Document:

EX-10.2

 Exhibit 10.2 

Execution Version 
 SECOND
AMENDED AND RESTATED AGREEMENT 
 THIS SECOND AMENDED AND RESTATED AGREEMENT (this “Agreement”) is entered into this 15th day
of September, 2016, by and among IPT BTC I GP LLC, a Delaware limited liability company (the “General Partner”), Industrial Property Advisors Sub I LLC, a Delaware limited liability company (the “Advisor Sub”), and, solely with
respect to Section 1 and the third sentence of Section 3 hereof, Industrial Property Advisors LLC, a Delaware limited liability company (the “Advisor”). The General Partner is an indirect subsidiary of Industrial Property Trust
Inc., a Maryland corporation (“IPT”). 
 RECITALS: 

A. The General Partner and the Advisor entered into that certain Agreement, dated February 12, 2015 (the “Initial Agreement”).

 B. The General Partner and the Advisor amended and restated the Initial Agreement pursuant to that certain Amended and Restated
Agreement, dated as of April 10, 2015 (as amended pursuant to that certain Amendment No. 1 to Amended and Restated Agreement, and as further amended by that certain Amendment No. 2 to Amended and Restated Agreement, the “A&R
Agreement”). 
 C. The General Partner is the general partner of Build-to-Core Industrial Partnership I LP, a Delaware limited
partnership (the “Partnership”), and has entered into that certain Third Amended and Restated Agreement of Limited Partnership of the Partnership, dated as of the date hereof (the “Partnership Agreement”), by and among the
General Partner, IPT BTC I LP LLC, a Delaware limited liability company, which is a subsidiary of IPT (the “IPT Limited Partner” and, together with the General Partner, collectively, the “IPT Partners”), the Advisor Sub, bcIMC
International Real Estate (2004) Investment Corporation, a Canadian corporation, as a limited partner (the “BCIMC Pension Partner”), bcIMC (WCBAF) Realpool Global Investment Corporation, a Canadian corporation, as a limited partner
(the “BCIMC Accident Fund Partner”), and bcIMC (USA) Realty Div A2 LLC, a Delaware limited liability company, as a limited partner (the “BCIMC USA Partner” and, together with the BCIMC Pension Partner and the BCIMC Accident Fund
Partner, collectively, the “BCIMC Limited Partner” and, together with the IPT Partners and the Advisor Sub, collectively, the “Partners”). 

D. The Partnership Agreement sets forth the terms pursuant to which the Partners intend to jointly invest in a portfolio of industrial
properties located in major United States distribution markets. Any term with its initial letter capitalized and not otherwise defined herein shall have the meaning set forth in the Partnership Agreement. 

E. Pursuant to Article 6 of the Partnership Agreement, the General Partner, in its capacity as General Partner, is obligated to provide or
appoint others, including its affiliates, to provide the Partnership with day-to-day management services, including but not limited to acquisition and asset management services and, to the extent applicable with respect to certain Partnership
investments, development and construction management, property management, leasing and disposition services. The Partnership has agreed to pay certain fees (the “Fees”) as compensation for providing the services to the Partnership (the
“Services”) that are specifically 

 
enumerated in Section 6.3(a) of the Partnership Agreement, other than any investment advisory services with respect to securities (“Investment Advisory Services”), including, where
applicable, providing such services to the subsidiaries of the Partnership. The Fees are set forth in Exhibit D to the Partnership Agreement. 

F. Pursuant to the Fourth Amended and Restated Advisory Agreement, dated as of August 12, 2016 (the “Advisory Agreement”), by
and among IPT, Industrial Property Operating Partnership LP, a Delaware limited partnership (the “Operating Partnership”) and the Advisor, the Advisor provides acquisition and asset management services and, to the extent applicable with
respect to certain of IPT’s investments, development and construction management, property management, leasing and disposition services to IPT and IPT’s subsidiaries. The General Partner does not and will not have any employees.
Accordingly, the General Partner appointed the Advisor as the provider of the Services and assigned to the Advisor all the Fees associated therewith, except for the Guaranty Fee (such assigned Fees which exclude the Guaranty Fee referred to herein
as the “Assigned Fees”), and the Advisor accepted such appointment and such assignment, in each instance as provided in the A&R Agreement. 

G. The Advisor desires to assign, transfer and convey to the Advisor Sub all of the Advisor’s right, title and interest in and to and
under the A&R Agreement, and the Advisor Sub desires to accept such assignment and to assume the Advisor’s obligations with respect to the A&R Agreement accruing on and after the date hereof, in each case, subject to the terms and
conditions of this Agreement. 
 H. The General Partner, the Advisor and the Advisor Sub desire to amend and restate the A&R Agreement
as set forth herein. 
 I. The General Partner acknowledges and agrees that one hundred percent (100%) of the Assigned Fees should be
paid directly by the Partnership to the Advisor Sub, as the entity that shall provide the Services to the Partnership and its subsidiaries. 

NOW THEREFORE, the General Partner, the Advisor (solely with respect to Section 1 and the third sentence of Section 3 hereof) and
the Advisor Sub hereby agree as follows: 
 1. Assignment and Assumption. Effective as of the date hereof, the Advisor grants,
assigns and transfers to the Advisor Sub all of its right, title and interest in, to and under the A&R Agreement. The Advisor Sub accepts and assumes the assignment of the A&R Agreement from the Advisor and agrees to satisfy, discharge,
perform and fulfill all of the terms, covenants, conditions, obligations and liabilities under or in connection with the A&R Agreement arising or to be performed on or after the date hereof, in each case, subject to the terms and conditions of
this Agreement. 
 2. Appointment. The General Partner hereby appoints the Advisor Sub as the provider of the Services and assigns to
the Advisor Sub the obligation to provide and perform all of the Services. The Advisor Sub hereby accepts such appointment and such assignment, and agrees to provide and perform the Services. The General Partner and the Advisor Sub expressly
acknowledge and agree that (a) none of the General Partner, IPT or any of their affiliates (other than the Advisor Sub) shall, either directly or indirectly, provide or perform any of the Services

  
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and (b) the General Partner and the Partnership may appoint any person or entity other than the Advisor Sub, including without limitation any of their respective affiliates, to provide
Investment Advisory Services to the Partnership. The Advisor Sub shall not provide Investment Advisory Services to the Partnership and shall not receive any fees or other compensation for the provision of Investment Advisory Services to the
Partnership. 
 3. Assigned Fees. As consideration for the Advisor Sub’s appointment to provide and perform the Services, the
General Partner hereby assigns and transfers to the Advisor Sub all of its right, title and interest in and to the Assigned Fees and each installment thereof. The General Partner shall direct the Partnership to pay the Assigned Fees directly to
Advisor Sub. As a result of the payment of the Assigned Fees pursuant to this Section 3, the fees payable to the Advisor under the Advisory Agreement will be reduced by the product of (a) the Assigned Fees actually paid to the Advisor, and
(b) the percentage interest of the Partnership owned by IPT affiliates. 
 4. Notices. All notices, demands, consents,
approvals, requests or other communications which any of the parties to this Agreement may desire or be required to give hereunder shall be in writing and shall be sent by registered or certified mail, postage prepaid, return receipt requested,
addressed to the party for whom it is intended at its address as follows: 
  

			
	If to the General Partner:	 	518 Seventeenth Street, 17th Floor
		 	Denver, Colorado 80202
		 	Attention: Thomas G. McGonagle
		
	with a courtesy copy to:	 	Greenberg Traurig, LLP
		 	MetLife Building
		 	200 Park Avenue
		 	New York, New York 10166
		 	Attention: Judith D. Fryer
		
	If to the Advisor	 	518 Seventeenth Street, 17th Floor
	or to the Advisor Sub:	 	Denver, Colorado 80202
		 	Attention: Evan H. Zucker
		
	with a courtesy copy to:	 	518 Seventeenth Street, 17th Floor
		 	Denver, Colorado 80202
		 	Attention: Gary M. Reiff, Esq.

 5. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the
State of Colorado applicable to agreements made and to be performed wholly within that State. 
 6. Counterparts. This Agreement may
be executed in multiple counterparts, each of which shall be an original but all of which together shall constitute but one and the same agreement. 

  
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 7. Further Assurances. Each party shall execute and deliver to the other all such further
instruments as may be reasonably requested to make effective any provision of this Agreement. 
 8. Attorney Fees. If any of the
parties obtains a judgment or arbitration award against any other party by reason of the breach of this Agreement or the failure to comply with the terms hereof, reasonable attorneys’ fees and costs as fixed by the court or arbitrator shall be
included in such judgment. 
 9. Captions/Pronouns. All titles or captions contained in this Agreement are inserted only as a matter
of convenience and for reference and in no way define, limit, extend, or describe the scope of this Agreement or the intent of any provision in this Agreement. All pronouns and any variations thereof shall be deemed to refer to the masculine,
feminine, and neuter, singular and plural, as the identity of the party or parties may require. 
 10. Successors and Assigns.
This Agreement shall be binding upon the parties hereto and their respective executors, administrators, legal representatives, heirs, successors and assigns, and shall inure to the benefit of the parties hereto and, except as otherwise provided
herein, their respective executors, administrators, legal representatives, heirs, successors and assigns. Without limiting the generality of the foregoing, to the extent that the General Partner assigns its rights as general partner under the
Partnership Agreement, it covenants that it will require any successor to expressly assume the General Partner’s obligations hereunder. 

11. Extension Not a Waiver. No delay or omission in the exercise of any power, remedy or right herein provided or otherwise available
to each of the parties to this Agreement shall impair or affect the right of any such party thereafter to exercise the same. Any extension of time or other indulgence granted to a party hereunder shall not otherwise alter or affect any power, remedy
or right of any other party, or the obligations of the party to whom such extension or indulgence is granted. 
 12. Severability. In
case any one or more of the provisions contained in this Agreement or any application thereof shall be invalid, illegal or unenforceable in any respect, such provision shall be reformed and enforced to the maximum extent permitted by law. If such
provision cannot be reformed, it shall be stricken and the validity, legality and enforceability of the remaining provisions contained herein and other application thereof shall not in any way be affected or impaired thereby. 

13. Amendment. Amendments, variations, modifications or changes herein may be made effective and binding upon the parties by, and only
by, the setting forth of same in a document duly executed by the General Partner and the Advisor Sub (provided, that any amendments, variations, modifications or changes to Section 1 or to the third sentence of Section 3 shall only be
effective and binding upon the parties if also duly executed by the Advisor), and any alleged amendment, variation, modification or change herein which is not so documented shall not be effective as to any party. 

14. Venue. 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. 

  
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 15. WAIVER OF JURY TRIAL. EACH OF THE PARTIES HEREBY WAIVES TRIAL BY JURY IN ANY ACTION
ARISING OUT OF MATTERS RELATED TO THIS AGREEMENT, WHICH WAIVER IS INFORMED AND VOLUNTARY. 
 16. Arbitration. Any dispute,
controversy or claim arising between the parties relating to this Agreement (whether such dispute arises under any federal, state or local statute or regulation, or at common law), shall be resolved by final and binding arbitration administered by
the Judicial Arbiter Group (“JAG”) in Denver, Colorado, before a mutually-agreed representative of JAG, in accordance with its commercial mediation rules then in effect, and the parties agree to abide by all awards rendered in such
proceedings. The parties shall attempt to designate one arbitrator from JAG, but if they are unable to do so, then JAG shall designate an arbitrator. Any arbitrator selected by the parties or JAG shall be a qualified person who has experience with
complex commercial disputes. The arbitration shall be final and binding, and enforceable in any court of competent jurisdiction. All awards may be filed with the clerk of one or more courts, state or federal, having jurisdiction over the party
against whom such award is rendered or his or her property, as a basis of judgment and of the issuance of execution for its collection. 

17. Extension for Non-Business Days. Notwithstanding anything herein to the contrary, if the date for performance of any obligation
under this Agreement falls on a Saturday, Sunday or federal holiday, performance shall be deemed to be required only on the first day thereafter which is not a Saturday, Sunday or federal holiday. 

18. Termination. 

(a) Subject to Sections 18(b), (c) and (d), this Agreement shall terminate immediately upon the termination of the
Advisory Agreement. After the date of termination of this Agreement (the “Termination Date”), the Advisor Sub shall not be entitled to compensation for further services hereunder except it shall be entitled to receive within thirty
(30) days after the Termination Date all earned but unpaid fees payable to the Advisor Sub prior to the Termination Date and not paid to the Advisor Sub as of the Termination Date. The Advisor Sub shall cooperate with the General Partner to
provide an orderly management transition. This Section 18(a) shall survive termination. 
 (b) If the Advisory Agreement
is terminated without “Cause” (as defined in the Advisory Agreement), the Advisor Sub shall have the option, in the Advisor Sub’s sole discretion and subject to the consent of the BCIMC Limited Partner and the requirements of the
Partnership Agreement, to elect to become the “Administrative General Partner” of the Partnership in accordance with Section 18(c) (the “Option”); provided, however, that the Option shall not be exercisable by the Advisor
Sub in the event the Advisory Agreement is terminated as a result of the consummation of a Sale (as defined in that certain Letter Agreement regarding Drag-Along Rights, dated as of the date hereof, by and among the IPT Partners and the Advisor Sub,
the “Side Letter”) pursuant to which the IPT Partners elected to exercise their rights under Section 2(a) of 

  
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the Side Letter. If the Advisor Sub elects to exercise the Option, the General Partner and the Advisor Sub shall engage in the process set forth in Section 18(c) (the “Option
Process”) and this Agreement shall terminate on the later to occur of (i) the termination of the Advisory Agreement and (ii) the expiration of the Option Period (as defined in Section 18(d)). If the Advisor Sub (x) does not
elect to exercise the Option or (y) the Advisory Agreement is terminated as a result of the consummation of a Sale (as defined in the Side Letter) pursuant to which the IPT Partners elected to exercise their rights under Section 2(a) of
the Side Letter, this Agreement shall terminate in accordance with Section 18(a). 
 (c) Option Process. 

(i) If the Advisor Sub elects to exercise the Option, the General Partner and the Advisor Sub shall jointly request the BCIMC
Limited Partner’s consent to amend the Partnership Agreement to: 
 (A) divide the role of General Partner into two
roles consisting of the “Managing General Partner” and the “Administrative General Partner”; 
 (B) make
the General Partner the “Managing General Partner”; 
 (C) make the Advisor Sub the “Administrative General
Partner”; 
 (D) provide that the General Partner, as the “Managing General Partner”, shall continue to have
all of the rights and obligations attributed to the General Partner in the Partnership Agreement in effect as of the date of this Agreement, subject to Section 18(c)(i)(E); and 

(E) provide that (1) the “Administrative General Partner” shall be obligated to provide the Services and shall
be paid the Assigned Fees for providing the Services and (2) the “Administrative General Partner” shall have no rights to manage or control the Partnership and, except as set forth in this Section 18(c)(i)(E), the
“Administrative General Partner” shall not have any other rights under the Partnership Agreement (except in its capacity as the Special Limited Partner (as defined in the Partnership Agreement) as the holder of its Interest (as defined in
the Partnership Agreement)). 
 (d) Option Period. The “Option Period” shall commence upon the General
Partner’s delivery to the Advisor or receipt from the Advisor, as applicable, of written notice of termination of the Advisory Agreement (the “Notice Date”) and shall expire upon the earliest to occur of: (A) the receipt of the
BCIMC Limited Partner’s consent to the exercise of the Option and the amendment of the Partnership Agreement as set forth in Section 18(c)(i); (B) the receipt by the General Partner or the Advisor Sub of written notice from the BCIMC
Limited Partner that it will not consent to the General Partner’s and the Advisor Sub’s request made pursuant to Section 18(c)(i); and (C) sixty (60) days following the Notice Date. 

  
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 19. Effective Date. The General Partner, the Advisor and the Advisor Sub agree that this
Agreement shall be effective as of the date hereof. 
 [remainder of page intentionally left blank] 

  
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 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first set
forth above. 
  

			
	IPT BTC I GP LLC
	
	By: IPT Real Estate Holdco LLC, a Delaware limited liability company, its sole member
	
	By: Industrial Property Operating Partnership LP, a Delaware limited partnership, its sole member
	
	By: Industrial Property Trust Inc., a Maryland corporation, its general partner
		
	By:	 	 /s/ Thomas G. McGonagle

	Thomas G. McGonagle
	Chief Financial Officer
	
	Industrial Property Advisors Sub I LLC
	
	By: Industrial Property Advisors LLC, a Delaware limited liability company, its sole member
	
	By: Industrial Property Advisors Group LLC, a Delaware limited liability company, its sole member
		
	By:	 	 /s/ Evan H. Zucker

	Evan H. Zucker
	Manager
	
	Industrial Property Advisors LLC
	
	By: Industrial Property Advisors Group LLC, a Delaware limited liability company, its sole member
		
	By:	 	 /s/ Evan H. Zucker

	Evan H. Zucker
	Manager

  
 [Signature Page to
Second Amended and Restated Agreement]EX-10.3

 Exhibit 10.3 

Execution Version 
 IPT
BTC I GP LLC 
 IPT BTC I LP LLC 

c/o Industrial Property Trust Inc. 

518 Seventeenth Street 
 17th Floor

 Denver, Colorado 80202 
 September 15,
2016 
 Industrial Property Advisors Sub I LLC 
 c/o Industrial
Property Advisors Group LLC 
 518 Seventeenth Street 
 17th
Floor 
 Denver, Colorado 80202 
 Attention: Evan H. Zucker 

 

	 	Re:	Letter Agreement regarding Drag-Along Rights 

 Dear Mr. Zucker: 

Reference is hereby made to that certain Third Amended and Restated Agreement of Limited Partnership (as amended supplemented, waived or otherwise modified
from time to time, the “Partnership Agreement”) of Build-To-Core Industrial Partnership I LP, a Delaware limited partnership (the “Partnership”), dated as of the date hereof, by and among IPT BTC I GP LLC, a
Delaware limited liability company (the “General Partner”), IPT BTC I LP LLC, a Delaware limited liability company (the “IPT Limited Partner” and, together with the General Partner, the “IPT
Partners”), Industrial Property Advisors Sub I LLC, a Delaware limited liability company (the “Special Limited Partner”), bcIMC International Real Estate (2004) Investment Corporation, a Canadian corporation, bcIMC
(WCBAF) Realpool Global Investment Corporation, a Canadian corporation, and bcIMC (USA) Realty Div A2 LLC, a Delaware limited liability company, as a limited partner. Capitalized terms used but not defined herein shall have the meanings given to
such terms in the Partnership Agreement. 
 In consideration for the mutual promises and agreements set forth herein, and other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, the parties to this letter agreement hereby agree as follows: 

1. Certain Definitions. As used herein, the following terms shall have the following meanings: 

(a) “Aggregate Net Consideration” means the aggregate net consideration (net of any post-closing adjustments) to be paid by
the Purchaser to the Selling Partners in connection with the Sale. 
 (b) “Allocable Portion” means, with respect to each
Selling Partner, an amount equal to the portion of the Aggregate Net Consideration such Selling Partner would have received if the Aggregate Net Consideration had been distributed by the Partnership in complete

 
liquidation pursuant to the rights and preferences set forth in the Partnership Agreement as in effect immediately prior to the consummation of the Sale (assuming that the Interests included in
the Sale were all of the Interests of the Partnership then outstanding), as reasonably determined by a majority of the independent directors of the Board. 

(c) “Board” means the board of directors of Industrial Property Trust Inc., a Maryland corporation. Wherever Board action is
contemplated herein, such action shall require the approval of a majority of the directors of the Board, including a majority of the independent directors of the Board. 

(d) “Equity Securities” of a Person means, as applicable, (i) any capital stock, partnership, membership, joint venture
or other ownership or equity interests, or other share capital of such Person, (ii) any securities of such Person directly or indirectly convertible into or exchangeable for any capital stock, partnership, membership, joint venture or other
ownership or equity interests, or other share capital (whether voting or non-voting, whether preferred, common or otherwise) of such Person or containing any profit participation features with respect to such Person, (iii) any rights or options
directly or indirectly to subscribe for or to purchase any capital stock, partnership, membership, joint venture or other ownership or equity interests, other share capital of such Person or securities containing any profit participation features
with respect to such Person or directly or indirectly to subscribe for or to purchase any securities directly or indirectly convertible into or exchangeable for any capital stock, partnership, membership, joint venture or other ownership interests,
other share capital of such Person or securities containing any profit participation features with respect to such Person, (iv) any share or unit appreciation rights, phantom share or unit rights, contingent interest or other similar rights
relating to such Person, or (v) any Equity Securities of such Person issued or issuable with respect to the securities referred to in clauses (i) through (c) above in connection with a combination of securities, recapitalization,
exchange, merger, consolidation or other reorganization. 
 (e) “Fundamental Representations” has the meaning set forth in
Section 2(b)(i). 
 (f) “JAG” has the meaning set forth in Section 10. 

(g) “Loss” has the meaning set forth in Section 2(b)(ii). 

(h) “Marketable Securities” means means securities listed on a national securities exchange or quoted in the NASDAQ Stock
Market System. 
 (i) “Non-Cash Consideration” has the meaning set forth in Section 2(a). 

(j) “Pro Rata Share” means, with respect to each Selling Partner, an amount (expressed as a percentage) equal to a fraction,
the numerator of which is the Allocable Portion of the Aggregate Net Consideration to be received by such Selling Partner in connection with the Sale, and the denominator of which is the Aggregate Net Consideration. 

(k) “Purchaser” has the meaning set forth in Section 2(a). 

(l) “Sale” has the meaning set forth in Section 2(a). 

  
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 (m) “Selling Partner” has the meaning set forth in Section 2(a).

 (n) “Services Agreement” means that certain Second Amended and Restated Agreement, dated as of the date hereof, by and
among the General Partner, the Special Limited Partner and Industrial Property Advisors LLC, a Delaware limited liability company. 
 2.
Drag-Along Rights. 
 (a) Sale. If the IPT Partners propose to Transfer all (but not less than all) of their respective
Interests (the “Sale”) to an Unrelated Third Party (the “Purchaser”), then the IPT Partners shall have the right to require the Special Limited Partner to Transfer all of the Special Limited Partner’s Interest
to the Purchaser on the same terms and conditions as the IPT Partners receive in the Sale (upon such election, each IPT Partner and the Special Limited Partner shall be deemed a “Selling Partner”); provided, that (i) the
Special Limited Partner shall, contemporaneously with the IPT Partners, receive (A) the same form of consideration received by the IPT Partners in connection with the Sale and (B) its Allocable Portion of the Aggregate Net Consideration
and (ii) if all or any portion of the Special Limited Partner’s Allocable Portion of the Aggregate Net Consideration is not cash or Marketable Securities (“Non-Cash Consideration”), (A) the Special Limited Partner
shall be given the right to participate pro rata in any subsequent transfer by either IPT Partner of any such Non-Cash Consideration and (B) the Special Limited Partner shall receive the benefit of any preemptive or other rights
(including registration rights) that either IPT Partner receives regarding the subsequent transfer of such Non-Cash Consideration or future issuances of Equity Securities by the issuer of such Non-Cash Consideration. 

(b) Consents, Waivers and Other Actions. 

(i) The Special Limited Partner will take all necessary and desirable lawful actions as reasonably directed by the Board in connection with
the consummation of the Sale, including executing the applicable purchase agreement pursuant to which the Special Limited Partner will severally (but not jointly) make representations and warranties concerning solely (x) the beneficial
ownership of the Interests to be sold by the Special Limited Partner, and (y) the Special Limited Partner’s ability to execute such sale contract and necessary ancillary documents and perform the obligations thereunder
(“Fundamental Representations”), and will provide indemnities solely in respect of such Fundamental Representations made by the Special Limited Partner; provided, that if (A) each IPT Partner’s liability arising
under its indemnification or other obligations with respect to its Fundamental Representations is limited to its Pro Rata Share of such liability, then the Special Limited Partner’s liability arising under its indemnification or other
obligations with respect to its Fundamental Representations shall be limited to its Pro Rata Share of such liability and (B) each IPT Partner’s liability arising under its indemnification or other obligations is limited to its Allocable
Portion of the Aggregate Net Consideration, then the Special Limited Partner’s liability arising under its indemnification or other obligations shall in no event exceed the Special Limited Partner’s Allocable Portion of the Aggregate Net
Consideration; provided, further, that the Special Limited Partner shall not be required to enter into any non-compete or non-solicit covenant or similar agreement in connection with the Sale without its consent. The IPT Partners shall
provide written notice (which notice shall include information describing the Sale, including the nature and value of the 

  
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consideration to be paid to each Selling Partner, the time of closing, the identity of the Purchaser, and, to the extent the Board determines that the Special Limited Partner’s Pro Rata
Share is reasonably expected to be greater than ten percent (10%), copies of any purchase and sale agreement or letter of intent (in each case, which may be redacted for any sensitive information and need not contain schedules, exhibits, annexes or
similar items) to the extent that such an agreement or letter has been executed) to the Special Limited Partner not less than ten (10) days prior to the closing of the Sale. 

(ii) The Special Limited Partner agrees that, if the Board so requests, the agreements relating to the Sale may provide for indemnity by the
Special Limited Partner in respect of representations and warranties regarding the Partnership, its Subsidiaries and their respective assets, properties, liabilities, operations and businesses not made by the Special Limited Partner, so long as
(A) the sole source for payment of any such indemnity (a “Loss”) will be funds (the amount of which for the Special Limited Partner shall not exceed the Special Limited Partner’s Allocable Portion of the Aggregate Net
Consideration) deposited in escrow for such purpose or otherwise segregated and withheld from the Aggregate Net Consideration otherwise distributed to the Selling Partners, as the Board may determine, (B) any Losses will be borne by the Selling
Partners as described in the first sentence of Section 2(a) as if they were post-closing adjustments, and (C) the Special Limited Partner’s liability arising under any such indemnification shall be several, not joint, and
limited to its Pro Rata Share of such indemnification obligations. 
 (iii) The Special Limited Partner agrees to (A) vote for (to the
extent permitted or required), consent to and raise no objections to the Sale or the process to which the Sale was arranged and (B) waive any dissenter’s rights, appraisal rights and other similar rights. 

(c) Appointment of the IPT Partners as Attorneys-in-Fact. 

(i) Power of Attorney. The Special Limited Partner irrevocably constitutes and appoints each IPT Partner as its true and lawful
attorney-in-fact with full power and authority in the name, place and stead of the Special Limited Partner to execute, acknowledge, deliver, swear to, file and record at the appropriate public offices such documents as may be necessary or
appropriate to carry out the Sale. 
 (ii) Power Coupled With an Interest. The appointment by Special Limited Partner of each IPT
Partner as attorney-in-fact shall be deemed to be a power coupled with an interest, in recognition of the fact that the Special Limited Partner will be relying upon the power of each IPT Partner to act as contemplated by this Agreement in any filing
and other action by it on behalf of the Special Limited Partner, and shall survive, and not be affected by, the subsequent bankruptcy, death, incapacity, disability, adjudication of incompetence or insanity or dissolution of the Special Limited
Partner hereby giving such power and the transfer or assignment of all or any part of the Special Limited Partner’s Interest; provided, however, that the foregoing power of attorney of each IPT Partner shall survive only until
such time as all required documents and instruments shall have been duly executed, filed and recorded to consummate the Sale. 

  
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 (d) Expenses. Each Selling Partner shall pay its Pro Rata Share of the reasonable expenses
related to the Sale that are approved by the Board and not otherwise paid by the Purchaser or the Partnership; provided, that any expenses that relate exclusively to one of the Selling Partners shall be the sole responsibility of such Selling
Partner. 
 3. Confidentiality. The contents of this letter agreement, including but not limited to its financial terms, are strictly
confidential. Each party agrees that it shall maintain the confidential nature of this letter agreement, and shall not disclose its terms to any third party except (a) to such party’s legal counsel, accountants and tax and financial
advisors, each of whom shall agree to keep it confidential, (b) as otherwise required by law (including applicable securities laws), in which case each party shall notify the other parties in writing in advance of such disclosure to the extent
reasonably practicable under the circumstances (provided, that if advance written notice is not practicable, the disclosing party shall provide written notice to the other parties as soon as reasonably practicable following such disclosure)
and (c) as necessary to enforce this letter agreement (including disclosing to a prospective Purchaser the existence and terms of this letter agreement). 

4. Successors and Assigns. Except as otherwise provided herein, this letter agreement shall bind and inure to the benefit of and be
enforceable by the parties and any subsequent holders of their respective Interests and the respective successors and permitted assigns of each of them, so long as they hold Interests. 

5. Severability. Whenever possible, each provision of this letter shall be interpreted in such manner as to be effective and valid
under applicable law, but if any provision of this letter agreement is held to be prohibited by or invalid under applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the
remainder of this Agreement. 
 6. Counterparts. This letter agreement may be executed in separate counterparts, each of which shall
be an original, and all of which taken together shall constitute one and the same agreement. Delivery of an executed counterpart of a signature page to this letter agreement by telecopier or in PDF format shall be effective as delivery of a manually
executed signature page hereto. 
 7. Remedies. The parties shall be entitled to enforce their rights under this letter agreement
specifically to recover damages by reason of any breach of any provision of this letter agreement and to exercise all other rights existing in their favor. The parties agree and acknowledge that money damages may not be an adequate remedy for any
breach of the provisions of this letter agreement and that any party may in its sole discretion apply to any court of law or equity of competent jurisdiction for specific performance and/or injunctive relief (without posting a bond or other security
and without the need to prove irreparable harm) in order to enforce or prevent any violation of the provisions of this letter agreement. 

8. WAIVER OF JURY TRIAL. EACH PARTY HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM,
DEMAND, ACTION, OR CAUSE OF ACTION (A) ARISING UNDER THIS LETTER AGREEMENT OR (B) IN ANY WAY CONNECTED WITH OR RELATED OR 

  
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INCIDENTAL TO THE DEALINGS OF THE PARTIES IN RESPECT OF THIS LETTER AGREEMENT OR ANY OF THE TRANSACTIONS RELATED HERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER IN
CONTRACT, TORT, EQUITY, OR OTHERWISE. EACH PARTY HEREBY AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION, OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY AND THAT THE PARTIES MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF
THIS LETTER AGREEMENT WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE PARTIES TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY. 
 9.
Notices. All notices, requests, consents and other communications hereunder to any party shall be deemed to be sufficient if contained in a written instrument delivered in person sent by personal delivery, recognized overnight delivery
service, or sent by electronic mail (in which case, with a duplicate copy mailed or sent by personal delivery or overnight courier), addressed to such party at the address set forth on Schedule 1 of the Partnership Agreement or such other address as
may hereafter be designated in writing by the addressee to the addressor. All such notices, requests, consents and communications shall be deemed to have been received on the date of such delivery (or refusal thereof). 

10. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Colorado applicable to
agreements made and to be performed wholly within that State. 
 11. Arbitration. Any dispute, controversy or claim arising between
the parties relating to this letter agreement (whether such dispute arises under any federal, state or local statute or regulation, or at common law), shall be resolved by final and binding arbitration administered by the Judicial Arbiter Group
(“JAG”) in Denver, Colorado, before a mutually-agreed representative of JAG, in accordance with its commercial mediation rules then in effect, and the parties agree to abide by all awards rendered in such proceedings. The parties
shall attempt to designate one arbitrator from JAG, but if they are unable to do so, then JAG shall designate an arbitrator. Any arbitrator selected by the parties or JAG shall be a qualified person who has experience with complex commercial
disputes. The arbitration shall be final and binding, and enforceable in any court of competent jurisdiction. All awards may be filed with the clerk of one or more courts, state or federal, having jurisdiction over the party against whom such award
is rendered or its property, as a basis of judgment and of the issuance of execution for its collection. 
 12. No Strict
Construction. The parties have participated jointly in the negotiation and drafting of this letter agreement. In the event an ambiguity or question of intent or interpretation arises, this letter agreement shall be construed as if drafted
jointly by the parties, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any of the provisions of this letter agreement. 

13. Descriptive Headings. The descriptive headings of this letter agreement are inserted for convenience only and do not constitute a
part of this letter agreement. 
 14. Certain Terms. The use of the word “including” herein will mean “including
without limitation.” Any definitions used herein defined in the plural will be deemed to include 

  
 6 

 
the singular as the context may require and any definitions used herein defined in the singular will be deemed to include the plural as the context may require. Wherever reference is made herein
to the male, female or neuter genders, such reference shall be deemed to include any of the other genders as the context may require. 
 15.
Termination. This letter agreement shall automatically terminate and be of no further force or effect (a) as to all parties, upon the earliest to occur of (i) the consummation of the Sale, (ii) the dissolution of the
Partnership in accordance with the terms of the Partnership Agreement and (iii) the failure of the Special Limited Partner to hold an Interest and (b) as to any IPT Partner, upon the failure of such IPT Partner to hold an Interest. 

[Signature Pages Follow] 

  
 7 

 
			
	Sincerely,
	
	IPT BTC I GP LLC
		
	By:	 	IPT Real Estate Holdco LLC, a Delaware limited liability company, its sole member
		
	By:	 	Industrial Property Operating Partnership LP, a Delaware limited partnership, its sole member
		
	By:	 	Industrial Property Trust Inc., a Maryland corporation, its general partner
		
	By:	 	 /s/ Thomas G. McGonagle

	Name:	 	Thomas G. McGonagle
	Title:	 	Chief Financial Officer
	
	IPT BTC I LP LLC
		
	By:	 	IPT Real Estate Holdco LLC, a Delaware limited liability company, its sole member
		
	By:	 	Industrial Property Operating Partnership LP, a Delaware limited partnership, its sole member
		
	By:	 	Industrial Property Trust Inc., a Maryland corporation, its general partner
		
	By:	 	 /s/ Thomas G. McGonagle

	Name:	 	Thomas G. McGonagle
	Title:	 	Chief Financial Officer

  
 [Signature Page to
Letter Agreement re: Drag-Along Rights] 

 
			
	Agreed and Accepted:
	
	Industrial Property Advisors Sub I LLC
		
	By:	 	Industrial Property Advisors LLC, a Delaware limited liability company, its sole member
		
	By:	 	Industrial Property Advisors Group LLC, a Delaware limited liability company, its sole member
		
	By:	 	 /s/ Evan H. Zucker

	Name:	 	Evan H. Zucker
	Title:	 	Manager

  
 [Signature Page to
Letter Agreement re: Drag-Along Rights]

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