Document:

ex10_1.htm

    EXHIBIT 10.1

     

    

      AMENDED AND RESTATED
EMPLOYMENT AGREEMENT

      

      This AMENDED AND RESTATED EMPLOYMENT
AGREEMENT (this “Agreement”) is made and entered into as of January 27, 2009,
but effective as of the Effective Date (as defined below), by and between
Pilgrim’s Pride Corporation, a Delaware corporation, with its principal offices
at 4845 US Highway 271 North, Pittsburg, Texas, 75686, (the “Company”), and Don
Jackson, an individual (“Executive”).

      

      RECITALS

      

      A.           The
Company would like Executive to serve as its Chief Executive Officer and
Executive desires to provide employment services to the Company on all of the
terms and conditions herein set forth.

      

      B.           The
Company desires to provide Executive with a compensation plan in recognition of
Executive’s valuable skills and services.

      

      C.           The
Company and Executive entered into that certain Employment Agreement dated
December 16, 2008 (the “Original Employment Agreement”).

      

      D.           The
Company and Executive desire to amend and restate the Original Employment
Agreement in its entirety.

      

      NOW, THEREFORE, in consideration of the
mutual covenants and conditions herein contained, the parties hereto agree as
follows:

      

      ARTICLE
I.  EMPLOYMENT

      

      1.1           Employment.  The
Company hereby employs Executive as its Chief Executive Officer and President
and Executive hereby accepts such engagement with the Company, in accordance
with and subject to all of the terms, conditions and covenants set forth in this
Agreement.

      

      1.2           Term.  The
term of this Agreement shall be for three (3) years (the “Initial Term”),
commencing on the Effective Date, unless terminated earlier in accordance with
the terms of Article IV hereof.  The Initial Term may be extended in
writing by mutual consent of Executive and the Company for such additional term
as may be agreed (collectively with the Initial Term, the “Term”).

      

      1.3           Conditions
Precedent; Effective Date.  Notwithstanding
anything to the contrary contained in this Agreement, all rights and obligations
hereunder are subject to, and conditioned on, issuance of an order of the United
States Bankruptcy Court for the Northern District of Texas, Fort Worth Division,
or another court having jurisdiction over the case pending under Chapter 11
of the United States Bankruptcy Code wherein the Company is debtor and
debtor-in-possession (the “Bankruptcy Court”), approving the terms of this

      
        
          
          

        

        
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      Agreement
in the form hereof.  The effective date of this Agreement (the
“Effective Date”) shall be that date upon which the Bankruptcy Court issues its
order approving the terms of this Agreement in the form
hereof.  Notwithstanding anything to the contrary contained in this
Agreement or otherwise, the Term and Executive’s employment under this Agreement
and period thereof shall not commence until the Effective
Date.  Neither the Company nor Executive shall have any obligations
hereunder and the Company shall have no obligation to provide any compensation
or benefit or make any payment under this Agreement, including the Sign-on
Bonus, in each case, unless and until the Effective Date occurs.

      

      ARTICLE
II.  DUTIES OF EXECUTIVE

      

      2.1           Scope of
Duties.  Executive shall be the Chief Executive Officer and
President of the Company, reporting to the Board of Directors of the Company
(the “Board”), and shall have such other or additional offices or positions with
the Company and its subsidiaries as the Board shall determine from time to
time.  Executive shall operate within the established guidelines,
plans or policies as may be established or approved by the Company from time to
time.

      

      2.2           Performance of
Duties.  Executive shall perform his duties from Pittsburg,
Texas, and devote his full time and attention to the business affairs of the
Company, but nothing in this Agreement shall preclude Executive from devoting
reasonable time to serve as a director or a member of a committee of any
organization involving no conflict of interest with the interest of the Company,
from engaging in charitable and community activities, and from managing
Executive’s personal affairs, provided that such activities do not materially
interfere with the regular performance of Executive’s duties and
responsibilities or derogate from Executive’s obligations under this
Agreement.  Executive shall furnish to the Board a detailed statement
of any outside directorship, membership, employment or consulting services in
which Executive seeks to engage or invest, and must obtain prior approval from
the Board prior to engaging or investing in such services.  In
addition, as from time to time requested by the Board, Executive must resubmit
for approval a detailed statement thereof.  In the event the Board
determines in good faith that a conflict of interest or likelihood of
interference with his duties owed hereunder exists, Executive shall refrain from
such activity.

      

      ARTICLE
III.  COMPENSATION AND BENEFITS

      3.1           Salary.  Executive
shall be paid a base annual salary of not less than one million five hundred
thousand dollars (US$1,500,000.00) during the Initial Term, which shall be paid
with the same frequency and on the same basis that the Company normally makes
salary payments to other executive personnel of the Company.

      

      3.2           Sign-on
Bonus.  Within five (5) business days of the Effective Date,
the Company shall pay Executive a lump sum gross amount of three million dollars
($3,000,000.00) (the “Sign-on Bonus”), subject to Executive’s obligation to
re-pay this amount to the Company should the Executive’s employment be
terminated by Executive other than for Good Reason during the Initial Term in
accordance with Article IV hereof.  Beginning on the Effective Date,
Executive’s obligation to repay the Sign-on Bonus shall be forgiven in
one-thirty-sixth (1/36) equal amounts for each full month of employment during
the Initial Term.  During the Initial

      
        
          
          

        

        
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      Term, if
Executive terminates his employment without Good Reason in accordance with
Article IV hereof, the remaining unforgiven amount of the Sign-on Bonus shall be
deemed unearned and Executive agrees to immediately repay upon the Date of
Termination the remaining unforgiven amount of the Sign-on Bonus in accordance
with Article V hereof.

      

      3.3           Relocation Expenses; Living
Expenses.  Executive shall be reimbursed his reasonable moving
expenses incurred in relocating his principal residence to Texas in order to
commence employment hereunder in accordance with the terms and conditions of the
Pilgrim’s Pride Corporation Executive Relocation Policy and Repayment Agreement
(the “Relocation Policy”).  Notwithstanding anything to the contrary
contained in the Relocation Policy, the Company agrees that (a) the temporary
housing period under the Relocation Policy shall be extended until the earliest
of (i) confirmation of a plan of reorganization of the Company, (ii) the first
anniversary of the Effective Date or (iii) the date Executive permanently
relocates his residence to Texas (the earliest of such dates, the “Extension
Deadline”) and (b) Executive shall be entitled to reimbursement of the costs and
expense under the “Trips Home” provision of the Relocation Policy for a trip
home every two (2) weeks up to a maximum of twenty-six (26) trips until the
Extension Deadline.

      

      3.4           Bonus Upon Plan of
Reorganization.  The Company agrees that Executive shall be
entitled to the Reorganization Bonus (as defined below) subject to the terms and
conditions of this Section 3.4.  For purposes of this Agreement, the
term “Reorganization Bonus” shall mean:

      

      (a)           a
lump sum gross amount of two million dollars (US$2,000,000), upon the occurring
of the following conditions (i) confirmation of a Plan of Reorganization (as
defined herein), (ii) EBITDAR (as defined herein) is at least an aggregate of
three hundred million dollars (US$300,000,000) for the third and fourth fiscal
quarters of the Company’s fiscal year ending 2009, and (iii) the annualized
operational improvements of the Company and its subsidiaries are at least one
hundred million dollars (US$100,000,000) for the Company’s fiscal year ending
2009 compared to the Company’s fiscal year ending 2008, or

      

      (b)           if
the conditions in clause (a) above are not satisfied, a lump sum gross amount of
one million dollars (US$1,000,000) upon the occurring of the following
conditions (i) confirmation of a Plan of Reorganization, (ii) EBITDAR is at
least an aggregate of two hundred million dollars (US$200,000,000) for the third
and fourth fiscal quarters of the Company’s fiscal year ending 2009, and (iii)
the annualized operational improvements of the Company and its subsidiaries are
at least fifty million dollars (US$50,000,000) for the Company’s fiscal year
ending 2009 compared to the Company’s fiscal year ending 2008.

      

      The Company and Executive agree that no
Reorganization Bonus shall be due or payable under this Agreement if the EBITDAR
is less than an aggregate of two hundred million dollars (US$200,000,000) for
the third and fourth fiscal quarters of the Company’s fiscal year ending 2009,
or if the annualized operational improvements of the Company and its
subsidiaries are less than fifty million dollars (US$50,000,000).  The
Reorganization Bonus shall be paid in a lump sum in the next normal payroll
cycle immediately following the substantial consummation of such Plan of
Reorganization; provided, however, that such payment shall be made not later
than 21⁄2 months following the “year” in which the Plan of Reorganization is
confirmed.  For purposes 

      
        
          
          

        

        
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      of this
Section 3.4, “year” means either the Company’s fiscal year or the calendar year,
whichever provides the latest payment date.

      

      3.5           Incentive, Savings and
Retirement Plans.  Executive will be eligible to participate in
all incentive, savings and retirement plans, practices, policies and programs
applicable generally to other executive personnel of the Company, including, but
not limited to, the Pilgrim’s Pride Corporation Performance Bonus Plan, subject
to and to the extent such plan is approved by the Bankruptcy Court and the
stockholders of the Company.

      

      3.6           Sign-on Stock
Grant.  Within one business day after the Effective Date,
Executive shall be granted three million eighty-five thousand six hundred
fifty-six (3,085,656) shares of the Company’s common stock (the
“Shares”).  One-half of the Shares shall vest upon the occurrence of
the following conditions: (a) confirmation of a Plan of Reorganization, and (b)
the EBITDAR is at least an aggregate of three hundred million dollars
(US$300,000,000) for the third and fourth fiscal quarters of the Company’s
fiscal year ending 2009.  The remaining one-half of the Shares shall
vest upon the occurrence of the following conditions: (a) confirmation of a Plan
of Reorganization, and (b) the EBITDAR is at least an aggregate of five hundred
million dollars (US$500,000,000) for the last twelve months ending on the last
day of the fiscal month of the Company immediately preceding substantial
consummation of such Plan of Reorganization.  The Shares shall be
subject to forfeiture if the Company terminates Executive’s employment for Cause
or if Executive terminates his employment without Good Reason before, and to the
extent, the Shares have not vested.  During the Term, Executive shall
not transfer, sell, or otherwise dispose of the unvested Shares and shall not
transfer, sell, or otherwise dispose of at least fifty percent (50%) of the
vested Shares.  The Company hereby represents and warrants to
Executive that the Shares represent four percent (4%) of the issued and
outstanding shares of the Company on the Effective Date after giving effect to
the issuance of the Shares.

      

      3.7           Reimbursable
Expenses.  Upon submission of expense reports to the extent
necessary to substantiate the Company’s federal income tax deductions for such
expenses under the Code, and such expense report procedures as may be
established by the Company, the Company shall promptly reimburse Executive for
all reasonable business expenses incurred in the performance of Executive’s
duties hereunder on behalf of the Company, including expenses related to travel
and expenses while away from home on business.  All such
reimbursements shall be made in accordance with the timing requirements of
Section 409A of the Code.

      

      3.8           Fringe
Benefits.  Executive shall be eligible to participate in all
group benefit plans and programs which the Company has established or may
establish for its executive employees and such other employee benefits or plans
as the Company has established or may establish for its employees and as may be
modified by the Company from time to time.

      

      3.9           Vacations and Sick
Pay.  Executive shall be entitled to an annual vacation and to
sick leave in accordance with policies as periodically established by the
Company for similarly situated executive employees.

      

      3.10           Holidays.  Executive
shall be entitled to all paid holidays given to the Company’s executive
employees.

      
        
          
          

        

        
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      3.11           Deductions.  All
payments provided for in this Agreement will be subject to any deductions
required by applicable law, including but not limited to applicable payroll or
other taxes or withholdings required to be withheld by the Company.

      

      ARTICLE
IV.  TERMINATION

      

      4.1           Termination by the
Company.  Executive’s employment with the Company may be
terminated by the Company under the following conditions:

      

      (a)           Upon
Executive’s death, in which case termination shall be effective
immediately;

      

      (b)           If
the Company determines in good faith that the Disability of Executive has
occurred during the Term (pursuant to the definition of Disability), it may give
to Executive written notice of its intention to terminate Executive’s
employment.  In such event, Executive’s employment with the Company
shall terminate effective on the 30th day after receipt of such written notice
by Executive (the “Disability Effective Date”), provided that, within the 30
days after such receipt, Executive shall not have returned to full-time
performance of Executive’s duties;

      

      (c)           If
the Company terminates Executive’s employment for Cause, effective on the Date
of Termination; or

      

      (d)           If
the Company terminates Executive’s employment at any time, without Cause,
effective on the Date of Termination.

      

      4.2           Termination by
Executive. Executive may terminate Executive’s employment with the
Company (a) for Good Reason during the 60-day period following the occurrence of
an event or events giving rise to such Good Reason, or (b) for the convenience
of Executive.  A termination by Executive shall not constitute
termination for Good Reason unless Executive shall first have delivered to the
Company written notice identifying with specificity the occurrence claimed to
give rise to a right to terminate for Good Reason, and a reasonable time (not
less than 30 days) within which the Company may take action to correct,
rescind or otherwise substantially reverse the event supporting the basis for a
termination for Good Reason as identified by Executive and such period has
passed.  Executive’s mental or physical incapacity following the
occurrence of an event otherwise constituting Good Reason shall not affect
Executive’s ability to terminate employment for Good Reason.

      

      4.3           Notice of
Termination.  Any termination by the Company or Executive shall
be communicated by Notice of Termination to the other party hereto given in
accordance with Section 8.1 hereof.  For purposes of this Agreement, a
“Notice of Termination” means a written notice which (a) indicates the
specific termination provision in this Agreement relied upon, (b) to the extent
applicable, sets forth in reasonable detail the facts and circumstances claimed
to provide a basis for termination of Executive’s employment under the provision
so indicated, and (c) if the Date of Termination is other than the date of
receipt of such notice, specifies the 

      
        
          
          

        

        
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      termination
date.  The failure by Executive or the Company to set forth in the
Notice of Termination any fact or circumstance which contributes to a showing of
Good Reason or Cause shall not waive any right of Executive or the Company,
respectively, hereunder or preclude Executive or the Company, respectively, from
asserting such fact or circumstance in enforcing Executive’s or the Company’s
rights hereunder.

      

                 4.4           Date of
Termination.  “Date of Termination” means (a) if Executive’s
employment is terminated by the Company for Cause, or by Executive for Good
Reason, the date of receipt of the Notice of Termination or any later date
specified therein within 60 days after receipt of the Notice of Termination, as
the case may be, (b) if Executive’s employment is terminated by the Company
other than for Cause or Disability, the Date of Termination shall be the date on
which the Company notifies Executive of such termination, and (c) if Executive’s
employment is terminated by reason of death or Disability, the Date of
Termination shall be the date of death of Executive or the Disability Effective
Date, as the case may be.  The Company and Executive shall take all
steps necessary (including with regard to any post-termination services by
Executive) to ensure that any termination described in this Article constitutes
a “separation from service” within the meaning of Section 409A of the Code, and
notwithstanding anything contained herein to the contrary, the date on which
such separation from service takes place shall be the “Date of
Termination.”

       

      ARTICLE
V.  COMPENSATION UPON TERMINATION

      

      5.1           Termination by Executive for
Good Reason; Termination by the Company for Death, Disability, or Other than for
Cause.  If the Company terminates the Executive’s employment
for death or Disability or other than for Cause, or Executive terminates his
employment for Good Reason during the 60-day period following the occurrence of
an event or events giving rise to Good Reason:

      

      (a)           The
Company shall pay to Executive in a lump sum within 30 days after the Date of
Termination all Accrued Obligations and Other Accrued Benefits through the Date
of Termination;

      

      (b)           If
the terms and conditions in Section 3.4 hereof are satisfied after the Date of
Termination and on or before December 1, 2010, then the Company shall pay to
Executive or his estate the Reorganization Bonus on December 1, 2010;
and

      

      (c)           If
the conditions in Section 3.6 hereof are satisfied after the Date of Termination
such that the Shares would vest, in whole or in part, then the Shares shall
immediately vest and all restrictions shall lapse, at the time and under the
terms and conditions of Section 3.6.

      

      Notwithstanding anything to the
contrary contained herein, as a condition to the payment of any Reorganization
Bonus or the vesting of the Shares in accordance with Section 3.4 and Section
3.6, as applicable, and this Section 5.1, Executive or his estate shall have
timely executed and not revoked a general release, in the form presented by the
Company, of all known and 

      
        
          
          

        

        
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      unknown
claims that Executive may then have against the Company or Persons affiliated
with the Company, and has expressly agreed in writing not to prosecute any legal
action or other proceeding based on any of such claims.

      

      5.2           Termination by the Company
for Cause. If Executive’s employment shall be terminated by the Company
for Cause, this Agreement shall terminate without further obligations to
Executive other than the obligation to pay to Executive the Accrued Obligations
and any Other Accrued Benefits and Executive shall forfeit the Shares still
subject to forfeiture.

      

      5.3           Termination by Executive
Other than for Good Reason.  If Executive’s employment shall be
terminated by Executive other than for Good Reason, this Agreement shall
terminate without further obligations to Executive other than the obligation to
pay to Executive the Accrued Obligations and any Other Accrued
Benefits.  The remaining unforgiven amount of the Sign-on Bonus as
provided for in Section 3.2 hereof shall be due and payable within five (5)
business days from the Date of Termination, and Executive shall forfeit the
Shares still subject to forfeiture.

      

      5.4           Expiration of
Term.  If Executive’s employment shall be terminated due to the
normal expiration of the Term, this Agreement shall terminate without further
obligations to Executive, other than for payment of Accrued Obligations and the
timely payment or provision of Other Accrued Benefits.

      

      5.5           Section
409A.  Notwithstanding the foregoing provisions of this
Article, if as of the Date of Termination Executive is a “specified employee”
within the meaning of Section 409A of the Code (as determined in accordance with
the methodology established by the Company as in effect on such Date of
Termination), amounts or benefits that are deferred compensation subject to
Section 409A of the Code, as determined in the reasonable discretion of the
Company, that would otherwise be payable or provided during the six-month period
immediately following termination (other than the Accrued Obligations and Other
Accrued Benefits), shall instead be paid or provided, with interest on any
delayed payment at the
prime lending rate prevailing at such time, as published in the Wall
Street Journal,
on the first business day after the date that is six months following
Executive’s “separation from service” within the meaning of Section 409A of the
Code.

      

      ARTICLE
VI.  RESTRICTIONS OF CONDUCT OF EXECUTIVE

      

      6.1           General.  Executive
and the Company understand and agree that the purpose of this Article is to
protect legitimate business interests of the Company, as more fully described
below, and is not intended to impair or infringe upon Executive’s right to work,
earn a living, or acquire and possess property from the fruits of his
labor.  Executive hereby acknowledges that Executive has received good
and valuable consideration for the employment and post-employment restrictions
set forth in this Article in the form of the compensation and benefits provided
for herein and in the form of the Company allowing Executive access to
Confidential Information and Trade Secrets which he would not otherwise receive
had he not entered into the post-employment restrictions set forth in this
Article.  Executive hereby further acknowledges 

      
        
          
          

        

        
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      that the
post-employment restrictions set forth in this Article are reasonable and that
they do not, and will not, unduly impair his ability to earn a living after the
termination of this Agreement.

      

                 6.2           Restrictive
Covenants.

      

      (a)           Restriction on Disclosure
and Use of Confidential Information and Trade
Secrets.  Executive understands and agrees that the
Confidential Information and Trade Secrets constitute valuable assets of the
Company and its affiliated companies, and may not be converted to Executive’s
own use.  Accordingly, Executive hereby agrees that Executive shall
not, directly or indirectly, at any time, beginning on the Effective Date and
following termination, for any reason, reveal, divulge, or disclose any
Confidential Information to any Person not expressly authorized by the Company,
and Executive shall not, directly or indirectly, at any time, use or make use of
any Confidential Information in connection with any business activity other than
that of the Company.  Throughout the Term, and at all times after the
date that this Agreement terminates for any reason, Executive shall not directly
or indirectly transmit or disclose any Trade Secret of the Company to any
Person, and shall not make use of any such Trade Secret, directly or indirectly,
for himself or for others, without the prior written consent of the
Company.  The parties acknowledge and agree that this Agreement is not
intended to, and does not, alter either the Company’s rights or Executive’s
obligations under any state or federal statutory or common law regarding trade
secrets and unfair trade practices.

      

      Anything herein to the contrary
notwithstanding, Executive shall not be restricted from disclosing or using
Confidential Information or any Trade Secret that is required to be disclosed by
law, court order or other legal process; provided, however, that in the event
disclosure is required by law, Executive shall provide the Company with prompt
notice of such requirement so that the Company may seek an appropriate
protective order prior to any such required disclosure by
Executive.

      

      (b)           Nonsolicitation of Protected
Employees.  Executive understands and agrees that the
relationship between the Company and each of its Protected Employees constitutes
a valuable asset of the Company and may not be converted to Executive’s own
use.  Accordingly, Executive hereby agrees that beginning on the
Effective Date and continuing during the Restricted Period, Executive shall not,
directly or indirectly, on Executive’s own behalf or as a Principal or
Representative of any Person or otherwise, solicit or induce any Protected
Employee to terminate his or her employment relationship with the Company or any
of its affiliated companies or to enter into employment with any other
Person.

      

      (c)           Noncompetition with the
Company.  In consideration of the compensation and benefits
paid by the Company to Executive hereunder, and in consideration of the Company
giving Executive Confidential Information and Trade Secrets, Executive hereby
agrees that, during the Restricted Period, Executive shall not, without prior
written consent of the Company, directly or indirectly, anywhere in the United
States seek or obtain a Competitive Position.  Executive acknowledges
that in the performance of his duties for the Company he is charged with
operating on the Company’s behalf throughout the United States and he hereby
acknowledges, therefore, that this restriction is reasonable. It is intended and
agreed that during the term of Executive’s employment, Executive shall not
knowingly perform any act which may 

      
        
          
          

        

        
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      confer
any competitive benefit or advantage upon any enterprise competing with Company,
its subsidiaries, affiliates or any successor.  Executive shall not
directly or indirectly, engage, individually or as an officer, director,
employee, consultant, advisor, partner or co-venturer, or as a stockholder or
other proprietor owning more than a five percent (5%) interest in any firm,
corporation, partnership or other organization (in case of any such ownership or
participation) in the business of manufacturing, selling or distributing
products in competition with the products and/or services of the Company or its
subsidiaries or affiliates.

      

                 6.3           Enforcement of Restrictive
Covenants.

      

       (a)           Rights and Remedies Upon
Breach.  In the event Executive breaches, or threatens to
commit a breach of any of the provisions of the Restrictive Covenants, the
Company shall have the right and remedy to enjoin, preliminarily and
permanently, Executive from violating or threatening to violate the Restrictive
Covenants and to have the Restrictive Covenants specifically enforced by any
court or tribunal of competent jurisdiction, it being agreed that any breach or
threatened breach of the Restrictive Covenants would cause irreparable injury to
the Company and that money damages would not provide an adequate remedy to the
Company.  Such right and remedy shall be independent of any others and
severally enforceable, and shall be in addition to, and not in lieu of, any
other rights and remedies available to the Company at law or in
equity.

      

      (b)           Severability of
Covenants.  Executive acknowledges and agrees that the
Restrictive Covenants are reasonable and valid in time and scope and in all
other respects.  The covenants set forth in this Agreement shall be
considered and construed as separate and independent
covenants.  Should any part or provision of any covenant be held
invalid, void or unenforceable, such invalidity, voidness or unenforceability
shall not render invalid, void or unenforceable any other part or provision of
this Agreement.  If any portion of the foregoing provisions is found
to be invalid or unenforceable because its duration, the territory, the
definition of activities or the definition of information covered is considered
to be invalid or unreasonable in scope, the invalid or unreasonable term shall
be redefined, or a new enforceable term provided, such that the intent of the
Company and Executive in agreeing to the provisions of this Agreement will not
be impaired and the provision in question shall be enforceable to the fullest
extent of the applicable laws.

      

      ARTICLE
VII.  DEFINITIONS AND INTERPRETATION

      

      7.1           Definitions.  The
following capitalized terms as used in this Agreement shall have the meanings
assigned to them below:

      

      (a) “Accrued
Obligations” shall mean, to the extent not theretofore paid, (i) Executive’s
annual base salary through the Date of Termination, (ii) Executive’s accrued but
unpaid Reorganization Bonus, (iii) Executive’s annual incentive bonus for the
fiscal year immediately preceding the fiscal year in which termination occurs,
(iv) any accrued vacation pay to the extent the vacation was not theretofore
taken, and (v) any other amounts accrued but unpaid under Article III as of the
Date of Termination; provided that the term “Accrued 

      
        
          
          

        

        
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Obligations”
shall not be deemed to include the Sign-on Bonus, which shall be treated in
accordance with the terms of Section 3.2 and Article V
hereof,

      

       

      (b) “Capital
Lease” means any lease of Property which in accordance with GAAP is required to
be capitalized on the balance sheet of the lessee.

       

      (c) “Capitalized
Lease Obligation” means, for any Person, the amount of the liability shown on
the balance sheet of such Person in respect of a Capital Lease determined in
accordance with GAAP.

       

      (d) “Cause”
shall mean, as determined by the Board, of any one of the following specific
material acts or failure to act by Executive:

       

      (i) Executive’s
conviction in a court of law of, or entry of a guilty plea or plea of no contest
to, a felony charge (regardless of whether subject to appeal);

       

      (ii) the
willful and continued failure of Executive to perform substantially Executive’s
duties (as contemplated by Article II hereof) with the Company or any of its
affiliated companies (other than any such failure resulting from incapacity due
to physical or mental illness or following Executive’s delivery of a Notice of
Termination for Good Reason);

       

      (iii) any
willful act that constitutes, on the part of Executive, fraud, dishonesty in any
material respect, breach of fiduciary duty, misappropriation, embezzlement or
gross misfeasance of duty;

       

      (iv) willful
disregard or continued breach in any material respect of published Company (or
of any of its affiliated companies) policies and procedures or codes of ethics
or business conduct; or

       

      (v) any other
material breach by Executive of any provision of this Agreement.

       

      provided,
however, that in the case of (ii), (iv) and (v) above, such conduct or omission
shall not constitute “Cause” unless the Board shall have delivered to Executive
notice identifying with specificity (A) the conduct or omission the Board
believes constitutes “Cause,” (B) reasonable action that would remedy such
objection, and (C) a reasonable time (not less than 30 days) within which
Executive may take such remedial action, and Executive shall not have taken such
specified remedial action within the specified time.  For purposes of
this definition, no act, or failure to act, on the part of Executive shall be
considered “willful” unless it is done, or omitted to be done, by Executive in
bad faith or without reasonable belief that Executive’s action or omission was
in the best interests of the Company.  Any act, or failure to act,
based upon authority given pursuant to a resolution duly adopted by the Board or
based upon the advice of counsel for the Company shall be conclusively presumed
to be done, or omitted to be done, by Executive in good faith and in the best
interests of the Company.  The cessation of employment of Executive
shall not be deemed to be for “Cause” unless and until there shall have been

      
        
          
          

        

        
          -10-

          
            

          

        

        
          
          

        

      

      delivered
to Executive a copy of a resolution duly adopted by the affirmative vote of not
less than three-quarters of the entire membership of the Board (excluding
Executive, if Executive is a member of the Board) at a meeting of the Board
called and held for such purpose (after reasonable notice is provided to
Executive and Executive is given an opportunity, together with counsel for
Executive, to be heard before the Board), finding that, in the good faith
opinion of the Board, Executive is guilty of any of the conduct described above,
and specifying the particulars thereof in detail; provided that, in the event
Executive disputes such finding, no such finding shall be deemed to be
conclusive of the issue of whether “Cause” exists or a waiver by Executive from
challenging such finding and exercising any right under Section 8.4
hereof.

      

      (e) “Code”
means the Internal Revenue Code of 1986, as amended from time to time, with all
references to the Code to include the Treasury Regulations promulgated
thereunder as in effect from time to time, and any successor provisions of the
Code and the applicable Treasury Regulations.

       

      (f) “Competitive
Position” means any employment or consulting arrangement with a Competitor in
which Executive will use or is likely to use any Confidential Information or
Trade Secrets, or in which Executive has duties for such Competitor that are the
same or similar to those services actually performed by Executive for the
Company.

       

      (g) “Competitor”
means any company or entity engaged in poultry production (including without
limitation broiler production, processing, sales and marketing) in which its
headquarters is located in the United States.

       

      (h) “Confidential
Information” means all information regarding the Company, its activities,
business or clients that is the subject of reasonable efforts by the Company to
maintain its confidentiality and that is not generally disclosed by practice or
authority to Persons not employed by the Company, but that does not rise to the
level of a Trade Secret.  “Confidential Information” shall include,
but is not limited to, financial plans and data concerning the Company or any of
its affiliated companies, management planning information, business plans,
operational methods, market studies, marketing plans or strategies, product
development techniques or plans, customer lists, customer files, data and
financial information, details of customer contracts, current and anticipated
customer requirements, identifying and other information pertaining to business
referral sources, past, current and planned research and development, business
acquisition plans, and new personnel acquisition plans.  “Confidential
Information” shall not include information that has become generally available
to the public by the act of one who has the right to disclose such information
without violating any right or privilege of the Company.  This
definition shall not limit any definition of “confidential information” or any
equivalent term under state or federal law.

       

      (i) “Determination
Date” means the Date of Termination or any earlier date of an alleged breach of
the Restrictive Covenants by Executive.

       

      (j) “Disability”
shall mean the inability of Executive, as determined by the Board, to perform
the responsibilities and functions of the position held by Executive, with or
without reasonable accommodation, by reason of any medically determined physical
or mental impairment which has lasted (or can reasonably be expected to last)
for a period of not less than 

      
        
          
          

        

        
          -11-

          
            

          

        

        
          
          
one
hundred eighty (180) consecutive days.  At the request of Executive or
his or her personal representative, the Board’s determination that the
Disability of Executive has occurred shall be certified by two physicians
mutually agreed upon by Executive, or his or her personal representative, and
the Company.  Failing such independent certification (if so requested
by Executive), Executive’s termination shall be deemed a termination by the
Company without Cause and not a termination by reason of his or her
Disability.

      

       

      (k) “EBITDAR”
means, with reference to any period, Net Income for such period (x) plus
all amounts deducted in arriving at such Net Income amount in respect of
(a) Interest Expense for such period, (b) federal, state, and local
income taxes for such period, (c) depreciation of fixed assets and
amortization of intangible assets for such period, (d) all asset impairment
charges and Restructuring Costs incurred during such period and losses in an
aggregate amount not to exceed $17,500,000 suffered in the month of October 2008
in connection with commodity hedging transactions, (e) losses realized upon
any sale or other disposition of Property during such period, and (f) any
write-downs of goodwill or other intangibles during such period, and
(y) minus all amounts included in arriving at such Net Income in respect of
gains realized upon any sale or other disposition of Property during such period
(all amounts referred to in clauses (x) and (y) to be determined on a
consolidated basis using the standards used in the preparation of the Company’s
quarterly financial statements other than those items or adjustments that are
only reflected on a quarterly basis).

       

      (l) “GAAP”
means generally accepted accounting principles set forth from time to time in
the opinions and pronouncements of the Accounting Principles Board and the
American Institute of Certified Public Accountants and statements and
pronouncements of the Financial Accounting Standards Board (or agencies with
similar functions of comparable stature and authority within the U.S. accounting
profession), which are applicable to the circumstances as of the date of
determination.

       

      (m) “Good
Reason” shall mean:

       

      (i) the
assignment to Executive of any duties inconsistent in any material respect with
Executive’s position (including status, offices, titles and reporting
requirements), authority, duties, or responsibilities as contemplated by Section
2.1 hereof or any other action by the Company which results in a material
diminution in such position, authority, duties, or responsibilities, excluding
for this purpose an isolated, insubstantial, and inadvertent action not taken in
bad faith and which is remedied by the Company promptly after receipt of
notice;

       

      (ii) any
failure in any material respect by the Company to comply with any of the
provisions of Article III hereof, other than an isolated, insubstantial, and
inadvertent failure not occurring in bad faith and which is remedied by the
Company promptly after receipt of notice thereof given by
Executive;

       

      (iii) the
Company’s requiring Executive (A) to be based at any office or location that is
more than 150 miles from the initial location of 

      
        
          
          

        

        
          -12-

          
            

          

        

        
          
          
                employment in
Pittsburg, Texas, or (B) to be based at a location other than the principal
executive offices of the Company;

      

       

      (iv) any
purported termination by the Company of Executive’s employment otherwise than as
expressly permitted by this Agreement; or

       

      (v) any
failure by the Company to require any successor (whether direct or indirect by
purchase, merger, consolidation, or otherwise) to all or substantially all of
the business and/or assets of the Company to assume expressly and agree to
perform this Agreement in the same manner and to the same extent that the
Company would be required to perform it if no such succession had taken
place.

       

      (n) “Interest
Expense” means, with reference to any period, the sum of all interest charges
(including imputed interest charges with respect to Capitalized Lease
Obligations and all amortization of debt discount and expense) and letter of
credit fees of the Company and its subsidiaries for such period determined on a
consolidated basis in accordance with GAAP.

       

      (o) “Net
Income” means, with reference to any period, the net income (or net loss) of the
Company and its subsidiaries for such period computed on a consolidated basis
using the standards used in the preparation of the Company’s quarterly financial
statements other than those items or adjustments that are only reflected on a
quarterly basis; provided that there shall be excluded from Net Income
(a) the net income (or net loss) of any Person accrued prior to the date it
becomes a subsidiary of, or has merged into or consolidated with, the Company or
another subsidiary, and (b) the net income (or net loss) of any Person
(other than a subsidiary) in which the Company or any of its subsidiaries has an
equity interest, except to the extent of the amount of dividends or other
distributions actually paid to the Company or any of its subsidiaries during
such period.

       

      (p) “Other
Accrued Benefits” shall mean amounts that are vested benefits or which Executive
is otherwise entitled to receive under any plan, policy, practice, or program of
the Company or any of its affiliated companies at the Date of Termination,
including benefits under such plans, programs, practices, and policies relating
to death or disability benefits, if any, as are applicable to Executive on the
Date of Termination.

       

      (q) “Person”
means any individual or any corporation, partnership, joint venture, limited
liability company, association or other entity or enterprise.

       

      (r) “Plan of
Reorganization” means a plan of reorganization of the Company that does not
provide for a sale of a majority of the Company’s and its subsidiaries’ assets;
provided that no Plan of Reorganization shall be deemed to have occurred if a
majority of the Company’s assets have been sold under Section 363 of the United
States Bankruptcy Code prior to the date of such confirmation.  For
purposes hereof, a sale or issuance of the Company’s equity to third parties or
creditors in a capital raising transaction or in satisfaction of pre-petition
claims in connection with a plan or reorganization or otherwise will not be
deemed to be a sale of a majority of the Company’s and its subsidiaries
assets.

      
        
          
          

        

        
          -13-

          
            

          

        

        
          
          

        

      

                (s) “Principal
or Representative” means a principal, owner, partner; stockholder, joint
venturer, investor, member, trustee, director, officer, manager, employee,
agent, representative, or consultant.

       

      (t) “Property”
means, as to any Person, all types of real, personal, tangible, intangible or
mixed property owned by such Person whether or not included in the most recent
balance sheet of such Person and its subsidiaries under GAAP.

       

      (u) “Protected
Employees” mean employees of the Company who were employed by the Company or its
affiliated companies at any time within six months prior to the Determination
Date, other than those who were discharged by the Company or such affiliated
employer without cause.

       

      (v) “Restricted
Period” means two (2) years following the Date of Termination.

       

      (w) “Restrictive
Covenants” means the restrictive covenants contained in Article VI
hereof.

       

      (x) “Restructuring
Costs” means (a) nonrecurring costs consisting of lease termination costs,
severance costs, facility shutdown costs and other related restructuring charges
related to or associated with a permanent reduction in capacity, closure of
plants or facilities, cut-backs or plant closures or a significant
reconfiguration of a facility and (b) restructuring costs consisting of fees and
expenses of professionals (whether engaged by the Company, any official
committee, the Bank of Montreal, as DIP agent (or its counsel), any lenders (or
their respective counsel) or any other Person) incurred during such
period.

       

      (y) “Third
Party Information” means confidential or proprietary information subject to a
duty on the part of the Company or its affiliated companies to maintain the
confidentiality of such information and to use it only for certain limited
purposes.

       

      (z)  “Trade
Secret” means all information, without regard to form, including, but not
limited to, technical or nontechnical data, a formula, a pattern, a compilation,
a program, a device, a method, a technique, a drawing, a process, financial
data, financial plans, product plans, distribution lists or a list of actual or
potential customers, advertisers or suppliers which is not commonly known by or
available to the public and which information:  (i) derives economic
value, actual or potential, from not being generally known to, and not being
readily ascertainable by proper means by, other Persons who can obtain economic
value from its disclosure or use; and (ii) is the subject of efforts that are
reasonable under the circumstances to maintain its secrecy.  Without
limiting the foregoing, Trade Secret means any item of confidential information
that constitutes a “trade secret(s)” under the common law or statutory law of
Texas.

       

      7.2           Interpretation.  The
foregoing definitions are equally applicable to both the singular and plural
forms of the terms defined.  The words “include,” “includes,” and
“including” shall be deemed to be followed by the phrase “without
limitation.”  Unless the context requires otherwise (a) any definition
of or reference to any agreement, instrument or other document herein shall be
construed as referring to such agreement, instrument or other document as from
time to time amended, restated, amended and restated, supplemented or

      
        
          
          

        

        
          -14-

          
            

          

        

        
          
          

        

      

      otherwise
modified (subject to any restrictions on such amendments, supplements or
modifications set forth herein), and (b) any reference herein to any Person
shall be construed to include such Person’s permitted successors and permitted
assigns.  The words “hereof,” “herein,” and “hereunder” and words of
like import when used in this Agreement shall refer to this Agreement as a whole
and not to any particular provision of this Agreement.

      

      ARTICLE
VIII.  MISCELLANEOUS PROVISIONS

      

                 8.1           Notices.  All
notices, requests and other communications under this Agreement must be in
writing and will be deemed duly delivered (a) when delivered if delivered in
person, (b) three days after being sent by registered or certified mail, return
receipt requested, postage prepaid, (c) one day after being sent for next
business day delivery, fees prepaid, via a reputable nationwide overnight
courier service, (d) on the date of confirmation of receipt of transmission by
facsimile or (e) on the date of the notice being sent by e-mail at the e-mail
address in the records of the Company, in each case to the intended recipient as
set forth below (or to such other address, facsimile number, email address or
individual as a party may designate by notice to the other
parties).

       

      
        
          	
                  If
      to Executive:

                	
                  Don
      Jackson

                  4845
      US Highway 271 North

                  Pittsburg,
      TX  75686

                
	 
      	 
      
	
                  If
      to the Company:

                	
                  Pilgrim’s
      Pride Corporation

                  4845
      US Highway 271 North

                  Pittsburg,
      TX  75686

                
	 
      	
                  Attention:  Executive
      Vice President Human Resources

                  Facsimile:
      (972) 290-8174

                

        

      

       

      or to
such other address as either party shall have furnished to the other in writing
in accordance herewith.

      

      8.2           Successors.

      

      (a)           This
Agreement is personal to Executive and without the prior written consent of the
Company shall not be assignable by Executive otherwise than by will or the laws
of descent and distribution.  This Agreement shall inure to the
benefit of and be enforceable by Executive’s legal representatives.

      

      (b)           This
Agreement shall inure to the benefit of and be binding upon the Company and its
successors and assigns.

      

      (c)           The
Company shall require any successor (whether direct or indirect by purchase,
merger, consolidation or otherwise) to all or substantially all of the business
and/or assets of the Company to assume expressly and agree to perform this
Agreement in the same manner and to the same extent that the Company would be
required to perform it if no such succession had taken place.  As used
in this Agreement, “Company” shall mean the Company as 

      
        
          
          

        

        
          -15-

          
            

          

        

        
          
          

        

      

      hereinbefore
defined and any successor to its business and/or assets as aforesaid which
assumes and agrees to perform this Agreement by operation of law, or
otherwise.

      

      8.3           No Breach of
Duty.  Each of
the Company and Executive represents and warrants to the other party that
neither the execution, delivery and performance of this Agreement will conflict
or be inconsistent with or result in any breach of any of the terms, covenants,
conditions or provisions of, any agreement to which such Person is a party or which it or he may
be subject.  Executive represents that Executive’s performance
of this Agreement and as an employee of the Company does not and will not breach
any agreement or duty to keep in confidence proprietary information acquired by
Executive in confidence or in trust prior to employment with the
Company.  Executive has not and will not enter into any agreement
either written or oral in conflict with this Agreement.

      

      8.4           Arbitration  Any
claim or dispute arising under or relating to this Agreement or the breach,
termination, or validity of any term of this Agreement shall be subject to
arbitration, and prior to commencing any court action, the parties agree that
they shall arbitrate all controversies; provided, however, that nothing in this
Section shall prohibit the Company from exercising its right under Article VI
hereof to pursue injunctive remedies with respect to a breach or threatened
breach of the Restrictive Covenants.  The arbitration shall be
conducted in Dallas, Texas, in accordance with the Employment Dispute Rules of
the American Arbitration Association and the Federal Arbitration Act, 9 U.S.C.
§l, et.
seq.  Any award shall be binding and conclusive upon the
parties hereto, subject to 9 U.S.C. §10.  Each party shall have the
right to have the award made the judgment of a court of competent
jurisdiction.  Any fees and related expenses associated with the cost
of arbitration shall be borne by the Company.

      

      8.5           Settlement of
Claims.  The Company’s obligation to make the payments provided
for in this Agreement and otherwise to perform its obligations hereunder shall
not be affected by any circumstances, including, without limitation, any
set-off, counterclaim, recoupment, defense or other right which the Company may
have against the Executive or others.

      

      8.6           Severability.  If
any term, provision, covenant or condition of this Agreement is held to be
invalid, void, or unenforceable, the remainder of the provisions of this
Agreement shall remain in full force and effect and shall in no way be affected,
impaired or invalidated thereby.

      

      8.7           Personal
Loan.  Notwithstanding any other provisions in this Agreement,
in the event the Company determines in its good faith judgment, that any
provision of this Agreement is likely to be interpreted as a personal loan
prohibited by the Sarbanes-Oxley Act of 2002 and the rules and regulations
promulgated thereunder (the “Act”), then such provision shall be modified as
necessary or appropriate so as to not violate the Act; and if this cannot be
accomplished, then the Company shall use its reasonable efforts to provide the
Executive with similar, but lawful, substitute benefits at a cost to the Company
not to significantly exceed the amount the Company would have otherwise paid to
provide such benefits to the Executive.

      

      8.8           Survival.  Articles
V, VI, VII and VIII shall survive the termination of this
Agreement.

      
        
          
          

        

        
          -16-

          
            

          

        

        
          
          

        

      

      8.9           Entire Agreement;
Amendments; Waiver.  This Agreement amends and restates the
Original Employment Agreement in its entirety and is the entire agreement
between the parties hereto concerning the subject matter hereof and supersedes
and replaces all prior or contemporaneous agreements or understandings between
the parties, including the Original Employment Agreement.  This
Agreement may not be amended or modified in any manner, except by an instrument
in writing signed by the Executive and a duly authorized officer on behalf of
the Company (other than Executive).  Failure of either party to
enforce any of the provisions of this Agreement or any rights with respect
thereto or failure to exercise any election provided for herein shall in no way
be considered to be a waiver of such provisions, rights or elections or in any
way effect the validity of this Agreement.  The failure of either
party to exercise any of said provisions, rights or elections shall not preclude
or prejudice such party from later enforcing or exercising the same or other
provisions, rights or elections which it may have under this
Agreement.

      

      8.10           Governing Law and
Forum.  This Agreement shall be governed by and construed in
all respects in accordance with the laws of the State of Texas. With the
exception of “arbitrable claims,” which are those claims subject to arbitration
under Section 8.4 hereof, the courts of Dallas County, Texas, shall have
exclusive jurisdiction and be the venue of all disputes between the Company and
Employee whether such disputes arise from this Agreement or
otherwise.  In addition, Executive expressly waives any right to sue
or be sued in the county of Executive’s residence and consents to venue in
Dallas County, Texas.

      

      8.11           Attorneys’
Fees.  In the event of any action for the breach of this
Agreement, the prevailing party shall be entitled to reasonable attorneys’ fees,
costs and expenses incurred in connection with such action.

      

      [Signature page
follows.]

      

      
        
          
             

            

          

           

        

        
          -17-

          
            

          

        

        
           

        

      

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

      
        

          
            	
                    “Executive”

                  	
                    “Company”

                  
	 
      	
                    PILGRIM’S
      PRIDE CORPORATION

                  
	 
      	 
      
	 
      	 
      
	
                    /s/ Don Jackson

                  	 
      	
                    By:  
      

                  	
                    /s/ Richard A. Cogdill

                  	 
      
	
                    Don
      Jackson

                  	 
      	
                    Richard
      A. Cogdill 

                    Chief
      Financial Officer, Secretary

                    and
      TreasurerEX-10.4

        

        
            
                Exhibit 10.4
            

            
                ADVISORY AGREEMENT
            

            
                AMONG
            

            
                BLUEROCK ENHANCED MULTIFAMILY TRUST, INC.,
            

            
                BLUEROCK ENHANCED MULTIFAMILY HOLDINGS, LP,
            

            
                AND
            

            
                BLUEROCK ENHANCED MULTIFAMILY ADVISOR, LLC
            

             

        

        

        

        

        

         

        

        
            
                TABLE OF CONTENTS
            

            
                	 	 	 	 	 
	
                            
                                1. Definitions
                            

                        	 	 	1	 
	 
	
                            
                                2. Appointment
                            

                        	 	 	7	 
	 
	
                            
                                3. Duties of the Advisor
                            

                        	 	 	7	 
	 
	
                            
                                4. Authority of Advisor
                            

                        	 	 	10	 
	 
	
                            
                                5. Bank Accounts
                            

                        	 	 	10	 
	 
	
                            
                                6. Records; Access
                            

                        	 	 	11	 
	 
	
                            
                                7. Limitations on Activities
                            

                        	 	 	11	 
	 
	
                            
                                8. Relationship with Director
                            

                        	 	 	11	 
	 
	
                            
                                9. Fees
                            

                        	 	 	11	 
	 
	
                            
                                10. Expenses
                            

                        	 	 	13	 
	 
	
                            
                                11. Other Services
                            

                        	 	 	14	 
	 
	
                            
                                12. Reimbursement to the Advisor
                            

                        	 	 	15	 
	 
	
                            
                                13. Business Combination
                            

                        	 	 	15	 
	 
	
                            
                                14. Other Activities of the Advisor
                            

                        	 	 	16	 
	 
	
                            
                                15. The Bluerock Name
                            

                        	 	 	16	 
	 
	
                            
                                16. Term of Agreement
                            

                        	 	 	17	 
	 
	
                            
                                16. Termination by the Parties
                            

                        	 	 	17	 
	 
	
                            
                                17. Assignment to an Affiliate
                            

                        	 	 	17	 
	 
	
                            
                                18. Payments to and Duties of Advisor Upon Termination
                            

                        	 	 	17	 
	 
	
                            
                                19. Indemnification by the Company and the Operating Partnership
                            

                        	 	 	18	 
	 
	
                            
                                20. Indemnification by Advisor
                            

                        	 	 	19	 
	 
	
                            
                                21. Notices
                            

                        	 	 	19	 
	 
	
                            
                                22. Modification
                            

                        	 	 	20	 
	 
	
                            
                                23. Severability
                            

                        	 	 	20	 

            

             

        

        

        

        

        

         

        

        
            
                	 	 	 	 	 
	
                            
                                24. Construction
                            

                        	 	 	20	 
	 
	
                            
                                25. Entire Agreement
                            

                        	 	 	20	 
	 
	
                            
                                26. Indulgences, Not Waivers
                            

                        	 	 	21	 
	 
	
                            
                                27. Gender
                            

                        	 	 	21	 
	 
	
                            
                                28. Titles Not to Affect Interpretation
                            

                        	 	 	21	 
	 
	
                            
                                29. Execution in Counterparts
                            

                        	 	 	21	 

            

            - 3 -

        

        

        

        

        

         

        

        
            
                ADVISORY AGREEMENT
            

            
                     THIS ADVISORY AGREEMENT (this “Agreement”), dated as of the [l] day of [l], 2008 (the “Effective Date”), is entered into by and among Bluerock Enhanced Multifamily Trust, Inc., a Maryland corporation (the “Company”), Bluerock Enhanced Multifamily Holdings, L.P., a Delaware limited partnership (the “Operating
                Partnership”), and Bluerock Enhanced Multifamily Advisor, LLC, a Delaware limited liability company (the “Advisor”). Capitalized terms used herein shall have the meanings ascribed to them in Section 1 below.
            

            
                W I T N E S S E T H
            

            
                     WHEREAS, the Company intends to qualify as a REIT, and to invest its funds in investments permitted by the terms of Sections 856 through 860 of the Code;
            

            
                     WHEREAS, the Company is the general partner, and its wholly owned subsidiary, Bluerock REIT Holdings, LLC, is the sole limited partner of the Operating Partnership, and the Company intends to conduct all of its business and make all Investments through the Operating Partnership;
            

            
                     WHEREAS, the Company and the Operating Partnership desire to avail themselves of the experience, sources of information, advice, assistance and certain facilities of the Advisor and to have the Advisor undertake the duties and responsibilities hereinafter set forth, on behalf of, and subject to the supervision of the Board of Directors of the Company, all as provided herein; and
            

            
                     WHEREAS, the Advisor is willing to undertake to render such services, subject to the supervision of the Board of Directors, on the terms and conditions hereinafter set forth;
            

            
                     NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants and agreements contained herein, the parties hereto, intending to be legally bound, hereby agree as follows:
            

            
                     1. DEFINITIONS. As used in this Agreement, the following terms have the definitions hereinafter indicated:
            

            
                     Acquisition Expenses. Any and all expenses, exclusive of Acquisition Fees, incurred by the Company, the Operating Partnership, the Advisor, or any of their Affiliates in connection with the selection, evaluation, acquisition, origination, making or development of any Investments, whether or not acquired, including, without limitation, legal fees and expenses, travel and communications expenses, costs of appraisals, nonrefundable
                option payments on property not acquired, accounting fees and expenses, title insurance premiums, and the costs of performing due diligence.
            

            
                     Acquisition Fee. The term “Acquisition Fee” shall mean the fees payable to the Advisor pursuant to Section 9(a).
            

             

        

        

        

        

        

         

        

        
            
                     Advisor. Advisor shall mean Bluerock Enhanced Multifamily Advisor, LLC, a Delaware limited liability company, any successor advisor to the Company, the Operating Partnership or any Person to which Bluerock Enhanced Multifamily Advisor, LLC or any successor advisor subcontracts substantially all of its functions. Notwithstanding the foregoing, a Person hired or retained by Bluerock Enhanced Multifamily Advisor, LLC to perform
                property management and related services for the Company or the Operating Partnership that is not hired or retained to perform substantially all of the functions of Bluerock Enhanced Multifamily Advisor, LLC with respect to the Company or the Operating Partnership as a whole shall not be deemed to be an Advisor.
            

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

            
                     Articles of Incorporation. The Articles of Incorporation of the Company, as amended from time to time.
            

            
                     Asset Management Fee. The term “Asset Management Fee” shall mean the fees payable to the Advisor pursuant to Section 9(e).
            

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

            
                     Board of Directors or Board. The individuals holding such office, as of any particular time, under the Articles of Incorporation, whether they be the Directors named therein or additional or successor Directors.
            

            
                     Bylaws. The bylaws of the Company, as amended and as the same are in effect 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, or a material breach of this Agreement by the Advisor.
            

            
                     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. Company shall mean Bluerock Enhanced Multifamily Trust, Inc., a Maryland corporation.
            

            
                     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.
            

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

            
                     Dealer Manager. Select Capital Corporation, or such other Person or entity selected by the Board to act as the dealer manager for the Offering.
            

            
                     Dealer Manager Fee. 2.5% of Gross Proceeds from the sale of Shares in the Primary Offering, payable to the Dealer Manager for serving as the dealer manager of such Offering.
            

            
                     Director. A member of the Board of Directors of the Company.
            

            
                     Disposition Fee. The term “Disposition Fee” shall mean the fees payable to the Advisor pursuant to Section 9(d).
            

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

            
                     Effective Date. Effective Date shall have the meaning set forth in the preamble.
            

            
                     Excess Amount. Excess Amount shall have the meaning set forth in Section 12.
            

            
                     Expense Year. Expense Year shall have the meaning set forth in Section 12.
            

            
                     Financing Fee. The term “Financing Fee” shall mean the fees payable to the Advisor pursuant to Section 9(g).
            

            
                     Funds From Operations. As defined by the National Association of Real Estate Investment Trusts, Funds From Operations means net income computed in accordance with GAAP, excluding gains (or losses) from sales of property, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures in which the REIT holds an interest.
            

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

            
                     Gross Proceeds. The aggregate purchase price of all Shares sold for the account of the Company through all Offerings, without deduction for Selling Commissions, volume discounts, any marketing support and due diligence expense reimbursement or Organization and Offering
            

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                Expenses. For the purpose of computing Gross Proceeds, the purchase price of any Share for which reduced Selling Commissions are paid to the Dealer Manager or a Participating Dealer (where net proceeds to the Company are not reduced) shall be deemed to be the full amount of the offering price per Share pursuant to the Prospectus for such Offering without reduction.
            

            
                     Indemnitee. The terms “Indemnitee” and “Indemnitees” shall have the meaning set forth in Section 20.
            

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

            
                     Invested Capital. The original issue price paid for the Shares reduced by prior Distributions from the sale or financing of the Investments.
            

            
                     Investments. Any investments by the Company or the Operating Partnership in Real Estate Assets, Real Estate Related Loans or any other asset.
            

            
                     Joint Ventures. The joint venture or partnership arrangements (other than with the Operating Partnership) in which the Company or any of its subsidiaries is a co-venturer or general partner which are established to own Investments.
            

            
                     Listing. The listing of the Shares on a national securities exchange or the receipt by the Stockholders of securities that are listed on a national securities exchange in exchange for the Company’s common stock. Upon such Listing, the Shares shall be deemed “Listed.”
            

            
                     Loans. Any indebtedness or obligations in respect of borrowed money or evidenced by bonds, notes, debentures, deeds of trust, letters of credit or similar instruments, including mortgages and mezzanine loans.
            

            
                     NASAA REIT Guidelines. The Statement of Policy Regarding Real Estate Investment Trusts published by the North American Securities Administrators Association on May 7, 2007, as may be amended from time to time.
            

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

            
                     Offering. The public offering of Shares pursuant to a Prospectus.
            

            
                     Operating Partnership. Operating Partnership shall mean Bluerock Enhanced Multifamily Holdings, L.P., a Delaware limited partnership.
            

            
                     Operating Partnership Agreement. The Operating Partnership Agreement between the Company and Bluerock REIT Holdings, LLC.
            

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                     OP Units. Units of limited partnership interest in the Operating Partnership.
            

            
                     Organization and Offering Expenses. Organization and Offering Expenses means all expenses (other than the Selling Commission and the Dealer Manager Fee) to be paid by the Company in connection with the Offering, including legal, accounting, printing, mailing and filing fees, charges of the escrow holder and transfer agent, charges of the Advisor for administrative services related to the issuance of Shares in the Offering,
                reimbursement of the Advisor for costs in connection with preparing supplemental sales materials, the cost of bona fide training and education meetings held by the Company (primarily the travel, meal and lodging costs of the registered representatives of broker-dealers), attendance and sponsorship fees and cost reimbursement for employees of the Company’s Affiliates to attend retail seminars conducted by broker-dealers and, in special cases, reimbursement to participating
                broker-dealers for technology costs associated with the Offering, costs and expenses related to such technology costs, and costs and expenses associated with facilitation of the marketing of the Shares and the ownership of Shares by such broker-dealer’s customers.
            

            
                     Origination Fee. The term “Origination Fee” shall mean the fees payable to the Advisor pursuant to Section 9(b).
            

            
                     Oversight Fee. The term “Oversight Fee” shall mean the fees payable to the Advisor pursuant to Section 9(f).
            

            
                     Participating Dealers. Broker-dealers who are members of the Financial Industry Regulatory Authority Inc., or that are exempt from broker-dealer registration, and who, in either case, have executed participating dealer or other agreements with the Dealer Manager to sell Shares.
            

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

            
                     Primary Offering. The portion of an Offering other than the Shares offered pursuant to the Company’s distribution reinvestment plan.
            

            
                     Property Management Fee. The term “Property Management Fee” shall mean the fees payable to the Advisor pursuant to Section 9(f).
            

            
                     Prospectus. A “Prospectus” under Section 2(10) of the Securities Act, including a preliminary Prospectus, an offering circular as described in Rule 253 of the General Rules and Regulations under the Securities Act or, in the case of an intrastate offering, any document by whatever name known, utilized for the purpose of offering and selling securities to the public.
            

            
                     Real Estate Assets. Any investment by the Company or the Operating Partnership in unimproved and improved Real Property (including, without limitation, fee or leasehold interests, options and leases) either directly or through a Joint Venture.
            

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                     Real Estate Related Loans. Any investments in, or origination of, mortgage loans and other types of real estate related debt financing, including, without limitation, mezzanine loans, bridge loans, convertible mortgages, wraparound mortgage loans, construction mortgage loans, loans on leasehold interests and participations in such loans, by the Company or the Operating Partnership.
            

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

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

            
                     Sale or Sales. Any transaction or series of transactions whereby: (A) the Company or the Operating Partnership directly or indirectly (except as described in other subsections of this definition) sells, grants, transfers, conveys, or relinquishes its ownership of any Real Property, Loan or other Investment or portion thereof, including the lease of any Real Property consisting of a building only, and including any event with
                respect to any Real Property which gives rise to a significant amount of insurance proceeds or condemnation awards; (B) the Company or the Operating Partnership directly or indirectly (except as described in other subsections of this definition) sells, grants, transfers, conveys, or relinquishes its ownership of all or substantially all of the interest of the Company or the Operating Partnership in any Joint Venture in which it is a co-venturer or partner; (C) any
                Joint Venture directly or indirectly (except as described in other subsections of this definition) in which the Company or the Operating Partnership as a co-venturer or partner sells, grants, transfers, conveys, or relinquishes its ownership of any Real Property or portion thereof, including any event with respect to any Real Property which gives rise to insurance claims or condemnation awards; or (D) the Company or the Operating Partnership directly or indirectly (except
                as described in other subsections of this definition) sells, grants, conveys or relinquishes its interest in any Real Estate Related Loans or portion thereof (including with respect to any Real Estate Related Loan, all payments thereunder or in satisfaction thereof other than regularly scheduled interest payments) and any event which gives rise to a significant amount of insurance proceeds or similar awards; or (E) the Company or the Operating Partnership directly or
                indirectly (except as described in other subsections of this definition) sells, grants, transfers, conveys, or relinquishes its ownership of any other asset not previously described in this definition or any portion thereof, but not including any transaction or series of transactions specified in clauses (A) through (E) above in which the proceeds of such transaction or series of transactions are reinvested by the Company in one or more assets within 180 days
                thereafter.
            

            
                     Securities Act. The Securities Act of 1933, as amended.
            

            
                     Selling Commission. 7.0% of Gross Proceeds from the sale of Shares in the Primary Offering payable to the Dealer Manager and reallowable to Participating Dealers with respect to Shares sold by them.
            

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

            
                     Special Committee. The term “Special Committee” shall have the meaning as provided in Section 13(a).
            

            
                     Sponsors. Sponsors shall mean Bluerock Real Estate, L.L.C, a Delaware limited liability company and Orion Residential, LLC, a Delaware limited liability company.
            

            
                     Stockholders. The registered holders of the Shares.
            

            
                     Termination Date. The date of termination of this Agreement.
            

            
                     Total Operating Expenses. All costs and expenses paid or incurred by the Company, as determined under GAAP, that are in any way related to the operation of the Company or its business, including asset management fees and other fees paid to the Advisor, but excluding (i) the expenses of raising capital such as Organization and Offering Expenses, legal, audit, accounting, underwriting, brokerage, listing, registration, and
                other fees, printing and other such expenses and taxes incurred in connection with the issuance, distribution, transfer, registration and Listing, (ii) interest payments, (iii) taxes, (iv) non-cash expenditures such as depreciation, amortization and bad debt reserves, (v) incentive fees paid in compliance with the NASAA REIT Guidelines, (vi) Acquisition Fees, Origination Fees and Acquisition Expenses and (vii) other fees and expenses connected with
                the acquisition, disposition, management and ownership of real estate interests, mortgages or other property (including the costs of foreclosure, insurance premiums, legal services, maintenance, repair, and improvement of property). The definition of “Total Operating Expenses” set forth above is intended to encompass only those expenses which are required to be treated as Total Operating Expenses under the NASAA REIT Guidelines. As a result, and notwithstanding the
                definition set forth above, any expense of the Company which is not part of Total Operating Expenses under the NASAA REIT Guidelines shall not be treated as part of Total Operating Expenses for purposes hereof.
            

            
                     2%/25% Guidelines. 2%/25% Guidelines shall have the meaning set forth in Section 12.
            

            
                     2. APPOINTMENT. The Company and the Operating Partnership hereby appoint the Advisor to serve as their advisor on the terms and conditions set forth in this Agreement, and the Advisor hereby accepts such appointment.
            

            
                     3. DUTIES OF THE ADVISOR. As of the Effective Date, the Advisor undertakes to use its best efforts to present to the Company and the Operating Partnership 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 Board. In performance of this undertaking, subject to the supervision
                of the Board and consistent with the provisions of the Articles of Incorporation and Bylaws of the Company and the Operating Partnership Agreement, the Advisor shall, either directly or by engaging an Affiliate:
            

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                          (a) serve as the Company’s and the Operating Partnership’s investment and financial advisor;
            

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

            
                          (c) investigate, select, and, on behalf of the Company and the Operating Partnership, engage and conduct business with and supervise the performance of 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, real estate management companies, real estate operating companies, securities investment advisors, mortgagors, registrar and transfer agent 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
                foregoing services, including, but not limited to, entering into contracts in the name of the Company and the Operating Partnership with any of the foregoing;
            

            
                          (d) consult with the officers and Directors of the Company and assist the Directors in the formulation and implementation of the Company’s financial policies, and, as necessary, furnish the Board with advice and recommendations with respect to the making of investments consistent with the investment objectives and policies of the Company and in connection with any borrowings proposed to be undertaken by the
                Company or the Operating Partnership;
            

            
                          (e) subject to the provisions of Section 4 hereof, (i) participate in formulating an investment strategy and asset allocation framework, (ii) locate, analyze and select potential Investments, (iii) structure and negotiate the terms and conditions of transactions pursuant to which acquisitions and dispositions of Investments will be made; (iv) research, identify, review and recommend
                acquisitions and dispositions of Investments to the Board and make Investments on behalf of the Company and the Operating Partnership in compliance with the investment objectives and policies of the Company; (v) 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, Investments; (vi) enter into leases and service contracts for Real Estate Assets
                and, to the extent necessary, perform all other operational functions for the maintenance and administration of such Real Estate Assets; (vii) actively oversee and manage Investments for purposes of meeting the Company’s investment objectives and reviewing and analyzing financial information for each of the Investments and the overall portfolio; (viii) select Joint Venture partners, structure corresponding agreements and oversee and monitor these relationships;
                (ix) oversee, supervise and evaluate Affiliated and non-Affiliated property managers who perform services for the Company or the Operating Partnership; (x) oversee Affiliated and non-Affiliated Persons with whom the Advisor contracts to perform certain of the services required to be performed under this Agreement; (xi) manage accounting and other record-keeping functions for the Company and the Operating Partnership, including reviewing
            

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                and analyzing the capital and operating budgets for the Real Estate Assets and generating an annual budget for the Company; (xii) recommend various liquidity events to the Board when appropriate and (xiii) source and structure Real Estate Related Loans;
            

            
                          (f) upon request, provide the Board with periodic reports regarding prospective investments;
            

            
                          (g) make investments in, and dispositions of, Investments within the discretionary limits and authority as granted by the Board;
            

            
                          (h) negotiate on behalf of the Company and the Operating Partnership with banks or lenders for Loans to be made to the Company and the Operating Partnership, and negotiate on behalf of the Company and the Operating Partnership with investment banking firms and broker-dealers or negotiate private sales of Shares or obtain Loans for the Company and the Operating Partnership, 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 or the Operating Partnership;
            

            
                          (i) obtain reports (which may, but are not required to, be prepared by the Advisor or its Affiliates), where appropriate, concerning the value of Investments or contemplated investments of the Company and the Operating Partnership;
            

            
                          (j) from time to time, or at any time reasonably requested by the Board, make reports to the Board of its performance of services to the Company and the Operating Partnership under this Agreement, including reports with respect to potential conflicts of interest involving the Advisor or any of its Affiliates;
            

            
                          (k) provide the Company and the Operating Partnership with all necessary cash management services;
            

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

            
                          (m) deliver to, or maintain on behalf of, the Company copies of all appraisals obtained in connection with the investments in any Real Estate Assets as may be required to be obtained by the Board;
            

            
                          (n) notify the Board of all proposed material transactions before they are completed;
            

            
                          (o) effect any private placement of OP Units, tenancy-in-common (TIC) or other interests in Investments as may be approved by the Board;
            

            
                          (p) perform investor-relations and Stockholder communications functions for the Company; and
            

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                          (q) maintain the Company’s accounting and other records and assist the Company in filing all reports required to be filed by it with the Securities and Exchange Commission, the Internal Revenue Service and other regulatory agencies.
            

            
                     Notwithstanding the foregoing, the Advisor may delegate any of the foregoing duties to any Person so long as the Advisor or any Affiliate remains responsible for the performance of the duties set forth in this Section 3.
            

            
                     4. AUTHORITY OF ADVISOR.
            

            
                          (a) Pursuant to the terms of this Agreement (including the restrictions included in this Section 4 and in Section 7), and subject to the continuing and exclusive authority of the Board over the management of the Company, the Board hereby delegates to the Advisor the authority to perform the services described in Section 3.
            

            
                          (b) Notwithstanding the foregoing, any investment in Real Estate Assets, including any financing thereof, will require the prior approval of the Board, any particular Directors specified by the Board or any committee of the Board, as the case may be.
            

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

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

            
                          (e) The Board may, at any time upon the giving of notice to the Advisor, modify or revoke the authority set forth in this Section 4; 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 or the Operating Partnership 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 the Operating Partnership or in the name of the Company and the Operating Partnership and may collect and deposit into any such account or accounts, and disburse from any such account or accounts, any money on behalf of the Company or the Operating Partnership, under such terms and conditions as the Board
                may approve, provided that no funds shall be commingled with the funds of the Advisor; and the Advisor shall from time to time render appropriate accountings of such collections and payments to the Board 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 Directors and by counsel, auditors and authorized agents of the Company, at any time or from time to time during
            

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                normal business hours. The Advisor shall at all reasonable times have access to the books and records of the Company and the Operating Partnership.
            

            
                     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 unless the Board has determined that REIT, qualification is not in the best interests of the Company and its Stockholders, (b) subject the Company to regulation under the
                Investment Company Act of 1940, as amended, or (c) violate any law, rule, regulation or statement of policy of any governmental body or agency having jurisdiction over the Company or its Shares, or otherwise not be permitted by the Articles of Incorporation or Bylaws of the Company, except if such action shall be ordered by the Board, in which case the Advisor shall notify promptly the Board of the Advisor’s judgment of the potential impact of such action and shall
                refrain from taking such action until it receives further clarification or instructions from the Board. In such event, the Advisor shall have no liability for acting in accordance with the specific instructions of the Board so given. Notwithstanding the foregoing, the Advisor, its directors, officers, employees and members, and the partners, directors, officers, members and stockholders of the Advisor’s Affiliates shall not be liable to the Company or to the Directors or
                Stockholders for any act or omission by the Advisor, its directors, officers, employees, or members, and the partners, directors, officers, members or stockholders of the Advisor’s Affiliates taken or omitted to be taken in the performance of their duties under this Agreement except as provided in Section 20 of this Agreement.
            

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

            
                     9. FEES.
            

            
                          (a) Acquisition Fees. The Advisor shall receive an Acquisition Fee payable by the Company as compensation for services rendered in connection with the investigation, selection and acquisition (by purchase, investment or exchange) of Investments. The total Acquisition Fees payable to the Advisor or its Affiliates shall equal 1.5% of the purchase price. The purchase price of an Investment shall equal
                the amount paid or allocated to the purchase, development, construction or improvement of a property, inclusive of expenses related thereto, and the amount of debt associated with such Investment. The purchase price allocable for a joint venture investment shall equal the product of (i) the purchase price in the underlying Real Estate Asset and (ii) the Company’s ownership percentage in the joint venture. For purposes of this section, “ownership
                percentage” shall be the percentage of capital stock owned by the Company,
            

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                without regard to classification of such capital stock. With respect to investments in and originations of Real Estate Related Loans, the Company will pay the Advisor an Origination Fee in lieu of the Acquisition Fee. The Advisor shall submit an invoice to the Company following the closing or closings of each Investment, accompanied by a computation of the Acquisition Fee. The Company shall pay the Acquisition Fee promptly following receipt of the invoice.
            

            
                          (b) Origination Fees. As compensation for the investigation, selection, sourcing and acquisition or origination of Real Estate Related Loans, the Company shall pay an Origination Fee to the Advisor for each such acquisition or origination equal to 1.5% of (i) the amount funded by the Company to originate the Real Estate Related Loan or (ii) the purchase price of any Real Estate Related Loan that
                the Company acquires. The Company will not pay an Acquisition Fee with respect to any such Real Estate Related Loan. The Company will not pay an Origination Fee to the Advisor with respect to any transaction pursuant to which the Company is required to pay the Advisor an Acquisition Fee. Notwithstanding anything herein to the contrary, the payment of Origination Fees by the Company shall be subject to the limitations on Acquisition Fees contained in the Company’s Articles
                of Incorporation. The Advisor shall submit an invoice to the Company following the closing or closings of each Real Estate Related Loan, accompanied by a computation of the Origination Fee. The Company shall pay the Origination Fee to the Advisor promptly following receipt of the invoice.
            

            
                          (c) Limitation on Total Acquisition Fees, Origination Fees and Acquisition Expenses. Pursuant to the NASAA REIT Guidelines, the total of all Acquisition Fees, Origination Fees and Acquisition Expenses payable in connection with any Investment shall not exceed 6.0% of the “contract purchase price,” as defined in the Articles of Incorporation, of the Investment acquired.
            

            
                          (d) Disposition Fee. In connection with a Sale of an Investment (except for such Investments that are traded on a national securities exchange) in which the Advisor or any Affiliate of the Advisor provides a substantial amount of services, as determined by the Independent Directors, the Company shall pay to the Advisor or its Affiliate a Disposition Fee equal to the lesser of (i) one-half of a
                Competitive Real Estate Commission or (ii) 1.75% of the Contract Sales Price of such Investment. Any Disposition Fee payable under this Section 9(d) may be paid in addition to real estate commissions paid to non-Affiliates, provided that the total real estate commissions (including such Disposition Fee) paid to all Persons by the Company for the Sale of each Investment shall not exceed 6.0% of the Contract Sales Price. Substantial assistance in connection with a Sale may
                include the preparation of an investment package (for example, for a Sale, a package including a new investment analysis, rent rolls, tenant information regarding credit, a property title report, an environmental report, a structural report and exhibits) or other such substantial services performed in connection with a Sale.
            

            
                          (e) Asset Management Fee. The Advisor shall receive the Asset Management Fee as compensation for services rendered in connection with the management of the Company’s assets. The Asset Management Fee shall be equal to an annual fee of 0.85%, payable monthly, of the higher of (A) the aggregate cost of each Real Estate Asset the Company acquires, excluding acquisition fees and expenses but
                including any debt attributable to the asset (including debt encumbering the asset after its acquisition) and the outstanding principal amount of the Loans acquired or originated and other Investments,, and (B) the fair market value of each Real Estate Asset or Investment (before non-cash reserves, bad debt and depreciation) as determined by an independent valuation report, if available). The Asset Management Fee will be
            

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                based only on the portion of the cost or value attributable to the Company’s investment in an asset if the Company does not own all of an asset.
            

            
                          (f) Property Management Fee. The Advisor shall receive a Property Management Fee equal to 4.0% of the monthly gross income from any Real Property it manages, payable monthly. In the alternative, should the Company contract property management services for certain Real Properties to non-Affiliated third parties, the Advisor shall receive an Oversight Fee equal to 1.0% of monthly gross income of such
                Real Properties so managed.
            

            
                          (g) Financing Fee. The Advisor shall receive a Financing Fee equal to 1.0% of the amount made available to the Company under any Loan made available to it. The Advisor may reallow some or all of this Financing Fee to reimburse third parties with whom it may subcontract to procure any such Loan.
            

            
                          (h) Exclusion of Certain Transactions. In the event the Company or the Operating Partnership shall propose to enter into any transaction in which the Advisor, any Affiliate of the Advisor or any of the Advisor’s directors or officers has a direct or indirect interest, then such transaction shall be approved by a majority of the members of the Board not otherwise interested in such transaction,
                including a majority of the Independent Directors.
            

            
                     10. EXPENSES.
            

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

            
                               (i) Organization and Offering Expenses; provided, however, that the Company shall not reimburse the Advisor to the extent such reimbursement would cause the total amount of Organization and Offering Expenses paid by the Company and the Operating Partnership to exceed 15.0% of the Gross Proceeds raised as of the date of the reimbursement;
            

            
                               (ii) Acquisition Expenses incurred in connection with the selection and acquisition of Investments subject to the aggregate 6.0% cap on Acquisition Fees, Origination Fees and Acquisition Expenses set forth in Section 9(c);
            

            
                               (iii) the actual cost of goods and services used by the Company and obtained from entities not affiliated with the Advisor;
            

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

            
                               (v) taxes and assessments on income of the Company or Investments;
            

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

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

            
                               (viii) all expenses in connection with payments to the Directors for attending meetings of the Board and Stockholders;
            

            
                               (ix) expenses associated with a Listing, if applicable, or with the issuance and distribution of Shares, such as selling commissions and fees, advertising expenses, taxes, legal and accounting fees, listing and registration fees, and other Organization and Offering Expenses;
            

            
                               (x) expenses connected with payments of Distributions;
            

            
                               (xi) expenses of organizing, revising, amending, converting, modifying, or terminating the Company or any subsidiary thereof or the Articles of Incorporation or governing documents of any subsidiary;
            

            
                               (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) administrative service expenses (including (a) 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 Acquisition Fees, Origination Fees or Disposition Fees, and (b) the Company’s allocable share of other overhead of the
                Advisor such as rent and utilities); and
            

            
                               (xiv) audit, accounting and legal fees.
            

            
                          (b) Expenses incurred by the Advisor on behalf of the Company and the Operating Partnership and payable pursuant to this Section 10 shall be reimbursed no less than monthly to the Advisor.
            

            
                          (c) The Advisor shall prepare a statement documenting the expenses of the Company and the Operating Partnership during each quarter, and shall deliver such statement to the Company and the Operating Partnership within 45 days after the end of each quarter.
            

            
                     11. OTHER SERVICES. Should the Board request that the Advisor or any director, officer or employee thereof render services for the Company and the Operating Partnership other than set forth in Section 3, such services shall be separately compensated at such rates and in such amounts as are agreed upon by the Advisor and the Board, including a majority of the Independent Directors, subject to the limitations contained in the Articles
                of Incorporation, and shall not be deemed to be services pursuant to the terms of this Agreement.
            

            - 14 -

        

        

        

        

        

         

        

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

            
                     13. BUSINESS COMBINATION.
            

            
                          (a) Business Combination with Advisor. The Company shall consider becoming a self-administered REIT once the Company’s assets and income are, in the view of the Board, of sufficient size such that internalizing the management functions performed by the Advisor is in the best interests of the Company and the Stockholders. If the Board should make this determination in the future, the Company
                shall pay one-half, and the Advisor shall pay the other one-half, of the cost of an independent investment banking firm, which shall jointly advise the Company and the Advisor on the value of the Advisor. After the investment banking firm completes its analyses, the Company shall require it to prepare a written report and make a formal presentation to the Board. Following the presentation by the investment banking firm, the Board shall form a special committee (the
                “Special Committee”) comprised entirely of Independent Directors to consider a possible business combination with the Advisor. The Board shall, subject to applicable law, delegate all of its decision-making power and authority to the Special Committee with respect to matters relating to a possible business combination with the Advisor. The Special Committee also shall be authorized to retain its own financial advisors and legal counsel to, among other things,
                negotiate with representatives of the Advisor regarding a possible business combination with the Advisor.
            

            
                          (b) Conditions to Completion of Business Combination with Advisor. Before the Company may complete any business combination with the Advisor in accordance with this Section 13, the following conditions shall be satisfied:
            

            
                               (i) the Special Committee formed in accordance with Section 13(a) hereof receives an opinion from a qualified investment banking firm, separate and distinct from the firm jointly retained by the Company and the Advisor to provide a valuation analysis in accordance with Section 13(a) hereof, concluding that the consideration to be paid to acquire the Advisor is fair to the Stockholders
                from a financial point of view;
            

            - 15 -

        

        

        

        

        

         

        

        
            
                               (ii) the Board determines that such business combination is advisable and in the best interests of the Company and the Stockholders; and
            

            
                               (iii) such business combination is approved by the Stockholders entitled to vote thereon in accordance with the Company’s Articles of Incorporation and Bylaws.
            

            
                     14. OTHER ACTIVITIES OF THE ADVISOR. Nothing herein contained shall prevent the Advisor or any of its Affiliates from engaging in or earning fees from other activities, including, without limitation, the rendering of advice to other Persons (including other REITs) and the management of other programs advised, sponsored or organized by the Advisor or its Affiliates; nor shall this Agreement limit or restrict the right of any director,
                officer, member, partner, employee, or stockholder of the Advisor or its Affiliates to engage in or earn fees from any other business or to render services of any kind to any other partnership, corporation, firm, individual, trust or association and earn fees for rendering such services; provided, however, that the Advisor must devote sufficient resources to the Company’s business to discharge its obligations to the Company under this Agreement. The Advisor may, with
                respect to any investment in which the Company is a participant, also render advice and service to each and every other participant therein, and earn fees for rendering such advice and service. Specifically, it is contemplated that the Company may enter into joint ventures or other similar co-investment arrangements with certain Persons, and pursuant to the agreements governing such joint ventures or arrangements, the Advisor may be engaged to provide advice and service to such
                Persons, in which case the Advisor will earn fees for rendering such advice and service.
            

            
                     The Advisor shall report to the Board 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 Board knowledge of such
                condition or circumstance. If the Advisor, Director or Affiliates thereof have sponsored other investment programs with similar investment objectives which have investment funds available at the same time as the Company, the Advisor shall inform the Board of the method to be applied by the Advisor in allocating investment opportunities among the Company and competing investment entities and shall provide regular updates to the Board of the investment opportunities provided by
                the Advisor to competing programs in order for the Board (including the Independent Directors) to fulfill its duty to ensure that the Advisor and its Affiliates use their best efforts to apply such method fairly to the Company.
            

            
                     15. THE BLUEROCK NAME. The Advisor and its Affiliates have a proprietary interest in the name “Bluerock.” The Advisor hereby grants to the Company a non-transferable, non-assignable, non-exclusive, royalty-free right and license to use the name “Bluerock” during the term of this Agreement. Accordingly, and in recognition of this right, if at any time the Company ceases to retain the Advisor or one of its
                Affiliates to perform advisory services for the Company, the Company will, promptly after receipt of written request from the Advisor, cease to conduct business under or use the name “Bluerock” or any derivative thereof and the Company shall change its name and the names of any of its subsidiaries to a name that does not contain the name “Bluerock” or any other word or words that might, in the reasonable discretion of the
            

            - 16 -

        

        

        

        

        

         

        

        
            
                Advisor, be susceptible of indication of some form of relationship between the Company and the Advisor or any its Affiliates. At such time, the Company will also make any changes to any trademarks, servicemarks or other marks necessary to remove any references to the word “Bluerock.” Consistent with the foregoing, it is specifically recognized that the Advisor or one or more of its Affiliates has in the past and may in the future organize, sponsor or otherwise permit
                to exist other investment vehicles (including vehicles for investment in real estate) and financial and service organizations having “Bluerock” as a part of their name, all without the need for any consent (and without the right to object thereto) by the Company.
            

            
                     16. TERM OF AGREEMENT. This Agreement shall continue in force for a period of one year from the date of the Prospectus pursuant to which the initial Offering is made, subject to an unlimited number of successive one-year renewals upon mutual consent of the parties.
            

            
                     17. TERMINATION BY THE PARTIES. This Agreement may be terminated upon 60 days written notice without Cause and without penalty by the Independent Directors of the Company or the Advisor. The provisions of Sections 18 through 30 of this Agreement survive termination of this Agreement.
            

            
                     18. ASSIGNMENT TO AN AFFILIATE. This Agreement may be assigned by the Advisor to an Affiliate with the approval of a majority of the Directors (including a majority of the Independent Directors). The Advisor may assign any rights to receive fees or other payments under this Agreement to any Person without obtaining the approval of the Directors. This Agreement shall not be assigned by the Company or the Operating Partnership without the
                consent of the Advisor, except in the case of an assignment by the Company or the Operating Partnership to a corporation, limited partnership or other organization which is a successor to all of the assets, rights and obligations of the Company or the Operating Partnership, in which case such successor organization shall be bound hereunder and by the terms of said assignment in the same manner as the Company and the Operating Partnership are bound by this Agreement.
            

            
                     19. PAYMENTS TO AND DUTIES OF ADVISOR UPON TERMINATION.
            

            
                          (a) After the Termination Date, the Advisor shall not be entitled to compensation for further services hereunder except it shall be entitled to receive from the Company or the Operating Partnership within 30 days after the effective date of such termination all unpaid reimbursements of expenses and all earned but unpaid fees payable to the Advisor prior to termination of this Agreement, subject to the 2%/25%
                Guidelines to the extent applicable.
            

            
                          (b) The Advisor shall promptly upon termination:
            

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

            - 17 -

        

        

        

        

        

         

        

        
            
                               (ii) deliver to the Board a full accounting, including a statement showing all payments collected by it and a statement of all money held by it, covering the period following the date of the last accounting furnished to the Board;
            

            
                               (iii) deliver to the Board all assets, including all Investments, and documents of the Company and the Operating Partnership then in the custody of the Advisor; and
            

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

            
                     20. INDEMNIFICATION BY THE COMPANY AND THE OPERATING PARTNERSHIP. The Company and the Operating Partnership shall indemnify and hold harmless the Advisor and its Affiliates, including their respective directors (the “Indemnitees,” and each an “Indemnitee”), from all liability, claims, damages or losses arising in the performance of their duties hereunder, and related expenses, including reasonable
                attorneys’ fees, to the extent such liability, claims, damages or losses and related expenses are not fully reimbursed by insurance, and to the extent that such indemnification would not be inconsistent with the laws of the State of Maryland, the Articles of Incorporation or the provisions of Section II.G of the NASAA REIT Guidelines. Notwithstanding the foregoing, the Company and the Operating Partnership shall not provide for indemnification of an Indemnitee for any
                loss or liability suffered by such Indemnitee, nor shall they provide that an Indemnitee be held harmless for any loss or liability suffered by the Company and the Operating Partnership, unless all of the following conditions are met:
            

            
                          (a) the Indemnitee has determined, in good faith, that the course of conduct that caused the loss or liability was in the best interest of the Company and the Operating Partnership;
            

            
                          (b) the Indemnitee was acting on behalf of, or performing services for, the Company or the Operating Partnership;
            

            
                          (c) such liability or loss was not the result of negligence or willful misconduct by the Indemnitee; and
            

            
                          (d) such indemnification or agreement to hold harmless is recoverable only out of the Company’s net assets and not from the Stockholders.
            

            
                     Notwithstanding the foregoing, an Indemnitee shall not be indemnified by the Company and the Operating Partnership for any losses, liabilities or expenses arising from or out of an alleged violation of federal or state securities laws by such Indemnitee unless one or more of the following conditions are met:
            

            
                          (a) there has been a successful adjudication on the merits of each count involving alleged securities law violations as to the Indemnitee;
            

            - 18 -

        

        

        

        

        

         

        

        
            
                          (b) such claims have been dismissed with prejudice on the merits by a court of competent jurisdiction as to the Indemnitee; or
            

            
                          (c) a court of competent jurisdiction approves a settlement of the claims against the Indemnitee and finds that indemnification of the settlement and the related costs should be made, and the court considering the request for indemnification has been advised of the position of the Securities and Exchange Commission and of the published position of any state securities regulatory authority in which securities of the
                Company or the Operating Partnership were offered or sold as to indemnification for violation of securities laws.
            

            
                     In addition, the advancement of the Company’s or the Operating Partnership’s funds to an Indemnitee for legal expenses and other costs incurred as a result of any legal action for which indemnification is being sought is permissible only if all of the following conditions are satisfied:
            

            
                          (a) the legal action relates to acts or omissions with respect to the performance of duties or services on behalf of the Company or the Operating Partnership;
            

            
                          (b) the legal action is initiated by a third party who is not a Stockholder or the legal action is initiated by a Stockholder acting in such Stockholder’s capacity as such and a court of competent jurisdiction specifically approves such advancement; and
            

            
                          (c) the Indemnitee undertakes to repay the advanced funds to the Company or the Operating Partnership, together with the applicable legal rate of interest thereon, in cases in which such Indemnitee is found not to be entitled to indemnification.
            

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

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

            - 19 -

        

        

        

        

        

         

        

        
            
                	 	 	 
	
                            
                                To the Directors and to the Company:
                            

                        	 	Bluerock Enhanced Multifamily Trust, Inc.
	
                            
                                 
                            

                        	 	680 Fifth Avenue, 16th Floor
	
                            
                                 
                            

                        	 	New York, New York 10019
	
                            
                                 
                            

                        	 	Telephone: (212) 843-1601
	
                            
                                 
                            

                        	 	Facsimile: (646) 278-4220
	
                            
                                 
                            

                        	 	Attention: R. Ramin Kamfar,
	
                            
                                 
                            

                        	 	                 Chief Executive Officer
	
                            
                                 
                            

                        	 	 
	
                            
                                To the Operating Partnership:
                            

                        	 	Bluerock Enhanced Multifamily Holdings, L.P.
	
                            
                                 
                            

                        	 	c/o Bluerock Enhanced Multifamily Trust, Inc.
	
                            
                                 
                            

                        	 	680 Fifth Avenue, 16th Floor
	
                            
                                 
                            

                        	 	New York, New York 10019
	
                            
                                 
                            

                        	 	Telephone: (212) 843-1601
	
                            
                                 
                            

                        	 	Facsimile: (646) 278-4220
	
                            
                                 
                            

                        	 	Attention: R. Ramin Kamfar,
	
                            
                                 
                            

                        	 	                 Chief Executive Officer
	
                            
                                 
                            

                        	 	 
	
                            
                                To the Advisor:
                            

                        	 	Bluerock Enhanced Multifamily Advisor, LLC
	
                            
                                 
                            

                        	 	680 Fifth Avenue, 16th Floor
	
                            
                                 
                            

                        	 	New York, New York 10019
	
                            
                                 
                            

                        	 	Telephone: (212) 843-1601
	
                            
                                 
                            

                        	 	Facsimile: (646) 278-4220
	
                            
                                 
                            

                        	 	Attention: R. Ramin Kamfar,
	
                            
                                 
                            

                        	 	                 Chief Executive Officer

            

            
                     Any party may at any time give notice in writing to the other parties of a change in its address for the purposes of this Section 22.
            

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

            
                     24. 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.
            

            
                     25. CONSTRUCTION. The provisions of this Agreement shall be construed and interpreted in accordance with the laws of the State of Maryland.
            

            
                     26. ENTIRE AGREEMENT. This Agreement contains the entire agreement and understanding among the parties hereto with respect to the subject matter hereof, and supersedes all prior and contemporaneous agreements, understandings, inducements and conditions, express or implied, oral or written, of any nature whatsoever with respect to the subject matter hereof. The express terms hereof control and supersede any course of performance or usage
                of the trade inconsistent with any of the terms hereof. This Agreement may not be modified or amended other than by an agreement in writing.
            

            - 20 -

        

        

        

        

        

         

        

        
            
                     27. 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.
            

            
                     28. 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.
            

            
                     29. TITLES NOT TO AFFECT INTERPRETATION. The titles of Sections and Subsections contained in this Agreement are for convenience only, and they neither form a part of this Agreement nor are they to be used in the construction or interpretation hereof.
            

            
                     30. 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.
            

            
                [Remainder of page intentionally left blank]
            

            - 21 -

        

        

        

        

        

         

        

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

            
                	 	 	 	 	 	 	 
	 	 	Bluerock Enhanced Multifamily Trust, Inc.	 	 
	
                            
                                 
                            

                        	 	 	 	 	 	 
	
                            
                                 
                            

                        	 	By:	 	 	 	 
	
                            
                                 
                            

                        	 	 	 	 	 	 
	
                            
                                 
                            

                        	 	Name:	 	R. Ramin Kamfar	 	 
	
                            
                                 
                            

                        	 	Title:	 	Chief Executive Officer	 	 
	
                            
                                 
                            

                        	 	 	 	 	 	 
	 	 	Bluerock Enhanced Multifamily Holdings, L.P.	 	 
	
                            
                                 
                            

                        	 	 	 	 	 	 
	
                            
                                 
                            

                        	 	By:	 	Bluerock Enhanced Multifamily Trust, Inc. its General Partner	 	 
	
                            
                                 
                            

                        	 	 	 	 	 	 
	
                            
                                 
                            

                        	 	By:	 	 	 	 
	
                            
                                 
                            

                        	 	 	 	 	 	 
	
                            
                                 
                            

                        	 	Name:	 	R. Ramin Kamfar	 	 
	
                            
                                 
                            

                        	 	Title:	 	Chief Executive Officer	 	 
	
                            
                                 
                            

                        	 	 	 	 	 	 
	 	 	Bluerock Enhanced Multifamily Advisor, LLC	 	 
	
                            
                                 
                            

                        	 	 	 	 	 	 
	
                            
                                 
                            

                        	 	By:	 	Bluerock Real Estate, L.L.C.	 	 
	
                            
                                 
                            

                        	 	 	 	 	 	 
	
                            
                                 
                            

                        	 	By:	 	 	 	 
	
                            
                                 
                            

                        	 	Name:	 	
                            
                                 
                            

                        	 	 
	
                            
                                 
                            

                        	 	 	 	 	 	 
	
                            
                                 
                            

                        	 	Title:	 	 	 	 
	
                            
                                 
                            

                        	 	 	 	 	 	 
	
                            
                                 
                            

                        	 	 	 	 	 	 
	
                            
                                 
                            

                        	 	By:	 	Orion Residential, LLC	 	 
	
                            
                                 
                            

                        	 	 	 	 	 	 
	
                            
                                 
                            

                        	 	By:	 	 	 	 
	
                            
                                 
                            

                        	 	 	 	 	 	 
	
                            
                                 
                            

                        	 	Name:	 	 	 	 
	
                            
                                 
                            

                        	 	 	 	 	 	 
	
                            
                                 
                            

                        	 	Title:

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