Document:

Amended and Restated Change in Control Agreement (Management Form)

 EXHIBIT 10(yyy) 
 AMENDED AND RESTATED 
 CHANGE IN CONTROL AGREEMENT 
 This AMENDED AND RESTATED CHANGE IN CONTROL AGREEMENT is entered into as of the      day of
            ,          (this “Agreement”), by and between THE FIRST AMERICAN CORPORATION, a California corporation
(the “Company”), and                      (the “Executive”). 
 W I T N E S S E T H: 
 WHEREAS, the Compensation Committee (the “Committee”) of the Board of Directors (the “Board”) of the Company has determined
that it is in the best interests of the Company, its subsidiaries, and the Company’s shareholders to assure that the Company and its subsidiaries will have the continued dedication of the Executive, notwithstanding the possibility, threat, or
occurrence of a Change in Control (as defined below) of the Company; 
 WHEREAS, the Committee believes it is imperative to diminish the
inevitable distraction of the Executive by virtue of the personal uncertainties and risks created by a pending or threatened Change in Control and to encourage the Executive’s full attention and dedication to the Company and its subsidiaries
currently and in the event of any threatened or pending Change in Control, and to provide the Executive with compensation and benefits arrangements upon a Change in Control which ensure that the compensation and benefits expectations of the
Executive will be satisfied and which are competitive with those of other corporations; and 
 WHEREAS, the Company and the Executive
accordingly desire to enter into this Agreement on the terms and conditions set forth below. 
 NOW, THEREFORE, in consideration of the
premises and mutual covenants set forth herein, it is hereby agreed by and between the parties as follows: 
 1. Term of Agreement.
This Agreement shall commence on the date hereof and shall continue through December 31,          (the “Original Term”); provided, however, that on such date and on
each December 31 thereafter, the Original Term of this Agreement shall automatically be extended for one (1) additional year (each, an “Extended Term”) unless, not later than the preceding January 1 either party shall
have given notice that such party does not wish to extend the term of this Agreement beyond the Original Term and any Extended Term; and provided, further, that if a Change in Control (as defined in paragraph 3 below) shall have
occurred during the Original Term or any Extended Term of this Agreement, the term of this Agreement shall continue for a period of thirty-six (36) calendar months beyond the calendar month in which such Change in Control occurs (the Original
Term, each Extended Term, if any, and such thirty-six (36) month period, collectively, the “Term”). 
 2. Employment
After a Change in Control. If the Executive is in the employ of the Company (which for this purpose shall also include any subsidiary of the Company) on the date of a Change in Control, the Company hereby agrees to continue the Executive in its
employ 

  

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(and/or, in the case of any subsidiary of the Company, the employ of such subsidiary) for the period commencing on the date of the Change in Control and
ending on the last day of the Term of this Agreement. During the period of employment described in the foregoing provision of this paragraph 2 (the “Employment Period”), the Executive shall hold such position with the Company (which
for this purpose shall also include any subsidiary of the Company) and exercise such authority and perform such executive duties as are commensurate with the Executive’s position, authority, and duties immediately prior to the Change in
Control. The Executive agrees that during the Employment Period the Executive shall devote full business time exclusively to the executive duties described herein and perform such duties faithfully and efficiently; provided, however,
that nothing in this Agreement shall prevent the Executive from voluntarily resigning from employment upon sixty (60) days’ written notice to the Company under circumstances which do not constitute a Termination (as defined below in
paragraph 5). 
 3. Change in Control. For purposes of this Agreement, a “Change in Control” means the happening of
any of the following: 
 (a) The consummation of a merger or consolidation of the Company with or into another entity or any
other corporate reorganization, if fifty percent (50%) or more of the combined voting power of the continuing or surviving entity’s securities outstanding immediately after such merger, consolidation, or other reorganization is owned by
persons who were not shareholders of the Company immediately prior to such merger, consolidation, or other reorganization. 
 (b) The sale, transfer, or other disposition of all or substantially all of the Company’s assets or the complete liquidation or dissolution of the Company. 
 (c) A change in the composition of the Board occurring within a two (2) year period, as a result of which fewer than a majority of
the directors are Incumbent Directors. “Incumbent Directors” shall mean directors who either: (i) are directors of the Company as of the date of this Agreement, or (ii) are elected, or nominated for election, to the Board
with the affirmative votes of at least a majority of the Incumbent Directors at the time of such election or nomination (but shall not include an individual not otherwise an Incumbent Director whose election or nomination is in connection with an
actual or threatened proxy contest relating to the election of directors to the Company). 
 (d) Any transaction as a result
of which any person or group is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Securities Exchange Act of 1934), directly or indirectly, of securities of the Company representing at least twenty-five percent
(25%) of the total voting power of the Company’s then outstanding voting securities. For purposes of this paragraph, the term “person” shall have the same meaning as when used in Sections 13(d) and 14(d) of the Securities
Exchange Act of 1934, but shall exclude: (i) a trustee or other fiduciary holding securities under an employee benefit plan of the Company or of a subsidiary of the Company; (ii) so long as a person does not thereafter increase such
person’s beneficial ownership of the total voting power represented by the Company’s then outstanding voting securities, a person whose beneficial ownership of the total voting power represented by the Company’s then 

  

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outstanding voting securities increases to twenty-five percent (25%) or more as a result of the acquisition of voting securities of the Company by the
Company which reduces the number of such voting securities then outstanding; or (iii) so long as a person does not thereafter increase such person’s beneficial ownership of the total voting power represented by the Company’s then
outstanding voting securities, a person that acquires directly from the Company securities of the Company representing at least twenty-five percent (25%) of the total voting power represented by the Company’s then outstanding voting
securities. 
 A transaction shall not constitute a Change in Control if its sole purpose is to change the state of the Company’s
incorporation or to create a holding company that will be owned in substantially the same proportions by the persons who held the Company’s securities immediately before such transaction. 
 4. Compensation During the Employment Period. During the Employment Period, the Executive shall be compensated as follows: 
 (a) The Executive shall receive an annual salary which is not less than his or her annual salary immediately prior to the Employment
Period and shall be eligible to receive an increase in annual salary which is not materially less favorable to the Executive than increases in salary granted by the Company for executives with comparable duties; 
 (b) The Executive shall be eligible to participate in short-term and long-term cash-based incentive compensation plans which, in the
aggregate, provide bonus opportunities which are not materially less favorable to the Executive than the greater of: (i) the opportunities provided by the Company for executives with comparable duties; and (ii) the opportunities provided
to the Executive under all such plans in which the Executive was participating prior to the Employment Period; 
 (c) The
Executive shall be eligible to participate in stock option, performance awards, restricted stock, and other equity-based incentive compensation plans on a basis not materially less favorable to the Executive than that applicable: (i) to the
Executive immediately prior to the Employment Period; or (ii) to other executives of the Company with comparable duties; and 
 (d) The Executive shall be eligible to receive employee benefits (including, but not limited to, tax-qualified and nonqualified savings plan benefits, medical insurance, disability income protection, life insurance coverage, and death
benefits) and perquisites (including, without limitation, a Company vehicle and Company-paid or assisted membership dues) which are not materially less favorable to the Executive than: (i) the employee benefits and perquisites provided by the
Company to executives with comparable duties; or (ii) the employee benefits and perquisites to which the Executive would be entitled under the Company’s employee benefit plans and perquisites as in effect immediately prior to the
Employment Period. 
  

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 5. Termination. For purposes of this Agreement, the term “Termination” shall
mean: (a) termination of the employment of the Executive during the Employment Period by the Company for any reason other than death, Disability (as defined below), or Cause (as defined below); (b) termination of the employment of the
Executive during the Window Period by the Executive for any reason whatsoever; or (c) termination of the employment of the Executive during the Employment Period (other than during the Window Period) by the Executive for Good Reason (as defined
below). 
 Notwithstanding anything in this Agreement to the contrary, if: (a) the Executive’s employment is terminated within six
(6) months prior to the actual occurrence of a Change in Control for reasons that would constitute a Termination if it had occurred following a Change in Control; (b) the Executive reasonably demonstrates that such termination (or Good
Reason event) was at the request of a third party who had indicated an intention or had taken steps reasonably calculated to effect a Change in Control; and (c) a Change in Control involving such third party (or a party competing with such
third party to effectuate a Change in Control) does occur, then for purposes of this Agreement, the date immediately prior to the date of such termination of employment or event constituting Good Reason shall be treated as a Change in Control and
such termination shall be treated as a Termination. For purposes of determining the timing of payments and benefits to the Executive under this Agreement as a result of this paragraph, payment shall be made in accordance with the provisions of
Section 6(a). 
 The date of the Executive’s Termination under this paragraph 5 shall be the date of the Executive’s
“Separation from Service” (as defined under Section 409A of the Internal Revenue Code (the “Code”)). 
 For purposes
of this Agreement, “Disability” means such physical or mental disability or infirmity of the Executive which, in the opinion of a competent physician, renders the Executive unable to perform properly his or her duties set forth in
paragraph 2 of this Agreement, and as a result of which the Executive is unable to perform such duties for six (6) consecutive calendar months or for shorter periods aggregating one hundred eighty (180) business days in any twelve
(12) month period. For purposes of this paragraph, a competent physician shall be a physician mutually agreed upon by the Executive and the Board. If a mutual agreement cannot be reached, the Executive shall designate a physician and the Board
shall designate a physician and these two physicians shall select a third physician who shall be the “competent physician.” 
 For
purposes of this Agreement, the term “Cause” means: (a) the willful and continued failure by the Executive to substantially perform the Executive’s duties with the Company (which for purposes of this paragraph shall also
include subsidiaries of the Company) after written notification by the Board; (b) the willful engaging by the Executive in conduct which is demonstrably injurious to the Company, monetarily or otherwise; or (c) the engaging by the
Executive in egregious misconduct involving serious moral turpitude. For purposes of this Agreement, no act, or failure to act, on the Executive’s part shall be deemed “willful” unless done, or omitted to be done, by the Executive not
in good faith and without reasonable belief that such action was in the best interest of the Company. 
  

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 For purposes of this Agreement, the term
“Window Period” means the period commencing on the first anniversary of the Change in Control and ending at 5:00 p.m., Los Angeles time, on the thirtieth (30th) day thereafter. 
 For purposes of this Agreement, the term “Good Reason” means,
without the Executive’s express written consent, the occurrence after a Change in Control of any of the following circumstances: 
 (a) The assignment to the Executive by the Company of duties which, in the reasonable determination of the Executive, are a significant adverse alteration in the nature or status of the Executive’s position,
responsibilities, duties, or conditions of employment from those in effect immediately prior to the occurrence of the Change in Control; or any other action by the Company that, in the reasonable determination of the Executive, results in a material
diminution in the Executive’s position, authority, duties, or responsibilities from those in effect immediately prior to the occurrence of the Change in Control; 
 (b) A reduction in the Executive’s annual base compensation as in effect on the occurrence of the Change in Control; 
 (c) The relocation of the Company’s offices at which the Executive is principally employed immediately prior to the Change in Control
(the “Principal Location”) to a location more than fifty (50) miles from such location or the Company’s requiring the Executive to be based anywhere other than the Principal Location, except for required travel on the
Company’s business to an extent substantially consistent with the Executive’s business travel obligations prior to the Change in Control; 
 (d) The Company’s failure to pay to the Executive any portion of the Executive’s compensation or to pay to the Executive any portion of an installment of deferred compensation under any deferred compensation
program of the Company within ten (10) days of the date such compensation is due; or 
 (e) The Company’s failure to
continue in effect any material compensation or benefit plan or practice in which the Executive is eligible to participate on the occurrence of the Change in Control, unless an equitable arrangement (embodied in an ongoing substitute or alternative
plan) has been made with respect to such plan or practice, or the Company’s failure to continue the Executive’s participation therein (or in such substitute or alternative plan) on a basis not materially less favorable, both in terms of
the amount of benefits provided and the level of the Executive’s participation relative to other participants, as existed at the time of the Change in Control. 
  

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 6. Severance Payments and Benefits. Subject to the provisions of paragraph 8 below, in the event
of a Termination, in lieu of the amount otherwise payable under paragraph 4 above, the Company shall: 
 (a) Pay the Executive
a lump-sum payment in cash no later than ten (10) business days after the date of Termination equal to the sum of: 
 (i)
The sum of: (A) the Executive’s base salary through and including the date of Termination and any bonus amounts which have become payable, to the extent either has not theretofore been paid; (B) a pro rata portion of the
Executive’s annual bonus for the fiscal year in which the date of Termination occurs in an amount equal to: (1) the Executive’s Bonus Amount (as defined below), multiplied by (2) a fraction, the numerator of which is the number
of days in the fiscal year in which the date of Termination occurs through and including the date of Termination, and the denominator of which is three hundred sixty-five (365); (C) accrued and unpaid vacation pay through and including the date
of Termination; and (D) unreimbursed business expenses through and including the date of Termination; 
 (ii) An amount
equal to the product of the Applicable Multiple (as defined below) and the Executive’s annual salary in effect immediately prior to the date of Termination; and 
 (iii) An amount equal to the product of the Applicable Multiple and the Executive’s Bonus Amount; 
 Notwithstanding the provisions of this paragraph 6(a), with respect to any amounts which constitute a deferral of compensation subject to
Code Section 409A and provided the Executive is a “Specified Employee” (as defined under Code Section 409A), such amounts shall be paid to the Executive on the date which is six (6) months after his or her date of Separation
from Service. 
 (b) Continue to provide the Executive (and, if applicable, the Executive’s dependents), for a
twenty-four (24) month period following the date of Termination, with the same level of benefits described in paragraph 4(d) of this Agreement upon substantially the same terms and conditions (including contributions required by the Executive
for such benefits) as existed immediately prior to the date of Termination (or, if more favorable to the Executive, as such benefits and terms and conditions existed immediately prior to the Change of Control), provided, that if the Executive
cannot continue to participate in the Company plans providing such benefits, the Company shall otherwise provide such benefits on the same after-tax basis as if continued participation had been permitted, and further provided the amount of expenses
eligible for reimbursement during the Executive’s taxable year shall not affect the expenses eligible for reimbursement in any other taxable year. Notwithstanding the foregoing provisions of this paragraph, in the event the Executive becomes
reemployed with another employer and becomes eligible to receive welfare benefits from such employer, the welfare benefits 

  

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described in this Agreement shall be secondary to such benefits during the period of the Executive’s eligibility, but only to the extent that the
Company reimburses the Executive for any increased cost and provides any additional benefits necessary to give the Executive the benefits provided hereunder. 
 For purposes of this Agreement, the term “Applicable Multiple” means: (a) in the case of termination of the employment of the Executive during the Window Period by the Executive for any reason
whatsoever, one (1); or (b) in the case of (i) termination of the employment of the Executive during the Employment Period by the Company for any reason other than death, Disability, or Cause and (ii) termination of the employment of
the Executive during the Employment Period (other than during the Window Period) by the Executive for Good Reason, two (2). 
 For purposes
of this Agreement, the term “Bonus Amount” means the highest annual discretionary incentive bonus (including cash bonuses and stock bonuses) earned by the Executive from the Company and its subsidiaries during the last four
(4) completed fiscal years of the Company immediately preceding the date of Termination (annualized in the event the Executive was not employed by the Company and/or any of its subsidiaries for the whole of any such fiscal year). 
 7. Make-Whole Payments. Under certain circumstances following a Change in Control, a portion of the present value of the benefits payable either
under the Agreement or otherwise, or upon the acceleration of the vesting of outstanding stock options, restricted stock and performance shares could be subject to an excise tax imposed by Section 4999 of the Code and/or any similar tax that
may hereafter be imposed under any successor provision or by any taxing authority (collectively, the “Excise Taxes”) and be nondeductible by the Company. The Company agrees to reimburse the Executive for any such Excise Taxes,
together with any additional excise or income taxes resulting from such reimbursement, whether or not the employment of the Executive has been terminated. The Company will make such payment to the Executive by the end of the Executive’s taxable
year next following the Executive’s taxable year in which he remits the related taxes. 
 8. Withholding. All payments to the
Executive under this Agreement will be subject to all applicable withholding of state and federal taxes. 
 9. Arbitration of All
Disputes. Any controversy or claim arising out of or relating to this Agreement or the breach thereof shall be settled by arbitration in Santa Ana, California, in accordance with the laws of the state of California or such other location
mutually agreeable to the parties, by three (3) arbitrators appointed by the parties. If the parties cannot agree on the appointment of the arbitrators, one shall be appointed by the Company and one by the Executive and the third shall be
appointed by the first two arbitrators. The arbitration shall be conducted in accordance with the rules of the American Arbitration Association, except with respect to the selection of arbitrators which shall be as provided in this paragraph 9.
Judgment upon the award rendered by the arbitrators may be entered in any court having jurisdiction thereof. In the event that it shall be necessary or desirable, as determined by the Executive in his or her sole 

  

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discretion, for the Executive to retain legal counsel or incur other costs and expenses in connection with interpretation or enforcement of his or her rights
under this Agreement, the Company shall pay (or the Executive shall be entitled to recover from the Company, as the case may be) his or her reasonable attorneys’ fees and costs and expenses in connection with interpretation or enforcement of
his or her rights (including the enforcement of any arbitration award in court). Payments shall be made to the Executive at the time such fees, costs, and expenses are incurred. If, however, the arbitrators shall determine that, under the
circumstances, payment by the Company of all or a part of any such fees and costs and expenses would be unjust, the Executive shall repay such amounts to the Company in accordance with the order of the arbitrators. Any award of the arbitrators shall
include interest at a rate or rates considered just under the circumstances by the arbitrators. 
 10. Mitigation and Set-Off. The
Executive shall not be required to mitigate the amount of any payment provided for in this Agreement by seeking other employment or otherwise. The Company shall not be entitled to set off against the amounts payable to the Executive under this
Agreement any amounts owed to the Company by the Executive, any amounts earned by the Executive in other employment after termination of his employment with the Company, or any amounts which might have been earned by the Executive in other
employment had he or she sought such other employment. 
 11. Notices. Any notice of Termination of the Executive’s employment by
the Company or the Executive for any reason shall be upon no less than ten (10) days’ and no greater than thirty (30) days’ advance written notice to the other party. Any notices, requests, demands, and other communications
provided for by this Agreement shall be sufficient if in writing and if sent by registered or certified mail to the Executive at the last address he or she has filed in writing with the Company or, in the case of the Company, to the attention of the
Secretary of the Company, at its principal executive offices. 
 12. Non-Alienation. The Executive shall not have any right to pledge,
hypothecate, anticipate, or in any way create a lien upon any amounts provided under this Agreement; and no benefits payable hereunder shall be assignable in anticipation of payment either by voluntary or involuntary acts, or by operation of law.
Nothing in this paragraph shall limit the Executive’s rights or powers to dispose of his or her property by will or limit any rights or powers which his or her executor or administrator would otherwise have. 
 13. Governing Law. The provisions of this Agreement shall be construed in accordance with the laws of the state of California, without application
of conflict of laws provisions thereunder. 
 14. Amendment. This Agreement may not be amended, modified, waived, or terminated except
by mutual agreement of the parties in writing. 
 15. Heirs of the Executive. This Agreement shall inure to the benefit of and be
enforceable by the Executive’s personal and legal representatives, executors, administrators, successors, heirs, distributees, devisees, and legatees. If the Executive should die while any amounts are still payable to the Executive hereunder,
all such amounts, unless otherwise 

  

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provided herein, shall be paid in accordance with the terms of this Agreement to the Executive’s devisee, legatee, or other designee or, if there be no
such designee, to the Executive’s estate. 
 16. Successors to the Company. This Agreement shall be binding upon and inure to the
benefit of the Company and any successor of the Company. The Company shall require: (a) any successor (whether direct or indirect, by purchase, merger, consolidation, or otherwise) to all or substantially all of the business and/or assets of
the Company to expressly assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken place; and (b) the parent entity of any successor in
such business combination to guarantee the performance of such successor hereunder. Failure of the Company to obtain such assumption and agreement (and, if applicable, such guarantee) prior to the effectiveness of any such succession shall be a
breach of this Agreement and shall entitle the Executive to receive compensation from the Company in the same amount and on the same terms to which the Executive would be entitled hereunder if the Executive terminated the Executive’s employment
for Good Reason following a Change in Control, except that for purposes of implementing the foregoing, the date on which any such succession becomes effective shall be deemed the date of Termination. Unless expressly provided otherwise, the term
“Company” as used herein shall mean the Company as defined in this Agreement and any successor to its business and/or assets as aforesaid. 
 17. Reimbursement of Expenses. To the extent this Agreement provides for the reimbursement of expenses which are not specifically excluded from Code Section 409A, such expenses shall be eligible for
reimbursement for the lifetime of the Executive, and the amount of expenses eligible for reimbursement during the Executive’s taxable year shall not affect the expenses eligible for reimbursement in any other taxable year. 
 18. Employment Status. Nothing herein contained shall be deemed to create an employment agreement between the Company and the Executive, providing
for the employment of the Executive by the Company for any fixed period of time. The Executive’s employment with the Company is terminable at will by the Company or the Executive and each shall have the right to terminate the Executive’s
employment with the Company at any time, with or without Cause, subject to: (a) the notice provisions of paragraphs 2, 5, and 11, and (n) the Company’s obligation to provide severance payments as required by paragraph 6. Except as
otherwise provided in paragraph 5 of this Agreement, upon a termination of the Executive’s employment prior to the date of a Change in Control, there shall be no further rights under this Agreement. 
 19. Severability. In the event that any provision or portion of this Agreement shall be determined to be invalid or unenforceable for any reason,
the remaining provisions of this Agreement shall be unaffected thereby and shall remain in full force and effect. 
 20. Counterparts.
This Agreement may be executed in two (2) or more counterparts, any one (1) of which shall be deemed the original without reference to the other. 
 21. Entire Agreement. This Agreement contains the entire understanding of the parties hereto with respect to the subject matter contained herein and supersedes all prior agreements and understandings, oral and
written, with respect thereto (including any prior 

  

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Change in Control Agreement between the parties); provided, for the avoidance of doubt, that this Agreement does not supersede all or any portion
(including, without limitation, any provision governing the effect of any change in control) of any benefit plan or compensation plan of the Company, including, without limitation, The First American Corporation Executive Supplemental Benefit Plan,
The First American Corporation Management Supplemental Benefit Plan, The First American Corporation 2006 Incentive Compensation Plan (and any agreement executed in connection therewith), The First American Corporation 1996 Stock Option Plan (and any
agreement executed in connection therewith). Any reference to any prior Change in Control Agreement between the parties shall from and after the date hereof be deemed to be a reference to this Agreement. 
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 IN WITNESS WHEREOF, the Executive has hereunto set his or her hand and, pursuant to the authorization
from the Committee, the Company has caused these presents to be executed in its name and on its behalf, all as of the day and year first above written. 
  

	
	 “Executive”

	
	  

	  

	
	 THE FIRST AMERICAN CORPORATION

	
	  

	 PARKER S. KENNEDY

	 Chairman and Chief Executive Officer

  

 -11-First Amendment to Employment Agreement - Thomas G. Wattles

 Exhibit 10.31 
 FIRST AMENDMENT TO EMPLOYMENT AGREEMENT 
 This First Amendment to Employment Agreement (this
“Amendment”), effective as of December 18, 2007, is made by and between DCT Industrial Trust Inc. (f/k/a Dividend Capital Trust Inc.), a Maryland corporation (the “Company”), and Thomas G. Wattles (the
“Executive”). 
 WHEREAS, the Company and the Executive entered into that certain Employment Agreement dated as of July 21,
2006 (the “Employment Agreement”); and 
 WHEREAS, pursuant to Section 7.6 of the Employment Agreement, the Company and the
Executive desire to amend certain terms of the Employment Agreement as set forth in this Amendment. 
 NOW, THEREFORE, in consideration of
the premises and mutual covenants contained herein and for other good and valuable consideration, the receipt of which is mutually acknowledged, the Company and the Executive agree as follows: 
 1. Section 3.2 of the Employment Agreement is hereby amended by adding the following sentence to the end of such Section 3.2: 
 “Each cash bonus payment under this Section 3.2 shall be made in a single lump sum within
two and one-half (2 1/2) months following the end of the fiscal year of the Company in which such bonus is earned. By way of
illustration (but not limitation) of the manner in which the preceding sentence operates, if the Executive earns a bonus for fiscal year 2007, then the cash bonus payment must be paid in a single lump sum between January 1, 2008 and
March 15, 2008.” 
 2. Section 4 of the Employment Agreement is hereby amended by adding the following sentence to the
end of such Section 4: 
 “Any payments that the Executive is entitled to receive pursuant to this Section 4 shall be made by
the Company in a single lump sum within thirty (30) days after termination of employment due to death or disability.” 
 3.
Section 5.2(b) of the Employment Agreement is hereby amended and restated in its entirety as follows: 
 “(b) The Company may
terminate the Executive’s employment at any time for any reason or no reason upon notice to the Executive, and the Executive may terminate the Executive’s employment with the Company for Good Reason upon notice to the Company. If the
Company terminates the Executive’s employment and the termination is not covered by Section 4 or 5.1, or the Executive terminates his employment for Good Reason, (i) the Company shall pay to the Executive Annual Salary, bonus and
other benefits earned and accrued under this Agreement prior to the termination of employment (and reimbursement under this Agreement for expenses incurred prior to the termination of employment); (ii) if (and only if) the Executive provides a
general release in a form reasonably acceptable to the Company, which does not require the release of any payment rights under this Section 5.2(b) or under Section 3.6, within thirty (30) days following such termination and such
release becomes irrevocable at the earliest possible time under applicable law following such execution and delivery (the date on which such release becomes irrevocable being referred to herein as the “Release Date”), the Company shall pay
or provide to the Executive (A) a cash payment equal to 100% of the Executive’s Annual Salary (as in effect immediately before such termination), (B) a cash payment equal to 100% of the target bonus (if any) for the year of
termination, (C) a cash payment equal to (I) the target bonus for the year of termination multiplied by (II) a fraction (x) the numerator of which is the number of days in 

 
the year up to the termination and (y) the denominator of which is 365, and (D) for a period of six months after termination of employment such
continuing coverage under the group health plans the Executive would have received under this Agreement (and at such costs to the Executive) as would have applied in the absence of such termination (but not taking into account any post-termination
increases in Annual Salary that may otherwise have occurred without regard to such termination and that may have favorably affected such benefits); (iii) the Executive shall be entitled to elimination of any vesting conditions on any grant
under the LTIP or any other grant of restricted stock, stock options or other equity awards, if applicable; (iv) Section 3.6 shall apply in accordance with its terms; and (v) the Executive shall have no further rights to any other
compensation or benefits hereunder on or after the termination of employment, or any other rights hereunder. The payments under clauses (i), (ii)(A), (ii)(B) and (ii)(C) of the second sentence of this Section 5.2(b) shall be made in a single
lump sum within 30 days after termination, or, with respect to the payments to be made under clause (ii), upon the Release Date, if later.” 
 4. Section 5 of the Employment Agreement is hereby amended by adding the following as Section 5.4 to the end of such Section 5: 
 “5.4 Section 409A. Notwithstanding anything in this Agreement to the contrary, to the extent any of the severance payments under this Agreement become subject to Section 409A of the Internal
Revenue Code of 1986, as amended, no such severance payments shall be paid prior to the earlier of (i) six (6) months after the termination date or (ii) the Executive’s death, and any such severance payments that otherwise would
have been payable during such time period shall be paid within five (5) business days after the expiration of such time period. Any payments delayed pursuant to this Section 5.4 shall bear interest during the period of such delay at a rate
of interest equal to the short-term applicable federal rate for annually compounding obligations for purposes of Section 1274(d) of the Internal Revenue Code of 1986, as amended, or any successor provision, for the month in which such payment
otherwise would have been paid.” 
 5. Except as expressly amended hereby, the Employment Agreement continues in full force and effect
in accordance with its terms. The Employment Agreement, together with any Exhibits thereto and this Amendment, constitutes the entire understanding and agreement of the parties hereto regarding the employment of the Executive. 
 6. This Amendment shall be governed and construed in accordance with the laws of the State of Colorado, without regard to any principles of conflicts of
laws which could cause the application of the laws of any jurisdiction other than the State of Colorado. 
 7. This Amendment 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. 
 [Remainder of page intentionally left blank] 
  

 2 

 IN WITNESS WHEREOF, the undersigned have executed this Amendment as of the date first above written.

  

			
	COMPANY:
	
	DCT INDUSTRIAL TRUST INC.
		
	By:	 	 /s/ Philip L. Hawkins

	Name:	 	Philip L. Hawkins
	Title:	 	Chief Executive Officer
	
	EXECUTIVE:
	
	 /s/ Thomas G. Wattles

	Thomas G. Wattles

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