Document:

Exhibit 4.1

first
AMENDMENT

TO

FIRST AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP

OF

INLAND RESIDENTIAL OPERATING PARTNERSHIP, L.P.

THIS FIRST AMENDMENT TO FIRST AMENDED
AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP (this “Amendment”) OF INLAND RESIDENTIAL OPERATING PARTNERSHIP,
L.P. (the “Partnership”), dated as of February 2, 2017, is entered into by and between INLAND RESIDENTIAL PROPERTIES
TRUST, INC., a Maryland corporation, in its capacity as the general partner (the “General Partner”) of the Partnership,
and INLAND RESIDENTIAL PROPERTIES TRUST SPECIAL LIMITED PARTNER, LLC, a Delaware limited liability company, the special limited
partner of the Partnership. Capitalized terms used but not otherwise defined in this Amendment shall have the meanings given to
such terms in the First Amended and Restated Agreement of Limited Partnership of the Partnership, dated as of October 27, 2016
(the “Partnership Agreement”).

RECITALS

WHEREAS, prior to February 2, 2017, pursuant
to the Articles of Incorporation, 400,000,000 of the General Partner’s shares were designated common stock, 320,000,000 of
which were classified as Class A Common Stock and 80,000,000 of which were classified as Class T Common Stock.

WHEREAS, the General Partner has filed,
on February 2, 2017, Articles Supplementary to reclassify 40,000,000 of authorized but unissued shares of Class T Common Stock
as shares of Class T-3 common stock, $.001 par value per share, of the General Partner, with the preferences, rights, voting powers,
restrictions, limitations as to dividends and other distributions, qualifications, or terms or conditions of redemption described
therein.

WHEREAS, pursuant
to Section 14.1 of the Partnership Agreement, the parties hereto desire to amend the Partnership Agreement to reflect the changes
in share classification.

NOW, THEREFORE,
in consideration of the mutual covenants herein contained, and other valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the parties do hereby agree as follows:

1.              
Article 1 of the Partnership Agreement is amended by adding or replacing, as applicable, the following definitions in alphabetical
order:

		a.	“Class T-3 Common Stock” means the Common Stock classified as “Class
T-3” shares in the Articles of Incorporation.

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		b.	“Class T-3 Unit” means a Partnership Unit entitling the holder thereof
to the rights of a holder of a Class T-3 Unit as provided in this Agreement, and the Class T-3 Units that correspond with the Class
T-3 Common Stock.

		c.	“Common Stock” means the common stock of the General Partner, $.001 par
value per share. Common Stock may be issued in one or more classes or series in accordance with the terms of the Articles of Incorporation,
including Class A Common Stock, Class T Common Stock and Class T-3 Common Stock. If, at any time, there is more than one class
or series of Common Stock, the term “Common Stock” shall, as the context requires, be deemed to refer to the class
or series of Common Stock that correspond to the class or series of Partnership Interests for which the reference to Common Stock
is made.

		d.	“OP Unit” means a Class A Unit, a Class T Unit or a Class T-3 Unit, or
the Class A Units, Class T Units and Class T-3 Units collectively, as the context requires.

		e.	“Partnership Unit” means a fractional, undivided share of the Partnership
Interests of all Partners issued hereunder. Partnership Units consist of GP Units, Class A Units, Class T Units and Class T-3 Units
and any classes or series of Partnership Units established after the date hereof. The number of Partnership Units outstanding and
the Percentage Interests in the Partnership represented by such Partnership Units are set forth in Exhibit A, as such Exhibit
may be amended from time to time. The ownership of Partnership Units shall be evidenced by such form of certificate for Partnership
Units as the General Partner adopts from time to time unless the General Partner determines that the Partnership Units shall be
uncertificated securities.

2.              
Section 4.1(c) of the Partnership Agreement is hereby deleted in its entirety and the following new Section 4.1(c) is substituted
in its place.

		(c)	As of the effective date of this Agreement, the Partnership shall have four classes of Partnership
Units, entitled “GP Units,” “Class A Units,” “Class T Units” and “Class T-3 Units,”
respectively. Each Partner shall own Partnership Units in the amounts set forth for such Partner in Exhibit A and shall
have a Percentage Interest in the Partnership as set forth in Exhibit A, which Percentage Interest shall be adjusted in
Exhibit A from time to time by the General Partner to the extent necessary to reflect accurately exchanges, additional Capital
Contributions, the issuance of additional Partnership Units, transfers of Partnership Units or similar events having an effect
on any Partner’s Percentage Interest.

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3.              
The following sections are added at the end of Section 4.9 as Sections 4.9(d) and 4.9(e):

		(d)	a selling commission equal to approximately $0.72 and a dealer manager fee equal to approximately
$0.60 for each Class T-3 Unit issued in respect of the issuance and sale of a share of Class T-3 Common Stock in the General Partner’s
primary offering (or, with respect to Class T-3 Units issued in respect of the issuance and sale of a share of Class T-3 Common
Stock in a follow-on offering of the General Partner, such other selling commission and dealer manager fee charged in respect of
such share of Class T-3 Common Stock); and

		(e)	an annual distribution and stockholder servicing fee for each Class T-3 Unit issued in respect
of the issuance and sale of a share of Class T-3 Common Stock in the General Partner’s primary offering equal to (i) one
percent of the gross offering price of a share of Class T-3 Common Stock issued in the General Partner’s primary offering,
or, once the General Partner publishes the estimated value of a share of Class T-3 Common Stock in accordance with FINRA rules
and regulations to assist broker dealers to satisfy their reporting obligations for customer account statement purposes, (ii) one
percent of the estimated value of a share of Class T-3 Common Stock that the General Partner publishes from time to time.

4.              
Section 4.10 of the Partnership Agreement is hereby deleted in its entirety and the following new Section 4.10 is substituted
in its place:

		4.10	Conversion of Class T Units and Class T-3 Units

		(a)	Conversion of Class T Units. At such time as a share of Class T Common Stock is converted into Class A Common Stock,
the corresponding Class T Unit shall convert into a corresponding number of Class A Units. The conversion of all or a portion of
the Class T Units shall occur automatically after the close of business on the applicable date of conversion, as of which time
the holder of Class T Units shall be credited on the books and records of the Partnership with the issuance as of the opening of
business on the next day of the number of Class A Units issuable upon such conversion.

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		(b)	Conversion of Class T-3 Units. At such time as a share of Class T-3 Common Stock is converted into Class A Common Stock,
the corresponding Class T-3 Unit shall convert into a corresponding number of Class A Units. The conversion of all or a portion
of the Class T-3 Units shall occur automatically after the close of business on the applicable date of conversion, as of which
time the holder of Class T-3 Units shall be credited on the books and records of the Partnership with the issuance as of the opening
of business on the next day of the number of Class A Units issuable upon such conversion.

5.              
Section 5.1(i) of the Partnership Agreement is hereby deleted in its entirety and the following new Section 5.1(i) is substituted
in its place:

		(i)	Special Fees. Consistent with Section 4.9, if the Partnership directly or indirectly
incurs Special Fees, (i) Cash Available for Distribution or Net Sales Proceeds, as the case may be, available for distribution
under this Section 5.1 shall be increased by the Special Fees to the extent that Cash Available for Distribution or Net Sales
Proceeds have been previously reduced by such fees; and (ii) the amounts otherwise distributable among the Classes of OP Units
shall then be reduced to reflect their appropriate share or shares of the Special Fees.  For example, if the Partnership has
Cash Available for Distribution of $1,000 after taking into account distribution and stockholder servicing fees of $239.50 and
$241.40 that are required to be borne entirely by the Partners holding Class T Units and Class T-3 Units, respectively, Cash Available
for Distribution shall be increased to $1,480.90 for purposes of this Section 5.1 and the amounts otherwise distributable
to the Class T Units and the Class T-3 Units under this Section 5.1 shall be reduced by $239.50 and $241.40, respectively.

6.              
Section 1(c)(ii) of Exhibit B to the Partnership Agreement is hereby deleted in its entirety and the following new
Section 1(c)(ii) is substituted in its place.

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		(ii)	Special Allocation of Special Fees. Consistent with Section 4.9, if the Partnership
directly or indirectly incurs Special Fees, such Special Fees shall be specially allocated among the Classes of OP Units to correspond
with their appropriate shares of such fees and then proportionately allocated among the Units within each burdened Class. 
For example, if the Partnership incurs distribution and stockholder servicing fees of $239.50 and $241.40 that are required to
be borne entirely by the Partners holding Class T Units and Class T-3 Units, respectively, the $239.50 servicing fee shall be specially
allocated to the holders of Class T Units in proportion to their Class T Units and the $241.40 servicing fee shall be specially
allocated to the holders of Class T-3 Units in proportion to their Class T-3 Units.  To the extent that an allocation of Special
Fees under this subparagraph 1(c)(ii) would create or increase an Adjusted Capital Account Deficit for a Partner, such allocation
instead shall be made proportionately to the other Partners within the burdened Class who do not have Adjusted Capital Account
Deficits.

7.              
Continuing Effect. Except as otherwise set forth in this Amendment, the terms of the Partnership Agreement shall
continue in full force and effect and shall not be deemed to have otherwise been amended, modified, revised or altered.

8.              
Counterparts. The parties agree that this Amendment has been or may be executed in several counterparts, each of
which shall be deemed an original, and all counterparts shall together constitute one and the same instrument.

 

[REMAINDER OF PAGE INTENTIONALLY
LEFT BLANK]

 

 

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

 

	 	GENERAL PARTNER:
	 			
	 	INLAND RESIDENTIAL PROPERTIES TRUST, INC.
	 			
	 	By:	/s/ David Z. Lichterman
	 		Name:	David Z. Lichterman
	 	 	Title:	
        Vice President, Treasurer and

        Chief Accounting Officer

	 	 	 	 
	 	 	 	 
	 	SPECIAL LIMITED PARTNER:
	 	 	 	 
	 	
        INLAND RESIDENTIAL PROPERTIES TRUST

        SPECIAL LIMITED PARTNER, LLC

	 	 	 	 
	 	By:	
        Inland Real Estate Investment Corporation,

        its Managing Member

	 	 	 	 
	 	By:	/s/ Catherine L. Lynch
	 	 	Name:	Catherine L. Lynch
	 	 	Title:	Chief Financial Officer and Secretary

 

 

 

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FIRST AMENDMENT TO FIRST AMENDED AND RESTATED
AGREEMENT OF LIMITED PARTNERSHIP

OF INLAND RESIDENTIAL OPERATING PARTNERSHIP,
L.P.Exhibit 4.2

FOURTH AMENDED AND
RESTATED DISTRIBUTION REINVESTMENT PLAN

Inland Residential Properties Trust, Inc.
(the “Company”), as a service to its stockholders, hereby offers participation in its fourth amended and restated distribution
reinvestment plan (the “Plan”). The Plan is designed to provide participants with a simple, convenient and economical
way to purchase shares of the Company’s common stock, including shares of the Company’s Class A common stock (the “Class
A Shares”), Class T common stock (the “Class T Shares”) and Class T-3 common stock (the “Class T-3 Shares”).
Stockholders who choose not to participate in the Plan will receive distributions, in the form declared and paid by the Company.

Purchases of shares will be made directly
from the Company and shall be made in the same class as the shares on which the participant received the cash distributions that
are being reinvested through the Plan, i.e., distributions paid on Class A Shares will be used to purchase additional Class A Shares,
distributions paid on Class T Shares will be used to purchase additional Class T Shares and distributions paid on Class T-3 Shares
will be used to purchase additional Class T-3 Shares.

To aid in your understanding of the
question-and-answer statements set forth below, you may find the following basic definitions useful:

“Shares registered in your
name” means shares of the Company’s common stock for which you are the owner of record. If you own shares of the
Company’s common stock but are not the owner of record for those shares, it is likely that the shares you own are registered
in the name of another (e.g., in the name of a bank or trustee holding shares of common stock on your behalf) and are held for
you by the registered owner in an account in your name.

“Shares enrolled in the Plan”
means shares registered in your name that you have chosen to enroll in the Plan. Distributions on all shares enrolled in the Plan
are automatically reinvested in additional shares of the Company’s common stock. You do not have to enroll all of your shares
of common stock in the Plan.

The following question-and-answer statements
define the Company’s Plan, effective as of February 17, 2017.

Purpose 

 

1.       What
is the purpose of the Plan? 

The purpose of the Plan is to provide
eligible stockholders (see Question 5) with a simple and convenient way to invest cash distributions in additional shares of the
Company’s common stock. The Plan is intended to be used by you as a vehicle for long-term investment in the Company’s
common stock.

Maximum Ownership of Shares.
To maintain the Company’s qualification as a REIT, no more than 50% of its outstanding shares of common stock may be owned
directly or indirectly by five or fewer individuals at any time during July through December of each year. To ensure that the Company
meets this test, its charter provides that no person may own more than 9.8% in value of its outstanding stock, or 9.8% in value
or in number (whichever is more restrictive) of each class of its shares, without the prior approval of the Company’s board
of directors. Therefore, to the extent that any purchase of shares of common stock under the Plan would cause you to own more than
9.8% in value of the Company’s outstanding stock, or 9.8% in value or in number (whichever is more restrictive) of each class
of its shares, without the prior approval of the Company’s board of directors, you may not reinvest your distributions to
purchase additional shares of common stock.

 

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Investment Options 

 

2.       What
investment options are available to participants in the Plan? 

The Plan provides two options for purchasing
additional shares of common stock:

Full Distribution Reinvestment Option.
You may have cash distributions on all of your shares of common stock automatically reinvested; or

Partial Distribution Reinvestment
Option. You may reinvest cash distributions on a percentage of the shares of common stock you own and continue to receive distributions
in the form declared and paid by the Company on the other shares registered in your name. You can take advantage of this option
by enrolling in the Plan only that percentage of your shares for which you wish to reinvest distributions.

Benefits and Disadvantages 

 

3.       What
are the benefits and disadvantages of the Plan? 

Benefits. Before deciding
whether to participate, you should consider the following benefits of the Plan:

 

		•	You may purchase additional shares of the Company’s common stock by automatically reinvesting cash distributions on all,
or less than all, of the shares registered in your name. You will continue to receive distributions in the form declared and paid
by the Company for those shares of common stock that you choose not to enroll in the Plan.

		•	No commissions, brokerage fees or service charges will be paid by you in connection with purchases under the Plan resulting
in a lower purchase price than you would otherwise pay if you acquired shares in our primary offering. In addition, no fees will
be paid to Inland Real Estate Investment Corporation, Inland Residential Business Manager & Advisor, Inc., our directors or
any of their affiliates in connection with purchases under the Plan.

		•	Your funds will be fully invested because the Plan permits fractions of shares of common stock to be purchased for you and
registered in your name. Distributions on such fractions, as well as on whole shares, will be reinvested in additional shares of
common stock and registered in your name.

		•	Regular statements from the Administrator reflecting all current activity in your account, including purchases, sales and latest
balance, will simplify your recordkeeping.

Disadvantages. Before
deciding whether to participate, you should consider the following disadvantages of the Plan:

 

		•	You will be treated for U.S. federal income tax purposes as receiving a distribution equal to the fair market value of the
shares of common stock purchased for you as a result of the reinvestment of cash distributions. This distribution will be taxable
to the extent of the Company’s current and accumulated earnings and profits (and to the extent the distribution exceeds both
the Company’s current and accumulated earnings and profits and the tax basis in your shares of common stock). Accordingly,
you may have a tax liability without a corresponding distribution of cash with which to pay the liability when it comes due.

		•	You may not know the actual number of shares of common stock purchased for you as a result of the reinvestment of cash distributions
until after the applicable Distribution Payment Date, as defined in Question 16.

		•	You may incur brokerage commissions, fees and income taxes, as described in Question 20.

		•	We may amend, suspend, modify or terminate the Plan at any time, without the prior consent of participants in the Plan.

 

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Administration 

 

4.       Who
administers the Plan for participants? 

DST Systems, Inc. (the “Administrator”)
administers the Plan, keeps records, sends statements of account to each participant, and performs other duties related to the
Plan. Shares purchased under the Plan will be registered in your name.

The Company, in conjunction with the
Administrator, may adopt rules and regulations to facilitate the administration of the Plan. The Company reserves the right to
interpret the provisions of the Plan, and any rules and regulations adopted in accordance therewith, in its sole discretion. The
determination of any matter with respect to the Plan made by the Company in good faith shall be final and conclusive and binding
on the Administrator and all participants in the Plan. The Administrator currently acts as distribution disbursing and transfer
agent and registrar for the Company’s common stock and may have other business relationships with the Company from time to
time.

For answers to questions regarding the
Plan and to request Plan forms, please contact the Company at (800) 826-8228.

Eligibility and Enrollment 

 

5.       Who
is eligible to participate? 

If you are a stockholder in the Company
and have shares registered in your name, you are eligible to participate in the Plan. If your shares of common stock are registered
in a name other than your own (e.g., in the name of a bank or trustee holding shares of common stock on your behalf) and you want
to participate in the Plan, you should consult directly with the entity holding your shares to determine if they can enroll in
the Plan. You will not be eligible to participate in the Plan, however, if you reside in a jurisdiction in which it is unlawful,
or where it is unduly burdensome, for the Company or the Administrator to let you participate.

The Company reserves the right to reject
the enrollment of any participant who has abused the Plan through excessive sales, terminations and enrollments, or otherwise (see
Questions 1 and 26).

 

6.       When
may an eligible person join the Plan? 

If you are eligible to participate as
described in Question 5 and have been furnished a copy of the Company’s prospectus, you may join the Plan at any time. Your
enrollment will become effective as described below in Question 12.

 

7.       What
happens if a participant’s financial condition changes after enrollment? 

You must notify the Administrator in
the event that, at any time during your participation in the Plan, there is any material change in your financial condition, as
compared to information previously provided to your broker or financial advisors, or inaccuracy of any representation under the
subscription agreement for your initial purchase of securities, including specifically with respect to the concentration limits
applicable to residents of certain states. A “material change” also includes any anticipated or actual material decrease
in your net worth or annual gross income, or any other material change in circumstances that may be likely to cause you to fail
to meet the minimum income and net worth standards or the concentration limits set forth in the Company’s prospectus for
your initial purchase of shares or cause your broker or financial advisor to determine that an investment in shares of the Company’s
common stock is no longer suitable and appropriate for you.

 

8.       How
does an eligible person join the Plan? 

You may join the Plan by completing the
appropriate section of the subscription agreement or submitting a distribution election form. In the event you wish to enroll shares
of common stock that are registered in more than one name (i.e., joint tenants, trustees, etc.), all registered stockholders must
sign the subscription agreement.

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You should send any original subscription agreement
to the address indicated on your subscription agreement. You should send any distribution election forms to the address set forth
on the form.

 

9.       Is
partial participation possible under the Plan? 

Yes. You may elect to enroll in the Plan
all, or less than all, of the shares registered in your name.

 

10.       For
what reinvestment options does the Election Form provide? 

By joining the Plan, you authorize the
Administrator to invest in accordance with the Plan all cash distributions paid on your shares then or subsequently enrolled in
the Plan. The Plan also provides for the partial enrollment in the Plan of your shares of common stock. If you do not wish all
of the shares of common stock held in your name to be enrolled in the Plan, you may designate the percentage of shares of common
stock you do wish enrolled.

 

11.       How
may a participant change options under the Plan? 

As a participant, you may change your
reinvestment options at any time by requesting a distribution election form and returning it to the Administrator at the address
set forth on the form. Any change in reinvestment option must be received by the Administrator not later than five days prior to
the next Distribution Payment Date in order to make a change with respect to that distribution payment (see also Questions 12,
14 and 16).

 

12.       When
does enrollment in the Plan become effective? 

Your signed subscription agreement will
be processed as quickly as practicable after its receipt by the Administrator. Reinvestment of cash distributions on your shares
enrolled in the Plan will take place as follows:

 

		•	If your signed subscription agreement is received by the Administrator prior to or on a record date, reinvestment of distributions
on your enrolled shares of common stock will begin with the Distribution Payment Date for that record date.

For a discussion of record dates and
Distribution Payment Dates, see Questions 14 and 16.

Costs

 

13.       Are
there any costs to participants in the Plan? 

All costs to administer the Plan are
paid by the Company, except that you may incur brokerage commissions, fees and income taxes as a result of your participation in
the Plan (see Question 20). Distribution and stockholder servicing fees will not be paid on Class T Shares or Class T-3 Shares
purchased under the Plan.

Purchases 

 

14.       When
are the Record Dates and Distribution Payment Dates for the Company’s distributions? 

You should not assume that the Company
will pay distributions or pay them in any particular amount or on any particular date. The Company’s board of directors will
establish Distribution Payment Dates and corresponding record dates.

The Company currently has no plans to
declare any special or extraordinary distributions. However, should any such special distribution be declared, the amount due on
shares enrolled in the Plan will be paid to your account under the Plan and invested in accordance with the Plan, subject to your
right to withdraw at any time.

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15.       What
is the source of shares purchased under the Plan? 

The sole source of shares purchased under
the Plan is newly issued shares of common stock purchased directly from the Company.

 

16.       When
will shares be purchased under the Plan? 

Cash distributions reinvested under the
Plan will be applied to the purchase of shares of common stock on the dates that cash distributions are paid on the Company’s
common stock (each, a “Distribution Payment Date”). Shares generally will be purchased for you and registered in your
name on the Distribution Payment Date.

 

17.       What
will be the price of the shares purchased under the Plan? 

The price per share for the Class A Shares
purchased for holders of Class A Shares under the Plan on any Distribution Payment Date will be equal to $23.75 per Class A Share
until the earlier of:

 

		•	the change of the public offering price in a public “reasonable best efforts” offering of the Company’s Class
A Shares from $25.00 per Class A Share, if there is a change; and

 

		•	termination of any “reasonable best efforts” public offering of the Company’s Class A Shares, unless followed
by a subsequent “reasonable best efforts” public offering of Class A Shares.

After the earlier of (1) the change of
the public offering price in a public “reasonable best efforts” offering of the Company’s Class A Shares from
$25.00 per Class A Share, if there is a change, and (2) termination of all “reasonable best efforts” public offerings
of the Company’s Class A Shares, the price per Class A Share purchased for you under the Plan on any Distribution Payment
Date will be equal to one of the following: (i) until such time as the Company reports an estimated value of its Class A Shares,
95% of the last price at which Class A Shares were offered by the Company in a “reasonable best efforts” public offering
of its shares; (ii) once reported, the estimated value of a Class A Share; or (iii) assuming that the Plan has not been terminated
or suspended in connection with a listing, if a listing occurs, the average daily open and close sales price per Class A Share,
as reported by the national securities exchange or inter-dealer quotation system, whichever is applicable, on any Distribution
Payment Date.

The price per share for Class T Shares
purchased for holders of Class T Shares under the Plan on any Distribution Payment Date will be equal to $22.81 per Class T Share
until the earlier of:

 

		•	the change of the public offering price in a public “reasonable best efforts” offering of the Company’s Class
T Shares from $23.95 per Class T Share, if there is a change; and

 

		•	termination of any “reasonable best efforts” public offering of the Company’s Class T Shares, unless followed
by a subsequent “reasonable best efforts” public offering of Class T Shares.

After the earlier of (1) the change of
the public offering price in a public “reasonable best efforts” offering of the Company’s Class T Shares from
$23.95 per Class T Share, if there is a change, and (2) termination of all “reasonable best efforts” public offerings
of the Company’s Class T Shares, the price per Class T Share purchased for you under the Plan on any Distribution Payment
Date will be equal to the “market price” of a Class T Share. For these purposes, “market price” means,
prior to a liquidity event, the last price at which Class T Shares were offered by the Company in a “reasonable best efforts”
public offering less selling commissions and dealer manager fees or, once reported, the estimated value of a Class T Share. Assuming
that the Plan has not been terminated or suspended in connection with a liquidity event, if a liquidity event occurs, or upon another
conversion event described in the Company’s charter, the Class T Shares will convert into Class A Shares, and the price per
Class A Share purchased for you under the Plan will be determined in the manner described above for Plan participants who are holders
of Class A Shares.

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The price per share for Class T-3 Shares
purchased for holders of Class T-3 Shares under the Plan on any Distribution Payment Date will be equal to $22.81 per Class T-3
Share until the earlier of:

 

		•	the change of the public offering price in a public “reasonable best efforts” offering of the Company’s Class
T-3 Shares from $24.14 per Class T-3 Share, if there is a change; and

 

		•	termination of any “reasonable best efforts” public offering of the Company’s Class T-3 Shares, unless followed
by a subsequent “reasonable best efforts” public offering of Class T-3 Shares.

After the earlier of (1) the change of
the public offering price in a public “reasonable best efforts” offering of the Company’s Class T-3 Shares from
$24.14 per Class T-3 Share, if there is a change, and (2) termination of all “reasonable best efforts” public offerings
of the Company’s Class T-3 Shares, the price per Class T-3 Share purchased for you under the Plan on any Distribution Payment
Date will be equal to the “market price” of a Class T-3 Share. For these purposes, “market price” means,
prior to a liquidity event, the last price at which Class T-3 Shares were offered by the Company in a “reasonable best efforts”
public offering less selling commissions and dealer manager fees or, once reported, the estimated value of a Class T-3 Share. Assuming
that the Plan has not been terminated or suspended in connection with a liquidity event, if a liquidity event occurs, or upon another
conversion event described in the Company’s charter, the Class T-3 Shares will convert into Class A Shares, and the price
per Class A Share purchased for you under the Plan will be determined in the manner described above for Plan participants who are
holders of Class A Shares.

 

18.       How
many shares will be purchased for participants? 

The number of shares of common stock
purchased for you depends on the aggregate amount of your cash distributions and the purchase price per share, determined in accordance
with Question 17. A number of shares of common stock, including fractions computed to three decimal places, equal to the aggregate
amount of your cash distributions on any particular Distribution Payment Date, less taxes on distributions (if applicable, see
Question 20 and Question 21), divided by the applicable purchase price per share, will be purchased for you and registered in your
name. The Administrator and the Company will not accept orders to purchase a specific number of shares or to purchase on days other
than the applicable Distribution Payment Date. The Company will not purchase shares of common stock for you under the Plan to the
extent that the purchase would cause you to own more than 9.8% in value of its outstanding stock, or 9.8% in value or in number
(whichever is more restrictive) of each class of its shares, unless those limitations are waived by the Company’s board of
directors.

 

19.       Will
shares purchased through the Plan earn distributions? 

Yes. All shares purchased through the
Plan, including fractional shares, will be entitled to any cash distributions when and as declared by the Company. Only shares
of common stock held as of a record date for a given distribution are entitled to that distribution.

Taxes 

 

20.       What
are the U.S. federal income tax consequences of participation in the Plan? 

The Company believes the following to
be an accurate summary of the U.S. federal income tax consequences for Plan participants as of the effective date of this Plan.
You are urged to consult with your own tax advisor to determine the particular tax consequences that may result from your participation
in the Plan and the subsequent disposition by you of shares of common stock purchased pursuant to the Plan.

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(1) Cash distributions reinvested
under the Plan are, in effect, treated for U.S. federal income tax purposes as having been received in cash on the Distribution
Payment Date even though they are used to purchase additional shares of common stock. You will be treated for U.S. federal income
tax purposes as having received, on the Distribution Payment Date, a distribution equal to the sum of (a) the fair market value
of any common stock purchased under the Plan (including common stock purchased through reinvestment of dividends on shares held
in your account), and (b) any cash distributions actually received by you with respect to your shares of common stock not included
in the Plan, and such distribution (provided it is not designated as a capital gain dividend or qualified dividend income) will
constitute a taxable dividend to the extent of the Company’s current and accumulated earnings and profits (as determined
for U.S. federal income tax purposes) allocable to the distribution. Distributions in excess of the Company’s current and
accumulated earnings and profits first will constitute a tax-deferred return of capital that reduces the tax basis in your shares,
but not below zero, and then capital gain to the extent the excess distribution exceeds the tax basis in your shares.

(2) The tax basis per share of
common stock purchased under the Plan is the fair market value of the share on the Distribution Payment Date on which the share
was purchased for you and registered in your name.

(3) The holding period for shares
of common stock acquired with reinvested distributions generally will begin on the day following the Distribution Payment Date
on which the shares were purchased for you and registered in your name (see Question 16).

(4) A gain or loss may be recognized
upon your disposition of common stock purchased through the Plan. The amount of gain or loss recognized will be the difference
between the cash and fair market value of property received for the whole or fractional shares of common stock and your tax basis
in the whole or fractional shares of common stock. Generally, any gain or loss recognized on the disposition of common stock acquired
under the Plan will be treated for U.S. federal income tax purposes as a capital gain or loss.

 

21.       How
are U.S. federal income tax withholding provisions applied to participants in the Plan? 

If you fail to furnish a valid taxpayer
identification number to the Administrator and fail to certify that you are not subject to backup withholding, then the Administrator
is required by law under the backup withholding rules to withhold taxes from the amount of distributions and the proceeds from
any sale of your shares. Under certain other circumstances, you also may be subject to backup withholding. The withheld amount
will be deducted from the amount of distributions and the remaining amount of distributions reinvested. In the case of a sale,
the withheld amount will be deducted from the sale proceeds and the remaining amount will be sent to you.

If you are a non-U.S. stockholder you
must provide the required U.S. federal income tax certifications to establish your status as a non-U.S. stockholder in order for
backup withholding not to apply to you. You also must provide the required certifications if you wish to claim the benefit of exemptions
from U.S. federal income tax withholding or reduced withholding rates under a treaty or convention entered into between the United
States and your country of residence. If you are a non-U.S. stockholder participating in the Plan whose dividends are subject to
U.S. federal income tax withholding, the appropriate amount will be withheld and the balance will be applied to purchase shares
of common stock, which will be registered in your name.

Reports to Participants 

 

22.       What
kinds of reports will be sent to participants in the Plan? 

On a quarterly basis, a summary statement
of your account will be mailed to you by the Administrator. These statements are your continuing record of current activity including
the cost of your purchases and proceeds from your sales in the Plan. In addition, you will be sent copies of other communications
sent to holders of the Company’s common stock, including the Company’s annual report, the notice of annual meeting,
proxy statement, and the information you will need for reporting your distribution income for U.S. federal income tax purposes.
If, after receiving and reviewing this information, you no longer wish to participate in the Plan, you may withdraw from the Plan
in accordance with the terms set forth in Questions 24 and 25 below.

    7 

     

    

 

All notices, statements and reports
from the Administrator and Company to you will be addressed to your latest address of record with the Administrator. Therefore,
you must promptly notify the Administrator of any change of address. To be effective with respect to mailings of distribution checks,
address changes must be received by the Administrator five business days prior to the next Distribution Payment Date.

Certificates for Shares 

 

23.       Will
certificates be issued for shares purchased? 

No. Shares of the Company’s common
stock purchased through the Plan will be issued in book entry form only. This means that we will not issue actual share certificates
to you or any holders of the Company’s common stock. The use of book entry only registration protects you against loss, theft
or destruction of stock certificates and reduces costs. Shares of common stock purchased through the Plan will be registered in
your name. The number of shares of common stock registered in your name will be shown on your statement of your account.

Termination of Participation 

 

24.       When
may a participant terminate participation in the Plan? 

You may request termination of your participation
in the Plan at any time. Any distributions earned subsequent to the effective date of your termination will be paid to you in cash
unless you re-enroll in the Plan.

 

25.       How
does a participant terminate participation in the Plan? 

To terminate your participation in the
Plan, you must notify the Administrator that you wish to do so. An election form should be sent to the address set forth on the
election form.

 

26.       May
an individual’s participation be terminated by the Company or the Administrator? 

The Company reserves the right to terminate
the participation of any participant who, in the Company’s sole discretion, is abusing the Plan or causing undue expense.
The Company also reserves the right to suspend or terminate the Plan with respect to participants in one or more jurisdictions.

 

		27.	What happens when a participant’s share repurchase request is dishonored or partially dishonored by the Company?

If you make a share repurchase request
that is dishonored or partially dishonored by the Company, your participation in the Plan will automatically be terminated as of
the date that the request is dishonored. Any distributions earned subsequent to the effective date of your termination will be
paid to you in cash unless you re-enroll in the Plan.

Sales of Shares 

 

28.       What
happens when a participant sells or transfers all of his or her shares? 

If you sell or transfer all the shares
registered in your name, your participation in the Plan will automatically terminate. Any distributions received after your disposition
of the shares (for example, if the shares of common stock are disposed after the record date and before the Distribution Payment
Date), will be paid in cash.

 

29.       What
happens when a participant sells or transfers some but not all of his or her shares? 

If you have elected the “Full Distribution
Reinvestment” option described in Question 2, and you transfer or sell a portion of the shares registered in your name, then
the Administrator will continue to reinvest the distributions on all remaining shares registered in your name.

    8 

     

    

 

If you have elected the “Partial
Distribution Reinvestment” option described at Question 2 by enrolling in the Plan only a percentage of the shares you own,
and you transfer or sell a portion of the shares registered in your name, then the Administrator will continue to reinvest the
distributions on the remaining shares registered in your name up to the number of shares originally enrolled in the Plan. For example,
if you requested the Company to enroll in the Plan 50% of the 100 shares registered in your name, and then you transferred or sold
20 shares, the Company would continue to reinvest the distributions on 40 shares. If instead, you transferred or sold 80 shares,
the Company would continue to reinvest the distributions on 10 shares.

Other Information 

 

30.       What
are the responsibilities of the Administrator and the Company under the Plan? 

Subject to the limitations contained
in the Company’s charter, the Administrator and the Company will not be liable under the Plan for any act done in good faith
or for any good faith omission to act, including, without limitation, any claim of liability arising with respect to the prices
or times at which shares are purchased for you or any change in the market value of the Company’s common stock.

You should not assume that the Company
will pay distributions or pay them in any particular amount or on any particular date.

You should recognize that neither the
Administrator nor the Company can assure you of a profit or protect you against a loss on the shares of common stock purchased
by you under the Plan.

 

31.       May
the Plan be changed or discontinued? 

Notwithstanding any other provisions
of the Plan, the Company reserves the right to amend, modify, suspend or terminate the Plan at any time, in whole or in part, or
in respect to participants in one or more jurisdictions, without the prior consent of participants in the Plan. In the event that
the Company amends, suspends or terminates the Plan, however, the Company will mail participants notice of the change at least
ten calendar days prior to the change, and the Company will disclose the change in a report filed with the SEC on either Form 8-K,
Form 10-Q or Form 10-K, as appropriate.

 

 

9

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