Document:

Form of Registration Rights Agreement

 Exhibit 10.2 
 [Form of Registration Rights Agreement] 
 REGISTRATION RIGHTS AGREEMENT

 THIS REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is entered into as of the
                    , 2010, by and among Solar Capital Ltd., a Maryland corporation (the “Company”), and each of the
undersigned parties listed under Investors on the signature page hereto, or any assignee or transferee pursuant to Section 5.1 below (each, an “Investor” and collectively, the “Investors”).

 WHEREAS, on or prior to the date hereof, the Company entered into certain subscription agreements with the Investors pursuant
to which the Company issued or will issue an aggregate of 1,800,000 shares of Common Stock, par value $0.01 per share (the “Registrable Securities”) of the Company to the Investors; 

WHEREAS, the Investors and the Company desire to enter into this Agreement to provide the Investors with certain rights relating to the
registration of the Registrable Securities; 
 NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth
herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 1. DEFINITIONS. THE FOLLOWING CAPITALIZED TERMS USED HEREIN HAVE THE FOLLOWING MEANINGS: 
 “Agreement” means this Agreement, as amended, restated, supplemented, or otherwise modified from time to time. 

“Business Day” means any day, except a Saturday, Sunday or legal holiday on which the banking institutions in the
City of New York are authorized or obligated by law or executive order to close. 
 “Commission” means
the Securities and Exchange Commission, or such successor federal agency or agencies as may be established in lieu thereof. 

“Company” is defined in the preamble to this Agreement. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the
Commission promulgated thereunder. 
 “Indemnified Party” is defined in Section 4.3. 

“Indemnifying Party” is defined in Section 4.3. 

“Investor” is defined in the recitals to this Agreement. 

“Notices” is defined in Section 5.2. 

 “Prospectus” means a prospectus relating to a Registration
Statement, as amended or supplemented, and all materials incorporated by reference in such Prospectus. 

“Register,” “registered” and “registration” mean a registration effected by
preparing and filing a registration statement or similar document under the Securities Act and such registration statement becoming effective. 
 “Registrable Securities” is defined in the recitals to this Agreement. 
 “Registration Statement” is defined in Section 2.1. 

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations of the Commission
promulgated thereunder. 
 2. REGISTRATION RIGHTS. 
 2.1 Mandatory Shelf Registration. 
 2.1.1 Mandatory Shelf
Registration. The Company shall use its commercially reasonable efforts to prepare and file with the Commission a Registration Statement for the resale of any or all of such Registrable Securities (but not involving any underwritten offerings)
on a “shelf” Form N-2 under Rule 415 under the Securities Act (the “Registration Statement”) within 30 days after the date hereof, and shall use its commercially reasonable efforts to cause such Registration
Statement to be declared effective under the Securities Act as soon as reasonably practicable thereafter; provided, however, that the Company shall have the right to defer such filing for up to thirty (30) days if the Company shall furnish to
the holders a certificate signed by the Chief Executive Officer of the Company stating that, in the good faith judgment of the Board of Directors of the Company, it would be materially detrimental to the Company and its security holders for such
Registration Statement to be effected at such time. The Company shall use its commercially reasonable efforts to keep the Registration Statement continuously effective under the Securities Act until the earliest of (A) the date on which the
Registrable Securities have been sold pursuant to the Registration Statement, (B) the date all the Registrable Securities have been sold pursuant to Rule 144 under the Securities Act, (C) the date on which such Registrable Securities cease
to be outstanding and (D) the date on which the Registrable Securities become eligible for sale under Rule 144 under the Securities Act. The Company shall notify each Holder when the Registration Statement has been declared effective.

 2.1.2 Supplements and Amendments. The Company shall promptly amend the Registration Statement and/or amend or
supplement the Prospectus constituting a part thereof if required by the rules, regulations or instructions applicable to the registration form used for such Registration Statement, if required by the Securities Act, or if reasonably requested in
writing by the Holders of a majority of the Registrable Shares covered by such Registration Statement, but only with respect to information relating to such Holders. 
 2.1.3 Provision of Information. No Holder shall be entitled to include any of its Registrable Shares in any Registration Statement pursuant to this Agreement unless such Holder furnishes to the
Company in writing, within 20 days after receipt of a written request therefor (such written request, a “Notice and Questionnaire”), such information as the Company, after

 
conferring with counsel with regard to information relating to Holders that would be required by the Commission to be included in the Registration Statement or Prospectus included therein, may
reasonably request for inclusion in any Registration Statement or Prospectus included therein. The Company shall mail the Notice and Questionnaire to the Holders no later than 30 days prior to the date of initial filing of the Registration Statement
with the Commission. No Holder shall be entitled to be named as a selling securityholder in the Registration Statement as of the initial effective date of the Registration Statement, and no Holder may use the Prospectus forming a part thereof for
resales of Registrable Shares at any time, unless such Holder has returned a completed and signed Notice and Questionnaire to the Company by the deadline for response set forth therein; provided, however, that Holders shall have at
least 20 days from the date on which the Notice and Questionnaire is first mailed to such Holders to return a completed and signed Notice and Questionnaire to the Company. Notwithstanding the foregoing, (x) upon the request of any Holder that
did not return a Notice and Questionnaire on a timely basis or did not receive a Notice and Questionnaire because it was a subsequent transferee of Registrable Shares after the Company mailed the Notice and Questionnaire, the Company shall
distribute a Notice and Questionnaire to such Holders at the address set forth in the request and (y) upon receipt of a properly completed Notice and Questionnaire from such Holder, the Company shall use its commercially reasonable efforts to
name such Holder as a selling securityholder in the Registration Statement by means of a pre-effective amendment, by means of a post-effective amendment or, if permitted by the Commission, by means of a Prospectus supplement to the Registration
Statement; provided, however, that the Company will have no obligation to add Holders to the Registration Statement as selling securityholders more frequently than once every 30 calendar days. 

3. REGISTRATION PROCEDURES. 
 3.1 Filings; Information 
 3.1.1 Copies. The Company shall, prior to
filing a Registration Statement or Prospectus, or any amendment or supplement thereto, furnish without charge to the holders of Registrable Securities included in such registration, and such holders’ legal counsel, copies of such Registration
Statement as proposed to be filed, each amendment and supplement to such Registration Statement (in each case including all exhibits thereto and documents incorporated by reference therein), the Prospectus included in such Registration Statement
(including each preliminary Prospectus), and such other documents as the holders of Registrable Securities included in such registration or legal counsel for any such holders may reasonably request in order to facilitate the disposition of the
Registrable Securities owned by such holders. 
 3.1.2 Amendments and Supplements. The Company shall prepare and file
with the Commission such amendments, including post-effective amendments, and supplements to such Registration Statement and the Prospectus used in connection therewith as may be necessary to keep such Registration Statement effective and in
compliance with the provisions of the Securities Act for the period set forth in Section 2.1.1. 
 3.1.3
Notification. After the filing of a Registration Statement, the Company shall promptly, and in no event more than two (2) Business Days after such filing, notify the holders of Registrable Securities included in such Registration
Statement of such filing, and shall 

 
further notify such holders promptly and confirm such advice in writing in all events within two (2) Business Days of the occurrence of any of the following: (i) when such Registration
Statement becomes effective; (ii) when any post-effective amendment to such Registration Statement becomes effective; (iii) the issuance or threatened issuance by the Commission of any stop order (and the Company shall take all actions
required to prevent the entry of such stop order or to remove it if entered); and (iv) (x) any request by the Commission for any amendment or supplement to such Registration Statement or any Prospectus relating thereto or for additional
information or (y) of the occurrence of an event requiring the preparation of a supplement or amendment to such Prospectus so that, as thereafter delivered to the purchasers of the securities covered by such Registration Statement, such
Prospectus will not contain an untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading, and promptly make available to the holders of Registrable
Securities included in such Registration Statement any such supplement or amendment; except that before filing with the Commission a Registration Statement or Prospectus or any amendment or supplement thereto, including documents incorporated by
reference, the Company shall furnish to the holders of Registrable Securities included in such Registration Statement and to the legal counsel for any such holders, copies of all such documents proposed to be filed sufficiently in advance of filing
to provide such holders and legal counsel with a reasonable opportunity to review such documents and comment thereon, and the Company shall not file any Registration Statement or Prospectus or amendment or supplement thereto, including documents
incorporated by reference, to which such holders or their legal counsel shall reasonably object. 
 3.1.4 State Securities
Laws Compliance. The Company shall use commercially reasonable efforts to (i) register or qualify the Registrable Securities covered by the Registration Statement under such securities or “blue sky” laws of such jurisdictions in
the United States as the holders of Registrable Securities included in such Registration Statement (in light of their intended plan of distribution) may request and (ii) take such action necessary to cause such Registrable Securities covered by
the Registration Statement to be registered with or approved by such other State authorities as may be necessary by virtue of the business and operations of the Company and do any and all other acts and things that may be necessary or advisable to
enable the holders of Registrable Securities included in such Registration Statement to consummate the disposition of such Registrable Securities in such jurisdictions; provided, however, that the Company shall not be required to
qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify but for this Section 3.1.4 or subject itself to taxation in any such jurisdiction. 

3.1.5 Cooperation. Earnings Statement. The Company shall comply with all applicable rules and regulations of the Commission
and the Securities Act, and make available to its security holders, as soon as practicable, an earnings statement covering a period of twelve (12) months, beginning within six (6) months after the effective date of the registration
statement, which earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder. 
 3.1.6 Listing. The Company shall use commercially reasonable efforts to cause all Registrable Securities included in any registration to be listed on such exchanges or otherwise designated for
trading in the same manner as similar securities issued by the Company are then 

 
listed or designated or, if no such similar securities are then listed or designated, in a manner satisfactory to the holders of a majority of the Registrable Securities that are included in such
registration. 
 3.2 Obligation to Suspend Distribution. Upon receipt of any notice from the Company of the happening of
any event of the kind described in Section 3.1.3(iv), or, the occurrence or existence of any pending corporate development or any other material event that, in the reasonable judgment of the Company, makes it appropriate to suspend the
availability of the Registration Statement, each holder of Registrable Securities included in any registration shall immediately discontinue disposition of such Registrable Securities pursuant to the Registration Statement covering such Registrable
Securities until such holder receives the supplemented or amended Prospectus contemplated by Section 3.1.3(iv) or until it is advised in writing by the Company that the Prospectus may be used, and has received copies of any additional or
supplemental filings that are incorporated or deemed incorporated by reference in such Prospectus. 
 3.3 Registration
Expenses. Except to the extent prohibited by law or any applicable regulatory authority, the Company shall bear all customary costs and expenses incurred in connection with any registration on the Registration Statement, and all reasonable
expenses incurred in performing or complying with its other obligations under this Agreement, whether or not the Registration Statement becomes effective, including, without limitation: (i) all registration and filing fees; (ii) fees and
expenses of compliance with securities or “blue sky” laws (including reasonable fees and disbursements of counsel in connection with blue sky qualifications of the Registrable Securities, subject to the limit set forth in paragraph
(ix) below); (iii) printing expenses; (iv) the Company’s internal expenses (including, without limitation, all salaries and expenses of its officers and employees); (v) the fees and expenses incurred in connection with the
listing of the Registrable Securities, as required by Section 3.1.6; (vi) National Association of Securities Dealers, Inc. fees; (vii) fees and disbursements of counsel for the Company and fees and expenses for independent certified
public accountants retained by the Company; and (viii) the fees and expenses of any special experts retained by the Company in connection with such registration. 
 3.4 Information. The holders of Registrable Securities shall provide such information as may reasonably be requested by the Company in connection with the preparation of any Registration Statement,
including amendments and supplements thereto, in order to effect the registration of any Registrable Securities under the Securities Act pursuant to Section 2 and in connection with the Company’s obligation to comply with federal and
applicable state securities laws. 
 4. INDEMNIFICATION AND CONTRIBUTION. 

4.1 Indemnification by the Company. The Company agrees to indemnify and hold harmless each holder of Registrable Securities, and
each of their respective officers, employees, affiliates, directors, partners, members, attorneys and agents, and each person, if any, who controls (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act)
a holder of Registrable Securities, from and against any expenses, losses, judgments, claims, damages or liabilities, whether joint or several, arising out of or based upon any untrue 

 
statement (or allegedly untrue statement) of a material fact contained in any Registration Statement under which the sale of such Registrable Securities was registered under the Securities Act,
any preliminary Prospectus or final Prospectus contained in the Registration Statement, or any amendment or supplement to such Registration Statement, or arising out of or based upon any omission (or alleged omission) to state a material fact
required to be stated therein or necessary to make the statements therein not misleading, except insofar as such expense, loss, claim, damage or liability arises out of or is based upon any untrue statement or allegedly untrue statement or omission
or alleged omission made in such Registration Statement, preliminary Prospectus or final Prospectus or any such amendment or supplement, in reliance upon and in conformity with information furnished to the Company, in writing, by such selling holder
expressly for use therein. 
 4.2 Indemnification by Holders of Registrable Securities. Each selling holder of
Registrable Securities will, with respect to any Registration Statement where Registrable Securities were registered under the Securities Act, indemnify and hold harmless the Company, each of its directors and officers, and each other person, if
any, who controls the Company (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act), against any losses, claims, judgments, damages or liabilities, whether joint or several, insofar as such losses,
claims, judgments, damages or liabilities (or actions in respect thereof) arise out of or are based upon any untrue statement or allegedly untrue statement of a material fact contained in any Registration Statement under which the sale of such
Registrable Securities was registered under the Securities Act, any preliminary Prospectus or final Prospectus contained in the Registration Statement, or any amendment or supplement to the Registration Statement, or arise out of or are based upon
any omission or the alleged omission to state a material fact required to be stated therein or necessary to make the statement therein not misleading, if the statement or omission was made in reliance upon and in conformity with information
furnished in writing to the Company by such selling holder expressly for use therein, and shall reimburse the Company, its directors and officers, and each such controlling person for any legal or other expenses reasonably incurred by any of them in
connection with investigation or defending any such loss, claim, damage, liability or action. Each selling holder’s indemnification obligations hereunder shall be several and not joint and shall be limited to the amount of any net proceeds
actually received by such selling holder from the sale of Registrable Securities which gave rise to such indemnification obligation. 
 4.3 Conduct of Indemnification Proceedings. Promptly after receipt by any person of any notice of any loss, claim, damage or liability or any action in respect of which indemnity may be sought
pursuant to Section 4.1 or 4.2, such person (the “Indemnified Party”) shall, if a claim in respect thereof is to be made against any other person for indemnification hereunder, promptly notify such other person (the
“Indemnifying Party”) in writing of the loss, claim, judgment, damage, liability or action. If the Indemnified Party is seeking indemnification with respect to any claim or action brought against the Indemnified Party, then
the Indemnifying Party shall be entitled to participate in such claim or action, and, to the extent that it elects, retain counsel reasonably satisfactory to the Indemnified Party to represent the Indemnified Party, and any others the Indemnifying
Party may designate in such proceeding and shall pay the reasonable fees and disbursements of such counsel related to such proceeding. In any such proceeding, the Indemnified Party shall have the right to retain its own counsel, but the fees and
expenses of such counsel shall be at the expense of such Indemnified Party unless (i) the Indemnified Party and 

 
the Indemnifying Party shall have mutually agreed to the retention of such counsel, or (ii) the named parties to any such proceeding (including any impleaded parties) include both the
Indemnified Party and the Indemnifying Party and representation of both parties by the same counsel would be inappropriate due to actual or potential differing interest between them. The Indemnifying Party shall not be liable for any settlement of
any proceeding effected without its written consent, but if settled with such consent or there is a final judgment for the plaintiff, the Indemnifying Party agrees to indemnify the Indemnified Party from and against any loss or liability by reason
of such settlement or judgment. Notwithstanding the foregoing sentence, if at any time an Indemnified Party shall have requested an Indemnifying Party to reimburse the Indemnified Party for fees and expenses of counsel as contemplated in this
Section 4.3, the Indemnifying Party agrees that it shall be liable for any settlement of any proceeding effected without its written consent if (i) such settlement is entered into more than thirty (30) days after receipt by such
Indemnifying Party of the aforesaid request, and (ii) such Indemnifying Party shall not have reimbursed the Indemnified Party in accordance with such request prior to the date of such settlement (other than reimbursement for fees and expenses
the Indemnifying Party is contesting in good faith). No Indemnifying Party shall, without the prior written consent of the Indemnified Party, consent to entry of judgment or effect any settlement of any claim or pending or threatened proceeding in
respect of which the Indemnified Party is or could have been a party and indemnity could have been sought hereunder by such Indemnified Party, unless such judgment or settlement includes an unconditional release of such Indemnified Party from all
liability arising out of such claim or proceeding. 
 4.4 Contribution. 

4.4.1 If the indemnification provided for in the foregoing Sections 4.1, 4.2 and 4.3 is unavailable to any Indemnified Party in respect
of any loss, claim, damage, liability or action referred to herein, then each such Indemnifying Party, in lieu of indemnifying such Indemnified Party, shall contribute to the amount paid or payable by such Indemnified Party as a result of such loss,
claim, damage, liability or action in such proportion as is appropriate to reflect the relative benefits received by the Indemnified Parties on the one hand and the Indemnifying Parties on the other from the offering. If, however, the allocation
provided by the immediately preceding sentence is not permitted by applicable law or if the Indemnified Party failed to give the notice required under Section 4.3 above, then each Indemnifying Party shall contribute to such amount paid or
payable by such Indemnified Party in such proportion as is appropriate to reflect not only such relative benefits but also the relative fault of the Indemnified Parties on the one hand and the Indemnifying Parties on the other in connection with the
actions or omissions which resulted in such loss, claim, damage, liability or action, as well as any other relevant equitable considerations. The relative fault of any Indemnified Party and any Indemnifying Party shall be determined by reference to,
among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by such Indemnified Party or such Indemnifying Party and the
parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. 
 4.4.2 The parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 4.4 were determined by pro rata allocation or by any other method of allocation
which does not take account of the equitable considerations referred to in 

 
the immediately preceding Section 4.4.1. The amount paid or payable by an Indemnified Party as a result of any loss, claim, damage, liability or action referred to in the immediately
preceding paragraph shall be deemed to include, subject to the limitations set forth above, any legal or other expenses incurred by such Indemnified Party in connection with investigating or defending any such action or claim. Notwithstanding the
provisions of this Section 4.4, no holder of Registrable Securities shall be required to contribute any amount in excess of the dollar amount of the net proceeds (after payment of any underwriting fees, discounts, commissions or taxes) actually
received by such holder from the sale of Registrable Securities which gave rise to such contribution obligation. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to
contribution from any person who was not guilty of such fraudulent misrepresentation. 
 5. MISCELLANEOUS. 

5.1 Assignment; No Third Party Beneficiaries. This Agreement and the rights, duties and obligations of the Company hereunder may
not be assigned or delegated by the Company in whole or in part. This Agreement and the rights, duties and obligations of the holders of Registrable Securities hereunder may be freely assigned or delegated by such holder of Registrable Securities in
conjunction with and to the extent of any permitted transfer of Registrable Securities by any such holder in accordance with applicable law. This Agreement and the provisions hereof shall be binding upon and shall inure to the benefit of each of the
parties and their respective successors and the permitted assigns of a holder of Registrable Securities or of any assignee of a holder of Registrable Securities. This Agreement is not intended to confer any rights or benefits on any persons that are
not a party hereto other than as expressly set forth in Section 4 and this Section 5.1. 
 5.2 Notices. All
notices, demands, requests, consents, approvals or other communications (collectively, “Notices”) required or permitted to be given hereunder or which are given with respect to this Agreement shall be in writing and shall be
personally served, delivered by reputable air courier service with charges prepaid, or transmitted by hand delivery, telegram, telex or facsimile, addressed as set forth below, or to such other address as such party shall have specified most
recently by written notice provided in accordance with this Section 5.2. Notice shall be deemed given on the date of service or transmission if personally served or transmitted by telegram, telex or facsimile; provided, that if such service or
transmission is not on a Business Day or is after normal business hours, then such notice shall be deemed given on the next Business Day. Notice otherwise sent as provided herein shall be deemed given on the next Business Day following timely
delivery of such notice to a reputable air courier service with an order for next-day delivery. 
 To the Company: 

Solar Capital Ltd. 
 500 Park Avenue, Fifth Floor 
 New York, NY 10022 

Fax No.: (212) 993-1699 
 Attention: Shelley M. Nolden 

 with a copy to: 
 Akin Gump Strauss Hauer & Feld LLP 
 One Bryant Park 

New York, NY 10036 
 Fax No.: (212) 872-1002 
 Attention: Bruce Mendelsohn, Esq. 

To an Investor, to the address set forth below such Investor’s name on the signature pages hereof. 

5.3 Severability. This Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof
shall not affect the validity or enforceability of this Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid or unenforceable term or provision, the parties hereto intend that there shall be added as a part of
this Agreement a provision as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable. 
 5.4 Counterparts. This Agreement may be executed in multiple counterparts, each of which shall be deemed an original, and all of which taken together shall constitute one and the same instrument.

 5.5 Entire Agreement. This Agreement (including all agreements entered into pursuant hereto and all certificates and
instruments delivered pursuant hereto and thereto) constitute the entire agreement of the parties with respect to the subject matter hereof and supersede all prior and contemporaneous agreements, representations, understandings, negotiations and
discussions between the parties, whether oral or written. 
 5.6 Modifications and Amendments. No amendment, modification
or termination of this Agreement shall be binding upon any party unless executed in writing by such party. 
 5.7 Titles and
Headings. Titles and headings of sections of this Agreement are for convenience only and shall not affect the construction of any provision of this Agreement. 
 5.8 Waivers and Extensions. Any party to this Agreement may waive any right, breach or default which such party has the right to waive, provided, that such waiver will not be effective against the
waiving party unless it is in writing, is signed by such party, and specifically refers to this Agreement. Waivers may be made in advance or after the right waived has arisen or the breach or default waived has occurred. Any waiver may be
conditional. No waiver of any breach of any agreement or provision herein contained shall be deemed a waiver of any preceding or succeeding breach thereof nor of any other agreement or provision herein contained. No waiver or extension of time for
performance of any obligations or acts shall be deemed a waiver or extension of the time for performance of any other obligations or acts. 
 5.9 Remedies Cumulative. In the event that the Company fails to observe or perform any covenant or agreement to be observed or performed under this Agreement, any holder of Registrable Securities
may proceed to protect and enforce its rights by suit in equity or action at 

 
law, whether for specific performance of any term contained in this Agreement or for an injunction against the breach of any such term or in aid of the exercise of any power granted in this
Agreement or to enforce any other legal or equitable right, or to take any one or more of such actions, without being required to post a bond. None of the rights, powers or remedies conferred under this Agreement shall be mutually exclusive, and
each such right, power or remedy shall be cumulative and in addition to any other right, power or remedy, whether conferred by this Agreement or now or hereafter available at law, in equity, by statute or otherwise. 

5.10 Specific Performance. Without limiting the remedies available to the Investors, the Company acknowledges that any failure by
it to comply with its obligations under this Agreement (including Section 2 hereof) may result in material irreparable injury to the Investors for which there is no adequate remedy at law, that it would not be possible to measure damages for
such injuries precisely and that, in the event of any such failure, any Investor may obtain such relief as may be required to specifically enforce the Company’s obligations under this Agreement (including Section 2 hereof). 

5.11 Governing Law. This Agreement shall be governed by and interpreted and construed in accordance with the laws of the State of
New York applicable to contracts formed and to be performed entirely within the State of New York, without regard to the conflicts of law provisions thereof to the extent such principles or rules would require or permit the application of the laws
of another jurisdiction. The Company and the holders of the Registrable Securities irrevocably and unconditionally submit to the exclusive jurisdiction of the United States District Court for the Southern District of New York or, if such court does
not have jurisdiction, the New York State Supreme Court in the Borough of Manhattan, in any action arising out of or relating to this Agreement, agree that all claims in respect of the action may be heard and determined in any such court and agree
not to bring any action arising out of or relating to this Agreement in any other court. In any action, the Company and the holders of the Registrable Securities irrevocably and unconditionally waive and agree not to assert by way of motion, as a
defense or otherwise any claims that it is not subject to the jurisdiction of the above court, that such action is brought in an inconvenient forum or that the venue of such action is improper. Without limiting the foregoing, the Company and the
holders of the Registrable Securities agree that service of process at each parties respective addresses as provided for in Section 5.2 above shall be deemed effective service of process on such party. 

5.12 Waiver of Trial by Jury. Each party hereby irrevocably and unconditionally waives the right to a trial by jury in any action,
suit, counterclaim or other proceeding (whether based on contract, tort or otherwise) arising out of, connected with or relating to this Agreement, the transactions contemplated hereby, or the actions of any party in the negotiation, administration,
performance or enforcement hereof. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

 IN WITNESS WHEREOF, the parties have caused this Registration Rights Agreement to be
executed and delivered by their duly authorized representatives as of the date first written above. 
  

			
	SOLAR CAPITAL LTD.
		
	By:	 	  

		 	Name:
		 	Title:

  

							
	INVESTORS:
				
		 	By:	 		 	
				
		 		 	By:	 	  

		 		 		 	Name:
		 		 		 	Title:
			
		 		 	    Address:Amended and Restated Advisory Agreement

 Exhibit 10.2 
 AMENDED AND RESTATED ADVISORY AGREEMENT 

    This ADVISORY AGREEMENT (this “ Agreement ”) is entered into on this the
26th day of November, 2010, by and between CARTER VALIDUS MISSION CRITICAL REIT, INC., a Maryland corporation (the “Company”), Carter/Validus Operating Partnership, LP, a Delaware limited partnership (the
“Partnership”) and CARTER/VALIDUS ADVISORS, LLC, a Delaware limited liability company (the “ Advisor ”) and amends and restates that certain Advisory Agreement dated November 15, 2010, by and among the Company, the
Partnership and the Advisor. 
 W I T N E S S E T H 

    WHEREAS, the Company intends to issue shares of its common stock, par value $.01, to the
public, upon registration of such shares with the Securities and Exchange Commission pursuant to the Securities Act of 1933, as amended; 
     WHEREAS, the Company intends to qualify as a real estate investment trust and to invest its funds in investments permitted by the terms of the Company’s Articles of
Incorporation and Sections 856 through 860 of the Internal Revenue Code; 
     WHEREAS, the Company
is the general partner of the Partnership and intends to conduct all of its business and make all of its investments in Properties and other Assets through the Partnership; 

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

    WHEREAS, the Advisor is willing to undertake to render such services, subject to the
supervision of the Board, on the terms and conditions hereinafter set forth. 
     NOW,
THEREFORE, in consideration of the foregoing and of the mutual covenants and agreements contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as
follows: 
 ARTICLE I 
 DEFINITIONS 
     The following
defined terms used in this Agreement shall have the meanings specified below: 
 Acquisition
Expenses.  Any and all expenses incurred by the Company, the Partnership, the Advisor, or any Affiliate of either in connection with the selection, evaluation, acquisition or development of any Asset, 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, and title insurance premiums. 

Acquisition Fees.  Any and all fees and commissions, exclusive of Acquisition Expenses but including the
Acquisition and Advisory Fees, paid by any Person to any other Person (including any fees or commissions paid by or to any Affiliate of the Company or the Advisor) in connection with making or investing in Mortgages or the purchase, development or
construction of an Asset, including, without limitation, Disposition Fees, selection fees, Development Fees, Construction Fees, non-recurring management fees, loan fees, points or any other fees of a similar nature. Excluded shall be
Development Fees and Construction Fees paid to any Person not affiliated with the Sponsor in connection with the actual development and construction of any Property. 

 Acquisition and Advisory Fees.  The fees payable to the Advisor
pursuant to Section 3.01(b) of this Agreement. 
 Advisor.  Carter/Validus Advisors, LLC, a
Delaware limited liability company, any successor advisor to the Company, and the Partnership, or any Person to which Carter/Validus Advisors, LLC, or any successor advisor subcontracts all or substantially all of its functions. 

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

Aggregate Assets Value.  The aggregate book value of the Assets at the time of measurement before deducting
depreciation, bad debts or other similar non-cash reserves and without reduction for any debt secured by or relating to such assets; provided, however, that during such periods in which the Board is determining on a regular basis the current value
of the Company’s net assets for purposes of enabling fiduciaries of employee benefit plan stockholders to comply with applicable Department of Labor reporting requirements, “Aggregate Assets Value” will equal the greater of
(i) the amount determined pursuant to the foregoing or (ii) the most recent Assets’ aggregate valuation established by the Board without reduction for depreciation, bad debts or other non-cash reserves and without reduction for
any debt secured by or relating to such assets. 
 Appraised Value.  Value according to an appraisal
made by an Independent Appraiser. 
 Articles of Incorporation.  The Articles of Incorporation of the
Company filed with the Maryland State Department of Assessments and Taxation in accordance with the Maryland General Corporation Law, as amended from time to time. 
 Assets.  Properties, Mortgages and other direct or indirect investments in equity interests in, or loans secured by, Real Property (other than investments in bank accounts, money
market funds or other current assets, whether of the proceeds from an Offering or the sale of an Asset or otherwise) owned by the Company or the Partnership, directly or indirectly through one or more of its Affiliates. 

Asset Management Fee.  The fee payable to the Advisor for day-to-day professional management services in
connection with the Company and its investments in Assets pursuant to this Agreement. 
 Average Invested
Assets.  For a specified period, the average of the aggregate book value of the Assets, before deducting depreciation, bad debts or other similar non-cash reserves, computed by taking the average of such values at the end of each
month during such period; provided, however, that during such periods in which the Board is determining on a regular basis the current value of the Company’s net assets for purposes of enabling fiduciaries of employee benefit plan stockholders
to comply with applicable Department of Labor reporting requirements, and solely for such purpose, “Average Invested Assets” will equal the greater of (i) the amount determined pursuant to the foregoing or (ii) the most recent
Assets’ aggregate valuation established by the Board without reduction for depreciation, bad debts or other non-cash reserves. 
 Board.  The Board of Directors of the Company. 

  
 2 

 Bylaws.  The bylaws of the Company, as the same are in effect as
amended from time to time. 
 Change of Control.  Any event (including, without limitation, issue,
transfer or other disposition of Shares of capital stock of the Company or equity interests in the Partnership, merger, share exchange or consolidation) after which any “person” (as that term is used in Sections 13(d) and 14(d) of the
Securities Exchange Act of 1934, as amended) is or becomes the “beneficial owner” (as defined in Rule 13d-j of the Securities Exchange Act of 1934, as amended), directly or indirectly, of securities of the Company or the Partnership
representing greater than 50% or more of the combined voting power of the Company’s or the Partnership’s then outstanding securities, respectively; provided, that, a Change of Control shall not be deemed to occur as a result of any widely
distributed public offering of the Shares. 
 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. 
 Company.  Carter Validus Mission Critical REIT, Inc., a corporation
organized under the laws of the State of Maryland. 
 Competitive Disposition Fee.  A real estate or
brokerage commission paid or, if no such commission is paid, the amount that customarily would be paid, for the purchase or sale of a Property which is reasonable, customary, and competitive in light of the size, type and location of the Property.

 Construction Fee.  A fee or other remuneration for acting as general contractor and/or construction
manager to construct improvements, supervise and coordinate projects or to provide major repairs or rehabilitations on a Property. 
 Contract Purchase Price.  The amount actually paid or allocated in respect of the purchase, development, construction or improvement of an Asset, or the amount of funds advanced
with respect to a Mortgage, exclusive of Acquisition Fees and Acquisition Expenses. 
 Contract Sales
Price.  The total consideration provided for in the sales contract for the sale of a Property. 
 Dealer
Manager.  SC Distributors, LLC, an Affiliate of the Advisor, or such Person selected by the Board to act as the dealer manager for an Offering. 
 Development Fee.  A fee for the packaging of a Property or Mortgage, including the negotiation and approval of plans, and any assistance in obtaining zoning and necessary variances
and financing for a specific Property, either initially or at a later date. 
 Director.  A member of
the Board of Directors. 
 Distribution Payout Ratio.  The Company’s then-current distribution rate
per share divided by the Company’s MFFO per share. 
 Distributions.  Any dividends or other
distributions of money or other property by the Company to owners of Shares, including distributions that may constitute a return of capital for federal income tax purposes. 
 Disposition Fee.  The fee payable to the Advisor for services provided in connection with the Sale of one or more Properties pursuant to Section 3.01(c). 

Gross Proceeds.  The aggregate purchase price of all Shares sold for the account of the Company through an
Offering, without deduction for Selling Commissions, volume discounts, dealer manager fees, or Organization and Offering Expenses. For the purpose of computing Gross Proceeds, the purchase price of any Share for which reduced Selling
Commissions or dealer manager fees are paid to the Dealer Manager or a Soliciting 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. 

  
 3 

 Independent Appraiser.  A Person with no material current or prior
business or personal relationship with the Advisor or the Directors and who is a qualified appraiser of Real Property of the type held by the Company or the Partnership or of other Assets as determined by the Board. Membership in a nationally
recognized appraisal society such as the American Institute of Real Estate Appraisers or the Society of Real Estate Appraisers shall be conclusive evidence of such qualification as to Real Property. 

Independent Director.  A Director who is not, and within the last two years has not been, directly or indirectly
associated with the Sponsor or the Advisor by virtue of (i) ownership of an interest in the Sponsor, the Advisor or any of their Affiliates, other than the Company, (ii) employment by the Sponsor, the Advisor or any of their Affiliates,
(iii) service as an officer or director of the Sponsor, the Advisor or any of their Affiliates, other than as a Director of the Company or as a director of any other real estate investment trust organized by the Sponsor or advised by the
Advisor, (iv) performance of services, other than as a Director, for the Company, (v) service as a director or trustee of more than three real estate investment trusts organized by the Sponsor or advised by the Advisor or
(vi) maintenance of a material business or professional relationship with the Sponsor, the Advisor or any of their Affiliates. A business or professional relationship is considered “material” per se if the aggregate gross revenue
derived by the Director from the Sponsor, the Advisor and their Affiliates exceeds 5.0% of either the Director’s annual gross revenue during either of the last two years or the Director’s net worth on a fair market value basis. An
indirect association with the Sponsor or the Advisor shall include circumstances in which a Director’s spouse, parent, child, sibling, mother- or father-in-law, son- or daughter-in-law, or brother- or sister-in-law is or has been associated
with the Sponsor, the Advisor, any of their Affiliates or the Company. 
 Invested Capital.  The amount
calculated by multiplying the total number of Shares purchased by Stockholders by the issue price at the time of such purchase, reduced by the portion of any Distribution that is attributable to Net Sales Proceeds and by any amounts paid by the
Company to repurchase Shares pursuant to the Company’s plan for repurchase of Shares. 
 Joint
Ventures.  The joint venture or partnership arrangements in which the Company or the Partnership is a co-venturer or general partner which are established to acquire or hold Assets. 

Listing or Listed.  The approval of the Company’s application to list the Shares by a national
securities exchange and the commencement of trading in the Shares on the respective national securities exchange. Upon such Listing, the Shares shall be deemed Listed. 
 Market Value.  Upon Listing, the market value of the outstanding Shares, measured by taking the average closing price for a single Share over a period of 30 consecutive
trading days, with such period beginning 180 days after Listing, multiplying that number by the number of Shares outstanding on the date of measurement. 
 MFFO. The Company’s funds from operations, as calculated pursuant to the definition adopted by the National Association of Real Estate Investment Trusts, or NAREIT, excluding
acquisition-related costs, impairment charges and adjustments to fair value for derivatives not qualifying for hedge accounting. However, if a trade or industry group promulgates a different definition of MFFO applicable to listed or non-listed
REITs that the Company adopts in its periodic reports filed with the Securities and Exchange Commission, MFFO will have the meaning of such different definition. 
 Mortgages.  In connection with mortgage financing provided, invested in or purchased by the Company, all of the notes, deeds of trust, security interests or other evidences of
indebtedness or obligations, which are secured or collateralized by Real Property owned by the borrowers under such notes, deeds of trust, security interests or other evidences of indebtedness or obligations. 

  
 4 

 NASAA Guidelines.  The Statement of Policy Regarding Real Estate
Investment Trusts published by the North American Securities Administrators Association, Inc. on May 7, 2007, and in effect on the date hereof. 
 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 Assets. If the Advisor is paid a Subordinated Incentive Listing Fee, “Net Income” for purposes of calculating Total Operating
Expenses, shall exclude the gain from the Sale of any Assets. 
 Net Sales Proceeds.  In the case of a
transaction described in clause (A) of the definition of Sale, the proceeds of any such transaction less the amount of selling expenses incurred by or on behalf of the Company or the Partnership, including all Disposition Fees, closing costs
and legal fees and expenses. In the case of a transaction described in clause (B) of such definition, Net Sales Proceeds means the proceeds of any such transaction less the amount of selling expenses incurred by or on behalf of the Company or
the Partnership, including any legal fees and expenses and other selling expenses incurred in connection with such transaction. In the case of a transaction described in clause (C) of such definition, Net Sales Proceeds means the proceeds of
any such transaction actually distributed to the Company from the Joint Venture less the amount of any selling expenses, including legal fees and expenses incurred by or on behalf of the Company or the Partnership (other than those paid by the Joint
Venture). In the case of a transaction or series of transactions described in clause (D) of the definition of Sale, Net Sales Proceeds means the proceeds of any such transaction (including the aggregate of all payments under a Mortgage or
in satisfaction thereof other than regularly scheduled interest payments) less the amount of selling expenses incurred by or on behalf of the Company or the Partnership, including all commissions, closing costs and legal fees and expenses. In
the case of a transaction described in clause (E) of such definition, Net Sales Proceeds means the proceeds of any such transaction less the amount of selling expenses incurred by or on behalf of the Company or the Partnership, including any
legal fees and expenses and other selling expenses incurred in connection with such transaction. In the case of a transaction described in the last sentence of the definition of Sale, Net Sales Proceeds means the proceeds of such transaction or
series of transactions less all amounts generated thereby which are reinvested in one or more Assets within 180 days thereafter and less the amount of any Disposition Fees, closing costs, and legal fees and expenses and other selling expenses
incurred by or allocated to the Company in connection with such transaction or series of transactions. Net Sales Proceeds shall also include any consideration (including non-cash consideration such as stock, notes, or other property or
securities) that the Company determines, in its discretion, to be economically equivalent to proceeds of a Sale, valued in the reasonable determination of the Company. Net Sales Proceeds shall not include any reserves established by the Company in
its sole discretion. 
 Offering.  Any public offering and sale of Shares pursuant to an effective
registration statement filed under the Securities Act, other than a public offering of Shares under a distribution reinvestment plan and Shares offered under any employee benefit plan. 

Operating Expenses.  All costs and expenses paid or incurred by the Company, as determined under generally
accepted accounting principles, which are in any way related to the operation of the Company or to Company business, including the Asset Management Fee, 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 tax incurred in connection with the issuance, distribution, transfer, registration and Listing of the Shares,
(ii) interest payments, (iii) taxes, (iv) non-cash expenditures such as depreciation, amortization and bad debt reserves, (v) the Subordinated Share of Net Sales Proceeds, (vi) the Performance Fee, (vii) the
Subordinated Incentive Listing Fee, (viii) Acquisition Fees and Acquisition Expenses, (ix) Disposition Fees on the Sale of Property, and (x) other fees and expenses connected with the acquisition, disposition, management and ownership
of real estate interests, mortgage loans or other property (including the costs of foreclosure, insurance premiums, legal services, maintenance, repair and improvement of property). 

  
 5 

 Organization and Offering Expenses.  All expenses incurred by, and
to be paid from, the assets of the Company in connection with and in preparing the Company for registration of and subsequently offering and distributing its Shares to the public, which may include, but are not limited to, total underwriting and
brokerage discounts and commissions (including fees of the underwriters’ attorneys); expenses for printing, engraving and mailing; salaries of employees while engaged in sales activities; charges of transfer agents, registrars, trustees, escrow
holders, depositaries and experts; and expenses of qualification of the sale of the securities under federal and state laws, including taxes and fees; and accountants’ and attorneys’ fees. 

Partnership.  Carter/Validus Operating Partnership, LP, a Delaware limited partnership, through which the Company
may own Assets. 
 Performance Fee.  The fee payable to the Advisor upon termination of this Agreement
under certain circumstances if certain performance standards have been met pursuant to Section 4.03(b) or (c) of this Agreement. 
 Person.  An individual, corporation, business trust, estate, trust, partnership, limited liability company or other legal entity. 

Property or Properties.  As the context requires, any, or all, respectively, of the Real Property acquired
by the Company or the Partnership, either directly or indirectly (whether through joint venture arrangements or other partnership or investment interests). 
 Prospectus.  Prospectus has the meaning set forth in 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 of the Company to the public. 

Real Property.  Land, rights in land (including leasehold interests), and any buildings, structures,
improvements, furnishings, fixtures and equipment located on or used in connection with land and rights or interests in land. 

REIT.  A corporation, trust, association or other legal entity (other than a real estate syndication) that is
engaged primarily in investing in equity interests in real estate (including fee ownership and leasehold interests) or in loans secured by real estate or both in accordance with Sections 856 through 860 of the Code. 

Sale or Sales.  Any transaction or series of transactions whereby: (A) the Company or the Partnership
directly or indirectly (except as described in other subsections of this definition) sells, grants, transfers, conveys, or relinquishes its ownership of any Property or portion thereof, including the lease of any Property consisting of a building
only, and including any event with respect to any Property which gives rise to a significant amount of insurance proceeds or condemnation awards; (B) the Company or the 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 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 Partnership as a co-venturer or partner sells, grants, transfers, conveys, or relinquishes its ownership of any Property
or portion thereof, including any event with respect to any Property which gives rise to insurance claims or condemnation awards; (D) the Company or the Partnership directly or indirectly (except as described in other subsections of this
definition) sells, grants, conveys or relinquishes its interest in any Mortgage or portion thereof (including with respect to any Mortgage, all repayments thereunder or in satisfaction thereof other than regularly scheduled interest payments) and
any event with respect to a Mortgage which gives rise to a significant amount of insurance proceeds or similar awards; or (E) the Company or the 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. Notwithstanding the foregoing, “Sale” or “Sales” shall not include any
transaction or series of transactions specified in clause (A) through (E) above in which the proceeds of such transaction or series of transactions are reinvested in one or more Assets within 180 days thereafter. 

  
 6 

 Securities Act.  The Securities Act of 1933, as amended from time to
time, or any successor statute thereto. Reference to any provision of the Securities Act 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. 
 Selling Commissions.  Any and all commissions payable to
underwriters, dealer managers or other broker-dealers in connection with the sale of the Shares, including, without limitation, commissions payable to SC Distributors, LLC. 
 Shares.  Any Shares of the Company’s common stock, par value $.01 per share. 
 Soliciting 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 broker or other agreements with the Dealer Manager to sell Shares. 
 Sourcing
Fee.  The fees payable to the Advisor pursuant to Section 3.01(g) of this Agreement. 

Sponsor.  Carter/Validus REIT Investment Management Company, LLC, a Florida limited liability company, which is
directly or indirectly controlled by John Carter and Mario Garcia, Jr. 
 Stockholders.  The record
holders of the Shares as maintained in the books and records of the Company or its transfer agent. 
 Stockholders’
8.0% Return.  As of any date, an aggregate amount equal to an 8.0% cumulative, non-compounded, annual return on Invested Capital. 
 Subordinated Incentive Listing Fee.  The fee payable to the Advisor under certain circumstances if the Shares are Listed pursuant to Section 3.01(e). 

Subordinated Share of Net Sales Proceeds.  The fee payable to the Advisor under certain circumstances following
receipt of Net Sales Proceeds pursuant to Section 3.01(d). 
 Termination Date.  The date of
termination of this Agreement. 
 2%/25% Guidelines.  The requirement pursuant to the NASAA Guidelines
that, in any four consecutive fiscal quarters, total Operating Expenses not exceed the greater of 2% of Average Invested Assets during such period or 25% of Net Income over the same period. 

  
 7 

 ARTICLE II 
 THE ADVISOR 

2.01      Appointment.    The Company and the Partnership hereby appoint
the Advisor to serve as its advisor on the terms and conditions set forth in this Agreement, and the Advisor hereby accepts such appointment. 
 2.02      Duties of the Advisor.    Subject to Section 2.07, the Advisor undertakes to use its commercially reasonable best efforts to
present to the Company and the Partnership investment opportunities 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 Company’s most recent Prospectus for Shares, Articles of Incorporation and Bylaws, the Advisor shall, either directly or by engaging a duly qualified and licensed Affiliate
of the Advisor or other duly qualified and licensed Person: 

    (a)        Find, evaluate, present and recommend to the
Company investment opportunities consistent with the Company’s investment policies and objectives; 

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

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

    (d)        maintain and preserve the books and records of
the Company and the Partnership, including stock books and records reflecting a record of the Stockholders and their ownership of the Company’s Shares; 
     (e)        investigate, select, and, on behalf of the Company and the Partnership, engage and conduct business with such Persons as the
Advisor deems necessary to the proper performance of its obligations hereunder, including but not limited to consultants, accountants, correspondents, lenders, technical advisors, attorneys, brokers, underwriters, corporate fiduciaries, escrow
agents, depositaries, custodians, agents for collection, insurers, insurance agents, banks, builders, developers, property owners, mortgagors, property management companies, transfer agents 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 and on behalf of
the Company and the Partnership with any of the foregoing; 

    (f)        consult with the officers and the Board and
assist the Board 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 and the Partnership; 
     (g)        review and analyze the operating and capital budgets prepared and submitted by a third party for each property; 

  
 8 

    (h)        subject to the provisions of Sections 2.02(i)
and 2.03 hereof, (i) locate, analyze and select potential investments in Assets, (ii) structure and negotiate the terms and conditions of transactions pursuant to which investment in Assets will be made; (iii) make investments in
Assets on behalf of the Company or the Partnership in compliance with the investment objectives and policies of the Company; (iv) arrange for financing and refinancing and make other changes in the asset or capital structure of, and dispose of,
reinvest the proceeds from the sale of, or otherwise deal with the investments in, Assets; and (v) enter into leases of Property and service contracts for Assets and, to the extent necessary, perform all other operational functions for the
maintenance and administration of such Assets, including the servicing of Mortgages; 

    (i)        provide the Board with periodic reports
regarding prospective investments in Assets; 

    (j)        if a transaction requires approval by the
Board, deliver to the Board all documents required by them to properly evaluate the proposed transaction; 

    (k)        obtain the prior approval of the Board
(including a majority of all Independent Directors) for any and all investments in Assets with a Contract Purchase Price equal to or greater than $15,000,000; 
     (l)        obtain the prior approval of a majority of the Independent Directors and a majority of the Board not otherwise interested in any
transaction with the Advisor or its Affiliates; 

    (m)        negotiate on behalf of the Company and the
Partnership with banks or lenders for loans to be made to the Company, negotiate on behalf of the Company and the Partnership with investment banking firms and broker-dealers, and negotiate private sales of Shares and other securities of the Company
or obtain loans for the Company and the Partnership, as and when appropriate, 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; 

    (n)        obtain reports (which may be prepared by or
for the Advisor or its Affiliates), where appropriate, concerning the value of investments or contemplated investments of the Company and the Partnership in Assets; 

    (o)        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 Partnership under this Agreement; 
     (p)        provide the Company and the Partnership with, or assist the Company and the Partnership in arranging for, all necessary cash
management services; 
     (q)        deliver to or
maintain on behalf of the Company and the Partnership copies of all appraisals obtained in connection with the investments in Assets; 
     (r)        upon request of the Company, act, or obtain the services of others to act, as attorney-in-fact or agent of the Company and the
Partnership in making, requiring and disposing of Assets, disbursing, and collecting the funds, paying the debts and fulfilling the obligations of the Company and the Partnership and handling, prosecuting and settling any claims of the Company and
the Partnership, including foreclosing and otherwise enforcing mortgage and other liens and security interests comprising any of the Assets; 

  
 9 

    (s)        supervise the preparation and filing and
distribution of returns and reports to governmental agencies and to Stockholders and other investors and act on behalf of the Company in connection with investor relations; 

    (t)        provide office space, equipment and personnel
as required for the performance of the foregoing services as Advisor; 

    (u)        assist the Company in preparing all reports
and returns required by the Securities and Exchange Commission, Internal Revenue Service and other state or federal governmental agencies; and 
     (v)        do all things necessary to assure its ability to render the services described in this Agreement. 

2.03      Authority of Advisor.    Pursuant to the terms of this
Agreement Including the duties set forth in Section 2.02 and the restrictions included in this Section 2.03 and in Section 2.06, 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 (i) locate, analyze and select investment opportunities for the Company and the Partnership, (ii) structure the terms and conditions of transactions pursuant to which
investments will be made or acquired for the Company or the Partnership, (iii) acquire Properties, make and acquire Mortgages and other loans and invest in other Assets in compliance with the investment objectives and policies of the Company,
(iv) arrange for financing and refinancing of Assets, (v) enter into leases for the Properties and service contracts for the Assets with duly qualified and licensed non-affiliated and Affiliated Persons, including oversight of
non-affiliated and Affiliated Persons that perform property management, acquisition, advisory, disposition or other services for the Company and the Partnership, and (vi) arrange for, or provide, accounting and other record-keeping functions at
the Asset level. 
 The Board may, at any time upon the giving of notice to the Advisor, modify or revoke the
authority set forth in this Section 2.03, provided however, that such modification or revocation shall be effective upon receipt by the Advisor or such later date as is specified by the Board and included in the notice provided to the Company
and such modification or revocation shall not be applicable to investment transactions to which the Advisor has committed the Company and the Partnership prior to the date of receipt by the Advisor of such notification, or, if later, the effective
date of such modification or revocation specified by the Board. 
 2.04      Bank
Accounts.    The Advisor may establish and maintain one or more bank accounts in its own name for the account of the Company and the Partnership or in the name of the Company or in the name of the 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, under such terms and conditions as the Board may approve, provided that no funds of the Company or the
Partnership shall be commingled with the funds of the Advisor; and the Advisor shall from time to time, upon request by the Board, its Audit Committee or the auditors of the Company, render appropriate accountings of such collections and payments to
the Board, its Audit Committee and the auditors of the Company. 
 2.05      Records;
Access.    The Advisor shall maintain appropriate records of all its activities hereunder and make such records available for inspection by the Board and by counsel, auditors and authorized agents of the Company, at any
time or from time to time, upon reasonable request, during normal business hours. The Advisor shall at all reasonable times have access to the books and records of the Company and the Partnership. 

2.06      Limitations on Activities.    Anything else in this Agreement
to the contrary notwithstanding, the Advisor shall refrain from taking any action which, in its sole judgment made in good faith, would (a) adversely affect the status of the Company as a REIT, (b) subject the Company to regulation under
the Investment Company Act of 1940, as amended, (c) violate any law, rule, regulation or statement of policy of any governmental body or agency having jurisdiction over the Company or the Partnership, the Shares or its other securities, or
(d) not be permitted by the Articles of Incorporation or Bylaws, 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 stockholders, and the directors, officers, employees and stockholders of the Advisor’s Affiliates shall not be liable to the Company or to the Board
or Stockholders for any act or omission by the Advisor, its directors, officers, employees or stockholders, or for any act or omission of any Affiliate of the Advisor, its directors, officers, employees or stockholders, except as provided in
Section 5.02 of this Agreement. 

  
 10 

 2.07      Other Activities of the
Advisor.    Nothing herein contained shall prevent the Advisor or its Affiliates from engaging in other activities, including, without limitation, the rendering of advice to other Persons (including other REITs) and the
management of other programs advised, sponsored or organized by the Advisor or its Affiliates; nor shall this Agreement limit or restrict the right of any director, officer, employee, or stockholder of the Advisor or its Affiliates to engage in any
other business or to render services of any kind to any other Person. The Advisor may, with respect to any investment in which the Company or the Partnership are participants, also render advice and service to each and every other participant
therein. 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 or the Partnership and its obligations to or its interest in any other Person. The Advisor or its Affiliates shall promptly disclose to the Board knowledge of such condition or circumstance. The Advisor shall inform the Board
at least quarterly of the investment opportunities that were offered to other programs sponsored by the Sponsor, Advisor or any Director or their Affiliates with similar investment objectives as the Company’s. If the Sponsor, Advisor, any
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, it shall be the duty of the Board (including the Independent Directors)
to adopt the method set forth in the Company’s most recent Prospectus for its Shares or another reasonable method by which investments are to be allocated to the competing investment entities and to use their best efforts to apply such method
fairly to the Company. 
 ARTICLE III 
 COMPENSATION 
 3.01      Fees.

     (a)        Asset
Management Fee.  The Company shall pay to the Advisor an Asset Management Fee equal to 1/12th of 1.00% of the sum of the Contract Purchase Price, the Acquisition Expenses, Construction Fee and other customarily capitalized costs but excluding Acquisition Fees, monthly in arrears based on Assets
held by the Company on the last day of such month; provided, however, that the Company’s obligation to pay such fee shall be deferred when the Company’s Distribution Payout Ratio is 100% or greater. The amount of Asset Management Fees
deferred in a particular period will be equal to that amount which, if paid, would cause the Company’s then-current Distribution Payout Ratio to be 100% or greater. If the Company’s Distribution Payout Ratio is less than 100%, the excess
MFFO will be used to repay any previously Deferred Asset Management Fees. 

    (b)        Acquisition and Advisory
Fees.  The Company shall pay the Advisor, or an Affiliate of the Advisor, a fee in the amount of 2.0% of the Contract Purchase Price of each Asset as Acquisition and Advisory Fees. The total of all Acquisition Fees and any
Acquisition Expenses shall be limited in accordance with the Articles of Incorporation and shall not exceed six percent (6%) of the Contract Purchase Price. Acquisition and Advisory Fees shall be paid as follows: (1) for real property
(including properties where development/redevelopment is expected), at the time of acquisition, (2) for development/redevelopment projects (other than the initial acquisition of the real property), at the time a final budget is approved, and
(3) for loans and similar assets (including without limitation mezzanine loans), quarterly based on the value of loans made or acquired. In the case of a development/redevelopment project subject to clause (2) above, upon completion
of the development/redevelopment project, the Advisor shall determine the actual amounts paid. To the extent the amounts actually paid vary from the budgeted amounts on which the Acquisition and Advisory Fee was initially based, the Advisor
will pay or invoice the Company for 2.0% of the budget variance such that the Acquisition and Advisory Fee is ultimately 2.0% of amounts expended on such development/redevelopment project. 

  
 11 

    (c)        Disposition Fee.  If the
Advisor or an Affiliate of the Advisor provides a substantial amount of the services (as determined by a majority of the Independent Directors) in connection with the Sale of one or more Properties, the Advisor or such Affiliate shall receive a
Disposition Fee up to the lesser of 2.0% of the Contract Sales Price and one-half of the brokerage commission paid if a third party broker is involved. The Disposition Fee may be paid in addition to Disposition Fee paid to non-Affiliates,
provided that the total Disposition Fee paid to all Persons by the Company (including the Disposition Fee) shall not exceed an amount equal to the lesser of (i) the Competitive Disposition Fee or (ii) 6.0% of the Contract Sales Price
of a Property. 
     (d)        Subordinated
Share of Net Sales Proceeds.  The Subordinated Share of Net Sales Proceeds shall be payable to the Advisor in an amount equal to 15.0% of Net Sales Proceeds remaining after the Stockholders have received Distributions equal to the sum
of the Stockholders’ 8.0% Return and 100% of Invested Capital. The Company shall have the option to pay such fee in the form of cash, Shares, a promissory note, or any combination of the foregoing. In no event will the Company pay a
Subordinated Share of Net Sales Proceeds, including any interest payable in connection with any promissory note issued by the Company in payment of the Subordinated Share of Net Sales Proceeds, in excess of the amount that would be presumptively
reasonable under Section 9.7 of the Articles of Incorporation. 

    (e)        Subordinated Incentive Listing
Fee.  Upon Listing, the Advisor shall be entitled to the Subordinated Incentive Listing Fee in an amount equal to 15.0% of the amount by which (i) the Market Value of the Company’s outstanding Shares plus distributions paid
by the Company prior to Listing, exceeds (ii) the sum of (A) 100% of Invested Capital and (B) the total Distributions required to be paid to the Stockholders in order to pay the Stockholders’ 8.0% Return from inception through
the date that Market Value is determined. The Company shall have the option to pay such fee in the form of cash, Shares, a promissory note, or any combination of the foregoing. If the Company pays such fee with a promissory note, payment
in full shall be made from the Net Sales Proceeds of the first Sale completed by the Company after Listing, and interest will accrue at a rate deemed fair and reasonable by the Board from and after the date of Listing. If the Net Sales Proceeds
from the first Sale after Listing are insufficient to pay the promissory note in full, including accrued interest, then the promissory note shall be paid in part with such Net Sales Proceeds, and in part from the Net Sales Proceeds from the next
successive Sales until the amount owing pursuant to such promissory note is paid in full. If the promissory note has not been paid in full within five years from the date of Listing, then the Advisor, or its successors or assigns, may elect to
convert the unpaid balance, including accrued but unpaid interest, into Shares at a price per Share equal to the average closing price of the Shares over the ten trading days immediately preceding the date of such election. If the Shares are no
longer Listed at such time as the promissory note becomes convertible into Shares as provided by this paragraph, then the price per Share, for purposes of conversion, shall equal the fair market value for the Shares as determined by the Board based
upon the Appraised Value of the Assets as of the date of election. 

  
 12 

    (f)        Changes to Fee Structure.  In
the event of Listing, the Company and the Advisor shall negotiate in good faith to establish a fee structure appropriate for a perpetual-life entity. 
     (g)        Sourcing Fee.  If the Advisor sources a property that the Company acquires, and if the Property is reasonably
expected to generate MFFO sufficient to produce at least an 8.0% current yield, then the Company will pay to the Advisor a Sourcing Fee of up to 1% of the Contract Purchase Price of each such Property acquired. The Sourcing Fee will be reduced by
any amounts received by the Advisor or its Affiliates from the seller of the Property in excess of 1% of the Contract Purchase Price of the Property and by any amount necessary to support the 8.0% yield threshold. The Company will not pay a
Sourcing Fee for any Properties that the Advisor identifies for the Company that includes a third-party broker commission, unless the Company’s board of directors otherwise determines. 
 3.02      Expenses. 

    (a)        In addition to the compensation paid to the
Advisor pursuant to Section 3.01 hereof, the Company or the Partnership shall pay directly or reimburse the Advisor, as applicable, for all of the expenses paid or incurred by the Advisor in connection with the services it provides to the
Company and the Partnership pursuant to this Agreement, including, but not limited to: 

(i)        Organization and Offering Expenses; provided, however, that within 60
days after the end of the month in which an Offering terminates, the Advisor shall reimburse the Company for any Organization and Offering Expenses reimbursed by the Company to the Advisor to the extent that such reimbursements exceed 1.25% of the
Gross Proceeds raised in the completed Offering. The Advisor shall be responsible for the payment of Organization and Offering Expenses in excess of 1.25% of the Gross Proceeds. In the event the Company does not raise the minimum amount of
the Offering as set forth in the Prospectus, the Advisor shall not be reimbursed for any Organization and Offering Expenses; 
 (ii)        Acquisition Expenses incurred in connection with the selection and acquisition of Assets in an amount estimated to be up to 0.5% of the Contract
Purchase Price, subject, however, to the aggregate six percent (6%) cap on Acquisition Fees and Acquisition Expenses set forth in Section 3.01(b); 
 (iii)        the actual cost of goods, services and materials used by the Company and obtained from Persons not affiliated with the Advisor, other than Acquisition
Expenses, including brokerage fees paid in connection with the purchase and sale of Shares; 

(iv)        interest and other costs for borrowed money, including discounts,
points and other similar fees; 
 (v)        taxes and assessments on
income or property and taxes as an expense of doing business; 

(vi)        costs associated with insurance required in connection with the
business of the Company or by the Board; 
 (vii)        expenses of
managing and operating Assets owned by the Company, whether payable to an Affiliate of the Company or a non-affiliated Person; 

  
 13 

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

(ix)        expenses associated with Listing or with the issuance and
distribution of Shares and other securities of the Company, such as Selling Commissions and fees, advertising expenses, taxes, legal and accounting fees, and Listing and registration fees; 

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

(xi)        expenses of organizing, reorganizing, liquidating or dissolving the
Company or amending the Articles of Incorporation or the Bylaws; 

(xii)        expenses of any third party transfer agent for the Shares and 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 all costs and expenses
incurred by Advisor in fulfilling its duties hereunder. Such costs and expenses may include reasonable wages and salaries and other employee-related expenses of all employees of Advisor who are engage in the management, administration,
operations, and marketing of the Company, including taxes, insurance and benefits relating to such employees, and legal, travel and other out-of-pocket expenses which are directly related to their services provided hereunder; and 

(xiv)        audit, accounting and legal fees. 

    No reimbursement shall be made for costs of personnel of the Advisor or its Affiliates to the
extent that such personnel perform services in connection with services for which the Advisor receives the Acquisition and Advisory Fee or the Disposition Fee. 
     (b)        Expenses incurred by the Advisor on behalf of the Company and the Partnership and payable pursuant to this Section 3.02
shall be reimbursed no less than quarterly to the Advisor within 60 days after the end of each quarter. The Advisor shall prepare a statement documenting the expenses of the Company and the Partnership during each quarter, and shall deliver
such statement to the Company and the Partnership within 45 days after the end of each quarter. 

3.03      Other Services.    Should the Board request that the Advisor or
any director, officer or employee thereof render services for the Company and the Partnership other than set forth in Section 2.02, such services shall be separately compensated at such rates and in such amounts as are agreed by the Advisor and
the Board, 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. 
 3.04      Reimbursement to the Advisor.    The Company shall not reimburse the Advisor, at the end of any fiscal quarter, for any Operating
Expenses to the extent that, in the four consecutive fiscal quarters then ended (the “Expense Year”) the Operating Expenses exceed (the “Excess Amount”) the greater of (i) 2% of Average Invested Assets or (ii) 25% of
Net Income (the “2%/25% Guidelines”) for that period of four consecutive quarters unless the Independent Directors determine that such excess was justified, based on unusual and nonrecurring factors which the Independent Directors deem
sufficient. If the Independent Directors do not approve such excess as being so justified, any Excess Amount paid to the Advisor during a fiscal quarter shall be repaid to the Company. 

  
 14 

 ARTICLE IV 
 TERM AND TERMINATION 

4.01      Term; Renewal.    Subject to Section 4.02 hereof, this
Agreement has a one-year term and shall continue in force until the first anniversary of the date hereof. Thereafter, this Agreement may be renewed for an unlimited number of successive one-year terms upon mutual consent of the parties. It
is the Board’s duty to evaluate the performance of the Advisor annually before renewing the Agreement, and each such renewal shall be for a term of no more than one year. 
 4.02      Termination.    This Agreement will automatically terminate upon Listing. This Agreement also may be terminated at the
option of either party (i) immediately upon a Change of Control or (ii) upon 60 days written notice without cause or penalty (in either case, if termination is by the Company, then such termination shall be upon the approval of a majority
of the Independent Directors). Notwithstanding the foregoing, the provisions of this Agreement which provide for payment to the Advisor of expenses, fees or other compensation following the date of termination ( i.e. , Sections 3.01(e)
and 4.03) shall continue in full force and effect until all amounts payable thereunder to the Advisor are paid in full. The provisions of Sections 2.05, 2.06 and 4.03 through 6.11 shall survive the termination of this Agreement.

 4.03      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 and receive from the Company within 30 days after the effective date of such termination all unpaid reimbursements of expenses, subject to the provisions
of Section 3.04 hereof, and all contingent liabilities related to fees payable to the Advisor prior to termination of this Agreement, provided that the Subordinated Incentive Listing Fee, if any, shall be paid in accordance with the provisions
of Section 3.01(e). 
     (b)        Upon
termination, unless such termination is by the Company because of a material breach of this Agreement by the Advisor or occurs upon a Change of Control, the Advisor shall be entitled to receive a payment of the Performance Fee equal to 15.0% of the
amount, if any, by which (i) the Appraised Value of the Assets on the Termination Date, less the amount of all indebtedness secured by the Assets, plus the total Distributions paid to Stockholders from the Company’s inception through the
Termination Date less any amounts distributable as of the termination date to limited partners of the Partnership who receive operating partnership units, exceeds (ii) Invested Capital plus an amount equal to the Stockholders’ 8.0% Return
from inception through the Termination Date. The Company shall pay such Performance Fee, with interest, at such time as the Company completes the first Sale after the Termination Date provided, however, the Advisor may elect to defer its right
to receive the Performance Fee until either a Listing or other liquidity event for the Company. Payment shall be made from the Net Sales Proceeds of such Sale. Interest will accrue beginning on the Termination Date at a rate deemed fair
and reasonable by the Board on the Termination Date. The Company shall have the option to pay such fee in the form of cash, Shares, a promissory note, or any combination of the foregoing. If the Net Sales Proceeds from the first Sale after
the Termination Date are insufficient to pay the Performance Fee in full, plus accrued interest, then the Performance Fee shall be paid in part with such Net Sales Proceeds, and in part from the Net Sales Proceeds from the next successive Sales
until the Performance Fee is paid in full, with interest. If the Performance Fee has not been paid in full within five years from the Termination Date, then the Advisor, its successors or assigns, may elect to convert the balance of the fee,
including accrued but unpaid interest, into Shares at a price per Share equal to the average closing price of the Shares over the ten trading days immediately preceding the date of such election if the Shares are Listed at such time. If the
Shares are not Listed at such time, the Advisor, its successors or assigns, may elect to convert the balance of the fee, including accrued but unpaid interest, into Shares at a price per Share equal to the fair market value for the Shares as
determined by the Board based upon the Appraised Value of the Assets on the date of election. 

  
 15 

 (c)        Notwithstanding the
foregoing, if termination occurs upon a Change of Control, the Advisor shall be entitled to payment of the Performance Fee equal to 15.0% of the amount, if any, by which (i) the value of the Assets on the Termination Date as determined in good
faith by the Board, including a majority of the Independent Directors, based upon such factors as the consideration paid in connection with the Change of Control and the most recent Appraised Value, less the amount of all indebtedness secured by the
Assets, plus the total Distributions paid to Stockholders from the Company’s inception through the Termination Date, exceeds (ii) Invested Capital plus an amount equal to the Stockholders’ 8.0% Return from inception through the
Termination Date. No deferral of payment of the Performance Fee may be made under this Section 4.03(c). 
 (d)        In the event that the Advisor disagrees with the valuation of Shares pursuant to Section 4.03(b) where the Shares are not Listed for purposes of
determining the number of Shares to be issued to the Advisor following the Advisor’s election to convert the balance of the Performance Fee owed to the Advisor, then the fair market value of such Shares shall be determined by an Independent
Appraiser of equity value selected by the Advisor. 

(e)        Notwithstanding sections 4.03 (b) and (c), in the event the
Subordinated Incentive Listing Fee is paid to the Advisor following Listing, no Performance Fee will be paid to the Advisor. 
 (f)        The Advisor shall promptly upon termination: 
 (i)        pay over to the Company all money collected and held for the account of the Company or the Partnership pursuant to this Agreement, after deducting any
accrued compensation and reimbursement for its expenses to which it is then entitled; 

(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 the Assets, and documents of the Company then in the custody of the Advisor; and 

(iv)      cooperate with, and take all reasonable actions requested by, the Company or the
Partnership to provide an orderly management transition. 
 ARTICLE V 

INDEMNIFICATION 
 5.01    (a)        The Company shall indemnify and hold harmless the Advisor and its Affiliates, including their respective officers, directors,
partners and employees, from all liability, claims, damages or losses arising in the performance of their duties hereunder, and related expenses, including reasonable attorneys’ fees, to the extent such liability, claims, damages or losses and
related expenses are not fully reimbursed by insurance, subject to any limitations imposed by the laws of the State of Maryland, the Articles of Incorporation and the NASAA Guidelines under the Articles of Incorporation. The Company shall not
indemnify or hold harmless the Advisor or its Affiliates, including their respective officers, directors, partners and employees, for any liability or loss suffered by the Advisor or its Affiliates, including their respective officers, directors,
partners and employees, nor shall it provide that the Advisor or its Affiliates, including their respective officers, directors, partners and employees, be held harmless for any loss or liability suffered by the Company, unless all of the following
conditions are met: (i) the Advisor or its Affiliates, including their respective officers, directors, partners and employees, have determined, in good faith, that the course of conduct which caused the loss or liability was in the best
interests of the Company; (ii) the Advisor or its Affiliates, including their respective officers, directors, partners and employees, were acting on behalf of or performing services of the Company; (iii) such liability or loss was not the
result of negligence or misconduct by the Advisor or its Affiliates, including their respective officers, directors, partners and employees; and (iv) such indemnification or agreement to hold harmless is recoverable only out of the
Company’s net assets and not from Stockholders. Notwithstanding the foregoing, the Advisor and its Affiliates, including their respective officers, directors, partners and employees, shall not be indemnified by the Company for any losses,
liability or expenses arising from or out of an alleged violation of federal or state securities laws by such party unless one or more of the following conditions are met: (i) there has been a successful adjudication on the merits of each count
involving alleged securities law violations as to the particular indemnitee; (ii) such claims have been dismissed with prejudice on the merits by a court of competent jurisdiction as to the particular indemnitee; and (iii) a court of
competent jurisdiction approves a settlement of the claims against a particular indemnitee and finds that indemnification of the settlement and the related costs should be made, and the court considering the request for indemnification has been
advised of the position of the Securities and Exchange Commission and of the published position of any state securities regulatory authority in which securities of the Company were offered or sold as to indemnification for violations of securities
laws. 

  
 16 

 (b)        The Articles of
Incorporation provide that the advancement of Company funds to the Advisor or its Affiliates, including their respective officers, directors, partners and employees, 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: (i) the legal action relates to acts or omissions with respect to the performance of duties or services on behalf of the Company;
(ii) 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 his or her capacity as such and a court of competent jurisdiction specifically approves such advancement;
(iii) the advisor or its Affiliates provides the Company with a written affirmation of their good faith belief that they have met the standard of conduct necessary for indemnification; and (iv) the Advisor or its Affiliates, including
their respective officers, directors, partners and employees, undertake to repay the advanced funds to the Company together with the applicable legal rate of interest thereon, in cases in which such Advisor or its Affiliates, including their
respective officers, directors, partners and employees, are found not to be entitled to indemnification. 

(c)        Notwithstanding the provisions of this Section 5.01, the Advisor
shall not be entitled to indemnification or be held harmless pursuant to this Section 5.01 for any activity which the Advisor shall be required to indemnify or hold harmless the Company pursuant to Section 5.02. 

5.02      Indemnification by Advisor.    The Advisor shall indemnify and
hold harmless the Company from contract or other liability, claims, damages, taxes or losses and related expenses including attorneys’ fees, to the extent that (i) such liability, claims, damages, taxes or losses and related expenses are
not fully reimbursed by insurance and (ii) are incurred by reason of the Advisor’s bad faith, fraud, misfeasance, misconduct, negligence or reckless disregard of its duties. 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. 

  
 17 

 ARTICLE VI 
 MISCELLANEOUS 

6.01      Assignment to an Affiliate.    This Agreement may be assigned
by the Advisor to an Affiliate of the Advisor with the approval of a majority of the Board (including a majority of the Independent Directors). The Advisor may assign any rights to receive fees or other payments under this Agreement without
obtaining the approval of the Board. This Agreement shall not be assigned by the Company or the Partnership without the consent of the Advisor, except in the case of an assignment by the Company or the Partnership to a corporation or other
organization which is a successor to all of the assets, rights and obligations of the Company, in which case such successor organization shall be bound hereunder and by the terms of said assignment in the same manner as the Company and the
Partnership are bound by this Agreement. This Agreement shall be binding on successors to the Company and the Partnership resulting from a Change of Control or sale of all or substantially all the assets of the Company or the Partnership, and
shall likewise be binding upon any successor to the Advisor. 
 6.02      Relationship of
Advisor and Company.    The Company, the Partnership and the Advisor are not partners or joint venturers with each other, and nothing in this Agreement shall be construed to make them such partners or joint venturers
or impose any liability as such on either of them. The Advisor and its Affiliates have or may have a proprietary interest in the name “Carter Validus.” The Advisor hereby grants to the Company, to the extent of any proprietary interest the
Advisor may have in the name “Carter Validus,” a non-transferable, non-assignable, non-exclusive, royalty-free right and license to use the name “Carter Validus” during the term of this Agreement. The Company agrees that the
Advisor and its Affiliates will have the right to approve of any use by the Company of the name “Carter Validus,” such approval not to be unreasonably withheld or delayed. 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 “Carter
Validus” 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 “Carter Validus” or any other word or words that might, in the reasonable
discretion of the Advisor, be susceptible of indication of some form of relationship between the Company and the Advisor or any its Affiliates. At such time, the Company will also make any changes to any trademarks, service marks or other marks
necessary to remove any references to the word “Carter Validus.” 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 “Carter Validus” as a part of their name, all without the need for any consent (and
without the right to object thereto) by the Company. Neither the Advisor nor any of its Affiliates makes any representation or warranty, express or implied, with respect to the name “Carter Validus” licensed hereunder or the use thereof
(including without limitation as to whether the use of the name “Carter Validus” will be free from infringement of the intellectual property rights of third parties. Notwithstanding the preceding, the Advisor represents and warrants that
it is not aware of any pending claims or litigation or of any claims threatened in writing regarding the use or ownership of the name “Carter Validus.” 
 6.03      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 or by overnight mail or other
overnight delivery service to the addresses set forth herein: 
  

			
	To the Directors and to the Company:	  	 Carter Validus Mission Critical REIT, Inc.
 4211 West Boy Scout Blvd., Suite 500
 Tampa, Florida 33607

Attention: Chief Executive Officer and President

		
	To the Advisor:	  	 Carter/Validus Advisors, LLC

4211 West Boy Scout Blvd., Suite 500
 Tampa,
Florida 33607
 Attention: Chief Executive Officer and President

		
	To the Partnership:	  	 Carter/Validus Operating Partnership, LP
 4211 West Boy Scout Blvd., Suite 500
 Tampa, Florida 33607

Attention: Chief Executive Officer of Carter Validus Mission Critical REIT, Inc., its General Partner

Either party shall, as soon as reasonably practicable, give notice in writing to the other party of a change in its address for the
purposes of this Section 6.03. 

  
 18 

6.04      Modification.    This Agreement shall not be changed, modified,
or amended, in whole or in part, except by an instrument in writing signed by both parties hereto, or their respective successors or assignees. 
 6.05      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. 
 6.06      Choice of Law; Venue.    The provisions of this Agreement shall be construed and interpreted in accordance with the laws of the
State of Florida, and venue for any action brought with respect to any claims arising out of this Agreement shall be brought exclusively in Hillsborough County, Tampa. 
 6.07      Entire Agreement.    This Agreement contains the entire agreement and understanding among the parties hereto with respect to the
subject matter hereof, and supersedes all prior and contemporaneous agreements, understandings, inducements and conditions, express or implied, oral or written, of any nature whatsoever with respect to the subject matter hereof. The express
terms hereof control and supersede any course of performance and/or usage of the trade inconsistent with any of the terms hereof. This Agreement may not be modified or amended other than by an agreement in writing signed by each of the parties
hereto. 
 6.08      Waiver.    Neither the failure nor any
delay on the part of a party to exercise any right, remedy, power or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further
exercise of the same or of any other right, remedy, power or privilege, nor shall any waiver of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to
any other occurrence. No waiver shall be effective unless it is in writing and is signed by the party asserted to have granted such waiver. 
 6.09      Gender; Number.    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. 

6.10      Headings.    The titles and headings 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. 

6.11      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
the counterparts hereof, individually or taken together, shall bear the signatures of all of the parties reflected hereon as the signatories. 
 6.12      Initial Investment.    The Advisor or one of its Affiliates has contributed $200,000 (the “Initial Investment”) in
exchange for the initial issuance of Shares of the Company. The Advisor or its Affiliates may not sell any of the Shares purchased with the Initial Investment while the Advisor acts in an advisory capacity to the Company. The restrictions
included above shall not apply to any Shares acquired by the Advisor or its Affiliates other than the Shares acquired through the Initial Investment. Neither the Advisor nor its Affiliates shall vote any Shares they now own, or hereafter
acquires, in any vote for the election of Directors or any vote regarding the approval or termination of any contract with the Advisor or any of its Affiliates. 
 [THE REMAINDER OF THIS PAGE HAS BEEN INTENTIONALLY LEFT BLANK] 

  
 19 

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

			
	CARTER VALIDUS MISSION CRITICAL REIT, INC.
		
	By:	 	 /s/ Todd M. Sakow

		 	 Todd M. Sakow 

		 	Chief Financial Officer

  

			
	CARTER/VALIDUS ADVISORS, LLC
		
	By:	 	 /s/ John E. Carter

		 	John E. Carter
		 	Chief Executive Officer and Chief Investment Officer

  

			
	CARTER/VALIDUS OPERATING PARTNERSHIP, LP
		
	By:	 	 Carter Validus Mission Critical REIT, Inc.,
 its General Partner

		
	By:	 	 /s/ John E. Carter

		 	John E. Carter
		 	Chief Executive Officer

  
 20

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00181-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00181-of-00352.parquet"}]]