Document:

Expense Support and Conditional Reimbursement Agmt

 Exhibit 10.3.1 
 Expense Support and Conditional Reimbursement Agreement 
 This Expense Support and
Conditional Reimbursement Agreement (this “Agreement”), executed on March 8, 2012 and effective as of April 1, 2012 by and among Global Income Trust, Inc. (the “Company”) and CNL Global Income Advisors, LLC (the
“Advisor”). 
 WHEREAS, the Company maintains on file with the U. S. Securities and Exchange Commission an
effective registration statement on S-11 (File No. 333-158478), and amendments thereto, covering the continuous offering and sale of the Company’s common stock pursuant to the Securities Act of 1933 (the “Registration
Statement”); and 
 WHEREAS, the Company and the Advisor have entered into a Third Amended and Restated Advisory
Agreement dated as of August 11, 2011 (the “Advisory Agreement”); and 
 WHEREAS, the Company is a REIT
and, similar to other REITs, monitors its modified funds from operations, and has incurred, and continues to incur a certain level of operating expenses that are reasonable and necessary for a company with similar assets that is a public company;
and 
 WHEREAS, the Company and the Advisor have determined that it is appropriate and in the best interests of the
Company to reduce its operating expenses relative to its invested assets. 
 NOW THEREFORE, in consideration of the
premises and the mutual agreements herein contained, and for other good and valuable consideration (the receipt and sufficiency of which are hereby acknowledged), the parties hereto agree as follows: 

Note: Capitalized terms not otherwise defined herein have the meaning ascribed to them in the Advisory Agreement. 

1.    EXPENSE SUPPORT 
 Beginning April 1, 2012 and continuing until terminated by the Advisor in writing, but in no event will such termination be made prior to March 31, 2013, (the “Effective Period”), ,
the Advisor agrees to defer and subordinate the obligation for the Company to pay some or all of the reimbursement for personnel costs and related overhead of personnel of the Advisor or its affiliates to the extent categorized as Total Operating
Expenses (the “Costs”) and, further, to defer and subordinate the obligation for the Company to pay some or all of the Asset Management Fees (the “Fees”), each of which the Advisor is entitled to receive pursuant to the Advisory
Agreement, as described below. The deferral and subordination of the Company’s obligation to pay Costs and Fees is hereinafter referred to as “Expense Support.” 
 The amount of the Expense Support shall be determined by reference to an Excess Amount, as defined herein. Such Excess Amount, if any, shall be determined as of each calendar month end of the Company
(each such date, a “Determination Date”), as the excess, if any, of (a) aggregate stockholder distributions declared for the period beginning April 1, 2012 through the applicable Determination Date, over (b) the
Company’s aggregate modified funds from operations, as defined below, for the same period. 

 If at any Determination Date during the Effective Period, an Excess Amount exists, the Advisor shall provide
Expense Support (i) first, for the current month’s Costs of an amount up to the full amount of the Excess Amount, and (ii) second, for the current month’s Fees of up to any remaining Excess Amount, after deducting the amount of
Expense Support from (i). However, in no event will the Expense Support for such month exceed the current month’s Costs and Fees. 
 The
reimbursement of any Expense Support shall be deferred and the obligation for the payment of such amount shall be subordinated pursuant to Section 2. 
 For purposes of this Agreement, modified funds from operations (“MFFO”) shall have the same meaning as such term is defined by the Investment Program Association (“IPA”), except that
for purposes of determining MFFO, only Conditional Reimbursements (as defined in Section 2) that are currently payable in accordance with Section 2 shall be deducted as expenses in calculating MFFO. For further clarification, in the event
any Expense Support amounts are required to be accrued as a payable to the Advisor by the Company in accordance with U.S. generally accepted accounting principles (“GAAP”), such amounts shall be added back to the Company’s net income
or loss in the calculation of MFFO , unless such amounts are currently payable in accordance with the provisions of Section 2. The IPA has recommended publicly registered, non-listed REITs present MFFO as a supplemental measure in addition to
GAAP net income. Under IPA Guideline 2010-01, Supplemental Performance Measure for Publicly Registered, Non-Listed REITs, MFFO excludes charges for depreciation and amortization and certain other non-cash or non-recurring items, including
acquisition fees and expenses which are deducted as expenses in the determination of GAAP net income. MFFO, as published by the Company in its quarterly and annual reports, may differ from MFFO as calculated by this agreement. 

2.    CONDITIONAL REIMBURSEMENT 
 Beginning April 1, 2012, if on any Determination Date, be it within the Effective Period or beyond, (i) aggregate MFFO of the Company, beginning April 1, 2012 through the Determination
Date, exceeds (ii) aggregate stockholder distributions declared for the same period (such excess hereinafter referred to as the “Tentative Amount”), the Advisor will be entitled to reimbursement (such reimbursement hereinafter
referred to as “Conditional Reimbursement”) by the Company of Expense Support up to the Tentative Amount, subject to the following conditions: 
  

	 	 (a)	Expense Support amounts are only eligible for reimbursement for a period of 36 months from the Determination Date such Expense Support was provided by the Advisor. Any
Expense Support amounts outstanding for over 36 months shall be permanently waived by the Advisor and the Company will have no obligation whatsoever to repay such amounts; 

 

	 	 (b)	Any Expense Support amounts previously reimbursed to the Advisor under this Section 2 are no longer eligible for further reimbursement; and

  

	 	 (c)	In no event shall the Conditional Reimbursement in the current month, when taken together with the Company’s Total Operating Expenses for the period beginning
April 1, 2011 and ending with the current month cause the Company to exceed or further exceed the 2%/25% Guidelines (with the calculated limitation pro rated for the number of months included in such period), and in such case the Conditional
Reimbursement for the current month will be reduced accordingly. 

  
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 Any Conditional Reimbursement (as reduced by 2(a), (b) and (c) above) shall be applied to the
Expense Support resulting from Fees, starting with the earliest Determination Date, until all such Expense Support resulting from Fees have been reimbursed and thereafter, any remaining Conditional Reimbursement shall be applied to the Expense
Support resulting from Costs, starting with the earliest Determination Date, until all such Expense Support resulting from Costs have been reimbursed. 
 In the event any Expense Support amounts have not been reimbursed to the Advisor pursuant to this Section 2 as of December 31, 2016, or 36 months from the end of the amended Effective Period if
such period is extended by the Advisor, such Expense Support amounts shall be permanently waived by the Advisor and the Company will have no obligation whatsoever to repay such amounts. 

3.    CERTAIN EVENTS OF TERMINATION 
 Notwithstanding the term indicated in Section 1, the Advisor is under no obligation to provide any further Expense Support in the event of (a) the termination by the Company of the Advisory
Agreement or (b) the dissolution or liquidation of the Company. 
  
 [signatures on following page] 

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

									
		 		 	GLOBAL INCOME TRUST, INC.
					
		 		 	By:	 	    /s/ Robert A. Bourne
	  	
		 		 	Name: Robert A. Bourne
		 		 	Title:   Chief Executive Officer
			
		 		 	CNL GLOBAL INCOME ADVISORS, LLC
					
		 		 	By:	 	    /s/ Steven D. Shackelford
	  	
		 		 	Name: Steven D. Shackelford
		 		 	Title:   Chief Financial Officer

  
 4Third Amended and Restated Master Property Agmt

 Exhibit 10.4.2 
 THIRD AMENDED AND RESTATED 
 MASTER PROPERTY MANAGEMENT AND LEASING
AGREEMENT 
 THIS THIRD AMENDED AND RESTATED MASTER PROPERTY MANAGEMENT AND LEASING AGREEMENT (this
“Agreement”) is made and executed as of the 8th day of March, 2012, by and between Global Income Trust, Inc., a Maryland corporation and Global Income, LP, a Delaware limited partnership (collectively, “Company”), the various
subsidiaries of the Company set forth on the Joinder(s) attached hereto (individually or collectively or both as the context requires, the Company and each such subsidiary, only with respect to the property owned by it, “Owner”) and CNL
Global Income Managers, LLC, a Delaware limited liability company (“Manager”). 
 W I T N
E S S E T H: 
 WHEREAS, Owner owns the Properties (as defined below); and 

WHEREAS, Owner has employed Manager to manage and coordinate the leasing of certain of the Properties to be acquired by
Owner pursuant to the Master Property Management and Leasing Agreement between Owner and Manager dated April 7, 2009 (the “Effective Date”), which Original Agreement established the terms and conditions for such services and which
agreement was subsequently updated as of January 20, 2010 to reflect the name changes of the Company, the Manager and the Owner (such agreement, as updated, referred to herein collectively as the “Original Agreement”); and 

WHEREAS, the Original Agreement was amended and restated as of June 3, 2010 (the “First Amended and Restated
Agreement”), and was further amended and restated as of August 11, 2011 (the “Second Amended and Restated Agreement”); and 
 WHEREAS, the Second Amended and Restated Agreement is being amended and restated as set forth herein. 
 NOW, THEREFORE, in consideration of the mutual covenants herein, the parties agree as follows: 
 I.        DEFINITIONS 
 Except as otherwise specified or as the context may otherwise require, the following terms have the respective meanings set forth below for all purposes of this Agreement: 

1.A.    “Account” shall have the meaning ascribed to it in Section 2.C.9
herein. 
 1.B.    “Affiliate” means, with respect to any Person:
(i) any Person directly or indirectly owning, controlling or holding, with the power to vote, 50% or more of the outstanding voting securities of such other Person; (ii) any Person 50% or more of whose outstanding voting securities are
directly or indirectly owned, controlled or held, with the power to vote, by such other Person; (iii) any Person directly or indirectly controlling, controlled by or under common control with such other Person; (iv) any trustee or general
partner of such other Person; and (v) any legal entity for which such Person acts as a trustee or general partner. 

 1.C.    “Annual Business Plan” shall
have the meaning ascribed to it in Section 2.E.3 herein. 

1.D     “BOMA” shall have the meaning ascribed to it in Section 8.I.2
herein. 
 1.E.    “Cause” means (i) with respect to the termination
of this Agreement by a party, a material breach of this Agreement of any nature whatsoever by the other party, which breach is not cured within thirty (30) days after notice is given to the breaching party specifying the nature of the alleged
breach, and which breach relates to all or substantially all of the Properties, and (ii) with respect to the removal of a given Property from Schedule I hereto by a party, a material breach of this Agreement of any nature whatsoever by the
other party, which breach is not cured within thirty (30) days after notice is given to the breaching party specifying the nature of the alleged breach, and which breach relates specifically to such Property. 

1.F.     [Intentionally Omitted.] 

1.G.    [Intentionally Omitted.] 

1.H.    “Company” shall have the meaning ascribed to it in the preamble of this
Agreement. 
 1.I.     “Confidential Information” shall have the
meaning ascribed to it in Section 8.P herein. 
 1.J.     “Controlling
Agreements” shall have the meaning ascribed to it in Section 2.C.11 herein. 

1.K.    “Documents and Forms” shall have the meaning ascribed to it in
Section 2.E.2 herein. 
 1.L.    “Eligible Severance Payment” shall
have the meaning ascribed to it in Section 3.C herein. 
 1.M.   “Embargoed
Person” shall have the meaning ascribed to it in Section 7.A.13 herein. 

1.N.    “Gross Revenues” means all amounts actually collected as rents (except for
rents paid under any vacant master lease space) or other charges for the use and occupancy of Properties including but not limited to parking income to the extent Manager’s responsibilities include a parking facility, after hours HVAC
reimbursements and other direct tenant charges, on a cash basis, but shall exclude: parking revenues to the extent a parking facility is managed by a third party; any payments by tenants for amortization of lease improvements over building standard,
determined by Owner; security deposits and reductions in security deposits as a result of damage from tenant misuse of or damage to property; rebates, discounts or other credits received by Manager incident to purchases, contracts or other
arrangements entered into pursuant 

  
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to this Agreement for the account of Owner, which items shall accrue solely to the benefit of Owner; abated rent; sales tax; lease termination/buyout settlement amounts; environmental
reimbursements; property tax refunds; miscellaneous income taxable to Owner; interest and other investment income of Owner and proceeds received by Owner for a sale, exchange, condemnation, eminent domain taking, casualty or other disposition of
assets of Owner. 
 1.O.     “Improvements” means all buildings,
structures and equipment from time to time located on Properties and all parking and common areas located on Properties. 
 1.P.      “Key Personnel” shall have the meaning ascribed to it in Section 2.C.5(d) herein. 

1.Q.     “Lease” or “Leases” means, unless the context
otherwise requires, any lease, ground lease, master lease or sublease made by Owner as landlord or by its predecessor relating to a Property or portions thereof. 

1.R.     “Leasing Activities Agreement” shall have the meaning ascribed to it
in Section 2.C.1(f) herein. 
 1.S.     “Lender” and
“Lenders” shall have the meaning ascribed to it in Section 2.C.1(e) herein. 

1.T.     “List” shall have the meaning ascribed to it in Section 7.A.13
herein. 
 1.U.     “Losses” shall have the meaning ascribed to it in
Section 5.D.1 herein. 
 1.V.     “Manager” shall have the
meaning ascribed to it in the preamble of this Agreement. 
 1.W.    “Management
Fee” means the fee payable to Manager for its services hereunder; provided that the Management Fee does not include the Oversight Fee. 
 1.X.     “Manager Indemnified Parties” shall have the meaning ascribed to it in Section 2.E.4 herein. 

1.Y.     “Manager’s Employees” shall have the meaning ascribed to it in
Section 2.C.5(a)(2) herein. 
 1.Z.     “OFAC” shall have the
meaning ascribed to it in Section 2.C.14 herein. 
 1.AA.  “Oversight Fee” shall
have the meaning ascribed to it in Section 4.D herein. 
 1.BB.  “Oversight
Services” shall have the meaning ascribed to it in Section 4.D herein. 

1.CC.  “Owner” shall have the meaning ascribed to it in the preamble of this Agreement.

 1.DD.  “Owner Indemnified Parties” shall have the meaning ascribed to it in
Section 5.D.2 herein. 

  
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 1.EE.    “Owner’s Representative”
shall have the meaning ascribed to it in Section 8.S herein. 

1.FF.    “Owner’s Share of Eligible Severance Payments” shall have the meaning
ascribed to it in Section 3.C herein. 
 1.GG.   “Person” means an
individual, corporation, association, business trust, estate, trust, partnership, limited liability company or other legal entity. 
 1.HH.   “Prohibited Person” shall have the meaning ascribed to it in Section 7.A.14 herein. 

1.II.      “Properties” means all tracts (including all buildings and
other improvements and property of Owner located thereon) as yet unspecified but to be acquired by Owner and other entities controlled by the Company, specified in writing by Owner to be managed by Manager, and included on Schedule I hereto, as
amended from time to time in accordance with Section 2.A or Section 6.D herein, containing improvements or on which Owner will construct improvements. 

1.JJ.     “Property Financings” shall have the meaning ascribed to it in
Section 8.O herein. 
 1.KK.  “Property Management Representative” shall have
the meaning ascribed to it in Section 2.C.5(d) herein. 
 1.LL.   “Reimbursable
Staff Member” shall have the meaning ascribed to it in Section 3.C herein. 

1.MM. “Submanager” means any Affiliate of Manager to whom Manager has assigned or subcontracted all
or part of its duties hereunder pursuant to Section 8.C(1). 
 1.NN.  “Reporting
Requirements” shall have the meaning ascribed to it in Section 2.E.2 herein. 

1.OO.  “Updated Requirements” shall have the meaning ascribed to it in Section 2.E.2(a)
herein. 
 II.        APPOINTMENT OF MANAGER; SERVICES TO BE
PERFORMED 
 2.A.     Appointment of Manager.  Owner hereby
appoints Manager as the exclusive managing agent and tenant coordinating agent of the Properties, and Manager hereby accepts such appointment on the terms and conditions hereinafter set forth. Owner hereby authorizes Manager to exercise such powers
with respect to the Properties as may be necessary for the performance of Manager’s obligations under the terms of this Agreement provided, however, Manager shall have no right or authority to commit or otherwise obligate or bind Owner in any
manner whatsoever, except to the extent specifically provided herein. From time to time during the term of this Agreement, whenever Owner or any other entity controlled by the Company shall acquire a tract containing improvements or on which Owner
or such entity will construct improvements, Owner shall be required to amend Schedule I hereto, effective on the date of such acquisition, to include such tract as a “Property” for purposes of this Agreement. 

  
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 2.B.    General Duties.   Manager
shall manage, operate, maintain and lease the Properties in accordance with the generally accepted standards for the type of property being managed in the area in accordance with all applicable loan requirements, subject, however to the management
rights and responsibilities reserved or allocated to any tenant under the leases for the respective Properties. Manager shall make available to Owner the full benefit of the judgment, experience and advice of the members of Manager’s
organization and staff with respect to the policies to be pursued by Owner relating to the management, operation, maintenance and leasing of the Properties. 
 2.C.    Specific Duties.  Manager’s duties include the following: 
 1.        Lease Obligations.  Manager shall be Owner’s exclusive leasing agent for the Properties, and shall, to the extent permitted by applicable
law and subject to this Agreement, perform all leasing functions relating to the Properties. Manager shall be paid for such leasing activities in conformity with this Agreement, which amounts shall be in addition to the compensation otherwise
payable to Manager hereunder. Without limiting the generality of the foregoing, Manager’s leasing function includes the following: 
 (a)      Manager shall use commercially reasonable efforts to lease all space in the Properties which is now vacant, becomes vacant or is projected to become vacant during
the term of this Agreement, subject to the limitations imposed by any Annual Business Plan approved by Owner, and Manager’s responsibilities shall include lease negotiation coordination, tenant improvement coordination, governmental liaison,
opening activities, tenant liaison, facilitating tenant move-in and similar activities. Manager may, in its sole discretion, engage the services of other outside cooperating real estate consultants and brokers to lease space in the Properties on
behalf of Owner and who shall be paid by Owner such commissions as may be included in the Annual Business Plan approved by Owner or are otherwise established by Owner and Manager from time to time. Manager shall, so far as possible, procure
references from prospective tenants, investigate such references and use its best judgment in the selection of prospective tenants. Where appropriate, upon the occurrence of a vacancy or a projected vacancy, Manager will prepare and disseminate
adequate rental listings. After a vacancy is listed, Manager will cooperate with brokers in an effort to aid in successfully filling the vacancy. Manager shall establish procedures to ensure that ample time is available to renew existing leases or
obtain new tenants in an effort to minimize vacancies and loss of income. 

(b)      Owner shall refer all inquiries concerning the rental of space in the Property to
Manager. All negotiations with prospective tenants shall be conducted by Manager or under its direction. All leases for the Properties 

  
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shall be prepared by Manager in the name of Owner and shall be in accordance with such leasing guidelines as Owner and Manager shall agree upon from time to time. Manager shall secure
Owner’s prior written approval before finalizing any lease for a Property that is not in compliance with the leasing plan set forth in the Annual Business Plan. All leases for Properties shall be presented to and executed by Owner. Manager
shall duly and punctually comply with all the obligations of Owner under all leases with tenants of space in the Property, but solely on behalf of Owner and at Owner’s expense. 

(c)      Manager shall prepare all advertising and promotional materials for the
Properties, which materials shall be used only after Owner’s approval and shall comply with all applicable laws, ordinances and regulations. The costs of all advertising and promotional materials shall be at Owner’s sole cost and expense
and shall either be in accordance with an approved operating budget or otherwise approved by Owner in writing. 

(d)      Rental rates for space in the Properties shall be established by Owner. Manager
shall, promptly following the execution of this Agreement and from time to time thereafter, provide general market information and general office space rental rate surveys and make recommendations to Owner with respect to rental rates. 

(e)      Manager shall assist Owner, as requested, in obtaining any approvals of proposed
leases for the Properties, the tenants and the terms thereof which may be required from the Properties’ lenders, including senior financing, mezzanine level financing or preferred equity (each, a “Lender” and collectively,
“Lenders”) in accordance with the terms of the applicable loan documents. 

(f)       Notwithstanding anything in this Section 2.C.1 to the contrary, the
parties acknowledge and agree that Manager may not be licensed to act as a real estate broker in the state(s) in which the Properties are located and that, in such a case, Manager shall either: (a) subcontract the leasing activities described
herein to a licensed real estate broker qualified (by years of experience, number of employees, number and type of properties under management and standing in the marketplace) to manage properties of like kind in the vicinity of the Properties; or
(b) if Owner elects to enter into a separate agreement with a leasing agent, Manager shall cause the leasing activities described herein to be performed by Owner’s leasing agent by acting as Owner’s agent to enforce all of
Owner’s rights and fulfill Owner’s duties under the separate agreement between Owner and Owner’s leasing agent (the “Leasing Activities Agreement”), with the exception of the obligation to pay Owner’s leasing agent the
commissions payable pursuant to the Leasing Activities Agreement (which shall remain Owner’s responsibility). Notwithstanding anything in this Section 2.C.1 to the contrary, if Owner elects to enter into a Leasing Activities

  
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Agreement with a real estate broker licensed in the state in which the Properties are located and remains obligated to pay the commissions due thereunder, then Manager shall not be paid for the
leasing activities described in Section 4.B below. 

2.        Maintenance.    Manager’s duties and
supervision in this respect shall include, without limitation, cleaning of the interior and the exterior of the Improvements and the public common areas on the Properties and the making and supervision of repair, alterations, and decoration of the
Improvements, subject to and in strict compliance with this Agreement and the Leases. Non-budgeted expenses for any individual item of work which are not reimbursed by a tenant shall not exceed the sum of $5,000 unless specifically authorized in
advance by Owner, provided that emergency repairs which are immediately necessary for the preservation or safety of the Properties, for the safety of occupants or other persons, or required to avoid the suspension of any necessary service of the
Properties may be made by Manager without prior approval of Owner if, under the circumstances, Owner cannot be conveniently notified before the required emergency repairs must be done. 

3.        Intentionally Omitted. 

4.        Notice of Violations.    Manager shall
forward to Owner promptly upon receipt all notices of violation or other notices from any governmental authority, board of fire underwriters or any insurance company, and shall make such recommendations regarding compliance with such notice as
appropriate. 
 5.        Personnel.  Subject to
Section 8.C below, Manager shall employ at all times a sufficient number of capable employees to properly, safely and economically manage, operate and maintain the Properties. Manager shall fully comply with all applicable laws and regulations
and agreements having to do with worker’s compensation, social security, unemployment insurance, hours of labor, wages, working conditions under Manager’s control and other employer- employee related subjects. All matters pertaining to the
employment, supervision, compensation, promotion and discharge of such employees are the responsibility of Manager. 
 (a)      Employees of Manager: 
   (1)      Manager, as an independent contractor, has the authority to control and direct the management and operation of the Properties in accordance with the
terms hereof. 
   (2)      All persons employed in
connection with the management and operation of the Properties (“Manager’s Employees”) shall be employees of Manager or such consultants, independent contractor or contractors as may be retained by Manager and not employees of Owner.

 (b)       It shall be the responsibility of Manager to properly train the
members of its property team and cause the appropriate team members to become familiar with the terms of this Agreement, key tenant lease provisions and vendor/contractor contract terms. 

  
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 (c)      Schedule of
Employees:    Manager shall provide Owner with a schedule of employees annually. This schedule shall include the names of employees, job title, and time allocated to the Properties. Manager agrees to identify in the annual
operating budget for approval by Owner, all employees’ salaries that are directly charged to the Properties. When such employee terminates his employment with Manager, or the employee’s employment is otherwise terminated, a new employee
must be identified by notification in writing to Owner by Manager as a replacement. When it is necessary to replace employees working at the Properties, Manager shall notify Owner, in advance, of the reasons for the replacement and the
qualifications for the replacement personnel and Owner shall have the right to approve any such replacement personnel. 
 (d)      Key Personnel:    This agreement is made with the understanding that Owner and Manager have identified the key personnel (“Key
Personnel”) set forth in Appendix A attached hereto, including the employee who will be responsible for the direct management of each Property (the “Property Management Representative”). Owner has a right to approve any Key
Personnel change. Appendix A shall be updated jointly by Owner and Manager, each acting reasonably and in good faith, upon any modification of Schedule I to add or remove a Property pursuant to this Agreement. 

6.      Utilities and Supplies.  Manager shall, on behalf of Owner, enter
into or renew contracts for electricity, gas, steam, landscaping, fuel, oil, maintenance and other services as are customarily furnished or rendered in connection with the operation of similar rental property in the area, or as it, in its reasonable
judgment, shall deem prudent, provided that Manager shall submit to Owner for its approval such contracts for items of expense which are not contemplated in the Annual Business Plan. Further, at the time of execution of any service contract, the
cost of the services to be provided under such contract shall be comparable with general prevailing market conditions, as to each of the Properties. Unless Owner notifies Manager of its disapproval of any such contract within ten (10) days of
the Owner’s receipt of a copy of such written contract, Owner shall be deemed to have approved such contract. Manager shall also purchase all supplies which Manager deems necessary to maintain and operate the Properties, provided that no such
purchase which is outside the ordinary course of business or which is of a nature not reimbursed by tenants shall be made by Manager without the prior written consent of Owner. 

7.      Expenses.  Manager shall analyze all bills received for services,
work and supplies in connection with maintaining and operating the Properties, pay all such bills from the Account (as defined below), and, if requested by Owner, pay, when due, utility and water charges, sewer rent and assessments, and any other
amount 

  
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payable in respect to the Properties from the Account. All bills shall be paid by Manager within the time required to obtain discounts, if any. Owner may from time to time request that Manager
forward certain bills to Owner promptly after receipt, and Manager shall comply with any such request. It is understood that the payment of real property taxes, assessments and insurance premiums will be paid out of the Account (as hereinafter
defined) by Manager at the direction of Owner. All expenses shall be billed at net cost (i.e., less all rebates, commissions, discounts and allowances, however designed). 

8.      Monies Collected.  Manager shall, in accordance with any
applicable loan requirements or other Controlling Agreement, use diligent efforts to collect all rent and other monies from tenants of the Properties and any sums otherwise due the Properties with respect to Owner in the ordinary course of business
including, but not limited to, tenants’ payments for real estate taxes, insurance, damages and repairs, and common area maintenance, and shall deposit such monies in the Account (as defined below). In collecting such monies, Manager shall
inform Owner’s tenants that all remittances are to be in the form of a check, wire transfer, money order, automatic payments or other forms approved by Owner. Owner authorizes Manager to request, demand and collect all such rent and other
monies due and, at Owner’s request, to institute legal proceedings in the name of Owner and at Owner’s expense for the collection thereof and for the dispossession of any tenant in default under its Lease. Manager shall not compromise with
any tenant or waive Owner’s rights under any Lease without Owner’s prior written consent. Nothing in this Agreement shall be construed as a guarantee of payment or collection by Manager of rent or other monies due from tenants of the
Properties. 
 9.      Bank Account.    Manager shall,
in accordance with any applicable loan requirements or other Controlling Agreement, establish and maintain a separate checking account or accounts (collectively, the “Account”) for funds relating to the Properties. Manager shall cooperate
with Owner and all lenders with respect to any lock box or cash management agreements established by Owner or any lender. All monies deposited from time to time in the Account shall be deemed to be trust funds and shall be and remain the property of
Owner and shall be withdrawn and disbursed by Manager for the account of Owner only as expressly permitted by this Agreement for the purposes of performing the obligations of Manager hereunder. No monies collected by Manager on Owner’s behalf
shall be commingled with funds of Manager. The Account shall be maintained, and monies shall be deposited therein and withdrawn therefrom, in accordance with the following: 

(a)      All sums received from rents and other income from the Properties shall be
promptly deposited by Manager in the Account. Manager shall have the right to designate two or more persons who shall be authorized to draw against the Account, but only for purposes authorized by this Agreement. 

  
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 (b)      All sums due to Manager hereunder,
whether for compensation, reimbursement for expenditures, or otherwise, as herein provided, shall be a charge against the operating revenues of the Properties and shall be paid and/or withdrawn by Manager from the Account. 

(c)      All sums necessary to pay the operational expenses of the Properties, including
real estate taxes and insurance premiums, as set forth in Section 2.C.7. 

(d)      By the 20th day of each month, except as otherwise directed by Owner, Manager
shall forward to Owner net operating proceeds from the preceding month, retaining at all times, however, a reasonable reserve for the subsequent month’s cash requirements. 

10.      Tenant Complaints.    Manager shall maintain
business-like relations with the tenants of the Properties and use commercially reasonable efforts to resolve any tenant complaint or to cooperate with Owner in so doing. 

11.      Controlling Agreements.    Manager has received copies
of (and will be provided with copies of future) applicable articles of incorporation, agreements of limited partnership, joint venture agreements, operating agreements, loan agreements, deeds of trust or mortgages, each as may be amended from time
to time, of Owner (the “Controlling Agreements”) and is and will be familiar with the terms thereof. Manager shall use reasonable care to avoid any act or omission that, in the performance of its duties hereunder, shall in any way conflict
with the terms of the Controlling Agreements. 

12.      Signs.    The Manager shall place and remove, or cause
to be placed and removed, leasing signs upon the Properties as the Manager deems appropriate, subject, however, to the terms and conditions of the Leases, to any applicable ordinances, regulations and covenants or restrictions and Owner’s
approval of the size and general appearance of such signs. 
 13.      Other
Services.    Manager shall recommend from time to time to Owner such procedures with respect to the Properties as Manager may deem advisable for the most efficient and economic management services which normally are performed
in connection with the operation of first-class office and commercial buildings or other buildings, as applicable, and perform all services normally provided to similar premises, without additional charges to Owner. 

14.      Office of Foreign Assets Control, Department of the Treasury
(“OFAC”): 
 (a)      Manager hereby acknowledges and agrees that
it will be performing OFAC searches/checks on each potential tenant (including renewals) that may be leasing space in the Properties. Manager is required to keep verification of the OFAC check in the tenant file. Manager also agrees that a tenant
shall not be permitted to sublet its space to a new tenant without Manager performing an OFAC search/check on the potential sublessee. 

  
 10 

 (b)      Manager hereby acknowledges and
agrees that it will be performing OFAC (defined below) searches/checks on each potential vendor (including renewals) that may be performing work in or around the Properties. Manager is required to keep verification of the OFAC check in the vendor
file. 
 (c)      OFAC searches/checks may be done online using the Bridger
Insight Free Name Check web site at the following link: www.bridgerinsight.choicepoint.com, or any of the other free name check services that may also be available on the web. 

(d)      All leases, lease renewals and contracts including all construction contracts,
purchase orders and service agreements and renewals thereof shall include OFAC language. 

15.      Compliance with Laws:  Manager shall, in the performance of its
services hereunder, comply with all federal, state, municipal or other governmental laws, ordinances, rules or regulations affecting the Properties. 
 (a)      Manager shall also be responsible for complying with REIT testing for disallowed income subject to U.S. REIT standards. Examples of disallowed income include, but
are not limited to: leasing fees, management fees, a disallowed service provided to a tenant without charge as a condition of the lease, amenities that would normally attract a charge but are provided for free, etc. The last two examples of
disallowed income are where there is a service provided for no charge, but, the income is deemed to exist as a component of rental income. From Manager’s perspective, REIT testing for disallowed income is based upon regulatory requirements. The
process involves ensuring timely completion of testing and undertaking an annual survey regarding the property’s income. 
 (b)      Manager shall not in performance of its services hereunder violate, and shall comply in all respects with the terms of, any ground lease, space lease, mortgage, deed
of trust or other security instrument binding on or affecting any of the Properties. If Manager identifies a conflict between the terms of any such document and the terms of this Agreement, Manager shall not take any action except to notify Owner
and await Owner’s written instructions. 
 16.      Manager’s
Cooperation with Sale of the Properties:  Manager agrees to facilitate, in any and all manner, and cooperate with Owner’s listing agent for the sale of the Properties. Such cooperation and assistance shall be considered a normal
function of the property management duties agreed to under the terms of this Agreement. 

  
 11 

 2.D.     Approval of Leases, Contracts,
Etc.  In fulfilling its duties to Owner, Manager hereby is authorized to negotiate, on behalf of Owner, leases for any Properties, and to negotiate and enter into any other leases, contracts or agreements on behalf of Owner in the
ordinary course of the management, operation, maintenance and leasing of each Property, subject to the requirement that Owner execute all leases for Properties in accordance with Section 2.C.1(b), the limitations set forth above in
Section 2.C, any leasing and property management guidelines established by Owner, and the Annual Business Plan set forth in Section 2.E.3 below; provided, however that Manager shall not enter into any lease, contract or agreement on behalf
of Owner that would cause a material deviation from the Annual Business Plan. Owner hereby appoints Manager as Owner’s authorized agent for the purposes of executing, as the agent of Owner, all such leases, contracts and agreements. Manager is
required to clearly identify itself as Owner’s agent and to inform all third parties with whom Manager is dealing that Manager is acting solely as Owner’s agent with respect to the Properties and is not itself the owner of the Properties.
Manager is further required to correct any known misunderstanding with respect to the ownership of the Properties. In addition, Owner agrees to (a) specifically assume in writing all obligations of Owner under all such leases, contracts and
agreements entered into by Manager as the agent of Owner upon termination of this Agreement, and (b) indemnify, protect, defend, save and hold harmless Manager and all of the other Manager Indemnified Parties of and from any and all Losses (as
defined in Section 5.D below) that may be imposed on any or all of them in connection with or relating to the obligations of Owner under any such leases, contracts or agreements following the termination of this Agreement. If Manager
subcontracts any of the obligations required of Manager hereunder, Manager shall cause the subcontract to include provisions which require the subcontractor (a) to a thirty (30) day termination for convenience clause, (b) to clearly
identify itself as Owner’s agent and to inform all third parties with whom subcontractor is dealing that it is acting solely as Owner’s agent with respect to the Properties and is not itself the owner of the Properties and (c) to
correct any known misunderstanding with respect to the ownership of the Properties; provided, however that Manager shall not enter into an agreement delegating its day to day property management obligations or functions hereunder without
Owner’s prior written consent. 
 2.E.     Accounting, Records and Reports.

 1.        Records.  Manager shall maintain all
office records and books of account and shall record therein, and keep copies of, each invoice received from services, work and supplies ordered in connection with the maintenance and operation of the Properties and Manager’s record retention
policy. Such records shall be maintained on a double entry basis. Owner and persons designated by Owner shall at all reasonable time have access to and the right to audit and make independent examinations of such records, books and accounts and all
vouchers, files and all other material pertaining to the Properties and this Agreement, all of which Manager agrees to keep safe, available and separate from any records not pertaining to the Properties, at a place recommended by Manager and
approved by Owner. 

  
 12 

 2.        Monthly
Reports.    The financial reporting responsibilities of Manager are set forth in Appendices B, C and D attached hereto (the “Reporting Requirements”). Manager acknowledges and agrees that it has
had the opportunity to review the contents of the Reporting Requirements prior to executing this Agreement, and agrees to comply with and be bound by the terms thereof and to compile and submit all reports in the format required by Owner in
accordance with its established Documents and Forms (“Documents and Forms”) which will be provided to Manager within ten (10) days. Manager acknowledges and agrees that the Documents and Forms and Reporting Requirements are
proprietary to Owner, and Manager agrees that Manager, its employees, agents or representatives shall not disseminate, release or use the Reporting Requirements for any purpose other than the performance of Manager’s obligations hereunder.

 (a)      Updates/Additions:  The Reporting Requirements may be
updated from time to time as deemed necessary by Owner, both to change or delete existing provisions and to add new provisions. In the event of modifications or updates to the policies, procedures, forms or information contained in Reporting
Requirements Owner shall provide written notification (“Update Notice”) of modifications to the Reporting Requirements (the “Updated Requirements”) to Manager via e-mail to Manager’s designated Property Management
Representative (defined below). Within five (5) business days of receipt of such Update Notice, Manager shall inform Owner in writing via e-mail whether any such Updated Requirements constitute a Material Updated Requirement (as defined below).
If Manager informs Owner that the Updated Requirements are not Material Updated Requirements, then Owner will use reasonable efforts to provide a courtesy e-mail copy of the notice to all other employees of Manager for which Manager has supplied
valid e-mail addresses, but failure to notify any of Manager’s personnel other than the Property Management Representative shall not affect the validity of the notice. Any Updated Requirements shall become effective upon the latter of:
(1) the date specified in the e-mail notice, or (2) the sixth business day after receipt of the Update Notice by the Property Management Representative and Manager has not provided Owner with notice that any Updated Requirements are
Material Updated Requirements. 
 (b)      If Manager has informed Owner that any
update/addition is a Material Updated Requirement in accordance with subsection (a) above, the Owner and Manager agree to negotiate in good faith the amount of reimbursement of additional costs that Owner shall pay Manager to implement and
provide the Material Updated Requirement(s). As used in this Agreement, a “Material Updated Requirement” means additional requirements in the aggregate that increase the time of non-Reimbursable Staff Members on an individual Property by
more than eight (8) hours per month. 

  
 13 

 (c)      In addition, Appendices B, C
and/or D shall be updated jointly by Owner and Manager, each acting reasonably and in good faith, upon any modification of Schedule I to add or remove a Property pursuant to this Agreement, but only if Owner or Manager requests such an update
with respect to such Property based on its attributes. Any updates pursuant to this subsection (c) shall be subject to the provisions in subsection (b) above, except that the addition of a Property to Schedule I shall not be treated as a
Material Updated Requirement unless there are requirements unique to such Property that, in the aggregate, increase the time of non-Reimbursable Staff Members on an individual Property by more than eight (8) hours per month. 

3.        Budgets and Leasing Plans.    No later than
ninety (90) days before each calendar year end, Manager shall prepare and submit to Owner for its approval an operating budget, capital budget and a marketing and leasing plan (collectively, the “Annual Business Plan”) on each
Property for the calendar year immediately following such submission. The Annual Business Plan shall be in the form approved by Owner prior to the date thereof. As often as reasonably necessary during the period covered by any such budget, Manager
may submit to Owner for its approval an updated Annual Business Plan incorporating such changes as shall be necessary to reflect cost over-runs and the like during such period. If Owner disapproves any such Annual Business Plan, Manager shall submit
a revised Annual Business Plan, as applicable, within twenty (20) days of receipt of the notice of disapproval, and Owner shall have twenty (20) days to provide notice to Manager if it disapproves of any such revised Annual Business Plan.
In the event that an operating budget has not been approved prior to each December 31, the operating budget for the prior twelve month period shall govern to the extent of any unapproved items. In the event a capital budget has not been
approved by Owner prior to each December 31, Manager shall not make any capital or extraordinary expenditures for the Properties (other than in the event of an emergency) without the prior written consent of Owner. 

Manager shall use reasonable diligence and employ commercially reasonable efforts to ensure that the actual costs of
maintaining and operating the Properties shall not exceed the budgeted amount in total or in any one accounting category. All expenses must be charged to the proper account on either the operating budget or capital budget and no expense may be
classified or reclassified for the purpose of avoiding an excess in the annual budgeted amount of an accounting category. Manager agrees to use commercially reasonable efforts to inform Owner, promptly after they become known to Manager, or any
material increases in costs and expenses that were not foreseen during the budget preparation period, and were, therefore, not reflected in the operating budget or capital budget. 

4.        Legal Requirements.  Manager shall execute and file
when due all forms, reports, and returns required by law relating to the employment of its personnel. Manager shall be responsible for notifying Owner in the event it receives notice that any Improvement on a Property or any equipment therein does
not comply 

  
 14 

 
with the requirements of any statute, ordinance, law or regulation of any governmental body, public authority or official thereof having or claiming to have jurisdiction thereover. Manager shall
promptly forward to Owner any complaints, warnings, notices or summonses received by it relating to such matters. Owner represents that, to the best of its knowledge, each of its Properties and any equipment thereon will, upon acquisition by Owner,
comply with all such requirements. Owner authorizes Manager to disclose the ownership of each Property by Owner to any such officials. Owner agrees to indemnify, protect, defend, save and hold harmless Manager and its member(s), partner(s),
stockholder(s), officers, directors, employees, managers, successors and assigns including, but not limited to, any Submanager (collectively, the “Manager Indemnified Parties”) of and from any and all Losses (as defined in
Section 5.D.1 hereof) that may be imposed on any or all of them by reason of the failure of Owner to correct any past, present or future violation or alleged violation of any and all past, present or future laws, ordinances, statutes, or
regulations of any public authority or official thereof, having or claiming to have jurisdiction thereover, of which it has actual notice. 
 5.        Tax Returns.    Except for applicable requirements relating to reporting sales tax and leases of tangible property, the
preparation of which shall be the responsibility of Manager, Manager shall have no responsibility for the preparation of any federal, state or local tax reports or returns on behalf of Owner, but Manager shall provide such information as shall be
reasonably requested by Owner to assist Owner’s preparation of such tax reports and returns. 

6.        Sarbanes-Oxley Compliance.    Manager shall
maintain procedures for accounting and reporting necessary for the Company to comply with the Sarbanes-Oxley Act, Public Law No. 107-204, and the rules and regulations promulgated thereunder. 

III.      EXPENSES 

3.A.      Owner’s Expenses.  Except as otherwise specifically
provided, all reasonable and customary costs and expenses incurred hereunder by Manager in fulfilling its duties to Owner shall be the responsibility of Owner to the extent included in the Annual Business Plan described in Section 2.E.3 above
or as otherwise agreed by Owner. Such costs and expenses may include wages, salaries and other employee-related expenses of Manager or a third party, including an Affiliate, and all legal, travel and other out-of-pocket expenses which are directly
related to the management of specific Properties, to the extent permitted by the Statement of Policy Regarding Real Estate Investment Trusts adopted by the North American Securities Administrators Association, Inc. All costs and expenses for which
Owner is responsible under this Agreement shall be paid by, or reimbursed to, Manager out of the Account. In the event the Account does not contain sufficient funds to pay all such costs and expenses, Owner shall fund all sums necessary to meet such
unpaid costs and expenses within thirty (30) days of receipt of notice from Manager and an itemization of such unpaid costs and expenses. Nothing in this Agreement shall obligate Manager to advance its own funds on behalf of Owner. 

  
 15 

 3.B.      Manager’s
Expenses.  Manager shall, out of its own funds, pay all of its general, overhead and administrative expenses (including those for off-site employees or offices not located within the Properties) except as set forth in a budget
submitted by Manager and approved by Owner pursuant to Section 2.E.3 above or as otherwise specifically approved in advance by Owner. 
 3.C.      Manager’s Cost to Be Reimbursed.  After payment by Manager, Manager may be reimbursed out of the Account for costs of the gross salary and
wages or pro rata share thereof, federal and state unemployment taxes, social security taxes, group medical and health insurance premiums, worker’s compensation insurance, Owner’s Share of Eligible Severance Payments (as defined below) and
other benefits or burdens of Manager’s employees required to properly, adequately, safely and economically manage, operate and maintain the Properties in accordance with this Agreement, provided that such employees have been identified by
position and enumerated in an approved budget. As used herein: (1) an “Eligible Severance Payment” shall mean any severance payment made by Manager to any Reimbursable Staff Member (as defined below) in connection with the termination
of such Reimbursable Staff Member’s employment that resulted either from Owner’s termination of this Agreement, the sale of an individual property, or Owner’s request that such Reimbursable Staff Member no longer be an on-site
employee of Manager at the Property (unless such request was made for cause); (2) a “Reimbursable Staff Member” shall mean any employee of the Manager who, prior to the termination of such employee’s employment, worked as an
employee of the Manager at the Property; and (3) the “Owner’s Share of Eligible Severance Payments” shall mean one hundred percent (100%) of all Eligible Severance Payments that are allocable to the Property, based on each
such terminated Reimbursable Staff Member’s tenure working for Manager relative to the time such Reimbursable Staff Member worked as an on-site employee of Manager at the Property. In no event shall Manager be reimbursed by Owner for costs
attributable to losses arising from negligence or fraud on the part of Manager or Manager’s employees. 

IV.      MANAGER’S COMPENSATION 

4.A.      Management Fee.    Commencing on the Effective Date,
Owner shall pay Manager a property management fee in an amount equal to, unless otherwise agreed, four and 3/10ths percent (4.3%) of Gross Revenues (the “Management Fee”) on a monthly basis from the rental income received from the
Properties over the term of this Agreement, provided, however, that subject to the approval of the Company’s independent directors, the Management Fee may be increased with respect to the management of any Property located outside of the United
States. Manager’s compensation under this Section 4.A shall apply to all Leases, including renewals, extensions or expansions of Leases. The Management Fee may include the reimbursement of the specified cost incurred by Manager of engaging
another person or entity to perform Manager’s responsibilities hereunder, provided, however, that Manager shall be responsible for payment to such third parties. Nothing herein shall prevent Manager from entering fee-splitting arrangements with
third parties with respect to the Management Fee. 
 4.B.      Leasing
Fee.  In addition to the compensation paid to Manager under Section 4.A above, Manager shall be entitled to receive a separate fee for the Leases of new tenants and renewals of Leases with existing tenants in an amount not to
exceed the fee customarily charged in arm’s-length transactions by others rendering similar services in the same geographic area for 

  
 16 

 
similar properties as determined by a survey of brokers and agents in such area, as specifically described on Appendix E. Appendix E shall be updated jointly by Owner and Manager,
each acting reasonably and in good faith, upon any modification of Schedule I to add or remove a Property pursuant to this Agreement. 
 4.C.      Project Management Fee.  In addition to the compensation paid to Manager under Section 4.A above, Owner shall pay to Manager, with respect to
any tenant or capital improvements, a separate fee in an amount equal to five percent (5%) of all hard and soft costs and expenses actually paid or incurred in connection with the construction and installation of such improvements. As to each
project, the fee shall be due and payable upon completion. 

4.D.      Oversight Fee.  The Company shall pay Manager an oversight fee
in an amount equal to 20/100ths of one percent (0.20%) of Gross Revenues (the “Oversight Fee”) on a monthly basis from rental income received from the Properties over the term of this Agreement. In consideration for the Oversight
Fee, the Manager agrees to provide oversight over the Company’s portfolio of Properties, coordinate matters that arise from the Company holding Properties in multiple jurisdictions, and provide certain accounting and tax support for the Company
with respect to its portfolio of Properties (the “Oversight Services”). 

4.E.      Audit Adjustment.  If any audit of the records, books or
accounts relating to the Properties discloses an overpayment or underpayment of Management Fee or Oversight Fee, the Manager, or the Owner or the Company, as applicable, shall promptly pay to the other party the amount of such overpayment or
underpayment, as the case may be. If such audit discloses an overpayment of Management Fee or Oversight Fee for any fiscal year of the greater of 2% or $5,000 than the correct Management Fee or Oversight Fee for such fiscal year, Manager shall bear
the cost of such audit. 
 V.      INSURANCE AND INDEMNIFICATION 

5.A.     Insurance to be Carried.  Manager during the term of this Agreement
shall keep in force at its expense insurance substantially in conformance with the following: 
  

	 	(a)	Commercial general liability insurance for claims of bodily injury and property damage due to the management, operation and maintenance of the Properties. Such
insurance shall have a combined single limit of not less than Ten Million Dollars ($10,000,000) each occurrence/aggregate. Owner should be named as additional insured. 

 

	 	(b)	Workers’ Compensation insurance in accordance with applicable statutory law. 

 

	 	(c)	Business auto liability coverage insuring bodily injury and property damage with a combined single limit of not less than One Million Dollars ($1,000,000) per accident
for owned, non-owned and hired vehicles. 

  

	 	(d)	 A fidelity bond with a corporate surety or employee dishonesty/crime insurance covering all employees who handle or are responsible for the rents
and revenues from each of the Properties or for the payment of expenses from Owner’s account. The fidelity bond shall be in the amount not less then Five Million Dollars

  
 17 

	 	 
($5,000,000) with a maximum deductible of Two Hundred Fifty Thousand Dollars ($250,000). The bond shall include a loss payable endorsement in favor of Owner. 

 

	 	(e)	 Professional Liability coverage with limits not less then Five Million Dollars ($5,000,000) per incident and Five Million Dollars ($5,000,000)
annual aggregate covering real estate management operations and leasing operations when applicable. 

  

	 	(f)	 To the extent carried by other property managers in the same market, any other insurance reasonably required by Owner, or required by law.

 The policies required to be maintained by Manager shall be with companies
rated A- or better by Standard & Poors or A- to very good by the A.M. Best Company. Insurers shall be licensed to do business in the state in which the Property are located and domiciled in the USA. Certificates of insurance shall be
delivered to Owner prior to the Effective Date of the Agreement and not less than annually thereafter at least ten (10) days prior to the expiration date of the old policy. Each policy of insurance shall provide notification to Owner at least
thirty (30) days prior to any cancellation or modification to reduce the insurance coverage. 

5.B.      Cooperation with Insurers.    Manager shall cooperate
with and provide reasonable access to the Properties to representatives of insurance companies and insurance brokers or agents with respect to insurance which is in effect or for which application has been made. Manager shall use its best efforts to
comply with all requirements of insurers. 
 5.C.      Accidents and
Claims.  Manager shall promptly investigate and shall report in detail to Owner all accidents, claims for damage relating to the Properties, operation or maintenance of the Properties, and any damage or destruction to the Properties
and the estimated costs of repair thereof, and shall prepare for approval by Owner all reports required by an insurance company in connection with any such accident, claim, damage, or destruction. Such reports shall be given to Owner promptly and
any report not so given within five (5) days after the occurrence of any such accident, claim, damage or destruction shall be noted in the monthly report delivered to Owner pursuant to Section 2.E.2 herein. Manager is authorized to settle
any claim against an insurance company not exceeding $5,000 arising out of any policy and, in connection with such claim, to execute proofs of loss and adjustments of loss and to collect and receipt for loss proceeds. If a claim against an insurance
company exceeds $5,000, Manager shall take no action specified in the immediately preceding sentence with respect thereto without the prior approval of Owner. 
 5.D.      Indemnification. 

1.      General.  Owner shall indemnify, protect, defend, save and hold
harmless Manager and all of the other Manager Indemnified Parties from and against any and all claims, causes of action, demands, suits, proceedings, loss, judgments, damage, awards, liens, fines, costs, attorney’s fees and expenses, of every
kind and nature whatsoever (collectively, “Losses”), that may be imposed on or 

  
 18 

 
incurred by Manager by reason of the willful misconduct, negligence and/or unlawful acts (such unlawfulness having been adjudicated by a court of proper jurisdiction) of Owner; provided, however,
that such indemnification and exculpation shall not extend to any such Losses arising out of the willful misconduct, negligence and/or unlawful acts (such unlawfulness having been adjudicated by a court of proper jurisdiction) of or breach of this
Agreement by Manager, its agents, servants, or employees; provided, further, that such indemnification and exculpation shall be limited to the extent that Manager recovers insurance proceeds with respect to such matter. 

2.      Property Damage, Etc.  Owner agrees to indemnify, defend,
protect, save and hold harmless Manager and all of the other Manager Indemnified Parties from any and all Losses in connection with or in any way related to each Property and from liability for damage to each Property and injuries to or death of any
person whomsoever, and damage to property; provided, however, that such indemnification and exculpation shall not extend to any such Losses arising out of the willful misconduct, negligence and/or unlawful acts (such unlawfulness having been
adjudicated by a court of proper jurisdiction) of or breach of this Agreement by Manager, its agents, servants, or employees; provided, further, that such indemnification and exculpation shall be limited to the extent that Manager recovers insurance
proceeds with respect to such matter. Manager shall not be liable for any error of judgment or for any mistake of fact or law, or for anything that it may do or refrain from doing, except in cases of willful misconduct, negligence and/or unlawful
acts (such unlawfulness having been adjudicated by a court of proper jurisdiction). Manager agrees to indemnify, defend, protect, save and hold harmless Owner and its members, partners, stockholders, officers, directors, employees, managers,
successors and assigns (collectively, the “Owner Indemnified Parties”) from any and all Losses arising out of any injury or damage to any person or property whatsoever for which Manager is responsible occurring in, on, or about the
Properties, including, without limitation, the Improvements, when such injury or damage shall be caused by the willful misconduct, negligence and/or unlawful acts (such unlawfulness having been adjudicated by a court of proper jurisdiction) of or
breach of this Agreement by Manager, its agents, servants, or employees, except to the extent that any Owner Indemnified Party recovers insurance proceeds with respect to such matter. 

3.      Environmental Matters.    Owner hereby warrants and
represents to Manager that to the best of Owner’s knowledge none of the Properties have previously been or are presently being used to treat, deposit, store, dispose of or place any hazardous substance that may subject Manager to liability or
claims under the Comprehensive Environmental Response, Compensation and Liability Act of 1980 (42 U.S.C. Section 9607), as amended, or any other statute, law, rule, regulation or ordinance regarding the treatment, storage or disposition of any
hazardous substance. Furthermore, Owner shall indemnify, protect, defend, save and hold harmless Manager and all of the other Manager Indemnified Parties from any and all Losses involving, concerning or in any way related to any past, current or
future claims regarding the treatment, deposit, storage, disposal or placement by any party other than Manager of hazardous substances on or about the Properties. 

  
 19 

 4.      Indemnification
Procedure.  If a claim, action, or proceeding by a third-party (a “Claim”) is made against Owner, an Owner Indemnified Party, Manager, or a Manager Indemnified Party (the “Indemnified Party”) for which the
Indemnified Party intends to seek indemnity under this Section 5.D, the Indemnified Party shall promptly notify the party against whom indemnification is sought (the “Indemnitor”) in writing of such Claim, setting forth a description
of such Claim in reasonable detail (the “Indemnification Notice”); provided, however, that failure to give such Indemnification Notice shall not relieve the Indemnitor of its obligations hereunder, except to the extent the Indemnitor has
been prejudiced by such failure. The Indemnitor shall have thirty (30) days after receipt of the Indemnification Notice to undertake, conduct and assume control, through counsel of its own choosing reasonably satisfactory to the Indemnified
Party, and at its own expense, of the settlement or defense of such Claim, so long as the Indemnitor notified the Indemnified Party of such defense in writing within thirty (30) days after the Indemnified Party has given notice of the
third-party Claim and the Indemnitor conducts the defense of the third-party Claim actively and diligently, and the Indemnified Party shall cooperate fully in connection therewith; provided, however, that the Indemnified Party may participate in
such settlement or defense through counsel chosen by such Indemnified Party and paid at its own expense; and, provided, further, that the Indemnified Party shall pay the fees and disbursements of such separate counsel unless (a) the employment
of such separate counsel has been specifically authorized in writing by the Indemnitor, (b) the Indemnitor has failed to assume the defense of such third party Claim within thirty (30) days after receipt of the Indemnification Notice with
counsel reasonably satisfactory to such Indemnified Party, or (c) the named parties to the proceeding in which such Claim has been asserted include both the Indemnitor and such Indemnified Party and, in the reasonable opinion of counsel to such
Indemnified Party, there exists one or more defenses that may be available to the Indemnified Party that are in conflict with those available to the Indemnitor. The Indemnified Party shall not pay or settle any such Claim without the written consent
of the Indemnitor, which consent shall not be unreasonably withheld. If the Indemnitor has received the Indemnified Party’s Indemnification Notice and does not notify the Indemnified Party in writing within thirty (30) days after receipt
of such notice that it elects to undertake the defense thereof, the Indemnified Party shall have the right to undertake, at Indemnitor’s cost, risk and expense, the defense, compromise or settlement of the Claim, but shall not thereby waive any
right to indemnity therefor pursuant to this Agreement. The parties hereto agree to cooperate fully with each other in connection with the defense, negotiation or settlement of any such third-party Claim. Notwithstanding anything in this
Section 5.D to the contrary, the Indemnitor shall not, except with the written consent of the Indemnified Party (which such consent shall not be unreasonably withheld), enter into any settlement that (y) does not include as an
unconditional term thereof the giving by the person or persons asserting such Claim of an unconditional release of the Indemnified Party from liability with 

  
 20 

 
respect to such Claim, or (z) involves non-monetary relief or remedy that is binding upon the Indemnified Party, including any restrictions on the Indemnified Party’s ability to operate
or compete. 

5.        Limitations.    Notwithstanding anything to
the contrary in this Agreement, any indemnification and exculpation by Owner under this Agreement is subject to any limitations imposed under Owner’s Articles of Incorporation or any amendments thereto. 

VI.      TERM 

6.A.      Term.    This Agreement commenced on the Effective
Date and shall continue until terminated in accordance with the earlier to occur of the following: 

1.        Six years from the Effective Date.    However,
this Agreement will be automatically extended for successive six (6) year periods after the end of the initial term unless Owner or Manager gives at least ninety (90) days prior written notice of its intention to terminate the Agreement;

 2.        Immediately upon written notice by one party to the other
party upon the occurrence of any of the following: 
 (a)        A
decree or order is rendered by a court having jurisdiction: (i) adjudging the other party as bankrupt or insolvent, or approving as properly filed a petition seeking reorganization, readjustment, arrangement, composition or similar relief for
the other party under the federal bankruptcy laws or any similar applicable law or practice; or (ii) appointing a receiver or liquidator or trustee or assignee in bankruptcy or insolvency of the other party or a substantial part of the property
of the other party, or for the winding up or liquidation of its affairs; 

(b)        The other party: (i) institutes proceedings to be adjudicated a
voluntary bankrupt or an insolvent; (ii) consents to the filing of a bankruptcy proceeding against it; (iii) files a petition or answer or consent seeking reorganization, readjustment, arrangement, composition or relief under any similar
applicable law or practice; (iv) consents to the filing of any such petition, or to the appointment of a receiver or liquidator or trustee or assignee in bankruptcy or insolvency for it or for a substantial part of its property; (v) makes
an assignment for the benefit of creditors; (vi) is unable to or admits in writing its inability to pay its debts generally as they become due unless such inability shall be the fault of the first party; or (vii) takes corporate or other
action in furtherance of any of the aforesaid purposes; or 

(c)        The party providing such notice having Cause (after the expiration of
the relevant cure period); or 
 3.        Mutual consent of the
parties to terminate this Agreement. 

  
 21 

 Upon termination, the obligations of the parties hereto shall cease, provided that Manager
and Owner shall comply with the provisions hereof applicable in the event of termination and Manager shall be entitled to receive all compensation which may be due to Manager hereunder up to the date of such termination, and provided, further, that
if this Agreement terminates pursuant to clause 2 above, the parties shall have such other remedies as may be available at law or in equity. 
 6.B.    Manager’s Obligations After Termination.    Upon the termination of this Agreement, Manager shall have the following duties: 

1.        Manager shall deliver to Owner, or its designee, all transferable or
assignable books and records with respect to the Properties. 

2.        Manager shall transfer or assign to Owner, or its designee, all
transferable or assignable service contracts and personal property relating to or used in the operation and maintenance of the Properties, except personal property paid for and owned by Manager. Manager shall also, for a period of sixty
(60) days immediately following the date of such termination, make itself available to consult with and advise Owner, or its designee, regarding the operation, maintenance and leasing of the Properties. 

3.        Manager shall render to Owner an accounting of all funds of Owner in
its possession and shall deliver to Owner a statement of Management Fees claimed to be due Manager and shall cause funds of Owner held by Manager relating to the Properties to be paid to Owner or its designee. 

4.        Manager shall deliver to Company a statement of Oversight Fees claimed
to be due Manager and Company, upon its verification that such statement is accurate, shall promptly pay such claimed fees to Manager. 
 5.        All provisions of this Agreement that require Manager to have insurance, or to protect, defend, save, hold harmless and indemnify or to reimburse Owner
shall survive any expiration or termination of this Agreement and, if Owner is or becomes involved in any claim, proceeding or litigation by reason of having been Owner, such provisions shall apply as if this Agreement were still in effect.

 Manager shall furnish all such information and take all such action as Owner shall require to effectuate an orderly and
systematic termination of Manager’s duties and activities under this Agreement. Manager hereby grants a limited power of attorney to Owner to endorse any checks received in connection with the Properties and hereby assigns to Owner effective
upon the date of such termination any and all rights Manager may have in and to the Properties’ records. 

6.C.    Owner’s Obligations Upon Termination.    Owner shall pay or
reimburse Manager for any sums of money due it under the Management Agreement for services and expenses prior to termination of this Agreement. All provisions of this Agreement that require Owner to have insured, or to protect, defend, save, hold
harmless and indemnify or to reimburse Manager shall survive any expiration or termination of this Agreement and, if Manager is or becomes involved in any claim, proceeding or litigation by reason of having been Manager of

  
 22 

 
Owner, such provisions shall apply as if this Agreement were still in effect. The parties understand and agree that Manager may withhold funds for sixty (60) days after the end of the month
in which this Agreement is terminated to pay costs and expenses previously incurred but not yet invoiced and to close accounts. Should the funds withheld be insufficient to meet the obligations of Manager to pay costs and expenses previously
incurred, Owner will, upon demand, advance sufficient funds to Manager to ensure fulfillment of Manager’s obligation to do so, within ten (10) days of receipt of notice and an itemization of such unpaid costs and expenses. 

6.D.      Removal of Properties from Schedule I.    From time to
time during the term of this Agreement, Owner shall have the right to amend Schedule I hereto by removing a given Property (each, a “Removable Property”) from such Schedule I if and only if: 

1.        Owner shall sell, transfer, or convey title to such Removable Property
to a bona fide, non-Affiliate; provided; however; that Owner shall give at least thirty (30) days prior written notice of its intention to remove such Removable Property from Schedule I pursuant to this clause (1); or 

2.        Owner has Cause (after the expiration of the relevant cure period)
relating specifically to such Removable Property. 
 In addition, from time to time during the term of this Agreement, Manager
shall have the right to amend Schedule I hereto by removing a given Property from such Schedule I if and only if Manager has Cause (after the expiration of the relevant cure period) relating specifically to such Property. 

VII.    COVENANTS AND WARRANTIES 

7.A. Manager covenants and warrants that: 

1.        Manager is qualified to manage the Properties and perform the services
assumed hereunder has, and will have at the relevant time the resources, capacity, expertise and ability in terms of equipment, software, know-how and personnel to provide the services in the manner required under this Agreement; 

2.        Manager has all rights necessary (including licenses) to provide the
services it is obligated to provide under this Agreement; 

3.        all reporting and invoicing for services will be compatible with and
integrate with Owner’s systems as communicated between the parties; 

4.        Manager shall require any third party submanagers to implement, at
their own cost and expense, appropriate internal controls including an SAS 70 audit or similar internal audit report; 
 5.        Manager’s use of any software (other than its own software) or equipment relating to the services provided under this Agreement will not infringe the
intellectual property rights of any other person; 

  
 23 

 6.        Manager will supply the
services promptly, diligently and professionally, in accordance with the highest professional standards and practices; 
 7.        the services will be fit for the purposes and meet the criteria set out in the Reporting Requirements; 

8.        Manager will: 

 (a)        efficiently use the resources or services necessary to provide
the services; 
  (b)        perform the services in the most
cost-effective manner consistent with the required  level of quality and performance; 

9.        Manager’s signing, delivery and performance of this Agreement
will not constitute: 
  (a)        a violation of any judgment,
order or decree; 
  (b)        a material default under any
material contract by which it or any of its assets are  bound; or 

 (c)        an event that would, with notice or lapse of time, or both,
constitute such a default; 
 10.      Manager has the requisite power and
authority to enter into this Agreement and to carry out the obligations contemplated by this Agreement; 

11.      Intentionally Omitted 

12.      Manager represents and warrants that (a) Manager and each person or entity
owning an interest in Manager is (i) not currently identified on the Specially Designated Nationals and Blocked Persons List and/or on any other similar list maintained by OFAC pursuant to any authorizing statute, executive order or regulation
(collectively, the “List”), and (ii) not a person or entity with whom a citizen of the United States is prohibited to engage in transactions by any trade embargo, economic sanction, or other prohibition of United States law,
regulation, or Executive Order of the President of the United States, (b) none of the funds or other assets of Manager constitute property of, or are beneficially owned, directly or indirectly, by any Embargoed Person (as hereinafter defined),
(c) no Embargoed Person has any interest of any nature whatsoever in Manager (whether directly or indirectly), (d) none of the funds of Manager have been derived from any unlawful activity with the result that the investment in Manager is
prohibited by law or that the Agreement is in violation of law, and (e) Manager has implemented procedures, and will consistently apply those procedures, to ensure the foregoing representations and warranties remain true and correct at all
times. The term “Embargoed Person” means any person, entity or government subject to trade restrictions under U.S. law, including but not limited to, the 

  
 24 

 
International Emergency Economic Powers Act, 50 U.S.C. §1701 et seq., The Trading with the Enemy Act, 50 U.S.C. App. 1 et seq., and any Executive Orders or regulations promulgated thereunder
with the result that the investment in Manager is prohibited by law or Manager is in violation of law; and 

13.      Manager covenants and agrees (a) to comply with all requirements of law
relating to money laundering, anti-terrorism, trade embargos and economic sanctions, now or hereafter in effect, (b) to immediately notify Owner in writing if any of the representations, warranties or covenants set forth in this paragraph or
the preceding paragraph are no longer true or have been breached or if Manager has a reasonable basis to believe that they may no longer be true or have been breached, (c) not to use funds from any “Prohibited Person” (as such term is
defined in the September 24, 2001 Executive Order Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism) to make any payment due to Owner under the Agreement and (d) at the request
of Owner, to provide such information as may be requested by Owner to determine Manager's compliance with the terms hereof. Manager hereby acknowledges and agrees that Manager's inclusion on the List at any time during the term of the Agreement
shall be a material default of the Agreement, and this Agreement shall automatically terminate. Notwithstanding anything herein to the contrary, Manager shall take commercially reasonable efforts not to permit the Property or any portion thereof to
be used or occupied by any person or entity on the List or by any Embargoed Person (on a permanent, temporary or transient basis), and any such use or occupancy of the Property by any such person or entity shall be a material default of the
Agreement. 
 VIII.    MISCELLANEOUS 

8.A.      Notices.    All notices, approvals, consents and other
communications hereunder shall be in writing, and, except when receipt is required to start the running of a period of time, shall be deemed given and received when delivered in person or on the second (2nd) business day after its mailing by
either party by registered or certified United States mail, postage prepaid and return receipt requested, to the other party, at the addresses set forth after their respective name below or at such different addresses as either party shall have
theretofore advised the other party in writing in accordance with this Section 8.A. 
  

			
	Owner:	    	Global Income Trust, Inc.
		    	Attention: Chief Financial Officer
		    	CNL Center at City Commons
		    	450 South Orange Avenue
		    	Orlando, Florida 32801
		
	Manager:	    	CNL Global Income Managers, LLC
		    	c/o CNL Global Income Advisors, LLC
		    	CNL Center at City Commons
		    	450 South Orange Avenue
		    	Orlando, Florida 32801

  
 25 

 8.B.      Governing Law;
Venue.    This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, and any action brought to enforce the agreements made hereunder or any action which arises out of the
relationship created hereunder shall be brought exclusively in the federal or state courts for Orange County, Florida. 
 8.C.      Assignment; Subcontracting.    Manager may not assign this Agreement either directly or indirectly without the prior written consent of
Owner. Notwithstanding the foregoing, Manager may, without the consent of Owner, (1) assign or delegate partially or in full its duties and rights under this Agreement and the fees and compensation related thereto to a duly qualified and
licensed Affiliate of Manager; or (2) subcontract with a duly qualified and licensed third-party to perform all or some of Manager’s duties and responsibilities under this Agreement as to one or more specific Properties. Manager shall
promptly notify Owner in writing of any such permitted assignment, delegation or subcontract to such Affiliate or third party. Further, and notwithstanding anything to the contrary contained in this Agreement, from time to time the provisions of a
subcontract with such Affiliate or third party, and/or the provisions of a Joinder, may differ from the provisions of this Agreement, depending upon various factors, including without limitation, market conditions in the jurisdiction where the
subject property is located or what business terms are reasonable and customary for the subcontractor; and any such variances, so long as they do not violate applicable law, shall not be deemed a breach of this Agreement. 

8.D.      No Waiver.    The failure of either party to seek
redress for violation or to insist upon the strict performance of any covenant or condition of this Agreement, shall not constitute a waiver thereof for the future. 

8.E.      Amendments.    This Agreement may be amended only by
an instrument in writing signed by the party against whom enforcement of the amendment is sought. 

8.F.      Headings.    The headings of the various subdivisions
of this Agreement are for reference only and shall not define or limit any of the terms or provisions hereof. 

8.G.      Counterparts.    This Agreement may be executed in any
number of counterparts, each of which shall be deemed 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 parties reflected thereon as the signatories. 
 8.H.      Entire Agreement.    This Agreement, together with any Joinder signed by Owner, contains the entire understanding and all agreements
between Owner and Manager respecting the management of the Properties. There are no representations, agreements, arrangements or understandings, oral or written, between Owner and Manager relating to the management of the Properties that are not
fully expressed herein. 
 8.I.      Dispute Resolution. 

 1.      Disputes Notice.    If a dispute
or difference arises between Manager and Owner in respect of any fact, matter or thing arising out of, or in any way in connection with this Agreement, either party may give the other a written notice giving particulars of the dispute or difference.

  
 26 

   2.      Expert
Determination.    If the dispute is not resolved within fourteen (14) days after a notice is given under Section 8.I.1 above, the dispute maybe submitted, by the party raising it, to an expert determination, by an
industry expert agreed by the parties, or, if no agreement is reached within twenty one (21) days of the notice under Section 8.I.1 above, appointed by the President of Building Owner’s and Manager’s Association “BOMA”,
or if it no longer exists such organization which most closely fulfils the functions which were carried out by BOMA. If an expert appointed under this Section 8.I.2: becomes unavailable prior to giving his or her determination; or otherwise
does not give his or her determination within the time required by Section 8.I.3; this Section 8.I.2 will reapply. 
   3.      Procedure for Determination.    The expert will: act as an expert and not as an arbitrator; proceed in any manner he or she
thinks fit; conduct any investigation which he or she considers necessary to resolve the dispute or difference; examine such documents, and interview such persons, as he or she may require; have regard to any submissions of the parties but ignore
all directions of the parties; make such directions for the conduct of the determination as he or she considers necessary; and give his or her determination within twenty seven (27) days of the referral of the dispute or such other time agreed
between the parties and need not give reasons for his or her determination. 

  4.      Agreement.    The parties
must enter into an agreement with the expert containing such terms as are reasonably required by the expert, including: 
 (a)      a release of any liability which the expert may otherwise incur for any act or omission, other than actual fraud, during the course of the determination of the
dispute; and 
 (b)      a term that each party will pay one-half of the
expert’s costs. 
   5.      Determination of
Expert.    The determination of the expert: must be in writing; and will be final and binding upon the parties. 
   6.      Continuation of Works.    Despite the existence of a dispute or difference between the parties Manager must: continue to
provide the services; and otherwise comply with its obligations under the Agreement. 

8.J.       Activities of Manager.    The obligations of
Manager pursuant to the terms and provisions of this Agreement shall not be construed to preclude Manager from engaging in other activities or business ventures, whether or not such other activities or ventures are in competition with the Properties
or the business of Owner. 
 8.K.      Independent
Contractor.    Manager and Owner shall not be construed as joint venturers or owners of each other pursuant to this Agreement, and neither shall have the power to bind or obligate the other except as set forth herein. In all
respects, the status of Manager to Owner under this Agreement is that of an independent contractor. It is expressly understood and agreed that payments hereunder shall be payments by Owner to Manager as an independent contractor and not as an
employee, partner or joint venture of Owner. 

  
 27 

 8.L.      No Third-Party
Rights.    Nothing expressed or referred to in this Agreement will be construed to give any Person other than the parties to this Agreement any legal or equitable right, remedy or claim under or with respect to this Agreement
or any provision of this Agreement, except for (a) such rights as shall inure to a successor or permitted assignee pursuant to Section 8.C herein, (b) such rights as the Manager Indemnified Parties shall have pursuant to Sections 2.D,
2.E, and 5.D herein, and (c) such rights as the Owner Indemnified Parties shall have pursuant to Section 5.D herein. 
 8.M.      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. 
 8.N.      Interpretation.    This Agreement shall be deemed to have been drafted jointly by the parties, and therefore no provision of this
Agreement shall be construed against or interpreted to the disadvantage of any party by reason of such party having, or being deemed to have, drafted, devised, or imposed such provision. 

8.O.      Subordination.    This Agreement, and any and all
rights of Manager hereunder, are and shall be subject and subordinate to any financing (whether senior financing, mezzanine level financing, or preferred equity) respecting the Properties (or any portion thereof) (collectively, the “Property
Financings”), and any Leases with respect to the Properties or any portion thereof, and all renewals, extensions, modifications, consolidations and replacements thereof, and to each and every advance made or hereafter to be made under
any such Property Financings or Leases. This section shall be self-operative and no further instrument of subordination shall be required. In confirmation of such subordination, Manager shall promptly execute, acknowledge and deliver any instrument
that Owner, the landlord under any of the Leases or the holder of any such Property Financings or the trustee or beneficiary of any deed of trust or any of their respective successors in interest may reasonably request to evidence such
subordination. At any time and from time to time, upon not less than ten (10) business days prior notice from Manager or Owner, the certifying party shall furnish to the requesting party, or a designee thereof, an estoppel certifying that this
Agreement is unmodified and in full force and effect (or that this Agreement is in full force and effect as modified and setting forth the modifications), the date to which Manager has been paid hereunder, that to the knowledge of the certifying
party, no default or an event of default has occurred and is continuing or, if a default or an event of default shall exist, specifying in reasonable detail the nature thereof and the steps being taken to remedy the same, and such additional
information as the requesting party may reasonably request. Any subordination or estoppel furnished pursuant to this Section 8.O may be relied upon by Owner, and its affiliates, Lenders, and any prospective landlord or lender of the Property or
any portion thereof. Manager shall not unreasonably withhold its consent to any amendment to this Agreement reasonably required by such lender or lessor, provided that such amendment does not (i) increase Manager’s financial obligations
hereunder, or (ii) have a material adverse effect upon Manager’s rights hereunder, or (iii) materially increase Manager’s non-economic obligations hereunder. 

  
 28 

 8.P.      Confidential
Information.      Any and all books, records and information (regardless of the form of disclosure or the medium used to store or represent it) which Manager first becomes aware through disclosure by Owner to
Manager or otherwise through Manager’s involvement with Owner and its business operations (the “Confidential Information”) are and shall remain the property of Owner but shall be made available to Manager for its use and knowledge in
assuming the duties and responsibilities of Manager under this Agreement. Manager covenants with Owner that it: will maintain the Confidential Information in strict confidence; will only use the Confidential Information for the purpose of carrying
out its obligations under this Agreement; and will not disclose, or permit to be disclosed the Confidential Information to any person without the prior written consent of Owner except as required by law. 

8.Q.      Penalties for Non-performance.   In the event that Manager
fails to comply with the terms outlined in this Agreement or in the Reporting Requirements, Owner may seek any remedy allowed at law or in equity. Any fee, late charge or penalty due to a third party and incurred from Manager’s non-performance,
shall be paid by Manager. 
 8.R.      Owner’s
Representative.   Owner may, by written notice to Manager, delegate all or any portion of its authority hereunder to a designated representative of Owner (“Owner’s Representative”). All decisions made by
Owner’s Representative shall be binding on Owner until Manager has received written notice of Owner’s termination of such delegation. Owner hereby designates CNL Global Income Advisors, LLC, a Delaware limited liability company, as the
initial Owner’s Representative with respect to all of Owner’s authority hereunder. 

8.S.      Subsidiary’s Separate Contract Rights.    It is
understood and agreed that notwithstanding anything to the contrary contained in this Agreement, (i) any corporation, limited liability company, partnership, business trust or other entity of which the Company, directly or indirectly, owns or
controls at least fifty percent (50%) of the voting securities or economic interests (each, a “Subsidiary”) that owns a Property located in jurisdictions outside of the United States (referred to herein as “Foreign
Properties”), and (ii) any Subsidiary that owns a Property within the United States may, under certain circumstances as determined by Manager and such Subsidiary, enter into contracts directly with property management and/or leasing
entities other than Manager for any or all of the property management and other services referenced herein, except for Oversight Services which shall continue to be the direct responsibility of Manager. In such event, unless otherwise agreed,
(i) only the Oversight Fee will be payable to Manager by the Company with respect to any such Foreign Properties or other Properties (unless the applicable Subsidiary fails to pay or perform any amounts or obligations that it is obligated to
pay or perform under such separate contract, in which event the Company shall continue to be obligated to pay or perform such unpaid amounts or unperformed obligations as required under this Agreement, as if such separate contract had not been
entered into), and (ii) the Subsidiary that owns the applicable Foreign Property or other Property will execute a Joinder to this Agreement and will be treated as an Owner, but such Joinder shall be subject to such Subsidiary’s rights and
obligations under the separate contract. The execution and delivery of any such separate contract shall not enlarge the obligations or limit the rights of the Company and any applicable Subsidiary (taken

  
 29 

 
together), on the one hand, or the Manager, on the other hand, under this Agreement. In any such circumstance, this Agreement shall be automatically deemed modified as required to ensure that the
Company and any applicable Subsidiary (taken together), on the one hand, and the Manager, on the other hand, are each in no worse a position with respect to all legal and economic rights and obligations as they would have been in the absence of any
such subcontract, assignment, delegation or separate agreement. In furtherance of the foregoing, the parties agree to take such additional steps or provide such further assurances as are reasonably necessary to achieve the parties’ intent as
described in this paragraph. 
 [Remainder of Page Intentionally Left Blank – Signature Pages Follow] 

  
 30 

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

			
	GLOBAL INCOME TRUST, INC.
	
	By:       /s/ Robert A.
Bourne                
	Name:	 	Robert A. Bourne
	Title:	 	Chief Executive Officer
	
	GLOBAL INCOME, LP
		
	By:	 	Global Income GP, LLC, its general partner
		
	By:	 	Global Income Trust, Inc., its managing member
		
		 	By:      /s/ Robert A. Bourne              
		 	Name: Robert A. Bourne
		 	Title:   Chief Executive Officer
	  
  
 CNL GLOBAL INCOME MANAGERS, LLC

		
	By:	 	CNL Global Income Advisors, LLC, its manager
		
		 	By:      /s/ Steven D. Shackelford      
		 	Name: Steven D. Shackelford
		 	Title:   Chief Financial Officer

  
 31 

 JOINDER 
 [to be executed by each Property owner concurrent with 
 the addition of the
Property owner’s name to Schedule I] 
 The undersigned,
                                        ,
a
                                        ,
as of this        day of                     , 20      , hereby
joins in the execution of the Third Amended and Restated Master Property Management and Leasing Agreement dated                     ,
20      , as further amended and/or amended and restated from time to time, to bind itself by all of the terms and conditions thereof. 

 

					
		 	[                             
                                       
]	 	
			
		 	By:                             
                                    	 	
		 	Name:                             
                               	 	
		 	Title:                            
                                  	 	

 SCHEDULE I 
 PROPERTIES TO BE MANAGED BY MANAGER 

 APPENDIX A 
 SCHEDULE OF KEY EMPLOYEES 

 APPENDIX B 
 GENERAL MONTHLY PROPERTY MANAGEMENT REPORTING 
 Monthly Report Timeline 

All reports are due by the end of the 1st day of the following month. Reports can be attached directly into the property management system. In the case when a
designated day does not fall on a business day, the activity is to occur on the next business day of the month with each subsequent day moved back the respective amount of days. 

Cash activity is to be cut off in the property management on the 20th of the month to facilitate meeting final reporting deadlines per the following schedule (listed in Central time):

 Post all open cash batches by noon on the 20th of each month 

After the next month’s tenant charges have been charged to the tenants, print the monthly statements
and send out to the tenants by 2:00 pm on the 20th of each
month 
 Calculate the monthly management fee and print final monthly check run by 3:00 pm on
the 20th of each month 

Owner to close A/R and A/P modules by 5:00 pm on the 20th of each month 

Before month-end reports to be attached to property management system by end of the second business day
following the 20th of each month 

Manager company locked out of current month journal entries at 12:01 am on the fifth business day
following the 20th of each month 

After month-end reports to be attached to property management system by end of day first day of the new
month 
 Monthly Property Management Report 
 The Monthly Property Management Report is a narrative report summarizing the period’s activity for the property. The Monthly Property Management Report is due by the end of the 7th of each month and is to include all monthly operating activity
through the end of the calendar month. The following format should be used and include information based on the standard templates which can be found in the Standard Monthly Property Management Report Package document: 

Table of contents 
 I.        Income & Expense Summary with material variance commentary 

II.       Accounts Receivables – over 60 days and over $10,000
per tenant with actions/recommendations (if in collection, refer to Litigation Report) 

  
 B-1

	 	III.	Occupancy & Activity Summary 

  

	 	IV.	Rollover Schedule – 12 to 18 months 

  

	 	V.	Marketing Efforts 

 VI.      Major Capital & Tenant Improvements (see Extraordinary Expenditure Report for detail – add commentary to explain variance) 

 

	 	VII.	Facilities Maintenance Update (Major repairs/preventative maintenance projects) 

 

	 	VIII.	General Property Management & Administrative Initiatives and Issues 

 

	 	IX.	Major Litigation Issues and Updates (Litigation Report) 

  

	 	X.	Insurance and Real Estate Tax Issues 

  

	 	XI.	Ownership Issues 

 Appendix:

  

	 	-	Extraordinary Expenditure Report 

  

	 	-	Detailed Capital Expense Report 

  

	 	-	Major Repairs Report 

  

	 	-	Management Fee Calculation Reconciliation 

  

	 	-	Excess Cash Distribution Statement 

  

	 	-	Leasing Activity Report 

  

	 	-	Square Footage Reconciliation Report 

  

	 	-	Aged Delinquencies 

  

	 	-	Detailed Variance Analysis 

  

	 	-	Disbursements Report 

  

	 	-	24-Month Rollover Schedule 

  

	 	-	Letters of Credit – Upcoming Expirations 

For detail/information regarding the monthly financial reporting requirements, review the information in Appendix C. 

  
 B-2

 APPENDIX C 
 MONTHLY FINANCIAL REPORTING REQUIREMENTS 
 Instructions: 

Submit the following monthly documents in a report entitled Monthly Financial Reports in the order they are listed below no later than
the 2nd business day of the following calendar month-end,
unless otherwise identified, as a PDF file in the “Property” section within the property management system. 
  

 
 Budget to Actual Variance Analysis: 

The Budget to Actual Variance Analysis should include thorough explanations for all actual income and expense account balances which vary
from the month-to-month budget by 10% or from the year-to-date budget by 5% AND which exceeds the maximum allowable dollar variance amount of $5,000. The variance analysis should be completed according to Owner’s chart of accounts.

  
  
 Trial Balances: 
 The Property Manager must provide trial balances, in
Owner’s chart of accounts, providing monthly activity in addition to the applicable YTD balances for each reporting entity. 
  

 
 Balance Sheet: 

The Balance Sheet contains the year-to-date balances for all assets, liabilities and equity for an individual property. 

 
  
 Income Statement: 
 The Income Statement Summary contains both actual and budgeted
income and actual and budgeted expense information at the major account levels for both the current month and year-to-date. 
  

 

  
 C-1

 Bank Statement & Account Reconciliation: 

The current month’s operating bank statement and account reconciliation for the operating accounts must be included in the monthly
reporting package. Bank statements will end on the 20th of
each month. Each bank account must have its own reconciliation. 
  

 
 Fixed Asset Additions: 

Detail of fixed asset additions from the prior month will be reviewed for tax purposes. 

 
  
 Profit & Loss Statements: 
 PNL statement actual vs. budget detail should
be compared on a monthly and year-to-date basis. 
  
  

Tenant Income Detail: 
 The
Tenant Income Detail shows the beginning accounts receivable balance, current month’s charges, amounts collected by type of income, and the ending accounts receivable balance. The end-of-month balance column should show any prepaid or
delinquent accounts. The ending balance for the month should always be carried forward to the following month’s report as the beginning balance. Please total all columns by account category at the end of the report. If necessary, provide a
reconciliation of this report to the general ledger account balances. 
  

 
 Aged Accounts Receivable Report: 

The Aged Accounts Receivable Report includes all delinquent receivables categorized by number of days past due. This should be reconciled
to the end-of-month balance on the Tenant Income Detail. Balances should not include security deposits. The report should include comments regarding attempts to collect and should include commentary for any balances greater than $50,000 that are
also 60 days aged and all balances that are 90 days aged. 
  
  

Doubtful Accounts: 
 In the
event a reserve for doubtful accounts is established to fairly state the collection probability of receivables, a schedule is required which reconciles the reserve balance to the general ledger and provides tenant level detail and applicable
comments. 
  
  

  
 C-2

 Write-off Request Form: 
 The Write-off Request Form verifies action was recommended by the Property Manager and Owner’s asset manager (“Asset Manager”) to write-off accounts receivable amounts. A copy of the signed
form should be submitted with the monthly accounting package when applicable. All write-off requests require Owner Board approval. 
  

 
 Free Rent and Rental Abatements: 

A schedule of all free rent or rental abatement activity should be included in the monthly accounting package. The accounting treatment
and economics for such activity should be clearly explained. 
  
  

Schedule of Deferred Rent Concessions: 
 Property Manager will calculate and provide supporting schedules for applicable FASB 13 adjustments on a lease-by-lease basis. Such adjustments will be included in the general ledger activity in
accordance with US GAAP. Property Managers operating in Owner Yardi environment may not be subject to this requirement. Please confirm with your controller. 
  

 
 Check Register: 

The check register contains a detail of all checks written for property expenditures during the current month. 

 
  
 Expense Detail: 
 The Expense Detail shows the expenses paid during the month by
expense account. 
  
  
 Accounts Payable: 
 The Accounts Payable report represents invoices that have been
received and recorded, but checks have not been issued. If necessary, please provide a reconciliation of this report to the general ledger account balances. 
  

 

  
 C-3

 Accrual Schedules: 
 Accrual schedules must be submitted in the monthly accounting package detailing the accrual entries made to the general ledger in the current month. 

 
  
 Capitalization Policy: 
 Owner’s policy is to capitalize all lease
commissions in excess of $1,000 and for lease terms of greater than one year. Additionally, any single expenditure for a capital asset which equals or exceeds $5,000 should be capitalized. Any capital expenditure, regardless of amount, relating to a
project where total project costs equal or exceed $5,000, should also be capitalized. Please pay close attention to the definition of a capital asset in the capitalization policy. 

 
  
 Capital Expense: 
 All types of capital expenditures shall be recorded on a
schedule and submitted with the Monthly Financial Reports package. The “Capital Expenditures” form within the Accounting section of the Documents and Forms shows an example of how building improvements and tenant improvements should be
listed. Record in detail the monthly expenditures by project or tenant, as applicable. The estimated project cost should agree with the amount budgeted or the amount per the lease proposal. Construction in progress accounts should be used for
long-term construction projects until complete to reduce the potential of calculating depreciation on accrued capital or incomplete projects. The total paid per month should agree with the monthly accounting report. Copies of invoices should
accompany the capital schedules for all entries made to these accounts. Please note on the schedule the month in which a project is completed. A project is considered complete when the improvement is first put in a state of readiness and is
available for a specifically assigned function. Refer to the Capitalization Policy section above for further explanation on what can be capitalized. 
  

 
 Lease Commission: 

An example of recording lease commissions on a monthly basis can be found in the “Capital Expenditures” form within the
Accounting section in the Documents and Forms. This form details expenses during the month that were charged to account Capitalized Lease Commissions and/or account Non-capitalized Lease Commissions. Copies of invoices should accompany the
schedule for any entry to the lease commission capital account. Refer to the Capitalization Policy section above to determine whether a lease commission should be capitalized. 

 
  

  
 C-4

 Security Deposits: 
 All security deposit moneys will be kept by Owner in an account in the state in which the property is located. Due to differences in state laws, special consideration will be made for properties in states
with specific requirements. If you have questions, consult with your accountant and we will consult with appropriate parties in such instances. A list of security deposits, by tenant, will be required. Include a memo with the monthly accounting
report summarizing the monthly activity of security deposits for the property (i.e., amounts received by tenant, amounts applied to income or outstanding receivable balances due to move outs, etc.). 

 
  
 General Ledger: 
 Submit a General Ledger generated by the property management
system providing all detail activity and posted entries for the applicable reporting period. 
  

 
 Invoices: 

Send copies of all invoices for lease commissions, tenant improvements and capital improvements. Owner will calculate all depreciation
and amortization expense, thus the need for copies of the supporting documentation for audit purposes. 
  

 
 Accounting Period: 

The accounting period cut-off day is the 20th of each month. The monthly management report and supporting detail should be submitted to the property management
system as an attachment in the Property section no later than the 2nd business day of the following month. 
  

 
 Actuals Application: 

All monthly income and expenses must be entered into the property management system by Manager no later than the 2nd business day of the following month. 

 
  

  
 C-5

 Reforecast: 
 Due to the importance of projecting future operating results, a reforecast of the remaining future periods will be required on a monthly basis. This reforecast will include year-to-date actual information
as well as original budget and revised projections. Comments relating to % and revised assumptions as also required. 
  

 
 Distributable Cash: 

The Property Manager must provide a monthly calculation of excess cash available at the property indicating the cash available for
distribution to Owner. The projection should include the existing cash balance at the end of the period and applicable adjustments for accounts payable, accrued expenses, including real estate tax accrual and non-cash accruals, less a reasonable
working capital reserve. Future excess cash projections may also be required. 
  

 
 Consolidated Accounting: 

The Manager will be responsible for consolidation of the property information in a form and format acceptable to the Asset Manager.

  
  
 Standard Templates: 
 The Property Management Company must provide monthly
information via standardized templates required by Owner, such as Capital Expenditures, Budget to Actual Variance Analysis and Excess Cash Distribution. The templates can be found in the Accounting section in the Documents and Forms.

  
 C-6

 APPENDIX D 
 ANNUAL REPORTING REQUIREMENTS 
 Annual Budgets: 

Annual budgets are used to monitor the performance of Owner’s real estate properties. The budgeting process begins every fall when
Owner sends detailed information outlining budget reporting deadlines to help guide you through the budgeting process. 
 Key points:

 Questions regarding the annual budgets should be directed to your accountant. 

Budgets shall contain estimated monthly cash flows, a list and explanation of assumptions used in
arriving at projected leasing activity and rates, expenses and capital expenditures. 
 Budgets
must be prepared on an accrual basis. 
  
  

Estimate of Deferred Maintenance & Capital Expenditure: 
 Manager shall, for each calendar year, prepare and submit to Owner a proposed Capital Budget in a format approved by Owner for releasing expenses and the replacement, repair and maintenance of equipment
or improvements of a capital nature on or about the Property. Refer to the “General Requirements” and “Construction Guidelines and Procedures” sections of the Operating Guidelines for more details. 

 
  
 Operating Expense Reimbursement Reconciliations: 
 Manager shall, for each
calendar, year prepare and submit to Owner a schedule of operating expense reimbursement reconciliations for review. 
  

 
 1099-MISC Reporting: 

Manager will continue to be responsible for reporting 1099 information to the Internal Revenue Service. Please determine the impact if
utilizing the Yardi environment administered by Owner. If vendor history is detailed in two property management systems, information should be combined for 1099 reporting, if applicable. 

 
  

 APPENDIX E 
 LEASING FEE

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