Document:

EX-10.1

 Exhibit 10.1 

AMENDED AND RESTATED 

ADVISORY AGREEMENT 
 BY
AND BETWEEN 
 STEADFAST APARTMENT REIT, INC. 

AND 
 STEADFAST
APARTMENT ADVISOR, LLC 

 TABLE OF CONTENTS 

 

							
	 1.
	 	 Definitions
	  	 	1	
	 2.
	 	 Appointment
	  	 	6	
	 3.
	 	 Duties of the Advisor
	  	 	6	
	 4.
	 	 Authority of Advisor
	  	 	10	
	 5.
	 	 Bank Accounts
	  	 	10	
	 6.
	 	 Records; Access
	  	 	11	
	 7.
	 	 Limitations on Activities
	  	 	11	
	 8.
	 	 Relationship with Directors
	  	 	11	
	 9.
	 	 Fees
	  	 	11	
	 10.
	 	 Expenses
	  	 	13	
	 11.
	 	 Timing of Additional Limitations on Reimbursements to the Advisor
	  	 	15	
	 12.
	 	 Other Services
	  	 	15	
	 13.
	 	 Voting Agreement
	  	 	16	
	 14.
	 	 Business Combinations
	  	 	16	
	 15.
	 	 Relationship of the Parties
	  	 	16	
	 16.
	 	 Other Activities of the Advisor
	  	 	16	
	 17.
	 	 The Steadfast Name
	  	 	17	
	 18.
	 	 Term of Agreement
	  	 	17	
	 19.
	 	 Termination by the Parties
	  	 	17	
	 20.
	 	 Payments to and Duties of Advisor Upon Termination
	  	 	18	
	 21.
	 	 Assignment to an Affiliate
	  	 	18	
	 22.
	 	 Indemnification by the Company and the Operating Partnership
	  	 	18	
	 23.
	 	 Advancement of Legal Expenses
	  	 	19	
	 24.
	 	 Indemnification by Advisor
	  	 	19	
	 25.
	 	 Publicity
	  	 	20	
	 26.
	 	 Non-Solicitation
	  	 	20	
	 27.
	 	 Notices
	  	 	20	
	 28.
	 	 Modification
	  	 	21	
	 29.
	 	 Severability
	  	 	21	
	 30.
	 	 Construction
	  	 	21	
	 31.
	 	 Entire Agreement
	  	 	21	
	 32.
	 	 Indulgences, Not Waivers
	  	 	21	
	 33.
	 	 Gender
	  	 	21	
	 34.
	 	 Titles Not to Affect Interpretation
	  	 	21	
	 35.
	 	 Execution in Counterparts
	  	 	21	

 ADVISORY AGREEMENT 

THIS AMENDED AND RESTATED ADVISORY AGREEMENT (this “Agreement”), entered into as of the 5th day of March, 2020, and
which shall be effective as of the first to occur of the SIR Merger (as defined below) and the STAR III Merger (as defined below) (the “Effective Date”), is entered into by and among Steadfast Apartment REIT, Inc., a Maryland
corporation (the “Company”) and Steadfast Apartment Advisor, LLC, a Delaware limited liability company (the “Advisor”). Capitalized terms used herein shall have the meanings ascribed to them in Section 1 below.

 W I T N E S S E T H 

WHEREAS, the Company elected to, and believes it does, qualify as a REIT, and invests its funds in investments permitted by the terms of
Sections 856 through 860 of the Code; 
 WHEREAS, the Company is the general partner of Steadfast Apartment REIT Operating Partnership,
L.P., a Delaware limited partnership ( “STAR OP”), and the 100% owner of each of the general partner of Steadfast Income REIT Operating Partnership, L.P. (“SIR OP”) and the general partner of Steadfast Apartment
REIT III Operating Partnership, L.P. (“STAR III OP”), and the Company intends to conduct all of its business and make all or substantially all Investments through STAR OP, SIR OP and STAR III OP (collectively, the “Operating
Partnerships”); 
 WHEREAS, the Company and the Operating Partnerships desire to avail themselves 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, all as provided
herein; and 
 WHEREAS, the Advisor is willing to undertake to render such services 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, intending
to be legally bound, hereby agree as follows: 
 1.    CONSTRUCTION AND DEFINITIONS. As used in this
Agreement, the following terms have the meanings specified below: 
 Acquisition Expenses means any and all expenses,
excluding Acquisition Fees and Loan Coordination Fees, incurred by the Company, the Operating Partnerships, the Advisor, or any of their Affiliates in connection with the selection, evaluation, acquisition, origination or development of any
Investments, 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 the costs of performing due diligence. 
 Acquisition
Fee means the fees payable to the Advisor pursuant to Section 9(a), plus all other fees and commissions, excluding Acquisition Expenses, in connection with making or investing in any Investment or the purchase, development or
construction of any Real Estate Asset by the Company. Included in the computation of such fees or commissions shall be any real estate commission, origination fee, 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 Real Estate
Asset. 

  
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 Advisor means Steadfast Apartment Advisor, LLC, a Delaware limited liability
company, any successor advisor to the Company, and the Operating Partnerships to which Steadfast Apartment Advisor, LLC or any successor advisor subcontracts substantially all of its functions. Notwithstanding the foregoing, a Person hired or
retained by Steadfast Apartment Advisor, LLC to perform property management and related services for the Company or the Operating Partnerships that is not hired or retained to perform substantially all of the functions of Steadfast Apartment
Advisor, LLC with respect to the Company or the Operating Partnerships as a whole shall not be deemed to be an Advisor. 
 Affiliate
or Affiliated means, with respect to any Person, (i) any Person directly or indirectly owning, controlling or holding, with the power to vote, ten percent (10%) or more of the outstanding voting securities of such other Person;
(ii) any Person ten percent (10%) or more of its outstanding voting securities are directly or indirectly owned, controlled or held, with the power to vote, by such other Person; (iii) any Person directly or indirectly controlling,
controlled by or under common control with such other Person; (iv) any executive officer, director, trustee or general partner of such other Person; and (v) any legal entity for which such Person acts as an executive officer, director,
trustee or general partner of such other Person. An entity shall not be deemed to control or be under common control with a program sponsored by the Sponsor unless (A) the entity owns 10% or more of the voting equity interests of such program
or (B) a majority of the Board (or equivalent governing body) of such program is composed of Affiliates of the entity or general partner. 

Articles of Incorporation means the Articles of Incorporation of the Company, as amended or restated from time to time. 

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 Investments before deducting depreciation, bad debts or other non-cash reserves, computed by taking the average of such values at the end of each month during such period.

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

Bylaws means the bylaws of the Company, as amended or restated from time to time. 

Cause means with respect to the termination of this Agreement, fraud, criminal conduct, willful misconduct, gross
negligence or negligent breach of a fiduciary duty by the Advisor, or a material breach of this Agreement by the Advisor. 

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 Steadfast Apartment REIT, Inc., a Maryland corporation. 

Competitive Real Estate Commission means a real estate or brokerage commission for the purchase or sale of property that is
reasonable, customary and competitive in light of the size, type and location of the property. 
 Contract Sales Price
means the total consideration received by the Company for the Sale of an Investment. 

  
 2 

 Cost of Investments means the sum of (i) with respect to acquisition or
origination of an Investment to be wholly owned, directly or indirectly, by the Company, the amount actually paid or budgeted to fund the acquisition, origination, development, construction or improvement (i.e., value-enhancement) of the Investment,
inclusive of expenses associated with the making of such Investment and the amount of any debt associated with, or used to fund the investment in, such Investment, and (ii) with respect to the acquisition or origination of an Investment through
any Joint Venture, the portion of the amount actually paid or allocated to fund the acquisition, origination, development, construction or improvement of the Investment, inclusive of expenses associated with the making of such Investment, plus the
amount of any debt associated with, or used to fund the investment in, such Investment that is attributable to the Company’s investment in such Joint Venture. 

Director means a member of the Board. 

Disposition Fee means the fees payable to the Advisor pursuant to Section 9(c). 

Effective Date shall have the meaning set forth in the Preamble hereto. 

Excess Amount shall have the meaning set forth in Section 11(d). 

Exchange Act means the Securities Exchange Act of 1934, as amended. 

Expense Year shall have the meaning set forth in Section 11(d). 

FINRA means the Financial Industry Regulatory Authority, Inc. and any successor thereto. 

GAAP means generally accepted accounting principles as in effect in the United States of America from time to time. 

Good Reason means either (i) any failure to obtain a satisfactory agreement from any successor to the Company or the
Operating Partnerships to assume and agree to perform the Company’s and the Operating Partnerships’ obligations under this Agreement or (ii) any material breach of this Agreement of any nature whatsoever by the Company or the
Operating Partnerships. 
 Indemnitee shall have the meaning set forth in Section 22. 

Independent Director shall have the meaning set forth in the Articles of Incorporation. 

Investments means any investments by the Company or the Operating Partnerships in Real Estate Assets, Real Estate-Related Assets
or other investments in which the Company or the Operating Partnerships may acquire an interest, either directly or indirectly, including through an ownership interest in a Joint Venture, pursuant to its Articles of Incorporation, Bylaws and the
investment objectives and policies adopted by the Board from time to time, other than short-term investments acquired for the purpose of cash management. 

Investment Management Fee means the fees payable to the Advisor pursuant to Section 9(d). 

Joint Venture means the joint venture, limited liability company, partnership or other entity pursuant to which the Company is a
co-venturer or partner with respect to the ownership of any Investments. 
 Listing
means the listing of the Shares on (i) a U.S. national securities exchange; (ii) a non-U.S. national securities exchange that is officially recognized, sanctioned or supervised by a governmental
authority; or (iii) any over-the-counter market. Upon such Listing, the Shares shall be deemed “Listed.” 

  
 3 

 Loan Coordination Fee means the fees payable to the Advisor pursuant to
Section 9(e). 
 Loans means any indebtedness or obligations in respect of borrowed money or evidenced by bonds, notes,
debentures, deeds of trust, letters of credit or similar instruments, including mortgages and mezzanine loans. 
 NASAA REIT
Guidelines means the Statement of Policy Regarding Real Estate Investment Trusts published by the North American Securities Administrators Association as in effect on the Effective Date, as may be modified from time to time. 

Net Income means, for any period, the Company’s total revenues applicable to such period, less the total expenses
applicable to such period other than additions to reserves for depreciation, bad debts or other similar non-cash reserves and excluding any gain from the sale of the Company’s assets. 

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 its 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 taxes 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 debt reserves, (v) incentive fees paid in compliance with the NASAA REIT Guidelines, (vi) Acquisition Fees and Acquisition Expenses, and
(vii) other fees and expenses connected with the acquisition, disposition, management and ownership of real estate interests, mortgages or other property (including the costs of foreclosure, insurance premiums, legal services, maintenance,
repair, and improvement of property). The definition of “Operating Expenses” set forth above is intended to encompass only those expenses that are required to be treated as Total Operating Expenses under the NASAA REIT Guidelines. As a
result, and notwithstanding the definition set forth above, any expense of the Company that is not part of Total Operating Expenses under the NASAA REIT Guidelines shall not be treated as part of Operating Expenses for purposes hereof. 

Operating Partnership has the meaning set forth in the Preamble hereto. 

Operating Partnership Agreement means the Limited Partnership Agreement by and among the Company, each Operating Partnership and
the respective advisor, as amended or restated from time to time. 
 Organization and Offering Expenses means any and all
costs and expenses incurred by or on behalf of the Company in connection with the formation of the Company, the qualification and registration of a Public Offering, and the marketing and distribution of Shares, including, without limitation, total
underwriting and brokerage discounts and commissions (including fees of the underwriters’ attorneys), expenses for printing, engraving, amending and supplementing registration statements and prospectuses, mailing and distributing costs,
salaries of employees while engaged in sales activity, telephone and other telecommunications costs, all advertising and marketing expenses, information technology costs, charges of transfer agents, registrars, trustees, escrow holders, depositories
and experts and fees, expenses and taxes related to the filing, registration and qualification of the sale of the Shares under federal and state laws, including taxes and fees and accountants’ and attorneys’ fees. 

Person means an individual, corporation, partnership, trust, joint venture, limited liability company or other entity.

  
 4 

 Property Manager means an entity that has been retained to perform and carry
out property-management services at one or more of the Real Estate Assets, excluding Persons retained or hired to perform facility management or other services or tasks at a particular Real Estate Asset, the costs for which are passed through to and
ultimately paid by the tenant at such Real Estate Asset. 
 Prospectus means a “Prospectus” under Section 2(10)
of the Securities Act, including a preliminary Prospectus, an offering circular as described in Rule 253 of the General Rules and Regulations under the Securities Act or, in the case of an intrastate offering, any document by whatever name known,
utilized for the purpose of offering and selling securities to the public. 
 Public Offering means a public offering of
Shares pursuant to a Prospectus. 
 Real Estate Assets means any investment by the Company or the Operating Partnerships in
unimproved and improved Real Property (including, without limitation, fee or leasehold interests, options and leases) either directly or through a Joint Venture. 

Real Estate-Related Assets means any investments by the Company or the
Operating Partnerships in, or origination of, mortgage loans and other types of real estate-related debt financing, including, without limitation, mezzanine loans, bridge loans, convertible mortgages, construction mortgage loans, loans on leasehold
interests and participations in such loans, as well as real estate debt securities and equity securities of other real estate companies and REITs. 

Real Property means real property owned from time to time by the Company or the Operating Partnerships, either directly or
through joint venture arrangements or other partnerships, which consists of (i) land only, (ii) land, including the buildings and improvements located thereon, (iii) buildings and improvements only, or (iv) such investments the
Board and the Advisor mutually designate as Real Property to the extent such investments could be classified as Real Property. 

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

Registration Statement means any registration statement filed by the Company with the SEC from time to time. 

Sale or Sales means any transaction or series of transactions whereby: (i) the Company or the Operating Partnerships
directly or indirectly (except as described in other subsections of this definition) sells, grants, transfers, conveys, or relinquishes its ownership of any Investment or portion thereof, including the lease of any Real Property consisting of a
building only, and including any event with respect to any Real Property which gives rise to a significant amount of insurance proceeds or condemnation awards; (ii) the Company or the Operating Partnerships directly or indirectly (except as
described in other subsections of this definition) sells, grants, transfers, conveys, or relinquishes its ownership of all or substantially all of the interest of the Company or the Operating Partnerships in any Joint Venture in which it is a co-venturer or partner; (iii) any Joint Venture directly or indirectly (except as described in other subsections of this definition) in which the Company or the Operating Partnerships as a co-venturer or partner sells, grants, transfers, conveys, or relinquishes its ownership of any Investment or portion thereof, including any event with respect to any Real Property which gives rise to a significant
amount of insurance proceeds or similar awards; (iv) the Company or the Operating Partnerships directly or indirectly (except as described in other subsections of this definition) sells, grants, conveys or relinquishes its interest in any Real
Estate-Related Assets or portion thereof (including with respect to any Real Estate-Related Investment, all payments thereunder or in satisfaction thereof other than regularly scheduled interest payments) and any event which gives rise to a
significant amount of insurance proceeds or similar awards; (v) the Company or the Operating Partnerships directly or indirectly (except as described in other subsections of this definition) sells, grants, transfers, conveys, or relinquishes
its ownership of any other asset not previously described in this definition or any portion thereof; or (vi) any other transaction or series of transactions that the Board deems to be a Sale. 

  
 5 

 SEC means the Securities and Exchange Commission. 

Securities Act means the Securities Act of 1933, as amended. 

Shares mean the shares of the Company’s common stock, par value $0.01 per share. 

SIR means Steadfast Income REIT, Inc. 

SIR Merger means the merger of SIR with and into a subsidiary of the Company pursuant to that certain Agreement and Plan of
Merger, dated August 5th, 2019, among Steadfast Income REIT, Inc., Steadfast Income REIT Operating Partnership, L.P., Steadfast Apartment REIT, Inc., Steadfast Apartment REIT Operating
Partnership, L.P., and SI Subsidiary, LLC. 
 SIR OP has the meaning as set forth in the Preamble hereto. 

STAR OP has the meaning set forth in the Preamble hereto. 

Special Committee has the meaning as provided in Section 14. 

Sponsor means Steadfast REIT Investment, LLC, a Delaware limited liability company. 

STAR III means Steadfast Apartment REIT III, Inc. 

STAR III Common Stock means the STAR III Class A common stock, Class T common stock and Class R common stock.

 STAR III Merger means the merger of STAR III with and into a subsidiary of the Company pursuant to that certain Agreement
and Plan of Merger, dated August 5th, 2019, among Steadfast Apartment REIT III, Inc., Steadfast Apartment REIT III Operating Partnership, L.P., Steadfast Apartment REIT, Inc., Steadfast Apartment
REIT Operating Partnership, L.P., and SIII Subsidiary, LLC. 
 STAR III OP has the meaning as set forth in the Preamble
hereto. 
 Stockholders mean the registered holders of the Shares. 

Termination Date means the date of termination of this Agreement (unless termination is followed by adoption of an
advisory agreement with the Advisor or an Affiliate thereof). 
 2%/25% Guidelines has the meaning set forth in
Section 11(d). 
 2.    APPOINTMENT. The Company and the Operating Partnerships hereby appoint the
Advisor to serve as their advisor on the terms and conditions set forth in this Agreement, and the Advisor hereby accepts such appointment. 

3.    DUTIES OF THE ADVISOR. The Advisor is responsible for managing, operating, directing and supervising
the operations and administration of the Company and its Investments. The Advisor undertakes to present to the Company potential investment opportunities, to make investment decisions on behalf of the Company subject to the limitations in the
Articles of Incorporation and the direction and oversight of the Board 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. In performance of this undertaking, subject to the supervision of the Board and consistent with the provisions of the Articles of Incorporation, Bylaws and each Operating Partnership Agreement, the Advisor shall perform
the duties described in this Section 3. 

  
 6 

 (a)    Offering Services. The Advisor shall manage
and supervise, in connection with any Public Offering: 
 (i)    the development of the Initial Public Offering and any
subsequent Public Offering approved by the Board, including the determination of the specific terms of the securities to be offered by the Company, preparation of all offering and related documents, and obtaining all required regulatory approvals of
such documents; 
 (ii)    along with a dealer manager, the approval of any participating dealer and negotiation of the
related selling agreements; 
 (iii)    along with a dealer manager, the coordination of the due diligence process
relating to participating dealers and their review of the Registration Statement and other Public Offering documents; 

(iv)    along with a dealer manager, the preparation of all marketing materials contemplated to be used by a dealer
manager or others relating to any Public Offering; 
 (v)    along with a dealer manager, the negotiation and
coordination with the transfer agent for the receipt, collection, processing and acceptance of subscription agreements, commissions, and other administrative support functions; 

(vi)    along with a dealer manager, the creation and implementation of various technology and electronic communications
related to any Public Offering; and 
 (vii)    all other services related to any Public Offering, other than services
that (a) are to be performed by the dealer manager, (b) the Company elects to perform directly or (c) would require the Advisor to register as a broker-dealer with the SEC, FINRA or any state. 

(b)    Acquisition Services. The Advisor shall: 

(i)    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 such investments will be made; and (c) acquire such investments on behalf of the Company; 

(ii)    oversee the due diligence process related to prospective Investments; 

(iii)    prepare reports regarding prospective Investments which include recommendations and supporting documentation
necessary for the Board to evaluate the prospective Investments; and 
 (iv)    obtain reports (which may be prepared
by the Advisor or its Affiliates), where appropriate in the judgment of the Advisor, concerning the value of prospective Investments. 

(c)    Investment Management Services. The Advisor shall: 

(i)    serve as the Company’s investment and financial advisor and obtain certain market research and economic and
statistical data in connection with the Investments and investment objectives and policies; 

  
 7 

 (ii)    investigate, select and, on behalf of the Company, engage and
conduct business with such Persons as the Advisor deems necessary to the proper performance of its obligations hereunder, including, but not limited to, consultants, accountants, lenders, technical advisors, attorneys, brokers, underwriters,
corporate fiduciaries, escrow agents, depositaries, custodians, agents for collection, insurers, insurance agents, developers, construction companies, Property Managers and any and all Persons acting in any other capacity deemed by the Advisor
necessary or desirable for the performance of any of the foregoing services; 
 (iii)    monitor applicable markets and
obtain reports where appropriate in the judgment of the Advisor, concerning the value of the Investments; 

(iv)    monitor and evaluate the performance of the Investments, provide daily investment management services to the
Company and perform and supervise the various investment management and operational functions related to the Investments; 

(v)    formulate and oversee the implementation of strategies for the administration, promotion, management, operation,
maintenance, improvement, financing and refinancing, marketing, leasing and disposition of Investments on an overall portfolio basis; 

(vi)    oversee the performance by the Property Managers of their duties, including collection and proper deposits of
rental payments and payment of Real Estate Asset expenses and maintenance; 
 (vii)    conduct periodic on-site property visits (as the Advisor deems reasonably necessary) to some or all of the Real Estate Assets to inspect the physical condition of the Real Estate Assets and to evaluate the performance of the
Property Managers; 
 (viii)    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; 

(ix)    coordinate and manage relationships between the Company and any Joint Venture partners; and 

(x)    provide financial and operational planning services and investment portfolio management functions, including,
without limitation, the planning and implementation of establishing the Company’s net asset value and obtaining appraisals and valuations with respect to Investments. 

(d)    Accounting and Other Administrative Services. The Advisor shall: 

(i)    manage and perform the various administrative functions necessary for the management of the day-to-day operations of the Company; 

(ii)    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; 

(iii)    coordinate with the Company’s independent accountants and auditors to prepare and deliver to the
Board’s audit committee an annual report covering the Advisor’s compliance with certain material aspects of this Agreement; 

  
 8 

 (iv)    provide or arrange for 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; 

(v)    maintain accounting data and any other information concerning the activities of the Company as shall be needed to
prepare and file all periodic financial reports and returns required to be filed with the SEC and any other regulatory agency, including annual financial statements; 

(vi)    maintain all books and records of the Company; 

(vii)    oversee tax and compliance services and risk management services and coordinate with third parties engaged by
the Company, including independent accountants and other consultants, on related tax matters; 
 (viii)    supervise
the performance of such ministerial and administrative functions as may be necessary in connection with the daily operations of the Company; 

(ix)    provide the Company with all necessary cash management services; 

(x)    manage and coordinate with the transfer agent the Distribution process and payments to Stockholders; 

(xi)    at any time reasonably requested by the Board, consult with the Board and assist in evaluating and obtaining
adequate property insurance coverage based upon risk management determinations; 
 (xii)    provide the officers of the
Company and the Board with timely updates related to the overall regulatory environment affecting the Company, as well as managing compliance with such matters; 

(xiii)    consult with the Board relating to the corporate governance structure and the policies and procedures related
thereto; and 
 (xiv)    oversee all reporting, record keeping, internal controls and similar matters in a manner to
allow the Company to comply with applicable law including the Sarbanes-Oxley Act of 2002. 
 (e)    Stockholder
Services. The Advisor shall: 
 (i)    along with the dealer manager, manage communications with
Stockholders, including answering phone calls, preparing and sending written and electronic reports and other communications; and 

(ii)    along with the dealer manager, establish technology infrastructure to assist in providing Stockholder support and
service. 
 (f)    Financing Services. The Advisor shall: 

(i)    identify and evaluate potential financing and refinancing sources, engaging a third-party broker if necessary;

 (ii)    negotiate terms, arrange and execute financing agreements; 

(iii)    manage relationships between the Company and its lenders; and 

  
 9 

 (iv)    monitor and oversee the service of the Company’s debt
facilities and other financings. 
 (g)    Disposition Services. The Advisor shall: 

(i)    consult with the Board and provide assistance with the evaluation and approval of potential Investment
dispositions, sales or other liquidity events; and 
 (ii)    structure and negotiate the terms and conditions of
transactions pursuant to which Investments may be sold. 
 4.    AUTHORITY OF ADVISOR. 

(a)    Pursuant to the terms of this Agreement (including the restrictions included in this Section 4 and in
Section 7), and subject to the continuing and exclusive authority of the Board over the management of the Company, the Board hereby delegates to the Advisor the authority to perform the services described in Section 3. The Advisor shall
have the power to delegate all or any part of its rights and powers to perform the services described in Section 3 to such officers, employees, Affiliates, agents and representatives of the Advisor or the Company as it may deem appropriate. Any
authority delegated by the Advisor to any other Person shall be subject to the limitations on the rights and powers of the Advisor specifically set forth in this Agreement or the Articles of Incorporation. 

(b)     Notwithstanding the foregoing, the Advisor may not take any action on behalf of the Company without the prior
approval of the Board or duly authorized committees thereof if the Articles of Incorporation or Maryland General Corporation Law require the prior approval of the Board. The Advisor will deliver to the Board all documents and other information
required by the Board to evaluate a proposed investment (and any financing related to such proposed investment). 

(c)    If a transaction requires approval by the Independent Directors, the Advisor will deliver to the Independent
Directors all documents and other information required by them to properly evaluate the proposed transaction. 

(d)    The prior approval of a majority of the Independent Directors not otherwise interested in the transaction and a
majority of the Board not otherwise interested in the transaction will be required for each transaction to which the Advisor or its Affiliates is a party. 

(e)    The Board may, at any time upon the giving of written notice to the Advisor, modify or revoke the authority or
approvals set forth in Section 3 and this Section 4; provided, however, that such modification or revocation shall be effective upon receipt of such notification by the Advisor and shall not be applicable to investment transactions to
which the Advisor has committed the Company or the Operating Partnership prior to the date of receipt by the Advisor of such notification. 

5.    BANK ACCOUNTS. The Advisor shall establish and maintain one or more bank accounts in the name of the
Company and each of the Operating Partnerships 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 or any of the Operating Partnerships, under such terms
and conditions as the Board may approve, provided that no funds shall be commingled with the funds of the Advisor; and the Advisor shall from time to time render, upon request by the Board, its audit committee or the auditors of the Company,
appropriate accountings of such collections and payments to the Board and to the auditors of the Company. 

  
 10 

 6.    RECORDS; ACCESS. 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 and expense reimbursements paid under this Agreement. The Advisor shall utilize procedures to attempt to ensure such control
over accounting and financial transactions as is reasonably required to protect the Company’s assets from theft, error or fraudulent activity. All financial statements that the Advisor delivers to the Company shall be prepared on an accrual
basis in accordance with GAAP, except for special financial reports that by their nature require a deviation from GAAP. The Advisor shall liaise with the Company’s officers and independent auditors and shall provide such officers and auditors
with the reports and such other information that the Company requests. 
 7.    LIMITATIONS 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 (a) adversely affect the ability of the Company to qualify or continue to qualify as
a REIT under the Code unless the Board has determined that the Company will not seek or maintain REIT qualification for the Company, (b) subject the Company to regulation under the Investment Company Act of 1940, as amended, (c) violate
any law, rule, regulation or statement of policy of any governmental body or agency having jurisdiction over the Company, its Shares or its other securities, (d) require the Advisor to register as a broker-dealer with the SEC, FINRA or any
state, or (e) violate the Articles of Incorporation or Bylaws. In the event that an action would violate any of (a) through (e) 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. Notwithstanding the foregoing, the Advisor, its managers, officers, employees and members, and the partners, directors, officers, managers, members and stockholders of the
Advisor’s Affiliates shall not be liable to the Company or to the Directors or Stockholders for any act or omission by the Advisor, its directors, officers, employees, or members, and the partners, directors, officers, managers, members or
stockholders of the Advisor’s Affiliates taken or omitted to be taken in the performance of their duties under this Agreement except as provided in Section 24 of this Agreement. 

8.    RELATIONSHIP WITH DIRECTORS. Subject to Section 7 of this Agreement and to restrictions advisable
with respect to the qualification of the Company as a REIT, directors, officers and employees of the Advisor or an Affiliate of the Advisor may serve as a Director and as officers of the Company, except that no director, officer or employee of the
Advisor or its Affiliates who also is a Director or officer of the Company shall receive any compensation from the Company for serving as a Director or officer other than reasonable reimbursement for travel and related expenses incurred in attending
meetings of the Board and no such Director shall be deemed an Independent Director for purposes of satisfying the Director independence requirement set forth in the Articles of Incorporation. 

9.    FEES. The Company shall pay the Advisor the following fees subject to the conditions set forth below.

 (a)    Acquisition Fees. The Company shall pay to the Advisor or an Affiliate an Acquisition Fee
payable by the Company, in cash, as compensation for services rendered in connection with the investigation, selection, acquisition (by purchase, investment or exchange), origination, development, construction or improvement of Investments as set
forth in Section 3(b) hereof. The total Acquisition Fees payable to the Advisor or its Affiliates shall equal 0.5% of (1) the Cost of Investment or 

  
 11 

 
(2) the Company’s allocable portion of the purchase price in connection with the acquisition or origination of any Investment acquired through a Joint Venture. Notwithstanding the foregoing,
the Acquisition Fee related to each of the SIR Merger and STAR III Merger shall equal 1.0% of the Cost of Investment with such acquisition, as set forth in the Advisory Agreement prior to the Effective Date applicable to the Mergers. Notwithstanding
anything herein to the contrary, the payment of Acquisition Fees by the Company shall be subject to the limitations on acquisition fees contained in (and defined in) the Articles of Incorporation. The Advisor shall submit an invoice to the Company
following the closing of each Investment, accompanied by a computation of the Acquisition Fee. Generally the Acquisition Fee shall be paid to the Advisor at the closing of the transaction upon receipt of the invoice by the Company; provided,
however, that such Acquisition Fee shall be paid to an Affiliate of the Advisor that is registered as a FINRA member broker-dealer if applicable laws or regulations prohibit such payment to be made to a Person that is not a FINRA member
broker-dealer. In addition, payment of the Acquisition Fee may be deferred, in whole or in part, as to any transaction in the sole discretion of the Advisor. Any such deferred Acquisition Fees shall be paid to the Advisor without interest
at such subsequent date as the Advisor shall request. 
 (b)    Limitation on Total Acquisition Fees, Origination
Fees and Acquisition Expenses. In no event will the total of all Acquisition Fees and Acquisition Expenses (including any Loan Coordination Fee) payable with respect to a particular Investment exceed 4.5% of the “Contract Price
for the Property,” as defined in the NASAA REIT Guidelines, unless a majority of the Independent Directors approves the Acquisition Fees and Acquisition Expenses and determines the transaction to be commercially competitive, fair and reasonable
to the Company. 
 (c)    Disposition Fee. In connection with a Sale of an Investment in which the
Advisor or any Affiliate of the Advisor provides a substantial amount of services as determined by a majority of the Independent Directors, the Company shall pay to the Advisor or its Affiliate, in cash, a Disposition Fee up to one-half of the Competitive Real Estate Commission paid, but in no event to exceed 0.5% of the Sales Price of the Investment sold. Any Disposition Fee payable under this Section 9(c) may be paid in addition to
real estate commissions paid to non-Affiliates, provided that the total real estate commissions (including such Disposition Fee) paid to all Persons by the Company for the Sale of each Real Estate Asset shall
not exceed the lesser of the Competitive Real Estate Commission or an amount equal to 6.0% of the Contract Sales Price. Substantial assistance in connection with a Sale may include the preparation of an investment package (for example, a package
including a new investment analysis, rent rolls, Argus projections, tenant information regarding credit, a property title report, an environmental report, a structural report and exhibits) or other such substantial services performed in connection
with a Sale. The Advisor shall submit an invoice to the Company following the closing or closings of each disposition, accompanied by a computation of the Disposition Fee. Generally, the Disposition Fee shall be paid to the Advisor at the closing of
the transaction upon receipt of the invoice by the Company; provided, however, that such Disposition Fee shall be paid to an Affiliate of the Advisor that is registered as a FINRA member broker-dealer if applicable laws or regulations prohibit such
payment to be made to a Person that is not a FINRA member broker-dealer. In addition, payment of the Disposition Fee may be deferred, in whole or in part, as to any transaction in the sole discretion of the Advisor. Any such deferred Disposition
Fees shall be paid to the Advisor without interest at such subsequent date as the Advisor shall request. 

(d)    Investment Management Fee. The Advisor shall receive the Investment Management Fee as
compensation for services rendered in connection with the management of the Company’s assets as set forth in Section 3(c) hereof. The Investment Management Fee shall be payable to the Advisor, 50% in cash and 50% in Shares, monthly in an
amount equal to one-twelfth of 1.0% of the Cost of Investments. The Advisor shall submit a monthly invoice to the Company, accompanied by a computation of the Investment Management Fee for the applicable
period. Generally, the Investment 

  
 12 

 
Management Fee payable to the Advisor shall be paid on the last day of such month, or the first business day following the last day of such month. In addition, payments of the Investment
Management Fee may be deferred, in whole or in part, as to any transaction in the sole discretion of the Advisor. Any such deferred Investment Management Fee shall be paid to the Advisor without interest at such subsequent date as the Advisor shall
request. 
 (e)    Loan Coordination Fee. The Company will pay the Advisor or one of its
Affiliates, in cash, the Loan Coordination Fee equal to 0.5% of (1) the initial amount of new debt financed or outstanding debt assumed in connection with the acquisition, development, construction, improvement or origination of any type of
Real Estate Asset or Real Estate-Related Asset acquired directly or (2) the Company’s allocable portion of the purchase price and therefore the related debt in connection with the acquisition or origination of any type of Real Estate Asset
or Real Estate-Related Asset acquired through a Joint Venture. 
 As compensation for services rendered in connection with any financing or
the refinancing of any debt (in each case, other than at the time of the acquisition of a property), the Company will also pay the Advisor or one of its Affiliates, in the form of Shares equal to such amount, a Loan Coordination Fee equal to 0.50%
of the amount refinanced or the Company’s proportionate share of the amount refinanced in the case of Investments made through a Joint Venture. 

Notwithstanding the foregoing, the Loan Coordination Fee related to each of the SIR Merger and STAR III Merger shall equal 1.0% of the amount
of debt assumed in connection with such transactions, as set forth in the Advisory Agreement prior to the Effective Date applicable to the Mergers. 

(f)    Form of Payment. Except if a form of payment or distribution is specifically provided for, the
Advisor may, in its sole discretion, elect to have any of the fees paid pursuant to this Section 9, in whole or in part, in cash or Shares. The price of any Shares issued pursuant to this Section 9 shall be at the Public Offering price or
if the Company is not conducting a Public Offering, at the most recent value per Share determined by the Board. 

(g)    Changes to Fee Structure. In the event of Listing, the Company and the Advisor shall negotiate
in good faith to establish a fee structure appropriate for a perpetual-life entity. 
 10.    EXPENSES. In
addition to the compensation paid to the Advisor pursuant to Section 9 hereof, the Company or the Operating Partnerships shall pay directly or reimburse the Advisor for all of the expenses paid or incurred by the Advisor or its Affiliates in
connection with the services it provides to the Company and the Operating Partnership pursuant to this Agreement, including, but not limited to: 

(a)    [Reserved.]; 

(b)    Acquisition Expenses incurred in connection with the selection, evaluation and acquisition of Investments
(including the reimbursement of any acquisition expenses incurred by the Advisor and payable to third parties that are not Affiliates of the Company); provided, however, that the total of all Acquisition Fees and Acquisition Expenses (including any
Loan Coordination Fee) payable in connection with a particular Investment may not exceed 4.5% of the “Contract Price for the Property,” as defined in the NASAA REIT Guidelines, unless a majority of the Independent Directors approves the
Acquisition Fees and Acquisition Expenses and determines the transaction to be commercially competitive, fair and reasonable to the Company; 

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

  
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 (d)    interest and other costs for borrowed money, including discounts,
points and other similar fees; 
 (e)    taxes and assessments on income of the Company or Investments, taxes as an
expense of doing business and any other taxes otherwise imposed on the Company and its business, assets or income; 
 (f)    out-of-pocket costs associated with insurance obtained in connection with the business of the Company or by its officers or the Board; 

(g)    expenses of managing, improving, developing and operating Real Estate Assets owned by the Company, as well as
expenses of other transactions relating to an Investment, including but not limited to prepayments, maturities, workouts and other settlements of Loans and other Investments; 

(h)    all out-of-pocket expenses in
connection with payments to the Directors for attending meetings of the Board and Stockholders; 
 (i)    expenses
associated with a Listing or sale or merger of the Company if the Advisor or its Affiliate provides a substantial amount of services in connection with such Listing or a sale or merger, including but not limited to the Company’s allocable share
of the Advisor’s employee costs, travel and communications expenses, costs of appraisals and due diligence reports, market surveys and research, third-party brokerage or finder’s fees and other closing costs regardless of whether the
Company completes any such transaction; 
 (j)    expenses connected with payments of distributions; 

(k)    expenses associated with the issuance and distribution of Shares and other securities of the Company, such as
underwriting fees, advertising expenses, legal and accounting fees, taxes and registration fees; 
 (l)    expenses
incurred in connections with the formation, organization and continuation of any corporation, partnership, Joint Venture or other entity through which the Company’s investments are made or in which any such entity invests; 

(m)    expenses of organizing, redomesticating converting, modifying, merging, liquidating, dissolving or terminating the
Company or any subsidiary thereof or amending or revising the Articles of Incorporation or governing documents of any subsidiary; 

(n)    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; 

(o)    personnel and related employment costs incurred by the Advisor or its Affiliates in performing the services
described in Section 3 hereof, including but not limited to reasonable salaries and wages, benefits and overhead of all employees directly involved in the performance of such services, provided that no reimbursement shall be made for costs of
such employees of the Advisor or its Affiliates to the extent that such employees perform services for which the Advisor receives Acquisition Fees, Investment Management Fees, Disposition Fees or Loan Coordination Fees and provided further that if
the Advisor subsequently determines to seek reimbursement for personnel costs of individuals who serve as executive officers of the Company, the Company will disclose any such reimbursement in its next quarterly or annual report filed pursuant to
SEC requirements; 

  
 14 

 (p)    audit, accounting and legal fees, and other fees for professional
services relating to the operations of the Company and all such fees incurred at the request, or on behalf of, the Board or any other committee of the Board; 

(q)    out-of-pocket costs for the Company
to comply with all applicable laws, regulations and ordinances, including without limitation, the Sarbanes-Oxley Act of 2002, as amended; and 

(r)    all other out-of-pocket costs
incurred by the Advisor in performing its duties hereunder. 
 11.    TIMING OF ADDITIONAL LIMITATIONS ON
REIMBURSEMENTS TO THE ADVISOR. 
 (a)    Expenses incurred by the Advisor on behalf of the Company and the Operating
Partnership and payable pursuant to Section 10 shall be reimbursed no less than monthly to the Advisor. 

(b)    The Advisor shall prepare a statement documenting the expenses of the Company and the Operating Partnerships during
each month, and shall deliver such statement to the Company and the Operating Partnerships within 20 days after the end of each month. The Advisor shall also prepare a statement documenting the expenses of the Company and Operating Partnership
during each quarter, and shall deliver such statement to the Company and Operating Partnership within 30 days after the end of each quarter. 

(c)    [Reserved]. 

(d)    Commencing with the end of the fourth fiscal quarter following the fiscal quarter in which the Company completes
its first Investment, the Company shall not reimburse the Advisor at the end of any fiscal quarter in which Operating Expenses for the four consecutive fiscal quarters then ended (the “Expense Year”) exceed (the “Excess
Amount”) the greater of 2% of Average Invested Assets or 25% of Net Income (the “2%/25% Guidelines”) for such year. Any Excess Amount paid to the Advisor during a fiscal quarter shall be repaid to the Company or, at the
option of the Company, subtracted from the Operating Expenses reimbursed during the subsequent fiscal quarter. If there is an Excess Amount in any Expense Year and the Independent Directors determine that such excess was justified based on unusual
and nonrecurring factors which they deem sufficient, then the Excess Amount may be carried over and included in Operating Expenses in subsequent Expense Years and reimbursed to the Advisor in one or more of such years, provided that there shall be
sent to the Stockholders a written disclosure of such fact, together with an explanation of the factors the Independent Directors considered in determining that such excess expenses were justified. Such determination shall be reflected in the
minutes of the meetings of the Board. All figures used in the foregoing computation shall be determined in accordance with GAAP applied on a consistent basis. 

12.    OTHER SERVICES. In the event that (a) the Board requests that the Advisor or any manager,
officer or employee thereof render services for the Company other than as set forth in this Agreement or (b) there are changes to the regulatory environment in which the Advisor or Company operates that would increase significantly the level of
services performed such that the costs and expenses borne by the Advisor for which the Advisor is not entitled to separate reimbursement for personnel and related employment direct costs and overhead under Section 10 of this Agreement would
increase significantly, such services shall be separately compensated at such rates and in such amounts as are agreed by the Advisor and the Independent Directors, subject to the limitations contained in the Articles of Incorporation, and shall not
be deemed to be services pursuant to the terms of this Agreement. 

  
 15 

 13.    VOTING AGREEMENT. The Advisor agrees that, with
respect to any Shares now or hereinafter owned by it, it will not vote or consent on matters submitted to the Stockholders of the Company regarding (a) the removal of the Advisor or any of its Affiliates as the Advisor or (b) any
transaction between the Company and the Advisor or any of its Affiliates. This voting restriction shall survive until such time that the Advisor or any of its Affiliates is no longer serving as the Company’s external advisor. 

14.    BUSINESS COMBINATIONS. 

(a)    The Company may consider becoming a self-administered REIT once the Company’s assets and income are, in the
view of the Board, of sufficient size such that internalizing the management functions performed by the Advisor is in the best interests of the Company and the Stockholders. If the Board should make this determination in the future, the Board shall
form a special committee (the “Special Committee”) comprised entirely of Independent Directors to consider a possible business combination with the Advisor. The Board shall, subject to applicable law, delegate all of its
decision-making power and authority to the Special Committee with respect to matters relating to a possible business combination with the Advisor. The Special Committee also shall be authorized to retain its own financial advisors and legal counsel
to, among other things, negotiate with representatives of the Advisor regarding a possible business combination with the Advisor. 

(b)    If the Board elects to internalize any management services provided by the Advisor, neither the Company nor the
Operating Partnership shall pay any compensation or other remuneration to the Advisor or its Affiliates in connection with such internalization of management services. Notwithstanding the above, to the extent the Advisor or Sponsor performs
substantial services or incurs costs in connection with any transition-related services performed by the Advisor, the Company, with the approval of the Independent Directors, will pay the Advisor for such services and shall reimburse the Advisor for
expenses and costs reasonably incurred as a result of such services. 
 15.    RELATIONSHIP OF THE PARTIES.
The Company and the Operating Partnership, on the one hand, and the Advisor on the other, are not partners of joint venturers with each other, and nothing in this Agreement shall be construed to make them such partners of joint venturers or
impose any liability as such on either of them. 
 16.    OTHER ACTIVITIES OF THE ADVISOR. 

(a)    Nothing herein contained shall prevent the Advisor or any of its Affiliates from engaging in or earning fees from
other activities, including, without limitation, the rendering of advice to other Persons (including other REITs) and the management of other programs advised, sponsored or organized by the Advisor or its Affiliates; nor shall this Agreement limit
or restrict the right of any director, officer, manager, member, partner, employee or stockholder of the Advisor or its Affiliates to engage in or earn fees from any other business or to render services of any kind to any other Person and earn fees
for rendering such services; provided, however, that the Advisor must devote sufficient resources to the Company’s business to discharge its obligations to the Company under this Agreement. The Advisor may, with respect to any Investment in
which the Company is a participant, also render advice and service to each and every other participant therein, and earn fees for rendering such advice and service. Specifically, it is contemplated that the Company may enter into joint ventures or
other similar co-investment arrangements with certain Persons, and pursuant to the agreements governing such joint ventures or arrangements, the Advisor may be engaged to provide advice and service to such
Persons, in which case the Advisor will earn fees for rendering such advice and service. For the avoidance of doubt, it is understood that neither the Company nor the Board has the authority to determine the salary, bonus or any other compensation
paid by the Advisor to any Director, officer, member, partner, employee, or stockholder of the Advisor or its Affiliates, including any person who is also a director or officer employee of the Company. 

  
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 (b)    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 a 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 and its Affiliates. 

(c)    The Advisor shall be required to use commercially reasonable efforts to present continuing and suitable investment
opportunities to the Company that are 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—Conflict Resolution Procedures—Allocation of Investment Opportunities” in the Registration Statement shall govern the allocation of the opportunity among the Company and Affiliates of the Advisor. The Advisor shall be
required to notify the Board at least annually of Investments that have been purchased by other entities managed by the Advisor or its Affiliates for determination by the Board that the Advisor is fairly presenting investment opportunities to the
Company. 
 17.    THE STEADFAST NAME. The Advisor and its Affiliates have a proprietary interest in the
name “Steadfast.” The Advisor hereby grants to the Company a non-transferable, non-assignable, non-exclusive,
royalty-free right and license to use the name “Steadfast” 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
substantial 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 “Steadfast” 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 “Steadfast” or any other word or words that might, in the reasonable discretion of the Advisor, be susceptible of indication of some form of
relationship between the Company and the Advisor or any of its Affiliates. At such time, the Company will also make any changes to any trademarks, servicemarks or other marks necessary to remove any references to the word “Steadfast.”
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 “Steadfast” as a part of their name, all without the need for any consent (and without the right to object thereto) by the Company. 

18.    TERM OF AGREEMENT. This Agreement shall have an initial term of one year from the Effective Date and
may be renewed for an unlimited number of successive one-year terms upon mutual consent of the parties. The Company (acting through the Independent Directors) 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 Independent Directors. 

19.    TERMINATION BY THE PARTIES. This Agreement may be terminated: 

(a)    immediately by the Company or the Operating Partnership for Cause or upon the bankruptcy of the Advisor; 

(b)    upon 60 days written notice without Cause and without penalty by a majority of the Independent Directors of the
Company; or 

  
 17 

 (c)    upon 60 days written notice with Good Reason by the Advisor. 

The provisions of Sections 17 and 20 through 35 of this Agreement survive termination of this Agreement. 

20.    PAYMENTS TO AND DUTIES OF ADVISOR UPON TERMINATION. 

(a)    After the Termination Date, the Advisor shall not be entitled to compensation for further services hereunder except
it shall be entitled to receive from the Company or the Operating Partnership within 30 days after the effective date of such Termination Date all unpaid reimbursements of expenses and all earned but unpaid fees payable to the Advisor prior to
termination of this Agreement, subject to the 2%/25% Guidelines to the extent applicable. 
 (b)    The Advisor shall
promptly upon termination: 
 (i)    pay over to the Company and the Operating Partnership all money collected and held
for the account of the Company and the Operating Partnership pursuant to this Agreement, after deducting any accrued compensation and reimbursement for its expenses to which it is then entitled; 

(ii)    deliver to the 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; 

(iii)    deliver to the Board all assets, including all Investments, and documents of the Company and the Operating
Partnership then in the custody of the Advisor; and 
 (iv)    reasonably cooperate with the Company and the Operating
Partnership to provide an orderly management transition. 
 21.    ASSIGNMENT TO AN AFFILIATE. This
Agreement may be assigned by the Advisor to an Affiliate only with the prior written approval of a majority of the Directors (including a majority of the Independent Directors). The Advisor may assign any rights to receive fees or other payments
under this Agreement to any Person without obtaining the approval of the Directors. This Agreement shall not be assigned by the Company or the Operating Partnership without the consent of the Advisor, except in the case of an assignment by the
Company or the Operating Partnership to a corporation, limited partnership or other organization which is a successor to all of the assets, rights and obligations of the Company or the Operating Partnership, in which case such successor organization
shall be bound hereunder and by the terms of said assignment in the same manner as the Company and the Operating Partnership are bound by this Agreement. 

22.    INDEMNIFICATION BY THE COMPANY AND THE OPERATING PARTNERSHIP. The Company and the Operating
Partnership shall indemnify and hold harmless the Advisor and its Affiliates, including their respective officers, directors, equity holders, partners and employees (the “Indemnitees,” and each an “Indemnitee”),
from all liability, claims, damages or losses arising in the performance of their duties hereunder, and related expenses, including reasonable attorneys’ fees, to the extent such liability, claims, damages or losses and related expenses are not
fully reimbursed by insurance, and to the extent that such indemnification would not be inconsistent with the laws of the State of Maryland, the Articles of Incorporation or the provisions of Section II.G of the NASAA REIT Guidelines. 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 and the Operating Partnership shall not provide for indemnification of an Indemnitee for any
loss or liability suffered by such 

  
 18 

 
Indemnitee, nor shall they provide that an Indemnitee be held harmless for any loss or liability suffered by the Company and the Operating Partnership, unless all of the following conditions are
met: 
 (a)    the Indemnitee has determined, in good faith, that the course of conduct that caused the loss or
liability was in the best interest of the Company and the Operating Partnership; 
 (b)    the Indemnitee was acting on
behalf of, or performing services for, the Company or the Operating Partnership; 
 (c)    such liability or loss was
not the result of negligence or misconduct by the Indemnitee; and 
 (d)    such indemnification or agreement to hold
harmless is recoverable only out of the Company’s net assets and not from the Stockholders. 
 Notwithstanding the foregoing, an
Indemnitee shall not be indemnified by the Company and the Operating Partnership for any losses, liabilities or expenses arising from or out of an alleged violation of federal or state securities laws by such Indemnitee unless one or more of the
following conditions are met: 
 (a)    there has been a successful adjudication on the merits of each count involving
alleged securities law violations as to the Indemnitee; 
 (b)    such claims have been dismissed with prejudice on the
merits by a court of competent jurisdiction as to the Indemnitee; or 
 (c)    a court of competent jurisdiction
approves a settlement of the claims against the 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 or the Operating Partnership were offered or sold as to indemnification for violation of securities laws. 

23.    ADVANCEMENT OF LEGAL EXPENSES. The Company or the Operating Partnership shall pay or reimburse
reasonable legal expenses and other costs incurred by an Indemnitee as a result of any legal action for which indemnification is being sought in advance of the final disposition of a proceeding only if all of the following conditions are satisfied:

 (a)    the legal action relates to acts or omissions with respect to the performance of duties or services on behalf
of the Company or the Operating Partnership; 
 (b)    the legal action is initiated by a third party who is not a
Stockholder or the legal action is initiated by a Stockholder acting in such Stockholder’s capacity as such and a court of competent jurisdiction specifically approves such advancement; and 

(c)    the Indemnitee undertakes to repay the advanced funds to the Company or the Operating Partnership, together with
the applicable legal rate of interest thereon, if it is ultimately determined that such Indemnitee is found not to be entitled to indemnification. 

24.    INDEMNIFICATION BY ADVISOR. The Advisor shall indemnify and hold harmless the Company and the
Operating Partnership from contract or other liability, claims, damages, taxes or losses and related expenses including attorneys’ fees, to the extent that such liability, claims, damages, taxes or losses and related expenses are not fully
reimbursed by insurance and are incurred by reason of the Advisor’s bad faith, fraud, willful misfeasance, intentional misconduct, gross negligence or reckless disregard of its duties; provided, however, that the Advisor shall not be held
responsible for any action of the Board in following or declining to follow any advice or recommendation given by the Advisor. 

  
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 25.    PUBLICITY. The Advisor shall not, and shall cause
its Affiliates and their officers, managers, employees and members to not, make any public statements or disclosure regarding this Agreement, the duties contemplated hereunder or the business of the Company and the Operating Partnership without
obtaining the prior written consent of the officers of the Company as to the form and content of such disclosure, except to the extent that such disclosure is required by law, in which case the Advisor will give the Company sufficient prior written
notice thereof to seek judicial intervention. Except as authorized in advance by the Board, only the officers of the Company shall be permitted to make public statements or disclosure on behalf of the Company. 

26.    NON-SOLICITATION. During the period commencing on the
Effective Date and ending one year following the Termination Date, the Company shall not, without the Advisor’s prior written consent, directly or indirectly (a) solicit or encourage any person to leave the employment or other service of
the Advisor or its Affiliates; or (b) hire on behalf of the Company or any other person or entity, any person who has left its employment within the one year period following the termination of that person’s employment the Advisor or its
Affiliates. During the period commencing on the date hereof through and ending one year following the Termination Date, the Company will not, whether for its own account or for the account of any other Person, intentionally interfere with the
relationship of the Advisor or its Affiliates with, or endeavor to entice away from the Advisor or its Affiliates, any person who during the term of the Agreement is, or during the preceding one-year period,
was a tenant, co-investor, co-developer, joint venturer or other customer of the Advisor or its Affiliates. 

27.    NOTICES. Any notice, report or other communication required or permitted to be given hereunder shall
be in writing unless some other method of giving such notice, report or other communication is required by the Articles of Incorporation, the Bylaws, or accepted by the party to whom it is given, and shall be given by being delivered by hand, by
courier or overnight carrier or by registered or certified mail to the addresses set forth herein: 
  

			
	 To the Directors and to the Company:      
	  	 Steadfast Apartment REIT, Inc.
 18100 Von Karman
Avenue, Suite 500
 Irvine, California 92612
 Telephone: (949) 852-0700
 Attention: Chief Executive Officer

		
	 To the Advisor:
	  	 Steadfast Apartment Advisor, LLC
 18100 Von
Karman Avenue, Suite 500
 Irvine, California 92612
 Telephone:
(949) 852-0700
 Attention: Secretary

 If delivered by hand or by courier, the date on which the notice, report or other communication is delivered
shall be the date on which such delivery is made and if delivered by overnight carrier, the date on which the notice, report or other communication is received shall be the date on which such delivery is made. Any party may at any time give notice
in writing to the other parties of a change in its address for the purposes of this Section 27. 

  
 20 

 28.    MODIFICATION. This Agreement shall not be changed,
modified, terminated or discharged, in whole or in part, except by an instrument in writing signed by the parties hereto, or their respective successors or assignees. 

29.    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. 

30.    CONSTRUCTION. The provisions of this Agreement shall be construed and interpreted in accordance with
the laws of the State of Delaware. 
 31.    ENTIRE AGREEMENT. This Agreement contains the entire
agreement and understanding among the parties hereto with respect to the subject matter hereof, and supersedes all prior and contemporaneous agreements, understandings, inducements and conditions, express or implied, oral or written, of any nature
whatsoever with respect to the subject matter hereof. The express terms hereof control and supersede any course of performance 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. 
 32.    INDULGENCES, NOT WAIVERS. Neither the failure nor any delay on the
part of a party to exercise any right, remedy, power or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the
same or of any other right, remedy, power or privilege, nor shall any waiver of any right, 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. 

33.    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. 

34.    TITLES NOT TO AFFECT INTERPRETATION. The titles of Sections and Subsections 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. 

35.    EXECUTION IN COUNTERPARTS. This Agreement may be executed in any number of counterparts, each of
which shall be deemed to be an original as against any party whose signature appears thereon, and all of which shall together constitute one and the same instrument. This Agreement shall become binding when one or more counterparts hereof,
individually or taken together, shall bear the signatures of all of the parties reflected hereon as the signatories. 
 [Signatures on
following page.] 

  
 21 

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

			
	STEADFAST APARTMENT REIT, INC.
		
	By:	 	 /s/ Rodney F. Emery

	Name:	 	Rodney F. Emery
	Title:	 	Chief Executive Officer
	
	STEADFAST APARTMENT ADVISOR, LLC
		
	By:	 	 /s/ Ella Shaw Neyland

	Name:	 	Ella Shaw Neyland
	Title:	 	President

  
 Signature Page to
Advisory AgreementExhibit

Exhibit 4.1
DESCRIPTION OF REGISTRANT’S SECURITIES
The authorized capital stock of Summit Financial Group, Inc. consists of 20,250,000 shares, of which 20,000,000 shares are common stock, par value $2.50 per share, and 250,000 shares are preferred stock, par value $1.00 per share.  As of December 31, 2019, only Summit’s common stock is registered under Section 12 of the Securities Exchange Act of 1934 (the “Exchange Act”).
The following description of Summit’s common stock is a summary and does not describe every right, term or condition of owning Summit’s common stock.  It is subject to and is qualified in its entirety by reference to Summit’s Amended and Restated Articles of Incorporation (the “Articles of Incorporation”) and Amended and Restated Bylaws (the “Bylaws”).  For a complete description, refer to the Articles of Incorporation and the Bylaws and any applicable provisions of relevant law, including the applicable provisions of the West Virginia Business Corporation Act (WVBCA) and federal law governing bank holding companies.
General
Pursuant to the Articles of Incorporation, Summit is authorized to issue 20,000,000 shares of common stock, par value $2.50 per share. Summit’s common stock is listed on the NASDAQ Capital Market under the symbol “SMMF.”  The transfer agent for Summit’s common stock is Computershare. The transfer agent’s address is P.O. Box 505000 Louisville, Kentucky 40233.
Dividends
Summit’s shareholders are entitled to receive dividends when and as declared by Summit’s board of directors. The payment of dividends is also subject to the restrictions set forth in the WVBCA and the limitations imposed by the Federal Reserve Board.
Summit’s payment of dividends depends upon receipt of dividends from Summit Community Bank, Summit’s banking subsidiary. Payment of dividends by Summit Community Bank is regulated by the Federal Deposit Insurance Corporation (“FDIC”) and the West Virginia Division of Financial Institutions (“WVDFI”) and generally, the prior approval of the FDIC is required if the total dividends declared by Summit Community Bank, in any calendar year exceeds its net profits, as defined, for that year combined with its retained net profits for the preceding two years. Additionally, prior approval of the FDIC is required when a state non-member bank has deficit retained earnings but has sufficient current year’s net income, as defined, plus the retained net profits of the two preceding years. The FDIC may prohibit dividends if it deems the payment to be an unsafe or unsound banking practice. The FDIC has issued guidelines for dividend payments by state non-member banks emphasizing that proper dividend size depends on the bank’s earnings and capital.
Voting Rights
All voting rights are vested in the holders of Summit’s common stock. On all matters subject to a vote of shareholders, Summit’s shareholders will be entitled to one vote for each share of common stock owned. Summit’s shareholders have cumulative voting rights with regard to election of directors.

Preemptive Rights
No holder of any share of Summit capital stock has any preemptive right to subscribe to an additional issue of capital stock or to any security convertible into such stock.
Liquidation Rights
Upon any liquidation, dissolution or winding up of Summit’s affairs, the holders of Summit common stock are entitled to receive pro rata all of Summit’s assets for distribution to shareholders. There are no redemption or sinking fund provisions applicable to the common stock.
Summit’s board of directors may approve for issuance, without approval of the holders of common stock, preferred stock that has voting, dividend or liquidation rights superior to that of Summit common stock and which may adversely affect the rights of holders of common stock. The issuance of preferred stock, while providing flexibility in connection with possible acquisitions and other corporate purposes, could, among other things, adversely affect the voting power of the holders of common stock and could have the effect of delaying, deferring or preventing a change in control of Summit.
Assessment and Redemption
Shares of Summit common stock presently outstanding are validly issued, fully paid and nonassessable. There is no provision for any voluntary redemption of Summit common stock.
Anti-Takeover Provisions
Provisions of Summit’s Articles of Incorporation and Bylaws may have anti-takeover effects. These provisions may discourage attempts by others to acquire control of Summit without negotiation with Summit’s board of directors. The effect of these provisions is discussed briefly below.
		
	•
	Authorized Stock. The shares of Summit’s common stock authorized by Summit’s Articles of Incorporation but not issued provide Summit’s board of directors with the flexibility to effect financings, acquisitions, stock dividends, stock splits and stock-based grants without the need for a shareholder vote. Summit’s board of directors, consistent with its fiduciary duties, could also authorize the issuance of shares of preferred stock, and could establish voting, conversion, liquidation and other rights for preferred stock being issued, in an effort to deter attempts to gain control of Summit.

		
	•
	Classification of Board of Directors. Summit’s Articles of Incorporation currently provide that the board of directors is divided into three classes of as nearly equal size as possible, with one class elected annually to serve for a term of three years. This classification of the board of directors may discourage a takeover of Summit because a shareholder with a majority interest in the company would have to wait for at least two consecutive annual meetings of shareholders to elect a majority of the members of the board of directors.

		
	•
	Amendment of Articles of Incorporation. Summit’s Articles of Incorporation requires the approval of 66 2/3% of shareholders to amend certain of the provisions of Summit’s Articles of Incorporation. This requirement is intended to prevent a shareholder who controls a majority of Summit common stock from avoiding the requirements of important provisions of Summit’s Articles of Incorporation simply by amending or repealing those provisions. Accordingly, the holders of a minority of the shares of Summit common stock could block the future repeal or modification of certain provisions of 

Summit’s Articles of Incorporation, even if that action were deemed beneficial by the holders of more than a majority, but less than 66 2/3%, of Summit common stock.
Business Combination Provisions
Summit’s Articles of Incorporation provide that at least 66 2/3% of the authorized, issued and outstanding voting shares must approve certain business combination transactions unless the particular business combination transaction has been previously approved by at least 66 2/3% of the board of directors, in which case a simple majority vote of the shareholders is required. In addition, Summit’s Articles of Incorporation provide that neither Summit nor any of its subsidiaries may become a party to any business combination transaction unless certain fair price requirements are satisfied.
Anti-Greenmail Provisions
Summit’s Articles of Incorporation provide that it may not repurchase, directly or indirectly, any shares of Summit’s common stock at a purchase price that is greater than fair market value for such shares, from a 10% or greater shareholder (or an affiliate or associate of such shareholder) who acquired at least half of such shares within the last two years, unless such stock repurchase is approved by the holders of at least a majority of Summit’s outstanding shares of common stock (other than the interested shareholder).

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