Document:

Form of Advisory Agreement

 Exhibit 10.1 
 FORM OF 
 ADVISORY AGREEMENT 
 between 
 KBS REAL ESTATE INVESTMENT TRUST II, INC. 
 and 
 KBS CAPITAL ADVISORS LLC 
                     , 2008 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	ARTICLE 1 - DEFINITIONS	  	1
	ARTICLE 2 - APPOINTMENT	  	8
	ARTICLE 3 - DUTIES OF THE ADVISOR	  	8
		  	3.01 Organizational and Offering Services	  	8
		  	3.02 Acquisition Services	  	9
		  	3.03 Asset Management Services	  	9
		  	3.04 Stockholder Services	  	12
		  	3.05 Other Services	  	12
	ARTICLE 4 - AUTHORITY OF ADVISOR	  	12
		  	4.01 General	  	12
		  	4.02 Powers of the Advisor	  	13
		  	4.03 Approval by the Board	  	13
		  	4.04 Modification or Revocation of Authority of Advisor	  	13
	ARTICLE 5 - BANK ACCOUNTS	  	13
	ARTICLE 6 - RECORDS AND FINANCIAL STATEMENTS	  	13
	ARTICLE 7 - LIMITATION ON ACTIVITIES	  	14
	ARTICLE 8 - FEES	  	14
		  	8.01 Acquisition Fees	  	14
		  	8.02 Origination Fees	  	15
		  	8.03 Asset Management Fees	  	15
		  	8.04 Disposition Fees	  	16
		  	8.05 Subscription Processing Fee	  	16
		  	8.06 Subordinated Share of Cash Flows	  	16
		  	8.07 Subordinated Incentive Fee	  	17
		  	8.08 Changes to Fee Structure	  	17
	ARTICLE 9 - EXPENSES	  	17
		  	9.01 General	  	17
		  	9.02 Timing of and Limitations on Reimbursements	  	19
	ARTICLE 10 - VOTING AGREEMENT	  	20
	ARTICLE 11 - RELATIONSHIP OF ADVISOR AND COMPANY; OTHER ACTIVITIES OF THE ADVISOR	  	20
		  	11.01 Relationship	  	20
		  	11.02 Time Commitment	  	20
		  	11.03 Investment Opportunities and Allocation	  	20
	ARTICLE 12 - THE KBS NAME	  	21
	ARTICLE 13 - TERM AND TERMINATION OF THE AGREEMENT	  	21
		  	13.01 Term	  	21
		  	13.02 Termination by Either Party	  	21
		  	13.03 Payments on Termination and Survival of Certain Rights and Obligations	  	22
	ARTICLE 14 - ASSIGNMENT	  	22
	ARTICLE 15 - INDEMNIFICATION AND LIMITATION OF LIABILITY	  	23

  

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	ARTICLE 16 - MISCELLANEOUS	  	23
		  	16.01 Notices	  	23
		  	16.02 Modification	  	23
		  	16.03 Severability	  	23
		  	16.04 Construction	  	24
		  	16.05 Entire Agreement	  	24
		  	16.06 Waiver	  	24
		  	16.07 Gender	  	24
		  	16.08 Titles Not to Affect Interpretation	  	24
		  	16.09 Counterparts	  	24

  

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 ADVISORY AGREEMENT 
 This Advisory Agreement, dated as of                          , 2008 (the
“Agreement”), is between KBS Real Estate Investment Trust II, Inc., a Maryland corporation (the “Company”), and KBS Capital Advisors LLC, a Delaware limited liability company (the “Advisor”). 
 WITNESSETH 
 WHEREAS, the Company desires to
avail itself of the knowledge, experience, sources of information, advice, assistance and certain facilities available to the Advisor and to have the Advisor undertake the duties and responsibilities hereinafter set forth, on behalf of, and subject
to the supervision of, the board of directors of the Company (the “Board”), all as provided herein; and 
 WHEREAS, the Advisor is
willing to undertake to render such services, subject to the supervision of the Board, on the terms and conditions hereinafter set forth. 
 NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants and agreements contained herein, the parties hereto agree as follows: 
 ARTICLE 1 
 DEFINITIONS 
 The following defined terms used in this Agreement shall have the meanings specified below: 
 “Acquisition Expenses” means any and all expenses, excluding the fee payable to the Advisor pursuant to Section 8.01, incurred by the Company, the Advisor or any Affiliate of either in connection with the selection,
acquisition or development of any property, loan or other potential investment, whether or not acquired or originated, as applicable, including, without limitation, legal fees and expenses, travel and communications expenses, costs of appraisals,
nonrefundable option payments on properties or other investments not acquired, accounting fees and expenses, title insurance premiums. 
 “Acquisition Fees” means the fee payable to the Advisor pursuant to Section 8.01 plus all other fees and commissions paid by any Person to any Person in connection with making or investing in any Property or other Permitted
Investment or the purchase, development or construction of any Property by the Company. Included in the computation of such fees or commissions shall be any real estate commission, selection fee, Development Fee, Construction Fee, nonrecurring
management fee, loan fees or points or any fee of a similar nature, however designated. Excluded shall be Development Fees and Construction Fees paid to Persons not Affiliated with the Advisor in connection with the actual development and
construction of a Property. 
  

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 “Advisor” means (i) KBS Capital Advisors LLC, a Delaware limited liability company, or
(ii) any successor advisor to the Company. 
 “Affiliate or Affiliated” An Affiliate of another Person includes any of the
following: (i) any Person directly or indirectly controlling, controlled by, or under common control with such other Person; (ii) any Person directly or indirectly owning, controlling, or holding with the power to vote 10% or more of the
outstanding voting securities of such other Person; (iii) any legal entity for which such Person acts as an executive officer, director, trustee, or general partner; (iv) any Person 10% or more of whose outstanding voting securities are
directly or indirectly owned, controlled, or held, with power to vote, by such other Person; and (v) any executive officer, director, trustee, or general partner of such other Person. An entity shall not be deemed to control or be under common
control with an Advisor-sponsored program unless (i) the entity owns 10% or more of the voting equity interests of such program or (ii) a majority of the board of directors (or equivalent governing body) of such program is comprised of
Affiliates of the entity. 
 “Appraised Value” means the value according to an appraisal made by an Independent Appraiser.

 “Asset Management Fee” shall have the meaning set forth in Section 8.03. 
 “Average Invested Assets” means, for a specified period, the average of the aggregate book value of the assets of the Company invested,
directly or indirectly, in Properties, Loans and other Permitted Investments secured by real estate before reserves for depreciation or bad debts or other similar non-cash reserves, computed by taking the average of such values at the end of each
month during such period. 
 “Board” means the board of directors of the Company, as of any particular time. 
 “Bylaws” means the bylaws of the Company, as amended from time to time. 
 “Cash from Financings” means the net cash proceeds realized by the Company from the financing of Properties, Loans or other Permitted
Investments or from the refinancing of any Company indebtedness (after deduction of all expenses incurred in connection therewith). 
 “Cash from Sales” means the net cash proceeds realized by the Company from the sale, exchange or other disposition of any of its assets after deduction of all expenses incurred in connection therewith. In the case of a transaction
described in clause (i) (C) of the definition of “Sale”, Cash From Sales means the proceeds of any such transaction actually distributed to the Company from the Joint Venture or partnership. Cash from Sales shall not include Cash
from Financings. 
 “Cash from Sales and Financings” means the total sum of Cash from Sales and Cash from Financings. 

 

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

 “Code” means the Internal Revenue Code of 1986, as amended from time to time, or any successor statute thereto. Reference to any
provision of the Code shall mean such provision as in effect from time to time, as the same may be amended, and any successor provision thereto, as interpreted by any applicable regulations as in effect from time to time. 
 “Company” means KBS Real Estate Investment Trust II, Inc., a corporation organized under the laws of the State of Maryland. 
 “Competitive Real Estate Commission” means a real estate or brokerage commission for the purchase or sale of property that is reasonable,
customary, and competitive in light of the size, type, and location of the property. 
 “Conflicts Committee” shall have the
meaning set forth in the Company’s Charter. 
 “Construction Fee” means a fee or other remuneration for acting as general
contractor and/or construction manager to construct improvements, supervise and coordinate projects or to provide major repairs or rehabilitation on a Property. 
 “Contract Sales Price” means the total consideration received by the Company for the sale of a Property, Loan or other Permitted Investment. 
 “Cost of Real Estate Investments” means the sum of (i) with respect to Properties wholly owned, directly or indirectly, by the Company,
the amount actually paid or allocated to the purchase, development, construction or improvement of Properties, inclusive of expenses related thereto, plus the amount of any outstanding debt attributable to such Properties and (ii) in the case
of Properties owned by any Joint Venture or any partnership in which the Company or the Partnership is a partner, the portion of the amount actually paid or allocated to the purchase, development, construction or improvement of properties, inclusive
of expenses related thereto, plus the amount of any outstanding debt associated with such properties that is attributable to the Company’s investment in the Joint Venture or partnership. 
 “Dealer Manager” means (i) KBS Capital Markets Group LLC, a Delaware limited liability company, or (ii) any successor dealer manager
to the Company. 
 “Development Fee” means a fee for the packaging of a Property, including negotiating and approving plans, and
undertaking to assist in obtaining zoning and necessary variances and necessary financing for the Property, either initially or at a later date. 
 “Director” means a member of the board of directors of the Company. 
 “Disposition Fee” shall have the meaning
set forth in Section 8.03. 
  

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 “Distributions” means 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. 
 “GAAP” means accounting
principals generally accepted in the United States. 
 “Gross Proceeds” means the aggregate purchase price of all Shares sold for
the account of the Company through an Offering, without deduction for Organization and Offering Expenses. 
 “Independent
Appraiser” means a person or entity with no material current or prior business or personal relationship with the Advisor or the Directors, who is engaged to a substantial extent in the business of rendering opinions regarding the value of
assets of the type held by the Company, and who is a qualified appraiser of real estate as determined by the Board. Membership in a nationally recognized appraisal society such as the American Institute of Real Estate Appraisers (M.A.I.) or the
Society of Real Estate Appraisers (S.R.E.A.) shall be conclusive evidence of such qualification. 
 “Invested Capital” means the
amount calculated by multiplying the total number of Shares purchased by Stockholders by the issue price, reduced by any amounts paid by the Company to repurchase Shares pursuant to the Company’s plan for redemption of Shares. 
 “Joint Venture” means any joint venture, limited liability company or other Affiliate of the Company that owns, in whole or in part, on behalf
of the Company any Properties, Loans or other Permitted Investments. 
 “Listed” or “Listing” shall have the meaning set
forth in the Company’s Charter. 
 “Loans” means mortgage loans and other types of debt financing purchased by the Company,
including, without limitation, mezzanine loans, B-notes, bridge loans, convertible mortgages, wraparound mortgage loans, construction mortgage loans, loans on leasehold interests, and participations in such loans. 
 “NASAA Guidelines” means the NASAA Statement of Policy Regarding Real Estate Investment Trusts as in effect on the date hereof. 
 “Net Income” means, for any period, the total revenues applicable to such period, less the total expenses applicable to such period excluding
additions to reserves for depreciation, bad debts or other similar non-cash reserves; provided, however, Net Income for purposes of calculating total allowable Operating Expenses (as defined herein) shall exclude the gain from the sale of the
Company’s assets. 
 “Offering” means any offering of Shares that is registered with the SEC, excluding Shares offered under
any employee benefit plan. 
 “Operating Cash Flow” means Operating Revenue Cash Flows minus the sum of (i) Operating
Expenses, (ii) all principal and interest payments on indebtedness and other 

  

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sums paid to lenders, (iii) the expenses of raising capital such as Organization and Offering Expenses, legal, audit, accounting, underwriting,
brokerage, listing, registration, and other fees, printing and other such expenses and tax incurred in connection with the issuance, distribution, transfer, registration and Listing of the Shares, (iv) taxes, (v) incentive fees paid in
compliance with Section IV.F. of the NASAA Guidelines and (vi) Acquisition Fees, Acquisition Expenses, real estate commissions on resale of property, and other expenses connected with the acquisition, disposition, and ownership of real estate
interests, mortgage loans or other property (such as the costs of foreclosure, insurance premiums, legal services, maintenance, repair and improvement of property). 
 “Operating Expenses” means all costs and expenses incurred by the Company, as determined under GAAP, which in any way are related to the operation of the Company or to Company business, including fees paid
to the Advisor, but excluding (i) the expenses of raising capital such as Organization and Offering Expenses, legal, audit, accounting, underwriting, brokerage, listing, registration, and other fees, printing and other such expenses and tax
incurred in connection with the issuance, distribution, transfer, registration and Listing of the Shares, (ii) interest payments, (iii) taxes, (iv) non-cash expenditures such as depreciation, amortization and bad loan reserves,
(v) incentive fees paid in compliance with Section IV.F. of the NASAA Guidelines and (vi) Acquisition Fees, Acquisition Expenses, real estate commissions on resale of property, and other expenses connected with the acquisition,
disposition, and ownership of real estate interests, mortgage loans or other property (such as the costs of foreclosure, insurance premiums, legal services, maintenance, repair and improvement of property). 
 “Operating Revenue Cash Flows” means the Company’s cash flow from ownership and/or operation of (i) Properties, (ii) Loans,
(iii) Permitted Investments, (iii) short-term investments, and (iv) interests in Properties, Loans and Permitted Investments owned by any Joint Venture or any partnership in which the Company or the Partnership is a partner.

 “Organization and Offering Expenses” means all expenses incurred by or on behalf of the Company in connection with or preparing
the Company for registration of and subsequently offering and distributing its Shares to the public, whether incurred before or after the date of this Agreement, which may include but are not limited to, total underwriting and brokerage discounts
and commissions (including fees of the underwriters’ attorneys); any expense allowance granted by the Company to the underwriter or any reimbursement of expenses of the underwriter by the Company; expenses for printing, engraving and mailing;
compensation of employees while engaged in sales activity; charges of transfer agents, registrars, trustees, escrow holders, depositaries and experts; and expenses of qualification of the sale of the securities under Federal and State laws,
including taxes and fees, accountants’ and attorneys’ fees. 
 “Origination Fees” means the fee payable to the Advisor
pursuant to Section 8.02. 
 “Partnership” means KBS Limited Partnership, a Delaware limited partnership formed to own and
operate Properties, Loans and other Permitted Investments on behalf of the Company. 
  

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 “Permitted Investments” means all investments (other than Properties and Loans) that the
Company may acquire pursuant to its Charter, Bylaws and the investment objectives and policies adopted by the Board from time to time, other than short-term investments acquired for purposes of cash management. 
 “Person” means an individual, corporation, partnership, estate, trust (including a trust qualified under Section 401(a) or 501(c)
(17) of the Code), a portion of a trust permanently set aside for or to be used exclusively for the purposes described in Section 642(c) of the Code, association, private foundation within the meaning of Section 509(a) of the Code,
joint stock company or other entity, or any government or any agency or political subdivision thereof, and also includes a group as that term is used for purposes of Section 13(d)(3) of the Securities Exchange Act of 1934, as amended.

 “Property” means any real property or properties transferred or conveyed to the Company or the Partnership, either directly or
indirectly, including through ownership interests in a Joint Venture or partnership. 
 “Property Manager” means an entity that has
been retained to perform and carry out at one or more of the Properties property-management services, excluding persons, entities or independent contractors retained or hired to perform facility management or other services or tasks at a particular
Property, the costs for which are passed through to and ultimately paid by the tenant at such Property. 
 “Registration Statement”
means the registration statement filed by the Company with the SEC on Form S-11 (Reg. No. 333-146341), as amended from time to time, in connection with the initial public offering of the Company’s Shares. 
 “REIT” means a “real estate investment trust” under Sections 856 through 860 of the Code. 
 “Sale” means (i) any transaction or series of transactions whereby: (A) the Company or the Partnership sells, grants, transfers,
conveys, or relinquishes its ownership of any Property, Loan or other Permitted Investment or portion thereof, including the transfer of any Property that is the subject of a ground lease, and including any event with respect to any Property, Loan
or other Permitted Investment that gives rise to a significant amount of insurance proceeds or condemnation awards; (B) the Company or the Partnership sells, grants, transfers, conveys, or relinquishes its ownership of all or substantially all
of the interest of the Company or the Partnership in any Joint Venture or any partnership in which it is a partner; or (C) any Joint Venture or any partnership in which the Company or the Partnership is a partner, sells, grants, transfers,
conveys, or relinquishes its ownership of any Property, Loan or other Permitted Investment or portion thereof, including any event with respect to any Property, Loan or other Permitted Investment that gives rise to insurance claims or condemnation
awards, but (ii) not including any transaction or series of transactions specified in clause (i) (A), (i) (B), or (i) (C) above in which the proceeds of such transaction or series of transactions are reinvested in one or
more Properties, Loans or other Permitted Investments within 180 days thereafter. 
  

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 “SEC” means the United States Securities and Exchange Commission. 
 “Shares” means shares of common stock of the Company, par value $.01 per share. 
 “Stockholders” means the registered holders of the Shares. 
 “Stockholders’ 8% Return” means, as of any date, an aggregate amount equal to an 8% cumulative, non-compounded, annual return on Invested Capital (calculated like simple interest on a daily basis based
on a three hundred sixty-five day year). For purposes of calculating the Stockholders’ 8% Return, Invested Capital shall be determined for each day during the period for which the Stockholders’ 8% Return is being calculated and shall be
calculated net of (1) Distributions of Operating Cash Flow to the extent such Distributions of Operating Cash Flow provide a cumulative, non-compounded, annual return in excess of 8%, as such amounts are computed on a daily basis based on a
three hundred sixty-five day year and (2) Distributions of Cash from Sales and Financings, except to the extent such Distributions would be required to supplement Distributions of Operating Cash Flow in order to achieve a cumulative,
non-compounded, annual return of 8%, as such amounts are computed on a daily basis based on a three hundred sixty-five day year. 
 “Subordinated Incentive Fee” means the fee payable to the Advisor under certain circumstances if the Shares are Listed, as calculated in Section 8.07. 
 “Subordinated Performance Fee Due Upon Termination” means a fee payable in the form of an interest bearing promissory note (the
“Performance Fee Note”) in a principal amount equal to (1) 15% of the amount, if any, by which (a) the Appraised Value of the Company’s Properties at the Termination Date, less amounts of all indebtedness secured by the
Company’s Properties, plus the fair market value of all other Loans and Permitted Investments of the Company at the Termination Date, less amounts of indebtedness related to such Loans and Permitted Investments, plus total Distributions
(excluding any stock dividend) through the Termination Date exceeds (b) the sum of Invested Capital plus total Distributions required to be made to the stockholders in order to pay the Stockholders’ 8% Return from inception through the
Termination Date less (2) any prior payment to the Advisor of a Subordinated Share of Cash Flows. Interest on the Performance Fee Note will accrue beginning on the Termination Date at a rate deemed fair and reasonable by the Conflicts
Committee. The Company shall repay the Performance Fee Note at such time as the Company completes the first Sale after the Termination Date using Cash from Sales. If the Cash from Sales from the first Sale after the Termination Date is insufficient
to pay the Performance Fee Note in full, including accrued interest, then the Performance Fee Note shall be paid in part from the Cash from Sales from the first Sale, and in part from the Cash From Sales from each successive Sale until the
Performance Fee Note is repaid in full, with interest. If the Performance Fee Note has not been paid in full within five years from the Termination Date, then the Advisor, its successors or assigns, may elect to convert the balance of the fee,
including accrued but unpaid interest, into Shares at a price per Share equal to the average closing price of the Shares over the ten trading days immediately preceding the date of such 

  

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election if the Shares are Listed at such time. If the Shares are not Listed at such time, the Advisor, its successors or assigns, may elect to convert the
balance of the fee, including accrued but unpaid interest, into Shares at a price per Share equal to the fair market value for the Shares as determined by the Board based upon the Appraised Value of Company’s Properties on the date of election
plus the fair market value of all other Loans and Permitted Investments of the Company on the date of election. 
 “Subordinated Share
of Cash Flows” has the meaning set forth in Section 8.06. 
 “Subscription Processing Fee” has the meaning set forth in
Section 8.05. 
 “Termination Date” means the date of termination of the Agreement determined in accordance with Article 13
hereof. 
 “2%/25% Guidelines” means the requirement pursuant to the NASAA Guidelines that, in any period of four consecutive
fiscal quarters, 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. 
 ARTICLE 2 
 APPOINTMENT 
 The Company hereby appoints the Advisor to serve as its advisor and asset manager on the terms and conditions set forth in this Agreement, and the
Advisor hereby accepts such appointment. 
 ARTICLE 3 
 DUTIES OF THE ADVISOR 
 The Advisor is responsible for managing, operating, directing and supervising the
operations and administration of the Company and its assets. The Advisor undertakes to use its best efforts to present to the Company potential investment opportunities and to provide the Company with a continuing and suitable investment program
consistent with the investment objectives and policies of the Company as determined and adopted from time to time by the Board. Subject to the limitations set forth in this Agreement, including Article 4 hereof, and the continuing and exclusive
authority of the Board over the management of the Company, the Advisor shall, either directly or by engaging an Affiliate or third party, perform the following duties: 
 3.01 Organizational and Offering Services. The Advisor shall perform all services related to the organization of the Company or any Offering or private sale of the Company’s securities, other than services that
(i) are to be performed by the Dealer Manager, (ii) the Company elects to perform directly or (iii) would require the Advisor to register as a broker-dealer with the SEC or any state. 
  

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 3.02 Acquisition Services. 
 (i) Serve as the Company’s investment and financial advisor and provide relevant market research and economic and statistical data in
connection with the Company’s assets and investment objectives and policies; 
 (ii) Subject to Section 4 hereof and
the investment objectives and policies of the Company: (a) locate, analyze and select potential investments; (b) structure and negotiate the terms and conditions of transactions pursuant to which investments in Properties, Loans and other
Permitted Investments will be made; (c) acquire Properties, Loans and other Permitted Investments on behalf of the Company; (d) arrange for financing and refinancing and make other changes in the asset or capital structure of investments
in Properties, Loans and other Permitted Investments; and (e) enter into leases, service contracts and other agreements for Properties; 
 (iii) Perform due diligence on prospective investments and create due diligence reports summarizing the results of such work; 
 (iv) Prepare reports regarding prospective investments that include recommendations and supporting documentation necessary for the
Directors to evaluate the proposed investments; 
 (v) Obtain reports (which may be prepared by the Advisor or its
Affiliates), where appropriate, concerning the value of contemplated investments of the Company; 
 (vi) Deliver to or
maintain on behalf of the Company copies of all appraisals obtained in connection with the Company’s investments; and 
 (vii) Negotiate and execute approved investments and other transactions. 
 3.03 Asset Management Services. 
 (i) Real Estate Services: 
 (a) Investigate, select and, on behalf of the Company, engage and conduct business with (including enter contracts with) such Persons as the Advisor deems necessary to the proper performance of its obligations as set
forth in this Agreement, including but not limited to consultants, accountants, lenders, technical advisors, attorneys, brokers, underwriters, corporate fiduciaries, escrow agents, depositaries, custodians, agents for collection, insurers, insurance
agents, developers, construction companies, Property Managers and any and all Persons acting in any other capacity deemed by the Advisor necessary or desirable for the performance of any of the foregoing services; 
  

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 (b) Negotiate and service the Company’s debt facilities and other financings;

 (c) Monitor applicable markets and obtain reports (which may be prepared by the Advisor or its Affiliates) where
appropriate, concerning the value of investments of the Company; 
 (d) Monitor and evaluate the performance of each asset of
the Company and the Company’s overall portfolio of assets, provide daily management services to the Company and perform and supervise the various management and operational functions related to the Company’s investments; 
 (e) Formulate and oversee the implementation of strategies for the administration, promotion, management, operation, maintenance,
improvement, financing and refinancing, marketing, leasing and disposition of Properties, Loans and other Permitted Investments on an overall portfolio basis; 
 (f) Consult with the Company’s officers and the Board and assist the Board in the formulation and implementation of the
Company’s financial policies, and, as necessary, furnish the Board with advice and recommendations with respect to the making of investments consistent with the investment objectives and policies of the Company and in connection with any
borrowings proposed to be undertaken by the Company; 
 (g) Oversee the performance by the Property Managers of their duties,
including collection and proper deposits of rental payments and payment of Property expenses and maintenance; 
 (h) Conduct
periodic on-site property visits to some or all (as the Advisor deems reasonably necessary) of the Properties to inspect the physical condition of the Properties and to evaluate the performance of the Property Managers; 
 (i) Review, analyze and comment upon the operating budgets, capital budgets and leasing plans prepared and submitted by each Property
Manager and aggregate these property budgets into the Company’s overall budget; 
 (j) Coordinate and manage
relationships between the Company and any Joint Venture partners; and 
 (k) Consult with the Company’s officers and the
Board and provide assistance with the evaluation and approval of potential asset dispositions, sales and refinancings. 
  

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 (ii) Accounting and Other Administrative Services: 
 (a) Provide the day-to-day management of the Company and perform and supervise the various administrative functions reasonably necessary
for the management of the Company; 
 (b) From time to time, or at any time reasonably requested by the Board, make reports to
the Board on the Advisor’s performance of services to the Company under this Agreement; 
 (c) Make reports to the
Conflicts Committee each quarter of the investments that have been made by other programs sponsored by the Advisor or any of its Affiliates, including KBS Realty Advisors LLC, as well as any investments that have been made by the Advisor or any of
its Affiliates directly; 
 (d) Provide or arrange for any administrative services and items, legal and other services, office
space, office furnishings, personnel and other overhead items necessary and incidental to the Company’s business and operations; 
 (e) Provide financial and operational planning services; 
 (f) Maintain accounting and other
record-keeping functions at the Company and investment levels, including information concerning the activities of the Company as shall be required to prepare and to file all periodic financial reports, tax returns and any other information required
to be filed with the SEC, the Internal Revenue Service and any other regulatory agency; 
 (g) Maintain and preserve all
appropriate books and records of the Company; 
 (h) Provide tax and compliance services and coordinate with appropriate third
parties, including the Company’s independent auditors and other consultants, on related tax matters; 
 (i) Provide the
Company with all necessary cash management services; 
 (j) Manage and coordinate with the transfer agent the quarterly
dividend process and payments to Stockholders; 
 (k) Consult with the Company’s officers and the Board and assist the
Board in evaluating and obtaining adequate insurance coverage based upon risk management determinations; 
  

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 (l) Provide the Company’s officers and the Board with timely updates related to the
overall regulatory environment affecting the Company, as well as managing compliance with such matters, including but not limited to compliance with the Sarbanes-Oxley Act of 2002; 
 (m) Consult with the Company’s officers and the Board relating to the corporate governance structure and appropriate policies and
procedures related thereto; 
 (n) Perform all reporting, record keeping, internal controls and similar matters in a manner to
allow the Company to comply with applicable law, including the Sarbanes-Oxley Act of 2002; 
 (o) Notify the Board of all
proposed material transactions before they are completed; and 
 (p) Do all things necessary to assure its ability to render
the services described in this Agreement. 
 3.04 Stockholder Services. 
 (i) Manage communications with Stockholders, including answering phone calls, preparing and sending written and electronic reports and
other communications; 
 (ii) Oversee the performance of the transfer agent and registrar; 
 (iii) Establish technology infrastructure to assist in providing Stockholder support and service; and 
 (iv) Consistent with Section 3.01, the Advisor shall perform the various subscription processing services reasonably necessary for
the admission of new Stockholders. 
 3.05 Other Services. Except as provided in Article 7, the Advisor shall perform any other services
reasonably requested by the Company (acting through the Conflicts Committee). 
 ARTICLE 4 
 AUTHORITY OF ADVISOR 
 4.01 General. All
rights and powers to manage and control the day-to-day business and affairs of the Company shall be vested in the Advisor. The Advisor shall have the power to delegate all or any part of its rights and powers to manage and control the business and
affairs of the Company to such officers, employees, Affiliates, agents and representatives of the Advisor or the Company as it may deem appropriate. Any 

  

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authority delegated by the Advisor to any other Person shall be subject to the limitations on the rights and powers of the Advisor specifically set forth in
this Agreement or the Charter. 
 4.02 Powers of the Advisor. Subject to the express limitations set forth in this Agreement and the
continuing and exclusive authority of the Board over the management of the Company, the power to direct the management, operation and policies of the Company shall be vested in the Advisor, which shall have the power by itself and shall be
authorized and empowered on behalf and in the name of the Company to carry out any and all of the objectives and purposes of the Company and to perform all acts and enter into and perform all contracts and other undertakings that it may in its sole
discretion deem necessary, advisable or incidental thereto to perform its obligations under this Agreement. 
 4.03 Approval by the Board.
Notwithstanding the foregoing, the Advisor may not take any action on behalf of the Company without the prior approval of the Board or duly authorized committees thereof if the Charter or Maryland General Corporation law require the prior approval
of the Board. The Advisor will deliver to the Board all documents required by it to evaluate a proposed investment (and any related financing). 
 4.04 Modification or Revocation of Authority of Advisor. The Board may, at any time upon the giving of notice to the Advisor, modify or revoke the authority or approvals set forth in Article 3 and this Article 4 hereof; provided, however,
that such modification or revocation shall be effective upon receipt by the Advisor and shall not be applicable to investment transactions to which the Advisor has committed the Company prior to the date of receipt by the Advisor of such
notification. 
 ARTICLE 5 
 BANK
ACCOUNTS 
 The Advisor may establish and maintain one or more bank accounts in its own name for the account of the Company or in the name of
the Company 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, under such terms and conditions as the Board may approve, provided that no funds shall be
commingled with the funds of the Advisor. The Advisor shall from time to time render appropriate accountings of such collections and payments to the Board and the independent auditors of the Company. 
 ARTICLE 6 
 RECORDS AND FINANCIAL STATEMENTS

 The Advisor, in the conduct of its responsibilities to the Company, shall maintain adequate and separate books and records for the
Company’s operations in accordance with GAAP, which shall be supported by sufficient documentation to ascertain that such 

  

 13 

 
books and records are properly and accurately recorded. Such books and records shall be the property of the Company and shall be available for inspection by
the Board and by counsel, auditors and other authorized agents of the Company, at any time or from time to time during normal business hours. Such books and records shall include all information necessary to calculate and audit the fees or
reimbursements paid under this Agreement. The Advisor shall utilize procedures to attempt to ensure such control over accounting and financial transactions as is reasonably required to protect the Company’s assets from theft, error or
fraudulent activity. All financial statements that the Advisor delivers to the Company shall be prepared on an accrual basis in accordance with GAAP, except for special financial reports that by their nature require a deviation from GAAP. The
Advisor shall liaise with the Company’s officers and independent auditors and shall provide such officers and auditors with the reports and other information that the Company so requests. 
 ARTICLE 7 
 LIMITATION ON ACTIVITIES 
 Notwithstanding any provision in this Agreement to the contrary, the Advisor shall not take any action that, in its sole judgment made in good faith,
would (i) adversely affect the ability of the Company to qualify or continue to qualify as a REIT under the Code, (ii) subject the Company to regulation under the Investment Company Act of 1940, as amended, (iii) violate any law,
rule, regulation or statement of policy of any governmental body or agency having jurisdiction over the Company, its Shares or its other securities, (iv) require the Advisor to register as a broker-dealer with the SEC or any state, or
(v) violate the Charter or Bylaws. In the event an action that would violate (i) through (v) of the preceding sentence but such action has been ordered by the Board, the Advisor shall notify the Board of the Advisor’s judgment of
the potential impact of such action and shall refrain from taking such action until it receives further clarification or instructions from the Board. In such event, the Advisor shall have no liability for acting in accordance with the specific
instructions of the Board so given. 
 ARTICLE 8 
 FEES 
 8.01 Acquisition Fees. As compensation for the investigation, selection and acquisition (by purchase,
investment or exchange) of Properties and other Permitted Investments, the Company shall pay an Acquisition Fee to the Advisor for each such investment. With respect to the acquisition of a Property to be wholly owned by the Company, the Acquisition
Fee payable to the Advisor shall equal 0.75% of the sum of the amount actually paid or allocated to the purchase, development, construction or improvement of such Property, inclusive of the Acquisition Expenses associated with such Property, and the
amount of any debt attributable to such Property. With respect other Permitted Investments, the Acquisition Fee payable to the Advisor shall equal 0.75% of the cost of such investment, inclusive of Acquisition Expenses associated with 

  

 14 

 
such investment. With respect to the acquisition of a Property or other Permitted Investment through any Joint Venture or any partnership in which the
Company or the Partnership is a partner, the Acquisition Fee payable to the Advisor shall equal 0.75% of the portion of the amount actually paid or allocated to the purchase, development, construction or improvement of the Property, inclusive of the
Acquisition Expenses associated with such Property, plus the amount of any outstanding debt associated with such Property that is attributable to the Company’s investment in the Joint Venture or partnership. Notwithstanding anything herein to
the contrary, the payment of Acquisition Fees by the Company shall be subject to the limitations contained in the Company’s Charter. The Advisor shall submit an invoice to the Company following the closing or closings of each acquisition,
accompanied by a computation of the Acquisition Fee. The Acquisition Fee payable to the Advisor shall be paid at the closing of the acquisition upon receipt of the invoice by the Company. The Company will not pay an Acquisition Fee to the Advisor
with respect to any transaction in which the Company is required to pay an Origination Fee to the Advisor pursuant to the provisions of Section 8.02 below. 
 8.02 Origination Fees. As compensation for the investigation, selection, sourcing and acquisition or origination of Loans, the Company shall pay an Origination Fee to the Advisor for each such acquisition or
origination. With respect to the acquisition or origination of a Loan to be wholly owned by the Company, the Origination Fee payable to the Advisor shall equal 1% of the amount funded by the Company to acquire or originate the Loan, including any
Acquisition Expenses related to such investment and any debt used to fund the acquisition or origination of the Loan. With respect to the acquisition of a Loan through any Joint Venture or any partnership in which the Company or the Partnership is a
partner, the Origination Fee payable to the Advisor shall equal 1% of the portion of the amount actually paid or allocated to acquire or originate the Loan, inclusive of the Acquisition Expenses associated with such Loan, plus the amount of any
outstanding debt associated with such Loan that is attributable to the Company’s investment in the Joint Venture or partnership. The Company will not pay an Origination Fee to the Advisor with respect to any transaction pursuant to which the
Company is required to pay the Advisor an Acquisition Fee. Notwithstanding anything herein to the contrary, the payment of Origination Fees by the Company shall be subject to the limitations on Acquisition Fees contained in the Company’s
Charter. The Advisor shall submit an invoice to the Company following the closing or closings of each Loan, accompanied by a computation of the Origination Fee. The Origination Fee payable to the Advisor shall be paid at the closing of the
transaction upon receipt of the invoice by the Company. 
 8.03 Asset Management Fees. The Company shall pay the Advisor as compensation for
the services described in Section 3.03 hereof a monthly fee (the “Asset Management Fee”) in an amount equal to one-twelfth of 0.75% of the sum of the Cost of Real Estate Investments and the outstanding principal amount of the Loans
and other Permitted Investments, as of the end of the preceding month. The Advisor shall submit a monthly invoice to the Company, accompanied by a computation of the Asset Management Fee for the applicable period. The Asset Management Fee shall be
payable on the last day of such month, or the first business day following the last day of such month. The Asset Management Fee may or may not be taken, in whole or in part, as to 

  

 15 

 
any year in the sole discretion of the Advisor. All or any portion of the Asset Management Fee taken as to any fiscal year shall be deferred without interest
and may be paid in such other fiscal year as the Advisor shall determine. 
 8.04 Disposition Fees. If the Advisor or any of its Affiliates
provide a substantial amount of services (as determined by the Conflicts Committee) in connection with a Sale, the Advisor or such Affiliate shall receive a fee at the closing (the “Disposition Fee”) equal to 1% of the Contract Sales
Price; provided, however, that no Disposition Fee shall be payable to the Advisor for any Sale if such Sale involves the Company selling all or substantially all of its assets in one or more transactions designed to effectuate a business combination
transaction (as opposed to a Company liquidation, in which case the Disposition Fee would be payable if the Advisor or an Affiliate provides a substantial amount of services as provided above). Any Disposition Fee payable under this
Section 8.04 may be paid in addition to real estate commissions paid to non-Affiliates, provided that the total real estate commissions (including such Disposition Fee) paid to all Persons by the Company for each Property shall not exceed an
amount equal to the lesser of (i) 6% of the aggregate Contract Sales Price of each Property or (ii) the Competitive Real Estate Commission for each Property. Substantial assistance in connection with the sale of a Property includes the
Advisor’s preparation of an investment package for the Property (including a new investment analysis, rent rolls, tenant information regarding credit, a property title report, an environmental report, a structural report and exhibits) or such
other substantial services performed by the Advisor in connection with a sale. 
 8.05 Subscription Processing Fee. The Company shall pay the
Advisor as compensation for the services described in Section 3.04(iv) hereof a monthly fee (the “Subscription Processing Fee”) in an amount equal to $35 per subscription agreement for Shares received and processed by the Advisor. The
Advisor shall submit a monthly invoice to the Company, accompanied by a computation of the total amount of the Subscription Processing Fee for the applicable period. The Subscription Processing Fee shall be payable on the last day of such month, or
the first business day following the last day of such month. 
 8.06 Subordinated Share of Cash Flows. The Subordinated Share of Cash Flows
shall be payable to the Advisor in an amount equal to 15% of Operating Cash Flow and Cash from Sales and Financings remaining after the Stockholders have received Distributions of Operating Cash Flow and of Cash from Sales and Financings such that
the owners of all outstanding Shares have received Distributions in an aggregate amount equal to the sum of: 
  

	 	a.	the Stockholders’ 8% Return and 

  

	 	b.	Invested Capital. 

 When determining whether the above threshold has been
met: 
 (A) Any stock dividend shall not be included as a Distribution; and 
  

 16 

 (B) Distributions paid on Shares redeemed by the Company (and thus no longer included in the
determination of Invested Capital), shall not be included as a Distribution. 
 Following Listing, no Subordinated Share of Cash Flows will be paid to the
Advisor. 
 8.07 Subordinated Incentive Fee. Upon Listing, the Advisor shall be entitled to the Subordinated Incentive Fee in an amount equal
to 15% of the amount by which (i) the market value of the outstanding Shares of the Company, measured by taking the average closing price or the average of the bid and asked price, as the case may be, over a period of 30 days during which the
Shares are traded, with such period beginning 180 days after Listing (the “Market Value”), plus the total of all Distributions paid to Stockholders (excluding any stock dividends) from the Company’s inception until the date that
Market Value is determined, exceeds (ii) the sum of (A) 100% of Invested Capital and (B) the total Distributions required to be paid to the Stockholders in order to pay the Stockholders’ 8% Return from inception through the date
Market Value is determined. The Company shall have the option to pay such fee in the form of cash, Shares, a promissory note or any combination of the foregoing. The Subordinated Incentive Fee will be reduced by the amount of any prior payment to
the Advisor of a Subordinated Share of Cash Flows. In the event the Subordinated Incentive Fee is paid to the Advisor following Listing, no other performance fee will be paid to the Advisor. 
 8.08 Changes to Fee Structure. In the event of Listing, the Company and the Advisor shall negotiate in good faith to establish a fee structure
appropriate for a perpetual-life entity. 
 ARTICLE 9 
 EXPENSES 
 9.01 General. In addition to the compensation paid to the Advisor pursuant to Article 8 hereof,
the Company shall pay directly or reimburse the Advisor for all of the expenses paid or incurred by the Advisor or its Affiliates on behalf of the Company or in connection with the services provided to the Company pursuant to this Agreement,
including, but not limited to: 
 (i) All Organization and Offering Expenses; provided, however, that the Company shall not
reimburse the Advisor to the extent such reimbursement would cause the total amount spent by the Company on Organization and Offering Expenses to exceed 15% of the Gross Proceeds raised as of the date of the reimbursement and provided further that
within 60 days after the end of the month in which an Offering terminates, the Advisor shall reimburse the Company to the extent the Company incurred Organization and Offering Expenses exceeding 15% of the Gross Proceeds raised in the completed
Offering; the Company shall not reimburse the Advisor for any Organization and Offering Expenses that the Conflicts Committee determines are not fair and commercially reasonable to the Company. 
  

 17 

 (ii) Acquisition Fees and Acquisition Expenses incurred in connection with the selection
and acquisition of Properties, Loans and other Permitted Investments, including such expenses incurred related to assets pursued or considered but not ultimately acquired by the Company, provided that, notwithstanding anything herein to the
contrary, the payment of Acquisition Fees and Acquisition Expenses by the Company shall be subject to the limitations contained in the Company’s Charter; 
 (iii) The actual out-of-pocket cost of goods and services used by the Company and obtained from entities not Affiliated with the Advisor;

 (iv) Interest and other costs for borrowed money, including discounts, points and other similar fees; 
 (v) Taxes and assessments on income or Properties, taxes as an expense of doing business and any other taxes otherwise imposed on the
Company and its business, assets or income; 
 (vi) Out-of-pocket costs associated with insurance required in connection with
the business of the Company or by its officers and Directors; 
 (vii) Expenses of managing, improving, developing, operating
and selling Properties owned by the Company; 
 (viii) All out-of-pocket expenses in connection with payments to the Board and
meetings of the Board and Stockholders; 
 (ix) Personnel and related employment costs incurred by the Advisor or its
Affiliates in performing the services described in Article 3 hereof, including but not limited to reasonable salaries and wages, benefits and overhead of all employees directly involved in the performance of such services, provided that no
reimbursement shall be made for costs of such employees of the Advisor or its Affiliates to the extent that such employees perform services for which the Advisor receives Acquisition Fees or Disposition Fees; 
 (x) Out-of-pocket 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; 
 (xi)
Audit, accounting and legal fees, and other fees for professional services relating to the operations of the Company and all such fees incurred at the request, or on behalf of, the Conflicts Committee or any other committee of the Board; 

 

 18 

 (xii) Out-of-pocket costs for the Company to comply with all applicable laws, regulations
and ordinances; 
 (xiii) Expenses connected with payments of Distributions made or caused to be made by the Company to the
Stockholders; 
 (xiv) Expenses of organizing, redomesticating, merging, liquidating or dissolving the Company or of amending
the Charter or the Bylaws; and 
 (xv) All other out-of-pocket costs incurred by the Advisor in performing its duties
hereunder. 
 9.02 Timing of and Additional Limitations on Reimbursements. 
 (i) Expenses incurred by the Advisor on behalf of the Company and reimbursable pursuant to this Article 9 shall be reimbursed no less than
monthly to the Advisor. The Advisor shall prepare a statement documenting the expenses of the Company during each quarter and shall deliver such statement to the Company within 45 days after the end of each quarter. 
 (ii) Notwithstanding anything else in this Article 9 to the contrary, the expenses enumerated in this Article 9 shall not become
reimbursable to the Advisor unless and until the Company has raised $2.5 million in the initial public offering of its Shares. 
 (iii) Commencing four fiscal quarters after the Company’s acquisition of its first real estate asset, the following limitation on Operating Expenses shall apply: The Company shall not reimburse the Advisor at the end of any fiscal
quarter for Operating Expenses that in the four consecutive fiscal quarters then ended (the “Expense Year”) exceed (the “Excess Amount”) the greater of 2% of Average Invested Assets or 25% of Net Income (the “2%/25%
Guidelines”) for such year unless the Conflicts Committee determines that such excess was justified, based on unusual and nonrecurring factors that the Conflicts Committee deems sufficient. If the Conflicts Committee does not approve such
excess as being so justified, any Excess Amount paid to the Advisor during a fiscal quarter shall be repaid to the Company. If the Conflicts Committee determines such excess was justified, then, within 60 days after the end of any fiscal quarter of
the Company for which total reimbursed Operating Expenses for the Expense Year exceed the 2%/25% Guidelines, the Advisor, at the direction of the Conflicts Committee, shall cause such fact to be disclosed to the Stockholders in writing (or the
Company shall disclose such fact to the Stockholders in the next quarterly report of the Company or by filing a Current Report on Form 8-K with the SEC within 60 days of such quarter end), together with an explanation of the factors the Conflicts
Committee considered in determining that such excess expenses were justified. The Company will ensure that such determination will be reflected in the minutes of the meetings of the Board. All figures used in the foregoing computation shall be
determined in accordance with GAAP applied on a consistent basis. 
  

 19 

 ARTICLE 10 
 VOTING AGREEMENT 
 The Advisor agrees that, with respect to any Shares now or hereinafter owned by it, the
Advisor will not vote or consent on matters submitted to the stockholders of the Company regarding (i) the removal of the Advisor or any Affiliate of the Advisor or (ii) any transaction between the Company and the Advisor or any of its
Affiliates. This voting restriction shall survive until such time that the Advisor is both no longer serving as such and is no longer an Affiliate of the Company. 
 ARTICLE 11 
 RELATIONSHIP OF ADVISOR AND COMPANY; 
 OTHER ACTIVITIES OF THE ADVISOR 
 11.01 Relationship. The Company and the Advisor are
not partners or joint venturers with each other, and nothing in this Agreement shall be construed to make them such partners or joint venturers. Nothing herein contained shall prevent the Advisor from engaging in other activities, including, without
limitation, the rendering of advice to other Persons (including other REITs) and the management of other programs advised, sponsored or organized by the Advisor or its Affiliates. Nor shall this Agreement limit or restrict the right of any manager,
director, officer, employee or equityholder of the Advisor or its Affiliates to engage in any other business or to render services of any kind to any other Person. The Advisor may, with respect to any investment in which the Company is a
participant, also render advice and service to each and every other participant therein. The Advisor shall promptly disclose to the Board the existence of any condition or circumstance, existing or anticipated, of which it has knowledge, that
creates or could create a conflict of interest between the Advisor’s obligations to the Company and its obligations to or its interest in any other Person. 
 11.02 Time Commitment. The Advisor shall, and shall cause its Affiliates and their respective employees, officers and agents to, devote to the Company such time as shall be reasonably necessary to conduct the business
and affairs of the Company in an appropriate manner consistent with the terms of this Agreement. The Company acknowledges that the Advisor and its Affiliates and their respective employees, officers and agents may also engage in activities unrelated
to the Company and may provide services to Persons other than the Company or any of its Affiliates. 
 11.03 Investment Opportunities and
Allocation. The Advisor shall be required to use commercially reasonable efforts to present a continuing and suitable investment program to the Company that is consistent with the investment policies and objectives of the Company, but neither the
Advisor nor any Affiliate of the Advisor shall be obligated 

  

 20 

 
generally to present any particular investment opportunity to the Company even if the opportunity is of character that, if presented to the Company, could be
taken by the Company. In the event an investment opportunity is located, the allocation procedure set forth under the caption “Conflicts of Interest – Certain Conflict Resolution Procedures – Allocation of Investment
Opportunities” in the Registration Statement shall govern the allocation of the opportunity among the Company and Affiliates of the Advisor. 
 ARTICLE 12 
 THE KBS NAME 
 The Advisor and its Affiliates have a proprietary interest in the name “KBS.” The Advisor hereby grants to the Company a non-transferable, non-assignable, non-exclusive royalty-free right and license to use the name
“KBS” during the term of this Agreement. Accordingly, and in recognition of this right, if at any time the Company ceases to retain the Advisor or one of its Affiliates to perform advisory services for the Company, the Company will,
promptly after receipt of written request from the Advisor, cease to conduct business under or use the name “KBS” or any derivative thereof and the Company shall change its name and the names of any of its subsidiaries to a name that does
not contain the name “KBS” or any other word or words that might, in the reasonable discretion of the Advisor, be susceptible of indication of some form of relationship between the Company and the Advisor or any its Affiliates. At such
time, the Company will also make any changes to any trademarks, servicemarks or other marks necessary to remove any references to the word “KBS.” Consistent with the foregoing, it is specifically recognized that the Advisor or one or more
of its Affiliates has in the past and may in the future organize, sponsor or otherwise permit to exist other investment vehicles (including vehicles for investment in real estate) and financial and service organizations having “KBS” as a
part of their name, all without the need for any consent (and without the right to object thereto) by the Company. 
 ARTICLE 13 

TERM AND TERMINATION OF THE AGREEMENT 
 13.01 Term. This Agreement shall have an initial term of one year from the date hereof and may be renewed for an unlimited number of successive one-year terms upon mutual consent of the parties. The Company (acting through the Conflicts
Committee) will evaluate the performance of the Advisor annually before renewing this Agreement, and each such renewal shall be for a term of no more than one year. Any such renewal must be approved by the Conflicts Committee. 
 13.02 Termination by Either Party. This Agreement may be terminated upon 60 days written notice without cause or penalty by either the Company (acting
through the Conflicts Committee) or the Advisor. The provisions of Articles 1, 10, 12, 13, 15 and 16 shall survive termination of this Agreement. 
  

 21 

 13.03 Payments on Termination and Survival of Certain Rights and Obligations. Payments to the Advisor
pursuant to this Section 13.03 shall be subject to the 2%/25% Guidelines to the extent applicable. 
 (i) After the
Termination Date, the Advisor shall not be entitled to compensation for further services hereunder except it shall be entitled to receive from the Company within 30 days after the effective date of such termination (A) all unpaid reimbursements
of expenses and all earned but unpaid fees payable to the Advisor prior to termination of this Agreement and (B) the Subordinated Performance Fee Due Upon Termination, provided that no Subordinated Performance Fee Due Upon Termination will be
paid if the Company has paid or is obligated to pay the Subordinated Incentive Fee. 
 (ii) The Advisor shall promptly upon
termination: 
 (a) pay over to the Company all money collected pursuant to this Agreement, if any, after deducting any
accrued compensation and reimbursement for its expenses to which it is then entitled; 
 (b) deliver to the Board a full
accounting, including a statement showing all payments collected by it and a statement of all money held by it, covering the period following the date of the last accounting furnished to the Board; 
 (c) deliver to the Board all assets and documents of the Company then in the custody of the Advisor; and 
 (d) cooperate with the Company to provide an orderly transition of advisory functions. 
 ARTICLE 14 
 ASSIGNMENT 
 This Agreement may be assigned by the Advisor to an Affiliate with the consent of the Conflicts Committee. The Advisor may assign any rights to receive
fees or other payments under this Agreement without obtaining the approval of the Board. This Agreement shall not be assigned by the Company without the consent of the Advisor, except in the case of an assignment by the Company to a corporation or
other organization that is a successor to all of the assets, rights and obligations of the Company, in which case such successor organization shall be bound hereunder and by the terms of said assignment in the same manner as the Company is bound by
this Agreement. 
  

 22 

 ARTICLE 15 
 INDEMNIFICATION AND LIMITATION OF LIABILITY 
 The Company shall indemnify, defend and hold harmless the
Advisor and its Affiliates, including their respective officers, directors, equity holders, partners and employees, from all liability, claims, damages or losses arising in the performance of their duties hereunder, and related expenses, including
reasonable attorneys’ fees, to the extent such liability, claims, damages or losses and related expenses are not fully reimbursed by insurance, subject to any limitations imposed by the Company’s the Charter. Any indemnification of the
Advisor may be made only out of the net assets of the Company and not from Stockholders. 
 ARTICLE 16 
 MISCELLANEOUS 
 16.01 Notices. Any notice,
report or other communication required or permitted to be given hereunder shall be in writing unless some other method of giving such notice, report or other communication is required by the Charter, the Bylaws or is accepted by the party to whom it
is given, and shall be given by being delivered by hand or by overnight mail or other overnight delivery service to the addresses set forth herein: 
 To the Company or the Board: 
 KBS Real Estate Investment Trust, Inc. 
 620 Newport Center Drive, Suite 1300 
 Newport Beach, California 92660 
 To the Advisor: 
 KBS Capital Advisors LLC 
 660 Newport Center Drive, Suite 1200 
 Newport Beach, California 92660 
 Either party may at any time give notice in writing to the other party of a change in its address for the purposes of this Section 16.01.

 16.02 Modification. This Agreement shall not be changed, modified, terminated or discharged, in whole or in part, except by an instrument
in writing signed by both parties hereto, or their respective successors or permitted assigns. 
 16.03 Severability. The provisions of this
Agreement are independent of and severable from each other, and no provision shall be affected or rendered invalid or unenforceable by virtue of the fact that for any reason any other or others of them may be invalid or unenforceable in whole or in
part. 
  

 23 

 16.04 Construction. The provisions of this Agreement shall be construed and interpreted in accordance
with the laws of the State of Delaware. 
 16.05 Entire Agreement. This Agreement contains the entire agreement and understanding between the
parties hereto with respect to the subject matter hereof, and supersedes all prior and contemporaneous agreements, understandings, inducements and conditions, express or implied, oral or written, of any nature whatsoever with respect to the subject
matter hereof. The express terms hereof control and supersede any course of performance and/or usage of the trade inconsistent with any of the terms hereof. This Agreement may not be modified or amended other than by an agreement in writing.

 16.06 Waiver. Neither the failure nor any delay on the part of a party to exercise any right, remedy, power or privilege under this
Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the same or of any other right, remedy, power or privilege, nor shall any waiver
of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence. No waiver shall be effective unless it is in writing and is signed by
the party asserted to have granted such waiver. 
 16.07 Gender. Words used herein regardless of the number and gender specifically used,
shall be deemed and construed to include any other number, singular or plural, and any other gender, masculine, feminine or neuter, as the context requires. 
 16.08 Titles Not to Affect Interpretation. The titles of Articles and Sections contained in this Agreement are for convenience only, and they neither form a part of this Agreement nor are they to be used in the
construction or interpretation hereof. 
 16.09 Counterparts. This Agreement may be executed in any number of counterparts, each of which
shall be deemed to be an original as against any party whose signature appears thereon, and all of which shall together constitute one and the same instrument. This Agreement shall become binding when one or more counterparts hereof, individually or
taken together, shall bear the signatures of all of the parties reflected hereon as the signatories. 
 [The remainder of this page is
intentionally left blank. 
 Signature page follows.] 
  

 24 

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

			
	KBS REAL ESTATE INVESTMENT TRUST II, INC.
		
	By:	 	  

		 	Charles J. Schreiber, Jr., Chief Executive Officer

  

							
	KBS CAPITAL ADVISORS LLC
		
	By:	 	PBren Investments, L.P., a Manager
			
		 	By:	 	PBren Investments, LLC, as general partner
				
		 		 	By:	 	  

		 		 		 	Peter M. Bren, Manager
		
	By:	 	Schreiber Real Estate Investments, L.P., a Manager
			
		 	By:	 	Schreiber Investments, LLC, as general partner
				
		 		 	By:	 	  

		 		 		 	Charles J. Schreiber, Jr., Manager

  

 25Governance Agreement dated February 12, 2008

 EXHIBIT 10.53 
 GOVERNANCE AGREEMENT 
 This GOVERNANCE AGREEMENT (this
“Agreement”) is made as of February 12, 2008 (the “Effective Date”), by and among U.S. Energy Systems, Inc., a Delaware corporation (the “Company”), US Energy Overseas Investments LLC, a
Delaware limited liability company (“USE Overseas”), and GBGH, LLC, a Delaware limited liability company (“GBGH”; together with USE Overseas and the Company, the “Companies”), Nakash
Energy LLC, a Delaware limited liability company (“Nakash Energy”), Richard J. Augustine, in his capacity as a Class 1 Director of the Company, Joseph P. Reynolds, in his capacity as a Class 2 Director of the
Company (Messrs. Augustine and Reynolds being collectively referred to as the “Management Directors”), Bruce Levy, in his capacity as a nominee to be a Class 1 Director of the Company, Bernard J. Zahren, in his
capacity as a Class 2 Director of the Company, Michael T. Novosel, in his capacity as a nominee to be a Class 3 Director of the Company (Messrs. Levy, Zahren and Novosel being collectively referred to as the “Incumbent
Directors”), Emzon Shung, in his capacity as a nominee to be a Class 1 Director of the Company, Robert Spiegelman, in his capacity as a nominee to be Class 2 Director of the Company, and Salvatore Nobile, in his capacity as a
nominee to be a Class 3 Director of the Company (Messrs. Shung, Spiegelman and Nobile being collectively referred to as the “Nakash Directors”). Each of the Companies, Nakash Energy, each Management Director, each
Incumbent Director and each Nakash Director are referred to herein individually as a “Party” and collectively as the “Parties”. The Companies and Nakash Energy are referred to herein individually as a
“Corporate Party” and collectively as the “Corporate Parties”. The Incumbent Directors and the Nakash Directors are referred to herein individually as a “Director Party” and collectively as the
“Director Parties”. 
 RECITALS 
 WHEREAS, Nakash Energy, together with its “affiliates” (within the meaning of Rule 12b-2 promulgated under the Securities Exchange Act of 1934, as amended
(“Affiliates”)), owns approximately 17.4 percent of the outstanding shares of common stock of the Company and is the largest single shareholder of the Company; and 
 WHEREAS, on January 9, 2008, the Companies filed voluntary petitions for relief under chapter 11 of the
United States Bankruptcy Code, 11 U.S.C. §§ 101-1532 (the “Bankruptcy Code”) in the United States Bankruptcy Court for the Southern District of New York (the “Bankruptcy Court”), jointly
administered under Chapter 11 Case No. 08-10054 (RDD) (the “Chapter 11 Cases”); and 
 WHEREAS, Asher E. Fogel, former Chairman of the Board and Chief Executive Officer of the Company (“Mr. Fogel”), and Nakash Energy each have instituted separate proceedings in
the Court of Chancery of the State of Delaware (the “Chancery Court”) seeking, among other things, to convene, in the case of Mr. Fogel, a special meeting of stockholders of the Company, and in the case of Nakash Energy, an
annual meeting of stockholders of the Company; and 
 WHEREAS, the Company has instituted proceedings in
the Bankruptcy Court seeking to enjoin the special meeting of stockholders ordered by the Chancery Court and to enjoin the proceedings brought by Mr. Fogel and by Nakash Energy in the Chancery Court, and Nakash Energy has petitioned the Office
of the United States Trustee to appoint an official committee of equity securityholders in the Chapter 11 Cases; and 
 WHEREAS, the disputes regarding corporate governance are diverting management time and the Company’s resources from the urgent requirement to effect the reorganization of the Companies in the
Chapter 11 Case and the management of the businesses and assets of the Companies; and 

 WHEREAS, the Companies and Nakash Energy agree that it would be in
the best interests of the Company and all of its stockholders for the Nakash Directors, who have been nominated by Nakash Energy, to participate in the deliberations and decisions of the Board of Directors of the Company; and 
 WHEREAS, the Companies and Nakash Energy further agree that the Company should convene an annual meeting of
stockholders as soon as practicable following (i) confirmation and substantial consummation of Chapter 11 plans for the Companies and (ii) the filing by the Company of its Annual Report on Form 10-K for the year ended
December 31, 2007 with the Securities and Exchange Commission (“SEC”), including financial statements required by SEC regulations, with all directorships eligible for election to their respective terms at such annual meeting;
and 
 WHEREAS, the Parties acknowledge and agree that Nakash Energy has made a substantial contribution
to the Chapter 11 Cases in connection with this Agreement and related matters; and 
 WHEREAS, the
Companies and Nakash Energy agree that as soon as practicable following the Effective Date, the Companies shall file a motion with the Bankruptcy Court in the Chapter 11 Cases for entry of an order (the “Approval Order”)
approving the Companies’ entry into and performance of their respective obligations under this Agreement, the withdrawal by Nakash Energy of any pending litigation and forbearance from further litigation in the Chancery Court to compel the
Company to convene a meeting of stockholders, and enjoining any other pending or future litigation in the Chancery Court for such purpose, with the date the Bankruptcy Court enters the Approval Order defined herein as the “Implementation
Date”; and 
 WHEREAS, the Parties agree that further actions to implement the purposes of this
Agreement shall be taken if the Implementation Date does not occur on or before February 25, 2008, or such later date as the Corporate Parties may agree in writing (the “Implementation Deadline”); 
 AGREEMENT 
 NOW, THEREFORE, in consideration of the premises and the mutual covenants and agreements herein set forth, and for other good and valuable consideration, the receipt and sufficiency of the
Parties hereby acknowledge, the Parties hereby agree as follows: 
  

	1.	Settlement of Proceedings. 

  

	 	(a)	Standstill of Litigation Between Corporate Parties. The Corporate Parties agree that until the earlier to occur of (i) the Implementation Date or (ii) the
Implementation Deadline, no further action will be taken in either of the following proceedings: 

  

	 	(i)	Nakash Energy LLC v. U.S. Energy Systems, Inc. (Civil Action No. 3487), in the Chancery Court (the “Nakash Energy Chancery Litigation”); and

  

	 	(ii)	U.S. Energy Systems, Inc. v. Asher E. Fogel and Nakash Energy LLC (Adv. Proc. No. 08-01043 (RDD), in the Bankruptcy Court (the “USEY Adversary
Proceeding”). 

  

	 	(b)	 No Additional Proceedings. The Parties agree until the earlier to occur of (i) the Implementation Date or (ii) the Implementation Deadline,
other than commencing any proceeding to enforce this Agreement following a failure by a Party to perform its obligations under this Agreement, (i) no other litigation, arbitration or other proceeding actions will be instituted by any Party or
by any of its Affiliates in the Bankruptcy Court, 

  

 2 

	 	 
the Chancery Court or any other forum and (ii) Nakash Energy shall request that the Office of the United States Trustee continue to forbear from
appointing an official committee of equity securityholders in the Chapter 11 Cases. 

  

	 	(c)	Settlement Negotiations with Mr. Fogel. The Company is engaging in good faith negotiations with Mr. Fogel with a view to achieving a settlement of the action
in the Chancery Court, Asher E. Fogel v. U.S. Energy Systems, Inc. et al (Civil Action No. 3271-CC) (the “Fogel Chancery Litigation”), and of an arbitration proceeding relating to the Company’s
termination of Mr. Fogel’s employment (the “Fogel Employment Arbitration”). The Board of Directors shall not take up for consideration the approval of any such settlement unless and until the Nakash Directors have been
elected to the Board of Directors as set forth in subsection 2(c) of this Agreement. 

  

	 	(d)	Actions by Corporate Parties if Implementation Date Occurs. On or immediately after the Implementation Date occurs: 

  

	 	(i)	Nakash Energy and the Company shall file a stipulation to dismiss voluntarily the Nakash Energy Chancery Litigation without prejudice; 

  

	 	(ii)	Nakash Energy shall file a petition with the Office of the United States Trustee to withdraw voluntarily its request for the appointment of an official committee of equity
securityholders in the Chapter 11 Cases; and 

  

	 	(iii)	The Companies shall file a motion to dismiss Nakash Energy from the USEY Adversary Proceeding without prejudice. 

  

	 	(e)	No Objection in Chapter 11 Cases. Whether or not the Implementation Date occurs, and subject to the election of the Nakash Directors as set forth in
subsection 2(c), Nakash Energy agrees not to object in the Chapter 11 Cases to: 

  

	 	(i)	the retention by the Company of Eckert, Seamans, Cherin & Mellott, LLC as Delaware counsel to the Company; and 

  

	 	(ii)	the appointment of Jefferies & Company, on an interim basis, as financial adviser to the Company. 

  

	2.	Board of Directors. 

  

	 	(a)	Resignation of Directors. The Company represents that prior to the Effective Date, Jacob Feinstein and Ronny Strauss have resigned as Directors of the Company.

  

	 	(b)	Election of Incumbent Directors and Resignations of Management Directors. Concurrently with the execution and delivery of this Agreement, the Board of Directors of the
Company, composed of Bernard J. Zahren and the Management Directors, shall elect: 

  

	 	(i)	Bruce Levy as a Class 1 Director, to fill the vacancy occasioned by the resignation of Mr. Strauss; and 

  

	 	(ii)	Michael T. Novosel as a Class 3 Director, to fill the vacancy occasioned by the resignation of Mr. Feinstein. 

  

 3 

 After the election of Messrs. Levy and Novosel, the Management Directors shall immediately resign as
Directors of the Company 
 Messrs. Feinstein, Strauss, Augustine and Reynolds, together with Mr. Robert A. Schneider, who resigned
as a Director of the Company on January 20, 2008, shall each be hereinafter referred to as a “Retiring Director” and collectively as the “Retiring Directors”. 
  

	 	(c)	Election of Nakash Directors. Concurrently with the execution and delivery of this Agreement and immediately following the resignation of the Management Directors, the
Board of Directors of the Company, composed of the Incumbent Directors, shall elect: 

  

	 	(i)	Emzon Shung as a Class 1 Director, to fill the vacancy occasioned by the resignation of Mr. Augustine; 

  

	 	(ii)	Robert Spiegelman as a Class 2 Director, to fill the vacancy occasioned by the resignation of Mr. Reynolds; and 

  

	 	(iii)	Salvatore Nobile as a Class 3 Director, to fill the vacancy occasioned by the resignation of Carl W. Greene in December 2006. 

  

	 	(d)	Term of Directors. The Parties agree that, notwithstanding any provision of the Certificate of Incorporation or By-Laws of the Company to the contrary, the term of
each Incumbent Director and of each Nakash Director shall expire at the next annual meeting of stockholders consistent with section 223(c) of the General Corporation Law of the State of Delaware (the “Delaware Corporation
Law”). The Parties further agree that the agenda for the next annual meeting of stockholders, consistent with Article Seventh of the Certificate of Incorporation, shall provide, among other things: 

  

	 	(i)	each nominee to be a Class 2 Director shall, if elected, hold office until the annual meeting of stockholders in 2009, or until his successor is duly elected and qualified or
his earlier death, retirement, resignation, disqualification, or removal from office; 

  

	 	(ii)	each nominee to be a Class 3 Director shall, if elected, hold office until the annual meeting of stockholders in 2010, or until his successor is duly elected and qualified or
his earlier death, retirement, resignation, disqualification, or removal from office; 

  

	 	(iii)	each nominee to be a Class 1 Director shall, if elected, hold office until the annual meeting of stockholders in 2011, or until his successor is duly elected and qualified or
his earlier death, retirement, resignation, disqualification, or removal from office. 

 Notwithstanding the foregoing, the
Parties agree that after the confirmation and substantial consummation of Chapter 11 plans for each of the Companies in the Chapter 11 Cases, the Board of Directors may, by majority vote of the full Board as specified in
Article Seventh, Part D of the Certificate of Incorporation of the Company, amend or repeal the provisions of Article Seventh to modify or eliminate the classification of the Board of Directors and provide, among other things, that
all Directors shall be elected annually, in each case consistent with the requirements of the Delaware Corporation Law. 
  

	 	(e)	 Chairman of the Board of Directors. Upon the resignation of Mr. Feinstein, the Board of Directors shall not elect a successor as Chairman of the
Board. After the Nakash Directors have been elected to the Board of Directors, the Board of Directors may choose to elect, or 

  

 4 

	 	 
not to elect, a new Chairman of the Board or Co-Chairmen of the Board. Notwithstanding any provision of the By-Laws of the Company to the contrary, neither
the Chairman of the Board nor any Co-Chairman of the Board need be an officer or an employee of the Company. If the Board of Directors chooses to elect a Chairman of the Board or Co-Chairmen of the Board, such individual or individuals shall be
entitled to exercise such powers as may be delegated under the By-Laws, as the same may be amended from time to time. 

  

	 	(f)	Composition of the Board of Directors. 

  

	 	(i)	Until the next annual meeting of stockholders, the Parties agree that the number of Directors which shall constitute the Board of Directors shall be six, unless changed by vote of
the Board of Directors as specified in subsection 2(f)(iv). 

  

	 	(ii)	Upon the retirement, resignation, disqualification, removal or death of any Incumbent Director, the remaining Incumbent Directors shall have the right, or if there are no Incumbent
Directors remaining to nominate candidates, the management of the Company shall have the right, to nominate a candidate, duly qualified to serve as a Director as specified by the By-Laws of the Company, to fill such vacancy, and each Nakash Director
agrees to elect such nominee of the Incumbent Directors (or of management of the Company) to fill such vacancy, whereupon the newly-elected Director shall become an Incumbent Director for purposes of this Agreement. 

  

	 	(iii)	Upon the retirement, resignation, disqualification, removal or death of any Nakash Director, Nakash Energy shall have the right to nominate a candidate, duly qualified to serve as a
Director as specified by the By-Laws of the Company, to fill such vacancy, and each remaining Director Party agrees to elect such nominee of Nakash Energy to fill such vacancy, whereupon the newly-elected Director shall become a Nakash Director for
purposes of this Agreement. 

  

	 	(iv)	After the Nakash Directors have been elected to the Board of Directors, the Board of Directors may choose to increase the number of Directors consistent with the By-Laws;
provided, however, the Parties agree that, notwithstanding any provision of the By-Laws to the contrary, (x) the affirmative vote of at least five out of the six Directors shall be required to increase the number of Directors from six to
seven or eight, (y) the affirmative vote of at least six out of the seven Directors shall be required to increase the number of Directors from seven to eight, and (z) the number of Directors shall not exceed eight.

  

	 	(v)	 In the event the number of Directors is increased to eight as set forth in subsection 2(f)(iv), the Incumbent Directors shall nominate one candidate duly
qualified to serve as a Director under the By-Laws of the Company and Nakash Energy shall nominate one candidate so duly qualified to serve as a Director, and each Director Party agrees to elect such nominees, whereupon the nominee of the Incumbent
Directors shall become an Incumbent Director for purposes of this Agreement, the nominee of Nakash Energy shall become a Nakash Director for purposes of this Agreement, and each nominee shall execute and deliver an instrument to become a Director
Party to this Agreement. In the event the number of Directors is increased to seven, the affirmative vote of five out of the six Directors shall be required to select a nominee, who shall be duly qualified to serve as a Director and shall qualify as
an “independent director” under the NASDAQ 

  

 5 

	 	 
Marketplace Rules and an “outside director” under section 162(m) of the Internal Revenue Code eligible to serve on the Compensation Committee
of the Board of Directors. 

  

	 	(vi)	Each nominee to be elected as a Director under the foregoing provisions of this Section 2(f) shall, as a condition of becoming a Director of the Company, execute and deliver an
instrument to become a Director Party to this Agreement under which such newly elected Director agrees to be bound by all of the terms and conditions of this Agreement. 

  

	 	(vii)	At each meeting of the Board of Directors or of any Committee of the Board of Directors, the Incumbent Directors, the Nakash Directors and the Company shall be entitled to invite
their respective counsel and other advisers to attend such meetings to render advice, subject to the authority of the Board of Directors or any such Committee to convene in executive session on such matters as it deems necessary or proper, and
provided that the fees and expenses of such counsel or other advisers shall be borne by the respective Parties by whom they were engaged. 

  

	 	(g)	Composition of Board Committees. After the Nakash Directors have been elected to the Board of Directors, the membership of each Committee of the Board of Directors
shall be considered vacant until the Incumbent Directors and the Nakash Directors designate members of each Committee pursuant to this subsection 2(g). Notwithstanding any provisions of the By-Laws of the Company to the contrary, each Committee
of the Board of Directors shall at all times be composed of an equal number of Incumbent Directors and Nakash Directors. Each Director chosen to serve on a Committee shall have the independence and qualifications required by the By-Laws and
applicable laws and regulations. 

  

	 	(h)	Governance of Principal Subsidiaries of the Company. 

  

	 	(i)	The Parties agree that the Company shall, on or immediately after the Effective Date, reconstitute the board of directors of U.S. Energy Biogas Corp.
(“USE Biogas”) to comprise two directors, notwithstanding any provisions of the By-Laws of USE Biogas to the contrary. One director of USE Biogas shall be nominated by the Incumbent Directors and shall be either an
Incumbent Director or an officer of the Company or of USE Biogas, and the Parties agree that the Company shall elect such nominee of the Incumbent Directors to be a director of USE Biogas. Upon the retirement, resignation,
disqualification, removal or death of the director of USE Biogas nominated by the Incumbent Directors, the remaining Incumbent Directors shall have the right to nominate a candidate who is either an Incumbent Director or an officer of the
Company or of USE Biogas to fill such vacancy, and the Parties agree that the Company shall elect such nominee of the Incumbent Directors to fill such vacancy on the USE Biogas board of directors. The other director of USE Biogas
shall be nominated by Nakash Energy and shall be a Nakash Director, and the Parties agree that the Company shall elect such nominee of Nakash Energy to be a director of USE Biogas. Upon the retirement, resignation, disqualification, removal or
death of the director of USE Biogas nominated by Nakash Energy, Nakash Energy shall have the right to nominate a candidate who is a Nakash Director to fill such vacancy, and the Parties agree that the Company shall elect such nominee of Nakash
Energy to fill such vacancy on the USE Biogas board of directors. 

  

 6 

	 	(ii)	The Parties agree that the Company shall, on or immediately after the Effective Date, reconstitute the board of managers of USE Overseas to comprise two managers,
notwithstanding any provisions of the limited liability company agreement of USE Overseas to the contrary. One manager of USE Overseas shall be nominated by the Incumbent Directors and shall be either an Incumbent Director or an officer of
the Company, and the Parties agree that the Company shall elect such nominee of the Incumbent Directors to be a manager of USE Overseas. Upon the retirement, resignation, disqualification, removal or death of the manager of USE Overseas
nominated by the Incumbent Directors, the remaining Incumbent Directors shall have the right to nominate a candidate who is either an Incumbent Director or an officer of the Company to fill such vacancy, and the Parties agree that the Company shall
elect such nominee of the Incumbent Directors to fill such vacancy on the USE Overseas board of managers. The other manager of USE Overseas shall be nominated by Nakash Energy and shall be a Nakash Director, and the Parties agree that the
Company shall elect such nominee of Nakash Energy to be a manager of USE Overseas. Upon the retirement, resignation, disqualification, removal or death of the manager of USE Overseas nominated by Nakash Energy, Nakash Energy shall have the
right to nominate a candidate who is a Nakash Director to fill such vacancy, and the Parties agree that the Company shall elect such nominee of Nakash Energy to fill such vacancy on the USE Overseas board of managers. 

 

	 	(iii)	The Parties agree that the Company shall, on or immediately after the Effective Date, reconstitute the board of directors of GBGH. Two of the USEY Directors that the Company has the
right to elect to the board of directors of GBGH under its limited liability company agreement shall be nominated by the Incumbent Directors and in each case shall be either an Incumbent Director or an officer of the Company, and the Parties agree
that the Company shall elect such nominees of the Incumbent Directors to be USEY Directors of GBGH. Upon the retirement, resignation, disqualification, removal or death of any USEY Director of GBGH nominated by the Incumbent Directors, the
remaining Incumbent Directors shall have the right to nominate a candidate who is either an Incumbent Director or an officer of the Company to fill such vacancy, and the Parties agree that the Company shall elect such nominee of the Incumbent
Directors to fill such vacancy as a USEY Director of GBGH The other two USEY Directors that the Company has the right to elect to the board of directors of GBGH shall be nominated by Nakash Energy and in each case shall be a Nakash Director. Upon
the retirement, resignation, disqualification, removal or death of any USEY Director of GBGH nominated by Nakash Energy, Nakash Energy shall have the right to nominate a candidate who is a Nakash Director to fill such vacancy, and the Parties agree
that the Company shall elect such nominee of Nakash Energy to fill such vacancy as a USEY Director of GBGH. 

  

	 	(iv)	The Parties further agree that the board of directors of USE Biogas, the board of managers of USE Overseas, and the USEY Directors of GBGH shall be directed to act only in
accordance with the instructions of the Board of Directors of the Company, and shall be bound by the resolutions set forth in subsection 2(h). Failure to comply will entitle the Company to remove and to replace directors or managers not so
complying in accordance with the provisions of this subsection 2(h). 

  

	 	(v)	Each nominee to be elected as a director of USE Biogas, a manager of USE Overseas or a USEY Director of GBGH, as the case may be, under the foregoing provisions of this
subsection 2(h) shall, as a condition of becoming such a director or manager, execute and deliver an instrument under which such newly elected director or manager agrees to be bound by all of the terms and conditions of this
subsection 2(h). 

  

 7 

	 	(i)	Actions Requiring Authorization by Boards. Contemporaneously with the Effective Date, the Board of Directors of the Company and of USE Biogas and the Board of
Managers of USE Overseas shall adopt, and the USEY Directors of GBGH shall propose that the Board of Directors of GBGH adopt, resolutions specifying that the following actions require the express authorization of the Board of Directors of
the Company, subject in each case to section 303 of the Delaware Corporation Law: 

  

	 	(i)	the sale of any assets of any of the Companies or any of their respective subsidiaries other than in the ordinary course of business; 

  

	 	(ii)	the incurrence of any indebtedness or any other obligation (or any series of related indebtedness or obligations) by any of the Companies or any of their respective subsidiaries in
an amount greater than $25,000 (other than intercompany borrowing); 

  

	 	(iii)	any agreement to issue or sell capital stock of any of the Companies or of any of their respective subsidiaries; 

  

	 	(iv)	any restructuring or modification of the capitalization of any of the Companies and their respective subsidiaries, including without limitation indebtedness, or of the business of
the Companies and their subsidiaries, other than agreements with the lenders to the Companies and their respective subsidiaries to extend waivers and forbearances from exercising remedies and to use cash collateral; 

  

	 	(v)	any encumbrance of any assets of any of the Companies or any of their respective subsidiaries other than in the ordinary course of business; 

  

	 	(vi)	except as expressly otherwise provided herein, any settlement or compromise of any claims by or against any of the Companies or their respective subsidiaries that are material to
the Companies and their subsidiaries taken as a whole or in an amount greater than $50,000; 

  

	 	(vii)	any filing by any of the Companies in the Bankruptcy Court proposing a plan of reorganization or disclosure statement or any other filing by any of the Companies in the Bankruptcy
Court proposing an action that requires the express authorization of the Board of Directors of the Company as set forth in this subsection 2(i); 

  

	 	(viii)	the appointment of any officer and the terms of employment of any such officer; 

  

	 	(ix)	except as expressly otherwise provided herein, any retention of professional service firms or consultants and the terms of such retention, other than any engagement not exceeding
60 days at a cost not exceeding $20,000; and 

  

	 	(x)	any amendment or termination of a contract of any of the Companies or any of their respective subsidiaries material to the Companies and their subsidiaries taken as a whole, or any
other corporate action material to the Companies and their subsidiaries taken as a whole, whether or not in the ordinary course of business. 

  

 8 

 The Parties agree that none of the respective Boards shall repeal, amend or otherwise modify these
resolutions; provided, however, that the Parties agree that these resolutions may be so repealed, amended or otherwise modified, and the foregoing provisions of this subsection 2(i) may be amended, modified or waived, by resolution of
the Board of Directors approved by a majority of the Incumbent Directors and a majority of the Nakash Directors at a duly convened meeting, or by unanimous written consent of all the Directors. 
  

	 	(j)	Resolution of Board Deadlocks. In the event the Board of Directors of the Company cannot take action because it is evenly divided on a proposed action, the Board of
Directors may authorize the management of the Company to seek guidance from the Bankruptcy Court to resolve the deadlock, and the Parties agree that all determinations of the Bankruptcy Court in that connection shall be binding.

  

	 	(k)	No Amendment of By-Laws as to Indemnification. The Parties agree that the Board of Directors shall not repeal, amend or otherwise modify any provisions of the By-Laws
of the Company or the Approval Order in respect of indemnification of directors and officers and their right to advancement of expenses, except to the extent that such amendment or modification does not diminish the rights of any indemnitee or as
required by law. 

  

	 	(l)	Directors’ and Officers’ Insurance. The Company shall carry and maintain, or cause to be carried and maintained, directors’ and officers’ liability
and indemnity insurance coverage that is not less favorable, and in such amounts and with such other terms as are comparable to, insurance policies ELU 095413-06 and ELU 0954410-06, as the same have been renewed for 2007-2008 which are
currently carried by the Company, including, without limitation, extension of such coverage for the acts of former directors and officers, including the Retiring Directors, and for service as directors or officers of subsidiaries of the Company.

  

	3.	Meetings of Stockholders. 

  

	 	(a)	Special Meeting of Stockholders. The Corporate Parties agree to use commercially reasonable efforts to continue to obtain the permission of the Chancery Court to
adjourn the Special Meeting of Stockholders ordered by the Chancery Court in the Fogel Chancery Litigation until such time as the Company settles the Fogel Chancery Litigation. In the event a settlement is not reached that provides for the
cancellation of the Special Meeting of Stockholders, Nakash Energy and the Director Parties, in their capacity as stockholders, agree to support the Company’s request in the USEY Adversary Proceeding for an injunction against the conduct of the
Special Meeting. In the event the Bankruptcy Court declines to issue such an injunction, Nakash Energy and the Director Parties, in their capacity as stockholders, agree to vote the shares they own of the Company’s common stock at the Special
Meeting of Stockholders and at any adjournment or postponement thereof against removal of any Directors. If no quorum is present at any time the Special Meeting of Stockholders is called to order, Nakash Energy and the Director Parties further agree
to vote the shares they own of the Company’s common stock for adjournment of the Special Meeting until the date proposed for adjournment by resolution of the Board of Directors. 

  

	 	(b)	 Annual Meeting of Stockholders. The Company and Nakash Energy shall file a stipulation or other pleading dismissing the Nakash Energy Chancery
Litigation without prejudice, and the Companies shall file a stipulation or other pleading dismissing Nakash Energy from the USEY Adversary Proceeding without prejudice, in each case on or immediately after the Implementation Date occurs. The
Director Parties agree not to convene, and the Corporate 

  

 9 

	 	 
Parties agree not to seek to convene, any special meeting of stockholders. Except as provided in subsection 4(a), the Director Parties further agree not
to convene, and the Corporate Parties further agree not to seek to convene, any annual meeting of stockholders until confirmation and substantial consummation of Chapter 11 plans for the Companies in the Chapter 11 Cases (the
“Post-Confirmation Annual Meeting”). The Parties further agree that the date for the Post-Confirmation Annual Meeting called by the Company shall not be fixed, and no notice for any such Post-Confirmation Annual Meeting shall be
sent to stockholders, until the Company has filed its Annual Report on Form 10-K for the fiscal year ended December 31, 2007 with the SEC, including the financial statements required by SEC regulations. The Parties also agree that the date
fixed by the Board of Directors for the Post-Confirmation Annual Meeting shall permit the Company to comply with SEC regulations for the solicitation of proxies in sending notice of the annual meeting to stockholders. 

 

	 	(c)	No Other Stockholder Action. Each Party agrees that, until the confirmation and substantial consummation of Chapter 11 plans for each of the Companies in the
Chapter 11 Cases, neither it nor any of its Affiliates will, except as expressly provided for in this Agreement, (i) seek the removal of any Director, (ii) solicit any consent from or communicate with, or seek to advise or influence,
any stockholder to convene a meeting of stockholders or for the approval of any stockholder proposals at any meeting of stockholders, (iii) disclose to other stockholders or the public a plan or intention inconsistent with the foregoing, or
(iv) advise, assist, induce or encourage, or enter into any discussions, negotiations, agreements (including voting agreements) or arrangements with, any other person with respect to, or to do, any of the foregoing; provided that nothing
in this paragraph shall prohibit communications among each Party and its Affiliates. Each Party agrees that it will be responsible for any breach of this provision by any person or entity it “controls” or is “controlled” by (as
such terms are defined by SEC Rule 12b-2); provided, however, that for purposes of this subsection 3(c), none of the Companies shall be deemed an entity controlled by any Party in breach; and provided further that all Parties
agree that the nomination by the Incumbent Directors of any Incumbent Director or by Nakash Energy of any Nakash Director does not create or constitute any presumption that such Director Party is an Affiliate of the Party nominating such Director
Party. 

  

	 	(d)	Order of the Bankruptcy Court. Notwithstanding the foregoing provisions of this Section 3, the Parties agree that if the Bankruptcy Court or any other court of
competent jurisdiction orders the Company or the Directors to convene a meeting of stockholders, any actions taken by the Company or the Directors to convene such a meeting of stockholders in compliance with the order of the Bankruptcy Court or such
other court of competent jurisdiction shall not constitute a breach of this Agreement. 

  

	4.	Further Actions if Implementation Date Does Not Occur. 

  

	 	(a)	 Annual Meeting of Stockholders. If the Bankruptcy Court fails to enter the Approval Order on or before the Implementation Deadline, notwithstanding
the provisions of subsection 3(b), the Parties agree that the Board of Directors shall authorize the calling of an annual meeting of stockholders to be held under the provisions of sections 211(c) and 223(c) of the Delaware Corporation
Law, to take place as soon as practicable, but in no event later than 20 days after the Implementation Deadline (the “211(c) Annual Meeting”). The Company and Nakash Energy shall file a stipulation in the Nakash Energy
Chancery Litigation directing the calling of the 211(c) Annual Meeting. The Parties further agree that the sole purpose of the 211(c) Annual Meeting shall be the election of Directors and no 

  

 10 

	 	 
other business shall be proposed by any Party. Nakash Energy and each Director Party hereby agrees, and may enter into a voting agreement to confirm such
agreement, in their capacity as stockholders, to vote their respective shares at the 

 211(c) Annual Meeting and at
any adjournment or postponement thereof for the election of each Incumbent Director and each Nakash Director, to serve until the Post-Confirmation Annual Meeting. Nakash Energy and each Director Party further agree to vote their respective shares at
the 211(c) Annual Meeting and at any adjournment or postponement thereof against any other proposal except for the election of Directors. Nakash Energy may terminate any voting agreement with respect to the shares of the Company it has entered
into with third parties, and shall terminate any such voting agreement (to the extent such agreement allows termination) if it conflicts with the obligations of Nakash Energy under this subsection 4(a). 
  

	 	(b)	Settlement Actions After 211(c) Annual Meeting. If the Incumbent Directors and the Nakash Directors are elected at the 211(c) Annual Meeting, on or
immediately after the date on which such election takes place: 

  

	 	(i)	Nakash Energy and the Company shall file a stipulation to dismiss voluntarily the Nakash Energy Chancery Litigation without prejudice; 

  

	 	(ii)	Nakash Energy shall file a petition with the Office of the United States Trustee to withdraw voluntarily its request for the appointment of an official committee of equity
securityholders in the Chapter 11 Cases; and 

  

	 	(iii)	The Companies shall file a motion to dismiss Nakash Energy from the USEY Adversary Proceeding without prejudice. 

 Nothing in this subsection 4(b) shall be construed as requiring any Corporate Party to dismiss proceedings or other actions or to continue standstill
arrangements if the Incumbent Directors and the Nakash Directors are not elected as Directors at the 211(c) Annual Meeting. 
  

	 	(c)	Corporate Governance. If the Incumbent Directors and the Nakash Directors are elected at the 211(c) Annual Meeting, on or immediately after the date on which such
election takes place, the Parties agree that: 

  

	 	(i)	the By-laws of the Company shall be amended to provide that the election of Directors upon the occurrence of any vacancies and the fixing of the size of the Board of Directors shall
be conducted in accordance with subsection 2(f) until the confirmation and substantial consummation of Chapter 11 plans of the Companies in the Chapter 11 Cases; and 

  

	 	(ii)	the Parties shall continue to observe the requirements of subsections 2(d) through 2(l), and agree that the Company, USE Biogas and USE Overseas shall adopt
resolutions implementing these provisions and that the USEY Directors of GBGH shall propose the adoption of resolutions implementing these provisions. 

  

	 	(d)	Directors Not Re-elected. Notwithstanding anything in this Agreement to the contrary, if the Incumbent Directors and the Nakash Directors fail to be elected at the
211(c) Annual Meeting, this Agreement shall terminate in all respects. 

  

 11 

	5.	Termination of Agreement. 

  

	 	(a)	Termination upon Confirmation and Substantial Consummation of Plan of Reorganization. Upon the confirmation and substantial consummation of Chapter 11 plans of
the Companies in the Chapter 11 Cases, subject to subsection 5(b) this Agreement may be terminated by either Corporate Party (notwithstanding any provision of this Agreement to the contrary) by written notice with immediate effect without
liability on the part of any Party hereto. 

  

	 	(b)	Effect of Termination upon Confirmation and Substantial Consummation of Plan of Reorganization. If this Agreement is terminated under subsection 5(a):

  

	 	(i)	the provisions of Section 2 shall be of no further force and effect; provided, however, that the provisions of subsections 2(k) (no amendment of by-laws as to
indemnification) and 2(l) (directors’ and officers’ insurance) shall remain in full force and effect until date of the election of Directors at the Post-Confirmation Annual Meeting; 

  

	 	(ii)	the provisions of subsection 3(c) (no other stockholder action) shall be of no further force and effect; provided, however, that in the event of any conflict
between the continuing obligations of the Parties under subsection 

 3(b) (annual meeting of stockholders) and the
release of obligations under subsection 3(c), the provisions of subsection 3(b) shall control until the election of Directors at the Post-Confirmation Annual Meeting; and 
  

	 	(iii)	except as otherwise expressly set forth in this Agreement or the Confidentiality Agreements referred to in Section 7, all of the rights, privileges and obligations of the
parties set forth in this Agreement shall expire and not survive the termination of this Agreement under subsection 5(a). 

  

	6.	Representations and Warranties of the Parties. Each Party to this Agreement hereby severally (and not jointly) represents and warrants, as of the Effective Date, that
the execution, delivery and performance of this Agreement by such Party, and the consummation by such Party of the transactions contemplated hereby, are within its individual, corporate and company powers, as the case may be, and have been duly
authorized by all of its necessary corporate and company action, and the Person executing and delivering this Agreement on such Party’s behalf of it is duly authorized to do so. 

  

	7.	Confidentiality Agreements. On or before the Effective Date, the Company and Nakash Energy shall have entered into a Confidentiality Agreement in substantially the
form attached hereto as Exhibit A. 

  

	8.	Allowance of Substantial Contribution Claim for Nakash Energy. Each of the Companies agrees to prosecute and support, as part of the Approval Order, the allowance of
an administrative claim of up to $250,000 to Nakash Energy for having made a substantial contribution to the Chapter 11 Cases. 

  

	9.	Notices. All notices, requests, demands and other communications required or permitted hereunder shall be in writing and shall be delivered personally, by hand, by
messenger or courier, or by overnight delivery, or shall be sent by electronic means, by facsimile transmission or electronic mail, addressed to a Party at the address of such Party specified on the signature pages to this Agreement (or at such
other address as may be specified by a Party by written notice given to all other Parties). 

  

 12 

	10.	Amendment; Waiver; Jurisdiction of the Bankruptcy Court. 

  

	 	(a)	Amendment or Waiver by the Parties. Except as otherwise expressly provided in this Agreement, no term or provision of this Agreement may be amended, modified, waived,
discharged or terminated orally, but only by an instrument in writing signed by the Party against which the enforcement of the amendment, modification, waiver, discharge or termination is sought. No failure or delay by any Party in exercising any
right hereunder shall operate as a waiver or relinquishment of the future performance thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right.

  

	 	(b)	Jurisdiction of the Bankruptcy Court. Notwithstanding any provision of this Agreement to the contrary, the Parties agree and acknowledge that the respective
obligations of the Companies under this Agreement are subject to the approval and continuing jurisdiction of the Bankruptcy Court in the Chapter 11 Cases, and that the provisions of this Agreement may be amended, modified, waived, discharged or
terminated only by order of the Bankruptcy Court. 

  

	11.	Successors and Assigns; Assignability. This Agreement will be binding upon and inures to the benefit of and is enforceable by the respective successors and permitted
assigns of the Corporate Parties. This Agreement may not be assigned by any Director Party. Each nominee to be elected as a Director by the Board of Directors pursuant to subsections 2(f)(ii), 2(f)(iii) and 2(f)(v)shall, as a condition of
becoming a Director, execute and deliver a written instrument under which such nominee agrees to be bound by the terms and conditions of this Agreement, whereupon such newly elected Director shall become a Director Party to this Agreement. Upon the
retirement, resignation, disqualification, removal or death of any Director who has been a Director Party, such Director shall be discharged as a Director Party under this Agreement. Any This Agreement may not be assigned by any Corporate Party
hereto without the prior written consent of all other parties hereto. Any assignment or attempted assignment in contravention of this Section will be void ab initio and will not relieve the assigning Party of any obligation under this
Agreement. 

  

	12.	Governing Law; Jurisdiction and Venue. This Agreement shall be construed in accordance with and governed by the laws of the State Of New York, excluding, to the
greatest extent a New York court would permit, any rule of law that would cause the application of the laws of any jurisdiction other than the State Of New York, except that all of the provisions of Section 2 (with the exception of
subsections 2(j) and 2(l)) and all of the provisions of Section 3 that relate to convening any meeting of stockholders shall be construed in accordance with and governed by the General Corporation Law of the State of Delaware. The Parties
agree that any and all proceedings regarding the meaning and scope of this Agreement, proceedings to enforce this Agreement or any part thereof, and all other matters arising under or in any way relating to the subject matter dealt with in this
Agreement shall be initiated, conducted and resolved exclusively in the Bankruptcy Court, and each of the Parties irrevocably consents to the exclusive jurisdiction of, and venue in, the Bankruptcy Court for such purposes. 

 

	13.	Counterparts. This Agreement may be executed in one or more counterparts (including via facsimile), each of which shall be deemed an original but all of which together
will constitute one and the same instrument. 

  

 13 

	14.	Headings. The section and paragraph headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation
of this Agreement. 

  

	15.	Third Party Beneficiaries. Each Party agrees and acknowledges that each Retiring Director is a third party beneficiary of each provision of this Agreement that makes
reference to the Retiring Directors. 

  

	16.	Nature of Obligations. The duties, obligations and liabilities of each of the Parties are intended to be several and not joint, and no Party shall be jointly or
severally liable for the acts, omissions or obligations of another Party. Nothing herein contained shall be construed to create an association, joint venture or partnership, or impose a partnership duty, obligation or liability on or with regard to
any of the Parties. No Party shall have the right or authority to bind another party without its express written consent, except as may be expressly provided in this Agreement or other agreements contemplated hereby. 

  

	17.	Severability. If any portion or provision of this Agreement is to any extent declared unenforceable by a court of competent jurisdiction, then the Parties agree that
the Bankruptcy Court shall reform the provision to the minimum extent necessary to make it enforceable and each portion and provision of this Agreement shall be valid and enforceable to the fullest extent permitted by law. 

 

	18.	Entire Agreement. 

  

	 	(a)	This Agreement and the documents referred to herein and therein embodies the entire agreement between the Parties and their respective Affiliates relating to the transactions
contemplated by this Agreement and the documents referred to herein and therein and supersede all previous agreements between the Parties and their respective Affiliates relating to such transactions. 

  

	 	(b)	Each of the Parties acknowledges on its own behalf and on behalf of each of its Affiliates that, in agreeing to enter into this Agreement, it has not relied on any representation,
warranty, collateral contract or other assurance (except those set out in this Agreement) and waives all rights and remedies which, but for this section 18, might otherwise be available to it in respect of any such representation, warranty,
collateral contract or other assurance, provided that nothing in this section 18 shall limit or exclude any liability for fraud. 

  

	19.	Interpretation. The Parties acknowledge that this Agreement shall not be construed for or against any Party on the ground of sole authorship. 

IN WITNESS WHEREOF, each Party has executed this Agreement as of the Effective Date. 
  

					
	COMPANY:	 	U.S. ENERGY SYSTEMS, INC.
			
	Address for Notices:	 		 	
			
	40 Tower Lane, 1st Floor	 	By:	 	 /s/ JOSEPH P. REYNOLDS

	Avon, Connecticut 06001	 	Name:	 	Joseph P. Reynolds
	Att’n: Richard J. Augustine, Secretary	 	Title:	 	Chief Executive Officer
	Fax: (860) 677-6054	 		 	

  

 14 

					
	USE OVERSEAS:	 	US ENERGY OVERSEAS INVESTMENTS LLC
			
	Address for Notices:	 		 	
			
	40 Tower Lane, 1st Floor	 	By:	 	 /S/ RICHARD J. AUGUSTINE

	Avon, Connecticut 06001	 	Name:	 	Richard J. Augustine
	Att’n: Richard J. Augustine	 	Title:	 	Chairman
	Fax: (860) 677-6054	 		 	
		
	GBGH:	 	GBGH, LLC
			
	Address for Notices:	 		 	
			
	40 Tower Lane, 1st Floor	 	By:	 	 /S/ RICHARD J. AUGUSTINE

	Avon, Connecticut 06001	 	Name:	 	Richard J. Augustine
	Att’n: Richard J. Augustine	 	Title:	 	Chairman
	Fax: (860) 677-6054	 		 	
		
	NAKASH ENERGY:	 	NAKASH ENERGY LLC
			
	Address for Notices:	 		 	
			
	1400 Broadway, 15th Floor	 	By:	 	 /S/ JOE NAKASH

	New York, New York 10018	 	Name:	 	Joe Nakash
	Att’n: Robert Spiegelman	 	Title:	 	Manager
	Fax: (212) 840-7311	 		 	
			
	RICHARD J. AUGUSTINE	 		 	
			
	Address for Notices:	 		 	
			
	40 Tower Lane, 1st Floor	 		 	 /S/ RICHARD J. AUGUSTINE

	Avon, Connecticut 06001	 		 	Richard J. Augustine
	Fax: (860) 677-6054	 		 	
			
	JOSEPH P. REYNOLDS	 		 	
			
	Address for Notices:	 		 	
			
	Knapton Generating Station	 		 	
	East Knapton	 		 	
	Malton, North Yorkshire YO17 8JF	 		 	 /S/ JOSEPH P. REYNOLDS

	England	 		 	Joseph P. Reynolds
	Fax: (+44)(0) 1944-758-998	 		 	
			
	BRUCE LEVY	 		 	
			
	Address for Notices:	 		 	
			
	715 Folly Hill Road	 		 	 /S/ BRUCE LEVY

	Kennett Square, Pennsylvania 19348	 		 	Bruce Levy
	Fax: [(860) 677-6054]	 		 	

  

 15 

			
	BERNARD J. ZAHREN	 	
		
	Address for Notices:	 	
		
	Pond View Corporate Center	 	
	76 Batterson Park Road, 3rd Floor	 	 /S/ BERNARD J. ZAHREN

	Farmington, Connecticut 06032	 	Bernard J. Zahren
	Fax: (860) 678-6110	 	
		
	MICHAEL T. NOVOSEL	 	
		
	Address for Notices:	 	
		
	15 Highland Green	 	 /S/ MICHAEL T. NOVOSEL

	Cromwell, Connecticut 06416	 	Michael T. Novosel
	Fax: (860) 678-6110	 	
		
	EMZON SHUNG	 	
		
	Address for Notices:	 	
		
	JORDACHE ENTERPRISES	 	
	1400 Broadway, 15th Floor	 	 /S/ EMZON SHUNG

	New York, New York 10018	 	Emzon Shung
	Fax: (212) 840-7311	 	
		
	ROBERT SPIEGELMAN	 	
		
	Address for Notices:	 	
		
	Law Offices of Robert Spiegelman	 	
	1400 Broadway, 15th Floor	 	 /S/ ROBERT SPIEGELMAN

	New York, New York 10018	 	Robert Spiegelman
	Fax: (212) 840-7311	 	
		
	SALVATORE NOBILE	 	
		
	Address for Notices:	 	
		
	S. Nobile & Co. LLP	 	
	135 West 41st Street	 	 /S/ SALVATORE NOBILE

	New York, New York 10036	 	Salvatore Nobile
	Fax: (212) 764-0889	 	

  

 16

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