Document:

Exhibit

S&P GLOBAL INC.

MANAGEMENT SUPPLEMENTAL
DEATH & DISABILITY BENEFITS PLAN
Amended and Restated as of January 1, 2018

S&P GLOBAL INC.
MANAGEMENT SUPPLEMENTAL 
DEATH & DISABILITY BENEFITS PLAN

(As Amended and Restated effective as of January 1, 2018)

The Company desires to retain the services and provide rewards and incentives to members of a select group of management employees who contribute to the success of the Company.  In order to achieve this objective, the Company has adopted the following Plan to provide benefits for certain management employees who become Members of the Plan and their Beneficiaries.

ARTICLE I

TITLE AND EFFECTIVE DATE

SECTION 1.01.  This Plan shall be known as the S&P Global Inc. Management Supplemental Death and Disability Benefits Plan (hereinafter referred to as the "Plan").

SECTION 1.02.  This amendment and restatement of the Plan shall be effective as of the Effective Date.  Members and their Beneficiaries who receive benefits (or who become entitled to receive benefits) prior to the Effective Date shall be governed by the terms and conditions of the Prior Plan.

ARTICLE II

DEFINITIONS AND RULES OF CONSTRUCTION

SECTION 2.01.  As used herein, the following words and phrases shall have the meanings specified below unless a different meaning is clearly required by the context:
"Actuarially Determined" shall mean a benefit of equivalent value when computed on the basis of 7% interest compounded annually and the 1971 group mortality tables (determined separately by sex).  In the event of a Change of Control, this definition shall not be changed.

“Basic Executive Life Benefit” means the executive life coverage in the form of life insurance as shall be provided through the Insurance Policy as provided under Section 4.01 of the Plan.

"Beneficiary" shall mean with respect to the Basic Executive Life Benefit, the person or persons designated in writing by the Member or Disabled Member to receive the Basic Executive Life Benefit in accordance with any Beneficiary designation submitted to the Company and made on such forms and in such manner as is satisfactory to the Insurer under the Insurance Policy. Any Beneficiary designation made by a Member or Disabled Member under the Prior Plan for the Death Benefit under such Prior Plan shall not be valid on or after January 1, 2018, under this Plan for the Basic Executive Life Benefit.  With respect to the self-funded Death Benefit, “Beneficiary” shall mean the person or persons designated in writing by the Grandfathered Member or Grandfathered Disabled Member to receive the Death Benefit under this Plan.  Any Beneficiary designation for such Death Benefit shall be made in a written instrument filed with the Company and shall become effective only when accepted and acknowledged in writing by the Company.  No Beneficiary designation for a Death Benefit shall be accepted by the Company if it is received after the date of death of the Grandfathered Member or Grandfathered Disabled Member.  If no Beneficiary for a Death Benefit has been designated or survives a Grandfathered Member or Grandfathered Disabled 

Member, any amounts to be paid to the Grandfathered Member's or Grandfathered Disabled Member’s Beneficiary shall be paid to the Grandfathered Member's or Grandfathered Disabled Member’s estate. 

"Board of Directors" shall mean the Board of Directors of the Company.

"CEO" shall mean the individual serving as the Chief Executive Officer of the Company. 

"Change of Control" shall mean any of the following:

(i)    An acquisition by an individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act) (a “Person”) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 20% or more of either (1) the then outstanding shares of common stock of the Corporation (the “Outstanding Corporation Common Stock”) or (2) the combined voting power of the then outstanding voting securities of the Corporation entitled to vote generally in the election of directors (the “Outstanding Corporation Voting Securities”); excluding, however, the following: (1) any acquisition directly from the Corporation, other than an acquisition by virtue of the exercise of a conversion privilege unless the security being so converted was itself acquired directly from the Corporation; (2) any acquisition by the Corporation; (3) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Corporation or any entity controlled by the Corporation; or (4) any acquisition pursuant to a transaction which complies with clauses (1), (2) and (3) of subsection (iii) of this definition; or 

(ii) A change in the composition of the Board of Directors such that the individuals who, as of the effective date of the Plan, constitute the Board of Directors (such Board of Directors shall be hereinafter referred to as the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board of Directors; provided, however, for purposes of this definition, that any individual who becomes a member of the Board of Directors subsequent to the effective date of the Plan, whose election, or nomination for election by the Corporation’s shareholders, was approved by a vote of at least a majority of those individuals who are members of the Board of Directors and who were also members of the Incumbent Board (or deemed to be such pursuant to this proviso) shall be considered as though such individual were a member of the Incumbent Board; but, provided further, that any such individual whose initial assumption of office occurs as a result of either an actual or threatened election contest (as such terms are used in Rule 14a-11 of Regulation 14A promulgated under the Exchange Act) or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board of Directors shall not be so considered as a member of the Incumbent Board; or 

(iii)    Consummation of a reorganization, merger or consolidation or sale or other disposition of all or substantially all of the assets of the Corporation (“Corporate Transaction”); excluding, however, such a Corporate Transaction pursuant to which (1) all or substantially all of the individuals and entities who are the beneficial owners, respectively, of the Outstanding Corporation Common Stock and Outstanding Corporation Voting Securities immediately prior to such Corporate Transaction will beneficially own, directly or indirectly, more than 50% of, respectively, the outstanding 

shares of common stock, and the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of the corporation resulting from such Corporate Transaction (including, without limitation, a corporation which as a result of such transaction owns the Corporation or all or substantially all of the Corporation’s assets either directly or through one or more subsidiaries) in substantially the same proportions as their ownership, immediately prior to such Corporate Transaction, of the Outstanding Corporation Common Stock and Outstanding Corporation Voting Securities, as the case may be, (2) no Person (other than the Corporation, any employee benefit plan (or related trust) of the Corporation or such corporation resulting from such Corporate Transaction) will beneficially own, directly or indirectly, 20% or more of, respectively, the outstanding shares of common stock of the corporation resulting from such Corporate Transaction or the combined voting power of the outstanding voting securities of such corporation entitled to vote generally in the election of directors except to the extent that such ownership existed prior to the Corporate Transaction, and (3) individuals who were members of the Incumbent Board will constitute at least a majority of the members of the board of directors of the corporation resulting from such Corporate Transaction; or 

(iv)    The approval by the stockholders of the Corporation of a complete liquidation or dissolution of the Corporation.

"Committee" shall mean the Compensation and Leadership Development Committee of the Board of Directors, as the same may be constituted from time to time, and any successor to the Compensation and Leadership Development Committee designated by the Board of Directors.

"Company" shall mean S&P Global Inc. (f/k/a McGraw Hill Financial, Inc.), a New York corporation, and any successor thereto.

"Death Benefit" shall mean any self-funded benefit paid to a Beneficiary of a Grandfathered Member or Grandfathered Disabled Member from the general assets of the Company upon the death of a Grandfathered Member or Grandfathered Disabled Member as provided under Section 4.02 of the Plan.  Death Benefit shall not include the fully-insured Basic Executive Life Benefit. 

"Disability" or "Disabled" shall mean eligibility for disability benefits under the terms of the Employer's Long Term Disability Plan in effect at the time the Member becomes disabled.

"Disabled Member" shall mean an individual whose employment with an Employer has terminated due to a Disability.  An individual's status as a Disabled Member will terminate upon the earlier to occur of (i) the individual's death, (ii) the date on which the individual ceases to be Disabled and (iii) the individual's Normal Retirement Date.

"Effective Date" shall mean January 1, 2018.

"Employer" shall mean the Company and each U.S. direct or indirect wholly-owned subsidiary of the Company.

"Final Monthly Earnings" with respect to a Disability shall mean:

(i)    With respect to a Member who is classified as Grade 20 or above, (1) the greater of (A) 1.5 times such Member's annual base salary in effect immediately preceding the date of such Member's Disability or (B) the sum of (x) such Member's highest rate of annual base salary in effect during any portion of such 36-month period occurring prior to January 1, 2005, and during which such Member participated in the Plan, and (y) such Member's highest 100% target annual short-term incentive opportunity during the same portion of such 36-month period (2) divided by twelve; or

(ii)    With respect to a Member who is not classified as Grade 20 or above, (1) the greater of (A) 1.3 times such Member's annual base salary in effect immediately preceding the date of such Member's Disability or (B) the sum of (x) such Member's highest rate of annual base salary in effect during any portion of such 36-month period occurring prior to January 1, 2005, and during which such Member participated in the Plan, and (y) such Member's highest 100% target annual short-term incentive opportunity during the same portion of such 36-month period (2) divided by twelve; provided, however, that clause (i) of this definition shall apply to a Member who is not classified as Grade 20 or above immediately following the Grade Reclassification and who was classified as Grade 28 or above immediately prior to the Grade Reclassification.

“Grade Reclassification” shall mean the reclassification of grade levels at the Company that became effective as of the September 23, 2014.

“Grandfathered Member” or “Grandfathered Disabled Member” shall mean an individual who was a Member or Disabled Member, respectively, in the immediately Prior Plan who is not eligible for the Basic Executive Life Benefit as of the Effective Date because, as of that date, he or she is not actively at work with the Employer as defined in the Insurance Policy due to a physical or mental condition.

“Insurance Policy” shall mean one or more policies of insurance issued by an Insurer selected by the Company from time to time to insure the Basic Executive Life Benefit, as may be amended.  Such insurance policy or policies shall be paid entirely by the Company and no Member or Disabled Member contributions shall be permitted or required for such coverage.  

“Insurer” shall mean the insurance company or companies that is the issuer of the Insurance Policy insuring the Basic Executive Life Benefit.

"Member" shall mean an employee of an Employer who is part of a select group of management and who has become, and continues to be, a Member as provided in Article III hereof. 

"Monthly Disability Income" shall mean the monthly income due a Disabled Member as provided in Article V of the Plan.

"Normal Retirement Date" shall mean the first day of the month coincident with or immediately following the Member's sixty-fifth birthday.

"Plan" shall mean S&P Global Inc. Management Supplemental Death and Disability Benefits Plan including the Insurance Policy.

"Plan Administrator" shall have the meaning assigned to such term in Section 6.01.

"Prior Plan" shall mean the terms of the Plan as in effect prior to the Effective Date.

"Qualified Plan" shall mean the Employee Retirement Plan of S&P Global Inc. and Its Subsidiaries and any successor plan thereto.
"Retirement" shall mean a termination of a Member's employment other than by reason of death or Disability on or after the Member's Normal Retirement Date.
"Severance Plan" shall mean the Separation Pay Plan of S&P Global Inc., the S&P Global Inc. Management Severance Plan, the S&P Global Inc. Senior Executive Severance Plan or any other formal severance plan offered by an Employer, as may be amended from time to time, or successor programs thereto.

"Severance Plan Participant" shall mean a former employee of an
Employer who is entitled to remain an active participant in certain Company sponsored plans and programs under a Severance Plan.

SECTION 2.02.  In construing the Plan, unless the context requires otherwise, the masculine form of a word shall be deemed to include the feminine form and the singular form of a word shall be construed to include the plural form thereof.

ARTICLE III

MEMBERSHIP IN THE PLAN

SECTION 3.01.  Individuals who were members of the Prior Plan immediately prior to the Effective Date shall, subject to the further provisions of this Section 3.01 and Section 3.04, continue to be eligible to participate in the Plan on and after the Effective Date.  On and after the Effective Date, the CEO and each other employee of an Employer eligible under Section 3.04 who is designated in writing by the CEO on an individual basis shall be Members of the Plan.  The CEO shall have the right to remove any Member from the Plan at any time if the Member is no longer eligible for selection as a Member in accordance with Section 3.04; provided, however, that a Member whose benefits under the Plan have commenced to be paid shall not be removed from membership in the Plan and such benefits shall not be terminated thereafter for any reason, except in the manner contemplated by Sections 4.01 and 4.02.  Removal of a Member under this Section 3.01 shall be effective as of the date of the written notice from the Company to the Member informing the Member of such removal.

SECTION 3.02.  If a Member whose benefits under the Plan have not commenced to be paid is removed from the Plan under Section 3.01, all rights of such removed Member and such Member's Beneficiary to future payments or benefits under the Plan shall terminate as of the date of such removal without further action or notice by any person. 

SECTION 3.03.  The payment of benefits to the Member or his Beneficiary under this Plan is conditioned upon the continuous employment of the Member by the Employer (including periods of authorized leaves of absence) from the date of the Member's initial participation in the Plan until the Member's Retirement, Disability or death, whichever first occurs.  In the event that a Member's employment with an Employer terminates for any reason other than Retirement, Disability or death, all rights of such Member and such Member's Beneficiary to future payments or benefits under the Plan shall terminate as of the date of such 

termination of employment without further action or notice by any person.  For the avoidance of doubt, except as permitted by the Insurance Policy, a Member or Member’s beneficiary shall not be entitled to future payments or benefits under the Plan while a Severance Plan Participant, including the period such individual is receiving Severance Plan pay in a form of installment payments over a specified period of time under a Severance Plan.    

SECTION 3.04.  Only individuals who are employees of an Employer and who are Grade 16 and above shall be eligible to be selected as Members of the Plan; provided, however, that an individual who was a Member immediately prior to September 23, 2014 shall not cease to be a Member solely as a result of the individual being classified below Grade 16 immediately following September 23, 2014 solely as a result of the Grade Reclassification.

SECTION 3.05.  For purposes of this Article III, all references to a “Member” shall include a “Grandfathered Member.”

ARTICLE IV

BASIC EXECUTIVE LIFE BENEFIT; DEATH BENEFIT

SECTION 4.01. As of the Effective Date, except as provided in the Insurance Policy, in the event of the death of a Member prior to the date of his Retirement or a Disabled Member prior to his Normal Retirement Date, the Beneficiary of the Member or Disabled Member shall be entitled to receive the Basic Executive Life Benefit. Unless the Member makes an Opt Down Election as specified in the Insurance Policy, the amount of such benefit shall be equal to 200% of the Member's annual rate of base salary at the annual rate in effect at the time of his death or, in the case of a Disabled Member, at the time of such Disabled Member's termination of employment due to Disability, up to a maximum Basic Executive Life Benefit of $2,000,000.  Notwithstanding the previous sentence, if a Member ceases to be Disabled prior to his Normal Retirement Date or the date of his death and the Member does not return to active employment with an Employer following the cessation of such Member's Disability, then no Basic Executive Life Benefit shall be payable under this Section 4.01 upon the subsequent death of the Member. For purposes of this Section 4.01, “Opt Down Election” means a Member’s election to decline the Basic Executive Life Benefit coverage. An Opt Down Election or revocation of such election shall be made in accordance with procedures established by the Insurer.  The Basic Executive Life Benefit shall be funded through the Insurance Policy and paid by the Insurer in accordance with the terms of the Insurance Policy.  If the Insurer denies such Member’s or Disabled Member’s eligibility for the Basic Executive Life Benefit, Company shall not be required to provide Member or Disabled Member any other executive life insurance coverage or pay the Basic Executive Life Benefit or Death Benefit under the Plan to that Member. 

SECTION 4.02. In the event of the death of a Grandfathered Member prior to the date of his Retirement or a Grandfathered Disabled Member prior to his Normal Retirement Date, the Beneficiary of the Grandfathered Member or Grandfathered Disabled Member shall be entitled to receive a lump sum Death Benefit within sixty days following the date of death. The amount of such benefit shall be equal to 200% of the Grandfathered Member's annual rate of base salary at the annual rate in effect at the time of his death or, in the case of a Grandfathered Disabled Member, at the time of such Grandfathered Disabled Member's termination of employment due to Disability, up to a maximum Death Benefit of $2,000,000. Notwithstanding the previous sentence, if a Grandfathered Member ceases to be Disabled prior to his Normal 

Retirement Date or the date of his death and the Grandfathered Member does not return to active employment with an Employer following the cessation of such Grandfathered Member's Disability, then no Death Benefit shall be payable under this Section 4.02 upon the subsequent death of the Grandfathered Member. However, if, on or after the Effective Date, a Grandfathered Member or Grandfathered Disabled Member returns to active employment with an Employer as determined by the Insurer, such Grandfathered Member or Grandfathered Disabled Member shall upon such return to active employment cease to be a Grandfathered Member or Grandfathered Disabled Member and shall automatically be eligible as a Member for the Basic Executive Life Benefit in accordance with the terms of Section 4.01 of this Plan.

ARTICLE V

DISABILITY BENEFITS

SECTION 5.01.  If a Member is determined by the Plan Administrator to be Disabled prior to his Normal Retirement Date, the Disabled Member shall be entitled to receive Monthly Disability Income equal to an amount, if any, (not less than zero) determined in accordance with the formula [X - A - B - C], where

		
	"X"
	equals fifty percent of the Member's Final Monthly Earnings.

		
	"A"
	equals one hundred percent of the sum of the Member's monthly amounts paid (i) under the Employer's basic long-term disability plan, (ii) from Social Security, (iii) from Workers’ Compensation and (iv) any other federal, state, local, foreign or employer group insurance plans.

		
	"B"
	equals one hundred percent of his monthly income paid from the Qualified Plans.

		
	"C"
	equals one hundred percent of the benefits paid to the Member from the tax-qualified pension plans of any previous employers.

SECTION 5.02.  The amounts specified under Items B and C of Section 5.01 shall be Actuarially Determined by the Plan Administrator as a straight-life annuity payable in equal monthly installments, regardless of the actual form or timing of payment, commencing with the month that the Monthly Disability Income under Section 5.01 is scheduled to commence.  Each Member shall provide the Plan Administrator with the information necessary to calculate the Monthly Disability Income under Section 5.01 and, in the event that the information necessary to calculate the Monthly Disability Income of a Member is not provided to the Plan Administrator, the Plan Administrator may make reasonable estimates of such amounts and conclusively rely on such estimates in calculating the amount of the Monthly Disability Income. 

SECTION 5.03.  The Monthly Disability Income contemplated by this Article V shall be payable to the Member until the end of the month in which occurs the earliest of (i) the Member's sixty-fifth birthday, (ii) the date of the Member's death and (iii) the end of the Member's Disability.

ARTICLE VI

PLAN ADMINISTRATION

SECTION 6.01.  The CEO shall have the authority to select and remove Members of the Plan in accordance with the provisions of Article III.  Except as provided in the previous sentence or the Insurance Policy, the Plan shall be administered by the Executive Vice President, Human Resources or other appropriate officer or employee of the Company designated by the Committee.  For purposes of the Plan, "Plan Administrator" shall mean the Executive Vice President, Human Resources or any individual to whom the Committee has delegated administrative responsibility under this Section 6.01.  The Plan Administrator shall have full authority to construe and interpret the Plan, to establish, amend and rescind rules and regulations relating to the administration of the Plan, and to take all such actions and make all such determinations in connection with the administration of the Plan as he or she may deem necessary or desirable. Notwithstanding the foregoing, the Insurer has sole and complete discretionary authority to administer and interpret the provisions of the Insurance Policy.

SECTION 6.02.  The Plan Administrator may from time to time establish rules and procedures for the administration of the Plan.  The Plan Administrator will have the right to construe and interpret the Plan and to decide any and all matters arising thereunder or in connection with the administration of the Plan, including, without limitation, the right (i) to determine the eligibility for, and the form, amount and method of payment of any benefit payments under the Plan, (ii) to establish the timing of benefit distributions, (iii) to settle claims according to the provisions in Article VII and (iv) to make any factual determinations related to the amount of or eligibility for benefits.  The decisions of the Plan Administrator will, to the extent permitted by law, be conclusive and binding upon all persons having or claiming to have any right or interest in or under the Plan.  The Plan Administrator may delegate any of its duties and responsibilities hereunder to one or more officers or employees of the Company or to any third party if the Plan Administrator finds that such delegation would facilitate the administration of the Plan.  The Plan Administrator may reasonably rely on the advice of attorneys, actuaries, accountants and other experts in exercising its duties and responsibilities under the Plan. Notwithstanding the foregoing, the Insurer for the Basic Executive Life Benefit has sole and complete discretionary authority to determine claims and appeals for such benefit in accordance with the terms of the Insurance Policy.  

SECTION 6.03.  The Plan Administrator shall not make any determination with respect to any benefits or other amounts payable to the Plan Administrator in its capacity as a Member.  In the event the previous sentence applies, the applicable duties and responsibilities of the Plan Administrator under the Plan shall be performed exclusively by the Committee.

SECTION 6.04.  The Company shall, to the fullest extent permitted by law, indemnify and hold harmless the CEO, the Committee, any individual acting as Plan Administrator and any officer or employee of an Employer who is delegated responsibility under the Plan from any liability or expense incurred by such person in connection with the performance of his duties under the Plan or as a result of any facts and circumstances related to the operation or administration of the Plan.

ARTICLE VII

CLAIMS PROCEDURE

SECTION 7.01.  A claim for benefits under the Plan must be promptly filed in writing by the Member, Beneficiary, or such person's authorized representative (the "Claimant") 

with the Executive Vice President, Human Resources or other appropriate officer of the Company designated by the Committee for this purpose (the "Initial Reviewer").  If a claim is denied in whole or in part, the Claimant will be sent a written notice of denial from the Initial Reviewer within ninety days of receipt of the claim, unless special circumstances require an extension of time for processing the claim.  Such extension will not exceed ninety days and notice thereof will be given within the first ninety-day period.  The notice of denial of a claim will indicate the reasons for the denial (including reference to the Plan provisions on which the denial is based), will describe any additional information or material needed and the reasons why such additional information or material is necessary, and will explain the claim review procedure.  Notwithstanding the foregoing, a claim for Basic Executive Life Benefit that is insured under the Insurance Policy must be directed to the Insurer as described in the Insurance Policy. 

SECTION 7.02.  If a claim is denied in whole or in part (or if no decision on a claim is rendered within the limitations of time described in Section 7.01), the Claimant may request a review by the Committee of the decision of the Initial Reviewer (or of the claim, if no timely decision has been rendered by the Initial Reviewer).  This request must be submitted in writing to the Committee within sixty days of receipt of the notice of denial from the Initial Reviewer (or within sixty days following the expiration of the initial review period where no decision notice is given to the Claimant by the Initial Reviewer).  The Claimant may review pertinent documents and may submit in writing additional comments and material.  A review decision will be made by the Committee within sixty days of receipt of the request for review, unless there are special circumstances which require an extension of the time for processing.  Such extension will not exceed sixty days and notice thereof must be given within the first sixty-day period.  The review decision of the Committee will be in writing and will include specific references to the Plan provisions on which the decision is based.  The decision of the Committee on review shall be final and binding on all interested persons.  Notwithstanding the foregoing, a request for review of a denial of a claim for Basic Executive Life Benefit that is insured under the Insurance Policy must be directed to the Insurer as described in the Insurance Policy. 

ARTICLE VIII

MISCELLANEOUS

SECTION 8.01.  Nothing contained in this Plan shall be deemed to give any Member or employee the right to be retained in the service of the Employer or to interfere with the right of the Employer to discharge any Member or employee at any time regardless of the effect which such discharge shall have upon him as a Member of the Plan.

SECTION 8.02.  The rights of the Member, the Beneficiary of the Member, or any other person claiming through the Member under this Plan, shall be solely those of an unsecured general creditor of the Company.

SECTION 8.03.  The Plan does not involve a reduction in salary for the Member or the foregoing of an increase in future salary by the Member.

SECTION 8.04.  Except insofar as this provision may be contrary to applicable law or as provided in the Insurance Policy for the Basic Executive Life Benefit, no sale, transfer, alienation, assignment, pledge, collateralization, or attachment of any benefits under this Plan shall be valid or recognized by the Company.

SECTION 8.05.  Subject to Article IX hereof, the Company reserves the right at any time and from time to time, by action of the Committee or its Board of Directors, to terminate, modify or amend, in whole or in part, any or all of the provisions of the Plan, including specifically the right to make any such amendments effective retroactively; provided that such action shall not reduce the benefits or rights of any Disabled Member (or Grandfathered Disabled Member) or the Beneficiary of a deceased Member (or deceased Grandfathered Member).  In addition, the Company may amend or modify any provision of this Plan as to any particular Member (including a Grandfathered Member) by agreement with such Member; provided that such agreement is in writing, is executed by both the Company and the Member (or Grandfathered Member), and is filed with the Plan records.  The provisions of any amendment or modification made by agreement between a Member (or Grandfathered Member) and the Company shall apply only to the Member (or Grandfathered Member) so agreeing and no other.  Notwithstanding the foregoing, the Insurer of the Basic Executive Life Benefit may amend the Insurance Policy.

SECTION 8.06.  A Member (or Grandfathered Member) shall have the right to change his designated Beneficiary by notifying the Company of such in writing.  Such change shall become effective upon written acknowledgment of same by the Company.  Any payments made by the Company to a Beneficiary in good faith and under the terms of the Plan shall fully discharge the Company from all further obligations with respect to such payments. With respect to the Basic Executive Life Benefit, any Beneficiary designation or change or cancellation thereof shall be submitted to the Company and made on such forms and in such manner as satisfactory to the Insurer. 

SECTION 8.07.  This Plan shall be binding upon and inure to the benefit of the Company, its successors and each Member (or Grandfathered Member) and his heirs, executors, administrators and legal representatives.

SECTION 8.08.  The Plan shall be governed by the laws of the State of New York, applicable to contracts to be performed entirely in such State and without regard to the choice of law provisions thereof, but only to the extent such laws are not preempted by the Employee Retirement Income Security Act of 1974, as amended. This Plan is solely between the Company and each individual Member (or Grandfathered Member).  Notwithstanding the foregoing, the Basic Executive Life Benefit shall be governed by the laws as set forth in the Insurance Policy. The Member (or Grandfathered Member), his Beneficiary or other persons claiming through such Member shall only have recourse against the Company for enforcement of the Plan or against the Insurer of the Basic Executive Life Benefit it insures.

SECTION 8.09.  The obligations of the Company under this Plan shall be subject to all applicable laws, rules and regulations, and such approvals, by governmental agencies as may be required or as the Company deems advisable.

SECTION 8.10.  The Plan is intended to satisfy the requirements of Section 409A of the Code, and shall be interpreted and administered consistent with such intent.  If, in the good faith judgment of the Committee, any provision of the Plan could cause any person to be subject to the interest and penalties imposed under Section 409A of the Code, such provision shall be modified by the Committee in its sole discretion to maintain, to the maximum extent practicable, the original intent of the applicable provision without violating the requirements of Section 409A of the Code, and, notwithstanding any provision in the Plan to the contrary, the 

Committee shall have broad authority to amend or to modify the Plan, without advance notice to or consent by any person, to the extent necessary or desirable to ensure that no Member be subject to tax under Section 409A of the Code.  Any determinations made by the Committee under this Section 8.10 shall be final, conclusive and binding on all persons.

SECTION 8.11.  In the event of a conflict between the terms of this Plan document and the Insurance Policy with respect to the Basic Executive Life Benefit, the terms of the Insurance Policy will control. 

ARTICLE IX

SPECIAL RULES IN THE EVENT OF A CHANGE OF CONTROL

SECTION 9.01.  Notwithstanding anything to the contrary in any other section of this Plan, in the event a Change of Control shall occur, neither the Company nor its Board of Directors or the Committee shall thereafter terminate, modify or amend, in whole or in part, any or all of the provisions of this Plan.  In no event shall such action reduce the benefits of any Disabled Member (or Grandfathered Disabled Member) or the Beneficiary of a deceased Member (or a deceased Grandfathered Member).

SECTION 9.02.  The reasonable legal fees incurred by any Member, including a Grandfathered Member, (or former Member who was a Member when the Change of Control occurred) to enforce his valid rights under this Article IX shall be paid by the Company to such Member in addition to sums otherwise due under this Plan, whether or not such Member is successful in enforcing his rights or whether or not the matter is settled.

SECTION 9.03.  The terms of this Article IX shall supersede and take precedence over the terms of any of the other Sections of this Plan.EX-10.2

 Exhibit 10.2 
  

 
 FORM OF ADVISORY AGREEMENT 

between 
 KBS STRATEGIC
OPPORTUNITY REIT, INC. 
 and 

KBS CAPITAL ADVISORS LLC 

[    ], 2018 

 TABLE OF CONTENTS 
  

					
	 	  	Page	 
	 ARTICLE 1 - DEFINITIONS
	  	 	1	 
	 ARTICLE 2 - APPOINTMENT
	  	 	7	 
	 ARTICLE 3 - DUTIES OF THE ADVISOR
	  	 	7	 
	 3.01 Fee-Related Services
	  	 	7	 
	 3.02 Non-Fee Related Services
	  	 	8	 
	 ARTICLE 4 - AUTHORITY OF ADVISOR
	  	 	11	 
	 4.01 General
	  	 	11	 
	 4.02 Powers of the Advisor
	  	 	11	 
	 4.03 Approval by the Board
	  	 	12	 
	 4.04 Modification or Revocation of Authority of Advisor
	  	 	12	 
	 ARTICLE 5 - BANK ACCOUNTS
	  	 	12	 
	 ARTICLE 6 - RECORDS AND FINANCIAL STATEMENTS
	  	 	12	 
	 ARTICLE 7 - LIMITATION ON ACTIVITIES
	  	 	13	 
	 ARTICLE 8 - FEES
	  	 	13	 
	 8.01 General
	  	 	13	 
	 8.02 Advisory Fee
	  	 	13	 
	 8.03 Fees for Other Services
	  	 	15	 
	 ARTICLE 9 - EXPENSES
	  	 	16	 
	 9.01 General
	  	 	16	 
	 9.02 Timing of and Additional Limitations on Reimbursements
	  	 	17	 
	 ARTICLE 10 - VOTING AGREEMENT
	  	 	18	 
	 ARTICLE 11 - RELATIONSHIP OF ADVISOR AND COMPANY; OTHER ACTIVITIES OF THE ADVISOR
	  	 	18	 
	 11.01 Relationship
	  	 	18	 
	 11.02 Time Commitment
	  	 	18	 
	 11.03 Investment Opportunities and Allocation
	  	 	19	 
	 ARTICLE 12 - THE KBS NAME
	  	 	19	 
	 ARTICLE 13 - TERM AND TERMINATION OF THE AGREEMENT
	  	 	19	 
	 13.01 Term
	  	 	19	 
	 13.02 Termination by Either Party
	  	 	19	 
	 13.03 Payments on Termination and Survival of Certain Rights and Obligations
	  	 	20	 
	 ARTICLE 14 - ASSIGNMENT
	  	 	20	 
	 ARTICLE 15 - INDEMNIFICATION AND LIMITATION OF LIABILITY
	  	 	20	 
	 15.01 Indemnification
	  	 	20	 
	 15.02 Limitation on Indemnification
	  	 	21	 
	 15.03 Limitation on Payment of Expenses
	  	 	21	 
	 ARTICLE 16 - MISCELLANEOUS
	  	 	21	 
	 16.01 Notices
	  	 	21	 
	 16.02 Modification
	  	 	22	 
	 16.03 Severability
	  	 	22	 
	 16.04 Construction
	  	 	22	 
	 16.05 Entire Agreement
	  	 	22	 
	 16.06 Waiver
	  	 	22	 

  
 i 

					
	 16.07 Gender
	  	 	23	 
	 16.08 Titles Not to Affect Interpretation
	  	 	23	 
	 16.09 Counterparts
	  	 	23	 

  
 ii 

 ADVISORY AGREEMENT 

This Advisory Agreement, dated as of [    ], 2018 (the “Agreement”), is between KBS
Strategic Opportunity REIT, Inc., a Maryland corporation (the “Company”), and KBS Capital Advisors LLC, a Delaware limited liability company (the “Advisor”). 

W I T N E S S E T H 

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

DEFINITIONS 
 The
following defined terms used in this Agreement shall have the meanings specified below: 
 “Acquisition Expenses”
means any and all expenses incurred by the Company, the Advisor or any Affiliate of either in connection with the selection, acquisition or development of any property, loan or other potential investment, whether or not acquired or originated, as
applicable, including, without limitation, legal fees and expenses, travel and communications expenses, costs of appraisals, nonrefundable option payments on properties or other investments not acquired, accounting fees and expenses, title insurance
premiums and miscellaneous expenses related to the selection, acquisition or development of any property, loan or other potential investment. 

“Acquisition Fees” means all other fees and commissions, excluding Acquisition Expenses, paid by any Person to any
Person in connection with making or investing in any Property, Loan or other Permitted Investment or the purchase, development or construction of any Property by the Company. Included in the computation of such fees or commissions shall be any real
estate commission, selection fee, Development Fee, Construction Fee, nonrecurring management fee, loan fees or points or any fee of a similar nature, however designated. Excluded shall be Development Fees and Construction Fees paid to Persons not
Affiliated with the Advisor in connection with the actual development and construction of a Property. 
 “Advisor”
means (i) KBS Capital Advisors LLC, a Delaware limited liability company, or (ii) any successor advisor to the Company. 

“Advisory Fee” shall have the meaning set forth in Section 8.02. 

  
 1 

 “Affiliate” or “Affiliated” An Affiliate of another Person
includes any of the following: (i) any Person directly or indirectly controlling, controlled by, or under common control with such other Person; (ii) any Person directly or indirectly owning, controlling, or holding with the power to vote
10% or more of the outstanding voting securities of such other Person; (iii) any legal entity for which such Person acts as an executive officer, director, trustee, or general partner; (iv) any Person 10% or more of whose outstanding
voting securities are directly or indirectly owned, controlled, or held, with power to vote, by such other Person; and (v) any executive officer, director, trustee, or general partner of such other Person. An entity shall not be deemed to
control or be under common control with an Advisor-sponsored program unless (i) the entity owns 10% or more of the voting equity interests of such program or (ii) a majority of the board of directors (or equivalent governing body) of such
program is composed of Affiliates of the entity. 
 “Annual Total Return Amount” means the overall investment
return, expressed as a dollar amount per Share, which shall be equal to the sum of (1) the Weighted-Average Distributions per Share over the applicable period, and (2) the Ending VPS, adjusted to remove the negative impact on the overall
investment return from the payment or obligation to pay the Performance Component and Class-Specific Fees, less the Beginning VPS. 

“Average Invested Assets” means, for a specified period, the average of the aggregate book value of the assets of
the Company invested, directly or indirectly, in Properties, Loans and other Permitted Investments secured by real estate before reserves for depreciation or bad debts or other similar non-cash reserves,
computed by taking the average of such values at the end of each month during such period. 
 “Beginning VPS”
means the VPS determined as of the end of the most recent month prior to the commencement of the applicable period. 

“Board” means the board of directors of the Company, as of any particular time. 

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

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

“Class-Specific Fees” means any Distribution Fee expenses accrued or allocated directly or indirectly to a
particular class of Shares. 
 “Code” means the Internal Revenue Code of 1986, as amended from time to time, or
any successor statute thereto. Reference to any provision of the Code shall mean such provision as in effect from time to time, as the same may be amended, and any successor provision thereto, as interpreted by any applicable regulations as in
effect from time to time. 
 “Company” means KBS Strategic Opportunity REIT, Inc., a corporation organized under
the laws of the State of Maryland. 
 “Company NAV” means the NAV of the Company. 

  
 2 

 “Conflicts Committee” shall have the meaning set forth in the
Company’s Charter. 
 “Construction Fee” means a fee or other remuneration for acting as general contractor
and/or construction manager to construct improvements, supervise and coordinate projects or to provide major repairs or rehabilitation on a Property. 

“Dealer Manager” means (i) KBS Capital Markets Group LLC, a Delaware limited liability company, or
(ii) any successor dealer manager to the Company. 
 “Development Fee” means a fee for the packaging of a
Property, including negotiating and approving plans, and undertaking to assist in obtaining zoning and necessary variances and necessary financing for the Property, either initially or at a later date. 

“Director” means a member of the board of directors of the Company. 

“Distribution Fees” means any ongoing distribution fees, dealer manager fees or similar fees (as distinguished from up-front or one-time selling commissions and dealer manager fees) payable pursuant to the then-current dealer manager agreement between the Company and KBS Capital Markets
Group LLC. 
 “Distributions” means any distributions of money or other property by the Company to owners of
Shares, including distributions that may constitute a return of capital for federal income tax purposes. 
 “Ending
VPS” means the VPS as of the end of the last month in the applicable period. 
 “Fixed Component” means the non-variable component of the Advisory Fee as described in Section 8.02. 

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

“Gross Proceeds” means the aggregate purchase price of all Shares sold for the account of the Company through an
Offering, without deduction for Organization and Offering Expenses. 
 “Hurdle Amount” means for the applicable
period, an amount that when annualized would equal 7% of the Beginning VPS. 
 “Independent Valuation Advisor”
means a firm that is (i) engaged to a substantial degree in the business of conducting valuations on commercial real estate properties, (ii) not affiliated with the Advisor and (iii) engaged by the Company with the approval of the
Board to appraise the Properties or other assets or liabilities pursuant to the Valuation Procedures. 
 “Joint
Venture” means any joint venture, limited liability company or other Affiliate of the Company that owns, in whole or in part, on behalf of the Company any Properties, Loans or other Permitted Investments. 

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

  
 3 

 “Loans” means mortgage loans and other types of debt financing
investments made by the Company or the Partnership, either directly or indirectly, including through ownership interests in a Joint Venture or partnership, including, without limitation, mezzanine loans,
B-notes, bridge loans, convertible mortgages, wraparound mortgage loans, construction mortgage loans, loans on leasehold interests, and participations in such loans. 

“Loss Carryforward Amount” shall equal zero as of [__], 2018 and shall cumulatively increase by the absolute value
of any negative Annual Total Return Amount and decrease by any positive Annual Total Return Amount, provided that the Loss Carryforward Amount shall at no time be less than zero. The effect of the Loss Carryforward Amount is that the recoupment of
past Annual Total Return Amount losses will offset the positive Annual Total Return Amount for purposes of the calculation of the Performance Component. 

“NASAA Guidelines” means the NASAA Statement of Policy Regarding Real Estate Investment Trusts as in effect on the
date hereof. 
 “NAV” means net asset value, calculated pursuant to the Valuation Procedures. 

“NAV Calculations” means the calculations used to determine the NAV of the Company and the Shares, as provided in
the Valuation Procedures. 
 “Net Income” means, for any period, the total revenues applicable to such period,
less the total expenses applicable to such period excluding additions to reserves for depreciation, bad debts or other similar non-cash reserves; provided, however, Net Income for purposes of calculating total
allowable Operating Expenses (as defined herein) shall exclude the gain from the sale of the Company’s assets. 

“Offering” means any offering of Shares that is registered with the SEC, excluding Shares offered under any employee
benefit plan. 
 “Operating Expenses” means all costs and expenses incurred by the Company, as determined under
GAAP, that in any way are related to the operation of the Company or to Company business, including fees paid to the Advisor, but excluding (i) the expenses of raising capital such as Organization and Offering Expenses, legal, audit,
accounting, underwriting, brokerage, listing, registration, and other fees, printing and other such expenses and tax incurred in connection with the issuance, distribution, transfer, registration and Listing of the Shares, (ii) interest
payments, (iii) taxes, (iv) non-cash expenditures such as depreciation, amortization and bad loan reserves, (v) incentive fees paid in compliance with Section IV.F. of the NASAA Guidelines and
(vi) Acquisition Fees, Acquisition Expenses, real estate commissions on the resale of real property, and other expenses connected with the acquisition, disposition, and ownership of real estate interests, loans or other property (other than
commissions on the sale of assets other than real property), such as the costs of foreclosure, insurance premiums, legal services, maintenance, repair and improvement of property. 

“Organization and Offering Expenses” means all expenses incurred by or on behalf of the Company in connection with
or preparing the Company for registration of and subsequently offering and distributing its Shares to the public, whether incurred before or after the date of this Agreement, which may include but are not limited to, total underwriting and brokerage
discounts 

  
 4 

 
and commissions (including fees of the underwriters’ attorneys); any expense allowance granted by the Company to the underwriter or any reimbursement of expenses of the underwriter by the
Company; expenses for printing, engraving and mailing; compensation of employees while engaged in sales activity; charges of transfer agents, registrars, trustees, escrow holders, depositaries and experts; and expenses of qualification of the sale
of the securities under Federal and State laws, including taxes and fees, accountants’ and attorneys’ fees. 

“Partnership” means KBS Strategic Opportunity Limited Partnership, a Delaware limited partnership formed to own and
operate Properties, Loans and other Permitted Investments on behalf of the Company. 
 “Performance Component”
means the variable component of the Advisory Fee as described in Section 8.02. 
 “Permitted Investments”
means all investments (other than Properties and Loans) in which the Company may acquire an interest, either directly or indirectly, including through ownership interests in a Joint Venture or partnership, pursuant to its Charter, Bylaws and the
investment objectives and policies adopted by the Board from time to time, other than short-term investments acquired for purposes of cash management. 

“Person” means an individual, corporation, partnership, estate, trust (including a trust qualified under
Section 401(a) or 501(c) (17) of the Code), a portion of a trust permanently set aside for or to be used exclusively for the purposes described in Section 642(c) of the Code, association, private foundation within the meaning of
Section 509(a) of the Code, joint stock company or other entity, or any government or any agency or political subdivision thereof, and also includes a group as that term is used for purposes of Section 13(d)(3) of the Securities Exchange
Act of 1934, as amended. 
 “Property” means any real property or properties transferred or conveyed to the
Company or the Partnership, either directly or indirectly, including through ownership interests in a Joint Venture or partnership. 

“Property Manager” means an entity that has been retained to perform and carry out at one or more of the Properties
property-management services, excluding persons, entities or independent contractors retained or hired to perform facility management or other services or tasks at a particular Property, the costs for which are passed through to and ultimately paid
by the tenant at such Property. 
 “Registration Statement” means the then-current registration statement filed by
the Company with the SEC on Form S-11, as amended from time to time, in connection with its ongoing public offerings. 

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

“Sale” means any transaction or series of transactions whereby: (A) the Company or the Partnership sells,
grants, transfers, conveys, or relinquishes its ownership of any Property, Loan or other Permitted Investment or portion thereof, including the transfer of any Property that is the 

  
 5 

 
subject of a ground lease, including any event with respect to any Property, Loan or other Permitted Investment that gives rise to a significant amount of insurance proceeds or condemnation
awards, and including the issuance by one of the Company’s subsidiaries of any asset-backed securities or collateralized debt obligations as part of a securitization transaction; (B) the Company or the Partnership sells, grants, transfers,
conveys, or relinquishes its ownership of all or substantially all of the interest of the Company or the Partnership in any Joint Venture or any partnership in which it is a partner; or (C) any Joint Venture or any partnership in which the
Company or the Partnership is a partner, sells, grants, transfers, conveys, or relinquishes its ownership of any Property, Loan or other Permitted Investment or portion thereof, including any event with respect to any Property, Loan or other
Permitted Investment that gives rise to insurance claims or condemnation awards, and including the issuance by such Joint Venture or any partnership or one of its subsidiaries of any asset-backed securities or collateralized debt obligations as part
of a securitization transaction. 
 “SEC” means the United States Securities and Exchange Commission. 

“Settlement” means the prepayment, maturity, workout or other settlement of any Loan or other Permitted Investment
or portion thereof owned, directly or indirectly, by (A) the Company or the Partnership or (B) any Joint Venture or any partnership in which the Company or the Partnership is, directly or indirectly, a partner. 

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

“Stockholders” means the registered holders of the Shares. 

“Termination Date” means the date of termination of the Agreement determined in accordance with Article 13 hereof.

 “Valuation Procedures” means the valuation procedures adopted by the Board, as amended from time to time. 

“VPS” means average value per Share, which on any given date shall be equal to (i) the Company NAV on such
date, divided by (ii) the aggregate number of Shares of all classes outstanding on such date. 
 “Weighted-Average
Distributions per Share” means for a particular period of time, an amount equal to the ratio of (i) the aggregate distributions paid or accrued in respect of all Shares during the applicable period, divided by (ii) the
weighted-average number of Shares of all classes outstanding during the applicable period, calculated in accordance with GAAP applied on a consistent basis. 

“2%/25% Guidelines” means the requirement pursuant to the NASAA Guidelines that, in any period of four consecutive
fiscal quarters, total Operating Expenses not exceed the greater of 2% of the Company’s Average Invested Assets during such 12-month period or 25% of the Company’s Net Income over the same 12-month period. 

  
 6 

 ARTICLE 2 

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

ARTICLE 3 

DUTIES OF THE ADVISOR 

The Advisor is responsible for managing, operating, directing and supervising the operations and administration of the Company
and its assets. The Advisor undertakes to use its best efforts to present to the Company potential investment opportunities, to make investment decisions on behalf of the Company subject to the limitations in the Company’s Charter, the
direction and oversight of the Board and Section 4.03 hereof, and to provide the Company with a continuing and suitable investment program consistent with the investment objectives and policies of the Company as determined and adopted from time
to time by the Board. Subject to the limitations set forth in this Agreement, including Article 4 hereof, and the continuing and exclusive authority of the Board over the management of the Company, the Advisor shall, either directly or by engaging
an Affiliate or third party, perform the following duties: [KBS needs to carefully review the following breakdown of fee-related / non-fee related services. You cannot
get reimbursed for personnel/overhead of things that are “fee-related” but you can get reimbursed for personnel/overhead of the other services. So for example, since you no longer get an acquisition
fee or disposition fee, you’ll probably want those to be non fee-related services so you can at least get reimbursement. Need to carefully consider this in light of new fee structure] 

3.01 Fee-Related Services.    

 (a)        Asset Management Services. The following services shall be provided by
the Advisor or one of its Affiliates in consideration of the fees described in Article 8 of this Agreement, subject to reimbursement for expenses as provided in Article 9 or as otherwise provided in this Agreement: 

(i) Monitor and evaluate the performance of each asset of the Company and the Company’s overall
portfolio of assets, provide daily management services to the Company and perform and supervise the various management and operational functions related to the Company’s investments; 

(ii) Formulate and oversee the implementation of strategies for the administration, promotion, management,
operation, maintenance, improvement, marketing and leasing of Properties, Loans and other Permitted Investments on an overall portfolio basis; 

(iii) Oversee the performance by the Property Managers of their duties, including collection and proper
deposits of rental payments and payment of Property expenses and maintenance; 

  
 7 

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

(vi)   Coordinate and manage relationships between the Company and any Joint Venture partners; and

 (vii)   enter into leases, service contracts and other agreements for Properties, Loans and
other Permitted Investments; 
 (b)        Subscription processing services.
[Perform the various subscription processing services reasonably necessary for the admission of new Stockholders.][If a fee is charged for this (rather than reimbursement of Advisor personnel/other costs), need to describe it in the prospectus.
Otherwise, move this to non-fee services.] 
 3.02
    Non Fee-Related Services. The following services shall be provided by the Advisor or one of its Affiliates without consideration in the form of a separate fee, subject to reimbursement
for expenses as provided in Section 9, or as otherwise provided under this Agreement: 

(a)        Organizational and Offering Services. The Advisor shall perform all
services related to the organization of the Company or any Offering or private sale of the Company’s securities, other than services that (i) are to be performed by the Dealer Manager, (ii) the Company elects to perform directly or
(iii) would require the Advisor to register as a broker-dealer with the SEC or any state. 

(b)        Acquisition and Disposition Services. 

(i) Consult with the Company’s officers and the Board and provide assistance with the evaluation and
approval of potential asset acquisition and disposition opportunities that are presented to the Board; 

(ii) Subject to Section 4 hereof and the investment objectives and policies of the Company:
(a) locate, analyze and select potential investments; (b) structure and negotiate the terms and conditions of transactions pursuant to which investments in Properties, Loans and other Permitted Investments will be made; and
(c) acquire, originate and dispose of Properties, Loans and other Permitted Investments on behalf of the Company; 

(iii) Perform due diligence on prospective investments and create due diligence reports summarizing the
results of such work; 
 (iv) With respect to prospective investments presented to the Board, prepare
reports regarding such prospective investments that include 

  
 8 

 
recommendations and supporting documentation necessary for the Directors to evaluate the proposed investments; 

(v)   Obtain reports (which may be prepared by the Advisor or its Affiliates), where appropriate,
concerning the value of contemplated investments of the Company; 
 (vi)   Deliver to or maintain
on behalf of the Company copies of all appraisals obtained in connection with the Company’s investments; and 

(vii)   Negotiate and execute approved investments and other transactions, including prepayments,
maturities, workouts and other settlements of Loans and other Permitted Investments. 

(c)        Financing Services 

(i)   Consult with the Company’s officers and the Board and provide assistance with the
evaluation and approval of potential financing and refinancing opportunities that are presented to the Board. 

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

(iii)   Arrange for financing and refinancing and make other changes in the asset or capital
structure of investments in Properties, Loans and other Permitted Investments 

(d)        Accounting and Other Administrative Services: 

(i) Serve as the Company’s investment and financial advisor and provide relevant market research and
economic and statistical data in connection with the Company’s assets and investment objectives and policies; 

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

(iii) Investigate, select and, on behalf of the Company, engage and conduct business with (including enter
contracts with) such Persons as the Advisor deems necessary to the proper performance of its obligations as set forth in this Agreement, including but not limited to consultants, accountants, lenders, technical advisors, attorneys, brokers,
underwriters, corporate fiduciaries, escrow agents, depositaries, custodians, agents for collection, insurers, insurance agents, developers, construction companies, Property Managers and any and all Persons

  
 9 

 
acting in any other capacity deemed by the Advisor necessary or desirable for the performance of any of the foregoing services; 

(iv)   Provide the
day-to-day management of the Company and perform and supervise the various administrative functions reasonably necessary for the management of the Company; 

(v)   From time to time, or at any time reasonably requested by the Board, make reports to the
Board on the Advisor’s performance of services to the Company under this Agreement; 
 (vi)
  Make reports to the Conflicts Committee each quarter of the investments that have been made by other programs sponsored by the Advisor or any of its Affiliates, including KBS Realty Advisors LLC, as well as any investments that have been
made by the Advisor or any of its Affiliates directly; 
 (vii)   Provide or arrange for any
administrative services and items, legal and other services, office space, office furnishings, personnel and other overhead items necessary and incidental to the Company’s business and operations; 

(viii)   Provide financial and operational planning services; 

(ix)   Maintain accounting and other record-keeping functions at the Company and investment levels,
including information concerning the activities of the Company as shall be required to prepare and to file all periodic financial reports, tax returns and any other information required to be filed with the SEC, the Internal Revenue Service and any
other regulatory agency; 
 (x)   Maintain and preserve all appropriate books and records of the
Company; 
 (xi)   Provide tax and compliance services and coordinate with appropriate third
parties, including the Company’s independent auditors and other consultants, on related tax matters; 

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

(xiii)   Consult with the Company’s officers and the Board and assist the Board in evaluating
and obtaining adequate insurance coverage based upon risk management determinations; 
 (xiv)
  Provide the Company’s officers and the Board with timely updates related to the overall regulatory environment affecting the Company, as well as managing compliance with such matters, including but not limited to compliance with the
Sarbanes-Oxley Act of 2002; 
 (xv)   Consult with the Company’s officers and the Board
relating to the corporate governance structure and appropriate policies and procedures related thereto; 

  
 10 

 (xvi)   Perform all reporting, record keeping,
internal controls and similar matters in a manner to allow the Company to comply with applicable law, including federal and state securities laws and the Sarbanes-Oxley Act of 2002; 

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

(xviii)   Implement and coordinate the processes with respect to the NAV Calculations, and in
connection therewith, obtain appraisals performed by an Independent Valuation Advisor concerning the value of the Properties; 

(xix)   Supervise one or more Independent Valuation Advisors and, if and when necessary, recommend
to the Board its replacement; and 
 (xx)   Do all things necessary to assure its ability to
render the services described in this Agreement. 
 (e)        Stockholder Services.

 (i) Manage services for and communications with Stockholders, including answering phone calls, preparing
and sending written and electronic reports and other communications; 
 (ii) Oversee the performance of the
transfer agent and registrar; 
 (iii) Manage and coordinate with the transfer agent the dividend process
and payments to Stockholders; and 
 (iv) Establish technology infrastructure to assist in providing
Stockholder support and service. 
 (f)        Other Services. Except as provided in
Article 7, the Advisor shall perform any other services reasonably requested by the Company (acting through the Conflicts Committee). 
 
ARTICLE 4 
 AUTHORITY OF ADVISOR 

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

4.02 Powers of the Advisor. Subject to the express limitations set forth in this Agreement and
the continuing and exclusive authority of the Board over the management of the Company, the power to direct the management, operation and policies of the Company, including making, financing and disposing of investments, shall be vested in the
Advisor, which shall have the 

  
 11 

 
power by itself and shall be authorized and empowered on behalf and in the name of the Company to carry out any and all of the objectives and purposes of the Company and to perform all acts and
enter into and perform all contracts and other undertakings that it may in its sole discretion deem necessary, advisable or incidental thereto to perform its obligations under this Agreement. 

4.03 Approval by the Board. Notwithstanding the foregoing, the Advisor may not take any action
on behalf of the Company without the prior approval of the Board or duly authorized committees thereof if the Charter or Maryland General Corporation Law require the prior approval of the Board. If the Board or a committee of the Board must approve
a proposed investment, financing or disposition or chooses to do so, the Advisor will deliver to the Board or committee, as applicable, all documents required by it to evaluate such investment, financing or disposition. 

4.04 Modification or Revocation of Authority of Advisor. The Board may, at any time upon the
giving of notice to the Advisor, modify or revoke the authority or approvals set forth in Article 3 and this Article 4 hereof; provided, however, that such modification or revocation shall be effective upon receipt by the Advisor and shall not be
applicable to investment transactions to which the Advisor has committed the Company prior to the date of receipt by the Advisor of such notification. 

ARTICLE 5 

BANK ACCOUNTS 

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

ARTICLE 6 

RECORDS AND FINANCIAL STATEMENTS 

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

  
 12 

 
auditors and shall provide such officers and auditors with the reports and other information that the Company so requests. 

ARTICLE 7 

LIMITATION ON ACTIVITIES 

Notwithstanding any provision in this Agreement to the contrary, the Advisor shall not take any action that, in its sole
judgment made in good faith, would (i) adversely affect the ability of the Company to qualify or continue to qualify as a REIT under the Code, (ii) subject the Company to regulation under the Investment Company Act of 1940, as amended,
(iii) violate any law, rule, regulation or statement of policy of any governmental body or agency having jurisdiction over the Company, its Shares or its other securities, (iv) require the Advisor to register as a broker-dealer with the
SEC or any state, or (v) violate the Charter or Bylaws. In the event an action that would violate (i) through (v) of the preceding sentence but such action has been ordered by the Board, the Advisor shall notify the Board of the
Advisor’s judgment of the potential impact of such action and shall refrain from taking such action until it receives further clarification or instructions from the Board. In such event, the Advisor shall have no liability for acting in
accordance with the specific instructions of the Board so given. 
 ARTICLE 8 

FEES 
 
8.01 General. The fees described in Section 
8.02 are compensation for the personnel and related employment costs incurred by the Advisor or its Affiliates in performing the applicable services, including but not limited to salaries and wages, benefits and overhead of all employees involved in the
 performance of such services, but not for the third-party costs incurred by the Advisor or its Affiliates in connection with the performance of such services, which third-party costs shall be separately reimbursed and are not included in the services
 provided by the Advisor and its Affiliates. 
 8.02 Advisory Fee.   The Advisor
shall receive the Advisory Fee as compensation for asset management services rendered pursuant to Section 3.01(a) hereof as follows. 
  

	 	(i)	 The Advisory Fee will be comprised of two separate components: (1) a fixed component in an amount equal
to, for each month during the term of this Agreement, 1/12th of 1.10% of the product of (x) the applicable monthly Company NAV per Share, before giving effect to any monthly accruals for the Advisory Fee, Distribution Fees or any distributions
accrued in respect of Shares during the applicable month, and (y) the weighted average number of Shares outstanding during the applicable month (the “Fixed Component”); and (2) a performance component (the
“Performance Component”) that is calculated as described in Section 8.02(ii) below. 

  
 13 

	 	(ii)	 The Advisor will earn a Performance Component with respect to each calendar year (or partial calendar year) in
which this Agreement is in effect in an amount equal to: 

  

	 	(A)	 The lesser of (1) the amount equal to 15.0% of (a) the Annual Total Return Amount less (b) the
Loss Carryforward Amount, and (2) the amount equal to (x) the Annual Total Return Amount, less (y) the Loss Carryforward Amount, less (z) the Hurdle Amount; 

multiplied by: 
  

	 	(B)	 The weighted-average number of Shares outstanding during the applicable year, calculated in accordance with
GAAP as applied on a consistent basis, 

  

	 	(C)	 Provided that the Performance Component shall at no time be less than zero. 

Except as described in the definition of Loss Carryforward Amount in this Agreement, any amount by which the Annual Total
Return Amount falls below the Hurdle Amount will not be carried forward to subsequent periods. If the Performance Component is payable pursuant to this Section 8.02(ii), the Advisor will be entitled to such payment even in the event that the
total percentage return to Stockholders over any longer or shorter period, or the total percentage return to any particular Stockholder over the same, longer or shorter period, has been less than the annual return used to calculate the Hurdle
Amount. The Advisor shall not be obligated to return any portion of any Advisory Fee paid based on the Company’s subsequent performance. 
  

	 	(iii)	 The Advisory Fee will generally accrue and be payable monthly. The Fixed Component is payable monthly in
arrears (after the completion of the NAV Calculations for such month). The Performance Component with respect to any calendar year is payable after the completion of the NAV Calculations for December of such year. The Fixed Component shall be
payable for each month in which this Agreement is in effect, even if the Agreement is in effect for a partial month. The Performance Component shall be payable for each calendar year in which this Agreement is in effect, even if the Agreement is in
effect for a partial year. With respect to the first calendar year in which the fees pursuant to this Agreement are in effect, the partial period Fixed Component and Performance Component of the Advisory Fee will be calculated based on the date on
which the Agreement was entered into, and based on a good faith estimate of what the NAV Calculations would be as of that date. In the event this Agreement is terminated or its term expires without renewal,

  
 14 

	 	 
the partial period Fixed Component and Performance Component of the Advisory Fee will be calculated and due and payable upon the Termination Date based on a good faith estimate of what the NAV
Calculations would be as of that date. If the Advisory Fee is payable with respect to any partial calendar month or calendar year, the Fixed Component will be prorated based on the number of days elapsed during any partial calendar month and the
Performance Component (including the Hurdle Amount) will be prorated based on the number of days elapsed during, and the Annual Total Return Amount achieved for, the period of such partial calendar year. 

 

	 	(iv)	 In the event the Company commences a liquidation of its investments during any calendar year, the Advisor will
be paid its Advisory Fee from the proceeds of the liquidation and the Performance Component will be calculated at the end of the liquidation period prior to the distribution of the liquidation proceeds to the Stockholders. The calculation of the
Performance Component for any partial year shall be calculated consistent with the applicable provisions of Section 8.02(iii) above. 

  

	 	(v)	 The Advisor may require that the Company restructure the Performance Component to be paid through a
performance participation interest in the Partnership. This performance participation would be in the form of a special limited partnership interest, the basic terms of which would allow the Advisor (or its Affiliate) to receive the Performance
Component described above through a distribution from the Partnership in the form of either cash or limited partnership units. 

8.03 Fees for Other Services. The Company may retain certain of the Advisor’s Affiliates
from time to time, for services relating to its investments or its operations, which may include property management services, leasing services, corporate services, statutory services, transaction support services (including but not limited to
coordinating with brokers, lawyers, accountants and other advisors, assembling relevant information, conducting financial and market analyses, and coordinating closing procedures), construction and development management, and loan management and
servicing, and within one or more such categories, providing services in respect of asset and/or investment administration, accounting, technology, tax preparation, finance (including but not limited to budget preparation and preparation and
maintenance of corporate models), treasury, operational coordination, risk management, insurance placement, human resources, legal and compliance, valuation and reporting-related services, as well as services related to mortgage servicing, group
purchasing, healthcare, consulting/brokerage, capital markets/credit origination, property, title and/or other types of insurance, management consulting and other similar operational matters. Any fees paid to the Advisor’s affiliates for any
such services will not reduce the advisory fees. Any such arrangements will be at market rates or reimbursement of costs incurred by the affiliate in providing the services. 

  
 15 

 ARTICLE 9 

EXPENSES 
 
9.01 General. In addition to the compensation paid to the Advisor pursuant to Article 8 hereof, the Company shall pay directly or reimburse the Advisor for all of the expenses paid or incurred by the Advisor or its Affiliates on behalf of the Company
 or in connection with the services provided to the Company pursuant to this Agreement, including, but not limited to: 

(i)   All Organization and Offering Expenses; provided, however, that the Company shall not
reimburse the Advisor to the extent such reimbursement would cause the total amount spent by the Company on Organization and Offering Expenses to exceed 15% of the Gross Proceeds raised as of the date of the reimbursement and provided further that
within 60 days after the end of the month in which an Offering terminates, the Advisor shall reimburse the Company to the extent the Company incurred Organization and Offering Expenses exceeding 15% of the Gross Proceeds raised in the completed
Offering; the Company shall not reimburse the Advisor for any Organization and Offering Expenses that are not fair and commercially reasonable to the Company, and the Advisor shall reimburse the Company for any Organization and Offering Expenses
that are not fair and commercially reasonable to the Company; 
 (ii)   Acquisition Fees and
Acquisition Expenses incurred in connection with the selection and acquisition of Properties, Loans and other Permitted Investments, including such expenses incurred related to assets pursued or considered but not ultimately acquired by the Company,
provided that, notwithstanding anything herein to the contrary, the payment of Acquisition Fees and Acquisition Expenses by the Company shall be subject to the limitations contained in the Company’s Charter; 

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

(iv)   Interest and other costs for borrowed money, including discounts, points and other similar
fees; 
 (v)   Taxes and assessments on income or Properties, taxes as an expense of doing
business and any other taxes otherwise imposed on the Company and its business, assets or income; 
 (vi)   Out-of-pocket costs associated with insurance required in connection with the business of the Company or by its officers and Directors; 

(vii)   Expenses of managing, improving, developing, operating and selling Properties, Loans and
other Permitted Investments owned, directly or indirectly, by the Company, as well as expenses of other transactions relating to such Properties, Loans and other Permitted Investments, including but not limited to prepayments, maturities, workouts
and other settlements of Loans and other Permitted Investments; 
 (viii)   All out-of-pocket expenses in connection with payments to the Board and meetings of the Board and Stockholders; 

  
 16 

 (ix)   Personnel and related employment costs incurred
by the Advisor or its Affiliates in performing the services described in Article 3 hereof, including but not limited to reasonable salaries and wages, benefits and overhead of all employees directly involved in the performance of such services,
provided that, other than reimbursement of travel and communications expenses, no reimbursement shall be made for compensation of such employees of the Advisor or its Affiliates to the extent that such employees perform services for which the
Advisor receives the Advisory Fee [or Subscription Processing Fee]; 
 (x)   Out-of-pocket expenses of providing services for and maintaining communications with Stockholders, including the cost of preparation, printing, and mailing annual reports and other Stockholder
reports, proxy statements and other reports required by governmental entities; 
 (xi)   Audit,
accounting and legal fees, and other fees for professional services relating to the operations of the Company and all such fees incurred at the request, or on behalf of, the Board, the Conflicts Committee or any other committee of the Board; 

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

(xiii)   Expenses connected with payments of Distributions made or caused to be made by the Company
to the Stockholders; 
 (xiv)   Expenses of organizing, redomesticating, merging, liquidating or
dissolving the Company or of amending the Charter or the Bylaws; and 
 (xv)   All other out-of-pocket costs incurred by the Advisor in performing its duties hereunder. 

9.02 Timing of and Additional Limitations on Reimbursements. 

(i)   Expenses incurred by the Advisor on behalf of the Company and reimbursable pursuant to this
Article 9 shall be reimbursed no less than monthly to the Advisor. The Advisor shall prepare a statement documenting the expenses of the Company during each quarter and shall deliver such statement to the Company within 45 days after the end of each
quarter. 
 (ii)   The Company shall not reimburse the Advisor at the end of any fiscal quarter
for Operating Expenses that in the four consecutive fiscal quarters then ended (the “Expense Year”) exceed (the “Excess Amount”) the greater of 2% of Average Invested Assets or 25% of Net Income (the “2%/25%
Guidelines”) for such year unless the Conflicts Committee determines that such excess was justified, based on unusual and nonrecurring factors that the Conflicts Committee deems sufficient. If the Conflicts Committee does not approve such
excess as being so justified, any Excess Amount paid to the Advisor during a fiscal quarter shall be repaid to the Company. If the Conflicts Committee determines such excess was justified, then, within 60 days after the end of any fiscal quarter of
the Company for which total reimbursed Operating Expenses for the 

  
 17 

 
Expense Year exceed the 2%/25% Guidelines, the Advisor, at the direction of the Conflicts Committee, shall cause such fact to be disclosed to the Stockholders in writing (or the Company shall
disclose such fact to the Stockholders in the next quarterly report of the Company or by filing a Current Report on Form 8-K with the SEC within 60 days of such quarter end), together with an explanation of
the factors the Conflicts Committee considered in determining that such excess expenses were justified. The Company will ensure that such determination will be reflected in the minutes of the meetings of the Board. All figures used in the foregoing
computation shall be determined in accordance with GAAP applied on a consistent basis. 
 ARTICLE 10 

VOTING AGREEMENT 

The Advisor agrees that, with respect to any Shares now or hereinafter owned by it, the Advisor will not vote or consent on
matters submitted to the stockholders of the Company regarding (i) the removal of the Advisor or any Affiliate of the Advisor, (ii) any transaction between the Company and the Advisor or any of its Affiliates, (iii) the election of
directors of the Company or (iv) the approval or termination of any contract with the Advisor or any Affiliate of the Advisor. This voting restriction shall survive until such time that the Advisor is both no longer serving as such and is no
longer an Affiliate of the Company. 
 ARTICLE 11 

RELATIONSHIP OF ADVISOR AND COMPANY; 

OTHER ACTIVITIES OF THE ADVISOR 

11.01 Relationship. The Company and the Advisor are not partners or joint venturers with each
other, and nothing in this Agreement shall be construed to make them such partners or joint venturers. Nothing herein contained shall prevent the Advisor from engaging in other activities, including, without limitation, the rendering of advice to
other Persons (including other REITs) and the management of other programs advised, sponsored or organized by the Advisor or its Affiliates. Nor shall this Agreement limit or restrict the right of any manager, director, officer, employee or
equityholder of the Advisor or its Affiliates to engage in any other business or to render services of any kind to any other Person. The Advisor may, with respect to any investment in which the Company is a participant, also render advice and
service to each and every other participant therein. The Advisor shall promptly disclose to the Board the existence of any condition or circumstance, existing or anticipated, of which it has knowledge, that creates or could create a conflict of
interest between the Advisor’s obligations to the Company and its obligations to or its interest in any other Person. 

11.02 Time Commitment. The Advisor shall, and shall cause its Affiliates and their respective
employees, officers and agents to, devote to the Company such time as shall be reasonably necessary to conduct the business and affairs of the Company in an appropriate manner consistent with the terms of this Agreement. The Company acknowledges
that the Advisor and its Affiliates and their respective employees, officers and agents may also engage in activities unrelated to the Company and may provide services to Persons other than the Company or any of its Affiliates. 

  
 18 

 11.03 Investment Opportunities and Allocation.
The Advisor shall be required to use commercially reasonable efforts to present a continuing and suitable investment program to the Company that is consistent with the investment policies and objectives of the Company, but neither the Advisor nor
any Affiliate of the Advisor shall be obligated generally to present any particular investment opportunity to the Company even if the opportunity is of character that, if presented to the Company, could be taken by the Company. In the event an
investment opportunity is located, the allocation procedure set forth under the caption “Conflicts of Interest – Certain Conflict Resolution Measures – Allocation of Investment Opportunities” in the Registration Statement shall
govern the allocation of the opportunity among the Company and Affiliates of the Advisor. 
 ARTICLE 12 

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

ARTICLE 13 

TERM AND TERMINATION OF THE AGREEMENT 

13.01 Term.   This Agreement shall have an initial term of one year from the date
hereof and may be renewed for an unlimited number of successive one-year terms upon mutual consent of the parties. The Company (acting through the Conflicts Committee) will evaluate the performance of the
Advisor annually before renewing this Agreement, and each such renewal shall be for a term of no more than one year. Any such renewal must be approved by the Conflicts Committee. 

13.02 Termination by Either Party.   This Agreement may be terminated upon 60 days
written notice without cause or penalty by either the Company (acting through the Conflicts Committee) or the Advisor. The provisions of Articles 1, 10, 12, 13, 15 and 16 shall survive termination of this Agreement. 

  
 19 

 13.03 Payments on Termination and Survival of
Certain Rights and Obligations. Payments to the Advisor pursuant to this Section 13.03 shall be subject to the 2%/25% Guidelines to the extent applicable. 

(i) After the Termination Date, the Advisor shall not be entitled to compensation for further services
hereunder except it shall be entitled to receive from the Company within 30 days after the effective date of such termination all unpaid reimbursements of expenses and all earned but unpaid fees payable to the Advisor prior to termination of this
Agreement. 
 (ii) The Advisor shall promptly upon termination: 

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

(c)   deliver to the Board all assets and documents of the Company then in the custody of the
Advisor; and 
 (d)   cooperate with the Company to provide an orderly transition of advisory
functions. 
 ARTICLE 14 

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

ARTICLE 15 

INDEMNIFICATION AND LIMITATION OF LIABILITY 

15.01 Indemnification. Except as prohibited by the restrictions provided in this
Section 15.01, Section 15.02 and Section 15.03, the Company shall indemnify, defend and hold harmless the Advisor and its Affiliates, including their respective officers, directors, equity holders, partners and employees, from all
liability, claims, damages or losses arising in the performance of their duties hereunder, and related expenses, including reasonable attorneys’ fees, to the extent such liability, claims, damages or losses and related expenses are not fully
reimbursed by 

  
 20 

 
insurance. Any indemnification of the Advisor may be made only out of the net assets of the Company and not from Stockholders. 

Notwithstanding the foregoing, the Company shall not indemnify the Advisor or its Affiliates for any loss, liability or
expense arising from or out of an alleged violation of federal or state securities laws by such party unless one or more of the following conditions are met: (i) there has been a successful adjudication on the merits of each count involving
alleged material securities law violations as to the particular indemnitee; (ii) such claims have been dismissed with prejudice on the merits by a court of competent jurisdiction as to the particular indemnitee; or (iii) a court of
competent jurisdiction approves a settlement of the claims against a particular indemnitee and finds that indemnification of the settlement and the related costs should be made, and the court considering the request for indemnification has been
advised of the position of the SEC and of the published position of any state securities regulatory authority in which securities of the Company were offered or sold as to indemnification for violations of securities laws. 

15.02 Limitation on Indemnification. Notwithstanding the foregoing, the Company shall not
provide for indemnification of the Advisor or its Affiliates for any liability or loss suffered by any of them, nor shall any of them be held harmless for any loss or liability suffered by the Company, unless all of the following conditions are met:

 (i)   The Advisor or its Affiliates have determined, in good faith, that the course of conduct
that caused the loss or liability was in the best interests of the Company. 
 (ii)   The Advisor
or its Affiliates were acting on behalf of or performing services for the Company. 
 (iii)   Such
liability or loss was not the result of negligence or misconduct by the Advisor or its Affiliates. 
 
15.03 Limitation on Payment of Expenses. The Company shall pay or reimburse reasonable legal expenses and other costs incurred by the Advisor or its Affiliates in advance of the final disposition of a proceeding only if (in addition to the procedures
 required by the Maryland General Corporation Law, as amended from time to time) all of the following are satisfied: (a) 
the proceeding relates to acts or omissions with respect to the performance of duties or services on behalf of the Company, (b) 
the legal proceeding was initiated by a third party who is not a stockholder or, if by a stockholder acting in his or her capacity as such, a court of competent jurisdiction approves such advancement and (c) 
the Advisor or its Affiliates undertake to repay the amount paid or reimbursed by the Company, together with the applicable legal rate of interest thereon, if it is ultimately determined that the particular indemnitee is not entitled to indemnification.
 
 ARTICLE 16 

MISCELLANEOUS 
 
16.01 Notices. Any notice, report or other communication required or permitted to be given hereunder shall be in writing unless some other method of giving such notice, report or other communication is required by the Charter, the Bylaws or is accepted
 by the party to whom 

  
 21 

 
it is given, and shall be given by being delivered by hand or by overnight mail or other overnight delivery service to the addresses set forth herein: 

To the Company or the Board: 

KBS Strategic Opportunity REIT, Inc. 

620 Newport Center Drive, Suite 1300 

Newport Beach, California 92660 

To the Advisor: 

KBS Capital Advisors LLC 

620 Newport Center Drive, Suite 1300 

Newport Beach, California 92660 

Either party may at any time give notice in writing to the other party of a change in its address for the purposes of this
Section 16.01. 
 16.02 Modification.   This Agreement shall not be changed,
modified, terminated or discharged, in whole or in part, except by an instrument in writing signed by both parties hereto, or their respective successors or permitted assigns. 

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

16.04 Construction.   The provisions of this Agreement shall be construed and
interpreted in accordance with the laws of the State of Delaware. 
 16.05 Entire
Agreement.   This Agreement contains the entire agreement and understanding between the parties hereto with respect to the subject matter hereof, and supersedes all prior and contemporaneous agreements, understandings, inducements and
conditions, express or implied, oral or written, of any nature whatsoever with respect to the subject matter hereof. The express terms hereof control and supersede any course of performance and/or usage of the trade inconsistent with any of the
terms hereof. This Agreement may not be modified or amended other than by an agreement in writing. 
 
16.06 Waiver.   
Neither the failure nor any delay on the part of a party to exercise any right, remedy, power or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude
 any other or further exercise of the same or of any other right, remedy, power or privilege, nor shall any waiver of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege
 with respect to any other occurrence. No waiver shall be effective unless it is in writing and is signed by the party asserted to have granted such waiver. 

  
 22 

 16.07 Gender. Words used herein regardless of
the number and gender specifically used, shall be deemed and construed to include any other number, singular or plural, and any other gender, masculine, feminine or neuter, as the context requires. 

16.08 Titles Not to Affect Interpretation. The titles of Articles and Sections contained in
this Agreement are for convenience only, and they neither form a part of this Agreement nor are they to be used in the construction or interpretation hereof. 

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

  
 23 

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

							
	 KBS STRATEGIC OPPORTUNITY REIT, INC.

			
		 	 By:
	 	
                       
                                 

		 		 	 Keith D. Hall, Chief Executive Officer

	
	 KBS CAPITAL ADVISORS LLC

			
		 	 By:
	 	 PBren Investments, L.P., a Manager

				
		 		 	 By:
	 	 PBren Investments, LLC, as general partner

				
		 		 		 	
    By:                  
                       

		 		 		 	            Peter M. Bren, Manager

			
		 	 By:
	 	 Schreiber Real Estate Investments, L.P., a Manager

		
		 	 By: Schreiber Investments, LLC, as general partner

				
		 		 	 By:
	 	
                       
                              

		 		 		 	 Charles J. Schreiber, Jr., Manager

			
		 	 By:
	 	  GKP Holding LLC, a Manager

				
		 		 	 By:
	 	
                       
                     

		 		 		 	     Peter McMillan III, Manager

				
		 		 	 By:
	 	
                       
                     

		 		 		 	     Keith D. Hall, Manager

  
 24

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