Document:

Fourth Amended and Restated Advisory Agreement

 Exhibit 10.2 
 FOURTH AMENDED AND RESTATED ADVISORY AGREEMENT 
 among 
 DIVIDEND CAPITAL TOTAL REALTY TRUST INC., 
 DIVIDEND CAPITAL TOTAL REALTY OPERATING PARTNERSHIP LP 
 and 
 DIVIDEND CAPITAL TOTAL ADVISORS LLC 

					
	1.	  	DEFINITIONS	  	1
			
	2.	  	APPOINTMENT	  	8
			
	3.	  	DUTIES OF THE ADVISOR	  	8
			
	4.	  	AUTHORITY OF ADVISOR	  	10
			
	5.	  	BANK ACCOUNTS	  	10
			
	6.	  	RECORDS; ACCESS	  	10
			
	7.	  	LIMITATIONS ON ACTIVITIES	  	11
			
	8.	  	RELATIONSHIP WITH DIRECTORS	  	11
			
	9.	  	FEES	  	11
			
	10.	  	EXPENSES	  	14
			
	11.	  	OTHER SERVICES	  	15
			
	12.	  	REIMBURSEMENT TO THE ADVISOR	  	15
			
	13.	  	OTHER ACTIVITIES OF THE ADVISOR	  	15
			
	14.	  	TERM; TERMINATION OF AGREEMENT	  	16
			
	15.	  	TERMINATION BY THE PARTIES	  	16
			
	16.	  	ASSIGNMENT TO AN AFFILIATE	  	16
			
	17.	  	PAYMENTS TO AND DUTIES OF ADVISOR UPON TERMINATION	  	17
			
	18.	  	INDEMNIFICATION BY THE COMPANY AND THE OPERATING PARTNERSHIP	  	17
			
	19.	  	INDEMNIFICATION BY ADVISOR	  	18
			
	20.	  	NOTICES	  	19
			
	21.	  	MODIFICATION	  	19
			
	22.	  	SEVERABILITY	  	19
			
	23.	  	CONSTRUCTION	  	19
			
	24.	  	ENTIRE AGREEMENT	  	19
			
	25.	  	INDULGENCES, NOT WAIVERS	  	19
			
	26.	  	GENDER	  	20
			
	27.	  	TITLES NOT TO AFFECT INTERPRETATION	  	20
			
	28.	  	EXECUTION IN COUNTERPARTS	  	20
			
	29.	  	INITIAL INVESTMENT	  	20

  

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 FOURTH AMENDED AND RESTATED ADVISORY AGREEMENT 
 THIS FOURTH AMENDED AND RESTATED ADVISORY AGREEMENT, dated as of September 21, 2006, is among Dividend Capital Total Realty Trust Inc., a Maryland
corporation (the “Company”), Dividend Capital Total Realty Operating Partnership LP, a Delaware limited partnership, and Dividend Capital Total Advisors LLC, a Delaware limited liability company. 
 W I T N E S S E T H 
 WHEREAS, the
Company intends to qualify as a REIT (as defined below), and to invest its funds in investments permitted by the terms of Sections 856 through 860 of the Code (as defined below); 
 WHEREAS, the Company is the general partner of the Operating Partnership and intends to conduct all its business and make all investments in Real
Properties and Real Estate Related Securities through the Operating Partnership; 
 WHEREAS, the Company and the Operating Partnership desire
to avail themselves of the experience, sources of information, advice, assistance and certain facilities of 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 all as provided herein; 
 WHEREAS, the Advisor is willing to undertake to render such
services, subject to the supervision of the Board of Directors, on the terms and conditions hereinafter set forth; and 
 WHEREAS, the
parties hereto are party to an Advisory Agreement, dated as of January 9, 2006. 
 NOW, THEREFORE, in consideration of the foregoing and
of the mutual covenants and agreements contained herein, the parties hereto agree as follows: 
 1. DEFINITIONS. As used in this Advisory
Agreement (the “Agreement”), the following terms have the definitions hereinafter indicated: 
 Acquisition Expenses. Any
and all expenses, exclusive of Acquisition Fees, incurred by the Company, the Operating Partnership, the Advisor, or any of their Affiliates in connection with the selection, acquisition or development of any Real Property, whether or not acquired,
including, without limitation, legal fees and expenses, travel and communications expenses, costs of appraisals, nonrefundable option payments on property not acquired, accounting fees and expenses, title insurance premiums, and the costs of
performing due diligence. 
 Acquisition Fees. Any and all fees and commissions, exclusive of Acquisition Expenses, paid by any Person
to any other Person (including any fees or commissions paid by or to any Affiliate of the Company, the Operating Partnership or the Advisor) in connection with making or investing in mortgages or the purchase, development or construction of a Real
Property, including real estate commissions, selection fees, development fees, construction fees, nonrecurring management fees, loan fees, points or any other fees of a similar nature. Excluded shall be development fees and construction fees paid to
any Person not affiliated with the Sponsor in connection with the actual development and construction of a project. 
 Advisor.
Dividend Capital Total Advisors LLC, a Delaware limited liability company, any successor advisor to the Company, the Operating Partnership or any person or entity to which Dividend Capital Total Advisors LLC or any successor advisor subcontracts
substantially all of its functions. Notwithstanding the forgoing, a Person hired or retained by Dividend Capital Total Advisors LLC to 

  

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perform property and securities management and related services for the Company or the Operating Partnership that is not hired or retained to perform
substantially all of the functions of Dividend Capital Total Advisors LLC with respect to the Company or the Operating Partnership as a whole shall not be deemed to be an Advisor. 
 Advisor Asset Management Fee. For Real Properties: 1) Before the Dividend Coverage Ratio Date: (a) For Direct Real Properties:
(i) a monthly fee not to exceed one-twelfth of 0.50% of the aggregate cost (before non-cash reserves and depreciation) of Direct Real Properties; (ii) a monthly fee not to exceed 6% of the aggregate monthly Net Operating Income derived
from all Direct Real Properties; provided, however, that the aggregate monthly fee to be paid to the Advisor pursuant to these subclauses (i) and (ii) in aggregate shall not exceed one-twelfth of 0.75% of the aggregate cost (before
non-cash reserves and depreciation) of all Direct Real Properties; and (iii) a fee not to exceed 1.0% of the Contract Sales Price of each Direct Real Property sold upon its disposition; and (b) For Product Specialist Real Properties:
(i) a monthly fee not to exceed one-twelfth of 0.50% of the aggregate cost (before non-cash reserves and depreciation) of Product Specialist Real Properties; (ii) a monthly fee not to exceed 6% of the aggregate monthly Net Operating Income
derived from all Product Specialist Real Properties; provided, however, that in the event that the aggregate monthly amount of such fee reallocated to Product Specialists by the Advisor exceeds 6% of the aggregate monthly Net Operating Income
derived from all Product Specialist Real Properties, then the monthly fee to be paid to the Advisor pursuant to this subclause (ii) shall be increased by the amount of such excess; provided further, however, that the monthly fee to be
paid to the Advisor pursuant to this subclause (ii) shall not exceed 8% of the aggregate monthly Net Operating Income derived from all Product Specialist Real Properties; and (iii) a fee not to exceed 1.0% of the Contract Sales Price of
each Product Specialist Real Property sold upon its disposition; 2) After the Dividend Coverage Ratio Date: For all Real Properties: (i) a monthly fee not to exceed one-twelfth of 0.50% of the aggregate cost (before non-cash reserves and
depreciation) of all Real Properties; (ii) a monthly fee not to exceed 8.0% of the aggregate monthly Net Operating Income derived from all Real Properties; and (iii) a fee not to exceed 1.0% of the Contract Sales Price of each Real
Property sold upon its disposition. For Real Estate Related Securities: the Advisor Asset Management Fee will consist of a monthly fee not to exceed one-twelfth of 1.0% of the value of the Real Estate Related Securities. With the exception of
any portion of the Advisor Asset Management Fee related to the disposition of Real Properties, which shall be payable at the time of such disposition, the Advisor Asset Management Fee shall be payable on the 1st of each month, and shall be based
upon (i) the aggregate cost (before non-cash reserves and depreciation) of all Real Property as of close of business on the last day of the prior month, (ii) the Net Operating Income derived from all Real Property during the prior month,
and (iii) the value of the Real Estate Related Securities as of the close of business on the last day of the prior month. 
 Affiliate or Affiliated. With respect to any Person, (i) any Person directly or indirectly owning, controlling or holding, with the power to vote, ten percent (10%) or more of the outstanding voting securities of such other
Person; (ii) any Person ten percent (10%) or more of whose outstanding voting securities are directly or indirectly owned, controlled or held, with the power to vote, by such other Person; (iii) any Person directly or indirectly
controlling, controlled by or under common control with such other Person; (iv) any executive officer, director, trustee or general partner of such other Person; and (v) any legal entity for which such Person acts as an executive officer,
director, trustee or general partner. 
 Articles of Incorporation. The Articles of Incorporation of the Company, as amended from time
to time. 
 Average Invested Assets. For a specified period, the average of the aggregate book value of the assets of the Company
invested, directly or indirectly, in Real Estate Related Securities and Real Properties, before deducting depreciation, bad debts or other non-cash reserves, computed by taking the average of such values at the end of each month during such period.

  

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 Board of Directors or Board. 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.
The bylaws of the Company, as the same are in effect from time to time. 
 Cause. With respect to the termination of this Agreement,
fraud, criminal conduct, willful misconduct or willful or negligent breach of fiduciary duty by the Advisor, or a material breach of this Agreement by the Advisor. 
 Code. 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. Company shall have the meaning set forth in the preamble of this Agreement. 
 Company Property. Any and all
property, real, personal or otherwise, tangible or intangible, which is transferred or conveyed to the Company (including all rents, income, profits and gains therefrom), and which is owned or held by, or for the account of, the Company. 

Competitive Real Estate Commission. A real estate or brokerage commission for the purchase or sale of property which is reasonable, customary,
and competitive in light of the size, type, and location of the property. 
 Contract Purchase Price. The amount actually paid or
allocated (as of the date of purchase) to the purchase or improvement of Real Property, exclusive of Acquisition Fees and Acquisition Expenses. 
 Contract Sales Price. The total consideration received by the Company for the sale of a Company Property. 
 Dealer
Manager. Dividend Capital Securities LLC, an Affiliate of the Advisor, or such other Person or entity selected by the Board of Directors to act as the dealer manager for the Offering. Dividend Capital Securities LLC is a member of the National
Association of Securities Dealers, Inc. 
 Dealer Manager Fee. Up to: (a) 2.5% of Gross Proceeds from the sale of primary shares
in the Offering (not including Shares sold pursuant to the Company’s dividend reinvestment plan) payable to the Dealer Manager for serving as the dealer manager of the Offering. 
 Direct Real Properties. Those Real Properties acquired directly by the Company without the advice or participation of a Product Specialist engaged
by the Advisor as described in the Company’s Prospectus. 
 Director. A member of the Board of Directors of the Company.

 Distributions. Any 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. 
 Dividend Coverage Ratio. As to any given fiscal quarter of the
Company, the total amount of Distributions to be made by the Company with respect to that fiscal quarter divided by the aggregate Funds From Operations for that fiscal quarter. 
  

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 Dividend Coverage Ratio Date. The date on which the Dividend Coverage Ratio has been less than or
equal to 1.00 for two consecutive fiscal quarters of the Company. 
 Equity Shares. Transferable shares of beneficial interest of the
Company of any class or series, including common shares or preferred shares. 
 Funds From Operations. “Funds From
Operations” shall have the meaning assigned to it in the Company’s financial statements, from time to time. 
 GAAP.
Generally accepted accounting principles as in effect in the United States of America from time to time. 
 Good Reason. With respect
to the termination of this Agreement, (i) any failure to obtain a satisfactory agreement from any successor to the Company and/or the Operating Partnership to assume and agree to perform the Company’s and/or the Operating
Partnership’s obligations under this Agreement; or (ii) any material breach of this Agreement of any nature whatsoever by the Company and/or the Operating Partnership. 
 Gross Proceeds. The aggregate purchase price of all Shares sold for the account of the Company through all Offerings, without deduction for Sales
Commissions, volume discounts, any marketing support and due diligence expense reimbursement or Organization and Offering Expenses. For the purpose of computing Gross Proceeds, the purchase price of any Share for which reduced Sales Commissions are
paid to the Dealer Manager or a Soliciting Dealer (where net proceeds to the Company are not reduced) shall be deemed to be the full amount of the offering price per Share pursuant to the Prospectus for such Offering without reduction. 

Independent Director. Independent Director shall have the meaning set forth in the Articles of Incorporation. 
 Independent Expert. A person or entity with no material current or prior business or personal relationship with the Advisor or the Directors and
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. 
 Joint Ventures. The joint venture or partnership arrangements (other than with Dividend Capital Total Realty Operating Partnership LP) in which the Company or any of its subsidiaries is a co-venturer or general partner which are
established to acquire Real Properties. 
 Listing. The listing of the Shares on a national securities exchange or the quotation of
the Shares on the Nasdaq National Market (“Nasdaq”) or the receipt by the Company’s stockholders of securities that are listed on a national securities exchange or the Nasdaq in exchange for the Company’s common stock.
Upon such Listing, the Shares shall be deemed Listed. 
 Net Income. For any period, the Company’s total revenues applicable to
such period, less the total expenses applicable to such period other than additions to reserves for depreciation, bad debts or other similar non-cash reserves and excluding any gain from the sale of the Company’s assets. 
 Net Operating Income. Equal to (i) revenues from Real Properties, less deferred rents receivable, calculated, in each case, in accordance
with GAAP, plus (ii) payments received pursuant to master lease agreements with sellers of Real Properties, less (iii) the costs of maintaining the Real Properties, including, without limitation, taxes, insurance, repairs and maintenance,
but excluding depreciation, amortization, 

  

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principal and interest payments, and capital expenditures, calculated, in each case, in accordance with GAAP. 
 Offering. The public offering of Shares pursuant to a Prospectus. 
 Operating Partnership. Operating Partnership shall have the meaning set forth in the preamble of this Agreement. 
 Operating Partnership Agreement. The Operating Partnership Agreement among the Company, the Advisor, and Dividend Capital Total Advisors Group LLC. 
 OP Unit. Units of limited partnership interest in the Operating Partnership. 
 Organizational and Offering Expenses. Any and all costs and expenses, other than the Sales Commission, the Dealer Manager Fee and the Servicing
Fee, incurred by the Advisor or any Affiliate in connection with the formation, qualification and registration of the Company and the marketing and distribution of Shares, including, without limitation, the following: total underwriting and
brokerage discounts and commissions (including fees of the underwriters’ attorneys), expenses for printing, engraving, mailing and distributing costs, salaries of employees while engaged in sales activity, telephone and other telecommunications
costs, all advertising and marketing expenses (including the costs related to investor and broker-dealer sales meetings), charges of transfer agents, registrars, trustees, escrow holders, depositories, experts, fees, expenses and taxes related to
the filing, registration and qualification of the sale of the Shares under federal and state laws, including accountants’ and attorneys’ fees. Organizational and Offering Expenses paid by the Company in connection with its formation will
not exceed 1.5% of Gross Proceeds from the sale of primary shares (not including Shares sold pursuant to the Company’s dividend reinvestment plan). 
 Person. An individual, corporation, partnership, trust, joint venture, limited liability company or other entity. 
 Product Specialist. Persons that have specialized expertise and dedicated resources in specific areas of real property or real estate securities investments and that assist the Advisor in connection with one or
more of the following: identifying, evaluating and/or recommending potential investments, performing due diligence, negotiating purchases and/or managing the Company’s assets on a day-to-day basis, as described in the Company’s Prospectus.

 Product Specialist Real Properties. Those Real Properties acquired by the Company pursuant to the advice or participation of a
Product Specialist engaged by the Advisor pursuant to a contractual arrangement as described in the Company’s Prospectus. 
 Prospectus. “Prospectus” has the meaning set forth in Section 2(10) of the Securities Act of 1933, as amended (the “Securities Act”), including a preliminary Prospectus, an offering circular as described in
Rule 256 of the General Rules and Regulations under the Securities Act or, in the case of an intrastate offering, any document by whatever name known, utilized for the purpose of offering and selling securities to the public. 
 Real Estate Asset Value. The amount actually paid or allocated to the purchase, development, construction or improvement of a Real Property,
exclusive of Acquisition Fees and Acquisition Expenses. 
 Real Estate Related Securities. The real estate related securities
investments, or such investments the Board of Directors and the Advisor mutually designate as Real Estate Related Securities to the extent 

  

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such investments could be classified as either Real Estate Related Securities or Real Property, which are owned from time to time by the Company or the
Operating Partnership. 
 Real Property. (i) Land, including the buildings located thereon, or (ii) land only, or
(iii) the buildings only, which are owned from time to time by the Company or the Operating Partnership, either directly or through subsidiaries, joint venture arrangements or other partnerships, or (iv) such investments the Board of
Directors and the Advisor mutually designate as Real Property to the extent such investments could be classified as either Real Property or Real Estate Related Securities. Properties sold by the Company or any Affiliate to tenancy-in-common
investors shall be deemed Real Property for the purposes of this definition so long as (i) such properties are being leased by the Company or any Affiliate from the tenancy-in-common investors, and (ii) such properties are reflected as
assets of the Company in accordance with GAAP. 
 REIT. A “real estate investment trust” under Sections 856 through 860 of
the Code or as may be amended. 
 Sale or Sales. Any transaction or series of transactions whereby: (A) the Company or the
Operating Partnership directly or indirectly (except as described in other subsections of this definition) sells, grants, transfers, conveys, or relinquishes its ownership of any Real Property or portion thereof, including the lease of any Real
Property consisting of a building only, and including any event with respect to any Real Property which gives rise to a significant amount of insurance proceeds or condemnation awards; (B) the Company or the Operating 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 Corporation or the Operating Partnership in any Joint
Venture in which it is a co-venturer or partner; (C) any Joint Venture directly or indirectly (except as described in other subsections of this definition) in which the Company or the Operating Partnership as a co-venturer or partner sells,
grants, transfers, conveys, or relinquishes its ownership of any Real Property or portion thereof, including any event with respect to any Real Property which gives rise to insurance claims or condemnation awards; or (D) the Company or the
Operating Partnership directly or indirectly (except as described in other subsections of this definition) sells, grants, conveys or relinquishes its interest in any mortgage or portion thereof (including with respect to any mortgage, all payments
thereunder or in satisfaction thereof other than regularly scheduled interest payments) of amounts owed pursuant to such mortgage and any event which gives rise to a significant amount of insurance proceeds or similar awards; or (E) the Company
or the Operating Partnership directly or indirectly (except as described in other subsections of this definition) sells, grants, transfers, conveys, or relinquishes its ownership of any other asset not previously described in this definition or any
portion thereof, but (ii) not including any transaction or series of transactions specified in clause (A) through (E) above in which the proceeds of such transaction or series of transactions are reinvested by the Company in one or
more assets within 180 days thereafter. 
 Sales Commission. Up to 6.0% of Gross Proceeds from the sale of primary shares in the
Offering (not including Shares sold pursuant to the Company’s dividend reinvestment plan) payable to the Dealer Manager and reallowable to Soliciting Dealers with respect to Shares sold by them. 
 Servicing Fee. Up to 1.0% of the undiscounted selling price of the Shares offered pursuant the Company’s distribution reinvestment plan
payable to the Dealer Manager. 
 Securities. Any Equity Shares, any other stock, shares or other evidences of equity or beneficial or
other interests, voting trust certificates, bonds, debentures, notes or other evidences of indebtedness, secured or unsecured, convertible, subordinated or otherwise, or in general any instruments commonly known as “securities” or any
certificates of interest, shares or participations in, temporary or interim 

  

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certificates for, receipts for, guarantees of, or warrants, options or rights to subscribe to, purchase or acquire, any of the foregoing. 
 Shares. The shares of the common stock of the Company sold in the Offering. 
 Soliciting Dealers. Broker-dealers who are members of the National Association of Securities Dealers, Inc., or that are exempt from broker-dealer
registration, and who, in either case, have executed participating broker or other agreements with the Dealer Manager to sell Shares. 
 Special OP Units. The separate series of limited partnership interests to be issued in accordance with Paragraph 9(d). 
 Sponsor. Any Person which (i) is directly or indirectly instrumental in organizing, wholly or in part, the Company, (ii) will control, manage or participate in the management of the Company, and any Affiliate of any such
Person, (iii) takes the initiative, directly or indirectly, in founding or organizing the Company, either alone or in conjunction with one or more other Persons, (iv) receives a material participation in the Company in connection with the
founding or organizing of the business of the Company, in consideration of services or property, or both services and property, (v) has a substantial number of relationships and contacts with the Company, (vi) possesses significant rights
to control Real Properties, (vii) receives fees for providing services to the Company which are paid on a basis that is not customary in the industry, or (viii) provides goods or services to the Company on a basis which was not negotiated
at arm’s-length with the Company. “Sponsor” does not include wholly independent third parties such as attorneys, accountants and underwriters whose only compensation is for professional services. 
 Stockholders. The registered holders of the Company’s Shares. 
 Termination Date. The date of termination of this Agreement. 
 Termination Event. The
termination or nonrenewal of this Agreement (i) in connection with a merger, sale of assets or transaction involving the Company pursuant to which a majority of the Directors then in office are replaced or removed, (ii) by the Advisor for
Good Reason or (iii) by the Company and the Operating Partnership other than for Cause. 
 Total Development Cost. With regard to
any Company Real Property acquired prior to or during the development or acquisition stages, all costs and expenses paid or incurred by the Company that are in any way related to the development of such Real Property, including, but not limited to,
land and construction costs. 
 Total Operating Expenses. All costs and expenses paid or incurred by the Company, as determined under
generally accepted accounting principles, that are in any way related to the operation of the Company or to corporate business, including asset management fees and other fees paid to Advisors, but excluding (i) 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, (ii) interest payments, (iii) taxes, (iv) non-cash expenditures such as depreciation, amortization and bad debt reserves, (v) incentive fees paid in compliance with the NASAA REIT Guidelines;
(vi) Acquisition Fees and Acquisition Expenses, (vii) real estate commissions on the Sale of Real Property, and (viii) other fees and expenses connected with the acquisition, disposition, management and ownership of real estate
interests, mortgage loans or other property (including the costs of foreclosure, insurance premiums, legal services, maintenance, repair, and improvement of property). The definition of “Total Operating Expenses” set forth above is
intended to encompass only those expenses which are required to be treated as Total Operating 

  

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Expenses under the NASAA REIT Guidelines. As a result, and notwithstanding the definition set forth above, any expense of the Company which is not part of
Total Operating Expenses under the NASAA REIT Guidelines shall not be treated as part of Total Operating Expenses for purposes hereof. 
 Total Property Cost. With regard to any Company Property, an amount equal to the sum of the Real Estate Asset Value of such Real Property plus the Acquisition Fees and Acquisition Expenses paid in connection with such Real Property.

 2%/25% Guidelines. For any year in which the Company qualifies as a REIT, the requirement pursuant to the guidelines of the North
American Securities Administrators Association, Inc. that, in any 12 month period, Total Operating Expenses not exceed the greater of 2% of the Company’s Average Invested Assets during such 12 month period or 25% of the Company’s Net
Income over the same 12 month period. 
 2. APPOINTMENT. The Company and the Operating Partnership hereby appoint the Advisor to serve as
their advisor on the terms and conditions set forth in this Agreement, and the Advisor hereby accepts such appointment. 
 3. DUTIES OF THE
ADVISOR. The Advisor undertakes to use its best efforts to present to the Company and the Operating Partnership potential investment opportunities and to provide 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 Directors. In performance of this undertaking, subject to the supervision of the Directors and consistent with the provisions of the Articles of Incorporation and Bylaws
of the Company and the Operating Partnership Agreement, the Advisor shall, either directly or by engaging an Affiliate: 
 (a)
serve as the Company’s and the Operating Partnership’s investment and financial advisor and provide research and economic and statistical data in connection with the Company’s assets and investment policies; 
 (b) provide the daily management for the Company and the Operating Partnership and perform and supervise the various administrative
functions reasonably necessary for the management of the Company and the Operating Partnership; 
 (c) investigate, select,
and, on behalf of the Company and the Operating Partnership, engage and conduct business with such Persons as the Advisor deems necessary to the proper performance of its obligations hereunder, including but not limited to consultants, accountants,
correspondents, lenders, technical advisors, attorneys, brokers, underwriters, corporate fiduciaries, escrow agents, depositaries, custodians, agents for collection, insurers, insurance agents, banks, builders, developers, property owners, real
estate management companies, real estate operating companies, securities investment advisors, mortgagors, and any and all agents for any of the foregoing, including Affiliates of the Advisor, and Persons acting in any other capacity deemed by the
Advisor necessary or desirable for the performance of any of the foregoing services, including but not limited to entering into contracts in the name of the Company and the Operating Partnership with any of the foregoing; 
 (d) consult with the officers and Directors of the Company and assist the Directors in the formulation and implementation of the
Company’s financial policies, and, as necessary, furnish the Directors 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/or the Operating Partnership; 
  

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 (e) subject to the provisions of Paragraphs 3(g) and 4 hereof, (i) locate, analyze
and select potential investments, (ii) structure and negotiate the terms and conditions of transactions pursuant to which investments will be made; (iii) make investments on behalf of the Company and the Operating Partnership in compliance
with the investment objectives and policies of the Company; (iv) arrange for financing and refinancing and make other changes in the asset or capital structure of, and dispose of, reinvest the proceeds from the sale of, or otherwise deal with,
investments; and (v) enter into leases and service contracts for Company Property and, to the extent necessary, perform all other operational functions for the maintenance and administration of such Company Property; 
 (f) upon request provide the Directors with periodic reports regarding prospective investments; 
 (g) obtain the prior approval of the Board, any particular Directors specified by the Board or any committee of the Board, as the case may
be, for any and all investments in and dispositions of Real Properties; 
 (h) make investments in and dispositions of Real
Estate Related Securities within the discretionary limits and authority as granted by the Board; 
 (i) negotiate on behalf of
the Company and the Operating Partnership with banks or lenders for loans to be made to the Company and the Operating Partnership, and negotiate on behalf of the Company and the Operating Partnership with investment banking firms and broker-dealers
or negotiate private sales of Shares and Securities or obtain loans for the Company and the Operating Partnership, but in no event in such a way so that the Advisor shall be acting as broker-dealer or underwriter; and provided, further, that any
fees and costs payable to third parties incurred by the Advisor in connection with the foregoing shall be the responsibility of the Company or the Operating Partnership; 
 (j) obtain reports (which may but are not required to be prepared by the Advisor or its Affiliates), where appropriate, concerning the
value of investments or contemplated investments of the Company and/or the Operating Partnership in Real Properties or Real Estate Related Securities; 
 (k) from time to time, or at any time reasonably requested by the Directors, make reports to the Directors of its performance of services to the Company and the Operating Partnership under this Agreement, including
reports with respect to potential conflicts of interest involving the Advisor or any of its affiliates; 
 (l) provide the
Company and the Operating Partnership with all necessary cash management services; 
 (m) do all things necessary to assure
its ability to render the services described in this Agreement; 
 (n) deliver to or maintain on behalf of the Company copies
of all appraisals obtained in connection with the investments in Real Properties and all valuations of Real Estate Related Securities as may be required to be obtained by the Board; 
 (o) notify the Board of all proposed transactions above $25 million before they are completed; and 
 (p) effect any private placement of OP Units, tenancy-in-common or other interests in Real Properties as may be approved by the Board.

  

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 Notwithstanding the foregoing, the Advisor may delegate any of the foregoing duties to any Person so long
as the Advisor or any Affiliate remains responsible for the performance of the duties set forth in this Paragraph 3. 
 4. AUTHORITY OF
ADVISOR. 
 (a) Pursuant to the terms of this Agreement (including the restrictions included in this Paragraph 4 and in
Paragraph 7), and subject to the continuing and exclusive authority of the Directors over the management of the Company, the Directors hereby delegate to the Advisor the authority to (1) locate, analyze and select investment opportunities,
(2) structure the terms and conditions of transactions pursuant to which investments will be made, acquired or disposed of for the Company and the Operating Partnership, (3) acquire and dispose of investments in compliance with the
investment objectives and policies of the Company, (4) arrange for financing or refinancing Real Property or Real Estate Related Securities, (5) enter into leases and service contracts for Company Property, (6) oversee Affiliated and
non-Affiliated property managers who perform services for the Company or the Operating Partnership, (7) oversee Affiliated and non-Affiliated Persons with whom the Advisor contracts to perform certain of the services required to be performed
under this Agreement, and (7) manage accounting and other record-keeping functions for the Company and the Operating Partnership. 
 (b) Notwithstanding the foregoing, any investment in Real Properties, including any acquisition of Real Property by the Company or the Operating Partnership (including any financing of such acquisition), will require
the prior approval of the Board, any particular Directors specified by the Board or any committee of the Board, as the case may be. 
 (c) If a transaction requires approval by the Independent Directors, the Advisor will deliver to the Independent Directors all documents and other information required by them to properly evaluate the proposed transaction. 
 The prior approval of a majority of the Independent Directors not otherwise interested in the transaction and a majority of the Directors not otherwise
interested in the transaction will be required for each transaction to which the Advisor or its Affiliates is a party. The Directors may, at any time upon the giving of notice to the Advisor, modify or revoke the authority set forth in this
Paragraph 4. If and to the extent the Directors so modify or revoke the authority contained herein, the Advisor shall henceforth submit to the Directors for prior approval such proposed transactions involving investments in Real Property or Real
Estate Related Securities as thereafter require prior approval, 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. 
 5. BANK ACCOUNTS. The Advisor may establish and
maintain one or more bank accounts in its own name for the account of the Company and/or the Operating Partnership or in the name of the Company and the Operating Partnership 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/or the Operating Partnership, under such terms and conditions as the Directors may approve, provided that no funds shall be commingled with the funds of the Advisor;
and the Advisor shall from time to time render appropriate accountings of such collections and payments to the Directors and to the auditors of the Company. 
 6. RECORDS; ACCESS. The Advisor shall maintain appropriate records of all its activities hereunder and make such records available for inspection by the Directors and by counsel, auditors and authorized agents of the
Company, at any time or from time to time during normal business hours. The 

  

 10 

 
Advisor shall at all reasonable times have access to the books and records of the Company and the Operating Partnership. 
 7. LIMITATIONS ON ACTIVITIES. Anything else in this Agreement to the contrary notwithstanding, the Advisor shall refrain from taking any action which, in
its sole judgment made in good faith, would (a) adversely affect the status of the Company as a REIT, (b) subject the Company to regulation under the Investment Company Act of 1940, as amended, or (c) violate any law, rule, regulation
or statement of policy of any governmental body or agency having jurisdiction over the Company, its Shares or its Securities, or otherwise not be permitted by the Articles of Incorporation or Bylaws of the Company, except if such action shall be
ordered by the Directors, in which case the Advisor shall notify promptly the Directors 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 Directors. In such event the Advisor shall have no liability for acting in accordance with the specific instructions of the Directors so given. Notwithstanding the foregoing, the Advisor, its directors, officers, employees and
stockholders, and stockholders, directors and officers of the Advisor’s Affiliates shall not be liable to the Company or to the Directors or stockholders for any act or omission by the Advisor, its directors, officers or employees, or
stockholders, directors or officers of the Advisor’s Affiliates taken or omitted to be taken in the performance of their duties under this Agreement except as provided in Paragraphs 20 and 21 of this Agreement. 
 8. RELATIONSHIP WITH DIRECTORS. Subject to Paragraph 7 of this Agreement and to restrictions advisable with respect to the qualification of the Company
as a REIT, directors, officers and employees of the Advisor or an Affiliate of the Advisor or any corporate parents of an Affiliate, may serve as a Director and as officers of the Company, except that no director, officer or employee of the Advisor
or its Affiliates who also is a Director or officer of the Company shall receive any compensation from the Company for serving as a Director or officer other than reasonable reimbursement for travel and related expenses incurred in attending
meetings of the Directors and no such Director shall be deemed an Independent Director for purposes of satisfying the Director independence requirement set forth in the Articles of Incorporation. 
 9. FEES. 
 (a) Acquisition
Fees. The Advisor shall receive as compensation for services rendered in connection with the investigation, selection and acquisition (by purchase, investment or exchange) of Real Property an Acquisition Fee payable by the Company. The total
Acquisition Fees paid to the Advisor or its Affiliates shall not exceed (i) 2.0% of the Contract Purchase Price of Real Properties acquired directly or indirectly by the Company for the first $500,000,000 of Real Properties acquired, and 1.0%
thereafter, and (ii) 4.0% of the Total Development Cost of Real Properties developed by or on behalf of the Company for services provided by the Advisor, its Affiliates, or sub-contractors thereof. Acquisition Fees shall be payable on the
acquisition of a specific Real Property, on the acquisition of a portfolio of Real Properties through a purchase of assets, merger or similar transaction, or on the completion of development of a Real Property or Real Properties for the Company.
However, the total of all Acquisition Fees and Acquisition Expenses payable with respect to any Real Property or Real Properties shall not exceed 6% of the Contract Purchase Price or the Total Development Cost (as applicable) of such Real Property
or Real Properties unless fees in excess of such amount are approved by a majority of the Directors not interested in such transaction and by a majority of the Independent Directors not interested in such transaction. 
 (b) Real Estate Sales Commissions. If the Advisor or an Affiliate provides a substantial amount of the services in connection with
the Sale of one or more Real Properties, the Advisor or an Affiliate shall receive a real estate sales commission equal to the lesser of (i) one-half of a Competitive Real Estate Commission or (ii) 1% of the Contract Sales Price of such
Real Property or Real Properties. The Real 

  

 11 

 
Estate Commission may be paid in addition to real estate commissions paid to non-Affiliates, provided that the total real estate commissions paid to all
Persons by the Company with respect to the sale of such Real Property or Real Properties shall not exceed an amount equal to the lesser of (i) 6% of the Contract Sales Price of the Real Property or Real Properties or (ii) the Competitive
Real Estate Commission. 
 (c) Advisor Asset Management Fee. The Advisor shall receive as compensation for services
rendered in connection with the management of the Company’s assets the Advisor Asset Management Fee. The Advisor Asset Management Fee shall be payable by the Company in cash or in Shares at the option of the Advisor, and may be deferred, in
whole or in part, from time to time, by the Advisor (without interest). The Advisor Asset Management Fee shall be calculated monthly and includes, the following for Real Properties and Real Estate Related Securities, respectively: 
 A) For Real Properties: 
  

	 	1)	Before the Dividend Coverage Ratio Date: 

  

	 	a)	For Direct Real Properties: (i) a monthly fee not to exceed one-twelfth of 0.50% of the aggregate cost (before non-cash reserves and depreciation) of Direct Real Properties;
(ii) a monthly fee not to exceed 6% of the aggregate monthly Net Operating Income derived from all Direct Real Properties; provided, however, that the aggregate monthly fee to be paid to the Advisor pursuant to these subclauses
(i) and (ii) in aggregate shall not exceed one-twelfth of 0.75% of the aggregate cost (before non-cash reserves and depreciation) of all Direct Real Properties; and (iii) a fee not to exceed 1.0% of the Contract Sales Price of each
Direct Real Property sold upon its disposition; 

  

	 	b)	For Product Specialist Real Properties: (i) a monthly fee not to exceed one-twelfth of 0.50% of the aggregate cost (before non-cash reserves and depreciation) of Product
Specialist Real Properties; (ii) a monthly fee not to exceed 6% of the aggregate monthly Net Operating Income derived from all Product Specialist Real Properties; provided, however, that in the event that the aggregate monthly amount of
such fee reallocated to Product Specialists by the Advisor exceeds 6% of the aggregate monthly Net Operating Income derived from all Product Specialist Real Properties, then the monthly fee to be paid to the Advisor pursuant to this subclause
(ii) shall be increased by the amount of such excess; provided further, however, that the monthly fee to be paid to the Advisor pursuant to this subclause (ii) shall not exceed 8% of the aggregate monthly Net Operating Income
derived from all Product Specialist Real Properties; and (iii) a fee not to exceed 1.0% of the Contract Sales Price of each Product Specialist Real Property sold upon its disposition; 

  

	 	2)	After the Dividend Coverage Ratio Date: 

  

	 	a)	For all Real Properties: (i) a monthly fee not to exceed one-twelfth of 0.50% of the aggregate cost (before non-cash reserves and depreciation) of all Real Properties;
(ii) a monthly fee not to exceed 8.0% of the aggregate monthly Net Operating Income derived from all Real Properties; and (iii) a fee not to exceed 1.0% of the Contract Sales Price of each Real Property sold upon its disposition.

  

 12 

 B) For Real Estate Related Securities: the Advisor Asset Management Fee will consist of a monthly fee not
to exceed one-twelfth of 1.0% of the value of the Real Estate Related Securities. 
 With the exception of any portion of the Advisor Asset Management Fee
related to the disposition of Real Properties, which shall be payable at the time of such disposition, the Advisor Asset Management Fee shall be payable on the 1st of each month, and shall be based upon (i) the aggregate cost (before non-cash
reserves and depreciation) of all Real Property as of close of business on the last day of the prior month, (ii) the Net Operating Income derived from all Real Property during the prior month, and (iii) the value of the Real Estate Related
Securities as of the close of business on the last day of the prior month. 
 (d) Operating Partnership Interests. The
Advisor has made a capital contribution of $200,000 to the Operating Partnership in exchange for OP Units. An affiliate of the Advisor also will be issued OP Units constituting a separate series of limited partnership interests (the “Special OP
Units”). Upon the earliest to occur of the termination of this Agreement for Cause, a Termination Event or a Listing, all of the Special OP Units shall be redeemed by the Operating Partnership in accordance with the terms of the Operating
Partnership Agreement. 
 (e) Loans from Affiliates. If any loans are made to the Company or the Operating Partnership
by the Advisor or any Affiliate, the maximum amount of interest that may be charged shall be the lesser of (i) 1% above the prime rate of interest charged from time to time by the principal bank then used by the Company or the Operating
Partnership and (ii) the rate that would be charged to the Company or the Operating Partnership by unrelated lending institutions on comparable loans for the same purpose. The Advisor or any Affiliate thereof may not make any loan to the
Company or the Operating Partnership unless a majority of the Directors (including a majority of the Independent Directors) not otherwise interested in such loan approve the loan as being fair, competitive, and commercially reasonable and no less
favorable to the Company or the Operating Partnership than loans between unaffiliated parties under the same circumstances. 
 (f) Exclusion of Certain Transactions. In the event the Company or the Operating Partnership shall propose to enter into any transaction in which an officer or director of the Company, and the Operating Partnership, the Advisor, or
any Affiliate of the Company, the Operating Partnership or the Advisor has a direct or indirect interest, then (i) such transaction shall be approved by a majority of the Board of Directors and also by a majority of the Independent Directors
and (ii) any commissions or remuneration received by any such persons in connection with such transaction shall be deducted from the fees payable under this Agreement. 
 (g) Product Specialists. In the event the Advisor enters into strategic alliances with product specialists with respect to
investments in real properties or real estate related securities on behalf of the Company or the Operating Partnership as provided for in the Company’s prospectus, and the product specialists perform services that entitle them to Acquisition
Fees and/or Asset Management Fees, any such fees will be paid by the Advisor (and not by the Company or the Operating Partnership) out of the Acquisition Fees and/or Asset Management Fees the Advisor receives from the Company or the Operating
Partnership. 
  

 13 

 10. EXPENSES. 
 (a) In addition to the compensation paid to the Advisor pursuant to Paragraph 9 hereof, the Company or the Operating Partnership shall pay
directly or reimburse the Advisor for all of the expenses paid or incurred by the Advisor in connection with the services it provides to the Company and the Operating Partnership pursuant to this Agreement, including, but not limited to: 

(i) the Company’s Organizational and Offering Expenses; provided, however, that within 60 days after the end of the month in which
the Offering terminates, the Advisor shall reimburse the Company for any Organizational and Offering Expenses reimbursement received by the Advisor pursuant to this Paragraph 10, to the extent that such reimbursement exceeds the maximum amount
permitted or, at the option of the Company, such excess shall be subtracted from the next reimbursement of expense to be made by the Company pursuant to this Paragraph 10. The Advisor shall be responsible for the payment of all the Company’s
Organizational and Offering Expenses in excess of the maximum amount permitted; 
 (ii) Acquisition Expenses incurred in
connection with the selection and acquisition of Real Properties; 
 (iii) the actual cost of goods and services used by the
Company and obtained from entities not affiliated with the Advisor, other than Acquisition Expenses, including brokerage fees paid in connection with the purchase and sale of Real Estate Related Securities; 
 (iv) interest and other costs for borrowed money, including discounts, points and other similar fees; 
 (v) taxes and assessments on income of the Company or Real Properties; 
 (vi) costs associated with insurance required in connection with the business of the Company or by the Directors; 
 (vii) expenses of managing and operating Real Properties owned by the Company, whether payable to an Affiliate of the Company or a
non-affiliated Person. 
 (viii) all expenses in connection with payments to the Directors and meetings of the Directors and
Stockholders; 
 (ix) expenses associated with a Listing, if applicable, or with the issuance and distribution of Shares and
Securities, such as selling commissions and fees, advertising expenses, taxes, legal and accounting fees, listing and registration fees, and other Organization and Offering Expenses; 
 (x) expenses connected with payments of Distributions in cash or otherwise made or caused to be made by the Company to the Stockholders;

 (xi) expenses of organizing, revising, amending, converting, modifying, or terminating the Company or the Articles of
Incorporation; 
 (xii) expenses of 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; 
 (xiii) administrative service expenses (including personnel costs; provided, however, that no reimbursement shall be made for costs of personnel to the extent that such personnel perform services in transactions for which the Advisor
receives a separate fee); and 
 (xiv) audit, accounting and legal fees. 
  

 14 

 (b) Expenses incurred by the Advisor on behalf of the Company and the Operating
Partnership and payable pursuant to this Paragraph 10 shall be reimbursed no less than monthly to the Advisor. The Advisor shall prepare a statement documenting the expenses of the Company and the Operating Partnership and the calculation of the
Advisor Asset Management Fee during each quarter, and shall deliver such statement to the Company and the Operating Partnership within 45 days after the end of each quarter. 
 11. OTHER SERVICES. Should the Directors request that the Advisor or any director, officer or employee thereof render services for the Company and the
Operating Partnership other than set forth in Paragraph 3, such services shall be separately compensated at such rates and in such amounts as are agreed by the Advisor and the Independent Directors of the Company, subject to the limitations
contained in the Articles of Incorporation, and shall not be deemed to be services pursuant to the terms of this Agreement. 
 12.
REIMBURSEMENT TO THE ADVISOR. For any year in which the Company qualifies as a REIT, the Company shall not reimburse the Advisor at the end of any fiscal quarter 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. Any Excess Amount paid to the Advisor during a fiscal quarter shall
be repaid to the Company or, at the option of the Company, subtracted from the Total Operating Expenses reimbursed during the subsequent fiscal quarter. If there is an Excess Amount in any Expense Year and the Independent Directors determine that
such excess was justified based on unusual and nonrecurring factors which they deem sufficient, then (i) the Excess Amount may be carried over and included in Total Operating Expenses in subsequent Expense Years and reimbursed to the Advisor in
one or more of such years, provided that Total Operating Expenses in any Expense Year, including any Excess Amount to be paid to the Advisor, shall not exceed the 2%/25% Guidelines or (ii) the Excess Amount may be paid in the Expense Year and
within 60 days after the end of such Expense Year there shall be sent to the stockholders a written disclosure of such fact, together with an explanation of the factors the Independent Directors considered in determining that such excess expenses
were justified. Such determination shall be reflected in the minutes of the meetings of the Board of Directors. The Company will not reimburse the Advisor or its Affiliates for services for which the Advisor or its Affiliates are entitled to
compensation in the form of a separate fee. All figures used in the foregoing computation shall be determined in accordance with generally accepted accounting principles applied on a consistent basis. 
 13. OTHER ACTIVITIES OF THE ADVISOR. Nothing herein contained shall prevent the Advisor or any of its Affiliates from engaging in or earning fees from
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 director, officer, employee, or stockholder of the Advisor or its Affiliates to engage in or earn fees from any other business or to render services of any kind to any other partnership, corporation, firm, individual,
trust or association and earn fees for rendering such services. 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, and earn fees for
rendering such advice and service. Specifically, it is contemplated that the Company may enter into joint ventures or other similar co-investment arrangements with certain Persons, and pursuant to the agreements governing such joint ventures or
arrangements, the Advisor may be engaged to provide advice and service to such Persons, in which case the Advisor will earn fees for rendering such advice and service. 
 The Advisor shall report to the Directors the existence of any condition or circumstance, existing or anticipated, of which it has
knowledge, which 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 partnership, corporation, firm, individual, trust or association. The Advisor
or its Affiliates shall promptly 

  

 15 

 
disclose to the Directors knowledge of such condition or circumstance. If the Advisor, Director or Affiliates thereof have sponsored other investment
programs with similar investment objectives which have investment funds available at the same time as the Company, it shall be the duty of the Directors (including the Independent Directors) to ensure that the Advisor and its Affiliates adopt the
method approved by the Independent Directors, by which investments are to be allocated to the competing investment entities and to use their best efforts to ensure that such method is applied fairly to the Company. 
 The Advisor may make such an investment only after (i) such investment has been offered to the Company, the Operating Partnership and
all public partnerships and other investment entities Affiliated with the Company with funds available for such investment and (ii) such investment is found to be unsuitable for investment by the Company, the Operating Partnership, such
partnerships and investment entities. The Advisor’s Affiliates may make such an investment subject to the method approved by the Independent Directors, by which investments are to be allocated to the competing investment entities. 

In the event that the Advisor is presented with a potential investment which might be made by the Company or the Operating Partnership
and by another investment entity which the Advisor advises or manages, the Advisor shall consider the investment portfolio of each entity; cash flow of each entity; the effect of the acquisition on the diversification of each entity’s
portfolio; rental payments during any renewal period; the estimated income tax effects of the purchase on each entity, the policies of each entity relating to leverage; the funds of each entity available for investment and the length of time such
funds have been available for investment. In the event that an investment opportunity becomes available which the Advisor determines is suitable for the Company or the Operating Partnership based on the criteria set forth above, then the investment
opportunity shall be offered to the Company or the Operating Partnership, consistent with the method approved by the Independent Directors. The Advisor may consider the investment for its own investment only if such investment is deemed
inappropriate for any investment entity which is advised or managed by the Advisor, including the Company and the Operating Partnership. 
 14. TERM; TERMINATION OF AGREEMENT. This Agreement shall continue in force for a period of one year from the date hereof, subject to an unlimited number of successive one-year renewals upon mutual consent of the parties. It is the duty of
the Directors to evaluate the performance of the Advisor annually before renewing the Agreement, and each such renewal shall be for a term of no more than one year. 
 15. TERMINATION BY THE PARTIES. This Agreement may be terminated (i) immediately by the Company and/or the Operating Partnership for Cause or upon the bankruptcy of the Advisor, (ii) upon 60 days written
notice without Cause and without penalty by a majority of the Independent Directors of the Company or (iii) upon 60 days written notice with Good Reason by the Advisor. 
 16. ASSIGNMENT TO AN AFFILIATE. This Agreement may be assigned by the Advisor to an Affiliate with the approval of a majority of the Directors (including
a majority of the Independent Directors). The Advisor may assign any rights to receive fees or other payments under this Agreement to any Person without obtaining the approval of the Directors. This Agreement shall not be assigned by the Company or
the Operating Partnership without the consent of the Advisor, except in the case of an assignment by the Company or the Operating Partnership to a corporation, limited partnership or other organization which is a successor to all of the assets,
rights and obligations of the Company or the Operating Partnership, in which case such successor organization shall be bound hereunder and by the terms of said assignment in the same manner as the Company and the Operating Partnership are bound by
this Agreement. 
  

 16 

 17. PAYMENTS TO AND DUTIES OF ADVISOR UPON TERMINATION. Payments to the Advisor of unpaid expense
reimbursements pursuant to this Section 19 shall be subject to the 2%/25% Guidelines to the extent applicable. 
 (a)
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 or the Operating Partnership 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. 
 (b) The Advisor shall promptly upon termination: 
 (i) pay over to the Company and the
Operating Partnership all money collected and held for the account of the Company and the Operating Partnership pursuant to this Agreement, after deducting any accrued compensation and reimbursement for its expenses to which it is then entitled;

 (ii) deliver to the Directors 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 Directors; 
 (iii)
deliver to the Directors all assets, including Real Properties and Real Estate Related Securities, and documents of the Company and the Operating Partnership then in the custody of the Advisor; and 
 (iv) cooperate with the Company and the Operating Partnership to provide an orderly management transition. 
 18. INDEMNIFICATION BY THE COMPANY AND THE OPERATING PARTNERSHIP. The Company and the Operating Partnership shall indemnify 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 or the Articles of Incorporation of the
Company. Notwithstanding the foregoing, the Company and the Operating Partnership shall not provide for indemnification of the Advisor and its Affiliates, including their respective officers, directors, partners and employees, for any loss or
liability suffered by the Advisor and its Affiliates, including their respective officers, directors, partners and employees, nor shall they provide that the Advisor and its Affiliates, including their respective officers, directors, partners and
employees, be held harmless for any loss or liability suffered by the Company and the Operating Partnership, unless all of the following conditions are met: 
 (a) The Advisor has determined, in good faith, that the course of conduct which caused the loss or liability was in the best interest of
the Company and the Operating Partnership; 
 (b) The Advisor was acting on behalf of or performing services for the Company
and the Operating Partnership; 
 (c) Such liability or loss was not the result of negligence or misconduct by the Advisor;
and 
  

 17 

 (d) Such indemnification or agreement to hold harmless is recoverable only out of the
Company’s net assets and not from its shareholders. 
 Notwithstanding the foregoing, the Advisor and its Affiliates, including their
respective officers, directors, partners and employees, shall not be indemnified by the Company and the Operating Partnership for any losses, liabilities or expenses arising from or out of an alleged violation of federal or state securities laws by
the Advisor and its Affiliates, including their respective officers, directors, partners and employees, 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 Advisor;

 (b) Such claims have been dismissed with prejudice on the merits by a court of competent jurisdiction as to the Advisor; or

 (c) A court of competent jurisdiction approves a settlement of the claims against the Advisor 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 Securities and Exchange Commission and of the published position of any state
securities regulatory authority in which securities of the Company and the Operating Partnership were offered or sold as to indemnification for violation of securities laws. 
 In addition, the advancement of the Company’s or the Operating Partnership’s funds to the Advisor and its Affiliates, including their
respective officers, directors, partners and employees, for legal expenses and other costs incurred as a result of any legal action for which indemnification is being sought is permissible only if all of the following conditions are satisfied:

 (a) The legal action relates to acts or omissions with respect to the performance of duties or services on behalf of the
Company or the Operating Partnership; 
 (b) The legal action is initiated by a third party who is not a shareholder or the
legal action is initiated by a shareholder acting in his or her capacity as such and a court of competent jurisdiction specifically approves such advancement; and 
 (c) The Advisor undertakes to repay the advanced funds to the Company or the Operating Partnership, together with the applicable legal
rate of interest thereon, in cases in which the Advisor is found not to be entitled to indemnification. 
 19. INDEMNIFICATION BY ADVISOR.
The Advisor shall indemnify and hold harmless the Company and the Operating Partnership from contract or other liability, claims, damages, taxes or losses and related expenses including 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, gross misconduct, gross negligence or reckless disregard of its
duties, but the Advisor shall not be held responsible for any action of the Board of Directors in following or declining to follow any advice or recommendation given by the Advisor. Notwithstanding the foregoing, the Company and the Operating
Partnership may not indemnify or hold harmless the Advisor, its Affiliates, or any of their respective officers, directors, partners or employees in any manner that would be inconsistent with the provisions of Section II.G of the REIT Guidelines
adopted by the North American Securities Administrators Association. 
  

 18 

 20. 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 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 Directors and to the Company:
	 	 Dividend Capital Total Realty Trust Inc.
 518
17th Street
 17th Floor
 Denver, CO 80202

		
	 To the Operating Partnership:
	 	 Dividend Capital Total Realty Operating
 Partnership
LP
 518 17th
Street
 17th
Floor
 Denver, CO 80202

		
	 To the Advisor:
	 	 Dividend Capital Total Advisors LLC
 518
17th Street
 17th Floor
 Denver, CO 80202

 Any party may at any time give notice in writing to the other parties of a change in its address
for the purposes of this Paragraph 22. 
 21. MODIFICATION. This Agreement shall not be changed, modified, terminated, or discharged, in
whole or in part, except by an instrument in writing signed by the parties hereto, or their respective successors or assignees. 
 22.
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. 
 23. CONSTRUCTION. The provisions of this Agreement shall be construed and interpreted in
accordance with the laws of the State of Colorado. 
 24. ENTIRE AGREEMENT. This Agreement contains the entire agreement and understanding
among 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. 
 25. INDULGENCES, NOT WAIVERS. 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, 

  

 19 

 
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. 
 26.
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. 

27. TITLES NOT TO AFFECT INTERPRETATION. The titles of paragraphs and subparagraphs 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. 
 28. EXECUTION IN 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. 
 29. INITIAL INVESTMENT. The Advisor has made a capital contribution of $200,000 to the Operating Partnership in exchange for OP Units. The Advisor may
not sell any of the OP Units while the Advisor acts in such advisory capacity to the Company, provided, that such OP Units may be transferred to Affiliates of the Advisor. The restrictions included above shall not apply to any other Securities
acquired by the Advisor or its Affiliates. The Advisor shall not vote any Shares it now owns, or hereafter acquires, in any vote for the election of Directors or any vote regarding the approval or termination of any contract with the Advisor or any
of its Affiliates. 
  

 20 

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

			
	DIVIDEND CAPITAL TOTAL REALTY TRUST INC.
		
	By:	 	/s/ Troy J. Bloom
	Name:	 	Troy J. Bloom
	Title:	 	Secretary

  

			
	DIVIDEND CAPITAL TOTAL REALTY OPERATING PARTNERSHIP LP
	
	By: Dividend Capital Total Realty Trust Inc., its General Partner
		
	By:	 	/s/ Troy J. Bloom
	Name:	 	Troy J. Bloom
	Title:	 	Secretary

  

			
	 DIVIDEND CAPITAL TOTAL ADVISORS LLC

		
	By:	 	/s/ Evan H. Zucker
	Name:	 	 Evan H. Zucker

	Title:	 	 Manager

  

 21Separation Agreement

 Exhibit 10.01 
 

 
 September 15, 2006 
 Mr. Bernard C. Bailey 
 Viisage Technology, Inc. 
 296 Concord Road, Third Floor 
 Billerica, MA 01821 
  

	Re:	Separation Agreement and Release 

 Dear Bernard, 
 This letter (the “Letter Agreement”) summarizes our understanding regarding the terms and conditions that shall apply to
the termination of your employment with Viisage Technology, Inc. (“Viisage” or the “Company”) in connection with the closing of the acquisition by Viisage of Identix Incorporated (the “Transaction”). Unless the context
clearly indicates otherwise, the terms “Viisage” and the “Company” as used herein shall include both Viisage and the corporate entity that survives or results from the Transaction. 
 1. Termination of Employment and Other Capacities. Your employment by Viisage shall terminate as of the close of the business day on
September 30, 2006. You resigned effective at the close of business on the date of the closing of the Transaction (the “Transaction Date”) from your position as President, CEO and Director of Viisage Technology, Inc. and all positions
you held with any Viisage affiliated or related company, whether as an officer, director, managing director or otherwise, provided that your employment with Viisage shall continue until the Termination Date. You agree to submit promptly any
documents or instruments reasonably requested by Viisage to evidence such resignations, including separate written resignations from all such positions if so requested, and to cooperate in effecting any formal action or filing required in connection
with such resignations. 
 2. Accrued Salary and Vacation Time. On the Termination Date you will be paid for all base salary and
unused vacation time accrued as of that date. Your current base salary ($330,000 annually) shall not be reduced between the date of this Letter Agreement and the Termination Date. 
 3. Consideration. In consideration of the promises agreed to by you and Viisage in this Letter Agreement, contingent on the expiration of the
seven day revocation period described in Exhibit A, each of the following shall occur: 
 A. Viisage shall pay you one lump sum severance
payment of $530,000, which is equal to 12 months of your current base salary ($330,000 annually) less applicable tax deductions, other withholdings required by law, and authorized deductions, plus a target bonus of $200,000. The payment of $530,000
shall be paid on January 1, 2007. 
 296 Concord Road, Billerica, Massachusetts 01821 Tel: 978.952.2200 Fax: 978.952.2225

 Bernard C. Bailey 
 September 15, 2006 
 Page 2 
 B. On the Termination Date, Viisage shall pay you a prorated bonus payment for 2006 of $150,000,
which is based on your current target bonus of $200,000, less applicable tax deductions, other withholdings required by law, and authorized deductions. 
 C. Viisage shall pay you on the first pay period following the Transaction Date, an integration incentive bonus of $105,000, less applicable tax deductions, other withholdings required by law, and authorized
deductions. 
 D. In consideration of your agreement to expand the scope of certain restrictive covenants originally imposed on you under the
Intellectual Property Agreement, as provided in Section 8 below, Viisage shall pay you one lump sum payment of $530,000, which payment will be paid on the Termination Date; provided that Viisage shall obtain a valuation of such consideration by
a third-party appraiser and, if such valuation is less than $530,000, Viisage shall pay you the amount equal to the difference between $530,000 and the value determined by the third-party appraiser as one lump-sum severance payment less applicable
tax deductions, other withholdings required by law, and authorized deductions on the Termination Date. 
 E. Provided that you elect to
continue to participate in the company’s group medical and dental insurance plans under COBRA, which entitles you to continue your coverage under those plans for eighteen (18) months following the Termination Date, Viisage shall, for these
eighteen (18) months of your COBRA period continue to pay 100% of your benefits, consistent with your existing employment agreement. For an additional six (6) months beyond your COBRA period, for a total of twenty four (24) months,
Viisage shall arrange to provide you, at no cost to you, with medical and dental benefits substantially similar to the medical and dental benefits which you are currently receiving. Following your Termination Date, reimbursement of your executive
prerequisites (including financial and legal advice, as well as your annual physical) to which you have been entitled during your employment as Chief Executive officer of Viisage shall cease. 
 F. Because the Transaction constitutes a “Change in Control” as defined in your outstanding stock option agreements and restricted stock
grants, all of your stock options and restricted stock grants shall immediately become vested in full on the Transaction Date. All other provisions of the option agreements shall remain in full force and effect. 
 G. You shall have the right to reduce the payments made to you by Viisage pursuant to this Agreement such that no part of the total payments constitutes
an “excess parachute payment” within the meaning of Section 280G(b); provided, however, that such reduction shall be made only to the extent that it is to your benefit on an after-tax basis, taking into account the excise tax
described in Section 4999 of the Code. 
 H. Viisage shall permit you to retain at no charge your cellular telephone and laptop
computer. 
 4. General Release of Claims. Within seven (7) days of the Termination Date, you shall execute a General Release of
Claims in a form substantially similar to the form attached hereto as Exhibit A. Failure to timely execute and deliver the General Release of Claims will render this Letter Agreement null and void. 
 5. Non-disparagement/Non-defamation. You agree that you will not make any disparaging, negative or adverse remarks whatsoever, whether in public
or private, concerning 

 Bernard C. Bailey 
 September 15, 2006 
 Page 3 
 Viisage, including its employees, members of its board of directors, business, products/services, and customers.
You further agree not to provide any non-public information with respect to Viisage to any third party for any reason. Viisage agrees that none of its officers or directors will make any disparaging, negative or adverse remarks whatsoever, whether
in public or private, concerning you, including your performance as an officer and employee of Viisage and member of Viisage’s board of directors. Although Viisage cannot control all communications by all of its employees, it will neither
encourage any of its employees to make any such disparaging, negative of adverse remark concerning you, nor tolerate any such communication if it discovers that any of its employees have made any such remark concerning you. 
 6. Indemnification. Except to the extent prohibited by applicable law, Viisage agrees to indemnify, defend and hold you harmless from any and all
pending and future actions, suits, proceedings, demands, judgments, liabilities, losses, costs and expenses (including, without limitation, all legal costs and disbursements) incurred by you in connection with any action brought against you based
upon activities undertaken by you while acting as an employee or officer of the Company, in each case, while acting in good faith in connection therewith and in a manner you reasonably believe to be in or not opposed to the best interests of the
Viisage. 
 7. Return of Property. Except as set forth in Section 3H above, you acknowledge that all documents, records,
materials, software, equipment, and other physical property, and all copies of any of the foregoing that have come into your possession or been produced by you in connection with your employment have been and remain the sole property of Viisage. You
confirm that you will return all such items within seven (7) days of the Termination Date, unless otherwise agreed to by you and Viisage in connection with ongoing transition-related duties for the Company. 
 8. Non-Competition; Non-Solicitation. Section 7 of the Intellectual Property, Confidentiality, and Noncompetition Agreement between you and
Viisage dated July 30, 2002 (the “Intellectual Property Agreement”), a copy of which is attached as Exhibit B hereto, is hereby stricken and replaced with the following language: 
 (7) During the term of my employment with Viisage and for one (1) year thereafter, I will not (unless otherwise approved in writing by the Chief
Executive Officer of Viisage), directly or indirectly, individually or as an employee, officer, director, consultant, independent contractor, stockholder (except as a stockholder owning less than one percent (1%) of the shares of a publicly
traded corporation), partner, member, or other owner or participant in any business entity other than Viisage: 
  

	 	a.	carry on or participate or engage in any business that directly competes with the business of Viisage anywhere in the United States or elsewhere in the world where Viisage does
business, provided that for purposes of this Agreement, “business that directly competes” shall mean a person or entity whose primary business is the development, sale, license or distribution of products and/or services in the fields of
secure credentials or biometrics; 

 Bernard C. Bailey 
 September 15, 2006 
 Page 4 
  

	 	b.	solicit or endeavor to entice away or decrease his/her/its business relations with Viisage, any customer or client of, supplier to, or other party having material business relations
with Viisage; or 

  

	 	c.	solicit or endeavor to entice away from Viisage, hire, or offer employment or any consulting arrangement to, any person or entity who is, or was within the one-year period
immediately prior thereto, employed by Viisage, or otherwise interfere with any such person’s relationship with Viisage. I understand that this Agreement does not prohibit me from making any general solicitation for employees or engaging in
public advertising of employment opportunities (including through the use of employment agencies) not specifically directed to any of Viisage’s directors, officers or employees, nor does this Agreement prohibit me from hiring any
person who responds to any such general solicitation or public advertising. 

 9. Confidentiality of Viisage
Information. You reaffirm the existence and validity of, and acknowledge that you are bound by the terms of the Intellectual Property Agreement (as modified by Section 8 of this Agreement) which, among other things, requires you to maintain
the confidentiality of Viisage information and not to compete with Viisage for a specified period of time. Notwithstanding the foregoing, the non-competition restriction set forth in section 7 of the Intellectual Property Agreement shall not include
any employment or other relationship with an IT and/or physical security services company. You further agree that you shall abide by any and all common-law and statutory obligations relating to protection and non-disclosure of Viisage trade secrets
and confidential and proprietary documents and information. 
 10. Settlement of Obligations. You will settle any outstanding personal
obligations that you may have with Viisage and ensure that all pending expense reports are reconciled no later than two weeks from your Termination Date. To the extent allowed by law, your outstanding obligations and unreconciled expenses remaining
after the date that is two weeks from your Termination Date will be deducted from any payments owed to you by Viisage. 
 11. Settlement
of Amounts Due. You agree that the payments and benefits mentioned in this Letter Agreement are the only payments and benefits you will receive in connection with the termination of your employment following the closing of the Transaction.

 12. Complete Binding Agreement; Construction; Governing Law; Modification. This Agreement, including the Intellectual Property
Agreement, as amended herein, is intended by the parties as a final written expression of their agreement with respect to the terms and conditions that shall apply to you in connection with the termination of your employment and the closing of the
Transaction. This Letter Agreement shall be binding upon and inure to the benefit of all the parties hereto and their respective heirs, successors and assigns. In the event of any dispute, this Letter Agreement will be construed as a whole, will be
interpreted in accordance with its fair meaning, and will not be construed strictly for or against either you or Viisage. This Letter Agreement will be governed by Massachusetts law, without giving effect to the principles of conflict of law. This
Letter Agreement may be modified only by a written agreement signed by you and an authorized representative of Viisage. 

 Bernard C. Bailey 
 September 15, 2006 
 Page 5 
 13. Severability. You and Viisage hereby agree that each provision herein shall be treated
as a separate and independent clause, and the unenforceability of any one clause shall in no way impair the enforceability of the other clauses herein. If any term or provision of this Agreement shall, to any extent, be found invalid or
unenforceable by a court of competent jurisdiction, the remainder of this Agreement shall not be affected, and shall be valid and enforceable to the fullest extent permitted by law. 
 14. Successors. In addition to any obligations imposed by law upon any successor to Viisage, Viisage will require any successor (whether direct or
indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of Viisage to expressly assume and agree to perform this Letter Agreement in the same manner and to the same extent that Viisage would
be required to perform it if no such succession had taken place. 
 15. Beneficiaries. This Letter Agreement shall inure to the
benefit of and be enforceable by your personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees. If you shall die while any amount would still be payable to you hereunder if you had
continued to live, all such amounts, unless otherwise provided herein, shall be paid in accordance with the terms of this Letter Agreement to the executors, personal representatives or administrators of your estate. 
 16. Post Termination Assistance. During the twelve months following the termination date of your employment, you agree to make yourself reasonably
available to respond to telephone inquiries or otherwise assist the Company as to Company matters of which you may have knowledge. To the extent that such assistance requires more than two hours in any month, the Company agrees to compensate
you at a rate of $250/hour. In no event shall this obligation interfere with your employment, consulting or other business obligations at the time. 
 [Signature Page Follows.] 

					
	VIISAGE TECHNOLOGY, INC.	    	
		
	 /s/ Robert V. LaPenta
	    	September 15, 2006
	By:	 	Robert V. LaPenta	    	Date
		 	Chairman of the Board, President and Chief Executive Officer	    	
		
	EMPLOYEE	    	
		
	 /s/ Bernard C. Bailey
	    	September 15, 2006
	Bernard C. Bailey	    	Date

 [SIGNATURE PAGE TO SEPARATION AGREEMENT] 

 EXHIBIT A 
 GENERAL RELEASE AND WAIVER OF ALL CLAIMS 
 (INCLUDING AGE DISCRIMINATION IN EMPLOYMENT ACT
CLAIMS) 
 In consideration of the payment, benefits and other agreements set forth in the Letter Agreement dated September 15,
2006 between Viisage Technologies, Inc. (“Viisage”) and Bernard C. Bailey (the “Executive”) to which this General Release and Waiver Of All Claims is attached (the “Letter Agreement”), the Executive, for himself and for
his heirs, executors, estates, agents, representatives, attorneys, insurers, successors and assigns (collectively, the “Releasors”), hereby voluntarily releases and forever discharges Viisage and its subsidiaries (direct and indirect),
affiliates, related companies, divisions, and predecessor and successor companies (Viisage and such subsidiaries, affiliates, related companies, divisions and predecessor and successor companies being collectively referred to as the
“Company”), and each of its and their present, former and future shareholders, officers, directors, employees, agents, representatives, attorneys, insurers, heirs, successors and assigns in their capacities as such (Viisage, its
subsidiaries, affiliates, related companies, divisions and predecessor and successor companies and its and their present, former and future shareholders, officers, directors, employees, agents, representatives, attorneys, insurers, heirs, successors
and assigns in their capacities as such being collectively referred to as the “Releases”) from all actions, causes of action, suits, debts, sums of money, accounts, covenants, contracts, agreements, promises, damages, judgments, demands
and claims which the Releasors ever had, or now have, or hereafter can, shall or may have, for, upon or by reason of any matter or cause whatsoever arising from the beginning of the world to the date of the execution of this Release and Waiver,
whether known or unknown, in law or equity, whether statutory or common law, whether federal, state, local or otherwise, including but not limited to claims arising out of or in any way related to the Executive’s employment by the Company
(including his hiring), or the termination of that employment, whether as a contractor or employee, or any related matters (including but not limited to claims, if any, arising under the Age Discrimination in Employment Act of 1967, as amended, the
Civil Rights Act of 1866, Title VII of the Civil Rights Act of 1964, as amended, the Civil Rights Act of 1991, as amended, the Americans With Disabilities Act of 1990, as amended, the Family and Medical Leave Act of 1993, the Immigration Reform and
Control Act of 1986, the Massachusetts Law Against Discrimination (Mass. Gen. Laws ch. 151B§1 et seq.), the Massachusetts Payment of Wages Act, the Massachusetts Civil and Equal Rights Acts, and federal or Massachusetts laws,
statutes and regulations, including common or constitutional law). 
 The Executive represents and warrants that the Executive knowingly and
voluntarily waives all rights or claims arising prior to the Executive’s execution of this Release and Waiver that the Executive may have against the Releasees, or any of them, to receive any payment, benefit or remedial relief as a consequence
of an action brought on the Executive’s behalf in any state or federal agency and/or as a consequence of any litigation concerning any facts alleged in any such action. 
 The Executive further represents that: 
 (a)
The Company has advised the Executive to consult with an attorney of the Executive’s choosing concerning the rights waived in this Release and Waiver. The Executive has carefully read and fully understands this Release and Waiver, and is
voluntarily entering into this Release and Waiver. 

 (b) The Executive understands that the Executive has 21 days to review this Release and Waiver prior to
its execution. If at any time prior to the end of the 21 day period, the Executive executes this Release and Waiver, the Executive acknowledges that such early execution is a knowing and voluntary waiver of the Executive’s right to consider
this Release and Waiver for at least 21 days and is due to the Executive’s belief that the Executive has had ample time in which to consider and understand this Release and Waiver and in which to review this Release and Waiver with an attorney.

 (c) The Executive understands that, for a period of seven days after the Executive has executed this Release and Waiver, the Executive may
revoke this Release and Waiver by giving notice in writing of such revocation to the Company. If at any time after the end of the seven-day period the Executive accepts any of the payments or benefits provided described in Section 3 of the
Letter Agreement, such acceptance will constitute an admission by the Executive that the Executive did not revoke this Release and Waiver during the revocation period and will further constitute an admission by the Executive that this Release and
Waiver has become effective and enforceable. 
 (d) The Executive understands the effect of this Release and Waiver and that the Executive
gives up any rights the Executive may have, in particular but without limitation, under the Federal Age Discrimination in Employment Act and the Massachusetts Law Against Discrimination (Mass. Gen. Laws ch. 151B§1 et seq.).

 (e) The Executive understands that the Executive is receiving benefits pursuant to the Letter Agreement that the Executive would not
otherwise be entitled to if the Executive did not enter into this Release and Waiver. 
 (f) The Executive acknowledges that the severance
pay and associated benefits specified in the Agreement represent all payments and benefits owed to the Executive and that upon receipt of said payments and benefits, the Executive shall have received all payments and benefits owed to the Executive
in connection with the Executive’s employment with the Company and that no additional payments or benefits are due. 
 Signed and sealed this 15th day of September 2006. 
 Please note that you may revoke this Release and Waiver within 7 days
of signing, in which case this Release and Waiver shall be void. 
  

	
	 /s/ Bernard C. Bailey

	Bernard C. Bailey

 [SIGNATURE PAGE TO RELEASE AND WAIVER]

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