Commission Uses in Absence of Fiduciary Relationship Clause

Absence of Fiduciary Relationship from Equity Distribution Agreement

Absence of Fiduciary Relationship. Each of the Company and the Operating Partnership, severally and not jointly, acknowledges and agrees that:

Absence of Fiduciary Relationship from Underwriting Agreement

Absence of Fiduciary Relationship. The Company acknowledges and agrees that:

Absence of Fiduciary Relationship from Termination of Agreement

Absence of Fiduciary Relationship. The Company and the Operating Partnership acknowledge and agree that:

Absence of Fiduciary Relationship from Equity Distribution Agreement

Absence of Fiduciary Relationship. The Company acknowledges and agrees that:

Absence of Fiduciary Relationship from Equity Distribution Agreement

Whitestone REIT, a Maryland real estate investment trust (the "Company") and Whitestone REIT Limited Partnership, L.P., a Delaware limited partnership (the "Operating Partnership"), on the one hand, and Wunderlich Securities, Inc. ("Wunderlich Securities"), on the other hand, hereby agree to amend and restate that certain equity distribution agreement, dated June 19, 2013, as amended by Amendment No. 1 to the equity distribution agreement, dated August 14, 2013, between the Company, the Operating Partnership and Wunderlich Securities. The Company and the Operating Partnership each confirms its agreement (this "Agreement") with Wunderlich Securities as follows:

Absence of Fiduciary Relationship. Each of the Company and the Operating Partnership, severally and not jointly, acknowledges and agrees that:

Absence of Fiduciary Relationship from Equity Distribution Agreement

Absence of Fiduciary Relationship. Each of the Company and the Operating Partnership, severally and not jointly, acknowledges and agrees that:

Absence of Fiduciary Relationship from Equity Distribution Agreement

Absence of Fiduciary Relationship. Each of the Company and the Operating Partnership, severally and not jointly, acknowledges and agrees that:

Absence of Fiduciary Relationship from Equity Distribution Agreement

Absence of Fiduciary Relationship. Each of the Company and the Operating Partnership, severally and not jointly, acknowledges and agrees that:

Absence of Fiduciary Relationship from Equity Distribution Agreement

Absence of Fiduciary Relationship. Each of the Company and the Operating Partnership, severally and not jointly, acknowledges and agrees that:

Absence of Fiduciary Relationship from Equity Distribution Agreement

Absence of Fiduciary Relationship. Each of the Company and the Operating Partnership, severally and not jointly, acknowledges and agrees that: