Document:

Exhibit 4.2

 

NEXREGEN REAL ESTATE INVESTMENT TRUST
I

 

DIVIDEND REINVESTMENT PLAN 

 

Nexregen Real Estate Investment Trust, a California real estate
investment trust (the “Company”), has adopted a Dividend Reinvestment Plan (the “DRP”), the terms
and conditions of which are set forth below. Capitalized terms shall have the same meaning as set forth in the Company’s
declaration of trust unless otherwise defined herein.

 

1.        Number
of Shares Issuable. The number of Shares authorized for issuance under the DRP is 3,000,000.

 

2.        Participants.
“Participants ” are holders of the Company’s Shares who elect to participate in the DRP.

 

3.        Dividend
Reinvestment. The Company will apply that portion (as designated by a Participant) of the dividends and other distributions
(“Distributions” ) declared and paid in respect of a Participant’s Shares to the purchase of additional
Shares for such Participant. Such shares will be sold directly by the Company to the Participant in the same manner in which the
Company sold the underlying shares to which the Distributions relate unless the Participant makes a new election through a different
distribution channel. The Company will not pay selling commissions on Shares purchased in the DRP.

 

4.        Procedures
for Participation. Qualifying stockholders may elect to become Participants by completing and executing the Subscription Agreement,
an enrollment form or any other Company-approved authorization form as may be available from the Company. To increase their participation,
Participants must complete a new enrollment form. Participation in the DRP will begin with the next Distribution payable after
receipt of a Participant’s subscription, enrollment or authorization. Shares will be purchased under the DRP on the date
that the Company makes a Distribution. Distributions will be paid as authorized and declared by the Company’s board of trust
managers.

 

5.        Purchase
of Shares. Until the Company establishes an estimated value per Share that is not based on the price to acquire a Share in
the Company ’s primary offering or a follow-on public offering, Participants will acquire Shares at a price of $10.00 per
share. Upon the Company’s announcement that the Company has established an estimated value per Share that is not based on
the price to acquire a Share in the Company’s primary offering or a follow-on public offering, Participants will acquire
Shares at a price equal to the estimated value of the Company’s Shares as updated from time to time. The Company expects
to establish an estimated value per Share that is not based on the price to acquire a Share in the Company’s primary offering
or a follow-on public offering after the completion of its offering stage and to provide updated estimates of the per share value
of its Shares from time to time thereafter. The Company’s offering stage will be complete when the Company is no longer publicly
offering equity securities – whether through its initial public offering or follow-on public offerings – and has not
done so for 18 months. For the purpose of determining when the Company’s offering stage is complete, public equity offerings
do not include offerings on behalf of selling stockholders or offerings related to any dividend reinvestment plan or employee benefit
plan. Participants in the DRP may purchase fractional shares so that 100% of the Distributions will be used to acquire shares.
However, a Participant will not be able to acquire shares under the DRP to the extent such purchase would cause it to exceed limits
set forth in the Company’s declaration of trust, as amended.

 

    	 

    	 

    

 

6.        Taxation
of Distributions. The reinvestment of Distributions in the DRP does not relieve Participants of any taxes that may be payable
as a result of those Distributions and their reinvestment pursuant to the terms of this DRP.

 

7.        Share Certificates.
The shares issuable under the DRP shall be uncertificated until the board of trust managers determines otherwise.

 

8.        Voting
of DRP Shares. In connection with any matter requiring the vote of the Company’s stockholders, each Participant will
be entitled to vote all shares acquired by the Participant through the DRP.

 

9.        Reports.
Within 90 days after the end of the calendar year, the Company shall provide each Participant with (i) an individualized report
on the Participant’s investment, including the purchase date(s), purchase price and number of Shares owned, as well as the
amount of Distributions received during the prior year; and (ii) all material information regarding the DRP and the effect
of reinvesting dividends, including the tax consequences thereof.

 

10.      Termination by Participant.
A Participant may terminate participation in the DRP at any time by delivering to the Company a written notice. To be effective
for any Distribution, such notice must be received by the Company at least ten business days prior to the last day of the month
to which the Distribution relates. Notwithstanding the preceding sentence, if the Company publicly announces a new estimated value
per Share, then a Participant shall have no less than two business days after the date of such announcement to notify the Company
in writing of Participant’s termination of participation in the DRP and Participant’s termination will be effective
for the next date Shares are purchased under the DRP. Any transfer of Shares by a Participant will terminate participation in the
DRP with respect to the transferred Shares. Upon termination of DRP participation, Distributions will be distributed to the stockholder
in cash.

 

11.      Amendment or Termination
of DRP by the Company. The Company may amend or terminate the DRP for any reason upon ten days’ notice to the Participants.
The Company may provide notice by including such information in a separate mailing to Participants.

 

12.      Liability of the Company.
The Company shall not be liable for any act done in good faith, or for any good faith omission to act.

 

13.      Governing Law.
The DRP shall be governed by the laws of the State of California.Exhibit 4.3

 

FIRST AMENDMENT OF THE

DIVIDEND REINVESTMENT PLAN

BY

RICH UNCLES REAL ESTATE INVESTMENT TRUST I

(Formerly Nexregen Real Estate Investment Trust I)

 

This First Amendment
of the RichUncles Real Estate Investment Trust I Dividend Reinvestment Plan (this “Amendment”) is made and entered
into effective March 27, 2015 (the “Effective Date”), by RichUncles Real Estate Investment Trust I, a
real estate investment trust organized under the laws of the State of California (“RichUncles REIT”).

 

RECITALS

 

A.           Unless
otherwise defined in this Amendment, capitalized terms are used in this Amendment with the meaning assigned to them in the RichUncles
Real Estate Investment Trust I Dividend Reinvestment Plan (the “DRP”).

 

B.           The
Board of Trust Managers of RichUncles REIT I believe it in the best interest to change the name of the RichUncles REIT I to RichUncles
Real Estate Investment Trust I and have submitted to the shareholders of RichUncles REIT I a proposed Amendment to the Declaration
of Trust effective as of March 19, 2015.

 

C.           Pursuant
to Section 11 of the DRP, RichUncles REIT desires to amend the DRP to reflect the change of the name of RichUncles REIT.

 

NOW, THEREFORE, BE IT RESOLVED:

 

1.           Name.
Each instance where the words “RichUncles Real Estate Investment Trust I” appear in the DRP is hereby deleted in its
entirety and replaced with the words “RichUncles Real Estate Investment Trust I.”

 

2.           Continuity
of DRP. As expressly amended by this Amendment, the DRP shall continue in full force and effect in accordance with its terms and
is hereby confirmed and ratified in all respects.

 

3.           Captions.
The section headings used in this Amendment are for convenience of reference only and shall not control or affect the meaning or
interpretation of the provisions hereof.

 

[Signature Page Follows]Exhibit 10.1

 

AMENDED AND
RESTATED ADVISORY AGREEMENT

 

THIS
ADVISORY AGREEMENT, dated as of March 8, 2012, as amended, is between RICH UNCLES REAL ESTATE INVESTMENT TRUST I, a real
estate investment trust organized under the laws of the State of California (the “Company”) and RICH UNCLES, LLC,
a limited liability company organized under the laws of the State of Delaware (the “Advisor”).

 

WITNESSETH

 

WHEREAS,
the Company intends to qualify as a REIT (as defined below), and to invest its funds in investments permitted by the terms of the
Prospectus, Declaration of Trust and Bylaws of the Company and Sections 856 through 860 of the Code (as defined below);

 

WHEREAS,
the Company desires to avail itself of the experience, knowledge, sources of information, advice, assistance and contacts 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 Trust Managers 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 of Trust Managers, 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:

 

(1)
Definitions. As used in this Advisory Agreement (the “Agreement”), the following terms have the definitions
hereinafter indicated:

 

Acquisition
Expenses. Any and all expenses incurred by the Company, the Advisor, or any Affiliate of either in connection with the selection,
acquisition or making of any investment, including any Property or other Permitted Investment, whether or not acquired, including,
without limitation, legal fees and expenses, travel and communication expenses, costs of appraisals, nonrefundable option payments
on property not acquired or made, accounting fees and expenses, and title insurance.

 

Acquisition
Fees. Any and all fees and commissions, exclusive of Acquisition Expenses, paid by any Person or entity to any other Person
or entity (including any fees or commissions paid by or to any Affiliate of the Company or the Advisor) in connection with making
an investment including making or investing in Properties or other Permitted Investments or the purchase, development or construction
of a Property, including, without limitation, real estate commissions, acquisition fees, finder’s fees, selection fees, development
fees, construction fees, nonrecurring management fees, consulting fees, loan fees, points, or any other fees or commissions of
a similar nature. Excluded shall be development fees and construction fees paid to any Person or entity not Affiliated with the
Advisor in connection with the actual development and construction of any Property. Further, Acquisition Fees will not be paid
in connection with temporary short-term investments acquired for purposes of cash management.

    	 

    	 

    

Advisor.
Rich Uncles, LLC, a Delaware limited liability company, any successor Advisor to the Company, or any Person or entity to which
Rich Uncles, LLC or any successor advisor subcontracts substantially all of its functions. The Advisor will have responsibility
for the day-to-day operations of the Company.

 

Affiliate
or Affiliated (or any derivation thereof). An affiliate of another Person, which is defined as: (i) any Person directly or
indirectly owning, controlling, or holding, with power to vote 10% or more of the outstanding voting securities of such other Person;
(ii) any Person 10% or more of whose outstanding voting securities are directly or indirectly owned, controlled or held, with power
to vote, by such other Person; (iii) any Person directly or indirectly controlling, controlled by, or under common control with
such other Person; (iv) any executive officer, director, trustee or general partner of such other Person; and (v) any legal entity
for which such Person acts as an executive officer, director, trustee or general partner.

 

Appraised
Value. Value according to an appraisal made by an Independent Appraiser.

 

Declaration
of Trust. The Declaration of Trust of the Company, as amended from time to time.

 

Asset
Management Fee. The fee payable to the Advisor for day-to-day professional management services in connection with the Company
and its investments in Properties and other Permitted Investments pursuant to this Agreement.

 

Assets.
Properties and other Permitted Investments, collectively.

 

Average
Invested Assets. For a specified period, the average of the aggregate book value of the assets of the Company invested, directly
or indirectly, in equity interests in real estate, or in other Permitted 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
of Trust Managers or Board. The Trust Managers of the Company.

 

Bylaws.
The bylaws of the Company, as the same are in effect and may be amended from time to time.

 

Cause.
With respect to the termination of this Agreement, fraud, criminal conduct, willful misconduct or willful or negligent breach of
fiduciary duty by the Advisor, breach of this Agreement, a default by the Sponsor under the guarantee by the Sponsor to the Company
or the bankruptcy of the Sponsor.

 

Code.
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.

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Company.
Rich Uncles Real Estate Investment Trust I, a real estate investment trust organized under the laws of the State of California.

 

Company
Property. Any and all property, real, personal or otherwise, tangible or intangible, including Properties and other Permitted
Investments, which is transferred or conveyed to the Company (including all rents, income, profits and gains therefrom), and which
is owned or held by, or for the account of, the Company.

 

Competitive
Real Estate Commission. A real estate or brokerage commission for the purchase or sale of property, which is reasonable, customary,
and competitive in light of the size, type, and location of the property. The total of all real estate commissions paid by the
Company to all Persons (not including the Subordinated Participation Fee payable to the Advisor) in connection with any Sale of
one or more of the Company’s Properties shall not exceed the lesser of (i) a Competitive Real Estate Commission or (ii) six
percent of the gross sales price of the Property or Properties.

 

Contract
Purchase Price. The amount actually paid or allocated (as of the date of purchase) to the purchase, development, construction
or improvement of property, exclusive of Acquisition Fees and Acquisition Expenses.

 

Contract
Sales Price. The total consideration received by the Company for the sale of Company Property.

 

Distributions.
Any distribution of money or other property by the Company to owners of Securities, including distributions that may constitute
a return of capital for federal income tax purposes.

 

Independent
Appraiser. A qualified appraiser of real estate as determined by the Board. Membership in a nationally recognized appraisal
society such as the Appraisal Institute (“MAI”) or the Society of Real Estate Appraisers (“SREA”) shall
be conclusive evidence of such qualification.

 

Independent
Trust Manager. A Trust Manager who is not and within the last two years has not been directly or indirectly associated with
the Advisor by virtue of (i) ownership of an interest in the Advisor or its Affiliates, (ii) employment by the Advisor or its Affiliates,
(iii) service as an officer or director of the Advisor or its Affiliates, (iv) performance of services, other than as a Trust Manager,
for the Company, (v) service as a director or trustee of more than three real estate investment trusts advised by the Advisor,
or (vi) maintenance of a material business or professional relationship with the Advisor or any of its Affiliates. A business or
professional relationship is considered material if the gross revenue derived by the Trust Manager from the Advisor and Affiliates
exceeds 5% of either the Trust Manager's annual gross revenue during either of the last two years or the Trust Manager's net worth
on a fair market value basis. An indirect relationship shall include circumstances in which a Trust Manager's spouse, parents,
children, siblings, mothers- or fathers-in-law, sons- or daughters-in-law, or brothers- or sisters-in-law are or have been associated
with the Advisor, any of its Affiliates, or the Company.

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Independent
Expert. A Person or entity with no material current or prior business or personal relationship with the Advisor or the Trust
Managers and who is engaged to a substantial extent in the business of rendering opinions regarding the value of assets of the
type held by the Company.

 

Invested
Capital. The Original Invested Capital less Distributions in excess of the Stockholders’ 6% Return.

 

Joint
Ventures. The joint venture or general partnership arrangements in which the Company is a co-venturer or general partner which
are established to acquire Properties or other Permitted Investments.

 

Net
Cash Flow. For any period, the gross cash proceeds from operations including from all sales and other dispositions and all
refinancings of the Property less the portion thereof used to pay all Operating Expenses, debt payments, capital improvements,
or to establish reserves for such expenses, asset replacements and contingencies, all as determined by the Trust Managers. Net
Cash Flow shall not be reduced by depreciation, amortization, cost recovery deductions, or similar allowances, but shall be increased
by any reductions of reserves previously established. Additionally, Net Cash Flow shall include all
principal and interest payments with respect to any note or other obligation received by the Company in connection with sales and
other dispositions of Company Property.

 

Offering.
The initial offering of Shares to California residents.

 

Operating
Expenses. All costs and expenses incurred by the Company, as determined under generally accepted accounting principles, which
in any way are related to the operation of the Company or to Company business, including (a) advisory fees, (b) the Asset Management
Fee, and (c) the Subordinated Participation Fee, but excluding (i) the expenses of raising capital such as Organizational and Offering
Expenses, legal, audit, accounting, underwriting, brokerage, listing, registration, and other fees, printing and other such expenses
and tax incurred in connection with the issuance, distribution, transfer, registration of the Shares; (ii) interest payments; (iii)
taxes; (iv) non-cash expenditures such as depreciation, amortization and bad loan reserves; and (v) Acquisition Fees and Acquisition
Expenses, real estate or other commissions on the Sale of Assets, and other expenses connected with the acquisition, and ownership
of real estate interests, Properties or other Permitted Investments (such as the costs of foreclosure, insurance premiums, legal
services, maintenance, repair and improvement of property).

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Organizational
and Offering Expenses. Any and all costs and expenses, other than selling commissions, the marketing support fee and due diligence
expense reimbursements incurred by the Company, the Advisor or any Affiliate of either in connection with the formation, qualification
and registration of the Company and the marketing and distribution of Shares, including, without limitation, the following: legal,
accounting and escrow fees; printing, amending, supplementing, mailing and distributing costs; filing, registration and qualification
fees and taxes; telegraph and telephone costs; and all advertising and marketing expenses, including the costs related to investor
and broker-dealer sales meetings.

 

Original
Invested Capital. The amount calculated by multiplying the total number of Shares issued and outstanding by the offering price
per share, without deduction for selling commissions, the marketing support fee, due diligence expense reimbursements or Organizational
and Offering Expenses.

 

Permitted
Investments. All investments that the Company may acquire pursuant to its Declaration of Trust and bylaws, other than the short-term
investments acquired for purposes of cash management.

 

Person.
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.

 

Property
or Properties. Interests in (i) the real properties, including the buildings an equipment located thereon: or (ii) the real
properties only; or (iii) the buildings only, including equipment located therein; any of which are acquired by the Company, either
directly or indirectly through joint ventures, or other partnerships, or other legal entities.

 

Prospectus.
“Prospectus” means any document by whatever name known, utilized for the purpose of offering and selling securities
to the public.

 

Real
Estate Asset Value. The amount actually paid or allocated to the purchase, development, construction or improvement of a Property,
exclusive of Acquisition Fees and Acquisition Expenses.

 

REIT.
A “real estate investment trust” as defined pursuant to Sections 856 through 860 of the Code.

 

Sale
or Sales. (i) Any transaction or series of transactions whereby: (A) the Company sells, grants, transfers, conveys or relinquishes
its ownership of any Property or portion thereof, including the lease of any Property or other Permitted Investment consisting
of the building only, and including any event with respect to any Property which gives rise to a significant amount of insurance
proceeds or condemnation awards; (B) the Company sells, grants, transfers, conveys or relinquishes its ownership of all or substantially
all of the interest of the Company in any Joint Venture in which it is a co-venturer or partner; (C) any Joint Venture in which
the Company as a co-venturer or partner sells, grants, transfers, conveys or relinquishes its ownership of any Property or other
Permitted Investment or portion thereof, including any event with respect to any Property or other Permitted Investment which gives
rise to insurance claims or condemnation awards; or (D) the Company sells, grants, conveys or relinquishes its interest in any
Property or other Permitted Investment, or portion thereof, including any event with respect to any Property or other Permitted
Investment, which gives rise to a significant amount of insurance proceeds or similar awards, but (ii) shall not include any transaction
or series of transactions specified in clause (i)(A), (i)(B), or (i)(C) above in which the proceeds of such transaction or series
of transactions are reinvested in one or more Properties or other Permitted Investments within 180 days thereafter.

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Securities.
Any Common Shares or Excess Shares, as such terms are defined in the Company’s Declaration of Trust, any other Company 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.
The up to 3,500,000 shares of common stock, par value $.01 per share and 5,000,000 shares of excess shares, par value $.01, of
the Company.

 

Sponsor.
Any Person directly or indirectly instrumental in organizing, wholly or in part, the Company or any Person who will control, manage
or participate in the management of the Company, and any Affiliate of such Person. Not included is any Person whose only relationship
with the Company is that of an independent property manager of the Company’s Properties or other Permitted Investments, and
whose only compensation is as such. Sponsor does not include independent third parties such as attorneys, accountants, and underwriters
whose only compensation is for professional services. A Person may also be deemed a Sponsor of the Company by:

 

(a)           taking
the initiative, directly or indirectly, in founding or organizing the business or enterprise of the Company, either alone or in
conjunction with one or more other Persons;

 

(b)           receiving
a material participation in the Company in connection with the founding or organizing of the business of the Company, in consideration
of services or property, or both services and property;

 

(c)           having
a substantial number of relationships and contacts with the Company;

 

(d)           possessing
significant rights to control the Company’s Properties;

 

(e)           receiving
fees for providing services to the Company which are paid on a basis that is not customary in the industry; or

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(f)           providing
goods or services to the Company on a basis which was not negotiated at arms length with the Company.

 

Stockholders.
The registered holders of the Company’s Securities.

 

Stockholders’
6% Return. As of each date, an aggregate amount equal to a 6% cumulative, non-compounded, annual return on Invested Capital.

 

Subordinated
Participation Fee. The Subordinated Participation Fee as defined in Paragraph 9(g).

 

Termination
Date. The date of termination of this Agreement whether pursuant to (i) the non-renewal of this Agreement under Paragraph 14
below or (ii) written notice of termination under Paragraph 15 below.

 

Total
Property Cost. With regard to any Company Property, an amount equal to the sum of the Real Estate Asset Value of such Property
plus the Acquisition Expenses and the Acquisition Fees paid in connection with such Property.

 

Trust
Manager. A member of the Board of Trust Managers of the Company.

 

Valuation.
An estimate of value of the Assets of the Company as determined by an Independent Expert.

 

(2)           Appointment.
The Company hereby appoints the Advisor to serve as its advisor on the terms and conditions set forth in this Agreement, and
the Advisor hereby accepts such appointment.

 

(3)           Duties
of the Advisor. The Advisor undertakes to use its best efforts to present to the Company potential investment opportunities
and to provide 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 Trust Managers. In performance of this undertaking, subject to the supervision
of the Trust Managers and consistent with the provisions of the Prospectus, Declaration of Trust and Bylaws of the Company, the
Advisor shall, either directly or by engaging an Affiliate:

 

(a)           serve
as the Company’s investment and financial advisor and provide research and economic and statistical data in connection with
the Company’s assets and investment policies;

 

(b)           provide
the daily management of the Company and perform and supervise the various administrative functions reasonably necessary for the
management of the Company;

 

(c)           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, correspondents, lenders, technical
advisors, attorneys, brokers, underwriters, corporate fiduciaries, escrow agents, depositaries, custodians, agents for collection,
insurers, insurance agents, banks, builders, developers, property owners, mortgagors, and any and all agents for any of the foregoing,
including Affiliates of the Advisor, and Persons acting in any other capacity deemed by the Advisor necessary or desirable for
the performance of any of the services herein, including but not limited to entering into contracts in the name of the Company
with any of the foregoing;

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(d)           consult
with the officers and Trust Managers of the Company and assist the Trust Managers in the formulation and implementation of the
Company’s financial policies, and, as necessary, furnish the Trust Managers with advice and recommendations with respect
to the making of investments consistent with the investment objectives and policies of the Company and in connection with any borrowings
proposed to be undertaken by the Company; subject to the provisions of Paragraphs 3(g) and 4 hereof, (i) locate, analyze and select
potential investments in Properties and other Permitted Investments, (ii) structure and negotiate the terms and conditions of transactions
pursuant to which investment in Properties and other Permitted Investments; (iii) make investments in Properties and other Permitted
Investments in compliance with the investment objectives and policies of the Company; (iv) arrange for financing and refinancing
and make other changes in the asset or capital structure of, and dispose of, reinvest the proceeds from the sale of, or otherwise
deal with the investments in, Properties and other Permitted Investments; and (v) enter into leases and service contracts for Company
Property and, to the extent necessary, perform all other operational functions for the maintenance and administration of such Company
Property;

 

(e)           provide
the Trust Managers with periodic reports regarding prospective investments in Properties and other Permitted Investments;

 

(f)           obtain
the prior approval of the Trust Managers (including a majority of all Independent Trust Managers) for any and all investments in
Properties and other Permitted Investments;

 

(g)           negotiate
on behalf of the Company with banks or lenders for loans to be made to the Company and negotiate on behalf of the Company with
investment banking firms and broker-dealers or negotiate private sales of Shares and Securities or obtain loans for the Company,
but in no event in such a way so that the Advisor shall be acting as broker-dealer or underwriter; and provided, further, that
any fees and costs payable to third parties incurred by the Advisor in connection with the foregoing shall be the responsibility
of the Company;

 

(h)           obtain
reports (which may be prepared by the Advisor or its Affiliates), where appropriate, concerning the value of investments or contemplated
investments of the Company;

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(i)           from
time to time, or at any time reasonably requested by the Trust Managers, make reports to the Trust Managers of its performance
of services to the Company under this Agreement;

 

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

 

(k)           do
all things necessary to assure its ability to render the services described in this Agreement;

 

(l)           deliver
to or maintain on behalf of the Company copies of all appraisals obtained in connection with the investments in Properties and
other Permitted Investments; and

 

(m)           notify
the Board of all proposed material transactions before they are completed.

 

(4)           Authority
of Advisor.

 

(a)           Pursuant
to the terms of this Agreement (including the restrictions included in this Paragraph 4 and in Paragraph 7), and subject to the
continuing and exclusive authority of the Trust Managers over the management of the Company, the Trust Managers hereby delegate
to the Advisor the authority to (1) locate, analyze and select investment opportunities, (2) structure the terms and conditions
of transactions pursuant to which investments will be made or acquired for the Company, (3) acquire Properties and other Permitted
Investments in compliance with the investment objectives and policies of the Company, (4) arrange for financing or refinancing
with respect to Properties and other Permitted Investments, (5) enter into leases and service contracts for the Company’s
Property, and perform other property management services, (6) oversee non-affiliated property managers and other non-affiliated
Persons who perform services for the Company; and (7) undertake accounting and other record-keeping functions at the Property level.

 

(b)           Notwithstanding
the foregoing, any investment in Properties or other Permitted Investments, including any acquisition of Property by the Company
(as well as any financing acquired by the Company in connection with such acquisition), will require the prior approval of the
Trust Managers (including a majority of the Independent Trust Managers).

 

(c)           If
a transaction requires approval by the Independent Trust Managers, the Advisor will deliver to the Independent Trust Managers all
documents required by them to properly evaluate the proposed investment in the Property or other Permitted Investments.

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The
prior approval of a majority of the Independent Trust Managers and a majority of the Trust Managers not otherwise interested in
the transaction will be required for each transaction with the Advisor or its Affiliates.

 

The
Trust Managers may, at any time upon the giving of notice to the Advisor, modify or revoke the authority set forth in this Paragraph
4. If and to the extent the Trust Managers so modify or revoke the authority contained herein, the Advisor shall henceforth submit
to the Trust Managers for prior approval such proposed transactions involving investments which thereafter require prior approval,
provided, however, that such modification or revocation shall be effective upon receipt by the Advisor and shall not be applicable
to investment transactions to which the Advisor has committed the Company prior to the date of receipt by the Advisor of such notification.

 

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

 

(6)           Records;
Access. The Advisor shall maintain appropriate records of all its activities hereunder and make such records available for
inspection by the Trust Managers and by counsel, auditors and 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.

 

(7)           Limitations
on Activities. Anything else in this Agreement to the contrary notwithstanding, the Advisor shall refrain from taking any action
which, in its sole judgment made in good faith, would (a) adversely affect the status of the Company as a REIT, (b) subject the
Company to regulation under the Investment Company Act of 1940, or (c) violate any law, rule, regulation or statement of policy
of any governmental body or agency having jurisdiction over the Company or its Securities, or otherwise not be permitted by the
Declaration of Trust or Bylaws of the Company, except if such action shall be ordered by the Trust Managers, in which case the
Advisor shall notify promptly the Trust Managers of the Advisor's judgment of the potential impact of such action and shall refrain
from taking such action until it receives further clarification or instructions from the Trust Managers. In such event the Advisor
shall have no liability for acting in accordance with the specific instructions of the Trust Managers so given. Notwithstanding
the foregoing, the Advisor, its Trust Managers, officers, employees and stockholders, and stockholders, Trust Managers and officers
of the Advisor’s Affiliates shall not be liable to the Company or to the Trust Managers or Stockholders for any act or omission
by the Advisor, its Trust Managers, officers or employees, or stockholders, Trust Managers or officers of the Advisor’s Affiliates
except as provided in Paragraphs 19 and 20 of this Agreement.

    	Page 10

    	 

    

(8)           Relationship
with Trust Managers. Trust Managers, officers and employees of the Advisor or an Affiliate of the Advisor or any corporate
parents of an Affiliate, or Trust Managers, officers or stockholders of any director, officer or corporate parent of an Affiliate
may serve as a Trust Manager and as officers of the Company, except that no director, officer or employee of the Advisor or its
Affiliates who also is a Trust Manager or officer of the Company shall receive any compensation from the Company for serving as
a Trust Manager or officer of the Company other than reasonable reimbursement for travel and related expenses incurred in attending
meetings of the Trust Managers of the Company.

 

(9)           Fees.

 

(a)           Asset
Management Fee. The Company shall pay to the Advisor as compensation for the advisory services rendered to the Company under
Paragraph 3 above, a monthly fee in an amount equal to 0.6% of the Company’s Average Invested Assets (the “Asset Management
Fee”), as of the end of the preceding month. The Asset Management Fee shall be payable monthly on the last day of such month,
or the first business day following the last day of such month. The Asset Management Fee, which will not exceed fees which are
competitive for similar services in the same geographic area, may or may not be taken, in whole or in part as to any year, in the
sole discretion of the Advisor. All or any portion of the Asset Management Fee not taken as to any fiscal year shall be deferred
without interest and may be taken in such other fiscal year as the Advisor shall determine.

 

(b)           Acquisition
Fees. The Company shall pay the Advisor a fee in the amount equal to the greater of (i) $25,000 and (ii) 2.0% of Company’s
Total Property Cost of its Properties, as Acquisition Fees. The total of all Acquisition Fees and any Acquisition Expenses shall
be limited to an amount equal to 6.0% of the Total Property Cost of its Properties as set forth in Section 7.3 of the Declaration
of Trust.

 

(c)           Financing
Coordination Fee.Other than with respect to any mortgage or other financing related to a property concurrent with its acquisition,
if an Advisor or an Affiliate provides a substantial amount of the services (as determined by a majority of the Independent Trust
Managers) in connection with the post-acquisition financing or refinancing of any debt that the Company obtains relative to a Property,
the Advisor or Affiliate shall receive a financing coordination fee equal to 1.0% of the amount of such financing.

 

(d)           Property
Management Fee.If an Advisor or an Affiliate provides a substantial amount of the property management services (as determined
by a majority of the Independent Trust Managers) for the Company’s Properties, then the Advisor or Affiliate shall receive
a property management fee equal to 1.5% of gross revenues from the properties managed.

    	Page 11

    	 

    

(e)           Leasing
Commissions.If an Advisor or an Affiliate provides a substantial amount of the services (as determined by a majority of
the Independent Trust Managers) in connection with the Company’s initial leasing of a Property or Properties to unaffiliated
third parties, the Advisor or Affiliate shall receive leasing commissions equal to 6.0% of the rents due pursuant to such lease
for the first ten years of the lease term; provided, however (i) if the term of the lease is less than ten years, such commission
percentage will apply to the full term of the lease and (ii) any rents due under a renewal of a lease of an existing tenant upon
expiration of the initial lease agreement (including any extensions provided for thereunder) shall accrue a commission of 3.0%
in lieu of the aforementioned 6.0% commission. 

 

(f)           Real
Estate Commission. If the Advisor or an Affiliate provides a substantial amount of the services (as determined by a majority
of the Independent Trust Managers) in connection with the Sale of one or more Assets, the Advisor or an Affiliate shall receive
a Real Estate Commission equal to one-half of the brokerage commission paid with respect to such Assets; provided, however, (i)
the amount so paid shall not exceed an amount equal to 3.0% of the contract price of such Assets and (ii) the amount so paid when
added to the sums paid to unaffiliated parties in such capacity shall not exceed the lesser of (x) the Competitive Real Estate
Commission and (y) 6.0% of the contract price of such Assets.

 

(g)           Subordinated
Participation Fee.

 

(i)           Upon
the occurrence of a liquidity event such as the refinancing of the underlying mortgage or the Sale of the Properties or parcels
of Properties, the Advisor shall be entitled to the Subordinated Participation Fee which shall be fifteen percent (15%) of the
proceeds therefrom after the Stockholders have received total Distributions that return to them their Original Invested Capital
plus their Stockholders' 6% Return.

 

(ii)           In
the event this Agreement is terminated, whether under Paragraph 14 or Paragraph 15 below, the Advisor shall be entitled to the
Subordinated Participation Fee as set forth below even if this Agreement is terminated prior to such time as the Stockholders have
received total Distributions in an amount equal to 100% of Original Invested Capital plus an amount sufficient to pay the Stockholders’
6% Return through the Termination Date. If the Stockholders have not received total Distributions in an amount equal to 100% of
Original Invested Capital plus the Stockholders’ 6% Return through the Termination Date, an appraisal of the Properties then
owned by the Company shall be made. If the Appraised Value of the Properties then owned by the Company plus total Distributions
received prior to the Termination Date equals or is greater than 100% of Original Invested Capital plus an amount sufficient to
pay the Stockholders’ 6% Return through the Termination Date, the Advisor shall be entitled to the Subordination Participation
Fee based on such Appraised Value less the then outstanding balance on any mortgage debt on the underlying Properties plus a Subordinated
Participation Fee on Properties or parcels of Properties previously sold but on which a Subordinated Participation Fee was not
paid.

    	Page 12

    	 

    

(h)           Loans
from Affiliates. The Company may not borrow money from the Advisor or any Affiliate of the Advisor, unless a majority of the
Trust Managers (including a majority of the Independent Trust Managers) not otherwise interested in such transaction approve the
transaction as being fair, competitive, and commercially reasonable and no less favorable to the Company than loans between unaffiliated
parties under the same circumstances.

 

(10)           Expenses.

 

(a)           In
addition to the compensation paid to the Advisor pursuant to Paragraph 9 hereof, the Company shall pay directly or reimburse the
Advisor for all of the expenses paid or incurred by the Advisor in connection with the services it provides to the Company pursuant
to this Agreement, including, but not limited to:

 

(i)           the
lesser of the Company’s Organizational and Offering Expenses or 1.5% of the proceeds raised from the Offering;

 

(ii)           the
Acquisition Expenses incurred in connection with the selection and acquisition of Properties or other Permitted Investments;

 

(iii)           the
actual cost of goods and materials used by the Company and obtained from entities not affiliated with the Advisor, other than Acquisition
Expenses, including brokerage fees paid in connection with the purchase and sale of securities;

 

(iv)           interest
and other costs for borrowed money, including discounts, points and other similar fees;

 

(v)           taxes
and assessments on income or Property and taxes as an expense of doing business;

 

(vi)           costs
associated with insurance required in connection with the business of the Company or by the Trust Managers;

 

(vii)           expenses
of managing and operating Properties owned by the Company, whether payable to an Affiliate of the Company or a non-affiliated Person;

    	Page 13

    	 

    

(viii)           all
expenses in connection with payments to the Trust Managers and meetings of the Trust Managers and Stockholders;

 

(ix)           expenses
associated with Listing or with the issuance and distribution of Shares and Securities, such as selling commissions and fees, advertising
expenses, taxes, legal and accounting fees, and Listing and registration fees;

 

(x)           expenses
connected with payments of Distributions in cash or otherwise made or caused to be made by the Trust Managers to the Stockholders;

 

(xi)           expenses
of organizing, revising, amending, converting, modifying, or terminating the Company or the Declaration of Trust;

 

(xii)           expenses
of 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;

 

(xiii)           expenses
related to negotiating and servicing loans, Properties and other Permitted Investments;

 

(xiv)           administrative
service expenses (including personnel costs; provided, however, that no reimbursement shall be made for costs of personnel to the
extent that such personnel perform services in transactions for which the Advisor receives a separate fee at the lesser of actual
cost or 90% of the competitive rate charged by unaffiliated persons providing similar goods and services in the same geographic
location); and

 

(xv)           audit,
accounting and legal fees.

 

(b)           Expenses
incurred by the Advisor on behalf of the Company and payable pursuant to this Paragraph 10 shall be reimbursed no less often 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.

 

(11)           Other
Services. Should the Trust Managers request that the Advisor or any director, officer or employee thereof render services for
the Company other than set forth in Paragraph 3, such services shall be separately compensated at such rates and in such amounts
as are agreed by the Advisor and the Independent Trust Managers of the Company, subject to the limitations contained in the Declaration
of Trust, and shall not be deemed to be services pursuant to the terms of this Agreement.

    	Page 14

    	 

    

(12)           Other
Activities of the Advisor. 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 director,
officer, employee, or stockholder of the Advisor or its Affiliates to engage in any other business or to render services of any
kind to any other partnership, corporation, firm, individual, trust or association. 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 report to the Trust Managers the existence of any condition or circumstance, existing or anticipated, of which it
has knowledge, which 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 partnership, corporation, firm, individual, trust or association. The Advisor or its Affiliates
shall promptly disclose to the Trust Managers knowledge of such condition or circumstance. If the Sponsor, Advisor, Trust Manager
or Affiliates thereof have sponsored other investment programs with similar investment objectives which have investment funds available
at the same time as the Company, it shall be the duty of the Trust Managers (including the Independent Trust Managers) to adopt
the method, if any, set forth in the Prospectus or another reasonable method by which properties are to be allocated to the competing
investment entities and to use their best efforts to apply such method fairly to the Company.

 

The
Advisor shall be required to use its best efforts to present a continuing and suitable investment program to the Company which
is consistent with the investment policies and objectives of the Company, but neither the Advisor nor any Affiliate of the Advisor
shall be obligated generally to present any particular investment opportunity to the Company even if the opportunity is of character
which, if presented to the Company, could be taken by the Company.

 

In
the event that the Advisor or its Affiliates is presented with a potential investment which might be made by the Company and by
another investment entity which the Advisor or its Affiliates advises or manages, the Advisor and its Affiliates shall consider
the investment portfolio of each entity, cash flow of each entity, the effect of the acquisition on the diversification of each
entity’s portfolio, rental payments during any renewal period, the estimated income tax effects of the purchase on each entity,
the policies of each entity relating to leverage, the funds of each entity available for investment and the length of time such
funds have been available for investment. In the event that an investment opportunity becomes available which is suitable for both
the Company and a public or private entity which the Advisor or its Affiliates are Affiliated, then the entity which has had the
longest period of time elapse since it was offered an investment opportunity will first be offered the investment opportunity.
For purposes of this conflict resolution procedure, an investment opportunity will be considered “offered” to the Company
when an opportunity is presented to the Board of Trust Managers for its consideration.

 

(13)           Relationship
of Advisor and Company. 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 or impose any liability as such on either of them.

    	Page 15

    	 

    

(14)           Term;
Termination of Agreement. This Agreement shall continue in force until March 8, 2013, subject to an unlimited number of successive
one-year renewals upon mutual consent of the parties. It is the duty of the Trust Managers to evaluate the performance of the Advisor
annually before renewing the Agreement, and each such agreement shall have a term of no more than one year.

 

(15)           Termination
by Either Party. This Agreement shall be terminable by a majority of the Independent Trust Managers, or the Advisor on 60 days
written notice without Cause; provided, however, the Advisor shall be entitled to the value of its Subordinated Participation Fee
as provided under Paragraph 9(g) above. In the event of the termination of this Agreement, the Advisor will cooperate with the
Company and take all reasonable steps requested to assist the Trust Managers in making an orderly transition of the advisory function.

 

(16)           Assignment
to an Affiliate. This Agreement may be assigned by the Advisor to an Affiliate with the approval of a majority of the Trust
Managers (including a majority of the Independent Trust Managers). The Advisor may assign any rights to receive fees or other payments
under this Agreement without obtaining the approval of the Trust Managers. This Agreement shall not be assigned by the Company
without the consent of the Advisor, except in the case of an assignment by the Company to a corporation or other organization which
is a successor to all of the assets, rights and obligations of the Company, in which case such successor organization shall be
bound hereunder and by the terms of said assignment in the same manner as the Company is bound by this Agreement.

 

(17)           Subcontracts
with Affiliates. The Advisor may subcontract with an Affiliate for a portion of the services and duties to be performed under
this Agreement without obtaining the approval of the Trust Managers to the extent such services or duties are primarily administrative
in nature. The Advisor may further subcontract any rights to receive fees or other payments for such services or duties under this
Agreement without obtaining the approval of the Trust Managers.

 

(18)           Payments
to and Duties of Advisor Upon Termination.

 

(a)           After
the Termination Date, the Advisor shall not be entitled to compensation for further services hereunder except it shall be entitled
to receive from the Company 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, exclusive of disputed items arising out
of possible unauthorized transactions.

 

(b)           Upon
termination, the Advisor shall be entitled to payment of the Subordinated Participation Fee on the basis as described above in
Paragraph 9(g). The Advisor shall be entitled to receive all accrued but unpaid compensation and expense reimbursements in cash
within 30 days of the Termination Date.

    	Page 16

    	 

    

(c)           The
Advisor shall promptly upon termination:

 

(i)           pay
over to the Company all money collected and held for the account of the Company pursuant to this Agreement, after deducting any
accrued compensation and reimbursement for its expenses to which it is then entitled;

 

(ii)           deliver
to the Trust Managers 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 Trust Managers;

 

(iii)           deliver
to the Trust Managers all assets, including Properties and other Permitted Investments, and documents of the Company then in the
custody of the Advisor; and

 

(iv)           cooperate
with the Company to provide an orderly management transition.

 

(19)           Indemnification
by the Company. The Company shall indemnify and hold harmless the Advisor and its Affiliates, including their respective officers,
directors, 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, subject to any limitations imposed by the laws of the State of California or the
Declaration of Trust of the Company. Notwithstanding the foregoing, the Advisor shall not be entitled to indemnification or be
held harmless pursuant to this Paragraph 19 for any activity for which the Advisor shall be required to indemnify or hold harmless
the Company pursuant to Paragraph 20. Any indemnification of the Advisor may be made only out of the net assets of the Company
and not from Stockholders.

 

(20)           Indemnification
by Advisor. The Advisor shall indemnify and hold harmless the Company 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, misconduct,
or negligence, but the Advisor shall not be held responsible for any action of the Board of Trust Managers in following or declining
to follow any advice or recommendation given by the Advisor.

 

(21)           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 Declaration of Trust, the Bylaws, or 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 Trust Managers and to the Company:	Rich Uncles Real Estate
	 	            Investment Trust I
	 	1419 Dolphin Terrace
	 	Corona Del Mar, California 92625
	 	Attn:    Harold Hofer
	 	 
	To the Advisor:	Rich Uncles, LLC
	 	1419 Dolphin Terrace
	 	Corona Del Mar, California 92625
	 	Attn:    Harold Hofer

 

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 Paragraph 21.

 

(22)           Modification.
This Agreement shall not be changed, modified, terminated, or discharged, in whole or in part, except by an instrument in writing
signed by both parties hereto, or their respective successors or assignees.

 

(23)           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.

 

(24)           Construction.
The provisions of this Agreement shall be interpreted, construed and enforced in all respects in accordance with the laws of
the State of California applicable to contracts to be made and performed entirely in said state.

 

(25)           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.

 

(26)           Indulgences,
Not Waivers. Neither the failure nor any delay on the part of a party to exercise any right, remedy, power or privilege under
this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege
preclude any other or further exercise of the same or of any other right, remedy, power or privilege, nor shall any waiver of any
right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege
with respect to any other occurrence. No waiver shall be effective unless it is in writing and is signed by the party asserted
to have granted such waiver.

    	Page 18

    	 

    

(27)           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.

 

(28)           Headings
Not to Affect Interpretation. The headings of paragraphs and subparagraphs 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.

 

(29)           Execution
in Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original
as against any party whose signature appears thereon, and all of which shall together constitute one and the same instrument. This
Agreement shall become binding when one or more counterparts hereof, individually or taken together, shall bear the signatures
of all of the parties reflected hereon as the signatories.

 

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

 

	 	RICH UNCLES REAL ESTATE INVESTMENT TRUST I 
	 	 	 
	 	By:	 
	 	Name:	_____, Independent  Trust Manager
	 	 	 
	 	RICH UNCLES, LLC
	 	 	 
	 	By:	 
	 	Name:	Harold Hofer, Manager

    	Page 19

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