  	 	 	23	 
	 ARTICLE 15 - MISCELLANEOUS
	  	 	 	23	 
	 15.01 Notices
	  	 	 	23	 
	 15.02 Modification
	  	 	 	23	 

  
 i 

						
	 15.03 Severability
	  	24
	 15.04 Construction
	  	24
	 15.05 Entire Agreement
	  	24
	 15.06 Waiver
	  	24
	 15.07 Gender
	  	24
	 15.08 Titles Not to Affect Interpretation
	  	24
	 15.09 Counterparts
	  	24

  
 ii 

 ADVISORY AGREEMENT 

This Advisory Agreement, dated as of August 11, 2015 (the “Agreement”), is between KBS Growth &
Income REIT, Inc., a Maryland corporation (the “Company”), and KBS Capital Advisors LLC, a Delaware limited liability company (the “Advisor”). 

W I T N E S S E T H 

WHEREAS, the Company and the Advisor previously entered the Advisory Agreement dated June 11, 2015 (the “Advisory
Agreement”); 
 WHEREAS, the Company and the Advisor desire to amend and restate the Advisory Agreement; 

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 to amend and restate the Advisory Agreement 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 fees payable to the Advisor pursuant to
Section 8.01 and Section 8.02, 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, without limitation, legal fees and expenses, travel and communication expenses, costs of appraisals, nonrefundable option payments on properties or other investments not acquired, accounting fees and expenses,
title insurance premiums and miscellaneous expenses related to the selection, acquisition or development of any property, loan or other potential investment. 

“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 any Person to any Person in connection with making or investing in any Property or other Permitted Investment or the purchase, development or construction of any Property by the Company. Included
in the 

  
 1 

 
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 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) KBS Capital Advisors LLC, a Delaware limited liability company, or (ii) any
successor advisor to the Company. 
 “Affiliate” or “Affiliated” An Affiliate of another
Person includes any of the following: (i) any Person directly or indirectly controlling, controlled by, or under common control with such other Person; (ii) any Person directly or indirectly owning, controlling, or holding with the power
to vote 10% or more of the outstanding voting securities of such other Person; (iii) any legal entity for which such Person acts as an executive officer, director, trustee, or general partner; (iv) any Person 10% or more of whose
outstanding voting securities are directly or indirectly owned, controlled, or held, with power to vote, by such other Person; and (v) any executive officer, director, trustee, or general partner of such other Person. An entity shall not be
deemed to control or be under common control with an Advisor-sponsored program 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 Affiliates of the entity. 
 “Appraised Value” means the value
according to an appraisal made by an Independent Appraiser. 
 “Articles of Incorporation” means the
Articles of Incorporation of the Company under Title 2 of the Corporations and Associations Article of the Annotated Code of Maryland, as amended from time to time. 

“Asset Management Fee” shall have the meaning set forth in Section 8.03. 

“Average Issue Price” means the weighted average price at which shares were purchased in the primary portion
of an Offering which shall be calculated as of the end of the month preceding the date upon which the calculation is being made. 

“Board of Directors” or “Board” means the persons holding such office, as of any particular
time, under the Articles of Incorporation of the Company, whether they be the Directors named therein or additional or successor Directors. 

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

“Cash from Financings” means the net cash proceeds realized by the Company from the financing of Properties,
Loans or other Permitted Investments or from the refinancing of any Company indebtedness (after deduction of all expenses incurred in connection therewith). 

“Cash from Sales and Settlements” means the net cash proceeds realized by the Company (i) from the sale,
exchange or other disposition of any of its assets or any portion thereof after deduction of all expenses incurred in connection therewith and (ii) from the prepayment, 

  
 2 

 
maturity, workout or other settlement of any Loan or Permitted Investment or portion thereof after deduction of all expenses incurred in connection therewith. In the case of a transaction
described in clause (i) (C) of the definition of “Sale” and (i)(B) of the definition of “Settlement,” Cash from Sales and Settlements means the proceeds of any such transaction actually distributed to the Company from
the Joint Venture or partnership. Cash from Sales and Settlements shall not include Cash from Financings. 
 “Cash
from Sales, Settlements and Financings” means the total sum of Cash from Sales and Settlements and Cash from Financings. 

“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 KBS Growth & Income REIT, Inc., a corporation organized under the laws of the
State of Maryland. 
 “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 purchase price to be paid in connection with the sale of a Property, Loan or
other Permitted Investment less any concessions agreed to in connection with the sale which may include but are not limited to credits for future building or tenant improvements, credits for future free rent given to tenants, credits for future
lease up assumptions, or other future rental concessions; or, in the case of a discounted payoff of a Loan, the total funds received by the Company in connection with the payoff, less any expenses related thereto. 

“Cost of Loans and other Permitted Investments” means the sum of the cost of all Loans and Permitted
Investments held, directly or indirectly, by the Company or the Partnership, calculated each month on an ongoing basis, and calculated as follows for each investment: the lesser of (i) the amount actually paid or allocated to acquire or fund
the Loan or Permitted Investment, plus the fees and expenses related thereto (but exclusive of any Acquisition Fees or Origination Fees paid or payable to the Advisor or its affiliates under this Agreement), and (ii) the outstanding principal
amount of such Loan or Permitted Investment, plus the fees and expenses related to the acquisition or funding of such investment (but exclusive of any Acquisition Fees or Origination Fees paid or payable to the Advisor or its affiliates under this
Agreement), as of the time of calculation. With respect to any Loan or Permitted Investment held by the Company or the Partnership through a Joint Venture or partnership of which it is, directly or indirectly, a co-venturer or partner, such amount
shall be the Company’s proportionate share thereof. The Cost of Loans and other Permitted Investments shall be reduced by any debt financing secured by, or attributable to, such investments. 

“Cost of Real Estate Investments” means the sum of (i) with respect to Properties wholly owned, directly
or indirectly, by the Company, the amount actually paid or allocated to the purchase of Properties, including fees and expenses related thereto (but excluding any 

  
 3 

 
Acquisition Fees paid or payable to the Advisor or its affiliates under this Agreement), plus budgeted capital improvement costs for the development, construction or improvement of Properties
once such funds are disbursed pursuant to a final approved budget (ii) in the case of Properties owned by any Joint Venture or partnership in which the Company or the Partnership is, directly or indirectly, a co-venturer or a partner, the
portion of the amount actually paid or allocated to the purchase of Properties, including fees and expenses related thereto (but excluding any Acquisition Fees paid or payable to the Advisor or its affiliates under this Agreement), plus budgeted
capital improvement costs for the development, construction or improvement of Properties once such funds are disbursed pursuant to a final approved budget, that is attributable to the Company’s investment in the Joint Venture or partnership.
The Cost of Real Estate Investments shall be reduced by any debt financing secured by, or attributable to, the Properties. 

“Dealer Manager” means (i) KBS Capital Markets Group LLC, a Delaware limited liability company, or
(ii) any successor dealer manager to the Company. 
 “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 of Directors of the Company. 

“Disposition Fee” shall have the meaning set forth in Section 8.04. 

“Distributions” means any distributions (which shall not include stock dividends) 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. 

“Independent Appraiser” means a person or entity with no material current or prior business or personal
relationship with the Advisor or the Directors, who is engaged to a substantial extent in the business of rendering opinions regarding the value of assets of the type held by the Company, and who is a qualified appraiser of real estate as determined
by the Board. Membership in a nationally recognized appraisal society such as the American Institute of Real Estate Appraisers (“M.A.I.”) or the Society of Real Estate Appraisers (“S.R.E.A.”) shall be conclusive evidence of such
qualification. 
 “GAAP” means accounting principles generally accepted in the United States. 

“Gross Investment Amount” means the amount calculated by multiplying the total number of Shares purchased by
Stockholders by the issue price, reduced by the total number of shares repurchased by the Company multiplied by the Average Issue Price. 

“Joint Venture” means any joint venture, limited liability company or other 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 Company’s Articles of
Incorporation. 

  
 4 

 “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, and including, without limitation, mezzanine loans, B-notes, bridge loans, convertible
mortgages, wraparound mortgage loans, construction mortgage loans, loans on leasehold interests, and participations in such loans. 

“Market Value” shall have the meaning set forth in Section 8.07(i). 

“Merger” means any business combination, merger, reorganization or share exchange involving the Company or
its subsidiaries into or with another corporation or other legal person (the “Acquiror”) and as a result of such transaction, less than 51% of the outstanding voting securities or other capital interests of the surviving, resulting
or acquiring corporation or other legal person are owned in the aggregate by those who were Stockholders immediately prior to such transaction (other than the Acquiror or its Affiliates if they owned Shares immediately prior to such transaction).

 “Merger Consideration Amount” means (i) in the case of a Merger in which the consideration consists
solely of cash, the total consideration to be received by holders of Shares outstanding immediately prior to the closing of the Merger, (ii) in the case of a Merger in which the consideration consists of securities traded on a national
securities exchange, the product of (x) the number of shares of such securities received by the Stockholders at the closing of the Merger and (y) the market value of such securities, measured by taking the average closing price or the
average of the bid and asked price, as the case may be, over a period of 30 consecutive days during which such securities are traded, with such 30-day period ending on the trading day prior to the closing date of the Merger, (iii) in the case
of a Merger in which the consideration consist of securities that are not traded on a national securities exchange, the aggregate the fair market value (as of the most recent practicable date) of the securities to be received by the Stockholders as
estimated by an independent expert chosen by the Board of Directors, and (iv) in the case of a Merger in which the consideration is some combination of that described above, the sum of clauses (i) through (iii), as applicable. 

 “Offering” means a Private Offering or Public Offering. 

“Operating Cash Flow” means Operating Revenue Cash Flows minus the sum of (i) Operating Expenses,
(ii) all principal and interest payments on indebtedness and other sums paid to lenders, (iii) the expenses of raising capital such as Organization and Offering Expenses, legal, audit, accounting, underwriting, brokerage, listing,
registration, and other fees, printing and other such expenses and tax incurred in connection with the issuance, distribution, transfer, registration and Listing of the Shares, (iv) taxes, (v) incentive fees and (vi) Acquisition Fees,
Origination Fees, Acquisition Expenses, real estate commissions on the resale of real property, and other expenses connected with the acquisition, origination, disposition, and ownership of real estate interests, loans or other property (other than
commissions on the sale of assets other than real property), such as the costs of foreclosure, insurance premiums, legal services, maintenance, repair and improvement of property. 

“Operating Expenses” means all costs and expenses incurred by the Company, as determined under GAAP, that in
any way are related to the operation of the Company or to Company business, including fees paid to the Advisor, but excluding (i) the expenses of raising 

  
 5 

 
capital such as Organization and Offering Expenses, legal, audit, accounting, underwriting, brokerage, listing, registration, and other fees, printing and other such expenses and tax incurred in
connection with the issuance, distribution, transfer, registration and Listing of the Shares, (ii) interest payments, (iii) taxes, (iv) non-cash expenditures such as depreciation, amortization and bad loan reserves, (v) incentive
fees and (vi) Acquisition Fees, Origination Fees, Acquisition Expenses, real estate commissions on the resale of real property, and other expenses connected with the acquisition, origination, disposition, and ownership of real estate interests,
loans or other property (other than commissions on the sale of assets other than real property), such as the costs of foreclosure, insurance premiums, legal services, maintenance, repair and improvement of property. 

“Operating Revenue Cash Flows” means the Company’s cash flow from ownership and/or operation of
(i) Properties, (ii) Loans, (iii) Permitted Investments, (iv) short-term investments, and (v) interests in Properties, Loans and Permitted Investments owned by any Joint Venture or any partnership in which the Company or the
Partnership is, directly or indirectly, a co-venturer or partner. 
 “Organization and Offering Expenses”
means all expenses incurred by or on behalf of the Company in connection with or in preparing the Company for an Offering and including, to the extent applicable, the qualification, registration and regulatory filings of the Offering and the
marketing and distribution of the Shares, whether incurred before or after the date of this Agreement, which may include but are not limited to, total underwriting and brokerage discounts and commissions (including fees of the underwriters’
attorneys); any expense allowance granted by the Company to the underwriter or any reimbursement of expenses of the underwriter by the Company; expenses for printing, engraving and mailing; compensation of employees while engaged in sales activity;
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. 
 “Origination Fees” means the fee payable to the Advisor pursuant to Section 8.02 plus all
other fees and commissions, excluding Acquisition Expenses, paid by any Person to any Person in connection with making or investing in any Loan by the Company. 

“Partnership” means KBS Growth & Income Limited Partnership, 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, Loans and short-term investments acquired for purposes of cash management) 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 Articles of Incorporation, Bylaws and the investment objectives and policies adopted by the Board from time to time. 

“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 

  
 6 

 
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. 

“Private Offering” means an offering of Shares pursuant to an exemption from registration under the
Securities Act of 1933, as amended. 
 “Property” or “Properties” means any real property
or properties transferred or conveyed to the Company or the Partnership, either directly or indirectly, and/or any real property or properties transferred or conveyed to a Joint Venture or partnership in which the Company is, directly or indirectly,
a co-venturer or partner. 
 “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. 
 “Public Offering” means any
registered offering of Shares pursuant to an effective Registration Statement filed under the Securities Act of 1933, as amended. 

“Registration Statement” means a registration statement filed by the Company with the SEC on Form S-11, as amended from time to time, in connection with a Public Offering. 

“REIT” means a “real estate investment trust” under Sections 856 through 860 of the Code. 

“Sale” means any transaction or series of related transactions whereby: (A) the Company or the
Partnership 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, and 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 as part of a securitization transaction; (B) the Company or the Partnership 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 partnership in which it is, directly or indirectly, a co-venturer or partner; or (C) any Joint Venture or partnership (in which the Company or the Partnership is, directly or indirectly, a co-venturer or partner) 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 partnership or one of its subsidiaries of any asset-backed securities as part of a securitization transaction. 

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

“Settlement” means the prepayment, maturity, workout or other settlement of any Loan or other Permitted
Investment or portion thereof owned, directly or indirectly, by (A) the 

  
 7 

 
Company or the Partnership or (B) any Joint Venture or any partnership in which the Company or the Partnership is, directly or indirectly, a partner. 

“Shares” means the shares of common stock of the Company, par value $.01 per share. 

“Stockholders” means the registered holders of the Shares. 

“Stockholders’ 6% Return” means, as of any date, an aggregate amount equal to a 6% cumulative,
non-compounded, annual return on Gross Investment Amount (calculated like simple interest on a daily basis based on a three hundred sixty-five day year). For purposes of calculating the Stockholders’ 6% Return, Gross Investment Amount shall be
determined for each day during the period for which the Stockholders’ 6% Return is being calculated, including a daily adjustment to reflect shares repurchased by the Company, and shall be calculated net of (1) Distributions of Cash from
Sales and Settlements, (2) Distributions of Operating Cash Flow to the extent such Distributions of Operating Cash Flow provide a cumulative, non-compounded, annual return in excess of 6%, as such amounts are computed on a daily basis based on
a three hundred sixty-five day year and (3) Distributions of Cash from Financings, except to the extent such Distributions would be required to supplement Distributions of Operating Cash Flow in order to achieve a cumulative, non-compounded,
annual return of 6%, as such amounts are computed on a daily basis based on a three hundred sixty-five day year. 

“Subordinated Incentive Fee” means the fee payable to the Advisor under certain circumstances, as calculated
in Section 8.07. 
 “Subordinated Performance Fee Due Upon Termination” means a fee in a principal
amount equal to (1) 15% of the amount, if any, by which (a) the Appraised Value of the Company’s Properties at the Termination Date, less amounts of all third-party indebtedness secured by the Company’s Properties, plus the fair
market value of all other Loans and Permitted Investments of the Company at the Termination Date, less amounts of third-party indebtedness related to such Loans and Permitted Investments, plus the fair market value of the Company’s other assets
and liabilities, plus total Distributions through the Termination Date exceeds (b) the sum of the Gross Investment Amount plus total Distributions required to be made to the Stockholders in order to pay the Stockholders’ 6% Return from
inception through the Termination Date. 
 “Subordinated Share of Cash Flows” has the meaning set forth in
Section 8.06. 
 “Subscription Processing Fee” has the meaning set forth in Section 8.05. 

“Termination Date” means the date of termination of the Agreement determined in accordance with Article 12
hereof. 

  
 8 

 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 the Advisor hereby accepts such appointment. 

ARTICLE 3 
 DUTIES OF THE ADVISOR

 The Advisor is responsible for managing, operating, directing and supervising the operations and administration of the
Company and its assets. The Advisor undertakes to use its best efforts to present to the Company potential investment opportunities, to make investment decisions on behalf of the Company subject to limitations in the Company’s Articles of
Incorporation, 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 objectives and policies 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:
(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; (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; and (e) enter into leases, service contracts and other agreements for Properties, Loans and other Permitted Investments; 

  
 9 

 (iii) Perform due diligence on prospective investments and create
due diligence reports summarizing the results of such work; 
 (iv)    Prepare reports
regarding 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; 
 (vi) Deliver to or maintain on behalf of the Company
copies of all appraisals obtained in connection with the Company’s investments; and 

(vii)   Negotiate and execute approved investments and other transactions, including
prepayments, maturities, workouts and other settlements of Loans and other Permitted Investments. 
 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 but not limited to consultants, accountants, lenders, technical advisors, attorneys, brokers,
underwriters, corporate fiduciaries, escrow agents, depositaries, custodians, agents for collection, insurers, insurance agents, developers, construction companies, 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 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; 
 (d) Monitor and evaluate the
performance of each asset of the Company and the Company’s 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
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; 

  
 10 

 (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, 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; 

(g) Oversee the performance by the Property Managers of their duties, including collection and proper
deposits of rental payments and payment of Property expenses and maintenance; 
 (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 any co-venturers or partners; and 

(k) Consult with the Company’s officers and the Board and provide assistance with the evaluation and
approval of potential asset dispositions, sales and refinancings. 
 (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; 

(b) 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 business and operations; 

(c) Provide financial and operational planning services; 

(e) 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, as applicable; 
 (e)   Maintain and preserve all appropriate books and
records of the Company; 

  
 11 

 (f) Provide tax and compliance services and coordinate with
appropriate third parties, including the Company’s independent auditors and other consultants, on related tax matters; 

(g) Provide the Company with all necessary cash management services; 

(h) Manage and coordinate with the transfer agent the distribution process and payments to Stockholders; 

(i) 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; 
 (j) Provide the Company’s
officers and the Board with timely updates related to the overall regulatory environment affecting the Company, as well as managing compliance with such matters, including but not limited to compliance with the Sarbanes-Oxley Act of 2002 to the
extent applicable; 
 (k) Consult with the Company’s officers and the Board relating to the corporate
governance structure and appropriate policies and procedures related thereto; 
 (l) Perform all reporting,
record keeping, internal controls and similar matters in a manner to allow the Company to comply with applicable law, including federal and state securities laws and the Sarbanes-Oxley Act of 2002 to the extent applicable; 

(m) Notify the Board of all proposed material transactions before they are completed; and 

(n)  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. 

  
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 3.05 Other Services. Except as provided in Article 7, the Advisor shall
perform any other services reasonably requested by the Company. 
 ARTICLE 4 

AUTHORITY OF ADVISOR 

4.01 General. All rights and powers to manage and control the day-to-day business and affairs of the Company shall be
vested in the Advisor. The Advisor shall have the power to delegate all or any part of its rights and powers to manage and control the business and affairs of the Company to such officers, employees, Affiliates, agents and representatives of the
Advisor or the Company as it may 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 Articles of
Incorporation. 
 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, 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
without the prior approval of the Board or duly authorized committees thereof if the Articles of Incorporation or Maryland General Corporation Law require the prior approval of the Board. 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 or approvals 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 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 may collect and deposit into
any such account or accounts, and disburse from any 

  
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such account or accounts, any money on behalf of the Company, under such terms and conditions as the Board 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, if applicable, 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 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 shall be available for inspection by the Board and by counsel, 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 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, if applicable, and shall provide such officers and 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, or (v) violate the Articles of Incorporation or Bylaws. In the event an action that would violate (i) through (v) 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. 

  
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 ARTICLE 8 

FEES 
 8.01
Acquisition Fees. As compensation for the investigation, selection and acquisition (by purchase, investment or exchange) of Properties and other Permitted Investments, the Company shall pay an Acquisition Fee to the Advisor for each such
investment. With respect to the acquisition of a Property to be wholly owned by the Company, the Acquisition Fee payable to the Advisor shall equal 2.0% of the sum of the amount actually paid or allocated to the purchase, development, construction
or improvement of such Property, inclusive of the Acquisition Expenses associated with such Property, and the amount of any debt associated with such Property, plus significant (as determined in the sole discretion of the Advisor) capital
improvement costs budgeted as of the date of acquisition related to the development, construction or improvement of such Property. With respect to other wholly owned Permitted Investments, the Acquisition Fee payable to the Advisor shall equal 2.0%
of the cost of such investment, inclusive of Acquisition Expenses associated with such investment, and the amount of any debt attributable to such Permitted Investment, plus significant (as determined in the sole discretion of the Advisor) capital
improvement costs budgeted as of the date of acquisition related to the development, construction or improvement of such Permitted Investment. With respect to the acquisition of a Property or other Permitted Investment through any Joint Venture or
any partnership in which the Company is, directly or indirectly, a co-venturer or partner, the Acquisition Fee payable to the Advisor shall equal 2.0% of the portion of the amount actually paid or allocated to the purchase, development, construction
or improvement of the Property or other Permitted Investment, inclusive of the Acquisition Expenses associated with such Property or Permitted Investment and the amount of any outstanding debt associated with such Property or Permitted Investment,
plus significant (as determined in the sole discretion of the Advisor) capital improvement costs budgeted as of the date of acquisition related to the development, construction or improvement of such Property or Permitted Investment that is
attributable to the Company’s investment in the Joint Venture or partnership. Notwithstanding anything herein to the contrary, the payment of Acquisition Fees by the Company shall be subject to the limitations contained in the Company’s
Articles of Incorporation. The Advisor shall submit an invoice to the Company on or about the closing or closings of each acquisition, accompanied by a computation of the Acquisition Fee. The Acquisition Fee payable to the Advisor shall be paid at
the closing of the acquisition upon receipt of the invoice by the Company. The Company will not pay an Acquisition Fee to the Advisor with respect to any transaction in which the Company is required to pay an Origination Fee to the Advisor pursuant
to the provisions of Section 8.02 below. Notwithstanding the foregoing, Acquisition Fees calculated based on capital improvement costs budgeted as of the date of acquisition shall be paid at the time funds are disbursed pursuant to a final
approved budget upon receipt of an invoice by the Company. Further, the Acquisition Fee may not be taken, in whole or in part, as to any period in the sole discretion of the Advisor. All or any portion of the Acquisition Fee not taken as to any
period shall be deferred without interest and may be paid in such other period as the Advisor shall determine. 
 8.02
Origination Fees. As compensation for the investigation, selection, sourcing and acquisition or origination of Loans, the Company shall pay an Origination Fee to the Advisor for each such acquisition or origination. With respect to the
acquisition or origination of a Loan to be wholly owned by the Company, the Origination Fee payable to the Advisor shall equal 2.0% 

  
 15 

 
of the amount to be funded (including any future funding of a Loan) by the Company to acquire or originate the Loan, including any Acquisition Expenses related to such investment and any debt
used to fund the acquisition or origination of the Loan. With respect to the acquisition or origination of a Loan through any Joint Venture or any partnership in which the Company is, directly or indirectly, a co-venturer or partner, the Origination
Fee payable to the Advisor shall equal 2.0% of the portion of the amount to be funded (including any future funding of a Loan) by the Company to acquire or originate the Loan, including any Acquisition Expenses associated with such Loan, plus the
amount of any outstanding debt associated with such Loan that is attributable to the Company’s investment in the Joint Venture or partnership. The Company will not pay an Origination Fee to the Advisor with respect to any transaction pursuant
to which the Company is required to pay the Advisor an Acquisition Fee. Notwithstanding anything herein to the contrary, the payment of Origination Fees by the Company shall be subject to the limitations on Acquisition Fees contained in (and defined
in) the Company’s Articles of Incorporation. The Advisor shall submit an invoice to the Company following the closing or closings of each Loan, accompanied by a computation of the Origination Fee. The Origination Fee payable to the Advisor
shall be paid at the closing of the transaction upon receipt of the invoice by the Company. The Origination Fee may not be taken, in whole or in part, as to any period in the sole discretion of the Advisor. All or any portion of the Origination Fee
not taken as to any period shall be deferred without interest and may be paid in such other period as the Advisor shall determine. 

8.03 Asset Management Fees. 

(i)        Except as provided in Section 8.03(ii) hereof, 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 1.6% of the sum of the Cost of Real Estate Investments and the Cost
of Loans and other Permitted Investments. The Advisor shall submit a monthly invoice to the Company, accompanied by a computation of the Asset Management Fee for the applicable period. The Asset Management Fee shall be payable on the last day of
such month, or the first business day following the last day of such month. The Asset Management Fee may not be taken, in whole or in part, as to any period in the sole discretion of the Advisor. All or any portion of the Asset Management Fees not
taken as to any period shall be deferred without interest and may be paid in such other fiscal period as the Advisor shall determine. 

(ii)        Notwithstanding anything contained in Section 8.03(i) to the
contrary, a Property, Loan or other Permitted Investment that has suffered an impairment in value, reduction in cash flow or other negative circumstances may either be excluded from the calculation of the Cost of Real Estate Investments or the Cost
of Loans and other Permitted Investments or included in such calculation at a reduced value that is recommended by the Advisor and the Company’s management and then approved by the Company’s Board, and the resulting change in the Asset
Management Fee with respect to such investment will be applicable upon the earlier to occur of the date on which (i) such investment is sold, (ii) such investment is surrendered to a Person other than the Company, its direct or indirect
wholly owned subsidiary or a Joint Venture or partnership in which the Company has an interest, (iii) the Advisor determines that it will no longer pursue collection or other remedies related to such investment, or (iv) the Advisor
recommends a revised fee arrangement with respect to such investment. 

  
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 8.04 Disposition Fees. In connection with a Sale, which includes the sale
of a single asset or the sale of all or a portion of the Company’s assets through a portfolio sale, merger, or other business combination transaction, the Advisor or such Affiliate shall receive a fee at the closing (the “Disposition
Fee”). For a Sale with a Contract Sales Price less than or equal to $1.5 billion, the Disposition Fee will equal 1.5% of the Contract Sales Price. For a Sale with a Contract Sales Price greater than $1.5 billion, the Disposition Fee will equal
the sum of $22.5 million (which amount is 1.5% of $1.5 billion), plus 1.1% of the amount of the Contract Sales Price in excess of $1.5 billion. The Advisor shall submit an invoice to the Company on or about 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 not
be taken, in whole or in part, as to any period in the sole discretion of the Advisor. All or any portion of the Disposition Fees not taken as to any period shall be deferred without interest and may be paid in such other period as the Advisor shall
determine. 
 8.05 Subscription Processing Fee. The Company shall pay the Advisor as compensation for the services
described in Section 3.04(iv) hereof a monthly fee (the “Subscription Processing Fee”) in an amount equal to $35 per subscription agreement for Shares received and processed by the Advisor. The Advisor shall submit a monthly
invoice to the Company, accompanied by a computation of the total amount of the Subscription Processing Fee for the applicable period. Generally, the Subscription Processing Fee payable to the Advisor shall be paid on the last day of such month, or
the first business day following the last day of such month. However, the Subscription Processing Fee may not be taken, in whole or in part, as to any period in the sole discretion of the Advisor. All or any portion of the Subscription Processing
Fees not taken as to any period shall be deferred without interest and may be paid in such other period as the Advisor shall determine. 

8.06 Subordinated Share of Cash Flows. The Subordinated Share of Cash Flows shall be payable to the Advisor in an
amount equal to 15% of Operating Cash Flow and Cash from Sales, Settlements and Financings remaining after the Stockholders have received Distributions in an aggregate amount equal to the sum of: 

 

	 	a.	 the Stockholders’ 6% Return and 

	 	b.	 Gross Investment Amount. 

Following Listing, no Subordinated Share of Cash Flows will be paid to the Advisor. 

If the Subordinated Share of Cash Flows is payable to the Advisor, the Advisor shall submit a monthly invoice to the Company, accompanied by a
computation of the total amount of the Subordinated Share of Cash Flows for the applicable period. Generally, the Subordinated Share of Cash Flows payable to the Advisor shall be paid on the last day of such month, or the first business day
following the last day of such month. 
 8.07 Subordinated Incentive Fee. 

(i)        Upon Listing, the Advisor shall be entitled to the Subordinated Incentive
Fee in an amount equal to 15.0% of the amount by which (i) the market value of the outstanding Shares of the Company, measured by taking the average closing price or the average of the bid and 

  
 17 

 
asked price, as the case may be, over a period of 30 days during which the Shares are traded, with such period beginning 180 days after Listing (the “Market Value”), plus the
total of all Distributions paid to Stockholders from the Company’s inception until the date that Market Value is determined, exceeds (ii) the sum of (A) Gross Investment Amount and (B) the total Distributions required to be paid
to the Stockholders in order to pay the Stockholders’ 6% Return from inception through the date Market Value is determined. The Company shall have the option to pay such fee in the form of cash, Shares, a promissory note or any combination of
the foregoing. In the event the Subordinated Incentive Fee is paid to the Advisor following Listing, no other performance fee will be paid to the Advisor. 

(ii)        Upon a Merger, the Advisor shall be entitled to the Subordinated Incentive
Fee in an amount equal to 15.0% of the amount by which (i) the Merger Consideration Amount, plus the total of all Distributions paid to Stockholders from the Company’s inception until the date of the closing of the Merger, plus all
Distributions declared prior to the Merger but to be paid after the Merger, exceeds (ii) the sum of (A) Gross Investment Amount and (B) the total Distributions required to be paid to the Stockholders in order to pay the
Stockholders’ 6% Return from inception through the date of the closing of the Merger. The Company shall have the option to pay such fee in the form of cash or Shares or any combination thereof. In the event the Subordinated Incentive Fee is
paid to the Advisor in connection with a Merger, no other performance fee will be paid to the Advisor. 
 8.08 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. 

ARTICLE 9 
 EXPENSES 

9.01 General. In addition to the compensation paid to the Advisor pursuant to Article 8 hereof, the Company shall pay
directly or reimburse the Advisor for all of the expenses paid or incurred by the Advisor or its Affiliates on behalf of the Company or in connection with the services provided to the Company pursuant to this Agreement, including, but not limited
to: 
 (i) Organization and Offering Expenses related to the Private Offering that commenced on
June 11, 2015; 
 (ii) Acquisition Fees, Origination Fees and Acquisition Expenses incurred in
connection with the selection and acquisition of Properties, Loans and other Permitted Investments, including such expenses incurred related to assets pursued or considered but not ultimately acquired by the Company, provided that, notwithstanding
anything herein to the contrary, the payment of Acquisition Fees, Origination Fees and Acquisition Expenses by the Company shall be subject to the limitations contained in the Company’s Articles of Incorporation; 

(iii) The actual out-of-pocket cost of goods and services used by the Company and obtained from entities not
Affiliated with the Advisor; 

  
 18 

 (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 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; 
 (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 but not
limited to 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 but not limited to reasonable salaries and wages, benefits and overhead of all employees directly involved in the performance of such services, provided that, (a) other than
reimbursement of travel and communication expenses, no reimbursement shall be made for the cost of such employees of the Advisor or its Affiliates to the extent that such employees perform services for which the Advisor receives Acquisition Fees,
Origination Fees or Disposition Fees and (b) no reimbursement shall be made for the salaries and benefits the Advisor or its Affiliates may pay to the Company’s executive officers; 

(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 all such fees incurred at the request, or on behalf of, the Board or any committee of the Board; 

(xii) Out-of-pocket costs for the Company to comply with all applicable laws, regulations and ordinances; 

(xiii) Expenses connected with payments of Distributions and stock dividends 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 Articles of Incorporation or the Bylaws; and 

  
 19 

 (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 $2.0 million from the sale of Shares. 

ARTICLE 10 
 RELATIONSHIP OF
ADVISOR AND COMPANY; 
 OTHER ACTIVITIES OF THE ADVISOR 

10.01 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, without limitation, 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. 
 10.02 Time Commitment. The
Advisor shall, and shall cause its Affiliates and their respective employees, officers and agents to, devote to the Company such time as shall be reasonably necessary to conduct the business and affairs of the Company in an appropriate manner
consistent with the terms of this Agreement. The Company acknowledges that the Advisor and 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. 
 10.03 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

  
 20 

 
opportunity is located that may be suitable for the Company and other programs sponsored by the Advisor or any of its Affiliates, including KBS Realty Advisors, the Advisor, in its sole
discretion, will have to determine the program or investor for which the investment opportunity is most suitable based on the investment objectives, portfolio and criteria of each program or investor. This determination must be made in a manner that
is fair without favoring any other program or investor. The factors that the Advisor shall consider when determining the program or investor for which an investment opportunity would be the most suitable are the following: 

 

	 	•	 	the investment objectives and criteria of each program or investor; 

  

	 	•	 	the cash requirements of each program or investor; 

  

	 	•	 	the effect of the investment on the diversification of each program’s or investor’s portfolio by type of investment, risk of investment, type of commercial property, geographic location of properties, and
tenants of properties and, in the case of debt-related investments, the characteristics of the underlying property; 

  

	 	•	 	the policy of each program or investor relating to leverage; 

  

	 	•	 	the anticipated cash flow of the property or asset to be acquired; 

  

	 	•	 	the income tax effects of the purchase on each program or investor; 

  

	 	•	 	the size of the investment; and 

  

	 	•	 	the amount of funds available to each program or investor and the length of time such funds have been available for investment. 

If a subsequent event or development, such as a delay in the closing of a property or investment or a delay in the
construction of a property, causes any investment, in the opinion of the Advisor, to be more appropriate for another program or investor, they may offer the investment to another program or investor. It shall be the duty of the Board to ensure that
the allocation method described above is applied fairly to the Company. 
 ARTICLE 11 

THE KBS NAME 

The Advisor and its Affiliates have a proprietary interest in the name “KBS.” The Advisor hereby grants to the
Company a non-transferable, non-assignable, non-exclusive royalty-free right and license to use the name “KBS” 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 “KBS” 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 “KBS” 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
“KBS.” 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

  
 21 

 
investment vehicles (including vehicles for investment in real estate) and financial and service organizations having “KBS” as a part of their name, all without the need for any consent
(and without the right to object thereto) by the Company. 
 ARTICLE 12 

TERM AND TERMINATION OF THE AGREEMENT 

12.01 Term. This Agreement shall remain in effect until terminated by either party pursuant to Section 12.02. 

12.02 Termination by Either Party. This Agreement may be terminated upon 60 days written notice without cause or
penalty by either the Company or the Advisor. The provisions of Articles 1, 11, 12, 14 and 15 shall survive termination of this Agreement. 

12.03 Payments on Termination and Survival of Certain Rights and Obligations. 

(i) After the Termination Date, the Advisor shall not be entitled to compensation for further services
hereunder except it shall be entitled to receive from the Company within 30 days after the effective date of such termination (A) all unpaid reimbursements of expenses and all earned but unpaid fees payable to the Advisor prior to termination
of this Agreement and (B) the Subordinated Performance Fee Due Upon Termination, provided that no Subordinated Performance Fee Due Upon Termination will be paid if the Company has paid or is obligated to pay the Subordinated Incentive Fee. 

(ii) The Advisor shall promptly upon termination: 

(a)  pay over to the Company all money collected pursuant to this Agreement, if any, after
deducting any accrued compensation and reimbursement for its expenses to which it is then entitled; 
 (b)
deliver to the 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; 

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

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

ARTICLE 13 
 ASSIGNMENT 

This Agreement may be assigned by the Advisor to an Affiliate with the consent of the Board. The Advisor may assign any rights
to receive fees or other payments under this 

  
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Agreement without obtaining the approval of the Board. 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 14 

INDEMNIFICATION AND LIMITATION OF LIABILITY 

To the maximum extent permitted by the Maryland General Corporation Law, the Company shall indemnify, defend and hold harmless
the Advisor and its Affiliates, including their respective officers, directors, equity holders, 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. 

ARTICLE 15 
 MISCELLANEOUS 

15.01 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 Articles of Incorporation, 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: 

KBS Growth & Income REIT, Inc. 

800 Newport Center Drive, Suite 700 

Newport Beach, California 92660 

To the Advisor: 

KBS Capital Advisors LLC 

800 Newport Center Drive, Suite 700 

Newport Beach, California 92660 

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 15.01. 
 15.02 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. 

  
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 15.03 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. 

15.04 Construction. The provisions of this Agreement shall be construed and interpreted in accordance with the laws of
the State of Delaware. 
 15.05 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. 
 15.06 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. 
 15.07
Gender. Words used herein regardless of the number and gender specifically used, shall be deemed and construed to include any other number, singular or plural, and any other gender, masculine, feminine or neuter, as the context requires. 

15.08 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. 

15.09 Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be
an original as against any party whose signature appears thereon, and all of which shall together constitute one and the same instrument. This Agreement shall become binding when one or more counterparts hereof, individually or taken together, shall
bear the signatures of all of the parties reflected hereon as the signatories. 
 [The remainder of this page is intentionally left blank.

 Signature page follows.] 

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

													
		 	KBS GROWTH & INCOME REIT, INC.
			
		 	By:	 	/s/ Charles J. Schreiber, Jr.
		 		 	      Charles J. Schreiber, Jr., Chief Executive Officer

		
		 	KBS CAPITAL ADVISORS LLC
		
		 	By: PBren Investments, L.P., a Manager
				
		 		 		 	By: PBren Investments, LLC, as general partner
							
		 		 		 		 		 	By:	 	/s/ Peter M. Bren
		 		 		 		 		 		 	     Peter M. Bren, Manager
		
		 	By: Schreiber Real Estate Investments, L.P., a Manager
				
		 		 		 	By: Schreiber Investments, LLC, as general partner
							
		 		 		 		 		 	By:	 	/s/ Charles J. Schreiber, Jr.
		 		 		 		 		 		 	     Charles J. Schreiber, Jr., Manager

  
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