Document:

EX-10.1

 Exhibit 10.1 
 AMENDED AND RESTATED ADVISORY AGREEMENT 
 BY AND BETWEEN 

STRATEGIC STORAGE TRUST, INC. 
 AND 
 STRATEGIC STORAGE ADVISOR, LLC 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	PAGE	 
	 ARTICLE I
	  	DEFINITIONS	  	 	1	  
			
	 ARTICLE II
	  	APPOINTMENT	  	 	10	  
			
	 ARTICLE III
	  	AUTHORITY OF THE ADVISOR	  	 	11	  
	 Section 3.1
	  	General	  	 	11	  
	 Section 3.2
	  	Powers of the Advisor	  	 	11	  
	 Section 3.3
	  	Approval by Directors	  	 	11	  
	 Section 3.4
	  	Modification or Revocation of Authority of Advisor	  	 	11	  
			
	 ARTICLE IV
	  	DUTIES OF THE ADVISOR	  	 	11	  
	 Section 4.1
	  	Organizational and Offering Services	  	 	11	  
	 Section 4.2
	  	Acquisition Services	  	 	12	  
	 Section 4.3
	  	Asset Management Services and Administrative Services	  	 	12	  
			
	 ARTICLE V
	  	BANK ACCOUNTS	  	 	14	  
			
	 ARTICLE VI
	  	RECORDS; ACCESS	  	 	14	  
			
	 ARTICLE VII
	  	OTHER ACTIVITIES OF THE ADVISOR	  	 	15	  
	 Section 7.1
	  	General.	  	 	15	  
	 Section 7.2
	  	Policy with Respect to Allocation of Investment Opportunities	  	 	15	  
			
	 ARTICLE VIII
	  	LIMITATIONS ON ACTIVITIES	  	 	16	  
			
	 ARTICLE IX
	  	FEES	  	 	16	  
	 Section 9.1
	  	Advisor Acquisition Fees	  	 	16	  
	 Section 9.2
	  	Asset Management Fee	  	 	16	  
	 Section 9.3
	  	Disposition Fees	  	 	16	  
	 Section 9.4
	  	Subordinated Share of Net Sale Proceeds	  	 	17	  
	 Section 9.5
	  	Subordinated Incentive Fee Due Upon Listing	  	 	17	  
	 Section 9.6
	  	Changes to Fee Structure	  	 	17	  
			
	 ARTICLE X
	  	EXPENSES	  	 	18	  
	 Section 10.1
	  	Reimbursable Expenses	  	 	18	  
	 Section 10.2
	  	Other Services	  	 	19	  
	 Section 10.3
	  	Timing of and Limitations on Reimbursements	  	 	19	  
			
	 ARTICLE XI
	  	FIDELITY BOND	  	 	20	  
			
	 ARTICLE XII
	  	RELATIONSHIP OF THE ADVISOR AND COMPANY	  	 	20	  
			
	 ARTICLE XIII
	  	RELATIONSHIP WITH DIRECTORS	  	 	20	  
			
	 ARTICLE XIV
	  	REPRESENTATIONS AND WARRANTIES	  	 	21	  
	 Section 14.1
	  	The Company	  	 	21	  
	 Section 14.2
	  	The Advisor	  	 	21	  

  
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	 	  	 	  	PAGE	 
	 ARTICLE XV
	  	TERM; TERMINATION OF AGREEMENT	  	 	22	  
	 Section 15.1
	  	Term	  	 	22	  
	 Section 15.2
	  	Termination by Either Party	  	 	22	  
	 Section 15.3
	  	Termination by the Advisor	  	 	22	  
	 Section 15.4
	  	Termination by the Company	  	 	22	  
	 Section 15.5
	  	Survival	  	 	22	  
			
	 ARTICLE XVI
	  	PAYMENTS TO AND DUTIES OF ADVISOR UPON TERMINATION	  	 	22	  
	 Section 16.1
	  	Reimbursable Expenses and Earned Fees	  	 	22	  
	 Section 16.2
	  	Subordinated Performance Fee Due Upon Termination	  	 	23	  
	 Section 16.3
	  	Advisor’s Duties Upon Termination	  	 	23	  
			
	 ARTICLE XVII
	  	ASSIGNMENT TO AN AFFILIATE	  	 	23	  
			
	 ARTICLE XVIII
	  	INDEMNIFICATION BY THE COMPANY	  	 	24	  
	 Section 18.1
	  	Conditions of Indemnification	  	 	24	  
			
	 ARTICLE XIX
	  	INDEMNIFICATION BY ADVISOR	  	 	24	  
			
	 ARTICLE XX
	  	LIMITATION OF LIABILITY	  	 	25	  
			
	 ARTICLE XXI
	  	NOTICES	  	 	25	  
			
	 ARTICLE XXII
	  	MODIFICATION	  	 	25	  
			
	 ARTICLE XXIII
	  	SEVERABILITY	  	 	26	  
			
	 ARTICLE XXIV
	  	CONSTRUCTION/GOVERNING LAW	  	 	26	  
			
	 ARTICLE XXV
	  	ENTIRE AGREEMENT	  	 	26	  
			
	 ARTICLE XXVI
	  	INDULGENCES, NOT WAIVERS	  	 	26	  
			
	 ARTICLE XXVII
	  	GENDER	  	 	26	  
			
	 ARTICLE XXVIII
	  	TITLES NOT TO AFFECT INTERPRETATION	  	 	26	  
			
	 ARTICLE XXIX
	  	EXECUTION IN COUNTERPARTS	  	 	27	  
			
	 ARTICLE XXX
	  	INITIAL INVESTMENT	  	 	27	  
			
	 ARTICLE XXXI
	  	LICENSE OF NAME	  	 	27	  

  
 ii 

 AMENDED AND RESTATED ADVISORY AGREEMENT 

THIS AMENDED AND RESTATED ADVISORY AGREEMENT, dated as of September 22, 2011, is entered into between STRATEGIC STORAGE TRUST, INC.,
a Maryland corporation (the “Company”), and STRATEGIC STORAGE ADVISOR, LLC, a Delaware limited liability company (the “Advisor”). 
 W I T N E S S E T H 
 WHEREAS, on March 17, 2008, the Company and the
Advisor entered into an advisory agreement; 
 WHEREAS, on March 28, 2009, the Advisor and the Company amended the advisory
agreement to clarify the definition of “Capped O&O Expenses;” 
 WHEREAS, the Company elected to qualify as a REIT
for federal income tax purposes for the taxable year ended December 31, 2008; 
 WHEREAS, the Company desires to continue
to avail itself of the experience, sources of information, advice, assistance and certain facilities available to the Advisor and its Affiliates and to have the Advisor continue to undertake the duties and responsibilities hereinafter set forth, on
behalf of, and subject to the supervision of the Board of Directors of the Company all as provided herein; and 
 WHEREAS, the
Advisor is willing to undertake to render such services, subject to the supervision of the Board of Directors, on the revised terms and conditions hereinafter set forth. 
 NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants and agreements contained herein, the parties hereto agree as follows: 

ARTICLE I 
 DEFINITIONS 
 As used in this Advisory Agreement, the following terms have
the definitions hereinafter indicated: 
 “Acquisition Expenses” means expenses related to the Company’s
sourcing, selection, evaluation and acquisition of, and investment in, Properties, whether or not acquired or made, including but not limited to legal fees and expenses, travel and communications expenses, costs of financial analysis, appraisals and
surveys, nonrefundable option payments on Property not acquired, accounting fees and expenses, computer use-related expenses, architectural and engineering reports, environmental reports, title insurance and escrow fees, and personnel and other
direct expenses related to the selection and acquisition of Properties. 
 “Acquisition Fee” means any and all fees
and commissions, exclusive of Acquisition Expenses, 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 the making or investing in mortgage loans or
the purchase, development or construction of a Property, including, without limitation, real estate commissions, acquisition fees, finder’s fees, selection fees, Development Fees and Construction Fees (except as provided in the following
sentence), nonrecurring management fees, consulting fees, loan fees, points, or any other fees or commissions of a similar nature. Excluded shall be any commissions or fees incurred in connection with the leasing of any Property, and Development
Fees or Construction Fees paid 

  
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to any Person or entity not affiliated with the Advisor in connection with the actual development and construction of any Property. This fee is paid to the Advisor in the amount established
pursuant to Section 9.1 for the services provided to the Company described in Section 4.2. 
 “Advisor”
means the Person responsible for directing or performing the day-to-day business affairs of the Company, including a Person to which an Advisor subcontracts substantially all such functions. The Advisor is Strategic Storage Advisor, LLC or any
Person which succeeds it in such capacity. 
 “Advisory Agreement” means this amended and restated advisory agreement
between the Company and the Advisor pursuant to which the Advisor will direct or perform the day-to-day business affairs of the Company, as it may be further amended or restated from time to time. 

“Affiliate” or “Affiliated” means, as to any individual, corporation, partnership, trust, limited liability company
or other legal entity (other than the Company): (a) any Person or entity, directly or indirectly owning, controlling, or holding with power to vote ten percent (10%) or more of the outstanding voting Securities of another Person or entity;
(b) any Person ten percent (10%) or more of whose outstanding voting Securities are directly or indirectly owned, controlled or held, with power to vote, by such other Person; (c) any Person or entity directly or indirectly through
one or more intermediaries controlling, controlled by, or under common control with another Person or entity; (d) any officer, director, general partner or trustee of such Person or entity; and (e) if such other Person or entity is an
officer, director, general partner, or trustee of a Person or entity, the Person or entity for which such Person or entity acts in any such capacity. 
 “Appraised Value” means value according to an appraisal made by an Independent Appraiser. 
 “Assets” means any and all GAAP assets including but not limited to all real estate investments (real, personal or otherwise), tangible or intangible, owned or held by, or for the account of,
the Company, whether directly or indirectly through another entity or entities, including Properties. 
 “Average Invested
Assets” means, for a specified period, the average of the aggregate GAAP basis book carrying values of the Assets invested, directly or indirectly, in equity interests in and loans secured, directly or indirectly, by real estate before reserves
for depreciation or bad debts or other similar non-cash reserves, computed by taking the average of such values at the end of each month during such period. 
 “Asset Management Fee” means the monthly fee paid to the Advisor in the amount established pursuant to Section 9.2 for the services provided to the Company described in Section 4.3.

 “Board of Directors” or “Board” means the individuals holding such office, as of any particular time,
under the Charter of the Company, whether they are the Directors named therein or additional or successor Directors. 

“Bylaws” means the bylaws of the Company, as the same may be amended from time to time. 

“Capped O&O Expenses” means all Organizational and Offering Expenses (excluding Sales Commissions and the dealer manager
fee) in excess of 3.5% of the Gross Proceeds raised in a completed Offering other than Gross Proceeds from Stock sold pursuant to the Distribution Reinvestment Plan. 

  
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 “Cash from Financings” means the net cash proceeds realized by the Company from
the financing of Property or from the refinancing of any Company indebtedness. 
 “Cash from Sales” means the net cash
proceeds realized by the Company from the sale, exchange or other disposition of any of its Properties after deduction of all expenses incurred in connection therewith. Cash from Sales shall not include Cash from Financings. 

“Charter” means the charter of the Company, including the articles of incorporation and all articles of amendment, articles of
amendment and restatement, articles supplementary and other modifications thereto as filed with the State Department of Assessments and Taxation of the State of Maryland. 
 “Code” means the 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. 
 “Common Stock” means shares of the Company’s common stock, $.001 par value per share, the terms and conditions of which are set forth in the Charter. 

“Common Stockholders” means holders of shares of Common Stock. 

“Company” means Strategic Storage Trust, Inc., a corporation organized under the laws of the State of Maryland. 

“Competitive Real Estate Commission” means a real estate or brokerage commission paid for the purchase or sale of a Property
that is reasonable, customary and competitive in light of the size, type and location of the Property. 
 “Construction
Fee” means a fee or other remuneration for acting as general contractor and/or construction manager to construct, supervise or coordinate leasehold or other improvements or projects, or to provide major repairs or rehabilitation for a Property.

 “Contract Purchase Price” means the amount actually paid or allocated in respect of the purchase, development,
construction, or improvement of a Property, exclusive of Acquisition Fees and Acquisition Expenses. 
 “Contract Sales
Price” means the total consideration provided for in the sales contract for the sale of a Property. 
 “Dealer
Manager” means U.S. Select Securities LLC, an Affiliate of the Advisor, or such other Person or entity selected by the Board of Directors to act as the dealer manager for the offering of the Stock. U.S. Select Securities LLC is a member of the
Financial Industry Regulatory Authority. 
 “Development Fee” means a fee for the packaging of a Property, including
negotiating and approving plans, and undertaking to assist in obtaining zoning and necessary variances and financing for the specific Property, either initially or at a later date. 

“Director” means an individual who is a member of the Board of Directors. 

  
 3 

 “Disposition Fee” means the fee paid to the Advisor in connection with the sale of
a property as described in Section 9.3 of this Advisory Agreement. 
 “Distribution Reinvestment Plan” has the
meaning set forth in Section 8.8 of the Charter. 
 “Distributions” means any dividends or other distributions of
money or other property paid by the Company to the holders of Common Stock or preferred stock, including dividends that may constitute a return of capital for federal income tax purposes. 

“Excess Expense Guidelines” has the meaning set forth in Section 10.3(c) hereof. 

“Excluded Assets” means those assets acquired as part of the mergers with Self Storage REIT, Inc. and Self Storage REIT II,
Inc. 
 “GAAP” means generally accepted accounting principles consistently applied as used in the United States.

 “Gross Proceeds” means the aggregate purchase price of all Stock sold for the account of the Company, including
Stock sold pursuant to the Distribution Reinvestment Plan, without deduction for Sales Commissions, volume discounts, fees paid to the Dealer Manager or other Organization and Offering Expenses. Gross Proceeds does not include Stock issued in
exchange for OP Units. 
 “Independent Appraiser” means a person or entity, who is not an Affiliate of the Advisor or
the Directors, who is engaged to a substantial extent in the business of rendering opinions regarding the value of assets of the type held by the Company, and who is a qualified appraiser of real estate 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. 

“Independent Director” means a Director who is not, and within the last two (2) years has not been, directly or indirectly
associated with the Advisor or the Sponsor by virtue of (a) ownership of an interest in the Advisor, the Sponsor or their Affiliates, (b) employment by the Advisor, the Sponsor or their Affiliates, (c) service as an officer or
director of the Advisor, the Sponsor or their Affiliates, (d) performance of services, other than as a Director, for the Company, (e) service as a director or trustee of more than three (3) real estate investment trusts organized by
the Advisor or the Sponsor or advised by the Advisor, or (f) maintenance of a material business or professional relationship with the Advisor, the Sponsor or any of their Affiliates. A business or professional relationship is considered
material if the gross revenue derived by the Director from the Advisor, the Sponsor and Affiliates exceeds five percent (5%) of either the Director’s annual gross revenue during either of the last two (2) years or the Director’s
net worth on a fair market value basis. An indirect relationship shall include circumstances in which a Director’s spouse, parents, children, siblings, mothers- or fathers-in-law, sons- or daughters-in-law or brothers- or sisters-in-law are or
have been associated with the Advisor, the Sponsor, any of their Affiliates or the Company. 
 “Initial Public
Offering” means the offering and sale of Common Stock of the Company pursuant to the Company’s first effective registration statement covering such Common Stock filed under the Securities Act of 1933. 

“Invested Capital” means the amount calculated by multiplying the total number of shares of Common Stock purchased by
Stockholders by (a) the Offering Price for the Stock or (b) for Stock not purchased in an Offering, the issue price for the Stock; in each case reduced by any 

  
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Distributions attributable to Net Sale Proceeds and any amounts paid by the Company to repurchase shares of Stock pursuant to a plan for repurchase of the Company’s Stock. 

“Joint Venture” or “Joint Ventures” means those joint venture or general partnership arrangements in which the
Company or the Operating Partnership is a co-venturer or general partner which are established to acquire Properties. 

“Listed” means the Securities are approved for trading on a national securities exchange. The term “Listing” shall
have the correlative meaning. 
 “Managed Assets” means, solely for the purposes of Section 9.2, Average Invested
Assets minus Excluded Assets. 
 “Market Value” means the aggregate market value of all of the outstanding Common
Stock, measured by taking the average closing price or average of bid and asked price, as the case may be, during the consecutive 30-day period commencing one hundred eighty (180) days following Listing. 

“Modified Funds From Operations” means the National Association of Real Estate Investment Trusts (“NAREIT”)
definition of funds from operations with adjustments which include, but are not limited to, (i) acquisition fees and expenses; (ii) non-cash amounts related to straight line rent and the amortization of above or below market intangible
lease assets and liabilities; (iii) accretion of discounts and amortization of premiums on debt investments; (iv) amortization of mark-to-market adjustments of above/below market debt assumed in connection with property acquisitions;
(v) amortization of deferred financing costs; (vi) impairments of real-estate related investments (including properties, loans receivable, and equity and debt securities investments); (vii) gains (losses) from the early extinguishment
of debt; (viii) gains (losses) on the extinguishment or sales of hedges, foreign exchange, securities and other derivatives holdings except where the trading of such instruments is a fundamental attribute of our business plan;
(ix) unrealized gains (losses) from mark-to-market adjustments on (a) interest rate swaps and derivatives not deemed hedges; (b) foreign exchange holdings; (c) other securities; and (d) consolidation from, or deconsolidation
to, equity accounting; and elimination of adjustments relating to contingent purchase price obligations where such adjustments have been included in the derivation of GAAP net income. 

“NASAA” means the North American Securities Administrators Association, Inc. 

“NASAA Net Income” means for any period, the total revenues applicable to such period, less the total expenses applicable to
such period excluding additions to reserves for depreciation, bad debts or other similar non-cash reserves; provided, however, NASAA Net Income for purposes of calculating total allowable Operating Expenses shall exclude the gain or loss from the
sale of the Company’s Assets. 
 “NASAA REIT Guidelines” means the Statement of Policy Regarding Real Estate
Investment Trusts published by the North American Securities Administrators Association, Inc. as revised and adopted by the NASAA membership on May 7, 2007, as may be amended from time to time. 

“Net Asset Value” means the total Assets including intangible assets relating to SFAS No. 141, Business Combinations, and
SFAS No. 142, Goodwill and Other Intangible Assets (but not including other GAAP intangibles) at cost before deducting depreciation or other non-cash reserves less total liabilities, calculated at least quarterly on a basis consistently
applied. 

  
 5 

 “Net Sale Proceeds” means in the case of a transaction described in clause
(a) of the definition of Sale, the net proceeds of any such transaction less the amount of all real estate commissions and closing costs paid by the Operating Partnership. In the case of a transaction described in clause (b) of such
definition, Net Sale Proceeds means the net proceeds of any such transaction less the amount of any legal and other selling expenses incurred by the Operating Partnership in connection with such transaction. In the case of a transaction described in
clause (c) of such definition, Net Sale Proceeds means the net proceeds of any such transaction actually distributed to the Operating Partnership from the Joint Venture less any expenses incurred by the Operating Partnership in connection with
such transaction. In the case of a transaction or series of transactions described in clause (d) of the definition of Sale, Net Sale Proceeds means the net proceeds of any such transaction less the amount of all commissions and closing costs
paid by the Operating Partnership. In the case of a transaction described in clause (e) of such definition, Net Sale Proceeds means the net proceeds of any such transaction less the amount of all selling costs and other expenses incurred by the
Operating Partnership in connection with such transaction. Net Sale Proceeds shall also include, in the case of any lease of a Property consisting of a building only, any amounts from tenants, borrowers or lessees that the Company, as general
partner of the Operating Partnership determines, in its discretion, to be economically equivalent to the proceeds of a Sale. Net Sale Proceeds shall not include any amounts used to repay outstanding indebtedness secured by the asset disposed of in
the sale. 
 “Offering” means an offering of Stock that is registered with the SEC, excluding Stock offered under any
employee benefit plan. 
 “Offering Price” means, with respect to each share of Stock, the highest price at which such
Stock was offered by the Company in the Offering pursuant to which such Stock was issued, without regard to any price reductions for certain types of purchasers or volume discounts. 

“Operating Expenses” means all direct and indirect costs and expenses incurred by the Company, as determined under GAAP, which
in any way are related to the operation of the Company or to Company business, including advisory fees, but excluding (a) the expenses of raising capital such as Organizational and Offering Expenses, legal, audit, accounting, underwriting,
brokerage, listing, registration, and other fees, printing and other such expenses and taxes incurred in connection with the issuance, distribution, transfer, registration and Listing of the Stock, (b) interest payments, (c) taxes,
(d) non-cash expenditures such as depreciation, amortization and bad debt reserves, (e) Acquisition Fees and Acquisition Expenses, (f) real estate commissions on the Sale of Property, and other expenses connected with the acquisition
and ownership of real estate interests, mortgage loans, or other property (such as the costs of foreclosure, insurance premiums, legal services, maintenance, repair, and improvement of property) and (g) any incentive fees which may be paid in
compliance with the NASAA REIT Guidelines. The definition of “Operating Expenses” set forth above is intended to encompass only those expenses which are required to be treated as Operating Expenses under the NASAA REIT Guidelines. As a
result, and notwithstanding the definition set forth above, any expense of the Company which is not an Operating Expense under the NASAA REIT Guidelines shall not be treated as an Operating Expense for purposes hereof. 

“Operating Partnership” means Strategic Storage Operating Partnership, L.P. which is the partnership through which the Company
may own Properties. 
 “Operating Partnership Agreement” means the First Amended and Restated Limited Partnership
Agreement of the Operating Partnership, as amended and restated from time to time. 
 “OP Unit” means a unit of
limited partnership interest in the Operating Partnership. 

  
 6 

 “Organizational and Offering Expenses” means any and all costs and expenses
incurred by the Company, the Advisor or any Affiliate of either in connection with and in preparing the Company for registration of and subsequently offering and distributing its Stock to the public, which may include but are not limited to total
underwriting and brokerage discounts and commissions (including fees of the underwriters’ attorneys), legal, accounting and escrow fees, expenses for printing, engraving, amending, supplementing and mailing, distribution costs, compensation to
employees while engaged in registering, marketing and wholesaling the Stock, telegraph and telephone costs, all advertising and marketing expenses (including the costs related to investor and broker-dealer sales meetings), charges of transfer
agents, registrars, trustees, escrow holders, depositories, experts, and fees, expenses and taxes related to the filing, registration and qualification of the sale of the Securities under Federal and State laws, including accountants’ and
attorneys’ fees and other accountable offering expenses. Organization and Offering Expenses may include, but are not limited to: (a) amounts to reimburse the Advisor for all marketing related costs and expenses such as compensation to and
direct expenses of the Advisor’s employees or employees of the Advisor’s Affiliates in connection with registering and marketing the Stock; (b) compensation to and direct expenses of employees of the Dealer Manager while preparing for
the offering and marketing of the Stock and in connection with their wholesaling activities but not Sales Commissions; (c) travel and entertainment expenses related to the offering and marketing of the Stock; (d) facilities and technology
costs and other costs and expenses associated with the offering and to facilitate the marketing of the Stock including web site design and management; (e) costs and expenses of conducting training and educational conferences and seminars;
(f) costs and expenses of attending broker-dealer sponsored retail seminars or conferences; and (g) payment or reimbursement of bona fide due diligence expenses. 
 “Performance Fee Note” has the meaning set forth in Section 16.2 hereof. 
 “Person” shall mean any natural person, partnership, corporation, association, trust, limited liability company or other legal entity. 

“Property” or “Properties” means the real properties or real estate investments which are acquired by the Company
either directly or through the Operating Partnership, Joint Ventures, partnerships or other entities. 
 “Property
Manager” means any entity that has been retained to perform and carry out at one or more of the Properties property management services. 
 “Prospectus” means any document, notice, or other communication satisfying the standards set forth in Section 10 of the Securities Act of 1933, and contained in a currently effective
registration statement filed by the Company with, and declared effective by, the SEC, or if no registration statement is currently effective, then the Prospectus contained in the most recently effective registration statement. 

“Public Offering” means the Initial Public Offering or any subsequent offering of Stock that is registered with the SEC,
excluding Stock offered under any employee benefit plan. 
 “Registration Statement” means a registration statement
filed by the Company with the Securities and Exchange Commission on Form S-11, as amended from time to time, in connection with a Public Offering. 
 “REIT” means a corporation, trust or association which is engaged in investing in equity interests in real estate (including fee ownership and leasehold interests and interests in partnerships
and 

  
 7 

 
Joint Ventures holding real estate) or in loans secured by mortgages on real estate or both and that qualifies as a real estate investment trust under the REIT Provisions of the Code. 

“REIT Provisions of the Code” means Sections 856 through 860 of the Code and any successor or other provisions of the Code
relating to real estate investment trusts (including provisions as to the attribution of ownership of beneficial interests therein) and the regulations promulgated thereunder. 
 “REIT Stock Amount” has the meaning set forth in the Operating Partnership Agreement. 
 “Sale” or “Sales” means any transaction or series of transactions whereby: (a) the Operating Partnership sells, grants, transfers, conveys or relinquishes its ownership of any
Property or portion thereof, including the lease of any Property consisting of the building only, and including any event with respect to any Property which gives rise to a significant amount of insurance proceeds or condemnation awards;
(b) the Operating Partnership sells, grants, transfers, conveys or relinquishes its ownership of all or substantially all of the interest of the Operating Partnership in any Joint Venture in which it is a co-venturer or partner; (c) any
Joint Venture in which the Operating Partnership is 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 Operating Partnership sells, grants, conveys, or relinquishes its interest in any asset, or portion thereof, including any event with respect to any asset which gives rise to a significant amount
of insurance proceeds or similar awards; or (e) the Operating Partnership sells or otherwise disposes of or distributes all of its assets in liquidation of the Operating Partnership. 

“Sales Commissions” means any and all commissions payable to underwriters, dealer managers or other broker-dealers in
connection with the sale of Stock, including, without limitation, commissions payable to the Dealer Manager. 

“Securities” means any class or series of units or shares of the Company or the Operating Partnership, including common shares
or preferred units or shares and any other evidences of equity or beneficial or other interests, voting trust certificates, bonds, debentures, notes or other evidences of indebtedness, secured or unsecured, convertible, subordinated or otherwise, or
in general any instruments commonly known as “Securities” or any certificates of interest, shares or participations in, temporary or interim certificates for, receipts for, guarantees of, or warrants, options or rights to subscribe to,
purchase or acquire, any of the foregoing. 
 “Securities Act” means the Securities Act of 1933, as amended.

 “Sponsor” means Strategic Capital Holdings, LLC, a Virginia limited liability company. 

“Stock” means shares of stock of the Company of any class or series, including Common Stock, preferred stock or
Shares-in-Trust. 
 “Stockholders” means the registered holders of the Company’s Stock. 

“Stockholders’ 10% Return” means, as of any date, an aggregate amount equal to a 10% cumulative, non-compounded, annual
return on Invested Capital; provided, however, that for purposes of calculating the Stockholders’ 10% Return, any stock dividend shall not be included as a Distribution; and provided further that for purposes of determining the
Stockholders’ 10% Return, the return for each portion of the Invested Capital shall commence for purposes of the calculation upon the issuance of the shares issued in connection with such capital. 

  
 8 

 “Stockholders’ 8% Return” means, as of any date, an aggregate amount equal to
a 8% cumulative, non-compounded, annual return on Invested Capital; provided, however, that for purposes of calculating the Stockholders’ 8% Return, any stock dividend shall not be included as a Distribution; and provided further that for
purposes of determining the Stockholders’ 8% Return, the return for each portion of the Invested Capital shall commence for purposes of the calculation upon the issuance of the shares issued in connection with such capital. 

“Stockholders’ 6% Return” means, as of any date, an aggregate amount equal to a 6% cumulative, non-compounded, annual
return on Invested Capital; provided, however, that for purposes of calculating the Stockholders’ 6% Return, any stock dividend shall not be included as a Distribution; and provided further that for purposes of determining the
Stockholders’ 6% Return, the return for each portion of the Invested Capital shall commence for purposes of the calculation upon the issuance of the shares issued in connection with such capital. 

“Subordinated Incentive Fee Due Upon Listing” means: 
 (a) 5% of the amount by which (i) the Market Value, plus the total of all Distributions paid to Stockholders of Common Stock (excluding any stock dividends and Distributions paid on shares of Common
Stock redeemed by the Company) from the Company’s inception until the date that Market Value is determined, exceeds (ii) the sum of (A) Invested Capital and (B) the total Distributions required to be paid to Stockholders of
Common Stock in order to pay the Stockholders’ 6% Return or more but less than Stockholders’ 8% Return from inception through the date Market Value is determined; or 
 (b) 10% of the amount by which (i) the Market Value, plus the total of all Distributions paid to Common Stockholders (excluding any stock dividends and Distributions paid on shares of Common Stock
redeemed by the Company) from the Company’s inception until the date that Market Value is determined, exceeds (ii) the sum of (A) Invested Capital and (B) the total Distributions required to be paid to Common Stockholders in
order to pay the Stockholders’ 8% Return or more but less than Stockholders’ 10% Return from inception through the date Market Value is determined; or 
 (c) 15% of the amount by which (i) the Market Value, plus the total of all Distributions paid to Common Stockholders (excluding any stock dividends and Distributions paid on shares of Common Stock
redeemed by the Company) from the Company’s inception until the date that Market Value is determined, exceeds (ii) the sum of (A) Invested Capital and (B) the total Distributions required to be paid to Common Stockholders in
order to pay the Stockholders’ 10% Return or more from inception through the date Market Value is determined. 
 In the
event that the Subordinated Incentive Fee Due Upon Listing is paid to the Advisor, thereafter, the Advisor will not be entitled to receive any payments of Subordinated Performance Fee Due Upon Termination or Subordinated Share of Net Sale Proceeds.

 “Subordinated Performance Fee Due Upon Termination” means: 

(a) 5% of the amount, if any, by which (i) the Appraised Value of the Properties at the Termination Date, less amounts of all
indebtedness secured by the Properties, plus total Distributions (excluding any stock dividend and Distributions paid on shares of Common Stock redeemed by the Company pursuant to its share redemption program) through the Termination Date exceeds
(ii) the sum of Invested Capital plus total Distributions required to be made to the Common Stockholders in order to pay the Stockholders’ 6% Return or more but less than Stockholders’ 8% Return from inception through the Termination
Date; or 

  
 9 

 (b) 10% of the amount, if any, by which (i) the Appraised Value of the Properties at
the Termination Date, less amounts of all indebtedness secured by the Properties, plus total Distributions (excluding any stock dividend and Distributions paid on shares of Common Stock redeemed by the Company pursuant to its share redemption
program) through the Termination Date exceeds (ii) the sum of Invested Capital plus total Distributions required to be made to the Common Stockholders in order to pay the Stockholders’ 8% Return or more but less than Stockholders’ 10%
Return from inception through the Termination Date; or 
 (c) 15% of the amount, if any, by which (i) the Appraised Value of
the Properties at the Termination Date, less amounts of all indebtedness secured by the Properties, plus total Distributions (excluding any stock dividend and Distributions paid on shares of Common Stock redeemed by the Company pursuant to its share
redemption program) through the Termination Date exceeds (ii) the sum of Invested Capital plus total Distributions required to be made to the Common Stockholders in order to pay the Stockholders’ 10% Return or more from inception through
the Termination Date; 
 Such fee shall be reduced by any prior payment to the Advisor of a Subordinated Share of Net Sale
Proceeds. 
 “Subordinated Share of Net Sale Proceeds” means a fee equal to: 

(a) 5% of Net Sale Proceeds remaining after the Common Stockholders have received Distributions of Net Sale Proceeds such that the owners
of all outstanding shares of Common Stock have received Distributions in an aggregate amount equal to the sum of (i) the Stockholders’ 6% Return or more but less than Stockholders’ 8% Return and (ii) Invested Capital. 

(b) 10% of Net Sale Proceeds remaining after the Common Stockholders have received Distributions of Net Sale Proceeds such that the owners
of all outstanding shares of Common Stock have received Distributions in an aggregate amount equal to the sum of (i) the Stockholders’ 8% Return or more but less than Stockholders’ 10% Return and (ii) Invested Capital.

 (c) 15% of Net Sale Proceeds remaining after the Common Stockholders have received Distributions of Net Sale Proceeds such
that the owners of all outstanding shares of Common Stock have received Distributions in an aggregate amount equal to the sum of (i) the Stockholders’ 10% Return or more and (ii) Invested Capital. 

When determining whether the above thresholds have been met: (y) Distributions paid on shares of Common Stock redeemed by the
Company (and thus not included in the determination of Invested Capital), shall not be included as a Distribution; and (z) Net Sale Proceeds shall not be considered available for purposes of determining whether the thresholds in subparagraphs
(b) and (c) have been met to the extent of payments out of Net Sale Proceeds are used to pay the Subordinated Share of Net Sale Proceeds pursuant to subparagraphs (a) and (b), respectively. Following Listing, no Subordinated Share of
Net Sale Proceeds will be paid to the Advisor. 
 “Termination Date” means the date of termination of this Advisory
Agreement. 
 ARTICLE II 
 APPOINTMENT 
 The Company, through the powers vested in the Board of
Directors including a majority of all Independent Directors, hereby appoints the Advisor to serve as its advisor and asset manager on the terms and conditions set forth in this Advisory Agreement, and the Advisor hereby accepts such appointment.

  
 10 

 
The Advisor undertakes to use its commercially reasonable best efforts to present to the Company potential investment opportunities and to provide a continuing and suitable investment program
consistent with the investment objectives and policies of the Company as determined and adopted from time to time by the Board. 

ARTICLE III 

AUTHORITY OF THE ADVISOR 
 Section 3.1 General. All rights and powers to manage and control the day-to-day business and affairs of the Company shall be vested in the Advisor. The Advisor shall have the power to
delegate all or any part of its rights and powers to manage and control the business and affairs of the Company to such officers, employees, Affiliates, agents and representatives of the Advisor or the Company as it may from time to time deem
appropriate. Any authority delegated by the Advisor to any other Person shall be subject to the limitations on the rights and powers of the Advisor specifically set forth in this Advisory Agreement, the Charter and the Bylaws. 

Section 3.2 Powers of the Advisor. Subject to the express limitations set forth in this Advisory Agreement and
subject to the supervision of the Board, the power to direct the management, operation and policies of the Company shall be vested in the Advisor, which shall have the power by itself and shall be authorized and empowered on behalf and in the name
of the Company to carry out any and all of the objectives and purposes of the Company and to perform all acts and enter into and perform all contracts and other undertakings that it may in its sole discretion deem necessary, advisable or incidental
thereto to perform its obligations under this Advisory Agreement. 
 Section 3.3 Approval by Directors.
Notwithstanding the foregoing, any investment in Properties, including any acquisition of a Property by the Company or any investment by the Company in a joint venture, limited partnership or similar entity owning real properties, will require the
prior approval of the Board of Directors or a committee of the Board constituting a majority of the Board. The Advisor will deliver to the Board of Directors all documents required by it to properly evaluate the proposed investment. 

Section 3.4 Modification or Revocation of Authority of Advisor. The Board may, at any time upon the giving of notice to the
Advisor, modify or revoke the authority or approvals set forth in Articles III and IV, provided however, that such modification or revocation shall be effective upon receipt by the Advisor and shall not be applicable to investment transactions to
which the Advisor has committed the Company prior to the date of receipt by the Advisor of such notification. 

ARTICLE IV 
 DUTIES OF THE ADVISOR 
 The Advisor undertakes to use its commercially
reasonable best efforts to present to the Company potential investment opportunities and to provide a continuing and suitable investment program consistent with the investment objectives and policies of the Company as determined and adopted from
time to time by the Board. In connection therewith, the Advisor agrees to perform the following services on behalf of the Company. 
 Section 4.1 Organizational and Offering Services. The Advisor shall manage and supervise: 
 (a) the structure and development of any Offering, including the determination of the specific terms of the Securities to be offered by the Company; 

  
 11 

 (b) the preparation of all organizational and offering related documents, and obtaining of
all required regulatory approvals of such documents; 
 (c) along with the Dealer Manager, approval of the participating broker
dealers and negotiation of the related selling agreements; 
 (d) coordination of the due diligence process relating to
participating broker dealers and their review of the Prospectus and other Offering and Company documents; 
 (e) preparation and
approval of all marketing materials contemplated to be used by the Dealer Manager or others in an Offering; 
 (f) along with the
Dealer Manager, negotiation and coordination with the transfer agent for the receipt, collection, processing and acceptance of subscription agreements, commissions, and other administrative support functions; 

(g) creation and implementation of various technology and electronic communications related to an Offering; and 

(h) all other services related to organization of the Company or the Offering, whether performed and incurred by the Advisor or its
Affiliates. 
 Section 4.2 Acquisition Services. The Advisor shall: 

(a) serve as the Company’s investment and financial advisor and provide relevant market research and economic and statistical data in
connection with the Company’s assets and investment objectives and policies; 
 (b) subject to Article III hereof and the
investment objectives and policies of the Company: (i) locate, analyze and select potential investments; (ii) structure and negotiate the terms and conditions of transactions pursuant to which investments in Assets will be made;
(iii) acquire Assets on behalf of the Company; and (iv) arrange for financing related to acquisitions of Assets; 
 (c)
perform due diligence on prospective investments and create due diligence reports summarizing the results of such work; 
 (d)
prepare reports regarding prospective investments which include recommendations and supporting documentation necessary for the Board to evaluate the proposed investments; 
 (e) obtain reports (which may be prepared by the Advisor or its Affiliates), where appropriate, concerning the value of contemplated investments of the Company; and 

(f) negotiate and execute investments and other transactions approved by the Board. 

Section 4.3 Asset Management Services and Administrative Services. 

(a) Asset Management and Property Related Services. The Advisor shall: 

(i) negotiate and service the Company’s debt facilities and other financings; 

(ii) monitor applicable markets and obtain reports (which may be prepared by the Advisor or its Affiliates) where appropriate, concerning
the value of investments of the Company; 

  
 12 

 (iii) monitor and evaluate the performance of investments of the Company; provide daily
management services to the Company and perform and supervise the various management and operational functions related to the Company’s investments; 
 (iv) coordinate with the Property Manager on its duties under any property management agreement and assist in obtaining all necessary approvals of major property transactions as governed by the applicable
property management agreement; 
 (v) coordinate and manage relationships between the Company and any joint venture partners;

 (vi) consult with the officers and Directors of the Company and provide assistance with the evaluation and approval of
potential property dispositions, sales or refinancings; and 
 (vii) provide the officers and Directors of the Company periodic
reports regarding prospective investments in Properties. 
 (b) Accounting, SEC Compliance and Other Administrative
Services. The Advisor shall: 
 (i) coordinate with the Company’s independent accountants and auditors to prepare and
deliver to the Board an annual report covering the Advisor’s compliance with certain material aspects of this Advisory Agreement; 
 (ii) maintain accounting systems, records and data and any other information requested concerning the activities of the Company as shall be required to prepare and to file all periodic financial reports
and returns required to be filed with the SEC and any other regulatory agency, including annual financial statements; 
 (iii)
provide tax and compliance services and coordinate with appropriate third parties, including independent accountants and other consultants, on related tax matters; 
 (iv) maintain all appropriate books and records of the Company; 
 (v) provide the
officers of the Company and the Board with timely updates related to the overall regulatory environment affecting the Company, as well as managing compliance with such matters, including but not limited to compliance with the Sarbanes-Oxley Act of
2002; 
 (vi) consult with the officers of the Company and the Board relating to the corporate governance structure and
appropriate policies and procedures related thereto; 
 (vii) perform all reporting, record keeping, internal controls and
similar matters in a manner to allow the Company to comply with applicable law including the Sarbanes-Oxley Act of 2002; 

(viii) investigate, select, and, on behalf of the Company, engage and conduct business with such Persons as the Advisor deems necessary to
the proper performance of its obligations hereunder, including but not limited to consultants, accountants, lenders, technical advisors, attorneys, brokers, underwriters, corporate fiduciaries, escrow agents, depositaries, custodians, agents for
collection, insurers, insurance agents, banks, builders, developers, property owners, mortgagers, construction companies and any and all Persons acting in any other capacity deemed by the Advisor necessary or desirable for the performance of any of
the foregoing services; 

  
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 (ix) supervise the performance of such ministerial and administrative functions as may be
necessary in connection with the daily operations of the Assets; 
 (x) provide the Company with all necessary cash management
services; 
 (xi) consult with the officers of the Company and the Board and assist the Board in evaluating and obtaining
adequate insurance coverage based upon risk management determinations; 
 (xii) manage and perform the various administrative
functions necessary for the management of the day-to-day operations of the Company; 
 (xiii) provide or arrange for
administrative services and items, legal and other services, office space, office furnishings, personnel and other overhead items necessary and incidental to the Company’s business and operations; 

(xiv) provide financial and operational planning services and portfolio management functions; and 

(xv) from time-to-time, or at any time reasonably requested by the Board, make reports to the Board on the Advisor’s performance of
services to the Company under this Advisory Agreement. 
 (c) Stockholder Services. The Advisor shall: 

(i) retain a transfer agent on behalf of the Company to perform all necessary transfer agent functions; 

(ii) manage and coordinate with the transfer agent the quarterly dividend process and payments to Stockholders; 

(iii) manage communications with Stockholders, including answering phone calls, preparing and sending written and electronic reports and
other communications; and 
 (iv) establish technology infrastructure to assist in providing Stockholder support and service.

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

  
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Company, at any time or from time to time during normal business hours. The Advisor, in the conduct of its responsibilities to the Company, shall maintain adequate and separate books and records
for the Company’s operations in accordance with GAAP, which shall be supported by sufficient documentation to ascertain that such books and records are properly and accurately recorded. Such books and records shall be the property of the
Company. Such books and records shall include all information necessary to calculate and audit the fees or reimbursements paid under this Advisory Agreement. The Advisor shall utilize procedures to attempt to ensure such control over accounting and
financial transactions as is reasonably required to protect the Company’s assets from theft, error or fraudulent activity. All financial statements that the Advisor delivers to the Company shall be prepared on an accrual basis in accordance
with GAAP, except for special financial reports which by their nature require a deviation from GAAP. The Advisor shall maintain necessary liaison with the Company’s independent accountants and shall provide such accountants with such reports
and other information as the Company shall request. The Advisor shall at all reasonable times have access to the books and records of the Company. 
 ARTICLE VII 
 OTHER ACTIVITIES OF THE ADVISOR 

Section 7.1 General. Nothing herein contained shall prevent the Advisor from engaging in other activities, including,
without limitation, the rendering of advice to other Persons (including other REITs) and the management of other programs advised, sponsored or organized by the Advisor or its Affiliates; nor shall this Advisory Agreement limit or restrict the right
of any director, officer, employee, or stockholder of the Advisor or its Affiliates to engage in any other business or to render services of any kind to any other partnership, corporation, firm, individual, trust or association. The Advisor may,
with respect to any investment in which the Company is a participant, also render advice and service to each and every other participant therein. The Advisor shall report to the Board the existence of any condition or circumstance, existing or
anticipated, of which it has knowledge, which creates or could create a conflict of interest between the Advisor’s obligations to the Company and its obligations to or its interest in any other partnership, corporation, firm, individual, trust
or association. 
 Section 7.2 Policy with Respect to Allocation of Investment Opportunities. Before the Advisor
presents an investment opportunity that would in its judgment be suitable for the Company to another Advisor-sponsored program, the Advisor shall determine in its sole discretion that the investment opportunity is more suitable for such other
program than for the Company based on factors such as the following: the investment objectives and criteria of each program; the cash requirements and anticipated cash flow of each entity; the size of the investment opportunity; the effect of the
acquisition on diversification of each entity’s investments; the income tax consequences of the purchase on each entity; the policies of each program relating to leverage; the amount of funds available to each program and the length of time
such funds have been available for investment. In the event that an investment opportunity becomes available that is, in the sole discretion of the Advisor, equally suitable for both the Company and another Advisor-sponsored program, then the
Advisor may offer the other program the investment opportunity if it has had the longest period of time elapse since it was offered an investment opportunity. The Advisor will use its reasonable efforts to fairly allocate investment opportunities in
accordance with such allocation method and will promptly disclose any material deviation from such policy or the establishment of a new policy, which shall be allowed provided (a) the Board is provided with notice of such policy at least 60
days prior to such policy becoming effective and (b) such policy provides for the reasonable allocation of investment opportunities among such programs. The Advisor shall provide the Independent Directors with any information reasonably
requested so that the Independent Directors can insure that the allocation of investment opportunities is applied fairly. Nothing herein shall be deemed to prevent the Advisor or an Affiliate from pursuing an investment opportunity directly rather
than offering it to the Company or another Advisor-sponsored program so long as the Advisor is fulfilling its obligation to present a continuing and suitable investment program to the 

  
 15 

 
Company which is consistent with the investment policies and objectives of the Company. If a subsequent development, such as a delay in the closing of a property or a delay in the construction of
a property, causes any such investment, in the opinion of the Board of Directors and the Advisor, to be more appropriate for an entity other than the entity which committed to make the investment, however, the Advisor has the right to agree that the
other entity affiliated with the Advisors or its Affiliates may make the investment. 
 ARTICLE VIII 

LIMITATIONS ON ACTIVITIES 
 Anything else in this Advisory 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, its Stock or its other Securities, or (d) violate the Charter 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 stockholders, directors and officers 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 or employees, or stockholders, directors or officers of the Advisor’s Affiliates except as provided in this Advisory Agreement. 

ARTICLE IX 

FEES 

Section 9.1 Acquisition Fees. The Company will pay the Advisor, as compensation for the services described in
Section 4.2, Acquisition Fees in an amount equal to 2.5% of the Contract Purchase Price of each Property at the time and in respect of funds expended for the acquisition or development of a Property. The total of all Acquisition Fees and
Acquisition Expenses shall be limited in accordance with the Charter. 
 Section 9.2 Asset Management Fee.
Commencing on the date hereof, for the asset management services included in the services described in Section 4.3(a), the Company shall pay the Advisor an Asset Management Fee in an amount equal to one-twelfth of 1.0% per month of the
Managed Assets. For Managed Assets exceeding $500 million, the Company will reduce the amount paid to only one-twelfth of 0.75% per month on the Managed Assets exceeding $500 million unless the Company’s Modified Funds From Operations,
including payment of the fee, is greater than 100% of the Company’s distributions in any month. 
 Section 9.3
Disposition Fees. If the Advisor or an Affiliate provides a substantial amount of the services (as determined by a majority of the Directors, including a majority of the Independent Directors) in connection with the Sale of one or more
Properties, the Advisor or such Affiliate shall receive at closing a Disposition Fee of up to 3% of the Contract Sales Price of such Property or Properties. Any Disposition Fee payable under this section may be paid in addition to real estate
commissions paid to non-Affiliates, provided that the total real estate commissions (including such Disposition Fee) paid to all Persons by the Company for each Property shall not exceed an amount equal to the lesser of (i) 6% of the aggregate
Contract Sales Price of each Property or (ii) the Competitive Real Estate Commission for each Property. The Company will pay the Disposition Fee for a property at the 

  
 16 

 
time the property is sold. Payment of such fee shall be subordinated to receipt by stockholders of Stockholders’ 6% Return. If, at the time of a sale, payment of the Disposition Fee is
deferred because the subordination conditions have not been satisfied, then the Disposition Fee shall be paid at such later time as the subordination conditions are satisfied. 
 Section 9.4 Subordinated Share of Net Sale Proceeds. The Subordinated Share of Net Sale Proceeds shall be payable to the Advisor at the time or times that the Company determines that
the Subordinated Share of Net Sale Proceeds has been earned by the Advisor, provided that no Subordinated Share of Net Sale Proceeds will be paid if the Company has paid or is obligated to pay the Subordinated Incentive Fee Due Upon Listing. In the
case of multiple advisors, advisors and Affiliates shall be allowed incentive fees in accordance with the foregoing limitation, provided such fees are distributed by a proportional method reasonably designed to reflect the value added to the
Company’s Assets by each respective advisor or Affiliate. 
 Section 9.5 Subordinated Incentive Fee Due Upon
Listing. Upon Listing, and as soon as practicable following the determination of Market Value, the Advisor shall be entitled to the Subordinated Incentive Fee Due Upon Listing. The Subordinated Incentive Fee Due Upon Listing shall be due and
payable to the Advisor no earlier than one hundred eighty (180) days after Listing in the form of a promissory note (the “Listing Fee Note”). In the event the Subordinated Incentive Fee Due Upon Listing is paid to the Advisor
following Listing, the Advisor will not be entitled to receive any payments of Subordinated Performance Fee Due Upon Termination or Subordinated Share of Net Sale Proceeds following receipt of the Subordinated Incentive Fee Due Upon Listing. The
Company shall repay the Listing Fee Note at such time as the Company completes the first Sale or refinancing of a Property held one hundred eighty (180) days after Listing using Cash from Sales or Cash from Financings in an amount equal to the
value such Property contributed to the Listing Fee Note. If such amount is insufficient to pay the Listing Fee Note in full, then the Listing Fee Note shall be paid in part from the Cash from Sales from the first Sale or Cash from Financings
from the first refinancing of a Property held one hundred eighty (180) days after Listing, and in part from the Cash from Sales from each successive Sale or Cash from Financings from each successive refinancing of Properties held one hundred
eighty (180) days after Listing in an amount equal to the value such Properties contributed to the Listing Fee Note until the Listing Fee Note is repaid in full. If the Listing Fee Note has not been paid in full within three (3) years
after one hundred eighty (180) days after Listing, then the holder of the Listing Fee Note, its successors or assigns, may elect to convert the balance of the fee into Common Stock at a price per share equal to the average closing price of the
shares of Common Stock over the ten (10) trading days immediately preceding the date of such election if the Common Stock is Listed at such time.
 Section 9.6 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. A majority of the Independent Directors must approve the new fee structure negotiated with the Advisor. In negotiating a new fee structure, the Independent Directors shall consider all of the factors they deem relevant, including, but not
limited to: (a) the amount of the advisory fee in relation to the asset value, composition and profitability of the Company’s portfolio; (b) the success of the Advisor in generating opportunities that meet the investment objectives of
the Company; (c) the rates charged to other REITs and to investors other than REITs by advisors performing the same or similar services; (d) additional revenues realized by the Advisor and its Affiliates through their relationship with the
Company, including loan administration, underwriting or broker commissions, servicing, engineering, inspection and other fees, whether paid by the REIT or by others with whom the REIT does business; (e) the quality and extent of service and
advice furnished by the Advisor; (f) the performance of the investment portfolio of the REIT, including income, conversion or appreciation of capital, and number and frequency of problem investments; and (g) the quality of the Property
portfolio of the Company in relationship to the 

  
 17 

 
investments generated by the Advisor for its own account. The new fee structure can be no more favorable to the Advisor than the current fee structure. 

ARTICLE X 
 EXPENSES 
 Section 10.1 Reimbursable Expenses. In
addition to the compensation paid to the Advisor pursuant to Article IX hereof, the Company shall pay directly or reimburse the Advisor for all of the expenses paid or incurred by the Advisor (to the extent not reimbursable by another party, such as
the Dealer Manager) in connection with the services it provides to the Company pursuant to this Advisory Agreement, including, but not limited to: 
 (a) reimbursements for Organizational and Offering Expenses in connection with this offering, provided, however, that within 60 days after the end of the month in which an Offering terminates, the Advisor
shall reimburse the Company to the extent (i) there are Capped O&O Expenses borne by the Company and (ii) Organization and Offering Expenses borne by the Company (including selling commissions, dealer manager fees and non-accountable
due diligence expense allowance but not including Acquisition Fees or Acquisition Expenses) exceed 15% of the Gross Proceeds raised in a completed Offering; 
 (b) subject to the limitation set forth below, Acquisition Expenses incurred by the Advisor or its Affiliates; 
 (c) subject to the limitation set forth below, Acquisition Fees and Acquisition Expenses payable to unaffiliated Persons incurred in connection with the selection and acquisition of Properties;

 (d) the actual out-of-pocket cost of goods and services used by the Company and obtained from entities not affiliated with the
Advisor including brokerage and other fees paid in connection with the purchase, operation and sale of Assets; 
 (e) interest
and other costs for borrowed money, including discounts, points and other similar fees; 
 (f) taxes and assessments on income or
Property and taxes as an expense of doing business and any taxes otherwise imposed on the Company, its business or income; 
 (g)
costs associated with insurance required in connection with the business of the Company or by the Board; 
 (h) expenses of
managing and operating Properties owned by the Company, whether payable to an Affiliate of the Company or a non-affiliated Person; 
 (i) all expenses in connection with payments to Directors and meetings of the Directors and Stockholders; 
 (j) expenses associated with Listing or with the issuance and distribution of Securities other than the Stock issued in a Public Offering, such as selling commissions and fees, advertising expenses,
taxes, legal and accounting fees, listing and registration fees; 

  
 18 

 (k) expenses connected with payments of Dividends in cash or otherwise made or caused to be
made by the Company to the Stockholders; 
 (l) expenses of organizing, converting, modifying, merging, liquidating or dissolving
the Company or of amending the Charter or the Bylaws; 
 (m) expenses of maintaining communications with Stockholders, including
the cost of preparation, printing, and mailing annual reports and other Stockholder reports, proxy statements and other reports required by governmental entities; 
 (n) administrative service expenses, including all direct and indirect costs and expenses incurred by Advisor in fulfilling its duties hereunder and including personnel costs; provided, however, that no
reimbursement shall be made for costs of personnel to the extent that such personnel perform services in transactions for which the Advisor receives the Acquisition Fee or Disposition Fee. Such direct and indirect costs and expenses may include
reasonable wages and salaries and other employee-related expenses of all employees of Advisor who are directly engaged in the operation, management, administration, 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 by Advisor pursuant to this Advisory Agreement; 
 (o) audit, accounting and legal fees, and other fees for professional services relating to the operations of the Company and all such fees incurred at the request, or on behalf of, the Independent
Directors or any committee of the Board; and 
 (p) out-of-pocket costs for the Company to comply with all applicable laws,
regulation and ordinances; and all other out-of-pocket costs necessary for the operation of the Company and its Assets incurred by the Advisor in performing its duties hereunder. 

The Company shall also reimburse the Advisor or Affiliates of the Advisor for all direct and indirect costs and expenses incurred on
behalf of the Company prior to the execution of this Advisory Agreement. 
 The total of all Acquisition Fees and Acquisition
Expenses paid by the Company in connection with the purchase of a Property by the Company shall be reasonable, and shall in no event exceed an amount equal to 6% of the Contract Purchase Price, or in the case of a mortgage loan, 6% of the funds
advanced; provided, however, that a majority of the Directors (including the majority of the Independent Directors) not otherwise interested in the transaction may approve fees and expenses in excess of these limits if they determine the transaction
to be commercially competitive, fair and reasonable to the Company. 
 Section 10.2 Other Services. Should
the Directors request that the Advisor or any director, officer or employee thereof render services for the Company other than set forth in Article IV, such services shall be separately compensated at such rates and in such amounts as are agreed by
the Advisor and a majority of the Independent Directors, subject to the limitations contained in the Charter, and shall not be deemed to be services pursuant to the terms of this Advisory Agreement. 

Section 10.3 Timing of and Limitations on Reimbursements.  

(a) Expenses incurred by the Advisor on behalf of the Company and payable pursuant to this Article X shall be reimbursed no less
frequently than monthly to the Advisor. The Advisor shall prepare a statement documenting the expenses of the Company during each quarter, and 

  
 19 

 
shall deliver such statement to the Company within 45 days after the end of each quarter. Subject to the Excess Expense Guidelines, the Company may advance funds to the Advisor for expenses the
Advisor anticipates will be incurred by the Advisor within the current month and any such advances shall be deducted from the amounts reimbursed by the Company to the Advisor. 
 (b) The Company shall not reimburse the Advisor at the end of any fiscal quarter Operating Expenses that, in the four consecutive fiscal quarters then ended (the “Expense Year”) exceed (the
“Excess Amount”) the greater of 2% of Average Invested Assets or 25% of NASAA Net Income (the “Excess Expense Guidelines”) for such year unless a majority of the Independent Directors determines that such excess was justified,
based on unusual and nonrecurring factors which they deem sufficient. If a majority of the Independent Directors does 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. If a majority of the Independent Directors determines such excess was justified, then within 60 days after the end of any fiscal quarter of the Company for which total reimbursed Operating Expenses for the Expense Year exceed the Excess
Expense Guidelines, the Advisor, at the direction of the a majority of the Independent Directors, shall send to the Stockholders a written disclosure of such fact, together with an explanation of the factors the a majority of the Independent
Directors considered in determining that such excess expenses were justified. The Company will ensure that such determination will be reflected in the minutes of the meetings of the Board of Directors. All figures used in the foregoing computation
shall be determined in accordance with GAAP. 
 ARTICLE XI 

FIDELITY BOND 
 The Advisor shall endeavor to maintain a fidelity bond for the benefit of the Company which bond shall insure the Company from losses of up to $1 million per occurrence and shall be of the type
customarily purchased by entities performing services similar to those provided to the Company by the Advisor. 

ARTICLE XII 
 RELATIONSHIP OF THE ADVISOR AND COMPANY 
 The Company and the Advisor are
not partners or joint venturers with each other, and nothing in this Advisory Agreement shall be construed to make them such partners or joint venturers or impose any liability as such on either of them, and neither shall have the power to bind or
obligate the other except as set forth herein. In all respects, the status of the Advisor under this Advisory Agreement is that of an independent contractor. 
 ARTICLE XIII 
 RELATIONSHIP WITH DIRECTORS 

Subject to Article VIII of this Advisory Agreement and to restrictions set forth in the Charter or deemed advisable with respect to the
qualification of the Company as a REIT, directors, officers and employees of the Advisor or an Affiliate of the Advisor or any corporate parents of an Affiliate, or directors, officers or stockholders of any director, officer or corporate parent of
an Affiliate may serve as a Director and as officers of the Company, except that no officer or employee of the Advisor or its Affiliates who also is a Director or officer of the Company shall receive any compensation from the Company for serving as
a Director or officer other than reasonable reimbursement for travel and related expenses incurred in attending meetings of the Directors. Directors who are not Independent Directors will be individuals nominated by the Advisor, provided that such
director nominees are either directors of 

  
 20 

 
the Advisor or have been elected by the board of directors of the Advisor as executive officers of the Advisor. 
 ARTICLE XIV 
 REPRESENTATIONS AND WARRANTIES 

Section 14.1 The Company. To induce the Advisor to enter into this Advisory Agreement, the Company hereby represents
and warrants that: 
 (a) The Company is a corporation, duly organized, validly existing and in good standing under the laws of
the State of Maryland with all requisite corporate power and authority and all material licenses, permits and authorizations necessary to carry out the transactions contemplated by this Advisory Agreement. 

(b) The Company’s execution, delivery and performance of this Advisory Agreement has been duly authorized by the Board of Directors
including a majority of all Independent Directors of the Company. This Agreement constitutes the valid and binding obligation of the Company, enforceable against the Company in accordance with its terms. The Company’s execution and delivery of
this Advisory Agreement and its fulfillment of and compliance with the respective terms hereof do not and will not (i) conflict with or result in a breach of the terms, conditions or provisions of, (ii) constitute a default under,
(iii) result in the creation of any lien, security interest, charge or encumbrance upon the assets of the Company pursuant to, (iv) give any third party the right to modify, terminate or accelerate any obligation under, (v) result in
a violation of or (vi) require any authorization, consent, approval, exception or other action by or notice to any court or administrative or governmental body pursuant to, the Charter or Bylaws or any law, statute, rule or regulation to which
the Company is subject, or any agreement, instrument, order, judgment or decree by which the Company is bound, in any such case in a manner that would have a material adverse effect on the ability of the Company to perform any of its obligations
under this Advisory Agreement. 
 Section 14.2 The Advisor. To induce the Company to enter into this
Advisory Agreement, the Advisor represents and warrants that: 
 (a) The Advisor is a limited liability company, duly organized,
validly existing and in good standing under the laws of the State of Delaware with all requisite corporate power and authority and all material licenses, permits and authorizations necessary to carry out the transactions contemplated by this
Advisory Agreement. 
 (b) The Advisor’s execution, delivery and performance of this Advisory Agreement has been duly
authorized. This Agreement constitutes a valid and binding obligation of the Advisor, enforceable against the Advisor in accordance with its terms. The Advisor’s execution and delivery of this Advisory Agreement and its fulfillment of and
compliance with the respective terms hereof do not and will not (i) conflict with or result in a breach of the terms, conditions or provisions of, (ii) constitute a default under, (iii) result in the creation of any lien, security
interest, charge or encumbrance upon the Advisor’s assets pursuant to, (iv) give any third party the right to modify, terminate or accelerate any obligation under, (v) result in a violation of or (vi) require any authorization,
consent, approval, exemption or other action by or notice to any court or administrative or governmental body pursuant to, the Advisor’s articles of incorporation or bylaws, or any law, statute, rule or regulation to which the Advisor is
subject, or any agreement, instrument, order, judgment or decree by which the Advisor is bound, in any such case in a manner that would have a material adverse effect on the ability of the Advisor to perform any of its obligations under this
Advisory Agreement. 

  
 21 

 (c) The Advisor has received copies of the Charter, the Bylaws, the Registration Statement
and the Operating Partnership Agreement and is familiar with the terms thereof, including without limitation the investment limitations included therein. The Advisor warrants that it will use reasonable care to avoid any act or omission that would
conflict with the terms of the Charter, the Bylaws, the Registration Statement, or the Operating Partnership Agreement in the absence of the express direction of a majority of the Independent Directors. 

ARTICLE XV 
 TERM; TERMINATION OF AGREEMENT 
 Section 15.1 Term.
This Agreement shall continue in force until the first anniversary of the date hereof. Thereafter, this Advisory Agreement may be renewed for an unlimited number of successive one-year terms upon mutual consent of the parties. The Company,
acting through the Board, will 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. 

Section 15.2 Termination by Either Party. This Agreement may be terminated upon 60 days’ written notice without
cause or penalty, by either party (by a majority of the Independent Directors of the Company or the manager of the Advisor). 

Section 15.3 Termination by the Advisor. This Agreement may be terminated immediately by the Advisor in the event of
any material breach of this Advisory Agreement by the Company not cured by the Company within 30 days after written notice thereof. 
 Section 15.4 Termination by the Company. This Agreement may be terminated immediately by the Company in the event of (a) any material breach of this Advisory Agreement by the
Advisor not cured by the Advisor within 30 days after written notice thereof; (b) a decree or order is rendered by a court having jurisdiction (i) adjudging Advisor as bankrupt or insolvent, or (ii) approving as properly filed a
petition seeking reorganization, readjustment, arrangement, composition or similar relief for Advisor under the federal bankruptcy laws or any similar applicable law or practice, or (iii) appointing a receiver or liquidator or trustee or
assignee in bankruptcy or insolvency of Advisor or a substantial part of the property of Advisor, or for the winding up or liquidation of its affairs; or (c) Advisor (i) institutes proceedings to be adjudicated a voluntary bankrupt or an
insolvent, (ii) consents to the filing of a bankruptcy proceeding against it, (iii) files a petition or answer or consent seeking reorganization, readjustment, arrangement, composition or relief under any similar applicable law or
practice, (iv) consents to the filing of any such petition, or to the appointment of a receiver or liquidator or trustee or assignee in bankruptcy or insolvency for it or for a substantial part of its property, (v) makes an assignment for
the benefit of creditors, (vi) is unable to or admits in writing its inability to pay its debts generally as they become due unless such inability shall be the fault of the Operating Partnership, or (vii) takes corporate or other action in
furtherance of any of the aforesaid purposes. 
 Section 15.5 Survival. The provisions of Articles
I, VI, VII and XVI through XX survive termination of this Advisory Agreement. 
 ARTICLE XVI 

PAYMENTS TO AND DUTIES OF ADVISOR UPON TERMINATION 
 Section 16.1 Reimbursable Expenses and Earned Fees. After the Termination Date, other than the Subordinated Performance Fee Due Upon Termination, the Advisor shall not be entitled to
compensation for further services hereunder except it shall be entitled to receive from the 

  
 22 

 
Company within 30 days after the effective date of such termination all unpaid reimbursable expenses and all earned but unpaid fees payable to the Advisor prior to termination of this Advisory
Agreement. 
 Section 16.2 Subordinated Performance Fee Due Upon Termination. Upon termination, unless such
termination is by the Company because of a material breach of this Advisory Agreement by the Advisor as a result of willful or intentional misconduct or bad faith on behalf of the Advisor, the Advisor shall be entitled to receive from the Company
the Subordinated Performance Fee Due Upon Termination payable in the form of a non-interest bearing promissory note (the “Performance Fee Note”). The Company shall repay the Performance Fee Note at such time as the Company completes the
first Sale or refinancing of a Property held at the Termination Date using Cash from Sales or Cash from Financings in an amount equal to the value such Property contributed to the Performance Fee Note. If such amount is insufficient to pay the
Performance Fee Note in full, then the Performance Fee Note shall be paid in part from the Cash from Sales from the first Sale or Cash from Financings from the first refinancing of a Property held at the Termination Date, and in part from the Cash
from Sales from each successive Sale or Cash from Financings from each successive refinancing of Properties held at the Termination Date in an amount equal to the value such Properties contributed to the Performance Fee Note until the Performance
Fee Note is repaid in full. If the Performance Fee Note has not been paid in full on the earlier of (a) the date the Common Stock is Listed, or (b) within three (3) years from the Termination Date, then the holder of the
Performance Fee Note, its successors or assigns, may elect to convert the balance of the fee into Common Stock at a price per share equal to the average closing price of the shares of Common Stock over the ten (10) trading days immediately
preceding the date of such election if the Common Stock is Listed at such time. If the Common Stock is not Listed within three (3) years from the Termination Date, the holder of the Performance Fee Note, its successors or assigns, may
elect to convert the balance of the fee into shares of Common Stock at a price per share equal to the fair market value for such Shares as determined by the Board of Directors based upon the Appraised Value of the Properties, loans, and other
investments, net of any debt thereon, on the date of election. 
 Section 16.3 Advisor’s Duties Upon
Termination. The Advisor shall promptly upon termination: 
 (a) pay over to the Company all money collected and held for
the account of the Company pursuant to this Advisory Agreement, after deducting any accrued compensation and reimbursement for its expenses to which it is then entitled; 
 (b) 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; 
 (c) deliver to the Board all assets, including Properties, and documents of the Company
then in the custody of the Advisor; and 
 (d) cooperate with the Company to provide an orderly management transition.

 ARTICLE XVII 
 ASSIGNMENT TO AN AFFILIATE 
 This Agreement may be assigned by the Advisor
to an Affiliate with the approval of a majority of the Independent Directors. The Advisor may assign any rights to receive fees or other payments under this Advisory Agreement without obtaining the approval of the Directors. This Agreement shall not
be assigned by the Company without the consent of the Advisor, except in the case of an assignment by the Company to a corporation or other organization which is a successor to all of the assets, rights and

  
 23 

 
obligations of the Company, in which case such successor organization shall be bound hereunder and by the terms of said assignment in the same manner as the Company is bound by this Advisory
Agreement. 
 ARTICLE XVIII 
 INDEMNIFICATION BY THE COMPANY 
 Section 18.1 Conditions of
Indemnification. 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 and only if all of the following conditions are met: 
 (a) The directors or the
Advisor or its Affiliates have determined, in good faith, that the course of conduct that caused the loss or liability was in the best interests of the Company; 
 (b) The Advisor or its Affiliates were acting on behalf of or performing services for the Company; 
 (c) Such liability or loss was not the result of negligence or misconduct by the Advisor or its Affiliates; and 
 (d) Such indemnification or agreement to hold harmless is recoverable only out of the Company’s Net Asset Value and not from its Stockholders. 

(e) With respect to losses, liabilities or expenses arising from or out of an alleged violation of federal or state securities laws, 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; or (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 SEC 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. Notwithstanding the foregoing, the Advisor shall not be entitled to indemnification or be held harmless pursuant to this Article XVIII for any activity which
the Advisor shall be required to indemnify or hold harmless the Company pursuant to Article XIX. Any indemnification of the Advisor may be made only out of the net assets of the Company, including insurance proceeds, and not from Stockholders.

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

  
 24 

 ARTICLE XX 

LIMITATION OF LIABILITY 
 In no event will either party be liable for damages based on loss of income, profit or savings or indirect, incidental, consequential, exemplary, punitive or special damages of the other party or person,
including third parties, even if such party has been advised of the possibility of such damages in advance, and all such damages are expressly disclaimed. 
 ARTICLE XXI 
 NOTICES 

Any notice in this Advisory Agreement permitted to be given, made or accepted by either party to the other, must be in writing and may be
given or served by (1) overnight courier, (2) depositing the same in the United States mail, postpaid, certified, return receipt requested, or (3) facsimile transfer. Notice deposited in the United States mail shall be deemed given
when mailed. Notice given in any other manner shall be effective when received at the address of the addressee. For purposes hereof the addresses of the parties, until changed as hereafter provided, shall be as follows: 

 

			
	 To Company:
	    	Strategic Storage Trust, Inc.
		    	Attention : H. Michael Schwartz
		    	111 Corporate Drive, Suite 120
		    	Ladera Ranch, California 92694
		    	Fax: 949-429-6606
	  

With a copy to:
	    	Chairman of the Nominating and Corporate Governance Committee
		    	111 Corporate Drive, Suite 120
		    	Ladera Ranch, California 92694
		    	Fax: 949-429-6606
	  
 To
Advisor:
	    	Strategic Storage Advisor, LLC
		    	Attention : H. Michael Schwartz
		    	111 Corporate Drive, Suite 120
		    	Ladera Ranch, California 92694
		    	Fax: 949-429-6606

 Either party may at any time give notice in writing to the other party of a change in its address for the
purposes of this Article XXI. 
 ARTICLE XXII 
 MODIFICATION 
 This Agreement shall not be changed, modified, terminated,
or discharged, in whole or in part, except by an instrument in writing signed by both parties hereto, or their respective successors or assignees. 

  
 25 

 ARTICLE XXIII 

SEVERABILITY 
 The provisions of this Advisory 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. 
 ARTICLE XXIV 

CONSTRUCTION/GOVERNING LAW 
 The provisions of this Advisory Agreement shall be construed and interpreted in accordance with the laws of the State of California. 

ARTICLE XXV 
 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. 
 ARTICLE XXVI 
 INDULGENCES, NOT WAIVERS 
 Neither the failure nor any delay on the part of
a party to exercise any right, remedy, power or privilege under this Advisory 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. 
 ARTICLE XXVII 
 GENDER 

Words used herein regardless of the number and gender specifically used, shall be deemed and construed to include any other number,
singular or plural, and any other gender, masculine, feminine or neuter, as the context requires. 
 ARTICLE XXVIII

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

  
 26 

 ARTICLE XXIX 

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, taken together, bear the signatures of all of the parties reflected hereon as the signatories. 

ARTICLE XXX 
 INITIAL INVESTMENT 
 The Advisor has purchased 100 shares of Common Stock
for $1,000.00. The Advisor has purchased 20,000 OP Units for $200,000. In addition, the Advisor may not sell any of the OP Units while the Advisor acts in such advisory capacity to the Company, provided, that such OP Units may be transferred to
Affiliates of the Advisor. Affiliates of the Advisor may not sell any of the OP Units while the Advisor acts in such advisory capacity to the Company, provided, that such OP Units may be transferred to the Advisor or other Affiliates of the Advisor.
The restrictions included above shall not apply to any other Securities acquired by the Advisor or its Affiliates. With respect to any Securities owned by the Advisor, the Directors, or any of their Affiliates, neither the Advisor, nor the
Directors, nor any of their Affiliates may vote or consent on matters submitted to the Stockholders regarding the removal of the Advisor, Directors or any of their Affiliates or any transaction between the Company and any of them. In determining the
requisite percentage in interest of Securities necessary to approve a matter on which the Advisor, Directors and any of their Affiliates may not vote or consent, any Securities owned by any of them shall not be included. 

ARTICLE XXXI 
 LICENSE OF TRADE NAMES 
 The Advisor hereby grants to
the Company and its Affiliates a non-transferable, non-sublicenseable, non-exclusive, royalty-free right and license to use the trade names “Strategic Storage Trust” and “SmartStopTM Self Storage” as well as the registered trademarks and
trademark applications for registration listed on Exhibit A attached hereto (collectively, the “Marks”) solely in connection with the Company’s and its Affiliates’ business from the date of this Agreement through
the later of (i) the listing of the Company’s Common Stock on a national exchange or (ii) eighteen (18) months after the termination of the current offering of the Company’s Common Stock in a manner substantially consistent
with the use of the Marks prior to the date of this Agreement. The Company and its Affiliates shall maintain, or cause to be maintained, the quality of the respective goods and services associated with use of the Marks by the Company and its
Affiliates at substantially the same level maintained by Strategic Storage Holdings, LLC or the Company and its Affiliates immediately prior to the execution of this Agreement. Strategic Storage Holdings, LLC shall retain full and complete ownership
of the Marks and all use of the Marks by the Company and its Subsidiaries shall inure to the benefit of Strategic Storage Holdings, LLC. The Company and its Affiliates will not at any time intentionally do or knowingly permit to be done any material
act or thing that would or would reasonably be likely to diminish, tarnish, disparage, or otherwise damage the goodwill in the Marks or impair the rights of Strategic Storage Holdings, LLC in and to the Marks, adversely affect the validity or
enforceability of the Marks, dilute the distinctiveness of the Marks or depreciate the value of the Marks. The Advisor may, at its option, upon thirty (30) days’ written notice to the Company, terminate the license granted in this Article
XXXI if the Company or its Affiliates fail to comply with the requirements of this Article XXXI. 
 [SIGNATURES APPEAR ON NEXT
PAGE] 

  
 27 

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

			
	THE COMPANY:
	
	 STRATEGIC STORAGE TRUST, INC.

		
	By:	 	 /s/ H. Michael Schwartz

		 	H. Michael Schwartz
		 	President and Chief Executive Officer
	
	THE ADVISOR:
	
	STRATEGIC STORAGE ADVISOR, LLC
		
	By:	 	 /s/ H. Michael Schwartz

		 	H. Michael Schwartz
		 	President

  
 28EX-10.1

 Exhibit 10.1 
 AMENDMENT AGREEMENT NO. 2 AND WAIVER 
 to that certain

 AMENDED AND RESTATED CREDIT AGREEMENT 
 This AMENDMENT AGREEMENT NO. 2 AND WAIVER TO THAT CERTAIN AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”) dated as of September 27, 2011, among (a) HARRIS
INTERACTIVE INC. (the “Borrower”), (b) JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, as administrative agent (the “Administrative Agent”) for itself and the other lenders (the “Lenders”) who are
or may become party to the Amended and Restated Credit Agreement dated as of June 30, 2010 (as amended, restated, supplemented or otherwise modified, and in effect from time to time, the “Credit Agreement”) among the Borrower,
the Administrative Agent, the Lenders and the Issuing Bank; and (c) the Lenders signatory hereto. 
 WHEREAS, the
Borrower has informed the Lenders and the Administrative Agent that it has failed to comply with the covenants set forth in Section 6.9 (a) and (b) of the Credit Agreement for the Measurement Period ended June 30, 2011, and has
requested the Lenders and Administrative Agent to waive the Defaults and Events of Default resulting from such noncompliance (the “Specified Events of Default”); 

WHEREAS, the Lenders and the Administrative Agent are willing to waive the Specified Events of Default subject to
the terms and conditions hereof;  
 WHEREAS, the Borrower, Lenders and the Administrative Agent have agreed to
amend certain provisions of the Credit Agreement as more fully provided herein 
 NOW, THEREFORE, in consideration of the
mutual agreements contained in the Credit Agreement, herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

Section 1. Defined Terms. Capitalized terms used but not defined herein shall have the same meanings
herein as in the Credit Agreement. 
 Section 2. Amendments to the Credit Agreement.
 
 (a) Section 1.1 of the Credit Agreement is hereby amended by inserting the following definitions in the correct
alphabetical order: 
 “Account” has the meaning assigned to such term in the UCC. 

“Account Debtor” has the meaning assigned to such term in the UCC. 

“Amendment No. 2 Effective Date” means September 27, 2011. 

“Availability” means the lesser of (a) $2,000,000, or (b) the Borrowing Base. 

 “Borrowing Base” means, at any time, the sum of
(a) Domestic Accounts, plus (b) Unbilled Accounts, minus (c) Customer Deposits. 

“Borrowing Base Certificate” means a certificate certifying calculations of the Borrowing Base, signed
and certified as accurate and complete by a Financial Officer of the Borrower, in a form which is acceptable to the Administrative Agent in its sole discretion. 
 “Customer Deposits” means any amount labeled as “Customer Deposit” for the Borrower’s U.S. operations as shown on the Borrower’s monthly financial statements, prepared
in accordance with generally accepted accounting principles, as provided to the Administrative Agent. 

“Domestic Accounts” means any amount labeled as “Accounts Receivable” for the Borrower’s
U.S. operations as shown on the Borrower’s monthly financial statements, prepared in accordance with generally accepted accounting principles, as provided to the Administrative Agent. 

“Unbilled Accounts” means any amount labeled as “Unbilled Receivables” for the Borrower’s
U.S. operations as shown on the Borrower’s monthly financial statements, prepared in accordance with generally accepted accounting principles, as provided to the Administrative Agent. 

(b) Section 1.1 of the Credit Agreement is hereby amended by amending the following definitions as described below: 

(i) The definition of “Applicable Rate” is amended by adding the following sentence to the end of such definition: 

“Notwithstanding the foregoing, for the period beginning on the Amendment No. 2 Effective Date and ending
March 31, 2012, the “Eurodollar Applicable Rate” shall be 5.50% and the “ABR Applicable Rate” shall be 4.50%.” 
 (ii) The definition of “Consolidated Adjusted EBITDA” is amended by amending and restating such definition in its entirety as follows: 

“Consolidated Adjusted EBITDA” means, at any date of determination, an amount equal to Consolidated Net
Income of the Borrower and its Subsidiaries on a consolidated basis for the most recently completed Measurement Period plus (a) the following to the extent deducted in calculating such Consolidated Net Income and without duplication:
(i) Consolidated Interest Charges, (ii) the provision for Federal, state, local and foreign income taxes payable, (iii) depreciation and amortization expense, (iv) non-cash equity compensation expense accounted for under the
Financial Accounting Standards Board guidance for stock based compensation, (v) other non-recurring expenses reducing such Consolidated Net Income which do not 

 
represent a cash item in such period or any future period (in each case of or by the Borrower and its Subsidiaries for such Measurement Period), (vi) for the fiscal quarter ended
June 30, 2010, “Restructuring and other charges” as reflected in Borrower’s financial statements actually incurred and paid or payable in cash (“cash restructuring charges”) in an amount of $622,824, (vii) for the
fiscal quarter ended September 30, 2010, cash restructuring charges actually incurred and paid or payable in cash prior to June 30, 2010 in an amount of $474,790, (viii) for the fiscal quarter ended December 31, 2010, cash
restructuring charges actually incurred and paid or payable in cash prior to June 30, 2010 in an amount of $91,604, (ix) identified restructuring and other charges as detailed in the Borrower’s financial model dated as of
September 22, 2011 delivered to the Administrative Agent (“Identified Charges”), and incurred in the relevant period, in the aggregate amount not to exceed (A) $679,000 for the fiscal quarter ended December 31, 2010,
(B) $448,000 for the fiscal quarter ended March 31, 2011, (C) $4,266,000 for the fiscal quarter ended June 30, 2011, and (D) $7,284,000 for the fiscal quarter ended September 30, 2011, and (x) the non-cash loss on
extinguishment related to payment of “Obligations” under the Existing Credit Agreement, minus (b) the following to the extent included in calculating such Consolidated Net Income: (i) Federal, state, local and foreign income tax
credits, and (ii) all non-cash items increasing Consolidated Net Income (in each case of or by the Borrower and its Subsidiaries for such Measurement Period).” 
 (c) Section 2.1(a) of the Credit Agreement is hereby amended and restated in its entirety as follows: 
 “(a) Revolving Loans: Subject to the terms and conditions set forth herein, each Revolving Credit Lender agrees to make Revolving Loans to the Borrower from time to time during the
Availability Period in an aggregate principal amount that will not result in (i) such Revolving Credit Lender’s Revolving Credit Exposure exceeding such Revolving Credit Lender’s Revolving Credit Commitment or (ii) the sum of the
total Revolving Credit Exposures exceeding the total Revolving Credit Commitments; provided, that, after the Amendment No. 2 Effective Date until the delivery of a Compliance Certificate evidencing that trailing four quarter
Consolidated Adjusted EBITDA exceeds $5,000,000 for any Measurement Period ending on or after December 31, 2011, the sum of the total Revolving Credit Exposures shall not exceed Availability. Within the foregoing limits and subject to the terms
and conditions set forth herein, the Borrower may borrow, prepay and reborrow Revolving Loans.” 
 (d) Section 2.5(b)
of the Credit Agreement is hereby amended by amending and restating clause (ii) of the last sentence of Section 2.5(b) of the Credit Agreement as follows: 

“(ii) the sum of the total Revolving Credit Exposures shall not exceed the lesser of (a) the total Revolving
Credit Commitments or (b) from the Amendment No. 2 Effective Date until delivery of a Compliance Certificate evidencing that 

 
trailing four quarter Consolidated Adjusted EBITDA exceeds $5,000,000 for any Measurement Period ending on or after December 31, 2011, Availability.” 

(e) Section 2.10(b)(iii) of the Credit Agreement is hereby amended and restated in its entirety as follows: 

“(iii) From the Amendment No. 2 Effective Date until the delivery of a Compliance Certificate evidencing that
trailing four quarter Consolidated Adjusted EBITDA exceeds $5,000,000 for any Measurement Period ending on or after December 31, 2011, in the event and on such occasion that the total Revolving Credit Exposure exceeds the lesser of (A) the
aggregate Revolving Credit Commitment or (B) the Borrowing Base, the Borrower shall prepay the Revolving Loans and/or LC Exposure in an aggregate amount equal to such excess.” 

(f) Section 5.1 of the Credit Agreement is hereby amended by (i) deleting “and” at the end of clause (g) thereto,
(ii) replacing the “.” at the end of clause (h) with “; and”, and (iii) adding the following clause (i) to such Section: 
 “(i) From the Amendment No. 2 Effective Date until the delivery of a Compliance Certificate evidencing that trailing four quarter Consolidated Adjusted EBITDA exceeds $5,000,000 for any
Measurement Period ending on or after December 31, 2011, as soon as available but in any event within 14 days of the end of each calendar month, and at such other times as may be requested by the Administrative Agent, as of the period then
ended, a Borrowing Base Certificate and supporting information in connection therewith, together with any additional reports with respect to the Borrowing Base as the Administrative Agent may reasonably request.” 

(g) Section 6.4 of the Credit Agreement is hereby amended and restated in its entirety as follows: 

“SECTION 6.4 Investments, Loans, Advances, Guarantees and Acquisitions. The Borrower will not, and will not permit any of its
Subsidiaries to, purchase, hold or acquire (including pursuant to any merger with any Person that was not a wholly owned Subsidiary prior to such merger) any capital stock, evidences of indebtedness or other securities (including any option, warrant
or other right to acquire any of the foregoing) of, make or permit to exist any loans or advances to, Guarantee any obligations of, or make or permit to exist any investment or any other interest in, any other Person, or purchase or otherwise
acquire (in one transaction or a series of transactions) any assets of any other Person constituting a business unit (any such purchase, investment or acquisition, an “Investment”), except: 

 

	 	(a)	Permitted Investments; 

	 	(b)	Investments by the Borrower in the capital stock of (i) any Loan Party and (ii) any Subsidiary that is not a Loan Party to the extent permitted under
Section 6.1(c)(v); 

	 	(c)	Investments in Indebtedness permitted under Section 6.1(c); 

	 	(d)	Guarantees constituting Indebtedness permitted by Section 6.1; 

	 	(e)	Investments in the China Investment, in an amount not to exceed $750,000 in any fiscal year; and 

	 	(f)	Investments constituting Guarantees by the Borrower of intercompany loans made between Foreign Subsidiaries in an amount not to exceed $3,000,000 in any fiscal
year.” 

 (h) Section 6.9 of the Credit Agreement is hereby amended and restated in its entirety as
follows: 
 “(a) “Consolidated Total Leverage Ratio. The Borrower will not permit the
Consolidated Total Leverage Ratio as of the end of any Measurement Period of the Borrower to be greater than the applicable ratio set forth in the following table for the applicable period set forth opposite thereto: 

 

			
	 Applicable Ratio
	  	 Applicable Period

	 2.90 to 1.00
	  	Measurement Period ending September 30, 2010
	 2.90 to 1.00
	  	Measurement Period ending December 31, 2010
	 2.70 to 1.00
	  	Measurement Period ending March 31, 2011
	 2.50 to 1.00
	  	Measurement Period ending June 30, 2011 and the Measurement Period ending on the last day of each fiscal quarter thereafter

 provided, that, for the Measurement Periods ending September 30,
2011, December 31, 2011 and March 31, 2012, the Borrower shall not be required to comply with this Section 6.9(a). For the avoidance of doubt, for the Measurement Periods ending June 30, 2012 and for each Measurement
Period thereafter, the Borrower shall be required to comply with the Consolidated Total Leverage Ratio covenant set forth in this Section. 
 (b) Consolidated Interest Coverage Ratio. The Borrower will not permit the Consolidated Interest Coverage Ratio as of the end of any Measurement Period of the Borrower to be less than 3.00 to 1.00;
provided, that, for the Measurement Periods ending September 30, 2011, December 31, 2011 and March 31, 2012, the Borrower shall not be required to comply with this Section 6.9(b) For the avoidance of
doubt, for the Measurement Periods ending June 30, 2012 and for each Measurement Period thereafter, the Borrower shall be required to comply with the Consolidated Interest Coverage Ratio covenant set forth in this Section. 

 (c) Minimum Cash Balance. The Borrower will not permit the minimum
Cash Balance at any time to be less than the greater of (1) $5,000,000 or (2) 1.2 times the sum of the Outstanding Amount of the Revolving Loans and the Outstanding Amount of LC Exposure at such time; provided, that, after
the Amendment No. 2 Effective Date until the later of (i) June 30, 2012, and (ii) the Borrower delivers a Compliance Certificate evidencing that trailing four quarter Consolidated Adjusted EBITDA exceeds $5,000,000 for any
Measurement Period ending on or after December 31, 2011, the Borrower will not permit the minimum Cash Balance at any time to be less than $7,000,000, with $1,000,000 in such cash to be deposited in domestic deposit accounts at JPMorgan Chase
Bank, N.A. For the avoidance of doubt, after the later of (x) June 30, 2012, and (y) delivery of a Compliance Certificate evidencing that trailing four quarter Consolidated Adjusted EBITDA exceeds $5,000,000 for any Measurement Period
ending on or after December 31, 2011, the minimum Cash Balance limit shall revert back to the limit set forth before the proviso in the first sentence of this Section 6.9(c). 

(d) Minimum Consolidated Adjusted EBITDA. The Borrower will not permit the trailing four quarter Consolidated
Adjusted EBITDA as of the end of any Measurement Period of the Borrower identified in the following table to be less than the amount set forth in the following table for the applicable period set forth opposite thereto: 

 

			
	 Minimum
Consolidated
Adjusted EBITDA
	  	 Applicable Period

	$4,548,000	  	Measurement Period ending September 30, 2011
	$3,817,000	  	Measurement Period ending December 31, 2011
	$4,424,000	  	Measurement Period ending March 31, 2012

 (e) Maximum Quarterly Cash Payment. The Borrower will not permit the amount of cash
paid in any fiscal quarter by the Borrower and its Subsidiaries for Identified Charges to exceed the amount set forth in the following table for the applicable period set forth opposite thereto: 

 

			
	
Maximum
Quarterly Cash
Restructuring
Charges              
  
	  	 Applicable Period

	$1,372,000	  	Fiscal quarter ending September 30, 2011
	$1,993,000	  	Fiscal quarter ending December 31, 2011
	$805,000	  	Fiscal quarter ending March 31, 2012
	$679,000	  	Fiscal quarter ending June 30, 2012

 Section 3. Limited Waiver. Effective as of June 30, 2011, upon
satisfaction of the conditions precedent set forth in Section 5 hereof, and in reliance upon the representations and warranties of the Loan Parties set forth in the Credit Agreement and in this Amendment, the Administrative Agent and the
Lenders hereby waive the Specified Events of Default. The foregoing waiver shall only apply to the Specified Events of 

 
Default. The waiver shall not extend to or affect any other obligations of any of the Loan Parties or their respective Subsidiaries contained in the Credit Agreement or any other Loan Documents
and shall not impair or prejudice any rights consequent thereon. Except to the extent of the aforementioned waiver, the Administrative Agent and each of the Lenders hereby expressly reserves all of its rights and remedies under the Credit Agreement,
the other related Loan Documents and applicable law in respect of any and all Defaults or Events of Default under the Credit Agreement and the related Loan Documents now existing or hereafter arising. Failure of the Administrative Agent or any
Lender to exercise any right or remedy shall not constitute a waiver of that or any other right or remedy. 
 Section 4.
Affirmation and Acknowledgment of the Borrower. The Borrower hereby ratifies and confirms all of its Obligations (as such term is amended hereby) to the Lenders, Issuing Bank and the Administrative
Agent, including, without limitation, the Loans, and the Borrower hereby affirms its absolute and unconditional promise to pay to the Lenders, the Issuing Bank and the Administrative Agent the Loans and all other amounts due under the Credit
Agreement as amended hereby. The Borrower hereby confirms that the Obligations are secured pursuant to the Collateral Documents and pursuant to all other instruments and documents executed and delivered by the Borrower as security for the
Obligations; provided however that the Banking Services Obligations are not secured by the foreign law governed pledge agreements entered into by any Loan Party with respect to the pledge of stock of such Loan Party’s
Foreign Subsidiary. 
 Section 5. Conditions to Effectiveness. This Amendment shall become
effective subject to: 
 (a) the receipt by the Administrative Agent (or its counsel) from each of the Borrower, the
Administrative Agent and the Lenders, of either (i) an original counterpart of this Amendment signed on behalf of such party or (ii) written evidence satisfactory to the Administrative Agent (which may include facsimile transmission of a
signed signature page of this Amendment) that such party has signed a counterpart of this Amendment; 
 (b) the receipt by the
Administrative Agent (or its counsel) from each of the Loan Parties, of either (i) an original counterpart of the Loan Parties’ acknowledgment attached to this Amendment signed on behalf of such party or (ii) written evidence
satisfactory to the Administrative Agent (which may include facsimile transmission of a signed signature page of this Amendment) that such party has signed a counterpart of the Loan Parties’ acknowledgement, 

(c) the receipt by the Administrative Agent of a non-refundable restructuring fee in an amount equal to $80,000, and 

(d) the receipt by Bingham McCutchen LLP of all reasonable legal fees and expenses as counsel to the Administrative Agent for which an
invoice has been delivered to the Borrower. 
 Section 6. Miscellaneous Provisions. 

 (a) Except as otherwise expressly provided by this Amendment, all of the terms, conditions
and provisions of the Credit Agreement shall remain the same. It is declared and agreed by each of the parties hereto that the Credit Agreement, as amended hereby, shall continue in full force and effect, and that this Amendment and the Credit
Agreement shall be read and construed as one instrument. 
 (b) This Amendment shall be construed in accordance with and governed
by the internal law of the State of New York (including Section 5-1401 and Section 5-1402 of the General Obligations laws of the State of New York). 
 (c) This Amendment shall constitute a Loan Document under the Credit Agreement and all obligations included in this Amendment (including, without limitation, all obligations for the payment of principal,
interest, fees and other amounts and expenses) shall constitute Obligations under the Credit Agreement and be secured by the Collateral Documents securing the Obligations other than the foreign law governed pledge agreements entered into by any Loan
Party with respect to the pledge of stock of such Loan Party’s Foreign Subsidiary. 
 (d) Any failure by the Borrower or the
Loan Parties to comply with any of the terms and conditions of this Amendment shall constitute an immediate Event of Default. 

(e) This Amendment may be executed in any number of counterparts, each of which shall constitute an original, but all such counterparts
shall together constitute but one contract. In making proof of this Amendment it shall not be necessary to produce or account for more than one counterpart signed by each party hereto by and against which enforcement hereof is sought. Delivery of an
executed counterpart of a signature page of this Amendment by telecopy or other electronic method of transmission shall be effective as delivery of a manually executed counterpart of this Amendment. 

(f) The Borrower hereby agrees to pay to the Administrative Agent, on demand by the Administrative Agent, all reasonable out-of-pocket
costs and expenses incurred or sustained by the Administrative Agent in connection with the preparation of this Amendment and any documentation executed in connection with this Amendment (including reasonable legal fees). 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

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

			
	HARRIS INTERACTIVE INC.
		
	By:	 	/s/ Eric W. Narowski
		 	Eric W. Narowski
		 	Interim Chief Financial Officer

 
					
	JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, as Administrative Agent
		
	By:	 	/s/ Thomas C. Strasenburgh
		 	Name:	 	Thomas C. Strasenburgh
		 	Title:	 	Vice President
	
	JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, as Lender
		
	By:	 	/s/ Thomas C. Strasenburgh
		 	Name:	 	Thomas C. Strasenburgh
		 	Title:	 	Vice President

 Loan Parties’ Acknowledgement 

Each of the undersigned Loan Parties hereby (a) acknowledges and consents to the foregoing Amendment and the Borrower’s
execution thereof; (b) ratifies and confirms all of their respective obligations and liabilities under the Loan Documents to which any of them is a party and ratifies and confirms that such obligations and liabilities extend to and continue in
effect with respect to, and continue to guarantee and secure, as applicable, the Obligations of each other Loan Party under the Loan Documents; (c) acknowledges and confirms that the liens and security interests granted pursuant to the Loan
Documents are and continue to be valid and perfected first priority liens and security interests (subject only to Permitted Encumbrances) that secure all of the Obligations on and after the date hereof, provided however that the
Banking Services Obligations are not secured by the foreign law governed pledge agreements entered into by any Loan Party with respect to the pledge of stock of such Loan Party’s Foreign Subsidiary; and (d) acknowledges, affirms and agrees
that, as of the date hereof, such Loan Party does not have any defense, claim, cause of action, counterclaim, offset or right of recoupment of any kind or nature against any of their respective obligations, indebtedness or liabilities to the
Administrative Agent, the Issuing Bank or any Lender. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

 
			
	 Loan Parties:
  

HARRIS INTERACTIVE INTERNATIONAL INC.

WIRTHLIN WORLDWIDE, LLC
 THE WIRTHLIN
GROUP INTERNATIONAL, L.L.C.
 LOUIS HARRIS & ASSOCIATES, INC.
 HARRIS INTERACTIVE ASIA, LLC
 GSBC OHIO CORPORATION

		
	By:	 	/s/ Eric W. Narowski
		 	Eric W. Narowski
		 	Interim Chief Financial Officer

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