Exhibit
10.2


 





 


AMENDED
AND RESTATED DEALER MANAGER AGREEMENT


 


November 21,
2003


 


Dividend Capital
Securities LLC

518 17th Street, 17th Floor

Denver, CO  80202


 


Ladies and
Gentlemen:


 


Dividend Capital
Trust Inc., a Maryland corporation (the “Company”), is registering for public
sale a maximum of 30,000,000 shares of its common stock, $.01 par value per
share (the “Offering”), of which amount 1,000,000 shares are to be sold upon
exercise of soliciting dealer warrants to be issued to Dividend Capital Securities
LLC (the “Dealer Manager”) or to broker-dealers participating in the Offering,
with the balance of 29,000,000 shares (the “Shares” or the “Stock”) to be
issued and sold for an aggregate purchase price of $290,000,000 (25,000,000
shares to be offered to the public and 4,000,000 shares to be offered pursuant
to the Company’s dividend reinvestment plan). Such Stock is to be sold for a
per share cash purchase price of $10.00. 
The minimum purchase by any one person shall be 200 Shares (except as
otherwise indicated in the Prospectus or in any letter or memorandum from the
Company to the Dealer Manager). Terms not defined herein shall have the same
meaning as in the Prospectus.  In
connection therewith, the Company hereby agrees with you, the Dealer Manager, as
follows:  The Company and the Dealer
Manager hereby amend and restate the Dealer Manager Agreement dated
June 11, 2002.


 


1.             Representations
and Warranties of the Company:  The
Company represents and warrants to the Dealer Manager and each dealer (the “Dealers”)
with whom the Dealer Manager has entered into or will enter into a Selected
Dealer Agreement in the form attached to this Agreement as Exhibit “A” that:


 


(a)           A
registration statement with respect to the Shares has been prepared by the
Company in accordance with applicable requirements of the Securities Act of
1933, as amended (the Securities Act”), and the applicable rules and
regulations (the “Rules and Regulations”) of the Securities and Exchange
Commission (the “SEC”) promulgated thereunder, covering the Shares. Said
registration statement, which includes a preliminary prospectus, was initially
filed with the SEC on or about April 15, 2002. Copies of such registration
statement and each amendment thereto have been or will be delivered to the Dealer
Manager. (The registration statement and prospectus contained therein, as
finally amended and revised at the effective date of the registration
statement, are respectively hereinafter referred to as the “Registration
Statement” and the “Prospectus,” except that if the Prospectus first filed by
the Company pursuant to Rule 424(b) under the Securities Act shall
differ from the Prospectus, the term “Prospectus” shall also include the
Prospectus filed pursuant to Rule 424(b).)


 


(b)           The
Company has been duly and validly organized and formed as a corporation under
the laws of the state of Maryland, with the power and authority to conduct its
business as described in the Prospectus.


 


(c)           The
Registration Statement and Prospectus comply with the Securities Act and the
Rules and Regulations and do not contain any untrue statements of material
facts or omit to state any 


 

















 


material fact required to
be stated therein or necessary in order to make the statements therein not
misleading; provided, however, that the foregoing provisions of this
Section 1.3 will not extend to such statements contained in or omitted
from the Registration Statement or Prospectus as are primarily within the
knowledge of the Dealer Manager or any of the Dealers and are based upon information
furnished by the Dealer Manager in writing to the Company specifically for
inclusion therein.


 


(d)           The
Company intends to use the funds received from the sale of the Shares as set
forth in the Prospectus.


 


(e)           No
consent, approval, authorization or other order of any governmental authority
is required in connection with the execution or delivery by the Company of this
Agreement or the issuance and sale by the Company of the Shares, except such as
may be required under the Securities Act or applicable state securities laws.


 


(f)            There
are no actions, suits or proceedings pending or to the knowledge of the
Company, threatened against the Company at law or in equity or before or by any
federal or state commission, regulatory body or administrative agency or other
governmental body, domestic or foreign, which will have a material adverse
effect on the business or property of the Company.


 


(g)           The
execution and delivery of this Agreement, the consummation of the transactions
herein contemplated and compliance with the terms of this Agreement by the
Company will not conflict with or constitute a default under any charter,
by-law, indenture, mortgage, deed of trust, lease, rule, regulation, writ,
injunction or decree of any government, governmental instrumentality or court,
domestic or foreign, having jurisdiction over the Company, except to the extent
that the enforceability of the indemnity and/or contribution provisions
contained in Section 4 of this Agreement may be limited under applicable
securities laws.


 


(h)           The
Company has full legal right, power and authority to enter into this Agreement
and to perform the transactions contemplated hereby, except to the extent that
the enforceability of the indemnity and/or contribution provisions contained in
Section 4 of this Agreement may be limited under applicable securities
laws.


 


(i)            At
the time of the issuance of the Shares, the Shares will have been duly
authorized and validly issued, and upon payment therefor, will be fully paid
and nonassessable and will conform to the description thereof contained in the
Prospectus.


 


2.             Covenants
of the Company.  The Company
covenants and agrees with the Dealer Manager that:


 


(a)           It
will, at no expense to the Dealer Manager, furnish the Dealer Manager with such
number of printed copies of the Registration Statement, including all
amendments and exhibits thereto, as the Dealer Manager may reasonably request.
It will similarly furnish to the Dealer Manager and others designated by the
Dealer Manager as many copies of the following documents as the Dealer Manager
may reasonably request: (a) the Prospectus in preliminary and final form
and every form of supplemental or amended prospectus; (b) this Agreement;
and (c) any other printed sales literature or other materials (provided
that the use of said sales literature and other materials has been first
approved for use by the Company and all appropriate regulatory agencies).


 


(b)           It
will furnish such proper information and execute and file such documents as may
be necessary for the Company to qualify the Shares for offer and sale under the
securities laws of such jurisdictions as the Dealer Manager may reasonably
designate and will file and make in each year 


 


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such statements and
reports as may be required. The Company will furnish to the Dealer Manager a
copy of such papers filed by the Company in connection with any such
qualification.


 


(c)           It
will: (a) use its best efforts to cause the Registration Statement to
become effective; (b) furnish copies of any proposed amendment or
supplement of the Registration Statement or Prospectus to the Dealer Manager;
(c) file every amendment or supplement to the Registration Statement or
the Prospectus that may be required by the SEC; and (d) if at any time the
SEC shall issue any stop order suspending the effectiveness of the Registration
Statement, it will use its best efforts to obtain the lifting of such order at
the earliest possible time.


 


(d)           If
at any time when a Prospectus is required to be delivered under the Securities
Act any event occurs as a result of which, in the opinion of either the Company
or the Dealer Manager, the Prospectus or any other prospectus then in effect
would include an untrue statement of a material fact or, in view of the
circumstances under which they were made, omit to state any material fact
necessary to make the statements therein not misleading, the Company will
promptly notify the Dealer Manager thereof (unless the information shall have
been received from the Dealer Manager) and will effect the preparation of an
amended or supplemental prospectus which will correct such statement or
omission. The Company will then promptly prepare such amended or supplemental
prospectus or prospectuses as may be necessary to comply with the requirements
of Section 10 of the Securities Act.


 


3.             Obligations
and Compensation of Dealer Manager.


 


(a)           The
Company hereby appoints the Dealer Manager as its agent and principal
distributor for the purpose of selling for cash up to a maximum of 29,000,000
Shares through Dealers, all of whom shall be members of the National
Association of Securities Dealers, Inc. (NASD). The Dealer Manager may not sell
Shares for cash directly to its own clients and customers except to
institutional investors approved by the Company at the public offering price
and subject to the terms and conditions stated in the Prospectus.  The Dealer Manager hereby accepts such
agency and distributorship and agrees to use its best efforts to sell the
Shares on said terms and conditions. The Dealer Manager represents to the
Company that it is a member of the NASD and that it and its employees and
representatives have all required licenses and registrations to act under this
Agreement.


 


(b)           Promptly
after the effective date of the Registration Statement, the Dealer Manager and
the Dealers shall commence the offering of the Shares for cash to the public in
jurisdictions in which the Shares are registered or qualified for sale or in
which such offering is otherwise permitted. 
The Dealer Manager and the Dealers will suspend or terminate offering of
the Shares upon request of the Company at any time and will resume offering the
Shares upon subsequent request of the Company.


 


(c)           Except
as provided in the “Plan of Distribution” section of the Prospectus, as
compensation for the services rendered by the Dealer Manager, the Company
agrees that it will pay to the Dealer Manager selling commissions in the amount
of 6.0% (or 7.0% where the purchaser elects to pay a deferred commission) of the
gross proceeds of the Shares sold plus a dealer manager fee in the amount of
2.0% of the gross proceeds of the Shares sold.


 


The Company will
not be liable or responsible to any Dealer for direct payment of commissions to
such Dealer, it being the sole and exclusive responsibility of the Dealer
Manager for payment of commissions to Dealers. 
Notwithstanding the above, at its discretion, the Company may act as
agent of the Dealer Manager by making direct payment of commissions to such
Dealers without incurring any liability therefor.


 


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(d)           The
Dealer Manager represents and warrants to the Company and each person and firm
that signs the Registration Statement that the information under the caption
“Plan of Distribution” in the Prospectus and all other information furnished to
the Company by the Dealer Manager in writing expressly for use in the
Registration Statement, any preliminary prospectus, the Prospectus, or any
amendment or supplement thereto does not contain any untrue statement of a
material fact or omit to state any material fact required to be stated therein
or necessary to make the statements therein not misleading.


 


(e)           The
Dealer Manager and all Dealers will offer and sell the Shares at a price of $10
per share.  Notwithstanding the
foregoing, Shares may be sold to executive officers, directors, employees and
affiliates of Dividend Capital Advisors LLC (the “Advisor”) at a discount
which, as provided in the “Plan of Distribution” section of the Prospectus,
reflects a reduction in (i) the acquisition and advisory fees payable to
the Advisor, (ii) the dealer manager fee and/or (iii) the selling
commissions otherwise payable with respect to such Shares.  Also as provided in the “Plan of
Distribution” section of the Prospectus, the Dealer Manager or any Broker
may reduce the amount of its selling commission on sales of 50,000 or more
Shares to any purchaser in order to provide a reduction to the total purchase
price for such Shares.


 


4.             Indemnification.


 


(a)           The
Company will indemnify and hold harmless the Dealers and the Dealer Manager,
their officers and directors and each person, if any, who controls such Dealer
or Dealer Manager within the meaning of Section 15 of the Securities Act
from and against any losses, claims, damages or liabilities, joint or several,
to which such Dealers or Dealer Manager, their officers and directors, or such
controlling person may become subject, under the Securities Act or otherwise,
insofar as such losses, claims, damages or liabilities (or actions in respect
thereof) arise out of or are based upon (a) any untrue statement or
alleged untrue statement of a material fact contained (i) in any
Registration Statement (including the Prospectus as a part thereof) or any
post-effective amendment thereto or in the Prospectus or any amendment or
supplement to the Prospectus or (ii) in any blue sky application or other
document executed by the Company or on its behalf specifically for the purpose
of qualifying any or all of the Shares for sale under the securities laws of
any jurisdiction or based upon written information furnished by the Company
under the securities laws thereof (any such application, document or
information being hereinafter called a “Blue Sky Applications”), or (b) the
omission or alleged omission to state in the Registration Statement (including
the Prospectus as a part thereof) or any post-effective amendment thereof or in
any Blue Sky Application a material fact required to be stated therein or
necessary to make the statements therein not misleading, or (c) any untrue
statement or alleged untrue statement of a material fact contained in any
preliminary prospectus, if used prior to the effective date of the Registration
Statement, or in the Prospectus or any amendment or supplement to the
Prospectus or the omission or alleged omission to state therein a material fact
required to be stated therein or necessary in order to make the statements
therein, in light of the circumstances under which they were made, not misleading,
and will reimburse each Dealer or Dealer Manager, its officers and each such
controlling person for any legal or other expenses reasonably incurred by such
Dealer or Dealer Manager, its officers and directors, or such controlling
person in connection with investigating or defending such loss, claim, damage,
liability or action; provided that the Company will not be liable in any such
case to the extent that any such loss, claim, damage or liability arises out
of, or is based upon an untrue statement or alleged untrue statement or
omission or alleged omission made in reliance upon and in conformity with
written information furnished to the Company or Dealer Manager by or on behalf
of any Dealer or Dealer Manager specifically for use with reference to such
Dealer or Dealer Manager in the preparation of the Registration Statement or
any such post-effective amendment thereof, any such Blue Sky Application or any
such preliminary prospectus or the Prospectus or any such amendment thereof or
supplement thereto; 


 


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and further provided that
the Company will not be liable in any such case if it is determined that such
Dealer or Dealer Manager was at fault in connection with the loss, claim,
damage, liability or action.


 


(b)           The
Dealer Manager will indemnify and hold harmless the Company, each officer and
director of the Company, and each person or firm which has signed the
Registration Statement and each person, if any, who controls the Company within
the meaning of Section 15 of the Securities Act, from and against any
losses, claims, damages or liabilities to which any of the aforesaid parties
may become subject, under the Securities Act or otherwise, insofar as such
losses, claims, damages or liabilities (or actions in respect thereof) arise
out of or are based upon (a) any untrue statement of a material fact
contained (i) in the Registration Statement (including the Prospectus as a
part thereof) or any post-effective amendment thereof or (ii) any Blue Sky
Application, or (b) the omission to state in the Registration Statement
(including the Prospectus as a part thereof) or any post-effective amendment
thereof or in any Blue Sky Application a material fact required to be stated
therein or necessary to make the statements therein not misleading, or
(c) any untrue statement or alleged untrue statement of a material fact
contained in any preliminary prospectus, if used prior to the effective date of
the Registration Statement, or in the Prospectus, or in any amendment or
supplement to the Prospectus or the omission to state therein a material fact
required to be stated therein or necessary in order to make the statements
therein in the light of the circumstances under which they were made not
misleading in each case to the extent, but only to the extent, that such untrue
statement or omission was made in reliance upon and in conformity with written
information furnished to the Company by or on behalf of the Dealer Manager
specifically for use with reference to the Dealer Manager in the preparation of
the Registration Statement or any such post-effective amendments thereof or any
such Blue Sky Application or any such preliminary prospectus or the Prospectus
or any such amendment thereof or supplement thereto, or (d) any
unauthorized use of sales materials or use of unauthorized verbal
representations concerning the Shares by the Dealer Manager and will reimburse
the aforesaid parties, in connection with investigation or defending such loss,
claim, damage, liability or action. This indemnity agreement will be in
addition to any liability which the Dealer Manager may otherwise have.


 


(c)           Each
Dealer severally will indemnify and hold harmless the Company, Dealer Manager
and each of their directors (including any persons named in any of the
Registration Statements with his consent, as about to become a director), each
of their officers who has signed any of the Registration Statements and each
person, if any, who controls the Company and the Dealer Manager within the
meaning of Section 15 of the Securities Act from and against any losses,
claims, damages or liabilities to which the Company, the Dealer Manager, any
such director or officer, or controlling person may become subject, under the
Securities Act or otherwise, insofar as such losses, claims, damages or
liabilities (or actions in respect thereof) arise out of or are based upon
(a) any untrue statement or alleged untrue statement of a material fact
contained (i) in the Registration Statement (including the Prospectus as a
part thereof) or any post-effective amendment thereof or (ii) in any Blue
Sky Application, or (b) the omission or alleged omission to state in the
Registration Statement (including the Prospectus as a part thereof or any
post-effective amendment thereof or in any Blue Sky Application a material fact
required to be stated therein or necessary to make the statements therein not
misleading, or (c) any untrue statement or alleged untrue statement of a
material fact contained in any preliminary prospectus, if used prior to the
effective date of the Registration Statement, or in the Prospectus, or in any
amendment or supplement to the Prospectus or the omission or alleged omission
to state therein a material fact required to be stated therein or necessary in order
to make the statements therein, in the light of the circumstances under which
they were made, not misleading in each case to the extent, but only to the
extent that such untrue statement or alleged untrue statement or omission or
alleged omission was made in reliance upon and in conformity with written
information furnished to the Company or the Dealer Manager by or on behalf of
such Dealer specifically for use with reference to such Dealer in the
preparation of the Registration Statement or any such post-effective amendments
thereof or any such Blue Sky Application or any such preliminary prospectus or
the Prospectus or any such amendment thereof or supplement


 


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thereto, or (d) any
unauthorized use of sales materials or use of unauthorized verbal
representations concerning the Shares by such Dealer or Dealer’s
representations or agents in violation of Section VII of the Selected
Dealer Agreement or otherwise and will reimburse the Company and the Dealer Manager
and any such directors or officers, or controlling person, in connection with
investigating or defending any such loss, claim, damage, liability or action.
This indemnity agreement will be in addition to any liability which such Dealer
may otherwise have.


 


(d)           Promptly
after receipt by an indemnified party under this Section 4 of notice of
the commencement of any action, such indemnified party will, if a claim in
respect thereof is to be made against any indemnifying party under this
Section 4, notify in writing the indemnifying party of the commencement
thereof; the omission so to notify the indemnifying party will relieve it from
liability under this Section 4 only in the event and to the extent the
failure to provide such notice adversely affects the ability to defend such
action. In case any such action is brought against any indemnified party, and
it notifies an indemnifying party of the commencement thereof, the indemnifying
party will be entitled, to the extent it may wish, jointly with any other
indemnifying party similarly notified, to participate in the defense thereof,
with separate counsel. Such participation shall not relieve such indemnifying
party of the obligation to reimburse the indemnified party for reasonable legal
and other expenses (subject to paragraph (e) of this Section 4)
incurred by such indemnified party in defending itself, except for such
expenses incurred after the indemnifying party has deposited funds sufficient
to effect the settlement, with prejudice, of the claim in respect of which
indemnity is sought. Any such indemnifying party shall not be liable to any
such indemnified party on account of any settlement of any claim or action
effected without the consent of such indemnifying party.


 


(e)           The
indemnifying party shall pay all legal fees and expenses of the indemnified
party in the defense of such claims or actions; provided, however, that the
indemnifying party shall not be obliged to pay legal expenses and fees to more
than one law firm in connection with the defense of similar claims arising out
of the same alleged acts or omissions giving rise to such claims
notwithstanding that such actions or claims are alleged or brought by one or
more parties against more than one indemnified party. If such claims or actions
are alleged or brought against more than one indemnified party, then the
indemnifying party shall only be obliged to reimburse the expenses and fees of
the one law firm that has been selected by a majority of the indemnified
parties against which such action is finally brought; and in the event a
majority of such indemnified parties is unable to agree on which law firm for
which expenses or fees will be reimbursable by the indemnifying party, then
payment shall be made to the first law firm of record representing an
indemnified party against the action or claim. Such law firm shall be paid only
to the extent of services performed by such law firm and no reimbursement shall
be payable to such law firm on account of legal services performed by another
law firm.


 


(f)            The
indemnity agreements contained in this Section 4 shall remain operative
and in full force and effect regardless of (a) any investigation made by
or on behalf of any Dealer, or any person controlling any Dealer or by or on
behalf of the Company, the Dealer Manager or any officer or director thereof,
or by or on behalf of the Company or the Dealer Manager, (b) delivery of
any Shares and payment therefor, and (c) any termination of this
Agreement. A successor of any Dealer or of any of the parties to this
Agreement, as the case may be, shall be entitled to the benefits of the
indemnity agreements contained in this Section 4.


 


5.             Survival
of Provisions.  The respective
agreements, representations and warranties of the Company and the Dealer
Manager set forth in this Agreement shall remain operative and in full force
and effect regardless of (a) any termination of this Agreement,
(b) any investigation made by or on behalf of the Dealer Manager or any
Dealer or any person controlling the Dealer Manager or any Dealer or by or on
behalf of the Company or any person controlling the Company, and (c) the
acceptance of any payment for the Shares.


 


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6.             Applicable
Law.  This Agreement was executed
and delivered in, and its validity, interpretation and construction shall be
governed by the laws of, the State of Colorado; provided however, that causes
of action for violations of federal or state securities laws shall not be
governed by this Section.


 


7.             Counterparts.  This Agreement may be executed in any number
of counterparts. Each counterpart, when executed and delivered, shall be an
original contract, but all counterparts, when taken together, shall constitute
one and the same Agreement.


 


8.             Successors
and Amendment.


 


(a)           This
Agreement shall inure to the benefit of and be binding upon the Dealer Manager
and the Company and their respective successors. Nothing in this Agreement is
intended or shall be construed to give to any other person any right, remedy or
claim, except as otherwise specifically provided herein. This Agreement shall
inure to the benefit of the Dealers to the extent set forth in Sections 1 and 4
hereof.


 


(b)           This
Agreement may be amended by the written agreement of the Dealer Manager and the
Company.


 


9.             Term.  Any party to this Agreement shall have the
right to terminate this Agreement on 60 days’ written notice.


 


10.           Confirmation.  The Company hereby agrees and assumes the
duty to confirm on its behalf and on behalf of Dealers who sell the Shares all
orders for purchase of Shares accepted by the Company.  Such confirmations will comply with the
rules of the SEC and the NASD, and will comply with applicable laws of such
other jurisdictions to the extent the Company is advised of such laws in
writing by the Dealer Manager.


 


11.           Suitability
of Investors.  The Dealer Manager
will offer Shares, and in its agreements with Dealers will require that the
Dealers offer Shares, only to persons who meet the financial qualifications set
forth in the Prospectus or in any suitability letter or memorandum sent to it
by the Company and will only make offers to persons in the states in which it
is advised in writing that the Shares are qualified for sale or that such
qualification is not required. In offering Shares, the Dealer Manager will, and
in its agreements with Dealers, the Dealer Manager will, require that the
Dealer comply with the provisions of all applicable rules and regulations
relating to suitability of investors, including without limitation, the provisions
of Article III.C. of the Statement of Policy Regarding Real Estate
Investment Trusts of the North American Securities Administrators Association,
Inc.


 


12.           Submission
of Orders.


 


(a)           Those
persons who purchase Shares will be instructed by the Dealer Manager or the
Dealer to make their checks payable to “Dividend Capital Trust Inc.”  The Dealer Manager and any Dealer receiving
a check not conforming to the foregoing instructions shall return such check
directly to such subscriber not later than the end of the next business day
following its receipt. Checks received by the Dealer Manager or Dealer which
conform to the foregoing instructions shall be transmitted for deposit pursuant
to one of the methods described in this Section 12. Transmittal of received
investor funds will be made in accordance with the following procedures.


 


(b)           Where,
pursuant to a Dealer’s internal supervisory procedures, internal supervisory
review is conducted at the same location at which subscription documents and
checks are 


 


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received from
subscribers, checks will be transmitted in care of the Dealer Manager by the
end of the next business day following receipt by the Dealer for deposit to
Dividend Capital Trust, Inc.


 


(c)           Where,
pursuant to a Dealer’s internal supervisory procedures, final internal
supervisory review is conducted at a different location, checks will be
transmitted by the end of the next business day following receipt by the Dealer
at the office of the Dealer conducting such final internal supervisory review
(the “Final Review Offices”).  The Final
Review Office will in turn by the end of the next business day following
receipt by the Final Review Office, transmit such checks in care of the Dealer
Manager for deposit by the escrow agent appointed for the Offering.


 


(d)           Where
the Dealer Manager is involved in the distribution process, checks will be
transmitted by the Dealer Manager for deposit by the escrow agent appointed for
the Offering as soon as practicable, but in any event by the end of the second
business day following receipt by the Dealer Manager.  Checks of rejected subscribers will be promptly returned to such
subscribers.


 


If the foregoing
correctly sets forth our understanding, please indicate your acceptance thereof
in the space provided below for that purpose, whereupon this letter and your
acceptance shall constitute a binding agreement between us as of the date first
above written.


 


	
   

  	
  Very truly
  yours,

  
	
   

  	
   

  
	
   

  	
  DIVIDEND CAPITAL
  TRUST INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Evan Zucker

  	
   

  
	
   

  	
   

  	
  Evan Zucker,
  President

  	
   

  
	
   

  	
   

  
	
  Accepted and
  agreed to as of the

  	
   

  
	
  date first above
  written:

  	
   

  
	
   

  	
   

  
	
  DIVIDEND CAPITAL
  SECURITIES LLC

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ Mark Quam

  	
   

  	
   

  
	
   

  	
  Mark Quam,
  Designated Principal

  	
   

  
						



 


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