Document:

Form of Advisory Agreement

 EXHIBIT 10.2 
 FORM OF ADVISORY AGREEMENT 
 AMONG 

O’DONNELL STRATEGIC GATEWAY REIT, INC., 
 O’DONNELL STRATEGIC GATEWAY REIT OPERATING PARTNERSHIP, LP, 

O’DONNELL STRATEGIC GATEWAY ADVISOR, LLC 
 AND 
 O’DONNELL REIT ADVISORS, LLC 

 TABLE OF CONTENTS 

 

					
	 ARTICLE 1 - DEFINITIONS
	  	 	1	  
		
	 ARTICLE 2 - APPOINTMENT
	  	 	6	  
		
	 ARTICLE 3 - DUTIES OF THE ADVISOR
	  	 	6	  
		
	 3.01 Offering Services
	  	 	6	  
	 3.02 Acquisition Services
	  	 	7	  
	 3.03 Asset Management Services
	  	 	7	  
	 3.04 Accounting and Other Administrative Services
	  	 	8	  
	 3.05 Stockholder Services
	  	 	9	  
	 3.06 Financing Services
	  	 	9	  
	 3.07 Disposition Services
	  	 	9	  
	 ARTICLE 4 - AUTHORITY OF ADVISOR
	  	 	10	  
		
	 4.01 Powers of the Advisor
	  	 	10	  
	 4.02 Approval by the Board
	  	 	10	  
	 4.03 Modification or Revocation of Authority of Advisor
	  	 	10	  
	 ARTICLE 5 - BANK ACCOUNTS
	  	 	10	  
		
	 ARTICLE 6 - RECORDS AND ACCESS
	  	 	11	  
		
	 ARTICLE 7 - LIMITATION ON ACTIVITIES
	  	 	11	  
		
	 ARTICLE 8 - FEES
	  	 	11	  
		
	 8.01 Acquisition Fees
	  	 	11	  
	 8.02 Asset Management Fees
	  	 	12	  
	 8.03 Disposition Fees
	  	 	12	  
	 8.04 Changes to Fee Structure
	  	 	12	  
	 ARTICLE 9 - EXPENSES
	  	 	12	  
		
	 9.01 General
	  	 	12	  
	 9.02 Timing of and Additional Limitations on Reimbursements
	  	 	14	  
	 ARTICLE 10 - OTHER SERVICES
	  	 	15	  
		
	 ARTICLE 11 - VOTING AGREEMENT
	  	 	15	  
		
	 ARTICLE 12 - RELATIONSHIP OF ADVISOR AND COMPANY; OTHER ACTIVITIES OF THE ADVISOR
	  	 	15	  
		
	 12.01 Relationship
	  	 	15	  
	 12.02 Time Commitment
	  	 	15	  
	 12.03 Investment Opportunities and Allocation
	  	 	15	  
	 ARTICLE 13 - THE O’DONNELL NAME
	  	 	16	  
		
	 ARTICLE 14 - TERM AND TERMINATION OF THE AGREEMENT
	  	 	16	  
		
	 14.01 Term
	  	 	16	  
	 14.02 Termination by the Parties
	  	 	16	  
	 14.03 Payments on Termination and Survival of Certain Rights and Obligations
	  	 	16	  

  
 i 

					
	 ARTICLE 15 - ASSIGNMENT
	  	 	17	  
		
	 ARTICLE 16 - INDEMNIFICATION AND LIMITATION OF LIABILITY
	  	 	17	  
		
	 16.01 Indemnification
	  	 	17	  
	 16.02 Limitation on Indemnification
	  	 	18	  
	 16.03 Limitation on Payment of Expenses
	  	 	18	  
	 16.04 Indemnification by Advisor
	  	 	18	  
	 ARTICLE 17 - NON-SOLICITATION
	  	 	19	  
		
	 ARTICLE 18 - MISCELLANEOUS
	  	 	19	  
		
	 18.01 Notices
	  	 	19	  
	 18.02 Modification
	  	 	19	  
	 18.03 Severability
	  	 	19	  
	 18.04 Construction
	  	 	19	  
	 18.05 Entire Agreement
	  	 	19	  
	 18.06 Waiver
	  	 	20	  
	 18.07 Gender
	  	 	20	  
	 18.08 Titles Not to Affect Interpretation
	  	 	20	  
	 18.09 Counterparts
	  	 	20	  

  
 ii 

 FORM OF ADVISORY AGREEMENT 

THIS ADVISORY AGREEMENT (this “Agreement”), dated as of
                    , 2011, and effective as of the date that the Registration Statement is declared effective by the SEC (the “Effective
Date”), is entered into by and among O’Donnell Strategic Gateway REIT, Inc., a Maryland corporation (the “Company”), O’Donnell Strategic Gateway REIT Operating Partnership, LP, a Delaware limited partnership (the
“Operating Partnership”), O’Donnell Strategic Gateway Advisor, LLC, a Delaware limited liability company (the “Advisor”), and, solely in connection with the obligations set forth in Section 12.03 hereof,
O’Donnell REIT Advisors, LLC, a Delaware limited liability company (“Sponsor”). 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 intends to qualify as a REIT, and to invest its funds in investments permitted by the terms of Sections 856 through 860 of the Code; 

WHEREAS, the Company is the general partner of the Operating Partnership and intends to conduct all of its business and make all or
substantially all Investments through the Operating Partnership; 
 WHEREAS, the Company and the Operating Partnership 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 of the Company, 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 
 As used in this Agreement, the following terms shall have the
meanings specified below: 
 Acquisition Expenses means any and all expenses, excluding Acquisition Fees, incurred
by the Company, the Operating Partnership, 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 Fees means the fee payable to the Advisor pursuant to
Section 8.01 plus all other fees and commissions, excluding Acquisition Expenses, paid by any Person to any Person in connection with the Company making or investing in any Investments 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) O’Donnell Strategic Gateway Advisor, LLC, a
Delaware limited liability company, or (ii) any successor advisor to the Company. 
 Affiliate or Affiliated
means, with respect to any Person, (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 10.0% 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 10.0% 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 a program sponsored by the sponsor of the Company unless (A) the entity owns 10.0% 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. 
 Asset Management Fee means the fees
payable to the Advisor pursuant to Section 8.02. 
 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 reserves for depreciation or bad debts or other similar non-cash reserves, computed by taking the average of such values at
the end of each month during such period. 
 Board means the board of directors of the Company, as of any
particular time. 
 Bylaws means the bylaws of the Company, as amended from time to time. 

Cause means with respect to the termination of this Agreement, fraud, criminal conduct, misconduct, negligence or breach of
fiduciary duty by the Advisor, or a material breach of this Agreement by the Advisor. 
 Charter means the
articles of incorporation of the Company, as amended from time to time. 
 Code means the Internal Revenue Code of
1986, as amended from time to time, or any successor statute thereto. Reference to any provision of the Code shall mean such provision as in effect from time to time, as the same may be amended, and any successor provision thereto, as interpreted by
any applicable regulations as in effect from time to time. 
 Company means O’Donnell Strategic Gateway REIT,
Inc., a corporation organized under the laws of the State of Maryland. 
 Contract Sales Price means the total
consideration received by the Company for the sale of an Investment. 
 Cost of Loans and other Investments means,
calculated each month on an ongoing basis, the lesser of: (i) the sum of the amount actually paid or allocated to fund the acquisition or origination of any Loan or other Investment (other than Property), inclusive of expenses associated with
such Loan or other Investment and the amount of any debt associated with or used to acquire or originate such Loan or other Investment, and (ii) the sum of the outstanding principal amount of such Loan or other Investment, plus expenses
associated with such Loan or other Investment and the amount of any debt associated with or used to acquire or originate such Loan or other Investment, as of the time of calculation. With respect to any Loan or other Investment held by the Company
through any Joint Venture, such amount shall be the Company’s proportionate share thereof based upon the Company’s investment in such Joint Venture. 

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

Dealer Manager means SC Distributors, LLC, a Delaware limited liability company, or such other Person selected by the Board
to act as dealer manager for the Offering. 
 Disposition Fee means the fees payable to the Advisor pursuant to
Section 8.03. 
 Distribution means any distributions of money or other property by the Company to
Stockholders, including distributions that may constitute a return of capital for federal income tax purposes. 
 Excess
Amount has the meaning set forth in Section 9.02. 
 Expense Year has the meaning set forth in
Section 9.02. 
 FINRA means the Financial Industry Regulatory Authority, Inc. 

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

 Good Reason means any material breach of this Agreement of any nature whatsoever by the Company or the
Operating Partnership. 
 Gross Proceeds means the aggregate purchase price of all Shares sold for the account of
the Company through an Offering, without deduction for Organization and Offering Expenses. 
 Independent
Directors has the meaning set forth in the Articles of Incorporation. 
 Initial Public Offering means the
initial public offering of Shares registered on the Registration Statement. 
 Investment means any investment by
the Company or the Operating Partnership in Properties, Loans and all other investments in which the Company or the Operating Partnership may acquire an interest, either directly or indirectly, including through ownership interests in a Joint
Venture, pursuant to the 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. 

Joint Venture means any joint venture, limited liability company, partnership or other entity pursuant to which the Company
or the Operating Partnership is, directly or indirectly, a co-venturer or partner with respect to the ownership of any Investments. 
 Listing means the listing of the Shares on a national securities exchange. Upon such Listing, the Shares shall be deemed “Listed.” 

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

  
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 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. 

Net Income means, for any period, the Company’s 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 paid or 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, (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, origination fees, Acquisition Expenses, real estate commissions on the resale of real property and other fees and expenses connected with the acquisition, financing, disposition, management and ownership of real estate interests, loans or
other property (other than commissions on the sale of assets other than real 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 which 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 which 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 means O’Donnell Strategic Gateway REIT Operating Partnership, LP, a Delaware limited
partnership. 
 Operating Partnership Agreement means the limited partnership agreement by and among the Company
and the Advisor. 
 Operator means an entity that has been retained to perform and carry out property management
services at one or more of the Properties, 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. 
 Organization and Offering Expenses means any and all costs and
expenses incurred by or on behalf of the Company and to be paid from the Assets in connection with the formation of the Company and the qualification and registration of an 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 and amending registration statements or supplementing prospectuses, mailing and
distributing costs, salaries of employees while engaged in sales activity, telephone and other telecommunications costs, all advertising and marketing expenses, charges of transfer agents, registrars, trustees, escrow holders, depositories and
experts and expenses related to the filing, registration and qualification of the sale of the Shares under federal and state laws, including taxes, fees and accountants’ and attorneys’ fees. 

  
 4 

 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 Operating Partnership, either directly or indirectly, including through ownership interests in a Joint Venture. 
 Registration Statement means the registration statement filed by the Company with the SEC on Form S-11 (Reg. No.
                    ), as amended from time to time, in connection with the Initial Public Offering. 

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

Sale means (i) any transaction or series of transactions whereby: (A) the Company or the Operating Partnership
sells, grants, transfers, conveys, or relinquishes its ownership of any Investment or portion thereof, including the transfer of any Property that is the subject of a ground lease, including any event with respect to any 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 Operating Partnership sells, grants, transfers, conveys, or relinquishes its ownership of all or substantially all of the interest of the Company or the Operating Partnership in any Joint Venture in which it is a partner;
or (C) any Joint Venture in which the Company or the Operating Partnership is 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 Investment that gives rise to insurance claims or condemnation awards, and including the issuance by such Joint Venture 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. 

Securities means any Shares, any other stock, shares or other evidences of equity or beneficial or other interests, voting
trust certificates, bonds, debentures, notes or other evidences of indebtedness, secured or unsecured, convertible, subordinated or otherwise, or in general any instruments commonly known as “securities” or any certificates of interest,
shares or participations in, temporary or interim certificates for, receipts for, guarantees of, or warrants, options or rights to subscribe to, purchase or acquire, any of the foregoing. 

Shares means 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 15 hereof.

 2%/25% Guidelines has the meaning set forth in Section 9.02. 

  
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 ARTICLE 2 
 APPOINTMENT 
 The Company and the Operating Partnership hereby appoint the
Advisor to serve as their 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 commercially reasonable efforts to present to the Company and the Operating Partnership potential investment opportunities, to make investment decisions on behalf of the Company subject to the
limitations in the 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 duties described below: 
 3.01 Offering
Services. The Advisor shall manage and supervise: 
 (i) Development of the Initial Public Offering and
any subsequent 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 the Dealer Manager, approval of the participating broker-dealers and
negotiation of the related selling agreements; 
 (iii) Coordination of the due diligence process relating
to participating broker-dealers and their review of the Registration Statement and other Offering and Company documents; 
 (iv) Preparation and approval of all marketing materials contemplated to be used by the Dealer Manager or others relating to any Offering; 

(v) Along with the Dealer Manager, negotiation and coordination with the transfer agent for the receipt, collection,
processing and acceptance of subscription agreements, commissions, and other administrative support functions; 

(vi) Creation and implementation of various technology and electronic communications related to any Offering; and

 (vii) All other services related to any 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 blue sky jurisdiction. 

  
 6 

 3.02 Acquisition 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 Investments and investment objectives and
policies; 
 (ii) Subject to Article 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 the Investments will be made; and (c) acquire Investments on behalf of the Company;

 (iii) Oversee the due diligence process related to prospective Investments; 

(iv) Prepare reports regarding prospective Investments which include recommendations and supporting documentation
necessary for the Board to evaluate such prospective Investments; 
 (v) Obtain reports (which may be
prepared by the Advisor or its Affiliates), where appropriate, concerning the value of prospective Investments; and 
 (vi) Negotiate and execute approved Investments. 
 3.03 Asset Management
Services. 
 The Advisor shall: 
 (i) 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, Operators 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; 

(ii) Monitor applicable markets and obtain reports (which may be prepared by the Advisor or its Affiliates) where
appropriate, concerning the value of Investments; 
 (iii) Monitor and evaluate the performance of
Investments, provide daily management services to the Company and perform and supervise the various management and operational functions related to Investments; 
 (iv) 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; 
 (v) Oversee the performance by the Operators of
their duties, including collection and proper deposits of rental payments and payment of Property expenses and maintenance; 

  
 7 

 (vi) 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 Operators; 
 (vii) Review, analyze and comment upon the operating budgets, capital budgets and leasing plans prepared and submitted by each Operator and aggregate these property budgets into the Company’s overall
budget; 
 (viii) Coordinate and manage relationships between the Company and any Joint Venture partners;
and 
 (ix) Provide financial and operational planning services and investment portfolio management
functions. 
 3.04 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 Company’s audit committee an annual report covering the Advisor’s compliance with certain material aspects of this Agreement; 

(iv) Provide or arrange for administrative services, legal services, office space, office furnishings, personnel and
other overhead items necessary and incidental to the Company’s business and operations; 
 (v) Provide
financial and operational planning services and portfolio management functions; 
 (vi) 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; 
 (vii) Oversee tax and compliance services and risk management services and coordinate with
appropriate third parties, 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; 

  
 8 

 (x) Manage and coordinate with the transfer agent the distribution
process and payments to Stockholders; 
 (xi) Consult with the officers of the Company and the Board and
assist in evaluating and obtaining adequate 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 officers of the Company and the Board relating to the corporate governance structure and appropriate 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. 

3.05 Stockholder Services. 
 The Advisor shall: 
 (i) Manage communications with
Stockholders, including answering phone calls, preparing and sending written and electronic reports and other communications; and 
 (ii) Establish technology infrastructure to assist in providing Stockholder support and service. 
 3.06 Financing Services. 
 The Advisor shall: 

(i) Identify and evaluate potential financing and refinancing sources and engage a third-party broker if necessary;

 (ii) Negotiate the terms of, arrange and execute financing agreements; 

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

(iv) Monitor and oversee the service of the Company’s debt facilities and other financings. 

3.07 Disposition Services. 
 The Advisor shall: 
 (i) Consult with the Board and provide
assistance with the evaluation and approval of potential asset dispositions, sales or other liquidity events; and 

  
 9 

 (ii) Structure and negotiate the terms and conditions of transactions
pursuant to which Investments may be sold. 
 ARTICLE 4 

AUTHORITY OF ADVISOR 
 4.01 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, and the performance of those services described in Article 3 hereof, shall be vested in the Advisor, which shall have the
power by itself and shall be authorized and empowered on behalf and in the name of the Company to carry out any and all of the objectives and purposes of the Company and to perform all acts and enter into and perform all contracts and other
undertakings that it may in its sole discretion deem necessary, advisable or incidental thereto to perform its obligations under this Agreement. 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
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 the appropriate committee of the
Board, as applicable, all documents required by the Board or such committee thereof to evaluate such investment, financing or disposition. 
 4.03 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
hereof and this Article 4; provided, however, that such modification or revocation shall be effective upon receipt thereof 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 modification or revocation. 
 ARTICLE 5 

BANK ACCOUNTS 
 The Advisor may establish and maintain one or more bank accounts in the name of the Company and the Operating Partnership and may collect and deposit into any such account or accounts, and disburse from
any such account or accounts, any money on behalf of the Company or the Operating Partnership, 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. 

  
 10 

 ARTICLE 6 
 RECORDS AND 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. The Advisor shall at all reasonable times have access to the books and records of the Company and the Operating Partnership. 
 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 unless the Board has determined that the Company will not seek or maintain REIT qualification for the Company,
(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 that an action which would violate (i) through (v) of the preceding
sentence 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
regarding such action from the Board. In such event, the Advisor shall have no liability for acting in accordance with the specific instructions of the Board so given. 
 ARTICLE 8 
 FEES 

8.01 Acquisition Fees. As compensation for the investigation, selection, sourcing and acquisition or origination (by
purchase, investment or exchange) of Investments, the Company shall pay an Acquisition Fee to the Advisor for each such Investment. With respect to the acquisition or origination of an Investment to be wholly owned, directly or indirectly, by
the Company, the Acquisition Fee payable to the Advisor shall equal 2.0% of the sum of the amount actually paid or allocated to fund the acquisition or origination of the Investment, inclusive of the Acquisition Expenses associated with such
Investment and the amount of any debt associated with, or used to fund the investment in, such Investment. With respect to the acquisition or origination of an Investment through any Joint Venture, the Acquisition Fee payable to the Advisor
shall equal 2.0% of the portion of the amount actually paid or allocated to fund the acquisition, origination, development, construction or improvement of the Investment, inclusive of the Acquisition Expenses associated with 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. Notwithstanding anything herein to the contrary, the payment of Acquisition
Fees by the Company shall be subject to the limitations on acquisition fees set forth in the Charter. The Advisor shall submit an invoice to the Company following the closing or closings of each acquisition or origination of an Investment,
accompanied by a computation of the Acquisition Fee related to such Investment. Generally, the Acquisition Fee payable to the Advisor shall be paid at the closing of the transaction upon receipt of such invoice by the Company; provided, however,
that such Acquisition Fee shall be paid to an 

  
 11 

 
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. 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. 
 8.02 Asset Management Fees. The Company shall pay the Advisor, as
compensation for the services described in Section 3.03 hereof, a monthly Asset Management Fee in an amount equal to one-twelfth of 1.0% of the sum of the Cost of Property Investments and the Cost of Loans and other Investments. The Asset
Management Fee payable to the Advisor for each month shall be calculated as of the last calendar day of such month. Each month, on the last calendar day of such month or the first business day following thereafter, the Advisor shall submit an
invoice to the Company, accompanied by a computation of the Asset Management Fee for such month. Generally, the Asset Management Fee payable to the Advisor for each month shall be paid by the Company upon the Company’s receipt of such
invoice. Payment of the Asset Management Fee may be deferred, in whole or in part, as to any transaction or any month in the sole discretion of the Advisor. Any such deferred Asset Management Fees shall be paid to the Advisor without
interest at such subsequent date as the Advisor shall request. 
 8.03 Disposition Fees. If the Advisor or any of
its Affiliates provide a substantial amount of services (as determined by the Independent Directors) in connection with the Sale of an Investment, the Advisor or such Affiliate shall receive a Disposition Fee. With respect to the Sale of an
Investment wholly owned, directly or indirectly, by the Company, the Disposition Fee payable to the Advisor shall equal 2.0% of the Contract Sales Price of each Investment sold. With respect to the Sale of an Investment through any Joint
Venture, the Disposition Fee payable to the Advisor shall be in an amount equal to 2.0% of the Contract Sales Price of each Investment sold reduced in proportion to the Company’s interest in such Joint Venture. The payment of any Disposition
Fees by the Company shall be subject to the limitations set forth in the Charter. The Advisor shall submit an invoice to the Company following the closing or closings of each disposition of an Investment, accompanied by a computation of the
Disposition Fee relating to such disposition. Generally, the Disposition Fee payable to the Advisor shall be paid 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. 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. 

8.04 Changes to Fee Structure. In the event of Listing, the Company and the Advisor shall negotiate in good faith to
establish a fee structure appropriate for a perpetual-life entity. 
 ARTICLE 9 

EXPENSES 

9.01 General. In addition to the compensation paid to the Advisor pursuant to Article 8 hereof, the Company shall pay
directly or reimburse the Advisor for all of the expenses paid or incurred by the Advisor or its Affiliates on behalf of the Company or in connection with the services provided to the Company pursuant to this Agreement, including, but not limited
to: 
 (i) All Organization and Offering Expenses; provided, however, that (a) 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 15.0% of the Gross Proceeds raised as of the date of the

  
 12 

 
reimbursement, (b) 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 15.0% of the Gross Proceeds raised in the completed Offering, (c) the Company shall not reimburse the Advisor for any Organization and Offering Expenses that the Independent Directors determine are not fair and
commercially reasonable to the Company, and (d) the Company shall not reimburse the Advisor for any individual retirement account custodian fees that the Advisor or its Affiliates pays on behalf of Stockholders; 

(ii) Acquisition Fees and Acquisition Expenses incurred in connection with the selection and acquisition of
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 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 or securitization transactions, 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 Board; 

(vii) Expenses of managing, improving, developing, operating and selling Investments owned, directly or indirectly,
by the Company, as well as expenses of other transactions relating to such Investments, including but not limited to prepayments, maturities, workouts and other settlements of Loans and other Investments; 

(viii) All out-of-pocket expenses in connection with payments to the Board and meetings of the Board and
Stockholders; 
 (ix) Personnel and related employment costs incurred by the Advisor or its Affiliates in
performing the services described in Article 3 hereof, including but not limited to reasonable salaries and wages, benefits and overhead of all employees directly involved in the performance of such services, provided that no reimbursement shall be
made for costs of such employees of the Advisor or its Affiliates to the extent that such employees (A) perform services for which the Advisor receives Acquisition Fees or Disposition Fees or (B) serve as executive officers of the Company;

 (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; 

  
 13 

 (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 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) Notwithstanding anything else in this Article 9 to the contrary, the expenses enumerated in this
Article 9 shall not become reimbursable to the Advisor unless and until the Company has raised $2 million in Gross Proceeds from the sale of Shares to Person not affiliated with the Company or the Advisor in the Initial Public Offering. 

(iii) Commencing with the end of fourth fiscal quarter following the fiscal quarter in which the commencement of the
Initial Public Offering occurs, the following limitation on Operating Expenses shall apply: If, at the end of any fiscal quarter, the total Operating Expenses for the four consecutive fiscal quarters then ended (such period the “Expense
Year”) exceed (the amount of any such excess the “Excess Amount”) the greater of (a) 2% of Average Invested Assets or (b) 25% of Net Income (the “2%/25% Guidelines”) for such Expense Year, the
Company shall not reimburse the Advisor for any such Excess Amount unless the Independent Directors determine that such Excess Amount was justified, based on unusual and nonrecurring factors that the Independent Directors deem sufficient. If the
Independent Directors do not approve such Excess Amount as being so justified, any Excess Amount paid to the Advisor during the fiscal quarter shall promptly be repaid to the Company by the Advisor. If the Independent Directors determine such Excess
Amount was justified, then, within 60 days after the end of the fiscal quarter, the Advisor, at the direction of the Board, 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 Independent Directors 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. 

  
 14 

 ARTICLE 10 
 OTHER SERVICES 
 Should (i) the Company or the Operating Partnership
request that the Advisor or any manager, officer or employee thereof render services for the Company other than as set forth in this Agreement or (ii) 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
Article 9 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. 
 ARTICLE 11

 VOTING AGREEMENT 
 O’Donnell Strategic Advisor, LLC 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
(i) the removal of O’Donnell Strategic Advisor, LLC or any of its Affiliates as the Advisor or (ii) any transaction between the Company and O’Donnell Strategic Advisor, LLC or any of its Affiliates. This voting restriction
shall survive until such time that O’Donnell Strategic Advisor, LLC or any of its Affiliates is no longer serving as the Advisor. 
 ARTICLE 12 
 RELATIONSHIP OF ADVISOR AND COMPANY; 

OTHER ACTIVITIES OF THE ADVISOR 
 12.01 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. 
 12.02 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. 

12.03 Investment Opportunities and Allocation. Any opportunity identified by the Sponsor or its Affiliates to invest in an
industrial property that is suitable for the Company and one or more of the Sponsor’s Affiliates must first be presented to the Company for consideration. Unless the Board determines not to proceed with the investment opportunity, such
investment opportunity must not be presented to any other real estate investment fund, program or joint venture owned, managed or advised by the Sponsor or any of its Affiliates. The Sponsor and its Affiliates are not required to present any
investment opportunity to the Company during any period in which the Company does not have sufficient available funds, or a reasonable opportunity of obtaining available funds, with which to make such investment. 

  
 15 

 ARTICLE 13 
 THE O’DONNELL NAME 
 The Advisor and its Affiliates have a proprietary
interest in the name “O’Donnell.” The Advisor hereby grants to the Company a non-transferable, non-assignable, non-exclusive royalty-free right and license to use the name “O’Donnell” 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 “O’Donnell” 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
“O’Donnell” 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 “O’Donnell.” 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 loans, real estate-related debt securities and other real estate
assets) and financial and service organizations having “O’Donnell” as a part of their name, all without the need for any consent (and without the right to object thereto) by the Company. 

ARTICLE 14 

TERM AND TERMINATION OF THE AGREEMENT 
 14.01 Term. 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. 
 14.02 Termination by the Parties. This Agreement may be terminated:

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

 (ii) upon 60 days written notice without Cause and without penalty by a majority of the Independent Directors;
or 
 (iii) upon 60 days written notice with Good Reason by the Advisor. 

The provisions of Article 13, Section 14.03 and Articles 16 through 18 of this Agreement shall survive termination of this
Agreement. 
 14.03 Payments on Termination and Survival of Certain Rights and Obligations. Payments to the Advisor
pursuant to this Section 14.03 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 or the 

  
 16 

 
Operating Partnership within 30 days after the effective date of such termination all unpaid reimbursements of expenses and all earned but unpaid fees payable to the Advisor prior to termination
of this Agreement. 
 (ii) The Advisor shall promptly upon termination: 

(a) 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, 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 or the Operating Partnership then in the custody of the Advisor; and 

(d) cooperate with the Company to provide an orderly transition of advisory functions. 

ARTICLE 15 

ASSIGNMENT 
 This Agreement may be assigned by the Advisor to an Affiliate with the prior approval of a majority of the Board (including a majority of the Independent Directors). 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 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 or other organization that 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. Nothing herein shall be deemed to prohibit or otherwise restrict any transfers or additional issuances of
equity interests in the Advisor nor shall any such transfer or issuance be deemed an assignment for purposes of this Article 15. 

ARTICLE 16 

INDEMNIFICATION AND LIMITATION OF LIABILITY 
 16.01 Indemnification. Except as prohibited by the restrictions provided in this Section 16.01, Section 16.02 and Section 16.03, the Company and the Operating Partnership shall
indemnify, defend and hold harmless the Advisor and its Affiliates, including their respective officers, directors, equity holders, partners and employees, from all liability, claims, damages or losses arising in the performance of their duties
hereunder, and related expenses, including reasonable attorneys’ fees, to the extent such liability, claims, damages or losses and related expenses are not fully reimbursed by insurance. 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 Advisors 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 

  
 17 

 
adjudication on the merits of each count involving alleged 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. 
 16.02 Limitation on
Indemnification. Notwithstanding the foregoing, the Company and Operating Partnership 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 and the Operating Partnership. 
 (ii) The Advisor or its
Affiliates were acting on behalf of or performing services for the Company or the Operating Partnership. 
 (iii)
Such liability or loss was not the result of negligence or misconduct by the Advisor or its Affiliates. 
 (iv)
Such indemnification or agreement to hold harmless is recoverable only out of the Company’s net assets and not from the Stockholders. 
 16.03 Limitation on Payment of Expenses. The Company shall pay or reimburse reasonable legal expenses and other costs incurred by the Advisors 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: (i) the proceeding relates to acts or omissions with respect
to the performance of duties or services on behalf of the Company or the Operating Partnership, (ii) the legal proceeding was initiated by a third party who is not a Stockholder or by a Stockholder acting in his or her capacity as such and a
court of competent jurisdiction specifically approves such advancement and (iii) the Advisor or its Affiliates undertake to repay the amount paid or reimbursed by the Company or the Operating Partnership, together with the applicable legal rate
of interest thereon, if it is ultimately determined that the particular indemnitee is not entitled to indemnification. 

16.04 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, misfeasance, intentional misconduct, 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. 

  
 18 

 ARTICLE 17 
 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, (i) solicit or encourage any person to leave the employment or other service of the Advisor or its
Affiliates, or (ii) hire, on behalf of the Company or any other person or entity, any person within the one year period following the termination of that person’s employment with 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. 
 ARTICLE 18 
 MISCELLANEOUS 
 18.01 Notices. Any notice, report or other
communication required or permitted to be given hereunder shall be in writing unless some other method of giving such notice, report or other communication is required by the Charter, the Bylaws or is accepted by the party to whom it is given, and
shall be given by being delivered by hand or by overnight mail or other overnight delivery service to the addresses set forth herein: 
  

			
	 To the Board, the Company or the Operating Partnership:
	  	 O’Donnell Strategic Gateway REIT, Inc.
 3 San Joaquin Plaza, Suite 160
 Newport Beach, CA 92660

		
	 To the Advisor:
	  	 O’Donnell Strategic Gateway Advisor, LLC
 3 San Joaquin Plaza, Suite 160
 Newport Beach, CA 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 18.01. 
 18.02 Modification. This Agreement shall not be changed, modified, terminated or discharged,
in whole or in part, except by an instrument in writing signed by all of the parties hereto, or their respective successors or permitted assigns. 
 18.03 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. 
 18.04
Construction. The provisions of this Agreement shall be construed and interpreted in accordance with the laws of the State of Delaware. 
 18.05 Entire Agreement. This Agreement contains the entire agreement and understanding among the parties hereto with respect to the subject matter hereof, and supersedes all prior and
contemporaneous agreements, understandings, inducements and conditions, express or implied, oral or written, of any nature whatsoever with respect to the subject matter hereof. The express terms hereof control and supersede any course of performance
and/or usage of the trade inconsistent with any of the terms hereof. This Agreement may not be modified or amended other than by an agreement in writing. 

  
 19 

 18.06 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. 
 18.07
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.

 18.08 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. 
 18.09 Counterparts. This Agreement may be executed in two or more 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. This Agreement may be executed by facsimile, telecopy or other form of electronic reproduction, and such execution shall be considered valid, binding and effective for all purposes. 

[The remainder of this page is intentionally left blank. 
 Signature page follows.] 

  
 20 

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

			
	O’Donnell Strategic Gateway REIT, Inc.
		
	By:	 	 
	Name:	 	Douglas D. O’Donnell
	Title:	 	Chief Executive Officer

  

					
	O’Donnell Strategic Gateway REIT Operating Partnership, LP
		
	By:	 	 O’Donnell Strategic Gateway REIT, Inc.,
 its General Partner

			
		 	By:	 	 
		 	Name:	 	Douglas D. O’Donnell
		 	Title:	 	Chief Executive Officer

  

			
	O’Donnell Strategic Gateway Advisor, LLC
		
	By:	 	 
	Name:	 	Douglas D. O’Donnell
	Title:	 	Chief Executive Officer

  

			
	For the purposes of Section 12.03 hereof only:
	
	O’Donnell REIT Advisors, LLC
		
	By:	 	 
	Name:	 	Douglas D. O’Donnell
	Title:	 	 

 Signature Page To
Advisory AgreementForm of O'Donnell Strategic Gateway REIT, Inc. 2010 Long-Term Incentive Plan

 Exhibit 10.4 
 O’DONNELL STRATEGIC GATEWAY REIT, INC. 
 FORM OF LONG TERM INCENTIVE
PLAN 

 O’DONNELL STRATEGIC GATEWAY REIT, INC. 

FORM OF LONG TERM INCENTIVE PLAN 
  

							
	ARTICLE 1	  	PURPOSE	  	 	1	  
			
	        1.1	  	General	  	 	1	  
			
	ARTICLE 2	  	DEFINITIONS	  	 	1	  
			
	        2.1	  	Definitions	  	 	1	  
			
	ARTICLE 3	  	PLAN EFFECTIVE DATE; TERMINATION OF PLAN	  	 	6	  
			
	        3.1	  	Plan Effective Date	  	 	6	  
	        3.2	  	Termination of Plan	  	 	6	  
			
	ARTICLE 4	  	ADMINISTRATION	  	 	6	  
			
	        4.1	  	Committee	  	 	6	  
	        4.2	  	Actions and Interpretations by the Committee	  	 	7	  
	        4.3	  	Authority of Committee	  	 	7	  
	        4.4	  	Award Certificates	  	 	7	  
			
	ARTICLE 5	  	SHARES SUBJECT TO THE PLAN	  	 	8	  
			
	        5.1	  	Number of Shares	  	 	8	  
	        5.2	  	Share Counting	  	 	8	  
	        5.3	  	Stock Distributed	  	 	8	  
			
	ARTICLE 6	  	ELIGIBILITY	  	 	8	  
			
	        6.1	  	General	  	 	8	  
			
	ARTICLE 7	  	STOCK OPTIONS	  	 	9	  
			
	        7.1	  	General	  	 	9	  
	        7.2	  	Incentive Stock Options	  	 	9	  
			
	ARTICLE 8	  	STOCK APPRECIATION RIGHTS	  	 	9	  
			
	        8.1	  	Grant of Stock Appreciation Rights	  	 	9	  
			
	ARTICLE 9	  	RESTRICTED STOCK, RESTRICTED STOCK UNITS AND DEFERRED STOCK UNITS	  	 	10	  
			
	        9.1	  	Grant of Restricted Stock, Restricted Stock Units and Deferred Stock Units	  	 	10	  
	        9.2	  	Issuance and Restrictions	  	 	10	  
	        9.3	  	Dividends on Restricted Stock	  	 	11	  
	        9.4	  	Forfeiture	  	 	11	  
	        9.5	  	Delivery of Restricted Stock	  	 	11	  
			
	ARTICLE 10	  	PERFORMANCE AWARDS	  	 	11	  
			
	        10.1	  	Grant of Performance Awards	  	 	11	  
	        10.2	  	Performance Goals	  	 	11	  

  
 i 

							
	ARTICLE 11	  	DIVIDEND EQUIVALENTS	  	 	12	  
			
	        11.1	  	Grant of Dividend Equivalents	  	 	12	  
			
	ARTICLE 12	  	OTHER AWARDS	  	 	12	  
			
	        12.1	  	Award Certificates	  	 	12	  
			
	ARTICLE 13	  	PROVISIONS APPLICABLE TO AWARDS	  	 	12	  
			
	        13.1	  	Term of Awards	  	 	12	  
	        13.2	  	Form of Payment for Awards	  	 	12	  
	        13.3	  	Limits on Transfer	  	 	13	  
	        13.4	  	Beneficiaries	  	 	13	  
	        13.5	  	Stock Trading Restrictions	  	 	13	  
	        13.6	  	Acceleration upon Death or Disability	  	 	13	  
	        13.7	  	Acceleration upon a Change in Control	  	 	14	  
	        13.8	  	Acceleration for Any Reason	  	 	14	  
	        13.9	  	Forfeiture Events	  	 	14	  
	        13.10	  	Substitute Awards	  	 	14	  
			
	ARTICLE 14	  	CHANGES IN CAPITAL STRUCTURE	  	 	15	  
			
	        14.1	  	Mandatory Adjustments	  	 	15	  
	        14.2	  	Discretionary Adjustments	  	 	15	  
	        14.3	  	General	  	 	15	  
			
	ARTICLE 15	  	AMENDMENT, MODIFICATION AND TERMINATION	  	 	15	  
			
	        15.1	  	Amendment, Modification and Termination	  	 	15	  
	        15.2	  	Awards Previously Granted	  	 	16	  
	        15.3	  	Compliance Amendments	  	 	16	  
			
	ARTICLE 16	  	GENERAL PROVISIONS	  	 	16	  
			
	        16.1	  	Rights of Participants	  	 	16	  
	        16.2	  	Withholding	  	 	17	  
	        16.3	  	Special Provisions Related to Section 409A of the Code	  	 	17	  
	        16.4	  	Unfunded Status of Awards	  	 	18	  
	        16.5	  	Relationship to Other Benefits	  	 	18	  
	        16.6	  	Expenses	  	 	18	  
	        16.7	  	Titles and Headings	  	 	19	  
	        16.8	  	Gender and Number	  	 	19	  
	        16.9	  	Fractional Shares	  	 	19	  
	        16.10	  	Government and Other Regulations	  	 	19	  
	        16.11	  	Governing Law	  	 	19	  
	        16.12	  	Additional Provisions	  	 	19	  
	        16.13	  	No Limitations on Rights of Company	  	 	19	  
	        16.14	  	Indemnification	  	 	20	  

  
 ii 

 O’DONNELL STRATEGIC GATEWAY REIT, INC. 

FORM OF LONG TERM INCENTIVE PLAN 
 ARTICLE 1 
 PURPOSE 

1.1. GENERAL. The purpose of the O’Donnell Strategic Gateway REIT, Inc. Long Term Incentive Plan (the
“Plan”) is to enable O’Donnell Strategic Gateway REIT, Inc. (the “Company”) and its Affiliates (as defined below) to (1) provide an incentive to employees, officers, directors, consultants and advisors to
increase the value of the Company’s common stock, (2) give such persons a stake in the Company’s future that corresponds to the stake of each of the Company’s stockholders, and (3) obtain or retain the services of these
persons who are considered essential to the Company’s long-term success, by offering such persons an opportunity to participate in the Company’s growth through ownership of the Company’s common stock or through other equity-related
awards. Accordingly, the Plan permits the grant of incentive awards from time to time to selected employees, officers, directors, consultants and advisors of the Company and its Affiliates. 

ARTICLE 2 

DEFINITIONS 
 2.1. DEFINITIONS. When a word or phrase appears in this Plan with the initial letter capitalized, and the word or phrase does not commence a sentence, the word or phrase shall generally be given
the meaning ascribed to it in this Section or in Section 1.1 unless a clearly different meaning is required by the context. The following words and phrases shall have the following meanings: 

(a) “Affiliate” means (i) any Subsidiary or Parent, or (ii) an entity that directly or through
one or more intermediaries controls, is controlled by or is under common control with, the Company, as determined by the Committee. 
 (b) “Award” means any Option, Stock Appreciation Right, Restricted Stock, Restricted Stock Unit, Deferred Stock Unit, Performance Award, Dividend Equivalent, Other Award, or any other
right or interest relating to Stock or cash, granted to a Participant under the Plan. 
 (c) “Award
Certificate” means a written document, in such form as the Committee prescribes from time to time, setting forth the terms and conditions of an Award. Award Certificates may be in the form of individual award agreements or certificates or a
program document describing the terms and provisions of an Award or series of Awards under the Plan. The Committee may provide for the use of electronic, internet or other non-paper Award Certificates, and the use of electronic, internet or other
non-paper means for the acceptance thereof and actions thereunder by a Participant. 
 (d) “Beneficial
Owner” shall have the meaning given such term in Rule 13d-3 of the General Rules and Regulations under the 1934 Act. 
 (e) “Board” means the Board of Directors of the Company. 
 (f) “Cause” as a reason for a Participant’s termination of employment shall have the meaning assigned such term in the employment, severance or similar agreement, if any, between
such Participant and the Company or an Affiliate; provided, however, that if there is no such employment, severance or similar agreement in which such term is defined, and unless otherwise 

 
defined in the applicable Award Certificate, “Cause” shall mean any of the following acts by the Participant, as determined by the Committee: gross neglect of duty, prolonged absence
from duty without the consent of the Company, material breach by the Participant of any published Company code of conduct or code of ethics; or willful misconduct, misfeasance or malfeasance of duty which is reasonably determined to be detrimental
to the Company. With respect to a Participant’s termination of directorship, “Cause” means an act or failure to act that constitutes cause for removal of a director under applicable Maryland law. The determination of the
Committee as to the existence of “Cause” shall be conclusive on the Participant and the Company. 

(g) “Change in Control” means and includes the occurrence of any one of the following events but shall
specifically exclude a Public Offering: 
 (i) during any consecutive 12-month period, individuals who, at the
beginning of such period, constitute the Board (the “Incumbent Directors”) cease for any reason to constitute at least a majority of such Board, provided that any person becoming a director after the beginning of such 12-month
period and whose election or nomination for election was approved by a vote of at least a majority of the Incumbent Directors then on the Board shall be an Incumbent Director; provided, however, that no individual initially elected or
nominated as a director of the Company as a result of an actual or threatened election contest with respect to the election or removal of directors (“Election Contest”) or other actual or threatened solicitation of proxies or
consents by or on behalf of any Person other than the Board (“Proxy Contest”), including by reason of any agreement intended to avoid or settle any Election Contest or Proxy Contest, shall be deemed an Incumbent Director; or

 (ii) any Person becomes a Beneficial Owner, directly or indirectly, of either (A) 35% or more of the
then-outstanding shares of common stock of the Company (“Company Common Stock”) or (B) securities of the Company representing 35% or more of the combined voting power of the Company’s then outstanding securities eligible
to vote for the election of directors (the “Company Voting Securities”); provided, however, that for purposes of this subsection (ii), the following acquisitions of Company Common Stock or Company Voting Securities
shall not constitute a Change in Control: (w) an acquisition directly from the Company, (x) an acquisition by the Company or a Subsidiary, (y) an acquisition by any employee benefit plan (or related trust) sponsored or maintained by
the Company or any Subsidiary, or (z) an acquisition pursuant to a Non-Qualifying Transaction (as defined in subsection (iii) below); or 
 (iii) the consummation of a reorganization, merger, consolidation, statutory share exchange or similar form of corporate transaction involving the Company or a Subsidiary (a
“Reorganization”), or the sale or other disposition of all or substantially all of the Company’s assets (a “Sale”) or the acquisition of assets or stock of another corporation or other entity (an
“Acquisition”), unless immediately following such Reorganization, Sale or Acquisition: (A) all or substantially all of the individuals and entities who were the Beneficial Owners, respectively, of the outstanding Company Common
Stock and outstanding Company Voting Securities immediately prior to such Reorganization, Sale or Acquisition beneficially own, directly or indirectly, more than 35% of, respectively, the then 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 entity resulting from such Reorganization, Sale or Acquisition (including, without limitation, an entity which
as a result of such 

  
 2 

 
transaction owns the Company or all or substantially all of the Company’s assets or stock either directly or through one or more subsidiaries, the “Surviving Entity”) in
substantially the same proportions as their ownership, immediately prior to such Reorganization, Sale or Acquisition, of the outstanding Company Common Stock and the outstanding Company Voting Securities, as the case may be, and (B) no Person
(other than (x) the Company or any Subsidiary, (y) the Surviving Entity or its ultimate parent entity, or (z) any employee benefit plan (or related trust) sponsored or maintained by any of the foregoing) is the Beneficial Owner,
directly or indirectly, of 35% or more of the total common stock or 35% or more of the total voting power of the outstanding voting securities eligible to elect directors of the Surviving Entity, and (C) at least a majority of the members of
the board of directors of the Surviving Entity were Incumbent Directors at the time of the Board’s approval of the execution of the initial agreement providing for such Reorganization, Sale or Acquisition (any Reorganization, Sale or
Acquisition which satisfies all of the criteria specified in (A), (B) and (C) above shall be deemed to be a “Non-Qualifying Transaction”); or 

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

(h) “Charter” means the articles of incorporation of the Company, as such articles of incorporation may
be amended from time to time. 
 (i) “Code” means the Internal Revenue Code of 1986, as amended
from time to time. For purposes of this Plan, references to sections of the Code shall be deemed to include references to any applicable regulations thereunder and any successor or similar provision. 

(j) “Committee” means the committee of the Board described in Article 4. 

(k) “Company” means O’Donnell Strategic Gateway REIT, Inc., a Maryland corporation, or any
successor corporation. 
 (l) “Continuous Status as a Participant” means the absence of any
interruption or termination of service as an employee, officer, director, or consultant of the Company or any Affiliate; provided, however, that for purposes of an Incentive Stock Option “Continuous Status as a Participant”
means the absence of any interruption or termination of service as an employee of the Company or any Parent or Subsidiary, as applicable, pursuant to applicable tax regulations. Continuous Status as a Participant shall not be considered interrupted
in the following cases: (i) a Participant transfers employment between the Company and an Affiliate or between Affiliates, or (ii) in the discretion of the Committee as specified at or prior to such occurrence, in the case of a spin-off,
sale or disposition of the Participant’s employer from the Company or any Affiliate, or (iii) any leave of absence authorized in writing by the Company prior to its commencement; provided, however, that for purposes of
Incentive Stock Options, no such leave may exceed 90 days, unless reemployment upon expiration of such leave is guaranteed by statute or contract. If reemployment upon expiration of a leave of absence approved by the Company is not so guaranteed, on
the 91st day of such leave any Incentive Stock Option held by the Participant shall cease to be treated as an Incentive Stock Option and shall be treated for tax purposes as a Nonstatutory Stock Option. Whether military, government or other service
or other leave of absence shall constitute a termination of Continuous Status as a Participant shall be determined in each case by the Committee at its discretion, and any determination by the Committee shall be final and conclusive. 

  
 3 

 (m) “Deferred Stock Unit” means a right granted to a
Participant under Article 9 to receive Shares (or the equivalent value in cash or other property if the Committee so provides) at a future time as determined by the Committee, or as determined by the Participant within guidelines established by the
Committee in the case of voluntary deferral elections. 
 (n) “Disability” of a Participant
means that the Participant (i) is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous
period of not less than 12 months, or (ii) is, by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months,
receiving income replacement benefits for a period of not less than three months under an accident and health plan covering employees of the Participant’s employer. If the determination of Disability relates to an Incentive Stock Option,
Disability means Permanent and Total Disability as defined in Section 22(e)(3) of the Code. In the event of a dispute, the determination of whether a Participant is Disabled will be made by the Committee and may be supported by the advice of a
physician competent in the area to which such Disability relates. 
 (o) “Dividend Equivalent”
means a right granted to a Participant under Article 11. 
 (p) “Eligible Participant” means an
employee, officer, consultant or director of the Company or any Affiliate. 
 (q) “Exchange”
means any national securities exchange on which the Stock may from time to time be listed or traded. 
 (r)
“Fair Market Value,” on any date, means (i) if the Stock is listed on a securities exchange, the closing sales price on such exchange or over such system on such date or, in the absence of reported sales on such date, the
closing sales price on the immediately preceding date on which sales were reported, or (ii) if the Stock is not listed on a securities exchange, the mean between the bid and offered prices as quoted by the applicable interdealer quotation
system for such date, provided that if the Stock is not quoted on such interdealer quotation system or it is determined that the fair market value is not properly reflected by such quotations, Fair Market Value will be determined by such other
method as the Committee determines in good faith to be reasonable and in compliance with Code Section 409A. 
 (s) “Full Value Award” means an Award other than in the form of an Option or SAR, and which is settled by the issuance of Stock (or at the discretion of the Committee, settled in cash
valued by reference to Stock value). 
 (t) “Grant Date” of an Award means the first date on
which all necessary corporate action has been taken to approve the grant of the Award as provided in the Plan, or such later date as is determined and specified as part of that authorization process. Notice of the grant shall be provided to the
grantee within a reasonable time after the Grant Date. 
 (u) “Incentive Stock Option” means an
Option that is intended to be an incentive stock option and meets the requirements of Section 422 of the Code or any successor provision thereto. 
 (v) “Independent Director” means a director of the Company who is not a common law employee of the Company and who meets the additional requirements set forth for an “independent
director” in the Charter. 

  
 4 

 (w) “Nonstatutory Stock Option” means an Option that is not
an Incentive Stock Option. 
 (x) “Option” means a right granted to a Participant under Article
7 of the Plan to purchase Stock at a specified price during specified time periods. An Option may be either an Incentive Stock Option or a Nonstatutory Stock Option. 

(y) “Other Stock-Based Award” means a right granted to a Participant under Article 12 that relates to or
is valued by reference to Stock or other Awards relating to Stock. 
 (z) “Parent” means a
corporation, limited liability company, partnership or other entity which owns or beneficially owns a majority of the outstanding voting stock or voting power of the Company. Notwithstanding the above, with respect to an Incentive Stock Option,
Parent shall have the meaning set forth in Section 424(e) of the Code. 
 (aa)
“Participant” means a person who, as an employee, officer, director or consultant of the Company or any Affiliate, has been granted an Award under the Plan; provided that in the case of the death of a Participant, the term
“Participant” refers to a beneficiary designated pursuant to Section 13.4 or the legal guardian or other legal representative acting in a fiduciary capacity on behalf of the Participant under applicable state law and court
supervision. 
 (bb) “Performance Award” means any award granted under the Plan pursuant to
Article 10. 
 (cc) “Person” means any individual, entity or group, within the meaning of
Section 3(a)(9) of the 1934 Act and as used in Section 13(d)(3) or 14(d)(2) of the 1934 Act. 
 (dd)
“Plan” means the O’Donnell Strategic Gateway REIT, Inc. Long Term Incentive Plan, as amended from time to time. 
 (ee) “Plan Effective Date” has the meaning assigned such term in Section 3.1. 
 (ff) “Public Offering” shall occur on the closing date of a public offering of any class or series of the Company’s equity securities pursuant to a registration statement filed by
the Company under the 1933 Act. 
 (gg) “Restricted Stock” means Stock granted to a Participant
under Article 9 that is subject to certain restrictions and to risk of forfeiture. 
 (hh) “Restricted
Stock Unit” means a right granted to a Participant under Article 9 to receive shares of Stock (or the equivalent value in cash or other property if the Committee so provides) in the future, which right is subject to certain restrictions and
to risk of forfeiture. 
 (ii) “Shares” means shares of the Company’s Stock. If there has
been an adjustment or substitution pursuant to Section 14.1, the term “Shares” shall also include any shares of stock or other securities that are substituted for Shares or into which Shares are adjusted pursuant to Section 14.1.

 (jj) “Stock” means the $0.01 par value common stock of the Company and such other securities
of the Company as may be substituted for Stock pursuant to Section 14.1. 

  
 5 

 (kk) “Stock Appreciation Right” or “SAR” means a
right granted to a Participant under Article 8 to receive a payment equal to the difference between the Fair Market Value of a Share as of the date of exercise of the SAR over the grant price of the SAR, all as determined pursuant to Article 8.

 (ll) “Subsidiary” means any corporation, limited liability company, partnership or other
entity of which a majority of the outstanding voting stock or voting power is beneficially owned directly or indirectly by the Company. Notwithstanding the above, with respect to an Incentive Stock Option, Subsidiary shall have the meaning set forth
in Section 424(f) of the Code. 
 (mm) “1933 Act” means the Securities Act of 1933, as
amended from time to time. 
 (nn) “1934 Act” means the Securities Exchange Act of 1934, as
amended from time to time. 
 ARTICLE 3 
 PLAN EFFECTIVE DATE; TERMINATION OF PLAN 
 3.1. PLAN EFFECTIVE DATE.
The Plan shall be effective as of the date it is approved by both the Board and the stockholders of the Company (the “Plan Effective Date”). 
 3.2. TERMINATION OF PLAN. The Plan shall terminate on the tenth anniversary of the Plan Effective Date unless earlier terminated as provided herein. The termination of the Plan on such date shall
not affect the validity of any Award outstanding on the date of termination, which shall continue to be governed by the applicable terms and conditions of this Plan. Notwithstanding the foregoing, no Incentive Stock Options may be granted more than
ten (10) years after the earlier of (a) adoption of this Plan by the Board, or (b) the Plan Effective Date. 

ARTICLE 4 

ADMINISTRATION 
 4.1. COMMITTEE. The Plan shall be administered by a Committee appointed by the Board (which Committee shall consist of at least two directors) or, at the discretion of the Board from time to time,
the Plan may be administered by the Board. The members of the Committee shall be appointed by, and may be changed at any time and from time to time in the discretion of, the Board. It is intended that at least two of the directors appointed to serve
on the Committee shall be “non-employee directors” (within the meaning of Rule 16b-3 promulgated under the 1934 Act) and that any such members of the Committee who do not so qualify shall abstain from participating in any decision to make
or administer Awards that are made to Eligible Participants who at the time of consideration for such Award are persons subject to the short-swing profit rules of Section 16 of the 1934 Act. However, the mere fact that a Committee member shall
fail to qualify as a “non-employee director” or shall fail to abstain from such action shall not invalidate any Award made by the Committee which Award is otherwise validly made under the Plan. The members of the Committee shall be
appointed by, and may be changed at any time and from time to time in the discretion of, the Board. The Board may reserve to itself any or all of the authority and responsibility of the Committee under the Plan or may act as administrator of the
Plan for any and all purposes. To the extent the Board has reserved any authority and responsibility or during any time that the Board is acting as administrator of the Plan, it shall have all the powers of the Committee hereunder, and any reference
herein to the Committee (other than in this Section 4.1) shall include the Board. To the extent any action of the Board under the Plan conflicts with actions taken by the Committee, the actions of the Board shall control. 

  
 6 

 4.2. ACTION AND INTERPRETATIONS BY THE COMMITTEE. For purposes of administering the
Plan, the Committee may from time to time adopt rules, regulations, guidelines and procedures for carrying out the provisions and purposes of the Plan and make such other determinations, not inconsistent with the Plan, as the Committee may deem
appropriate. The Committee may correct any defect, supply any omission or reconcile any inconsistency in the Plan or in any Award in the manner and to the extent it deems necessary to carry out the intent of the Plan. The Committee’s
interpretation of the Plan, any Awards granted under the Plan, any Award Certificate and all decisions and determinations by the Committee with respect to the Plan are final, binding, and conclusive on all parties. Each member of the Committee is
entitled to, in good faith, rely or act upon any report or other information furnished to that member by any officer or other employee of the Company or any Affiliate, the Company’s or an Affiliate’s independent certified public
accountants, Company counsel or any executive compensation consultant or other professional retained by the Company to assist in the administration of the Plan. 
 4.3. AUTHORITY OF COMMITTEE. The Committee has the exclusive power, authority and discretion to: 
 (a) grant Awards; 
 (b) designate Participants; 

(c) determine the type or types of Awards to be granted to each Participant; 

(d) determine the number of Awards to be granted and the number of Shares or dollar amount to which an Award will relate;

 (e) determine the terms and conditions of any Award granted under the Plan; 

(f) prescribe the form of each Award Certificate, which need not be identical for each Participant; 

(g) decide all other matters that must be determined in connection with an Award; 

(h) establish, adopt or revise any rules, regulations, guidelines or procedures as it may deem necessary or advisable to
administer the Plan; 
 (i) make all other decisions and determinations that may be required under the Plan or
as the Committee deems necessary or advisable to administer the Plan; 
 (j) amend the Plan or any Award
Certificate as provided herein; and 
 (k) adopt such modifications, procedures, and subplans as may be
necessary or desirable to comply with provisions of the laws of non-U.S. jurisdictions in which the Company or any Affiliate may operate, in order to assure the viability of the benefits of Awards granted to participants located in such other
jurisdictions and to meet the objectives of the Plan. 
 4.4. AWARD CERTIFICATES. Each Award shall be evidenced by an
Award Certificate. Each Award Certificate shall include such provisions, not inconsistent with the Plan, as may be specified by the Committee. 

  
 7 

 ARTICLE 5 
 SHARES SUBJECT TO THE PLAN 
 5.1. NUMBER OF SHARES. Subject to
adjustment as provided in Sections 5.2 and Section 14.1, the aggregate number of Shares reserved and available for issuance pursuant to Awards granted under the Plan shall be 300,000. The maximum number of Shares that may be issued upon
exercise of Incentive Stock Options granted under the Plan shall be 300,000. 
 5.2. SHARE COUNTING. Shares covered by an
Award shall be subtracted from the Plan share reserve as of the date of grant, but shall be added back to the Plan share reserve in accordance with this Section 5.2. 
 (a) To the extent that an Award is canceled, terminates, expires, is forfeited or lapses for any reason, any unissued or forfeited Shares originally subject to the Award will be added back to the Plan
share reserve and again be available for issuance pursuant to Awards granted under the Plan. 
 (b) Shares subject to Awards
settled in cash will be added back to the Plan share reserve and again be available for issuance pursuant to Awards granted under the Plan. 
 (c) Shares withheld or repurchased from an Award or delivered by a Participant to satisfy minimum tax withholding requirements will be added back to the Plan share reserve and again be available for
issuance pursuant to Awards granted under the Plan. 
 (d) If the exercise price of an Option is satisfied in whole or in part
by delivering Shares to the Company (by either actual delivery or attestation), the number of Shares so tendered (by delivery or attestation) shall be added to the Plan share reserve and will be available for issuance pursuant to Awards granted
under the Plan. 
 (e) To the extent that the full number of Shares subject to an Option or SAR is not issued upon exercise of
the Option or SAR for any reason, including by reason of net-settlement of the Award, the unissued Shares originally subject to the Award will be added back to the Plan share reserve and again be available for issuance pursuant to other Awards
granted under the Plan. 
 (f) To the extent that the full number of Shares subject to an Award other than an Option or SAR is
not issued for any reason, including by reason of failure to achieve maximum performance goals, the unissued Shares originally subject to the Award will be added back to the Plan share reserve and again be available for issuance pursuant to Awards
granted under the Plan. 
 (g) Substitute Awards granted pursuant to Section 13.10 of the Plan shall not count against the
Shares otherwise available for issuance under the Plan under Section 5.1. 
 5.3. STOCK DISTRIBUTED. Any Stock
distributed pursuant to an Award may consist, in whole or in part, of authorized and unissued Stock, treasury Stock or Stock purchased on the open market. 
 ARTICLE 6 
 ELIGIBILITY 

6.1. GENERAL. Awards may be granted only to Eligible Participants. Incentive Stock Options may be granted only to Eligible
Participants who are employees of the Company or a Parent or Subsidiary as defined in Section 424(e) and (f) of the Code. Eligible Participants who are service providers to an Affiliate may be granted Options or SARs under this Plan only
if the Affiliate qualifies as an “eligible issuer of service recipient stock” within the meaning of §1.409A-1(b)(5)(iii)(E) of the final regulations under Code Section 409A. 

  
 8 

 ARTICLE 7 
 STOCK OPTIONS 
 7.1. GENERAL. The Committee is authorized to grant
Options to Participants on the following terms and conditions: 
 (a) EXERCISE PRICE. The exercise price
per Share under an Option shall be determined by the Committee, provided that the exercise price for any Option (other than an Option issued as a substitute Award pursuant to Section 13.10) shall not be less than the Fair Market Value as of the
Grant Date. 
 (b) PROHIBITION ON REPRICING. Except as otherwise provided in Section 14.1, the
exercise price of an Option may not be reduced, directly or indirectly by cancellation and regrant or otherwise, without the prior approval of the stockholders of the Company. 

(c) TIME AND CONDITIONS OF EXERCISE. The Committee shall determine the time or times at which an Option may be
exercised in whole or in part, subject to Section 7.1(e). The Committee shall also determine the performance or other conditions, if any, that must be satisfied before all or part of an Option may be exercised or vested. 

(d) PAYMENT. The Committee shall determine the methods by which the exercise price of an Option may be paid, the
form of payment, including, without limitation, cash, Shares, or other property (including “cashless exercise” arrangements), and the methods by which Shares shall be delivered or deemed to be delivered to Participants. 

(e) EXERCISE TERM. Except for Nonstatutory Options granted to Participants outside the United States, no Option
granted under the Plan shall be exercisable for more than ten years from the Grant Date. 
 (f) NO DEFERRAL
FEATURE. No Option shall provide for any feature for the deferral of compensation other than the deferral of recognition of income until the exercise or disposition of the Option. 

(g) NO DIVIDEND EQUIVALENTS. No Option shall provide for Dividend Equivalents. 

7.2. INCENTIVE STOCK OPTIONS. The terms of any Incentive Stock Options granted under the Plan must comply with the requirements of
Section 422 of the Code. If all of the requirements of Section 422 of the Code are not met, the Option shall automatically become a Nonstatutory Stock Option. 
 ARTICLE 8 
 STOCK APPRECIATION RIGHTS 

8.1. GRANT OF STOCK APPRECIATION RIGHTS. The Committee is authorized to grant Stock Appreciation Rights to Participants on the
following terms and conditions: 
 (a) RIGHT TO PAYMENT. Upon the exercise of a SAR, the Participant to
whom it is granted has the right to receive, for each Share with respect to which the SAR is being exercised, the excess, if any, of: 
 (1) The Fair Market Value of one Share on the date of exercise; over 

  
 9 

 (2) The base price of the SAR as determined by the Committee, which shall
not be less than the Fair Market Value of one Share on the Grant Date. 
 (b) PROHIBITION ON REPRICING.
Except as otherwise provided in Section 14.1, the base price of a SAR may not be reduced, directly or indirectly by cancellation and regrant or otherwise, without the prior approval of the stockholders of the Company. 

(c) TIME AND CONDITIONS OF EXERCISE. The Committee shall determine the time or times at which a SAR may be
exercised in whole or in part. Except for SARs granted to Participants outside the United States, no SAR shall be exercisable for more than ten years from the Grant Date. 

(d) NO DEFERRAL FEATURE. No SAR shall provide for any feature for the deferral of compensation other than the
deferral of recognition of income until the exercise or disposition of the SAR. 
 (e) NO DIVIDEND
EQUIVALENTS. No SAR shall provide for Dividend Equivalents. 
 (f) OTHER TERMS. All SARs shall be
evidenced by an Award Certificate. Subject to the limitations of this Article 8, the terms, methods of exercise, methods of settlement, form of consideration payable in settlement, and any other terms and conditions of any SAR shall be determined by
the Committee at the time of the grant of the Award and shall be reflected in the Award Certificate. 
 ARTICLE 9

 RESTRICTED STOCK, RESTRICTED STOCK UNITS 
 AND DEFERRED STOCK UNITS 
 9.1. GRANT OF RESTRICTED STOCK, RESTRICTED
STOCK UNITS AND DEFERRED STOCK UNITS. The Committee is authorized to make Awards of Restricted Stock, Restricted Stock Units or Deferred Stock Units to Participants in such amounts and subject to such terms and conditions as may be selected by
the Committee. An Award of Restricted Stock, Restricted Stock Units or Deferred Stock Units shall be evidenced by an Award Certificate setting forth the terms, conditions, and restrictions applicable to the Award. 

9.2. ISSUANCE AND RESTRICTIONS. Restricted Stock, Restricted Stock Units or Deferred Stock Units shall be subject to such
restrictions on transferability and other restrictions as the Committee may impose (including, without limitation, limitations on the right to vote Restricted Stock or the right to receive dividends on the Restricted Stock). These restrictions may
lapse separately or in combination at such times, under such circumstances, in such installments, upon the satisfaction of performance goals or otherwise, as the Committee determines at the time of the grant of the Award or thereafter. Except as
otherwise provided in an Award Certificate or any special Plan document governing an Award, the Participant shall have all of the rights of a stockholder with respect to the Restricted Stock, and the Participant shall have none of the rights of a
stockholder with respect to Restricted Stock Units or Deferred Stock Units until such time as Shares of Stock are paid in settlement of the Restricted Stock Units or Deferred Stock Units. 

  
 10 

 9.3. DIVIDENDS ON RESTRICTED STOCK. In the case of Restricted Stock, the Committee
may provide that ordinary cash dividends declared on the Shares before they are vested (i) will be forfeited, (ii) will be deemed to have been reinvested in additional Shares or otherwise reinvested (subject to Share availability under
Section 5.1 hereof), or (iii) in the case of Restricted Stock that is not subject to performance-based vesting, will be paid or distributed to the Participant as accrued (in which case, such dividends must be paid or distributed no later
than the 15th day of the 3rd month following the later of (A) the calendar year in which the corresponding dividends were paid to shareholders, or (B) the first calendar year in which the Participant’s right to such dividends is no
longer subject to a substantial risk of forfeiture). Unless otherwise provided by the Committee, dividends accrued on Shares of Restricted Stock before they are vested shall, as provided in the Award Certificate, either (i) be reinvested in the
form of additional Shares, which shall be subject to the same vesting provisions as provided for the host Award, or (ii) be credited by the Company to an account for the Participant and accumulated without interest until the date upon which the
host Award becomes vested, and any dividends accrued with respect to forfeited Restricted Stock will be reconveyed to the Company without further consideration or any act or action by the Participant. 

9.4. FORFEITURE. Except as otherwise determined by the Committee at the time of the grant of the Award or thereafter, upon
termination of Continuous Status as a Participant during the applicable restriction period or upon failure to satisfy a performance goal during the applicable restriction period, Restricted Stock or Restricted Stock Units that are at that time
subject to restrictions shall be forfeited. 
 9.5. DELIVERY OF RESTRICTED STOCK. Shares of Restricted Stock shall be
delivered to the Participant at Grant Date either by book-entry registration or by delivering to the Participant, or a custodian or escrow agent (including, without limitation, the Company or one or more of its employees) designated by the
Committee, a stock certificate or certificates registered in the name of the Participant. If physical certificates representing shares of Restricted Stock are registered in the name of the Participant, such certificates must bear an appropriate
legend referring to the terms, conditions, and restrictions applicable to such Restricted Stock. 
 ARTICLE 10 

PERFORMANCE AWARDS 
 10.1. GRANT OF PERFORMANCE AWARDS. The Committee is authorized to grant any Award under this Plan, including cash-based Awards, with performance-based vesting criteria, on such terms and conditions
as may be selected by the Committee. Any such Awards with performance-based vesting criteria are referred to herein as Performance Awards. The Committee shall have the complete discretion to determine the number of Performance Awards granted to each
Participant and to designate the provisions of such Performance Awards as provided in Section 4.3. All Performance Awards shall be evidenced by an Award Certificate or a written program established by the Committee, pursuant to which
Performance Awards are awarded under the Plan under uniform terms, conditions and restrictions set forth in such written program. 
 10.2. PERFORMANCE GOALS. The Committee may establish performance goals for Performance Awards which may be based on any criteria selected by the Committee. Such performance goals may be described
in terms of Company-wide objectives or in terms of objectives that relate to the performance of the Participant, an Affiliate or a division, region, department or function within the Company or an Affiliate. If the Committee determines that a change
in the business, operations, corporate structure or capital structure of the Company or the manner in which the Company or an Affiliate 

  
 11 

 conducts its business, or other events or circumstances render performance goals to be unsuitable, the
Committee may modify such performance goals in whole or in part, as the Committee deems appropriate. If a Participant is promoted, demoted or transferred to a different business unit or function during a performance period, the Committee may
determine that the performance goals or performance period are no longer appropriate and may (i) adjust, change or eliminate the performance goals or the applicable performance period as it deems appropriate to make such goals and period
comparable to the initial goals and period, or (ii) make a cash payment to the participant in an amount determined by the Committee. 
 ARTICLE 11 
 DIVIDEND EQUIVALENTS 

11.1. GRANT OF DIVIDEND EQUIVALENTS. Except as provided in Sections 7.1(g) and 8.1(e), the Committee is
authorized to grant Dividend Equivalents with respect to Full-Value Awards granted hereunder, subject to such terms and conditions as may be selected by the Committee. Dividend Equivalents shall entitle the Participant to receive payments equal to
dividends with respect to all or a portion of the number of Shares subject to a Full-Value Award, as determined by the Committee. The Committee may provide that Dividend Equivalents be paid or distributed when accrued or be deemed to have been
reinvested in additional Shares, or otherwise reinvested. Unless otherwise provided in the applicable Award Certificate, Dividend Equivalents will be paid or distributed no later than the 15th day of the 3rd month following the later of (i) the calendar year in which the corresponding dividends were paid to
stockholders, or (ii) the first calendar year in which the Participant’s right to such Dividends Equivalents is no longer subject to a substantial risk of forfeiture. 
 ARTICLE 12 
 OTHER AWARDS 

12.1. GRANT OF OTHER AWARDS. The Committee is authorized, subject to limitations under applicable law, to grant to Participants
such other Awards that are payable in, valued in whole or in part by reference to, or otherwise based on or related to Shares, as deemed by the Committee to be consistent with the purposes of the Plan, including without limitation, membership
interests in a Subsidiary or operating partnership, Shares awarded purely as a “bonus” and not subject to any restrictions or conditions, convertible or exchangeable debt securities, other rights convertible or exchangeable into Shares,
and Awards valued by reference to book value of Shares or the value of securities of or the performance of specified Parents or Subsidiaries. The Committee shall determine the terms and conditions of such Awards. 

ARTICLE 13 

PROVISIONS APPLICABLE TO AWARDS 
 13.1. AWARD CERTIFICATES. Each Award shall be evidenced by an Award Certificate. Each Award Certificate shall include such provisions, not inconsistent with the Plan, as may be specified by the
Committee. 
 13.2. FORM OF PAYMENT FOR AWARDS. At the discretion of the Committee, payment of Awards may be made in
cash, Stock, a combination of cash and Stock, or any other form of property as the Committee shall determine. In addition, payment of Awards may include such terms, conditions, restrictions and/or limitations, if any, as the Committee deems
appropriate, including, in the case of Awards paid in the form of Stock, restrictions on transfer and forfeiture provisions. Further, payment of Awards may be made in the form of a lump sum, or in installments, as determined by the Committee.

  
 12 

 13.3. LIMITS ON TRANSFER. No right or interest of a Participant in any unexercised or
restricted Award may be pledged, encumbered, or hypothecated to or in favor of any party other than the Company or an Affiliate, or shall be subject to any lien, obligation, or liability of such Participant to any other party other than the Company
or an Affiliate. No unexercised or restricted Award shall be assignable or transferable by a Participant other than by will or the laws of descent and distribution; provided, however, that the Committee may (but need not) permit other
transfers (other than transfers for value) where the Committee concludes that such transferability (i) does not result in accelerated taxation, (ii) does not cause any Option intended to be an Incentive Stock Option to fail to be described
in Code Section 422(b), and (iii) is otherwise appropriate and desirable, taking into account any factors deemed relevant, including without limitation, state or federal tax or securities laws applicable to transferable Awards. 

13.4. BENEFICIARIES. Notwithstanding Section 13.3, a Participant may, in the manner determined by the Committee, designate a
beneficiary to exercise the rights of the Participant and to receive any distribution with respect to any Award upon the Participant’s death. A beneficiary, legal guardian, legal representative, or other person claiming any rights under the
Plan is subject to all terms and conditions of the Plan and any Award Certificate applicable to the Participant, except to the extent the Plan and Award Certificate otherwise provide, and to any additional restrictions deemed necessary or
appropriate by the Committee. If no beneficiary has been designated or survives the Participant, payment shall be made to the Participant’s estate. Subject to the foregoing, a beneficiary designation may be changed or revoked by a Participant
at any time provided the change or revocation is filed with the Committee. 
 13.5. STOCK TRADING RESTRICTIONS. All Stock
issuable under the Plan is subject to any stop-transfer orders and other restrictions as the Committee deems necessary or advisable to comply with federal or state securities laws, rules and regulations and the rules of any national securities
exchange or automated quotation system on which the Stock is listed, quoted, or traded. The Committee may place legends on any Stock certificate or issue instructions to the transfer agent to reference restrictions applicable to the Stock.

 13.6. ACCELERATION UPON DEATH OR DISABILITY. Except as otherwise provided in the Award Certificate or any special Plan
document governing an Award, upon the termination of a person’s Continuous Status as a Participant by reason of death or Disability: 
 (i) all of that Participant’s outstanding Options and SARs shall become fully exercisable; 
 (ii) all time-based vesting restrictions on that Participant’s outstanding Awards shall lapse as of the date of termination; and 

(iii) the payout opportunities attainable under all of that Participant’s outstanding performance-based Awards shall
be deemed to have been fully earned as of the date of termination as follows: 
 (A) if the date of termination
occurs during the first half of the applicable performance period, all relevant performance goals will be deemed to have been achieved at the “target” level, and 

(B) if the date of termination occurs during the second half of the applicable performance period, the actual level of
achievement of all relevant performance goals against target will be measured as of the end of the calendar quarter immediately preceding the date of termination, and 

  
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 (C) in either such case, there shall be a pro rata payout to the Participant
or his or her estate within sixty (60) days following the date of termination (unless a later date is required by Section 16.3 hereof), based upon the length of time within the performance period that has elapsed prior to the date of
termination. 
 To the extent that this provision causes Incentive Stock Options to exceed the dollar limitation set forth in
Code Section 422(d), the excess Options shall be deemed to be Nonstatutory Stock Options. 
 13.7. ACCELERATION UPON A
CHANGE IN CONTROL. Except as otherwise provided in the Award Certificate or any special Plan document governing an Award, upon the occurrence of a Change in Control, (i) all outstanding Options, SARs, and other Awards in the nature of
rights that may be exercised shall become fully exercisable, and (ii) all time-based vesting restrictions on outstanding Awards shall lapse. Except as otherwise provided in the Award Certificate or any special Plan document governing an Award,
upon the occurrence of a Change in Control, the target payout opportunities attainable under all outstanding performance-based Awards shall be deemed to have been fully earned as of the effective date of the Change in Control based upon an assumed
achievement of all relevant performance goals at the “target” level and there shall be a pro rata payout to Participants within thirty (30) days following the effective date of the Change in Control based upon the length of time
within the performance period that has elapsed prior to the Change in Control. 
 13.8. ACCELERATION FOR ANY REASON. The
Committee may in its sole discretion at any time determine that all or a portion of a Participant’s Options, SARs, and other Awards in the nature of rights that may be exercised shall become fully or partially exercisable, that all or a part of
the time-based vesting restrictions on all or a portion of the outstanding Awards shall lapse, and/or that any performance-based criteria with respect to any Awards shall be deemed to be wholly or partially satisfied, in each case, as of such date
as the Committee may, in its sole discretion, declare. The Committee may discriminate among Participants and among Awards granted to a Participant in exercising its discretion pursuant to this Section 13.8. Notwithstanding anything in the Plan,
including this Section 13.8, the Committee may not accelerate the payment of any Award if such acceleration would violate Section 409A(a)(3) of the Code. 
 13.9. FORFEITURE EVENTS. The Committee may specify in an Award Certificate that the Participant’s rights, payments and benefits with respect to an Award shall be subject to reduction,
cancellation, forfeiture or recoupment upon the occurrence of certain specified events, in addition to any otherwise applicable vesting or performance conditions of an Award. Such events shall include, but shall not be limited to, termination of
employment for Cause, violation of material Company or Affiliate policies, breach of noncompetition, confidentiality or other restrictive covenants that may apply to the Participant, or other conduct by the Participant that is detrimental to the
business or reputation of the Company or any Affiliate. 
 13.10. SUBSTITUTE AWARDS. The Committee may grant Awards under
the Plan in substitution for stock and stock-based awards held by employees of another entity who become employees of the Company or an Affiliate as a result of a merger or consolidation of the former employing entity with the Company or an
Affiliate or the acquisition by the Company or an Affiliate of property or stock of the former employing corporation. The Committee may direct that the substitute awards be granted on such terms and conditions as the Committee considers appropriate
in the circumstances. 

  
 14 

 ARTICLE 14 
 CHANGES IN CAPITAL STRUCTURE 
 14.1. MANDATORY ADJUSTMENTS. In the
event of a nonreciprocal transaction between the Company and its stockholders that causes the per-share value of the Stock to change (including, without limitation, any stock dividend, stock split, spin-off, rights offering, or large nonrecurring
cash dividend), the authorization limits under Section 5.1 shall be adjusted proportionately, and the Committee shall make such adjustments to the Plan and Awards as it deems necessary, in its sole discretion, to prevent dilution or enlargement
of rights immediately resulting from such transaction. Action by the Committee may include: (i) adjustment of the number and kind of shares that may be delivered under the Plan; (ii) adjustment of the number and kind of shares subject to
outstanding Awards; (iii) adjustment of the exercise price of outstanding Awards or the measure to be used to determine the amount of the benefit payable on an Award; and (iv) any other adjustments that the Committee determines to be
equitable. Notwithstanding the foregoing, the Committee shall not make any adjustments to outstanding Options or SARs that would constitute a modification or substitution of the stock right under Treas. Reg. Sections 1.409A-1(b)(5)(v) that would be
treated as the grant of a new stock right or change in the form of payment for purposes of Code Section 409A. Without limiting the foregoing, in the event of a subdivision of the outstanding Stock (stock-split), a declaration of a dividend
payable in Shares, or a combination or consolidation of the outstanding Stock into a lesser number of Shares, the authorization limits under Section 5.1 shall automatically be adjusted proportionately, and the Shares then subject to each Award
shall automatically, without the necessity for any additional action by the Committee, be adjusted proportionately without any change in the aggregate purchase price therefor. 
 14.2. DISCRETIONARY ADJUSTMENTS. Upon the occurrence or in anticipation of any corporate event or transaction involving the Company (including, without limitation, any merger, reorganization,
recapitalization, combination or exchange of shares, or any transaction described in Section 14.1), the Committee may, in its sole discretion, provide (i) that Awards will be settled in cash rather than Stock, (ii) that Awards will
become immediately vested and exercisable and will expire after a designated period of time to the extent not then exercised, (iii) that Awards will be assumed by another party to a transaction or otherwise be equitably converted or substituted
in connection with such transaction, (iv) that outstanding Awards may be settled by payment in cash or cash equivalents equal to the excess of the Fair Market Value of the underlying Stock, as of a specified date associated with the
transaction, over the exercise price of the Award, (v) that performance targets and performance periods for Performance Awards will be modified, or (vi) any combination of the foregoing. The Committee’s determination need not be
uniform and may be different for different Participants whether or not such Participants are similarly situated. 
 14.3.
GENERAL. Any discretionary adjustments made pursuant to this Article 14 shall be subject to the provisions of Section 15.2. To the extent that any adjustments made pursuant to this Article 14 cause Incentive Stock Options to cease to
qualify as Incentive Stock Options, such Options shall be deemed to be Nonstatutory Stock Options. 
 ARTICLE 15

 AMENDMENT, MODIFICATION AND TERMINATION 
 15.1. AMENDMENT, MODIFICATION AND TERMINATION. The Board or the Committee may, at any time and from time to time, amend, modify or terminate the Plan without stockholder approval; provided,
however, that if an amendment to the Plan would, in the reasonable opinion of the Board or the Committee, either (i) materially increase the number of Shares available under the Plan, (ii) expand the types of awards under the Plan,
(iii) materially expand the class of participants eligible to participate in the Plan, (iv) materially extend the term of the Plan, or (v) otherwise constitute a material 

  
 15 

 change requiring stockholder approval under applicable laws, policies or regulations or the applicable
listing or other requirements of an Exchange, then such amendment shall be subject to stockholder approval; and provided, further, that the Board or Committee may condition any other amendment or modification on the approval of
stockholders of the Company for any reason, including by reason of such approval being necessary or deemed advisable (i) to comply with the listing or other requirements of an Exchange, or (ii) to satisfy any other tax, securities or other
applicable laws, policies or regulations. 
 15.2. AWARDS PREVIOUSLY GRANTED. At any time and from time to time, the
Committee may amend, modify or terminate any outstanding Award without approval of the Participant; provided, however: 
 (a) Subject to the terms of the applicable Award Certificate, such amendment, modification or termination shall not, without the Participant’s consent, reduce or diminish the value of such Award
determined as if the Award had been exercised, vested, cashed in or otherwise settled on the date of such amendment or termination (with the per-share value of an Option or SAR for this purpose being calculated as the excess, if any, of the Fair
Market Value as of the date of such amendment or termination over the exercise or base price of such Award); 

(b) The original term of an Option or SAR may not be extended without the prior approval of the stockholders of the
Company; 
 (c) Except as otherwise provided in Section 14.1, the exercise price of an Option or SAR may
not be reduced, directly or indirectly, without the prior approval of the stockholders of the Company; and 

(d) No termination, amendment, or modification of the Plan shall adversely affect any Award previously granted under the
Plan, without the written consent of the Participant affected thereby. An outstanding Award shall not be deemed to be “adversely affected” by a Plan amendment if such amendment would not reduce or diminish the value of such Award
determined as if the Award had been exercised, vested, cashed in or otherwise settled on the date of such amendment (with the per-share value of an Option or SAR for this purpose being calculated as the excess, if any, of the Fair Market Value as of
the date of such amendment over the exercise or base price of such Award). 
 15.3. COMPLIANCE AMENDMENTS.
Notwithstanding anything in the Plan or in any Award Certificate to the contrary, the Board may amend the Plan or an Award Certificate, to take effect retroactively or otherwise, as deemed necessary or advisable for the purpose of conforming the
Plan or Award Certificate to any present or future law relating to plans of this or similar nature (including, but not limited to, Section 409A of the Code), and to the administrative regulations and rulings promulgated thereunder. By accepting
an Award under this Plan, a Participant agrees to any amendment made pursuant to this Section 15.3 to any Award granted under the Plan without further consideration or action. 

ARTICLE 16 

GENERAL PROVISIONS 
 16.1. RIGHTS OF PARTICIPANTS. 
 (a) No Participant or any
Eligible Participant shall have any claim to be granted any Award under the Plan. Neither the Company, its Affiliates nor the Committee is obligated to treat Participants or Eligible Participants uniformly, and determinations made under the Plan may
be made by the Committee selectively among Eligible Participants who receive, or are eligible to receive, Awards (whether or not such Eligible Participants are similarly situated). 

  
 16 

 (b) Nothing in the Plan, any Award Certificate or any other document or
statement made with respect to the Plan, shall interfere with or limit in any way the right of the Company or any Affiliate to terminate any Participant’s employment or status as an officer, or any Participant’s service as a director, at
any time, nor confer upon any Participant any right to continue as an employee, officer, or director of the Company or any Affiliate, whether for the duration of a Participant’s Award or otherwise. 

(c) Neither an Award nor any benefits arising under this Plan shall constitute an employment contract with the Company or
any Affiliate and, accordingly, subject to Article 15, this Plan and the benefits hereunder may be terminated at any time in the sole and exclusive discretion of the Committee without giving rise to any liability on the part of the Company or an of
its Affiliates. 
 (d) No Award gives a Participant any of the rights of a stockholder of the Company unless and
until Shares are in fact issued to such person in connection with such Award. 
 16.2. WITHHOLDING. The Company or any
Affiliate shall have the authority and the right to deduct or withhold, or require a Participant to remit to the Company, an amount sufficient to satisfy federal, state, and local taxes (including the Participant’s FICA obligation) required by
law to be withheld with respect to any exercise, lapse of restriction or other taxable event arising as a result of the Plan. With respect to withholding required upon any taxable event under the Plan, the Committee may, at the time the Award is
granted or thereafter, require or permit that any such withholding requirement be satisfied, in whole or in part, by withholding from the Award Shares having a Fair Market Value on the date of withholding equal to the minimum amount (and not any
greater amount) required to be withheld for tax purposes, all in accordance with such procedures as the Committee establishes. All such elections shall be subject to any restrictions or limitations that the Committee, in its sole discretion, deems
appropriate. 
 16.3. SPECIAL PROVISIONS RELATED TO SECTION 409A OF THE CODE. 

(a) General. It is intended that the payments and benefits provided under the Plan and any Award shall either be exempt from the
application of, or comply with, the requirements of Section 409A of the Code. The Plan and all Award Certificates shall be construed in a manner that effects such intent. Nevertheless, the tax treatment of the benefits provided under the Plan
or any Award is not warranted or guaranteed. Neither the Company, its Affiliates nor their respective directors, officers, employees or advisers shall be held liable for any taxes, interest, penalties or other monetary amounts owed by any
Participant or other taxpayer as a result of the Plan or any Award. 
 (b) Definitional Restrictions. Notwithstanding
anything in the Plan or in any Award Certificate to the contrary, to the extent that any amount or benefit that would constitute non-exempt “deferred compensation” for purposes of Section 409A of the Code would otherwise be payable or
distributable, or a different form of payment (e.g., lump sum or installment) would be effected, under the Plan or any Award Certificate by reason of the occurrence of a Change in Control, or the Participant’s Disability or separation from
service, such amount or benefit will not be payable or distributable to the Participant, and/or such different form of payment will not be effected, by reason of such circumstance unless the circumstances giving rise to such Change in Control,
Disability or separation from service meet any description or definition of “change in control event”, “disability” or “separation from service”, as the case may be, in Section 409A of the Code and applicable
regulations (without giving effect to any elective provisions that may be available under such definition). This provision does not prohibit the 

  
 17 

 
vesting of any Award upon a Change in Control, Disability or separation from service, however defined. If this provision prevents the payment or distribution of any amount or benefit, such
payment or distribution shall be made on the next earliest payment or distribution date or event specified in the Award Certificate that is permissible under Section 409A of the Code. If this provision prevents the application of a different
form of payment of any amount or benefit, such payment shall be made in the same form as would have applied absent such designated event or circumstance. 
 (c) Allocation among Possible Exemptions. If any one or more Awards granted under the Plan to a Participant could qualify for any separation pay exemption described in Treas. Reg.
Section 1.409A-1(b)(9), but such Awards in the aggregate exceed the dollar limit permitted for the separation pay exemptions, the Company (acting through the Committee) shall determine which Awards or portions thereof will be subject to such
exemptions. 
 (d) Six-Month Delay in Certain Circumstances. Notwithstanding anything in the Plan or in any Award
Certificate to the contrary, if any amount or benefit that would constitute non-exempt “deferred compensation” for purposes of Section 409A of the Code would otherwise be payable or distributable under this Plan or any Award
Certificate by reason of a Participant’s separation from service during a period in which the Participant is a Specified Employee (as defined below), then, subject to any permissible acceleration of payment by the Committee under Treas. Reg.
Section 1.409A-3(j)(4)(ii) (domestic relations order), (j)(4)(iii) (conflicts of interest), or (j)(4)(vi) (payment of employment taxes): 
 (i) the amount of such non-exempt deferred compensation that would otherwise be payable during the six-month period immediately following the Participant’s separation from service will be accumulated
through and paid or provided on the first day of the seventh month following the Participant’s separation from service (or, if the Participant dies during such period, within 30 days after the Participant’s death) (in either case, the
“Required Delay Period”), and 
 (ii) the normal payment or distribution schedule for any
remaining payments or distributions will resume at the end of the Required Delay Period. 
 For purposes of this
Plan, the term “Specified Employee” has the meaning given such term in Section 409A of the Code and the final regulations thereunder, provided, however, that, as permitted in such final regulations, the Company’s
Specified Employees and its application of the six-month delay rule of 409A(a)(2)(B)(i) of the Code shall be determined in accordance with rules adopted by the Board or any committee of the Board, which shall be applied consistently with respect to
all nonqualified deferred compensation arrangements of the Company, including this Plan. 
 16.4. UNFUNDED STATUS OF
AWARDS. The Plan is intended to be an “unfunded” plan for incentive and deferred compensation. With respect to any payments not yet made to a Participant pursuant to an Award, nothing contained in the Plan or any Award Certificate
shall give the Participant any rights that are greater than those of a general creditor of the Company or any Affiliate. This Plan is not intended to be subject to ERISA. 
 16.5. RELATIONSHIP TO OTHER BENEFITS. No payment under the Plan shall be taken into account in determining any benefits under any pension, retirement, savings, profit sharing, group insurance,
welfare or benefit plan of the Company or any Affiliate unless provided otherwise in such other plan. 
 16.6. EXPENSES.
The expenses of administering the Plan shall be borne by the Company and its Affiliates. 

  
 18 

 16.7. TITLES AND HEADINGS. The titles and headings of the Sections in the Plan are
for convenience of reference only, and in the event of any conflict, the text of the Plan, rather than such titles or headings, shall control. 
 16.8. GENDER AND NUMBER. Except where otherwise indicated by the context, any masculine term used herein also shall include the feminine; the plural shall include the singular and the singular
shall include the plural. 
 16.9. FRACTIONAL SHARES. No fractional Shares shall be issued and the Committee shall
determine, in its discretion, whether cash shall be given in lieu of fractional Shares or whether such fractional Shares shall be eliminated by rounding up or down. 
 16.10. GOVERNMENT AND OTHER REGULATIONS. 
 (a)
Notwithstanding any other provision of the Plan, no Participant who acquires Shares pursuant to the Plan may, during any period of time that such Participant is an affiliate of the Company (within the meaning of the rules and regulations of the
Securities and Exchange Commission under the 1933 Act), sell such Shares, unless such offer and sale is made (i) pursuant to an effective registration statement under the 1933 Act, which is current and includes the Shares to be sold, or
(ii) pursuant to an appropriate exemption from the registration requirement of the 1933 Act, such as that set forth in Rule 144 promulgated under the 1933 Act. 

(b) Notwithstanding any other provision of the Plan, if at any time the Committee shall determine that the registration,
listing or qualification of the Shares covered by an Award upon any Exchange or under any foreign, federal, state or local law or practice, or the consent or approval of any governmental regulatory body, is necessary or desirable as a condition of,
or in connection with, the granting of such Award or the purchase or receipt of Shares thereunder, no Shares may be purchased, delivered or received pursuant to such Award unless and until such registration, listing, qualification, consent or
approval shall have been effected or obtained free of any condition not acceptable to the Committee. Any Participant receiving or purchasing Shares pursuant to an Award shall make such representations and agreements and furnish such information as
the Committee may request to assure compliance with the foregoing or any other applicable legal requirements. The Company shall not be required to issue or deliver any certificate or certificates for Shares under the Plan prior to the
Committee’s determination that all related requirements have been fulfilled. The Company shall in no event be obligated to register any securities pursuant to the 1933 Act or applicable state or foreign law or to take any other action in order
to cause the issuance and delivery of such certificates to comply with any such law, regulation or requirement. 
 16.11.
GOVERNING LAW. To the extent not governed by federal law, the Plan and all Award Certificates shall be construed in accordance with and governed by the laws of the State of Maryland. 

16.12. ADDITIONAL PROVISIONS. Each Award Certificate may contain such other terms and conditions as the Committee may determine;
provided that such other terms and conditions are not inconsistent with the provisions of the Plan. 
 16.13. NO LIMITATIONS
ON RIGHTS OF COMPANY. The grant of any Award shall not in any way affect the right or power of the Company to make adjustments, reclassification or changes in its capital or business structure or to merge, consolidate, dissolve, liquidate, sell
or transfer all or any part of its business or assets. The Plan shall not restrict the authority of the Company, for proper corporate 

  
 19 

 purposes, to draft or assume awards, other than under the Plan, to or with respect to any person. If the
Committee so directs, the Company may issue or transfer Shares to an Affiliate, for such lawful consideration as the Committee may specify, upon the condition or understanding that the Affiliate will transfer such Shares to a Participant in
accordance with the terms of an Award granted to such Participant and specified by the Committee pursuant to the provisions of the Plan. 
 16.14. INDEMNIFICATION. Each person who is or shall have been a member of the Committee or of the Board shall be indemnified and held harmless by the Company against and from any loss, cost,
liability, or expense that may be imposed upon or reasonably incurred by him or her in connection with or resulting from any claim, action, suit, or proceeding to which he or she may be a party or in which he or she may be involved by reason of any
action taken or failure to act under the Plan and against and from any and all amounts paid by him or her in settlement thereof, with the Company’s approval, or paid by him or her in satisfaction of any judgment in any such action, suit, or
proceeding against him or her, provided he or she shall give the Company an opportunity, at its own expense, to handle and defend the same before he or she undertakes to handle and defend it on his or her own behalf, unless such loss, cost,
liability, or expense is a result of his or her own willful misconduct or except as expressly provided by statute. The foregoing right of indemnification shall not be exclusive of any other rights of indemnification to which such persons may be
entitled under the Company’s charter or bylaws, as a matter of law, or otherwise, or any power that the Company may have to indemnify them or hold them harmless. 
 ******************** 

  
 20 

 The foregoing is hereby acknowledged as being the O’Donnell Strategic Gateway REIT,
Inc. Long Term Incentive Plan as adopted by the Board on             , 2011, and by the stockholders on
                    , 2011. 
  

			
	O’DONNELL STRATEGIC GATEWAY REIT, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	Chief Financial Officer and Treasurer

  
 21

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