Document:

Non-Compeition and Non-Solicitation Agreement - James R. Mulvihill

 Exhibit 10.20 
 NON-COMPETITION 
 AND NON-SOLICITATION AGREEMENT 
 THIS AGREEMENT (this “Agreement”), dated as of October 10, 2006, is made by and between DIVIDEND CAPITAL TRUST INC., a Maryland
corporation (the “REIT”) and JAMES R. MULVIHILL (the “Principal”). 
 RECITALS 
 WHEREAS, pursuant to the Contribution Agreement, dated as of July 21, 2006 (the “Contribution Agreement”), by and among the REIT,
Dividend Capital Operating Partnership LP, a Delaware limited partnership (the “Operating Partnership”), and Dividend Capital Advisors Group LLC, a Colorado limited liability company (the “Advisor Parent”), the
Advisor Parent has contributed all of the outstanding membership interests in Dividend Capital Advisors LLC, a Colorado limited liability company (the “Advisor”), to the Operating Partnership in exchange for units of limited
partnership interest in the Operating Partnership (“OP Units”) that are exchangeable under certain circumstances for Common Shares of the REIT; 
 WHEREAS, the REIT and the Advisor are parties to an Amended and Restated Advisory Agreement, dated as of November 21, 2003, pursuant to which the Advisor provides various services to the REIT; 
 WHEREAS, the Principal indirectly owns a membership interest in the Advisor through the Advisor Parent, and has been actively engaged in the provision of
services by the Advisor to the REIT; and 
 WHEREAS, the execution and delivery of this Agreement is required under the Contribution
Agreement. 
 NOW, THEREFORE, the parties agree as follows: 
 Section 1. Term. Except as otherwise expressly provided in this Agreement, this Agreement shall have a term of three years commencing on the date of this Agreement (the “Restricted
Period”). 
 Section 2. Covenant Against Competition. 
 (a) Subject to Section 2(b) below, during the Restricted Period, the Principal shall not, individually or together with another Person, directly or
indirectly, (i) engage in the Business for his own account, (ii) render any managerial or consulting or other services to any Person who or which is engaged in the Business (other than the REIT, the Operating Partnership or any of their
respective Subsidiaries), or (iii) become a partner, member, manager, shareholder, principal, agent, employee, trustee or consultant of any Person engaged in the Business (other than the REIT, the Operating Partnership or any of their
respective Subsidiaries); provided, that the restrictions set forth in this Section 2(a) shall not apply and shall become null and void in their entirety if at any time a representative of the Advisor Parent is not serving as a director
on the Board of Directors of the REIT as a result of the REIT’s breach of the provisions of Section 5.9 of the Contribution Agreement, which provisions obligate the REIT to nominate an individual designated by the Advisor Parent to the
board of directors of the REIT at the REIT’s annual stockholders’ meetings to be held in 2007, 2008, and 2009, in each case to serve a one-year term, provided that such obligation terminates if at any time the persons who on the Closing
Date of the Contribution Agreement are the beneficial owners of the outstanding interests in the Advisor Parent together with certain other specified persons cease to beneficially own, directly or indirectly, an aggregate of at least 5,000,000 of
the OP Units received pursuant to the Contribution Agreement. 

 (b) Notwithstanding the provisions of Section 2(a), the Principal is expressly permitted to:

 (i) own or acquire, directly or indirectly, solely as an investment, securities of any Person which are traded on any national securities
exchange or NASDAQ or in the over-the-counter market if the Principal (A) does not control such Person and is not a member of a group that controls such Person and (B) does not, directly or indirectly, own 5% or more of any class of equity
securities of such Person; 
 (ii) become associated with a specific division, group or department of any Person engaged in the Business, if
the division, group or department with which the Principal becomes associated is not itself engaged in the Business and the Principal does not provide any services, assistance or advice to the division, group or department of such Person which is
engaged in the Business; 
 (iii) acquire an interest in any Person engaged in the Business, solely as an investment, if the fair market
value of any industrial real estate owned, acquired, developed or managed by such Person does not constitute more than 20% of the fair market value of all real estate owned, acquired, developed or managed by such Person; 
 (iv) invest in any pooled investment vehicle or fund which is managed by and/or includes capital provided by unaffiliated third parties; 
 (v) engage in any and all activities as a partner, member, manager, shareholder, principal, agent, employee, trustee, consultant, director, executive or
otherwise, in respect of any fund that owns, acquires, develops or manages real estate if the fair market value of any real estate that is industrial real estate owned, acquired, developed or managed by such fund does not constitute more than 20% of
the fair market value of all real estate owned, acquired, developed or managed by such fund; provided, that to the extent that such fund allows third-party participation in connection with the industrial real estate component of any such real
estate located in Mexico, the Principal shall cause such fund to offer the REIT the first opportunity to negotiate for such participation and if such offer is accepted by the REIT to negotiate such participation in good faith (for the avoidance of
doubt, this clause (v) shall not apply to activities in respect of any of the DCTRT Entities referred to in clause (vi) below); and 
 (vi) engage in any and all activities as a partner, member, manager, shareholder, principal, agent employee, trustee, consultant, director, executive or otherwise, in respect of (A) Dividend Capital Total Realty Trust and a fund with
similar investment objectives for accredited investors that enters into an agreement with the REIT that is substantially identical to the Joint Venture Agreement (as defined in the Contribution Agreement) (collectively, the “DCTRT
Entities”), and (B) any advisor to the DCTRT Entities; provided, that if (and only for so long as) the exclusivity provisions of the Joint Venture Agreement are not in effect, the Principal shall not actively participate in the
procurement, sourcing or identification of acquisition or investment opportunities in respect of industrial real estate on behalf of either of the DCTRT Entities; it being understood that, for the avoidance of doubt, participation on
investment or similar committees with respect to such acquisition or investment opportunities (which committees are authorized to approve investments but are not authorized to, and do not, participate in procuring, sourcing or identifying industrial
real estate acquisitions or investments) shall not be deemed active participation in such procurement, sourcing or identification. 
  

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 (c) For purposes of this Section 2, “Business” means commercial activity comprising
any one or more of the ownership, acquisition, development or management of industrial real estate located anywhere in North America. 
 (d)
The Principal acknowledges the following provisions of Colorado law, set forth in Colorado Revised Statutes §8-2-113(2): 
 “Any
covenant not to compete which restricts the right of any person to receive compensation for performance of skilled or unskilled labor for any employer shall be void, but this subsection (2) shall not apply to: 
 (a) Any contract for the purchase and sale of a business or the assets of a business; 
 (b) Any contract for the protection of trade secrets; 
 (c) Any contract provision providing for the recovery of the expense of educating and training an employee who has served an employer for a period of less than two years; 
 (d) Executive and management personnel and officers and employees who constitute professional staff to executive and management personnel.”

 The Principal acknowledges that this Agreement is executed in connection with a contract for the purchase and sale of a business under
§8-2-113(2)(a) and for the protection of trade secrets under §8-2-113(2)(b), and is intended to protect the confidential information and trade secrets of the Company. The Principal also acknowledges that he is an executive or manager
within the meaning of §8-2-113(2)(d). 
 Section 3. Non-Solicitation of Employees. The Principal shall not, during the
Restricted Period, directly or indirectly, knowingly solicit or entice to leave employment or employ any person who is an employee (or person who was an employee within three months of the applicable date) of the REIT, the Operating Partnership or
any of their respective Subsidiaries; provided, that the foregoing shall not prohibit any general solicitation for employees or public advertising of employment opportunities (including through the use of employment agencies) not specifically
directed at any such employees. 
 Section 4. Remedies upon Breach; Severability; Consent to Jurisdiction and Service of Process.

 (a) If the Principal breaches, or threatens to commit a breach of, any of the provisions of Sections 2 or 3 of this Agreement (the
“Restrictive Covenants”), in addition to any other remedies that may be available at law or in equity, the REIT and the Operating Partnership shall have the right to seek specific performance of the Restrictive Covenants (without
posting any bond) by the United States District Court for the District of Colorado or any court of the State of Colorado located in the County of Denver (each a “Chosen Court”), including, without limitation the right to an entry
against the Principal of restraining orders and injunctions (preliminary, mandatory, temporary and permanent) against violations, threatened or actual, and whether or not then continuing, of such Restrictive Covenants, it being acknowledged and
agreed that any such breach or threatened breach may cause irreparable injury to the REIT and the Operating Partnership. 
 (b) If any Chosen
Court determines that any of the Restrictive Covenants, or any part thereof, is invalid or unenforceable, the remainder of the Restrictive Covenants shall not thereby be affected and shall be given full effect, without regard to the invalid
portions. 
  

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 (c) If any Chosen Court determines that any of the Restrictive Covenants, or any part thereof, is
unenforceable because of the duration of such provision or the area or business covered thereby, such Chosen Court shall have the power to reduce the duration or area or business covered by such provisions and, in its reduced form, such provision
shall then be enforceable and shall be enforced. 
 (d) EACH PARTY HEREBY IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE CHOSEN
COURTS IN RESPECT OF ANY ACTION, SUIT OR PROCEEDING ARISING IN CONNECTION WITH THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY, AND AGREES THAT ANY SUCH ACTION, SUIT OR PROCEEDING SHALL BE BROUGHT ONLY IN SUCH CHOSEN COURT (AND WAIVES ANY
OBJECTION BASED ON FORUM NON CONVENIENS OR ANY OTHER OBJECTION TO VENUE THEREIN); PROVIDED, THAT SUCH CONSENT TO JURISDICTION IS SOLELY FOR THE PURPOSE REFERRED TO IN THIS SECTION 4 AND SHALL NOT BE
DEEMED TO BE A GENERAL SUBMISSION TO THE JURISDICTION OF SAID CHOSEN COURTS OR IN THE STATE OF COLORADO OTHER THAN FOR SUCH PURPOSE. Any and all process may be served in any action, suit or proceeding arising in connection with this Agreement by
complying with the provisions of Section 5. Such service of process shall have the same effect as if the party being served were a resident in the State of Colorado and had been lawfully served with such process in such jurisdiction. The
parties hereby waive all claims of error by reason of such service. Nothing herein shall affect the right of any party to service of process in any other manner permitted by Law or to commence legal proceedings or otherwise proceed against the other
in any other jurisdiction to enforce judgments or rulings of the aforementioned Chosen Courts. 
 Section 5. Notices. All
notices, requests and other communications under this Agreement must be in writing and will be deemed to have been duly given upon receipt to the parties at the following addresses or facsimiles (or at such other address or facsimile) for a party as
shall be specified by the notice: 
 If to the REIT: 
 Dividend Capital Trust 
 518 Seventeenth Street, Suite 1700 
 Denver, Colorado 80202 
 Attention: Chief
Executive Officer 
 Facsimile: (303) 228-2200 
 If to the Principal: 
 Dividend Capital Advisors Group LLC 
 518 Seventeenth Street, Suite 1700 
 Denver,
Colorado 80202 
 Attention: James R. Mulvihill 
 Facsimile: (303) 228-2200 
 Section 6. Defined Terms. Capitalized terms used in this
Agreement and not otherwise defined shall have the meanings as assigned to them in the Contribution Agreement. 
  

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 Section 7. Entire Agreement. This Agreement contains the entire understanding between the
parties hereto with respect, to the matters covered herein and supersedes any prior agreement with respect to such matters. 
 Section 8. Waivers and Amendments. This Agreement may be amended, superseded, canceled, renewed or extended, and the terms hereof may be waived, only by a written instrument signed by the parties hereto or, in the case of a
waiver, by the party waiving compliance. No delay on the part of any party in exercising any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any waiver on the part of any party of any such right, power or privilege
nor any single or partial exercise of any such right, power or privilege, preclude any other or further exercise thereof or the exercise of any other such right, power or privilege. 
 Section 9. GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF COLORADO, WITHOUT
REGARD FOR THE CONFLICTS OF LAWS PRINCIPLES THEREOF. 
 Section 10. Successors and Assigns. The REIT may assign this
Agreement and its rights and obligations hereunder to any successor in interest to its business or to an Affiliate. This Agreement shall be binding upon, and shall inure to the benefit of, the Principal and the REIT and their respective heirs,
executors, personal representatives, successors and permitted assigns. 
 Section 11. Counterparts. This Agreement may be
executed by the parties hereto in separate counterparts, each of which when so executed and delivered shall be an original but all such counterparts together shall constitute one and the same instrument. Each counterpart may consist of two copies
hereof each signed by one of the parties hereto. 
 Section 12. Headings. The headings in this Agreement are for reference only
and shall not affect the interpretation of this Agreement. 
 Section 13. Interpretation. The parties hereto acknowledge and
agree that (i) each party hereto and its counsel reviewed and negotiated the terms and provisions of this Agreement and have contributed to its revision, (ii) the rule of construction to the effect that any ambiguities are resolved against
the drafting party shall not be employed in the interpretation of this Agreement and (iii) the terms and provisions of this Agreement shall be construed fairly as to all parties hereto, regardless of which party was generally responsible for
the preparation of this Agreement. 
 Section 14. Notification. During the Restricted Period, the Principal hereby agrees and
authorizes the REIT to notify any future employer of the Principal of the terms of this Agreement and the Principal’s obligations hereunder. 
 [Signature page follows.] 
  

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 IN WITNESS WHEREOF, the parties hereto have signed their names as of the day and year first above
written. 
  

			
	DIVIDEND CAPITAL TRUST INC.
		
	By:	 	 /s/ Thomas. G. Wattles

	Name:	 	Thomas G. Wattles
	Title:	 	Chairman
	
	THE PRINCIPAL
		
	By:	 	 /s/ James R. Mulvihill

		 	James R. Mulvihill

 Non-Competition and Non-Solicitation AgreementPledge and Security Agreement, dated as of October 10, 2006

 Exhibit 10.21 
 PLEDGE AND SECURITY AGREEMENT 
 THIS PLEDGE AND SECURITY AGREEMENT (this
“Agreement”) is entered into as of October 10, 2006 by and between DIVIDEND CAPITAL ADVISORS GROUP LLC, a Colorado limited liability company (“Pledgor”) and DIVIDEND CAPITAL TRUST INC., a Maryland corporation
(together with its successors and assigns, “Secured Party”). 
 WHEREAS, Secured Party and Pledgor, among other parties,
have entered into a Contribution Agreement, dated as of July 21, 2006 (as the same may be amended or modified in accordance with its terms, the “Contribution Agreement”), pursuant to which, among other things, Pledgor has
agreed to indemnify the Secured Party on the terms and conditions set forth in the Contribution Agreement; 
 WHEREAS, pursuant to the
Contribution Agreement, Pledgor is required to execute and deliver this Agreement and to pledge and grant a continuing security interest in the Collateral (as defined herein) as additional security for the Secured Obligations (as defined herein);
and 
 WHEREAS, all capitalized terms used herein which are not herein defined shall have the meanings ascribed to them in the Contribution
Agreement. 
 NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants and agreements hereinafter set forth, and for
other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 
 1.
DEFINITIONS 
 For the purposes of this Agreement: 
 (a) “Collateral” means (i)(a) during the period (the “Lock-Up Period”) of fifteen (15) months commencing on the date of this Agreement, an aggregate of 15,111,111 units of
limited partnership interest in Dividend Capital Operating Partnership, L.P. (the “Operating Partnership”) issued by the Operating Partnership pursuant to the Contribution Agreement (the “OP Units”);
provided, that, in the case of any spilt or combination of units or other recapitalization, the “OP Units” shall constitute the securities into which the previously-outstanding OP Units are converted or otherwise changed,
(b) during the period of nine (9) months following the end of the Lock-Up Period (the “First Follow-On Period”), the Stage 2 Collateral, (c) during the period of twelve (12) months following the end of the
First Follow-On Period (the “Second Follow-On Period”), the Stage 3 Collateral, and (d) following the end of the Second Follow-On Period, the Stage 4 Collateral, (ii) except as provided in Section 3(a)(ii)
of this Agreement, any dividends or distributions, distributions in property, returns of capital or other distributions made on or with respect to any of OP Units constituting Collateral in clause (i)(a) above and, if applicable, in
clauses (i)(b), (i)(c) and/or (i)(d) above, (iii) any money or other property paid to Secured Party pursuant to Section 3(b), (iv) any Replacement Assurances provided pursuant to Section 4, (v) all new, substituted
and/or additional units, interests, shares or other securities issued upon conversion or exchange of or by reason of any stock dividend, reclassification, readjustment, stock split or other change declared or made with respect to the Collateral, or
any warrants or any other rights, options or securities issued in respect of the Collateral, and (vi) all proceeds of the foregoing. 
 (b) “Event of Default” means (i) any failure by Pledgor to fully pay or perform one or more of its obligations pursuant to Sections 7.3 or 8.2 of the Contribution Agreement (collectively, the “Secured
Obligations”), as determined by at least a majority of all of Secured Party’s disinterested directors who are non-employee directors, regardless of whether Secured Party has exercised its rights under Sections 7.3 or 8.2 of the
Contribution Agreement except that, if the obligation is disputed in good 

 faith by Pledgor by notice given to Secured Party before the close of business on the tenth day after Pledgor’s
receipt of notice of such determination, Pledgor shall be deemed in default only if it fails to pay or perform within ten (10) days after agreeing to do so or after being ordered to do so by a court of competent jurisdiction pursuant to a
judgment, order or decree that becomes final and non-appealable, (ii) the unenforceability of the Secured Party’s security interest in the Collateral with the priority set forth herein for any reason whatsoever, or (iii) any material
breach by Pledgor of any of its obligations under this Agreement that is not cured within ten (10) business days after Pledgor’s receipt of Secured Party’s written notice thereof. 
 (c) “Stage 2 Collateral” means the assets described in Section 5.12(b) of the Contribution Agreement. 
 (d) “Stage 3 Collateral” means the assets described in Section 5.12(c) of the Contribution Agreement. 
 (e) “Stage 4 Collateral” means the assets described in Section 5.12(d) of the Contribution Agreement. 
 2. PLEDGE OF COLLATERAL 
 (a) As additional security for the payment and performance by Pledgor of all of the Secured Obligations and all of its obligations under this Agreement, Pledgor hereby pledges, assigns and grants to the Secured Party a first-priority
security interest in all of its right, title and interest in and to the Collateral (the “Pledge”). 
 (b) Pledgor agrees to
take such actions and to execute, deliver and file such instruments and documents, including without limitation, one or more financing statements, as Secured Party may reasonably request to perfect Secured Party’s interest in the Collateral
pursuant to this Agreement and to cause Secured Party to have a good, valid and perfected first pledge of, lien on and security interest in the Collateral, free and clear of any mortgage, pledge, lien, security interest, hypothecation, assignment,
charge, right, encumbrance or restriction (individually, “Encumbrance,” and collectively, “Encumbrances”), but subject to restrictions on resale imposed pursuant to applicable federal and state securities laws or
pursuant to Section 5.12 of the Contribution Agreement (the “Resale Restrictions”). At any time following an Event of Default, any or all of the OP Units or other securities included in the Collateral may, at the option of
Secured Party exercised in accordance with Sections 3(b) and 5(c), be registered in the names of Secured Party or in the name of its nominee. If any part of the Collateral at any time consists of securities, Pledgor shall deliver to Secured
Party all certificates relating to such Collateral within five (5) days after Pledgor’s acquisition thereof, all of which certificates shall be registered in the name of Pledgor, duly endorsed in blank or accompanied by instruments of
transfer, duly executed by Pledgor, undated and in blank, together with any documentary tax stamps and any other necessary documents. 
 3. RIGHTS OF PLEDGOR WITH RESPECT TO THE COLLATERAL 
 (a) So long as no Event of Default shall have
occurred and be continuing: 
 (i) Pledgor shall be entitled to exercise any and all voting and/or consensual rights and powers relating or
pertaining to the Collateral, subject to the terms hereof. 
 (ii) Pledgor shall be entitled to receive and retain all regular periodic cash
dividends or distributions payable on the Collateral; provided, however, that all other dividends or distributions 
  

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 (including, without limitation, dividends or distributions payable in limited partnership interests or stock or upon
liquidation), distributions in property, returns of capital and other distributions made on or in respect of the Collateral, whether resulting from a subdivision, combination or reclassification of the outstanding capital stock of the Operating
Partnership or received in exchange for the Collateral or any part thereof or as a result of any merger, consolidation, acquisition or other exchange of assets to which Secured Party or the Operating Partnership may be a party or otherwise, and any
and all cash and other property received in exchange for or redemption of any of the Collateral, shall be retained by Secured Party, or, if delivered to Pledgor, shall be held in trust for the benefit of Secured Party and forthwith delivered to
Secured Party within five (5) days of the acquisition thereof and shall be considered as part of the Collateral for all purposes of this Agreement. 
 (iii) Secured Party shall execute and deliver (or cause to be executed and delivered) to Pledgor all such proxies, powers of attorney, dividend or distribution orders, and other instruments as Pledgor may reasonably
request for the purpose of enabling Pledgor to exercise its voting and/or consensual rights and powers which Pledgor is entitled to exercise pursuant to Section 3(a)(i) and/or to receive the dividends or distributions which Pledgor is
authorized to receive and retain pursuant to Section 3(a)(ii), and Pledgor shall execute and deliver to Secured Party such instruments as may be reasonably required or may be reasonably requested by Secured Party to enable Secured Party to
receive and retain the dividends or distributions, distributions in property, returns of capital and other distributions it is authorized to receive and retain pursuant to Section 3(a)(ii). 
 (b) Upon the occurrence and during the continuance of an Event of Default, all rights of Pledgor to exercise the voting and/or consensual rights and
powers which Pledgor is entitled to exercise pursuant to Section 3(a)(i) and/or to receive the dividends or distributions which Pledgor is authorized to receive and retain pursuant to Section 3(a)(ii) shall cease, at the option of Secured
Party, on not less than five (5) days’ written notice to Pledgor, and all such rights shall thereupon become vested in Secured Party, who shall have the sole and exclusive right and authority to exercise such voting and/or consensual
rights and powers and/or to receive and retain such dividends or distributions. In such case, Pledgor shall execute and deliver such documents as Secured Party may request to enable Secured Party to exercise such rights and receive such dividends or
distributions. In addition, Secured Party is hereby appointed the attorney-in-fact of Pledgor, with full power of substitution, which appointment as attorney-in-fact is irrevocable and coupled with an interest, to take all such actions after the
occurrence and during the continuance of an Event of Default, whether in the name of Secured Party or Pledgor, as Secured Party may consider necessary or desirable for the purpose of exercising such rights and receiving such dividends or
distributions. Any and all money and other property paid over to or received by Secured Party pursuant to the provisions of this Section 3(b) shall be retained by Secured Party as part of the Collateral and shall be applied in accordance with
the provisions hereof. 
 4. SUBSTITUTION OF COLLATERAL 
 Pledgor may at any time propose that Secured Party accept substitute collateral in lieu of any of Pledgor’s portion of the Stage 2 Collateral, Stage
3 Collateral or Stage 4 Collateral as may be specified in writing by Pledgor. If, in the sole judgment of Secured Party, such proposed substitute collateral (hereinafter referred to as “Replacement Assurance”) is satisfactory
in form and comfort to Secured Party and affords Secured Party protection at least equivalent to the protection afforded by Pledgor’s portion of such Stage 2 Collateral, Stage 3 Collateral or Stage 4 Collateral, then Pledgor and Secured
Party shall cooperate, at Pledgor’s sole cost and expense, to effect the substitution of such Replacement Assurances for Pledgor’s portion of the Stage 2 Collateral, Stage 3 Collateral or Stage 4 Collateral, including (i) the
preparation, execution, delivery and filing of such agreements and other documents as may be requested by Secured Party in order to create and perfect in favor of Secured Party a perfected first-priority security interest in the Replacement
Assurance, and (ii) execution and delivery of such documents as may be 
  

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 necessary to release Secured Party’s security interest in such Stage 2 Collateral, Stage 3 Collateral or
Stage 4 Collateral. This Section 4 shall only apply with respect to Stage 2 Collateral, Stage 3 Collateral and Stage 4 Collateral. 
 5. REMEDIES OF DEFAULT 
 (a) If at any time an Event of Default shall have occurred and be continuing,
then, in addition to having the right to exercise any right or remedy of a secured party upon default under the Uniform Commercial Code as then in effect in any applicable jurisdiction and the right to exercise any right or remedy of Secured Party
under the Contribution Agreement or otherwise, Secured Party (or its nominee) shall, to the extent permitted by law, without being required to give any notice to Pledgor except as provided below: 
 (i) Apply any cash held by Secured Party hereunder in the manner provided in Section 5(f); 
 (ii) If there shall be no such cash or if the cash so applied shall be insufficient to pay in full the items specified in Sections 5(f)(i) and (ii),
collect, receive, appropriate and realize upon the Collateral or any part thereof, and/or sell, assign, contract to sell or otherwise dispose of and deliver the Collateral or any part thereof, in its entirety or in portions, at public or private
sale or at any broker’s board, on any securities exchange or at any of Secured Party places of business or elsewhere, for cash, upon credit or for future delivery, and at such price or prices as Secured Party may deem best, and Secured Party
may (except as otherwise provided by law) be the purchaser of any or all of the Collateral so sold and thereafter may hold the same, absolutely, free from any right or claim of whatsoever kind; and 
 (iii) Upon the occurrence of such an Event of Default, have the right, upon not less than ten (10) days’ notice to Pledgor, to exercise any and
all rights of conversion, exchange, subscription or any other rights, privileges or options pertaining to any OP Units of the Collateral as if it were the absolute owner thereof, including, without limitation, the right to exchange, at its
discretion, any or all of the Collateral upon the merger, consolidation, reorganization, recapitalization or other readjustment of Secured Party, or upon the exercise by Secured Party of any right, privilege or option pertaining to any OP Units
included within the Collateral (including by exchanging such OP Units for common shares of Secured Party), and, in connection therewith, to deposit and deliver any or all of the Collateral with any committee, depository, transfer agent, registrar or
other designated agent upon such terms and conditions as Secured Party may determine. 
 (b) In the event of a sale as aforesaid, Secured
Party is authorized to, at any such sale, if it deems it advisable to do so, restrict the number of prospective bidders or purchasers and/or further restrict such prospective bidders or purchasers to persons who will represent and agree that they
meet such suitability standards as Secured Party may deem appropriate, are purchasing for their own account, for investment, and not with a view to the distribution or resale of the Collateral, and may otherwise require that such sale be conducted
subject to restrictions as to such other matters as Secured Party may deem necessary in order that such sale may be effected in such manner as to comply with all applicable state and federal securities laws. Upon any such sale, Secured Party shall
have the right to deliver, assign and transfer to the purchaser thereof the Collateral so sold. 
 (c) (i) Pledgor hereby acknowledges
that, notwithstanding that a higher price might be obtained for the Collateral at a public sale than at a private sale or sales, the making of a public sale of the Collateral may be subject to registration requirements under applicable securities
laws and similar other legal restrictions, compliance with which would require such actions on the part of Pledgor, would entail such expenses, and would subject Secured Party, any underwriter through whom the Collateral may be 
  

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 sold and any controlling person of any of the foregoing to such liabilities, as would make a public sale of the
Collateral impractical or inadvisable. Accordingly, Pledgor hereby agrees that private sales made by Secured Party in good faith in accordance with the provisions of Sections 5(a) or (b) may be at prices and on other terms less favorable
to the seller than if the Collateral were sold at public sale, and that Secured Party shall not have any obligation to take any steps in order to permit the Collateral to be sold at public sale, a private sale being considered or deemed to be a sale
in a commercially reasonable manner. 
 (ii) Each purchaser at any such sale shall hold the property sold, absolutely, free from any claim or
right of whatsoever kind, including any equity or right of redemption of Pledgor, who hereby specifically waives all rights of redemption, stay or appraisal which Pledgor has or may have under any rule of law or statute now existing or hereafter
adopted. Secured Party shall give Pledgor not less than ten (10) days’ written notice of its intention to make any such public or private sale. Such notice, in case of a public sale, shall state the time and place fixed for such sale, and,
in case of a sale through an electronic trading or quotation system, on a securities exchange, at one or more of Secured Party’s places of business or elsewhere, shall state the system, exchange or other location at which such sale is to be
made and the day on which the Collateral, or that portion thereof so being sold, will first be offered for sale at such location. Such notice, in case of a private sale, need state only the date on or after which such sale may be made. Any such
notice given as aforesaid shall be deemed to be reasonable notification. Notwithstanding the foregoing, all sales of the Collateral shall be subject to applicable state and federal securities laws. 
 (iii) Any such sale shall be held at such time or times within ordinary business hours and at such place or places as Secured Party may fix in the notice
of such sale. At any sale the Collateral may be sold in one lot as an entirety or in parts, as Secured Party may determine. Secured Party shall not be obligated to make any sale pursuant to any such notice. Secured Party may, without notice or
publication, adjourn any sale or cause the same to be adjourned from time to time by announcement at the time and place fixed for the sale, and such sale may be made at any time or place to which the same may be so adjourned. In case of any sale of
all or any part of the Collateral on credit or for future delivery, the Collateral so sold may be retained by Secured Party until the selling price is paid by the purchaser thereof, but Secured Party shall not incur any liability in case of the
failure of such purchaser to take up and pay for the Collateral so sold and, in case of any such failure, such Collateral may again be sold upon like notice. 
 (iv) On any sale of the Collateral, Secured Party is hereby authorized to comply with any limitation or restriction in connection with such sale that it may be advised by counsel is necessary in order to avoid any
violation of applicable law or in order to obtain any required approval of the purchaser or purchasers by any governmental regulatory authority or officer or court. 
 (v) It is expressly understood and agreed by Pledgor that Secured Party may proceed against all or any portion or portions of the Collateral and all other collateral securing the Secured Obligations in such order and
at such time as Secured Party, in its sole discretion, sees fit, and Pledgor hereby expressly waives any rights under the doctrine of marshalling of assets. 
 (vi) Compliance with the foregoing procedures shall result in such sale or disposition being considered or deemed to have been made in a commercially reasonable manner. 
 (d) Secured Party, instead of exercising the power of sale herein conferred upon it, may proceed by a suit or suits at law or in equity to foreclose its
lien or security interest arising from this Agreement and sell the Collateral, or any portion thereof in a manner consistent with this Agreement, under a judgment or decree of a court or courts of competent jurisdiction. 
  

 5 

 (e) Each of the rights, powers and remedies provided herein or now or hereafter existing at law or in
equity or by statute or otherwise shall be cumulative and concurrent and shall be in addition to every other right, power or remedy provided for herein or therein or now or hereafter existing at law or in equity or by statute or otherwise. The
exercise of any such right, power or remedy shall not preclude the simultaneous or later exercise of any or all other such rights, powers or remedies, including under the Contribution Agreement, except there shall be no duplication of recovery. No
notice to or demand on Pledgor in any case shall entitle Pledgor to any other notice or demand in similar or other circumstances. 
 (f) The
proceeds of any collection, recovery, receipt, appropriation, realization or sale as aforesaid shall be applied by Secured Party in the following order: 
 (i) First, to the payment of all costs and expenses of every kind incurred by Secured Party in connection therewith or incidental to the care, safekeeping or otherwise of any of the Collateral, including, without
limitation, reasonable fees and expenses of attorneys or other agents; 
 (ii) Second, to the payment of all other Secured Obligations; and

 (iii) Finally, to the payment to Pledgor of any surplus then remaining from such proceeds unless otherwise required by law or directed by
a court of competent jurisdiction. 
 (g) Notwithstanding anything to the contrary contained herein, no provision of this Agreement shall
supercede or contravene the provisions of the Contribution Agreement that provide that all OP Units surrendered in satisfaction of a Secured Obligation (including those surrendered pursuant to this Agreement) shall be credited against any Tax Loss
(as defined in the Contribution Agreement) or Loss (as defined in the Contribution Agreement), as applicable, on the basis of their Market Value (as defined in the Contribution Agreement) on the date of such surrender. 
 6. REPRESENTATIONS, WARRANTIES AND COVENANTS OF PLEDGOR 
 (a) Pledgor represents, warrants and covenants to Secured Party that: 
 (i) Pledgor is a limited liability company duly organized, validly existing and in good standing under the laws of the State of Colorado and has the full legal power and authority to own the Collateral. 
 (ii) Pledgor has all requisite capacity, power and authority, being under no legal restriction, limitation or disability, to own the Collateral.

 (iii) Pledgor has full power and authority to execute and deliver this Agreement and to perform its obligations hereunder. The execution,
delivery and performance of this Agreement has been duly and validly authorized by the board of managers of Pledgor. No other corporate proceedings on the part of Pledgor are necessary to authorize the consummation of the transactions contemplated
hereby on behalf of Pledgor. This Agreement has been duly and validly executed and delivered by Pledgor and constitutes the valid and legally binding obligation of Pledgor, enforceable against Pledgor in accordance with its terms, except that such
enforceability may be subject to (a) bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting or relating to enforcement or creditors’ rights generally and (b) general equitable principles. No consents,
approvals, orders or authorizations of, or registration, declaration or filing with, any government or governmental agency is required by or with respect to Pledgor in connection with the execution and delivery of this Agreement or the consummation
of the transactions contemplated hereby. 
  

 6 

 (iv) Pledgor is the direct record and beneficial owner of each OP Unit comprising a portion of the
Collateral. Pledgor has and will have good, valid and marketable title to each component of the Collateral, free and clear of all Encumbrances other than the security interest created by this Agreement and the Resale Restrictions. 
 (v) The Collateral is and will be duly and validly pledged to Secured Party in accordance with law, and Secured Party has and will have a good, valid,
and perfected first lien on and security interest in the Collateral. 
 (vi) Neither the execution and the delivery of this Agreement, nor
the consummation of the transactions contemplated hereby, by Pledgor, will (A) violate any constitution, statute, treaty, regulation, rule, injunction, judgment, order, decree, ruling, charge, or other restriction of any government,
governmental agency, or court to which Pledgor is subject or any provision of its certificate of formation, limited liability company agreement or other organizational documents, as applicable, or (B) result in a violation or breach of,
constitute a default (or an event which, with or without notice or passage of time or both, would constitute a default) under, result in the acceleration of, create in any person the right to accelerate, terminate, modify, or cancel, or require any
notice under any agreement, contract, lease, license, instrument, or other arrangement to which Pledgor is a party or by which Pledgor is bound or to which any of its assets are subject. 
 (vii) There is no action, claim, suit, proceeding or investigation pending, or to the knowledge of Pledgor, threatened or reasonably anticipated, against
or affecting Pledgor, this Agreement or the transactions contemplated hereby, before or by any court, arbitrator or governmental authority which might adversely affect Pledgor’s ability to perform its obligations under this Agreement or might
adversely affect the value of the Collateral. 
 (b) Until all Secured Obligations have been irrevocably paid and performed in full to
Secured Party, Pledgor hereby covenants that, unless Secured Party otherwise consents in advance in writing: 
 (i) Pledgor shall (A) at
the request of Secured Party, execute, deliver and file any and all financing statements, continuation statements, instruments (of transfer and otherwise), and other documents necessary or desirable, in Secured Party’s opinion, to create,
perfect, preserve, validate or otherwise protect the pledge of the Collateral to Secured Party and Secured Party’s lien on and security interest in the Collateral and the first priority thereof, (B) maintain or cause to be maintained at
all times the pledge of the Collateral to Secured Party and Secured Party’s lien on and security interest in the Collateral and the first priority thereof, and (C) defend the Collateral and Secured Party’s lien on and security
interest therein and the first priority thereof against all claims and demands of all persons at any time claiming the same or any interest therein adverse to Secured Party, and pay all costs and expenses (including, without limitation, reasonable
attorneys’ fees and expenses) in connection with such defense. 
 (ii) Pledgor shall not sell, transfer, pledge, assign or otherwise
dispose of any of the Collateral or any interest therein (and the inclusion in “Collateral” of proceeds shall not be an authorization of any such sale, transfer, pledge, assignment or other disposal), and Pledgor shall not create, incur,
assume or suffer to exist any Encumbrance with respect to the Collateral or any interest therein (except pursuant hereto). 
 (iii) Pledgor
shall not take any action in connection with the Collateral or otherwise which would impair the value of the interests or rights of Pledgor therein or which would impair the interests or rights of Secured Party therein or with respect thereto.

  

 7 

 (iv) Pledgor shall not change its name, type of organization, jurisdiction of organization or principal
address without first (a) providing at least ten (10) days’ advance notice to Secured Party and (b) taking such actions as may be requested by Secured Party for the purpose of ensuring the continued effectiveness, perfection and
priority of the Pledge. 
 7. RESPONSIBILITIES OF SECURED PARTIES IN POSSESSION OF THE COLLATERAL 
 (a) Secured Party shall have no duty with respect to the Collateral other than the duty to use reasonable care in the custody and preservation of the
Collateral. 
 (b) Secured Party shall be protected in acting upon any written notice, request, waiver, consent, certificate, receipt,
authorization, power of attorney or other paper or document which Secured Party in good faith believes to be genuine. 
 8.
PARTIAL AND COMPLETE RETURN OF COLLATERAL; TERMINATION 
 (a) On the first Business Day following the last day of the Lock-Up Period,
Secured Party shall return to Pledgor all Collateral described in clause (i)(a) of Section 1(a) which exceeds an amount equal to the Stage 2 Collateral, and Secured Party shall release its security interest in such returned Collateral.

 (b) On the first Business Day following the last day of the First Follow-On Period, Secured Party shall return to Pledgor all Collateral
described in clause (i)(b) of Section 1(a) which exceeds an amount equal to the Stage 3 Collateral, and Secured Party shall release its security interest in such returned Collateral. 
 (c) On the first Business Day following the last day of the Second Follow-On Period, Secured Party shall return to Pledgor all Collateral described in
clause (i)(c) of Section 1(a) which exceeds an amount equal to the Stage 4 Collateral, and Secured Party shall release its security interest in such returned Collateral. 
 (d) Following expiration of all applicable periods in Sections 8(a), 8(b) and 8(c) and promptly after the irrevocable payment in full to Secured Party of
all Secured Obligations, Secured Party shall return to Pledgor all remaining Collateral, and Secured Party shall release its security interest in such Collateral. 
 (e) The amount, if any, by which the Stage 2 Collateral exceeds $20 million, the amount, if any, by which the Stage 3 Collateral exceeds $10 million and the Stage 4 Collateral are sometimes referred to herein as the
“Hold-Over Collateral.” The Hold-Over Collateral is in all instances held in respect of, and therefore is allocable to, disputes over indemnity claims under the Contribution Agreement that remain unresolved as of the expiration of
the Lock-Up Period, the First Follow-On Period or the Second Follow-On Period, as applicable. Upon the final resolution in accordance with the Contribution Agreement of the dispute or disputes in respect of which the Hold-Over Collateral was
required to be held, to the extent the resolution of the dispute requires a payment to Secured Party of less than the amount of the Hold-Over Collateral that was allocated to that dispute, the remainder of the Hold-Over Collateral allocated to that
dispute shall be promptly released to Pledgor and Secured Party shall release its security interest in such Collateral. 
 (f) Secured Party
shall return any Collateral described above to Pledgor at the address of Pledgor set forth herein or at such other address as Pledgor may have previously directed in writing. 
  

 8 

 Secured Party shall not be deemed to have made any representation or warranty with respect to any Collateral returned to
Pledgor, except that such Collateral is free and clear, on the date of such return, of any and all liens, charges and encumbrances arising from Secured Party’s own acts. 
 9. ADDITIONAL ACTIONS AND DOCUMENTS 
 Pledgor hereby agrees to take or cause to be taken such further actions (including, without limitation, the delivery of certificates for all certificated securities now or hereafter comprising part of the Collateral),
to execute, deliver and file or cause to be executed, delivered and filed such further documents and instruments, and to obtain such consents as may be necessary or desirable, in the reasonable opinion of Secured Party, in order to fully effectuate
the purposes, terms and conditions of this Agreement, whether before, at or after the occurrence of an Event of Default. 
 10. SURVIVAL 
 It is the express intention and agreement of the parties hereto that all covenants, agreements, statements,
representations, warranties and indemnities made by Pledgor herein shall survive the execution and delivery of this Agreement. 
 11. ENTIRE AGREEMENT 
 This Agreement and the Contribution Agreement and the exhibits and schedules thereto supersede all
prior and contemporaneous discussions and agreements, both written and oral, among the parties with respect to the subject matter of this Agreement and the Contribution Agreement and constitute the sole and entire agreement among the parties to this
Agreement with respect to the subject matter of this Agreement. 
 12. NOTICES 
 All notices, demands, requests, claims and other communications under this Agreement must be in writing. Any notice, demand, request, claim or other
communication hereunder shall be deemed duly given if (and then effective three (3) Business Days after) it is sent by registered or certified mail, return-receipt requested, postage prepaid, and addressed to the intended recipient as set forth
below: 
 If to Pledgor: 
 Dividend Capital Advisors Group LLC 
 518 Seventeenth Street, Suite 1700 
 Denver, Colorado 80202 
 Attention: Evan H.
Zucker 
 Facsimile: (303) 228-2200 
 With a copy (which shall not constitute notice) to: 
 Paul, Weiss, Rifkind, Wharton & Garrison LLP

 1285 Avenue of the Americas 
 New York, New York 10019-6064 
 Attention: Edwin S. Maynard, Esq. 
         Judith R. Thoyer, Esq. 
 Facsimile: (212) 757-3990 
  

 9 

 If to Secured Party: 
 The Board of Directors 
 Dividend Capital Trust, Inc. 
 518 Seventeenth Street, Suite 1700 
 Denver,
Colorado 80202 
 Attention: Bruce Warwick 
       Phillip Altinger 
 Facsimile: (303) 228-2200 
 With a copy (which shall not constitute notice) to: 
 Clifford Chance US LLP 
 31 West 52nd Street

 New York, New York 10019 
 Attn: John A. Healy, Esq. 
 Larry P. Medvinsky, Esq. 
 Facsimile: (212) 878-8375 
 Any party
hereto may send any notice, demand, request, claim, or other communication hereunder to the intended recipient at the address set forth above using any other means (including personal delivery, expedited courier, messenger service, telecopy,
ordinary mail, or electronic mail), but no such notice, demand, request, claim, or other communication shall be deemed to have been duly given unless and until it actually is received by the intended recipient. Any party hereto may change the
address to which notices, requests, demands, claims, and other communications hereunder are to be delivered by giving the other parties hereto notice in the manner herein set forth. 
 13. AMENDMENT AND WAIVERS 
 This Agreement may be amended, supplemented or modified only by a written instrument duly executed by or on behalf of each party to this Agreement. Any term or condition of this Agreement may be waived at any time by the party that is
entitled to the benefit thereof, but no such waiver shall be effective unless set forth in a written instrument duly executed by or on behalf of the party waiving such term or condition. No waiver by any party of any term or condition of this
Agreement, in any one or more instances, shall be deemed to be or construed as a waiver of the same or any other term or condition of this Agreement on any future occasion. All remedies, either under this Agreement or by Law or otherwise afforded,
will be cumulative and not alternative. 
 14. SUCCESSION AND ASSIGNMENT 
 This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and permitted assigns. This
Agreement may not be assigned by Pledgor. 
 15. SEVERABILITY 
 Any term or provision of this Agreement or any other agreement, document or writing given pursuant to or in connection with this Agreement that is invalid
or unenforceable in any situation in any jurisdiction shall not affect the validity or enforceability of the remaining terms and provisions hereof or the validity or enforceability of the offending term or provision in any other situation or in any
other jurisdiction. 
  

 10 

 16. GOVERNING LAW 
 THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD FOR THE CONFLICTS OF LAWS
PRINCIPLES THEREOF. 
 17. PRONOUNS 
 All pronouns and any variations thereof in this Agreement shall be deemed to refer to the masculine, feminine, neuter, singular or plural, as the identity of the person or entity may require. 
 18. HEADINGS 
 The
Section headings contained in this Agreement are inserted for convenience only and shall not affect in any way the meaning or interpretation of this Agreement. 
 19. COUNTERPARTS 
 This Agreement may be executed in any number of counterparts, all of which will constitute one and the same instrument. 
 [Signature
page follows.] 
  

 11 

 IN WITNESS WHEREOF, each of the parties hereto has duly executed and delivered this Agreement, or has
caused this Agreement to be duly executed on its behalf, as of the day and year first above written. 
  

			
	PLEDGOR:
	
	DIVIDEND CAPITAL ADVISORS GROUP LLC, a
	Colorado limited liability company
		
	By:	 	Ridge Road Investments, LLC, its Manager
		
	By:	 	 /s/ Evan H. Zucker

	Name:	 	Evan H. Zucker
	Title:	 	Manager
	
	SECURED PARTY:
	
	DIVIDEND CAPITAL TRUST, INC., a
	Maryland corporation
		
	By:	 	 /s/ Thomas G. Wattles

	Name:	 	Thomas G. Wattles
	Title:	 	Chairman

 Pledge and Security Agreement

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