Document:

EX-10.10

 Exhibit 10.10 

SERVICES AGREEMENT 
 This
Services Agreement (this “Agreement”), dated as of October [    ], 2017, is entered into between Mosaic Acquisition Corporation, a Delaware Corporation with its principal office at 375 Park Avenue , New
York, NY 10152 (“Mosaic”), CFO Bullpen LLC, a New Hampshire limited liability company (“Consultant”) and, solely for purposes of Sections 1 and 6 hereof, William H. Mitchell (“Mitchell”). 

WHEREAS, Mosaic desires to obtain the services of Mitchell on the terms and conditions set forth herein, and Consultant desires to make
available to Mosaic the services of Mitchell on the terms and conditions set forth below. 
 NOW THEREFORE, for good and valuable
consideration, the sufficiency of which is hereby acknowledged by the parties, the parties hereto hereby agree as follows: 
  

	1.	Services; Term. 

  

	 	(a)	Duties and Responsibilities. Subject to the terms and conditions of this Agreement, Mosaic hereby engages Consultant, and Consultant shall provide for Mitchell’s provision of services to Mosaic, and Mitchell
specifically agrees to provide services to Mosaic, as its Chief Financial Officer during the Term (as defined below). Consultant agrees that the services to be performed under this Agreement shall be performed exclusively by Mitchell. During the
Term, Mitchell shall devote his principal business time and attention to the business and affairs of Mosaic and its subsidiaries and affiliates. During the Term, Consultant and Mitchell shall observe and comply with Mosaic’s policies, rules and
regulations regarding the performance of Mitchell’s duties, shall use its and his best efforts, skills and abilities to promote Mosaic’s interests and shall perform his duties faithfully, competently and in such manner as Mosaic’s
Chief Executive Officer and Board of Directors (the “Board”) may from time to time reasonably direct. Consultant and Mitchell each agrees to abide by and enter into any confidentially, duty of loyalty and noncompetition and non
solicitation agreement reasonably required by Mosaic. 

  

	 	(b)	Principal Place of Services. Mitchell shall provide the Services principally from his residence in Hanover, New Hampshire or at such other location as shall be mutually acceptable to Consultant, Mitchell and the
Board. 

  

	 	(c)	 Representations. Consultant and Mitchell each affirm and represent that it and he is under no obligation
to any former employer or other party which is in any way inconsistent with, or which imposes any restriction upon, its or his acceptance of engagement hereunder, the engage of Consultant by Mosaic, or Consultant’s or Mitchell’s
undertakings under this Agreement. 

	 	
Notwithstanding the foregoing, Mosaic acknowledges that Mitchell is an active participant in several charitable organizations and agrees that Mitchell may, work remotely and on a partial day
basis on days for which Mitchell is performing duties relating to the charitable organizations, provided that performance of such duties does not conflict with his obligations under this Agreement. Consultant is an entity that is wholly-owned and
controlled by Mitchell. 

  

	 	(d)	Consultant’s engagement and Mitchell’s services hereunder commenced on August 15, 2017 (the “Commencement Date”), and shall terminate upon the earliest to occur of (i) the completion
of Mosaic’s initial business combination (the “Business Combination”) (ii) the final liquidation of Mosaic or (iii) such earlier termination as set forth in Section 3 below. The period of time
from the Effective Date through the termination of Consultant’s and Mitchell’s services hereunder shall be referred to as the “Term.” 

  

	2.	Compensation and Certain Benefits. Mosaic shall pay the following compensation and provide the following benefits during the Term. 

 

	 	(a)	Base Fee. During the Term, Consultant shall receive a base fee of $5,000 per month (the “Base Fee”), commencing on the closing of Mosaic’s initial public offering (the
“IPO”) payable in monthly installments. Consultant’s Base Fee shall not be decreased during the Term without the mutual consent of Consultant and Mosaic. 

 

	 	(b)	Additional Compensation. Consultant’s total compensation opportunity shall be determined based upon an hourly rate of $330.00 multiplied by the number of hours worked for Mosaic. Consultant shall report
Mitchell’s hours worked monthly to the Chief Executive Officer of Mosaic and maintain records of Mitchell’s activities supporting those hours. Consultant will be paid an additional payment equal to the following formula: Total hours worked
for Mosaic multiplied by $330.00) minus cumulative Base Fee paid (the “Additional Cash Compensation”). The Additional Cash Compensation shall be payable upon termination of Consultant’s engagement and the Term; provided that if
the IPO does not occur then no Additional Cash Compensation shall be paid or payable. Additionally, if Mosaic completes a Business Combination consistent with the provisions of any S-1 filing during
Consultant’s engagement with Mosaic, Consultant shall receive additional compensation payable in a number of common shares of Mosaic determined in accordance with the following formula: Total hours worked for Mosaic divided by 1,000, multiplied
by 17,895) (the “Equity Compensation”). The Equity Compensation shall be delivered on the six-month anniversary of the date of the completion of such Business Combination. 

  
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	 	(c)	Housing and Travel Expenses. Mosaic will promptly reimburse Consultant for Mitchell’s reasonable expenses associated with travel and lodging in New York City during any visit to New York City made for the
convenience of Mosaic. It is agreed that the amount for lodging shall not exceed $350 per night during the Term and the reasonable expenses of travel be determined consistent with IRS regulations. Consultant shall otherwise be reimbursed for
reasonable business expenses incurred in the execution of Mitchell’s services consistent with other Mosaic executives. Consultant agrees to submit documentation and substantiation of such travel, lodging and business expenses to Mosaic within
30 days after incurring such expenses. 

  

	 	(d)	Acknowledgments. Consultant acknowledges that (i) Consultant and Mitchell shall provide services as an independent contractor, and not an employee, of Mosaic within the meaning of all federal, state and
local laws and regulations governing employment relationships, including insurance, workers’ compensation, industrial accident, labor and taxes; and (ii) except as specifically noted above with respect to certain expense reimbursements,
Mitchell shall not be entitled to participate in any employee benefit plans or arrangements of Mosaic and shall not be provided with health and welfare benefits, including without limitation medical and dental coverage. Consultant and Mitchell shall
be solely responsible for any workers’ compensation, unemployment or disability insurance payments, or any social security, income tax or other withholdings, deductions or payments (including self-employment taxes) that may be required by
federal, state or local law with respect to any sums paid to Consultant and Mitchell hereunder. Consultant acknowledges and agrees that it shall be required to pay and shall timely remit all taxes to the Internal Revenue Service and any other
required governmental agencies with respect to the provision of Mitchell’s services and Consultant and Mitchell shall indemnify the Company for any breaches of this Section 2(d). Without limiting the generality of this Section 2(d),
Mosaic may deduct and withhold from any amounts payable under this Agreement, including, without limitation, he payment of any Base Fee, Additional Cash Compensation, Equity Compensation and any other compensation hereunder any federal, state,
local, non-US or other taxes as are required or permitted to be withheld pursuant to applicable law or regulation. 

  
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	3.	Termination; Certain Payments. 

  

	 	(a)	Termination Without Cause or With Good Reason. If during the Term, Mosaic terminates Consultant’s and Mitchell’s services hereunder without Cause (as defined below), or if Consultant terminates its and
Mitchell’s services hereunder with Mosaic for Good Reason (as defined below), Mosaic will pay to Consultant amounts obligated under Section 2(b) to the extent not yet paid, such that the Additional Cash Compensation
shall be paid upon termination of services and the Equity Compensation shall be paid at the conclusion of the Business Combination. 

  

	 	(b)	Non-Duplication of Benefits; No Interest. In the event of the termination of Consultant’s and Mitchell’s services hereunder, nothing in this Agreement require
Mosaic to make any payment or to provide any benefit to Consultant or Mitchell that Mosaic is otherwise required to provide under any other contract, agreement or arrangement. No interest shall accrue on or be paid with respect to any portion of any
payments hereunder, except as required by law. 

  

	 	(c)	General Release. Notwithstanding anything to the contrary, any payments or benefits payable under this Section 3 shall be (A) conditioned upon Consultant and Mitchell having
provided an irrevocable waiver and general release of claims in favor of Mosaic and its affiliates, their respective predecessors and successors, and all of the respective current or former directors, officers, employees, shareholders, partners,
members, agents or representatives of any of the foregoing (collectively, the “Released Parties”), in a form provided by Mosaic that has become effective and irrevocable in accordance with its terms within fifty five days after such
termination of employment (the “Release Condition”) and (B) subject to Consultant’s and Mitchell’s continued compliance with its and his obligations under this Agreement. Payments and benefits of amounts which do not
constitute nonqualified deferred compensation and are not subject to Section 409A (as defined below) shall commence five (5) days after the Release Condition is satisfied and payments and benefits which are subject to Section 409A
shall commence on the 60th day after termination of employment (subject to further delay, if required pursuant to Section 5(e) below) provided that the Release Condition is satisfied. 

 

	 	(d)	Upon termination of Consultant’s and Mitchell’s services hereunder for any reason, and regardless of whether Mitchell continues as a consultant to Mosaic, upon Mosaic’s request Consultant shall cause
Mitchell to resign, as of the date of such termination of services or such other date requested, from any position Mitchell holds with Mosaic or its affiliates, whether as an officer, director, or otherwise to the extent Mitchell is then serving
thereon. 

  
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	4.	Definitions. In addition to certain terms defined elsewhere in this Agreement, the following terms will have the following respective meanings: 

 

	 	(a)	“Cause” means the occurrence of any of the following: 

  

	 	(i)	the willful and continuing refusal of Mitchell to follow the lawful directives of the Chief Executive Officer or the Board, provided that such directives are consistent with Mitchell’s title and position;

  

	 	(ii)	conduct that is intentional and known by Mitchell to be materially harmful or potentially materially harmful to Mosaic’s best interest; 

 

	 	(iii)	gross negligence in the performance of, or willful disregard of, Mitchell’s obligations hereunder; 

  

	 	(iv)	Mitchell’s conviction of any felony; 

  

	 	(v)	Mitchell’s commission of any act of dishonesty or moral turpitude which, in the good faith opinion of the Board, is materially detrimental to Mosaic; or 

 

	 	(vi)	any material breach by Consultant or Mitchell of this Agreement; 

 provided,
however, that in the event of a termination due to one or more of the reasons set forth in clauses (a)(i), (ii), (iii) and/or (vi), Consultant and Mitchell shall be provided with a period of five (5) business days from the date Mosaic
gives notice of such termination to effectively cure or remedy such reason or reasons (unless such cure or remedy is not practicable or if the Board determines in good faith that its fiduciary obligation requires a termination immediately). 

 

	 	(b)	“Good Reason” means the occurrence of any of the following: 

  

	 	(i)	any material breach by Mosaic of its obligations under this Agreement; 

  

	 	(ii)	a significant diminution of Mitchell’s position as the Chief Financial Officer of Mosaic as set forth in Section 1 without Consultant’s consent; or 

 

	 	(iii)	a failure by Mosaic to obtain a written agreement from any successor or assign of Mosaic to assume the material obligations under this Agreement upon the consummation of the Business Combination. 

If Consultant does not give Mosaic a written notice (specifying in detail the event or circumstances claimed to give rise to Good Reason)
within 

  
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twenty-five (25) days after Consultant has knowledge that an event constituting Good Reason has occurred, or is deemed to have occurred, the event will no longer constitute Good Reason. In
addition, Consultant must give Mosaic notice and thirty (30) days to cure, and if not cured, the Consultant must, actually terminate its services (and Mitchell’s services) within 120 days following, the event constituting Good Reason;
otherwise, that event will no longer constitute Good Reason. 
  

	5.	Miscellaneous. 

  

	 	(a)	Non-Assignability. Neither this Agreement nor any right or interest hereunder shall be assignable by Consultant or Mitchell, their affiliates, beneficiaries or legal
representatives without Mosaic’s prior written consent. 

  

	 	(b)	Binding Effect. Without limiting or diminishing the effect of Section 5(a) hereof, this Agreement shall inure to the benefit of and be binding upon the parties hereto and their
respective heirs, successors, legal representatives and assigns. 

  

	 	(c)	Waiver. Failure to insist upon strict compliance with any of the terms, covenants or conditions hereof shall not be deemed a waiver of such term, covenant or condition, nor shall any waiver or relinquishment of
any right or power hereunder at any one or more times be deemed a waiver or relinquishment of such right or power at any other time or times. 

  

	 	(d)	Notice. Any notice required or permitted to be given under this Agreement shall be sufficient if in writing and either delivered in person, sent by first class certified or registered mail, postage prepaid or
sent by overnight courier, if to Mosaic, at its principal place of business, and if to Consultant or Mitchell, at the address most recently filed with Mosaic, or to such other address or addresses as either party shall have designated in writing to
the other party hereto. 

  

	 	(e)	 Section 409A. It is the intention of Mosaic and Consultant and Mitchell that this
Agreement comply with the requirements of Section 409A, and this Agreement will be interpreted in a manner intended to comply with or be exempt from Section 409A. Mosaic and Consultant and Mitchell agree to negotiate in good faith to make
amendments to this Agreement as the parties mutually agree are necessary or desirable to avoid the imposition of taxes or penalties under Section 409A. Notwithstanding the foregoing, Consultant and Mitchell shall be solely responsible and
liable for the satisfaction of all taxes and penalties that may be imposed on or for the account of Consultant or Mitchell in connection with this Agreement (including any taxes and penalties under Section 409A), and neither Mosaic nor any
affiliate shall have any obligation to indemnify or otherwise hold Consultant or Mitchell (or any beneficiary) harmless from 

  
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any or all of such taxes or penalties. Notwithstanding anything in this Agreement to the contrary, in the event that Mitchell is deemed to be a “specified employee” within the meaning
of Section 409A(a)(2)(B)(i), no payments hereunder that are “deferred compensation” subject to Section 409A shall be made to Consultant prior to the date that is six (6) months after the date of Consultant’s or
Mitchell’s “separation from service” (as defined in Section 409A) or, if earlier, Mitchell’s date of death. Following any applicable six (6) month delay, all such delayed payments will be paid in a single lump sum on
the earliest permissible payment date. For purposes of Section 409A, each of the payments that may be made under this Agreement are designated as separate payments. For purposes of this Agreement, with respect to payments of any amounts that
are considered to be “deferred compensation” subject to Section 409A, references to “termination of employment” (and substantially similar phrases) shall be interpreted and applied in a manner that is consistent with the
requirements of Section 409A relating to “separation from service.” To the extent that any reimbursements pursuant to this Agreement are taxable to Consultant, any such reimbursement payment due to Consultant shall be paid to
Consultant as promptly as practicable, and in all events on or before the last day of Consultant’s taxable year following the taxable year in which the related expense was incurred. The reimbursements pursuant to this Agreement are not subject
to liquidation or exchange for another benefit and the amount of such benefits and reimbursements that Consultant receives in one taxable year shall not affect the amount of such benefits or reimbursements that Consultant receives in any other
taxable year. 

  

	 	(f)	No Claim Against the Trust Account. The Consultant acknowledges and agrees that he shall have no right of setoff or right, title, interest or claim of any kind (“Claim”) against the trust account
(“Trust Account”) which is or will be established by Mosaic for the benefit of its public shareholders upon the IPO. Consultant waives any Claims to receive any payments or benefits pursuant to this Agreement from the Trust Account
and Consultant may only pursue any such Claim against Mosaic outside of the Trust Account. 

  

	 	(g)	Entire Agreement; Modifications. This Agreement constitutes the entire and final expression of the agreement of the parties with respect to the subject matter hereof and supersedes all prior agreements, oral and
written, between the parties hereto with respect to the subject matter hereof. This Agreement may be modified or amended only by an instrument in writing signed by both parties hereto. 

 

	 	(h)	 Governing Law; Arbitration. This Agreement shall be construed and enforced in accordance with the internal
laws of the State of New York, without regard to the conflict of laws principles thereof. Any controversy, claim or dispute between the parties relating to the Consultant’s services

  
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or termination of services, whether or not the controversy, claim or dispute arises under this Agreement, shall be resolved by arbitration in accordance with the Employment Arbitration Rules and
Mediation Procedures (“Rules”) of the American Arbitration Association through a single arbitrator selected in accordance with the Rules. The decision of the arbitrator shall be rendered within thirty (30) days of the close of
the arbitration hearing and shall include written findings of fact and conclusions of law reflecting the appropriate substantive law. Judgment upon the award rendered by the arbitrator may be entered in any court having jurisdiction thereof in the
State of New York. In reaching his or her decision, the arbitrator shall have no authority (a) to authorize or require the parties to engage in discovery (provided, however, that the arbitrator may schedule the time by which the parties
must exchange copies of the exhibits that, and the names of the witnesses whom, the parties intend to present at the hearing), (b) to change or modify any provision of this Agreement, (c) to base any part of his or her decision on the
common law principle of constructive termination, or (d) to award punitive damages or any other damages not measured by the prevailing party’s actual damages and may not make any ruling, finding or award that does not conform to this
Agreement. Each party shall bear all of his or its own legal fees, costs and expenses of arbitration and one-half (1/2) of the costs of the arbitrator. 

 

	 	(i)	No Construction against Drafter. No provision of this Agreement or any related document will be construed against or interpreted to the disadvantage of any party hereto by any court or other governmental or
judicial authority by reason of such party having or being deemed to have structured or drafted such provision. 

  

	 	(j)	Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original, but both of which together shall constitute one and the same instrument. 

 

	6.	Acknowledgement. Consultant and Mitchell each represents and acknowledges that it and he each: 

  

	 	(a)	Has carefully read this Agreement in its entirety; 

  

	 	(b)	Understands the terms and conditions contained herein; 

  

	 	(c)	Has had the opportunity to review this Agreement with legal counsel of its or his own choosing and has not relied on any statements made by Mosaic or its legal counsel as to the meaning of any term or condition
contained herein or in deciding whether to enter into this Agreement; and 

  

	 	(d)	Is entering into this Agreement knowingly and voluntarily. 

  
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 IN WITNESS WHEREOF, Consultant, Mitchell and the authorized representative of the Board of Mosaic
execute and enter into this Agreement as of the date first above written. 
  

									
	CFO BULLPEN LLC	 		 	MOSAIC ACQUISITION CORPORATION
			
	  
	 		 	  

	By: 	 	William H. Mitchell	 		 	By: 	 	David Maura
		 	Authorized Signatory	 		 		 	Chief Executive Officer
			
	  
 WILLIAM H. MITCHELL

(solely for purposes of Sections 1 and 6)
	 		 	
				
	  
	 		 		 	
	William H. Mitchell	 		 		 	

  
 9Exhibit

Black Creek Diversified Property Fund Inc. Form 8-K
Exhibit 4.1

BLACK CREEK DIVERSIFIED PROPERTY FUND INC.
Amended and Restated Share Redemption Program
Effective as of October 13, 2017

Definitions

Advisor – Shall mean Black Creek Diversified Property Advisors LLC.

Advisory Agreement – The advisory agreement between the Advisor and the Company.

Class D shares – Shall mean the shares of the Company’s common stock classified as Class D.

Class E shares – Shall mean the shares of the Company’s common stock classified as Class E.

Class I shares– Shall mean the shares of the Company’s common stock classified as Class I.

Class S shares – Shall mean the shares of the Company’s common stock classified as Class S.

Class T shares – Shall mean the shares of the Company’s common stock classified as Class T.

Company – Shall mean Black Creek Diversified Property Fund Inc., a Maryland corporation.  The Company may be referred to as “we” or “our” within the context of this document.

Code – Shall mean the Internal Revenue Code of 1986, as amended.

Early Redemption Deduction – Shall mean have the meaning set forth below.

NAV – Shall mean the net asset value of the Company or a class of its shares, as the context requires, determined in accordance with the Company’s valuation policies and procedures.

Operating Partnership – Shall mean Black Creek Diversified Property Operating Partnership LP.

Operating Partnership Agreement – Shall mean the Sixth Amended and Restated Limited Partnership Agreement of the Operating Partnership, as amended from time to time.

OP Units – Shall mean limited partnership interests in the Operating Partnership.

Offering – Shall mean any ongoing public offering of Class T, Class S, Class D or Class I shares, whether in a primary offering or pursuant to the Company’s distribution reinvestment plan.

Redemption Date – Shall mean have the meaning set forth below.

Stockholders or stockholders – Shall mean the holders of Class E, Class T, Class S, Class D or Class I shares.  Stockholders may be referred to as “you” or “your” within the context of this document.

Transaction Price – Shall mean the price at which a share will be redeemed, which will generally be equal to the most recently disclosed monthly NAV per share for the applicable class of shares.  The Company may use a Transaction Price other than the most recently disclosed monthly NAV in cases where the Company believes there has been a material change (positive or negative) to the Company’s NAV per share relative to the most recently disclosed monthly NAV per share.

Share Redemption Program
We expect that there will be no regular secondary trading market for shares of our common stock. While you should view your investment as long term with limited liquidity, we have adopted this share redemption program, whereby stockholders may request that we redeem all or any portion of their shares in accordance with the procedures and subject to certain conditions and 

1

limitations described below.  All references herein to the classes of our shares mean our Class E, Class T, Class S, Class D, and Class I shares, and not the OP Units issued by our Operating Partnership, unless the context otherwise requires.  
Due to the illiquid nature of investments in real property, we may not have sufficient liquid resources to fund redemption requests. In addition, we have established limitations on the amount of funds we may use for redemptions during any calendar month and quarter. See “Redemption Limitations” below. Further, our board of directors has the right to modify, suspend or terminate this share redemption program if it deems such action to be in the best interest of our stockholders. 
A stockholder’s request for redemption in accordance with any of the special treatment described below in the event of the death or qualifying disability of a stockholder must be submitted within 18 months of the death of the stockholder or the initial determination of the stockholder’s disability (which we define as such term is defined in Section 72(m)(7) of the Code), as further described below.
You may request that we redeem shares of our common stock through your financial advisor or directly with our transfer agent. We will generally adhere to the following procedures relating to the redemption of shares of our common stock:  
		
	•
	Under this share redemption program, to the extent we choose to redeem shares in any particular month we will only redeem shares as of the last calendar day of that month (a “Redemption Date”). To have your shares redeemed, your redemption request and required documentation must be received in good order by 4:00 p.m. (Eastern time) on the second to last business day of the applicable month. Settlements of share redemptions will be made within three business days of the Redemption Date. Redemption requests received and processed by our transfer agent will be effected at a redemption price equal to the Transaction Price on the applicable Redemption Date, subject to any Early Redemption Deduction.  Although the Transaction Price for shares of our common stock will generally be based on the most recently disclosed monthly NAV per share, the NAV per share of such stock as of the Redemption Date may be significantly different.

		
	•
	A stockholder may withdraw his or her redemption request by notifying the transfer agent, directly or through the stockholder’s financial intermediary, on our toll-free, automated telephone line, (888) 310-9352. The line is open on each business day between the hours of 9:00 a.m. and 6:00 p.m. (Eastern time). Redemption requests must be cancelled before 4:00 p.m. (Eastern time) on the last business day of the applicable month.

		
	•
	If a redemption request is received after 4:00 p.m. (Eastern time) on the second to last business day of the applicable month, the redemption request will be executed, if at all, on the next month’s Redemption Date at the Transaction Price applicable to that month (subject to any Early Redemption Deduction), unless such request is withdrawn prior to the redemption. Redemption requests received and processed by our transfer agent on a business day, but after the close of business on that day or on a day that is not a business day, will be deemed received on the next business day.

		
	•
	Redemption requests may be made by mail or by contacting your financial intermediary, both subject to certain conditions set forth herein. If making a redemption request by contacting your financial intermediary, your financial intermediary may require you to provide certain documentation or information. If making a redemption request by mail to the transfer agent, you must complete and sign a redemption authorization form which will be available on our website. Written requests should be sent to the transfer agent at the following address:

	
			
	For regular mail:
	 
	For overnight deliveries:

	DST Systems, Inc.
	 
	DST Systems, Inc.

	PO Box 219079
	 
	430 West 7th Street, Suite 219079

	Kansas City, Missouri 64121-9079
	 
	Kansas City, Missouri 64105

	 
	 
	 

	Toll Free Number: (888) 310-9352

Corporate investors and other non-individual entities must have an appropriate certification on file authorizing redemptions. A signature guarantee may be required. 
		
	•
	For processed redemptions, stockholders may request that redemption proceeds are to be paid by mailed check provided that the amount is less than $100,000 and the check is mailed to an address on file with the transfer agent for at least 30 days. 

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	•
	Processed redemptions of more than $100,000 will be paid only via ACH or wire transfer. For this reason, stockholders who own more than $100,000 of our common stock must provide bank instructions for their brokerage account or designated U.S. bank account. Stockholders who own less than $100,000 of our common stock may also receive redemption proceeds via ACH or wire transfer, provided the payment amount is at least $2,500. For all redemptions paid via wire transfer, the funds will be wired to the account on file with the transfer agent or, upon instruction, to another financial institution provided that the stockholder has made the necessary funds transfer arrangements. The customer service representative can provide detailed instructions on establishing funding arrangements and designating your bank or brokerage account on file. Funds will be sent only to U.S. financial institutions (ACH network members). 

		
	•
	A medallion signature guarantee will be required in certain circumstances. The medallion signature process protects stockholders by verifying the authenticity of a signature and limiting unauthorized fraudulent transactions. A medallion signature guarantee may be obtained from a domestic bank or trust company, broker-dealer, clearing agency, savings association or other financial institution which participates in a medallion program recognized by the Securities Transfer Association. The three recognized medallion programs are the Securities Transfer Agents Medallion Program, the Stock Exchanges Medallion Program and the New York Stock Exchange, Inc. Medallion Signature Program. Signature guarantees from financial institutions which are not participating in any of these medallion programs will not be accepted. A notary public cannot provide signature guarantees. We reserve the right to amend, waive or discontinue this policy at any time and establish other criteria for verifying the authenticity of any redemption or transaction request. We may require a medallion signature guarantee if, among other reasons: (1) the amount of the redemption request is over $500,000; (2) you wish to have redemption proceeds transferred by wire to an account other than the designated bank or brokerage account on file for at least 30 days or sent to an address other than your address of record for the past 30 days; or (3) our transfer agent cannot confirm your identity or suspects fraudulent activity. 

		
	•
	If a stockholder has made multiple purchases of shares of our common stock, any redemption request will be processed on a first in/first out basis unless otherwise requested in the redemption request.

Minimum Account Redemptions 
In the event that any stockholder fails to maintain the minimum balance of $2,000 of shares of our common stock, we may redeem all of the shares held by that stockholder at the redemption price in effect on the date we determine that the stockholder has failed to meet the minimum balance, less any Early Redemption Deduction. Minimum account redemptions will apply even in the event that the failure to meet the minimum balance is caused solely by a decline in our NAV. Minimum account redemptions are subject to Early Redemption Deduction. 
Sources of Funds for Redemptions 
We may, in the Advisor’s discretion, after taking the interests of our company as a whole and the interests of our remaining stockholders into consideration, use proceeds from any available sources at our disposal to satisfy redemption requests, subject to the limitation on the amount of funds we may use described below under “Redemption Limitations.” Potential sources of funding redemptions include, but are not limited to, cash on hand, cash available from borrowings, cash from the sale of shares of our common stock and cash from liquidations of investments, to the extent that such funds are not otherwise dedicated to a particular use, such as working capital, cash distributions to stockholders, purchases of real property, debt-related or other investments or redemption of OP Units. 
Although the vast majority of our assets consist of properties that cannot generally be readily liquidated on short notice without impacting our ability to realize full value upon their disposition, we intend to maintain a number of sources of liquidity including (i) cash equivalents (e.g. money market funds), other short-term investments, U.S. government securities, agency securities and liquid real estate-related securities and (ii) one or more borrowing facilities. We may fund redemptions from any available source of funds, including operating cash flows, borrowings, proceeds from the Offering and/or sales of our assets.
Redemption Limitations 
We may redeem fewer shares than have been requested in any particular month to be redeemed under this share redemption program, or none at all, in our discretion at any time. The total amount of aggregate redemptions of Class E, Class T, Class S, Class D, and Class I shares (based on the price at which the shares are redeemed) will be limited during each calendar month to 2% of the aggregate NAV of all classes as of the last calendar day of the previous quarter and in each calendar quarter will be limited to 5% of the aggregate NAV of all classes of shares as of the last calendar day of the previous calendar quarter; provided, however, that every month and quarter each class of our common stock will be allocated capacity within such aggregate limit to allow stockholders in such 

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class to either (a) redeem shares (based on the price at which the shares are redeemed) equal to at least 2% of the aggregate NAV of such share class as of the last calendar day of the previous quarter, or, if more limiting, (b) redeem shares (based on the price at which the shares are redeemed) over the course of a given quarter equal to at least 5% of the aggregate NAV of such share class as of the last calendar day of the previous quarter, which in the second and third months of a quarter could be less than 2% of the NAV of such share class.   In the event that we determine to redeem some but not all of the shares submitted for redemption during any month, shares redeemed at the end of the month will be redeemed on a pro rata basis. Even if the class-specific allocations are exceeded for a class, the program may offer such class additional capacity under the aggregate program limits.  Redemptions and pro rata treatment, if necessary, will first be applied within the class-specific limits and then applied on an aggregate basis in a second step.  All unsatisfied redemption requests must be resubmitted after the start of the next month or quarter, or upon the recommencement of this share redemption program, as applicable. 
For both the aggregate and class-specific allocations described above, (i) provided that this share redemption program has been operating and not suspended for the first month of a given quarter and that all properly submitted redemption requests were satisfied, any unused capacity for that month will carry over to the second month and (ii) provided that this share redemption program has been operating and not suspended for the first two months of a given quarter and that all properly submitted redemption requests were satisfied, any unused capacity for those two months will carry over to the third month.  In no event will such carry-over capacity permit the redemption of shares with aggregate value (based on the redemption price per share for the month the redemption is effected) in excess of 5% of the combined NAV of all classes of shares as of the last calendar day of the previous calendar quarter (provided that for these purposes redemptions may be measured on a net basis as described in the paragraph below).  
We currently measure the foregoing redemption allocations and limitations based on net redemptions during a month or quarter, as applicable. The term “net redemptions” means, during the applicable period, the excess of our share redemptions (capital outflows) over the proceeds from the sale of our shares (capital inflows). Net redemptions for the class-specific allocations will be based only on the capital inflows and outflows of that class, while net redemptions for the overall program limits would be based on capital inflows and outflows of all classes. Thus, for any given calendar quarter, the maximum amount of redemptions during that quarter will be equal to (1) 5% of the combined NAV of all classes of shares as of the last calendar day of the previous calendar quarter, plus (2) proceeds from sales of new shares in the Offering (including purchases pursuant to our distribution reinvestment plan) and the Class E distribution reinvestment plan offering since the beginning of the current calendar quarter. The same would apply for a given month, except that redemptions in a month would be subject to the 2% limit described above (subject to potential carry-over capacity), and netting would be measured on a monthly basis.  With respect to future periods, our board of directors may choose whether the allocations and limitations will be applied to “gross redemptions,” i.e., without netting against capital inflows, rather than to net redemptions. If redemptions for a given month or quarter are measured on a gross basis rather than on a net basis, the redemption limitations could limit the amount of shares redeemed in a given month or quarter despite our receiving a net capital inflow for that month or quarter. In order for our board of directors to change the application of the allocations and limitations from net redemptions to gross redemptions or vice versa, we will provide notice to stockholders in a prospectus supplement or special or periodic report filed by us, as well as in a press release or on our website, at least 10 days before the first business day of the quarter for which the new test will apply. The determination to measure redemptions on a gross basis, or vice versa, will only be made for an entire quarter, and not particular months within a quarter.
If the Transaction Price for the applicable month is not made available by the tenth business day prior to the last business day of the month (or is changed after such date), then no redemption requests will be accepted for such month and stockholders who wish to have their shares redeemed the following month must resubmit their redemption requests. 
Should redemption requests, in our judgment, place an undue burden on our liquidity, adversely affect our operations or risk having an adverse impact on the company as a whole, or should we otherwise determine that investing our liquid assets in real properties or other illiquid investments rather than repurchasing our shares is in the best interests of the company as a whole, we may choose to redeem fewer shares in any particular month than have been requested to be redeemed, or none at all. Further, our board of directors may modify, suspend or terminate our share redemption program if it deems such action to be in our best interest and the best interest of our stockholders. Material modifications, including any amendment to the 2% monthly or 5% quarterly limitations on redemptions, to and suspensions of this share redemption program will be promptly disclosed to stockholders in a prospectus supplement (or post-effective amendment if required by the Securities Act of 1933, as amended) or special or periodic report filed by us. Material modifications will also be disclosed on our website. In addition, we may determine to suspend this share redemption program due to regulatory changes, changes in law or if we become aware of undisclosed material information that we believe should be publicly disclosed before shares are redeemed. Once this share redemption program is suspended, our board of directors must affirmatively authorize the recommencement of the plan before stockholder requests will be considered again. 

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Early Redemption Deduction 
There is no minimum holding period for shares of our common stock and stockholders can request that we redeem their shares at any time. However, subject to limited exceptions, shares that have not been outstanding for at least one year will be redeemed at 95% of the Transaction Price (the “Early Redemption Deduction”). 
The Early Redemption Deduction will inure indirectly to the benefit of our remaining stockholders and is intended to offset the trading costs, market impact and other costs associated with short-term trading in our common stock. We may, from time to time, waive the Early Redemption Deduction in the following circumstances: 
		
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	redemptions resulting from death or qualifying disability; 

		
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	in the event that a stockholder’s shares are redeemed because the stockholder has failed to maintain the $2,000 minimum account balance; or

		
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	with respect to shares purchased through our distribution reinvestment plan.

In addition, the Early Redemption Deduction may not apply to transactions initiated by the trustee or adviser to a donor-advised charitable gift fund, collective trust fund, common trust fund, fund of fund(s) or other institutional accounts, strategy funds or programs if management determines, in its sole discretion, such account, fund or program has an investment strategy or policy that is reasonably likely to control short-term trading. Further, shares of our common stock may be sold to certain employer sponsored plans, bank or trust company accounts and accounts of certain financial institutions or intermediaries for which we may not apply the Early Redemption Deduction to underlying stockholders, often because of administrative or systems limitations.  The Early Redemption Deduction shall also not apply to shares taken by our Advisor in lieu of fees or expense reimbursements under the Advisory Agreement.
The Early Redemption Deduction will also not apply in certain situations following the departure of certain key persons to our company, unless replaced as described below.  The currently designated key persons are John A. Blumberg, Richard D. Kincaid, Dwight L. Merriman III, Gregory M. Moran and any individual appointed by a majority of our independent directors to replace such key persons as described below.  If two or more of such key persons have died, resigned, been removed, become disabled (meaning the earlier of (a) the date on which a key person’s healthcare provider states in writing that that such key person will be unable, or can reasonably be expected to be unable, to perform the essential functions of his/her regular duties and responsibilities, with or without reasonable accommodation, due to a medically determinable physical or mental illness or injury for a period of at least 60 consecutive days, or (b) the 60th consecutive day in which such key person has actually been unable to perform the essential functions of his/her regular duties and responsibilities, with or without reasonable accommodation, due to a medically determinable physical or mental illness or injury), or are otherwise unable or unwilling to exercise the authority and discharge those day-to-day management responsibilities with respect to our company as are currently exercised and discharged by such key persons, and our independent directors have not, within 60 days of such situations having arisen with respect to two more of such key persons, approved the appointment of one or more replacements who will fulfill substantially all of the duties of at least all but one of such key persons (meaning one key person position may remain unfilled for longer than 60 days) (a “Key Man Triggering Event”), then the Early Redemption Deduction will be waived with respect to all shares purchased prior to the expiration of five business days after the public disclosure of the occurrence of such Key Man Triggering Event (“Exempt Shares”) from the time the Key Man Triggering Event is publicly disclosed until the completion of three full calendar months; provided, that if not all properly submitted redemption requests are satisfied during such three full calendar months, then such Early Redemption Deduction waiver for Exempt Shares will continue until there has been a subsequent calendar month in which all properly submitted redemption requests were satisfied.  We will publicly disclose a Key Man Triggering Event and the associated waiver of the Early Redemption Deduction promptly upon its occurrence, and also promptly publicly disclose when the associated waiver of the Early Redemption Deduction has ended.  Any such public disclosure will be made to stockholders in a prospectus supplement or special or periodic report filed by us, as well as in a press release or on our website.
From time to time, our board of directors may also authorize waivers of the Early Redemption Deduction for specified periods of time with respect to future redemptions for all investors upon the occurrence of specific circumstances other than personal circumstances (e.g. significant corporate changes, natural disasters) that it determines, in its sole discretion, do not raise concerns over short-term trading.  Any such waivers will be publicly disclosed promptly following their approval.  Any such waivers will apply to all investors and apply on a prospective basis only, and will remain effective for at least three full calendar months.  Any such public disclosure will be made to stockholders in a prospectus supplement or special or periodic report filed by us, as well as in a press release or on our website.

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As set forth above, we may waive the Early Redemption Deduction in respect of redemption of shares resulting from the death of a stockholder who is a natural person, subject to the conditions and limitations described above, including shares held by such stockholder through a revocable grantor trust or an IRA or other retirement or profit-sharing plan, after receiving written notice from the estate of the stockholder, the recipient of the shares through bequest or inheritance, or, in the case of a revocable grantor trust, the trustee of such trust, who shall have the sole ability to request redemption on behalf of the trust. We must receive the written redemption request within 18 months after the death of the stockholder in order for the requesting party to rely on any of the special treatment described above that may be afforded in the event of the death of a stockholder. Such a written request must be accompanied by a certified copy of the official death certificate of the stockholder. If spouses are joint registered holders of shares, the request to have the shares redeemed may be made if either of the registered holders dies. If the stockholder is not a natural person, such as certain trusts or a partnership, corporation or other similar entity, the right of redemption upon death does not apply. 
Furthermore, as set forth above, we may waive the Early Redemption Deduction in respect of redemption of shares held by a stockholder who is a natural person who is deemed to have a qualifying disability (as such term is defined in Section 72(m)(7) of the Code), subject to the conditions and limitations described above, including shares held by such stockholder through a revocable grantor trust, or an IRA or other retirement or profit-sharing plan, after receiving written notice from such stockholder, provided that the condition causing the qualifying disability was not pre-existing on the date that the stockholder became a stockholder. We must receive the written redemption request within 18 months of the initial determination of the stockholder’s disability in order for the stockholder to rely on any of the waivers described above that may be granted in the event of the disability of a stockholder. If spouses are joint registered holders of shares, the request to have the shares redeemed may be made if either of the registered holders acquires a qualifying disability. If the stockholder is not a natural person, such as certain trusts or a partnership, corporation or other similar entity, the right of redemption upon disability does not apply. 
Items of Note 
When you make a request to have shares redeemed, you should note the following: 
		
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	if you are requesting that some but not all of your shares be redeemed, keep your balance above $2,000 to avoid minimum account redemption, if applicable; 

		
	•
	you will not receive interest on amounts represented by uncashed redemption checks; 

		
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	under applicable anti-money laundering regulations and other federal regulations, redemption requests may be suspended, restricted or canceled and the proceeds may be withheld; and 

		
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	all shares of our common stock requested to be redeemed must be beneficially owned by the stockholder of record making the request or his or her estate, heir or beneficiary, or the party requesting the redemption must be authorized to do so by the stockholder of record of the shares or his or her estate, heir or beneficiary, and such shares of common stock must be fully transferable and not subject to any liens or encumbrances. In certain cases, we may ask the requesting party to provide evidence satisfactory to us that the shares requested for redemption are not subject to any liens or encumbrances. If we determine that a lien exists against the shares, we will not be obligated to redeem any shares subject to the lien. 

IRS regulations require us to determine and disclose on Form 1099-B the adjusted cost basis for shares of our stock sold or redeemed. Although there are several available methods for determining the adjusted cost basis, unless you elect otherwise, which you may do by checking the appropriate box on the redemption form or calling our customer service number at (888) 310-9352, we will utilize the first-in-first-out method.  
Mail and Telephone Instructions 
We and our transfer agent will not be responsible for the authenticity of mail or phone instructions or losses, if any, resulting from unauthorized stockholder transactions if they reasonably believe that such instructions were genuine. We and our transfer agent have established reasonable procedures to confirm that instructions are genuine including requiring the stockholder to provide certain specific identifying information on file and sending written confirmation to stockholders of record no later than five days following execution of the instruction. Stockholders, or their designated custodian or fiduciary, should carefully review such correspondence to ensure that the instructions were properly acted upon. If any discrepancies are noted, the stockholder, or its agent, should contact his, her or its financial advisor as well as our transfer agent in a timely manner, but in no event more than 60 days from receipt of such correspondence. Failure to notify such entities in a timely manner will relieve us, our transfer agent and the financial advisor of any liability with respect to the discrepancy. 

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