Amendment, dated as of May 11, 2020, to the Master Services Agreement, dated March 11, 2014, by and among PMC Commercial Trust, certain of its subsidiaries, and CIM Service Provider, LLC

“1.1.62 Definitions relating to Incentive Fee

“Adjusted Common Equity” means Common Equity plus Excluded Depreciation and Amortization.

“Common Equity” means Total Stockholders’ Equity minus Excluded Equity.

“CMCT Entities” means the Company and all of its consolidated subsidiaries.

“Core Funds From Operations” means Funds From Operations, plus or minus the Core Funds From Operations Adjustments, plus any other amount management of the Company deems appropriate and reasonable.

“Core Funds From Operations Adjustments” means the following items calculated in accordance with GAAP, to the extent included in Funds From Operations for a given Quarter: (i) gains and losses on the early extinguishment of debt, (ii) amounts related to the redemption, repurchase or any other similar actions of the CMCT Entities’ equity

securities, (iii) deemed dividends to holders of the CMCT Entities’ equity securities, , (iv) gains and losses on the termination of interest rate swaps, and (v) amounts classified as transaction costs or acquisitions costs on the CMCT Entities ’s consolidated statement of operations.

“Excess Core Funds From Operations” means, for a given Quarter, the amount by which Core Funds From Operations exceeds the Incentive Fee Hurdle Amount. For the avoidance of doubt, if Core Funds From Operations is less than or equal to the Incentive Fee Hurdle Amount, then Excess Core Funds From Operations shall be zero ($0) for such Quarter.

“Excluded Depreciation and Amortization” means, for a given Quarter, the amount of all accumulated depreciation and amortization of (i) the CMCT Entities and (ii) to the extent allocable to the CMCT Entities, the Unconsolidated Affiliates, in each case as of the last day of such Quarter that corresponds to the periodic depreciation and amortization expense calculated in each case in accordance with GAAP that is a permitted add back to net income calculated in accordance with GAAP when calculating Funds From Operations.

“Excluded Equity” means the sum of all preferred securities of the CMCT Entities classified as permanent equity in accordance with GAAP on the consolidated balance sheet of the CMCT Entities as of the last day of a given Quarter.

“Funds From Operations” means, for a given Quarter, the sum of (i) funds from operations of the CMCT Entities and (ii) to the extent allocable to the CMCT Entities, the funds from operations of all Unconsolidated Affiliates, in each case calculated, in the reasonable judgment of management of the Company, in accordance with NAREIT’s Financial Standards White Papers then in effect (or any successor guidance), but excluding the Incentive Fee for such Quarter.

“GAAP” means, as of any applicable date of determination, generally accepted accounting principles as in effect from time to time in the United States of America, applicable on such date, consistently applied.

“Incentive Fee” means, the product of (i) Excess Core Funds From Operations and (ii) fifteen percent (15.00%).

“Incentive Fee Hurdle Amount” means, for a given Quarter, the product of (i) the average of the Adjusted Common Equity as of the first and last day of the Quarter and (ii) one and seventy-five one hundredths of a percent (1.75%).

“NAREIT” means the National Association of Real Estate Investment Trusts or any successor organization.

“Total Stockholders’ Equity” means the amount reflected as total stockholders’ equity in accordance with GAAP on the consolidated balance sheet of the CMCT Entities as of the last day of a given Quarter. For the avoidance of doubt, Total Stockholders’ Equity shall consist of the sum of: (i) all preferred securities of the CMCT Entities classified as permanent equity in accordance with GAAP, (ii) all common securities of the CMCT Entities classified as permanent equity in accordance with GAAP, (iii) all other equity interests of the CMCT Entities classified as permanent equity in accordance with GAAP; however, Total Stockholders’ Equity shall not include (i) any preferred securities of the CMCT Entities classified as temporary or mezzanine equity in accordance with GAAP, (ii) any common securities of CMCT Entities classified as temporary or mezzanine equity in accordance with GAAP, (iii) any other equity interests of the CMCT Entities classified as temporary or mezzanine equity in accordance with GAAP, or (iv) any noncontrolling interests of the CMCT Entities regardless of whether they are classified as permanent equity or temporary or mezzanine equity in accordance with GAAP.

“Unconsolidated Affiliate” means any entity (i) in which the CMCT Entities, directly or indirectly, hold an interest, and which is accounted for in the consolidated financial statements of the CMCT Entities on an equity basis of accounting and (ii) whose financial results are not consolidated with the financial results of the CMCT Entities under GAAP. Notwithstanding anything to the contrary contained herein, any entity in which the CMCT Entities is the beneficial owner, directly or indirectly, of 50% or less of such entity shall be deemed to be an Unconsolidated Affiliate.

“7.1 Incentive Fee

7.1.1 The Company hereby agrees to pay Manager, as provided by this Article 7, during the term of this Agreement, the Incentive Fee, quarterly in arrears.

7.2 Computation and Payment of Incentive Fee

7.2.1 No later than five days following the date on which the Company files its quarterly report on Form 10-Q or its annual report on Form 10-K, as the case may be (such date, the “Filing Date”), the Company will (a) provide Manager with a step-by-step calculation, in reasonable detail, of each underlying component of the definition of Incentive Fee for the subject Quarter and (b) determine the amount of any Incentive Fee payable for the subject Quarter. No later than 10 days following the Filing Date, the Company shall pay any Incentive Fee for the subject Quarter to the Service Provider.

7.2.2 Subject to the agreement of the Service Provider and the approval of the Independent Members, the Company may pay all or portion of any Incentive Fee that is due and payable with respect to a Quarter in shares of any series of the

Company’s preferred stock. If any Incentive Fee is payable in shares of the Company’s preferred stock, the Company will issue, and Manager hereby agrees to acquire, shares equal to the portion of the Incentive Fee elected to be paid in shares of the Company’s preferred stock divided by the par value of such Preferred Stock. No fractional shares of preferred stock will be issued, and such number will be rounded down to the nearest whole number. If any portion of the Incentive Fee for any Quarter is payable in shares of the Company’s preferred stock, the Company will take or cause to be taken all appropriate action to issue such preferred stock including any action required to ensure that such preferred stock is issued in accordance with applicable Laws and the applicable rules of any securities exchange on which securities of the Company trade.”

“11.5.1 From and after the effective date of the termination of this Agreement, Manager will not be entitled to receive the Incentive Fee under this Agreement, but will be paid any due and unpaid Incentive Fee as well as Incentive Fee accruing to and including the date of termination (based on the number of days Manager served during the Quarter in which the termination occurred and a calculation of the Incentive Fee at the end of such Quarter). Any such Incentive Fee shall be paid to Manager in the same manner as set forth in Section 7.2.”