Document:

EX-10.3

 EXHIBIT 10.3 

AMENDED AND RESTATED 

LIMITED LIABILITY COMPANY AGREEMENT 

OF 
 DC LIQUIDATING ASSETS
HOLDCO LLC 
 Dated as of November 3, 2015 

 TABLE OF CONTENTS 

 

							
	 	 	 	 	Page	 
	 Article 1
	   

	 DEFINITIONS AND TERMS
	   

	 1.1
	 	Definitions	 	 	2	  
	 1.2
	 	Other Defined Terms and References	 	 	2	  
	
	 Article 2
	   

	 THE COMPANY AND ITS BUSINESS
	   

	2.1	 	Formation of Company	 	 	2	  
	2.2	 	Name	 	 	3	  
	2.3	 	Principal Office	 	 	3	  
	2.4	 	Registered Office and Registered Agent	 	 	3	  
	2.5	 	Term	 	 	3	  
	2.6	 	Purpose	 	 	3	  
	
	 Article 3
	   

	 MEMBERS AND CAPITAL CONTRIBUTIONS
	   

	3.1	 	Members	 	 	4	  
	3.2	 	Capital Contributions	 	 	4	  
	3.3	 	Classes of Membership Interests	 	 	4	  
	3.4	 	Capital Accounts	 	 	4	  
	
	 Article 4
	   

	 ALLOCATION OF PROFITS AND LOSSES; CERTAIN TAX MATTERS
	   

	4.1	 	Allocation of Profits and Losses	 	 	5	  
	4.2	 	Tax Matters Partner	 	 	7	  
	4.3	 	Federal Income Tax Elections	 	 	7	  
	
	 Article 5
	   

	 DISTRIBUTIONS
	   

	5.1	 	Distribution of Cash	 	 	7	  
	5.2	 	Distributions in Liquidation	 	 	8	  
	5.3	 	Distributions in Kind	 	 	8	  

  
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	 Article 6
	   

	 MANAGEMENT
	   

	 6.1
	 	Management of the Company	 	 	8	  
	 6.2
	 	Delegation of Authority	 	 	8	  
	 6.3
	 	Liability of the Managing Member	 	 	8	  
	 6.4
	 	Reimbursement of Managing Member	 	 	98	  
	 6.5
	 	Employment or Retention of Affiliates	 	 	9	  
	
	 Article 7
	   

	 BOOKS, RECORDS, and REPORTS
	   

	 7.1
	 	Fiscal Year; Maintenance of Books and Records	 	 	9	  
	 7.2
	 	Financial Reports	 	 	109	  
	
	 Article 8
	   

	 TRANSFER OF membership INTERESTS
	   

	 8.1
	 	Transfer of Membership Interests	 	 	10	  
	
	 Article 9
	   

	 DISSOLUTION AND LIQUIDATION
	   

	 9.1
	 	Dissolution	 	 	10	  
	 9.2
	 	Liquidation and Termination of the Company	 	 	10	  
	
	 Article 10
	   

	 EXCULPATION AND INDEMNIFICATION
	   

	 10.1
	 	Exculpation	 	 	11	  
	 10.2
	 	Indemnification	 	 	11	  
	
	 Article 11
	   

	 MISCELLANEOUS PROVISIONS
	   

	 11.1
	 	Notices	 	 	12	  
	 11.2
	 	Governing Law	 	 	12	  
	 11.3
	 	Further Actions	 	 	12	  
	 11.4
	 	Survival of Rights	 	 	13	  
	 11.5
	 	Severability	 	 	13	  
	 11.6
	 	Third Party Beneficiaries	 	 	13	  
	 11.7
	 	Partition	 	 	13	  
	 11.8
	 	Entire Agreement	 	 	13	  
	 11.9
	 	Waiver	 	 	13	  
	 11.10
	 	Amendments	 	 	13	  
	 11.11
	 	Counterparts	 	 	14	  

  
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 APPENDICES AND EXHIBITS 

 

			
		
	Appendix A	  	Defined Terms
		
	Appendix B	  	Retained Properties
		
	Exhibit A	  	Members

  
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 DC LIQUIDATING ASSETS HOLDCO LLC 

AMENDED AND RESTATED 

LIMITED LIABILITY COMPANY AGREEMENT 

THIS AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT (this “Agreement”), made and entered into and effective
as of the 3rd of November, 2015, by and among DC Industrial Liquidating Trust, a Maryland statutory trust (the “Liquidating Trust” or “Managing Member”), and Industrial Income Advisors Group LLC, a Delaware limited
liability company (“Sponsor Member”). 
 RECITALS 

(A) The Agreement and Plan of Merger, dated July 28, 2015, by and among Industrial Income Trust, Inc. (“IIT”),
Western Logistics LLC, a Delaware limited liability company, and Western Logistics II LLC (the “Merger Agreement”), provides for the liquidation of the assets of IIT and its subsidiaries not disposed of in the merger contemplated by
the Merger Agreement (the “Merger” and such plan of liquidation, the “Plan”); 
 (B) The Plan
provides, among other things, that prior to consummation of the Merger, IIT will transfer its indirect ownership interests in the Retained Properties (as defined herein) to a limited liability company formed to complete the development, lease-up,
sale and distribution of the proceeds of the sale of the Retained Properties; 
 (C) DC Liquidating Assets Holdco LLC, a Delaware
limited liability company (the “Company”), was formed pursuant to the Delaware Limited Liability Company Act in 6 Delaware Code Sections 18-101, et. seq. (the “Delaware Act”) to serve as
such limited liability company by the filing of a Certificate of Formation (the “Certificate of Formation”) with the Secretary of State of the State of Delaware on August 12, 2015 and, on that date, IIT Real Estate Holdco LLC,
a Delaware limited liability company (“Real Estate Holdco”), entered into a Limited Liability Company Agreement of DC Liquidating Assets Holdco LLC, as the sole member of the Company (the “Initial LLC
Agreement”); 
 (D) On or prior to the date hereof, Real Estate Holdco contributed its direct or indirect ownership
interests in the Retained Properties as a capital contribution to the Company; 
 (E) On or prior to the date hereof, Real Estate
Holdco amended the Initial LLC Agreement to create two classes of membership interests, consisting of (i) common membership interests (the “Common Interests”) and (ii) special membership interest (“Special
Interests”), and thereafter distributed such membership interests to its sole member, Industrial Income Operating Partnership LP, which in turn distributed such membership interests to its partners, in a partnership division, as follows:
100% of the Common Interests to IIT and 100% of the Special Interests to Sponsor Member; 
 (F) In accordance with the Plan,
IIT has transferred the Common Interests to the Liquidating Trust for the benefit of IIT’s stockholders and entered into an Amended and Restated Agreement and Declaration of Trust, dated this date (the “Liquidating Trust
Agreement”), with the trustees of the Liquidating Trust named therein (the “Trustees”);  
 (G) Under the
Liquidating Trust Agreement, the Trustees shall administer the Liquidating Trust and, through the Liquidating Trust’s role as the Managing Member, the Subsidiaries of the Liquidating Trust, including the Company, in order to liquidate the
Retained Properties and, upon satisfaction of all related liabilities and obligations, to cause the residue of the proceeds of the liquidation to be distributed to the Company and thereafter to the Members in accordance with the terms hereof; and

 (H) The Members desire to amend and restate the Initial LLC Agreement, as heretofore amended, by
entering into this Agreement. 
 NOW, THEREFORE, in consideration of the mutual covenants and the promises contained herein (the receipt and
sufficiency of which being hereby acknowledged), the parties hereto, intending to be legally bound, do hereby agree that the Initial LLC Agreement, as heretofore amended, is hereby amended and restated in its entirety as follows: 

Article 1 
 DEFINITIONS
AND TERMS 
 1.1 Definitions. Capitalized terms used in this Agreement without definition will have the meanings
set forth in Appendix A to this Agreement. All capitalized terms used in this Agreement which are not defined in Appendix A shall have the meaning set forth elsewhere in this Agreement. The use of any term defined in this
Agreement in its uncapitalized form indicates that the word has its normal and general meaning. 
 1.2 Other Defined Terms and
References. As used in this Agreement, any reference to the masculine, feminine or neuter gender shall include all genders; unless the context requires otherwise, the plural shall be deemed to include the singular, and the singular
shall be deemed to include the plural; words importing persons shall include partnerships, corporations and other entities; when reference is made in this Agreement to an Article, Section, Schedule or Exhibit, such reference shall be to an Article,
Section, Schedule or Exhibit of this Agreement unless otherwise indicated; and the terms “herein,” “hereof” and “hereunder” or other similar terms, refer to this Agreement as a whole and not only to the particular
sentence, subsection or section in which any such term may be employed. Whenever in this Agreement the word “including” is used, it shall be deemed to be for purposes of identifying only one or more of the possible alternatives, and the
entire provision in which such word appears shall be read as if the phrase “including without limitation” were actually used in the text. The section headings herein are for convenience only and shall not affect the construction hereof.
All references to dollars (or the symbol “$”) contained herein shall be deemed to refer to United States dollars. Except when used together with the word “either” or otherwise for the purpose of identifying mutually exclusive
alternatives, the term “or” has the inclusive meaning represented by the phrase “and/or”. With regard to each and every term and condition of this Agreement, the Parties understand and agree that the same have or has been
mutually negotiated, prepared and drafted, and that if at any time the Parties desire or are required to interpret or construe any such term or condition or any agreement or instrument subject thereto, no consideration shall be given to the issue of
which Party actually prepared, drafted or requested any term or condition of this Agreement. 
 Article 2 

THE COMPANY AND ITS BUSINESS 

2.1 Formation of Company. The Company has been formed as a limited liability company under the Delaware Act by the filing of the
Certificate of Formation. The Members hereby agree to continue the Company as a limited liability company under the Delaware Act, upon the terms and subject to the conditions set forth in this Agreement. The Managing Member is hereby authorized to
file and record any amendments to the Certificate of Formation and such other documents as may be reasonably required or appropriate under the Delaware Act or the laws of any other jurisdiction in which the Company may conduct business or own
property. 

  
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 2.2 Name. The name of the Company is “DC Liquidating Assets Holdco
LLC”. The Company shall operate its business under such name or use such other or additional names as the Managing Member may deem necessary or desirable. 

2.3 Principal Office. The Company shall maintain its principal place of business at 518 Seventeenth Street,
17th Floor Denver, CO, or at such other place as the Managing Member may determine from time to time. 
 2.4 Registered Office
and Registered Agent. The Company’s registered office in the State of Delaware shall be at the offices of its registered agent, The Corporation Trust Company, 1209 Orange Street, Wilmington, Delaware 19801. The registered office
and registered agent may be changed from time to time by filing the address of the new registered office or the name of the new registered agent with the Secretary of State of the State of Delaware pursuant to the Delaware Act. 

2.5 Term. The term of the Company commenced on the date of the filing of the Certificate of Formation pursuant to the Delaware
Act, and shall continue until the dissolution and liquidation of the Company pursuant to Article 9. 
 2.6
Purpose. 
 (a) The purpose of the Company shall be, either by itself or through one or more Property Companies: 

(i) To liquidate the Retained Properties; 

(ii) To own the Retained Properties or interests in the Property Companies; 

(iii) To develop, construct, operate, lease up, finance, administer, and realize the value of the Retained Properties for the
ultimate purpose of liquidating the Retained Properties and distributing the net proceeds thereof to the Members; and 
 (iv)
To conduct all activities reasonably necessary or desirable to accomplish the foregoing purposes. 
 (b) The Company shall have no objective
to continue or engage in the conduct of a trade or business or cause any Property Company to continue or engage in the conduct of a trade or business, except as necessary for the orderly liquidation of, and preservation or realization of the value
of, the Retained Properties. 
 (c) The Company is not authorized to, and shall not, engage in any activities other than as described in
Sections 2.6(a) and 2.6(b). 

  
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 Article 3  

MEMBERS AND CAPITAL CONTRIBUTIONS 

3.1 Members. The names and addresses of the Members, together with the class of membership interests that each owns, are
shown on Exhibit A. 
 3.2 Capital Contributions. 

(a) Initial Capital Contribution. On or prior to the date hereof, Real Estate Holdco conveyed direct or indirect equity
interests in the Property Companies and certain other assets to the Company in exchange for all of the Membership Interests.  

(b) Limitations. No Member (i) will be entitled or required to make any Capital Contribution to the Company or to
loan any funds to the Company; (ii) shall have any liability for the repayment of the Capital Contribution of any other Member, and each Member shall look only to the assets of the Company for return of its Capital Contributions;
(iii) will have the right (A) to demand a withdrawal, reduction or return of its Capital Contributions, (B) to receive interest on its Capital Contributions, (C) to demand property other than cash in return of its Capital
Contributions, (D) except as may otherwise be required by law in connection with a dissolution, winding up and termination of the Company, to bring an action for partition against the Company or (E) to receive any priority over any other
Member with respect to the return of its Capital Contributions; and (iv) will have any obligation to restore any negative balance in its Capital Account at any time including upon liquidation or dissolution of the Company. 

3.3 Classes of Membership Interests. The Company shall have two classes of Membership Interests, designated as
“Common Interests” and “Special Interests,” with such rights and obligations as are set forth in this Agreement. 
 3.4
Capital Accounts. A separate capital account (“Capital Account”) shall be maintained for each Member in accordance with Regulations Section 1.704-1(b)(2)(iv). 

(a) General Rules for Adjustment of Capital Accounts. The Capital Account of each Member shall be adjusted in a manner
consistent with Regulations Section 1.704-1(b)(2)(iv) as follows: 
 (i) Increases. The Capital Account of each
Member shall be increased by: 
 (A) such Member’s cash Capital Contributions; 

(B) the agreed fair market value of property contributed by such Member (net of liabilities secured by such contributed
property that the Company is considered to assume or take subject to under Code Section 752); 
 (C) all items of Profit
and other “book” items of gain or income allocated to such Member pursuant to Article 4 or other provisions of the Agreement; and 

(D) any other increases to capital accounts required by Regulations Section 1.704-1(b)(2)(iv). 

(ii) Decreases. The Capital Account of each Member shall be decreased by: 

(A) the amount of cash distributed to such Member; 

  
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 (B) the agreed fair market value of all distributions of property made to such
Member pursuant to this Agreement (net of liabilities secured by such distributed property that the Member is considered to assume or take subject to under Code Section 752); 

(C) all items of Loss and other “book” items of expense or loss allocated to such Member pursuant to Article
4 or other provisions of the Agreement; and 
 (D) any other decreases to capital accounts required by Regulations
Section 1.704-1(b)(2)(iv). 
 (b) Special Rules with Respect to Capital Accounts. 

(i) Time of Adjustment for Capital Contributions. For purposes of computing the balance in a Member’s
Capital Account, no credit shall be given for any Capital Contribution which such Member is to make until such Capital Contribution is actually made. 

(ii) Intent to Comply with Treasury Regulations. The provisions of Sections 3.4 and
3.5 and the provisions of Article 4 relating to the maintenance of Capital Accounts and the allocation of Profits and Losses and other “book” items of the Company are intended to comply with Section 704(b)
of the Code and the Regulations thereunder, and shall be interpreted and applied in a manner consistent therewith. To the extent such provisions are inconsistent with such Section 704(b) of the Code and the Regulations thereunder the TMP may,
upon the advice of tax counsel and with the Approval of the Members, alter the manner in which Capital Accounts are maintained or allocations are made in order to comply with Section 704(b) and the Regulations thereunder. 

(iii) Transferee’s Capital Account. In the event that any Member transfers any Membership Interest in
accordance with the terms of this Agreement, the transferee shall succeed to the Capital Account of the transferor to the extent it relates to the transferred Membership Interest, adjusted for distributions of available cash made pursuant to this
Agreement and allocations of Profits or Losses as of the end of the month that includes the date of such transfer. The books of the Company shall be closed in accordance with Section 706(d) of the Code. 

Article 4 
 ALLOCATION OF
PROFITS AND LOSSES; CERTAIN TAX MATTERS 
 4.1 Allocation of Profits and Losses 

(a) General. Net Profit and net Loss (or items thereof) of the Company for each Fiscal Year or other applicable period of the
Company shall be allocated to the holder of the Common Interests.  
 (b) Managing Member Gross Income Allocation.
There shall be specially allocated to the Managing Member an amount of (i) first, items of Company income and (ii) second, items of Company gain during each Fiscal Year or other applicable period, before any other allocations
are made hereunder, in an amount equal to the excess, if any, of (A) the cumulative distributions made to the Managing Member under Section 6.4(b) hereof, other than distributions which would properly be treated as
“guaranteed payments” or which are attributable to the reimbursement of expenses which would properly be deductible by the Company, over (B) the cumulative allocations of Company income and gain to the Managing Member under this
Section 4.1(b). 

  
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 (c) Special Allocation with Respect to Sales. Items of income, gain,
credit, loss and deduction of the Company for each Fiscal Year or other applicable period from Sales, other than any such items allocated under Section 5.1(b), shall be allocated among the Members in a manner that will, as nearly as possible
(after giving effect to the allocations at the end of such Fiscal Year or other applicable period) equal (i) the amount of the hypothetical distribution that such Member would receive if the Company were liquidated on the last day of such
period and all assets of the Company, including cash, were sold for cash equal to their Carrying Value, taking into account any adjustments thereto for such period, all liabilities of the Company were satisfied in full in cash according to their
terms (limited with respect to each nonrecourse liability to the Carrying Value of the assets securing such liability) and Net Sales Proceeds (after satisfaction of such liabilities) were distributed in full pursuant to Section 5.1(i), minus
(ii) the sum of such Member’s share of Company Minimum Gain and Member Nonrecourse Debt Minimum Gain, all computed as of the date of the hypothetical sale of assets. 

(d) Nonrecourse Deductions; Minimum Gain Chargeback. Notwithstanding any provision to the contrary, (i) any expense of the
Company that is a “nonrecourse deduction” within the meaning of Regulations Section 1.704-2(b)(1) shall be allocated to the holder of the Common Interests, (ii) any expense of the Company that is a “partner nonrecourse
deduction” within the meaning of Regulations Section 1.704-2(i)(2) shall be allocated to the Member that bears the “economic risk of loss” with respect to the liability to which such deductions are attributable in accordance with
Regulations Section 1.704-2(i)(1), (iii) if there is a net decrease in Company Minimum Gain within the meaning of Regulations Section 1.704-2(0)(1) for any Company taxable year, then, subject to the exceptions set forth in Regulations
Section 1.704-2(f)(2),(3), (4) and (5), items of gain and income shall be allocated among the Members in accordance with Regulations Section 1.704-2(f) and the ordering rules contained in Regulations Section 1.704-2(j), and
(iv) if there is a net decrease in Member Nonrecourse Debt Minimum Gain within the meaning of Regulations Section 1.704-2(i)(4) for any Company taxable year, then, subject to the exceptions set forth in Regulations
Section 1.704-(2)(g), items of gain and income shall be allocated among the Members in accordance with Regulations Section 1.704-2(i)(4) and the ordering rules contained in Regulations Section 1.704-2(j). 

(e) Qualified Income Offset. If a Member unexpectedly receives in any taxable year an adjustment, allocation, or
distribution described in subparagraphs (4), (5), or (6) of Regulations Section 1.704-1(b)(2)(ii)(d) that causes or increases a deficit balance in such Member’s Capital Account that exceeds the sum of such Member’s shares of
Company Minimum Gain and Member Nonrecourse Debt Minimum Gain, as determined in accordance with Regulations Sections 1.704-2(g)(1) and 1.704-2(i)(5), such Member shall be allocated specially for such taxable year (and, if necessary, later taxable
years) items of income and gain in an amount and manner sufficient to eliminate such deficit Capital Account balance as quickly as possible as provided in Regulations Section 1.704-1(b)(2)(ii)(d). This Section 4.1(e) is
intended to constitute a “qualified income offset” under Section 1.704-1(b)(2)(ii)(d) of the Regulations and shall be interpreted consistently therewith. After the occurrence of an allocation of income or gain to a Member in
accordance with this Section 4.1(e), to the extent permitted by Regulations Section 1.704-1(b), items of expense or loss shall be allocated to such Member in an amount necessary to offset the income or gain previously
allocated to such Member under this Section 4.1(e). 
 (f) Allocations Between Transferor and
Transferee. If a Member transfers any part or all of its Membership Interest, the distributive shares of the various items of Profit and Loss allocable among the Members during such Fiscal Year of the Company shall be allocated
between the transferor and the transferee Member either (i) as if the Company’s Fiscal Year had ended on the date of  

  
 6 

 
the transfer, or (ii) based on the number of days of such Fiscal Year that each was a Member without regard to the results of Company activities in the respective portions of such Fiscal
Year in which the transferor and the transferee were Members. The Managing Member, in its sole and absolute discretion, shall determine which method shall be used to allocate the distributive shares of the various items of Profit and Loss between
the transferor and the transferee Member. 
 (g) Curative Allocations. The allocations set forth in Sections
4.1(d) and 4.1(e) (the “Regulatory Allocations”) are intended to comply with certain requirements of the Regulations. The Managing Member is authorized to offset all Regulatory Allocations either with other
Regulatory Allocations or with special allocations of other items of Company income, gain, loss or deduction pursuant to this Section 4.1(g). Therefore, notwithstanding any other provision of this Section 4.1
(other than the Regulatory Allocations), the Managing Member shall make such offsetting special allocations of Company income, gain, loss or deduction in whatever manner it deems appropriate so that, after such offsetting allocations are made, each
Member’s Capital Account is, to the extent possible, equal to the Capital Account balance such Member would have had if the Regulatory Allocations were not part of this Agreement and all Company items were allocated pursuant to Sections
5.1(a), (b), (c) and (f). 
 4.2 Tax Matters Partner. The Managing Member is hereby designated as
“tax matters partner” as defined in Code Section 6231 (the “TMP”), with the powers and duties of a tax matters partner under the Code. The Company shall pay for all costs incurred in connection with all examinations
of the Company’s affairs by tax authorities, including resulting judicial and administrative proceedings, and the TMP is authorized to expend Company funds for professional services and costs associated therewith. The TMP shall keep the Members
informed of all administrative and/or judicial proceedings for the adjustment of partnership items (as defined in Section 6231(a)(3) of the Code and regulations promulgated thereunder). 

4.3 Federal Income Tax Elections. The TMP, on behalf of the Company, may make all elections for federal income tax
purposes, including, without limitation, the following: 
 (a) Use of Accelerated Depreciation Methods. To the extent
permitted by applicable law and regulations, the Company may elect to use an accelerated depreciation method on any depreciable portion of Company Property. 

(b) Adjustment of Basis of Assets. In case of a transfer of all or part of the Membership Interest of any Member, the
Company shall if requested by the transferee Member elect, pursuant to Code Sections 734, 743 and 754 to adjust the basis of the assets of the Company. 

(c) Accounting Method. For financial reporting purposes, the books and records of the Company shall be kept on the
accrual method of accounting applied in a consistent manner and shall reflect all transactions of the Company and be appropriate and adequate for the purposes of the Company. 

Article 5 
 DISTRIBUTIONS

 5.1 Distribution of Cash. Except for distributions pursuant to Section 5.2 in connection with the
dissolution and liquidation of the Company, any distributions of cash shall be made in accordance with the following provisions: 

(i) any distributions of Net Sales Proceeds shall be made in the sole discretion of the Managing Member, with (A) 85% of
any Net Sales Proceeds that are distributed pursuant to this Section 5.1(i) distributed to the holder of the Common Interests and (B) 15% of any Net Sales Proceeds that are distributed pursuant to this Section 5.1(i)
distributed to the holder of the Special Interests; and 

  
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 (ii) any distributions of cash other than Net Sales Proceeds shall be made to the
holder of the Common Interests. 
 5.2 Distributions in Liquidation. Upon the dissolution and winding-up of the Company, the
proceeds of sale and other Company Property shall be distributed not later than the latest time specified for such distributions pursuant to Regulations Section 1.704-1(b)(i)(b)(2) to the Members in accordance with and in the order and priority
set forth in Section 5.1. 
 5.3 Distributions in Kind. No Member shall be (i) entitled to demand
property other than cash in connection with any distributions by the Company or (ii) obligated to accept from the Company a distribution in kind of Company Property. Any distribution in kind of Company Property permitted hereunder shall be
distributed in the manner to ensure that the fair market value is distributed and allocated in accordance with this Article 5. 

Article 6 
 MANAGEMENT

 6.1 Management of the Company. 

(a) Except as otherwise expressly provided in this Agreement, the Managing Member shall have full, complete and exclusive discretion to manage
and control the business of the Company for the purposes herein stated, and shall make all decisions affecting the business and assets of the Company. 

(b) Except as otherwise provided herein, to the extent the duties of the Managing Member require expenditures of funds to be paid to third
parties, the Managing Member shall not have any obligations hereunder except to the extent that Company funds are reasonably available to it for the performance of such duties, and nothing herein contained shall be deemed to authorize or require the
Managing Member, in its capacity as such, to expend its individual funds for payment to third parties or to undertake any individual liability or obligation on behalf of the Company. 

6.2 Delegation of Authority. The Managing Member may delegate any or all of its powers, rights and obligations hereunder, and
may appoint, employ, contract or otherwise deal with any Person for the transaction of the business of the Company, which Person may, under supervision of the Managing Member, perform any acts or services for the Company as the Managing Member may
approve. 
 6.3 Liability of the Managing Member. 

(a) The Managing Member shall not be in breach of any duty that the Managing Member may owe to the Members or the Company or any other Persons
under this Agreement or of any duty stated or implied by law or equity if the Managing Member, acting in good faith, abides by the terms of this Agreement. 

(b) Subject to its obligations and duties as Managing Member set forth in Section 6.1 hereof, the Managing Member
may exercise any of the powers granted to it under this Agreement and perform any of the duties imposed upon it hereunder either directly or by or through its agents. The Managing Member shall not be responsible for any misconduct or negligence on
the part of any such agent appointed by it in good faith. 

  
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 6.4 Reimbursement of Managing Member. 

(a) Except as provided in this Section 6.4 and elsewhere in this Agreement (including the provisions of
Articles 4 and 5 regarding distributions, payments, and allocations to which it may be entitled), the Managing Member shall not be compensated for its services as Managing Member of the Company. 

(b) The Managing Member shall be reimbursed on a monthly basis, or such other basis as the Managing Member may determine in its sole and
absolute discretion, for all Administrative Expenses incurred by the Managing Member. 
 6.5 Employment or Retention of
Affiliates. 
 (a) Any Affiliate of the Managing Member may be employed or retained by the Company and may otherwise deal with the
Company (whether as a buyer, lessor, lessee, manager, furnisher of goods or services, broker, agent, lender or otherwise) and may receive from the Company any compensation, price, or other payment therefor which the Managing Member determines to be
fair and reasonable. 
 (b) The Company may lend or contribute to its Subsidiaries or other Persons in which it has an equity investment,
and such Persons may borrow funds from the Company, on terms and conditions established in the sole and absolute discretion of the Managing Member. The foregoing authority shall not create any right or benefit in favor of any Subsidiary or any other
Person. 
 (c) The Company may transfer assets to joint ventures, other partnerships, corporations or other business entities in which it is
or thereby becomes a participant upon such terms and subject to such conditions as the Managing Member deems are consistent with this Agreement and applicable law. 

(d) Except as expressly permitted by this Agreement, neither the Managing Member nor any of its Affiliates shall sell, transfer or convey any
property to, or purchase any property from, the Company, directly or indirectly, except pursuant to transactions that are, in the Managing Member’s sole discretion, on terms that are fair and reasonable to the Company. 

Article 7 
 BOOKS,
RECORDS, AND REPORTS 
 7.1 Fiscal Year; Maintenance of Books and Records. The “Fiscal Year” of
the Company shall be the taxable year of the Company for federal income tax purposes, which shall be the calendar year unless a different year is required by the Code. The Managing Member shall keep or cause to be kept at the principal office of the
Company those records and documents required to be maintained by the Delaware Act and other books and records deemed by the Managing Member to be appropriate with respect to the Company’s business. The books of the Company shall be maintained
for financial and tax reporting purposes, on an accrual basis in accordance with U.S. GAAP or such other basis as the Managing Member determines to be necessary or appropriate. 

  
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 7.2 Financial Reports. Managing Member shall, at the expense of the Company,
prepare such reports and timely deliver or make available to the Members such reports and information as shall be reasonably required by the Members to comply with their respective reporting requirements under applicable law and their respective
organizational documents. 
 Article 8 

TRANSFER OF MEMBERSHIP INTERESTS 

8.1 Transfer of Membership Interests. The Membership Interest of each Member is personal property, and may be transferred or
assigned only as provided in this Agreement. No Member shall sell, assign, transfer, mortgage, create a security interest in, charge or otherwise encumber, or contract to do or permit any of the foregoing all or any part of its Membership Interest,
without the approval of the other Members, each acting in its sole and absolute discretion; provided that each Member may sell, assign or transfer its Membership Interest to any Affiliate of such Member or distribute its Membership Interest
to its members, shareholders, unitholders or other direct or indirect owners of equity interests, as the case may be, in each case, in whole or in part, without the approval of the other Members. 

Article 9 
 DISSOLUTION
AND LIQUIDATION 
 9.1 Dissolution. The Company shall be dissolved, and its affairs shall be wound up upon the first to
occur of the following: 
 (a) any event set forth in the Delaware Act; or 

(b) the entry of a decree of judicial dissolution under the Delaware Act; or 

(c) the unanimous written agreement of all the Members to dissolve the Company. 

9.2 Liquidation and Termination of the Company. 

(a) Winding Up. Following dissolution of the Company, the Company shall continue solely for the purpose of winding up the
affairs of the Company. The Company shall terminate when (i) all of the assets of the Company, after payment of or due provision for all debts, liabilities and obligations of the Company shall have been distributed in the manner provided in
this Agreement and (ii) winding up of its business or affairs shall have been completed in the manner required by the Delaware Act. 

(b) Liquidation Proceeds. The Company shall continue to allocate Profits and Losses and other “book” items and
shall continue to and distribute cash or other property during the winding-up period in the same manner and the same priorities as provided for in Article 4 and Article 5. The proceeds from the liquidation of Company Property
shall be applied in the following order: 
 (i) to pay or make reasonable provision for payment of creditors, in the
order of priority as provided by law, to the payment of expenses of the winding-up, liquidation and termination of the Company, and to the establishment of such Reserves that Managing Member or the liquidator appointed under
Section 9.3(c) may reasonably deem necessary, appropriate or desirable for any contingent, conditional, or unmatured liabilities, debts or obligations of the Company arising out of or in connection with the Company operations; and

  
 10 

 (ii) to the Members in accordance with Section 5.2. 

Where the distribution pursuant to this Section 9.2 consists both of cash (or cash equivalents) and non-cash assets distributed in
accordance with Section 5.3 hereof, the cash (or cash equivalents) shall first be distributed, in a descending order, to fully satisfy each category starting with the most preferred category above. In the case of non-cash assets,
the distribution values are to be based on the fair market value thereof as determined in good faith by the liquidator, and the shortest maturity portion of such non-cash assets (e.g., notes or other indebtedness) shall, to the extent such non-cash
assets are readily divisible, be distributed, in a descending order, to fully satisfy each category above, starting with the most preferred category.  

(c) Liquidator. The liquidator shall be Managing Member or such other Person as may be appointed by the Members. The
liquidator is hereby irrevocably appointed as the true and lawful attorney in the name, place and stead of each of the Members, to make, execute, sign, acknowledge and file with respect to the Company all papers which shall be necessary or desirable
to effect the dissolution and termination of the Company in accordance with the provisions of this Section 9.2. Notwithstanding the foregoing, each Member, upon the request of the liquidator, shall promptly execute, acknowledge
and deliver all such documents, certificates and other instruments as the liquidator shall reasonably request to effectuate the proper dissolution and termination of the Company, including the winding up of the business of the Company. 

Article 10 
 EXCULPATION
AND INDEMNIFICATION 
 10.1 Exculpation. No Member shall be subject to any personal liability whatsoever, in tort,
contract, or otherwise, to any Person in connection with Company Property or the affairs of the Company. To the maximum extent that Delaware law in effect from time to time permits limitation of the liability of managers or officers of a Delaware
limited liability company, no present or former manager or officer or other agent of the Company or of any Company Subsidiary, shall be subject to any personal liability whatsoever in tort, contract or otherwise, to the Company, any Members, any
trustees of any Members or holders of units of beneficial interests of any Members, or any other Person. All Persons shall look solely to Company Property for satisfaction of claims of any nature arising in connection with the affairs of the
Company. The Managing Member shall, at all times, at the expense of the Company, maintain insurance for the protection of Company Property, its Members, managers and agents in such amount as the Managing Member shall deem adequate, in the exercise
of their discretion, to cover all foreseeable liability to the extent available at reasonable rates. Neither the amendment nor repeal of this Section 10.1, nor the adoption or amendment of any other provision of this Agreement
inconsistent with this Section 10.1, shall apply to or affect in any respect the applicability of the preceding sentences with respect to any act or failure to act which occurred prior to such amendment, repeal or adoption. 

10.2 Indemnification. 

(a) The Managing Member and each Person appointed or employed by the Managing Member pursuant to Section 6.2, and
the directors, officers, employees, managers and agents of the Managing Member and each such Person (each an “Indemnified Person” and collectively the “Indemnified Persons”), shall, to the fullest
extent permitted by law, be indemnified out of Company Property and the assets of any Company Subsidiary against all claims, actions, liabilities and expenses, including amounts paid in satisfaction of judgments, in compromise or as fines and
penalties, and counsel fees, reasonably incurred by the Indemnified Persons in connection with the defense or disposition of any action, suit or other proceeding by the Company, the Liquidating Trust, the Sponsor Member or any other 

  
 11 

 
Person, whether civil or criminal, in which the Indemnified Person may be involved or with which the Indemnified Person may be threatened: (i) in the case of the Managing Member or a
Person appointed by the Managing Member pursuant to Section 6.2 while in office or thereafter, by reason of his being or having been such Managing Member employee or agent including, without limitation, in connection with or
arising out of any action, suit or other proceeding based on any alleged breach of duty, neglect, error, misstatement, misleading statement, omission or act of any such Managing Member or Person in such capacity; and (ii) in the case of any
director, officer, employee, manager or agent of any such Person, by reason of any such Person exercising or failing to exercise any right or power hereunder. The rights accruing to any Indemnified Person under these provisions shall not exclude any
other right to which the Indemnified Person may be lawfully entitled; provided that no Indemnified Person may satisfy any right of indemnity or reimbursement granted herein, or to which the Indemnified Person may be otherwise entitled, except
out of Company Property and the assets of any Company Subsidiary, and no Member shall be personally liable to any person with respect to any claim for indemnity or reimbursement or otherwise. The Managing Member may make advance payments in
connection with indemnification under this Section 10.2, provided that the Indemnified Person shall have given a written undertaking to repay any amount advanced to the Indemnified Person and to reimburse the Company in the event
that it is subsequently determined that the Indemnified Person is not entitled to such indemnification. The Managing Member shall cause the Company to purchase such insurance as they believe, in the exercise of their discretion, adequately insures
that each Indemnified Person shall be indemnified against any such claims, actions, liabilities and expenses pursuant to this Section 10.2. Nothing contained herein shall restrict the right of the Managing Member to indemnify or
reimburse such Indemnified Person in any proper case, even though not specifically provided for herein, nor shall anything contained herein restrict the right of any such Indemnified Person to contribution under applicable law. 

(b) Notwithstanding anything to the contrary contained in this Agreement, the obligations of the Company under this
Section 10.2 shall (i) be in addition to any liability which the Company may otherwise have and (ii) inure to the benefit of such Indemnitee, its Affiliates and their respective members, managers, directors, officers,
employees, agents and Affiliates and any successors, assigns, heirs and personal representatives of such Persons.  
 Article 11

 MISCELLANEOUS PROVISIONS 

11.1 Notices. Any notice, demand, request or report required or permitted to be given or made to a Member under this
Agreement shall be in writing and shall be deemed given or made when delivered in person or when sent by certified first class United States mail, return receipt requested, nationally recognized overnight delivery service, electronic mail or
facsimile transmission (with receipt confirmed) to the Member at the address set forth on Exhibit A or such other address of which the Member shall notify the Managing Member in writing. Notices to the Managing Member and the
Company shall be delivered at or mailed to its principal office address set forth in Section 2.3. The Managing Member and the Company may specify a different address by notifying the other Members in writing of such different
address. 
 11.2 Governing Law. This Agreement shall be construed according to the internal laws, and not the laws
pertaining to choice or conflict of laws, of the State of Delaware. 
 11.3 Further Actions. Each of the Members agrees
to execute, acknowledge and deliver such additional documents, and take such further actions, as may reasonably be required from time to time to carry out each of the provisions, and the intent, of the Agreement, and every agreement or document
relating hereto, or entered into in connection herewith. 

  
 12 

 11.4 Survival of Rights. This Agreement shall be binding upon and, as to permitted
or accepted successors, transferees and assigns, inure to the benefit of the Members and the Company and their respective heirs, legatees, legal representatives, successors, transferees and assigns, in all cases whether by the laws of descent and
distribution, merger, reverse merger, consolidation, sale of assets, other sale, operation of law or otherwise. 
 11.5
Severability. In the event all or any part of any provision of this Agreement is declared by a court of competent jurisdiction to be void or unenforceable, such provision or part thereof so voided shall be deemed severed from this
Agreement, and the balance of this Agreement shall remain in full force and effect. 
 11.6 Third Party Beneficiaries.
Other than as expressly set forth herein with respect to Indemnitees, the provisions of this Agreement are solely for the purpose of defining the interests of the Members, inter se; and no other person, firm or entity (i.e., a party who is
not a signatory hereto or a permitted successor to such signatory hereto) shall have any right, power, title or interest by way of subrogation or otherwise, in and to the rights, powers, title and provisions of this Agreement. No creditor or other
third party having dealings with the Company shall have the right to enforce the right or obligation of any Member to make Capital Contributions or loans to the Company or to pursue any other right or remedy hereunder or at law or in equity. None of
the rights or obligations, if any, of the Members herein set forth to make Capital Contributions or loans to the Company shall be deemed an asset of the Partnership for any purpose by any creditor or other third party, nor may any such rights or
obligations be sold, transferred or assigned by the Company or pledged or encumbered by the Company to secure any debt or other obligation of the Company or any of the Members. 

11.7 Partition. The Members agree that the Company Property that the Company may own or have an interest in is not
suitable for partition. Each of the Members hereby irrevocably waives any and all rights that it may have to maintain any action for partition of any Company Property in which the Company may at any time have an interest. 

11.8 Entire Agreement. This Agreement constitutes the entire agreement of the Members with respect to, and supersedes all prior
written and oral agreements, understandings and negotiations with respect to, the subject matter hereof. 
 11.9 Waiver. No
failure by any party to insist upon the strict performance of any covenant, duty, agreement or condition or to exercise any right or remedy consequent upon a breach thereof shall constitute a waiver of any such breach or any other covenant, duty,
agreement or condition. 
 11.10 Amendments. The Managing Member, without the consent of the other Members, may amend
this Agreement in any respect; provided that the following amendments shall require the consent of the holder of a majority of the Special Interests: 

(a) any amendment that would adversely affect the economic rights of the holders of the Special Interests or the rights of the holders of the
Special Interests to receive the distributions payable to them hereunder; 
 (b) any amendment that would alter the Company’s
allocations of Profit and Loss to the holders of the Special Interests; 
 (c) any amendment that would impose on the holders of the Special
Interests any obligation to make additional Capital Contributions to the Company; or 

  
 13 

 (d) any amendment that would adversely affect the exculpation, indemnification or liability of
the Sponsor Member. 
 11.11 Counterparts. This Agreement may be executed in several counterparts, and all counterparts so
executed shall constitute one Agreement, binding on all of the parties hereto, notwithstanding that all of the parties are not signatories to the original or the same counterpart. 

[SIGNATURE PAGE TO FOLLOW] 

  
 14 

 IN WITNESS WHEREOF, the parties hereto have executed this Amended and Restated Limited Liability
Company Agreement as of the date first written above. 
  

			
	 MANAGING MEMBER:
  

DC INDUSTRIAL LIQUIDATING TRUST

		
	By:	 	/s/ Joshua J. Widoff
	Name:	 	Joshua J. Widoff
	Title:	 	Executive Vice President, Secretary & General Counsel

  

			
	 SPONSOR MEMBER:
  

INDUSTRIAL INCOME ADVISORS GROUP LLC

		
	By	 	/s/ Gary M. Reiff
	Name:	 	Gary M. Reiff
	Title:	 	Executive Vice President & General Counsel

 [Signature Page to Amended and Restated Limited Liability Company Agreement of 

DC Liquidating Assets Holdco LLC] 

 APPENDIX A 

DEFINED TERMS 
 As used in
this Agreement, the following terms have the meanings set forth below: 
 “Administrative Expenses” means
(i) all administrative and operating costs and expenses incurred by the Company, (ii) all administrative costs and expenses of the Managing Member, including any salaries or other payments to directors, officers or employees of the
Managing Member and any accounting and legal expenses of the Managing Member and any amount paid to any Person engaged to perform administrative services on behalf of the Managing Member, all of which expenses, the Members have agreed, are expenses
of the Company and not the Managing Member, and (iii) to the extent not included in clauses (i) or (ii) above, Liquidating Trust Expenses.  

“Affiliate” or “Affiliated” means, with respect to any Person, (i) any Person directly or
indirectly owning, controlling or holding, with the power to vote, ten percent (10%) or more of the outstanding voting securities of such other Person; (ii) any Person ten percent (10%) or more of whose outstanding voting securities
are directly or indirectly owned, controlled or held, with the power to vote, by such other Person; (iii) any Person directly or indirectly controlling, controlled by or under common control with such other Person; (iv) any executive
officer, director, trustee or general partner of such other Person; and (v) any legal entity for which such Person acts as an executive officer, director, trustee or general partner. 

“Agreement” means this Amended and Restated Limited Liability Company Agreement, including the Exhibits and Appendices
to this Agreement, as it may hereafter be amended in accordance with its terms. 
 “Capital Account” has the meaning
ascribed thereto in Section 3.4 of this Agreement. 
 “Capital Contribution” means, with respect
to each Member, the total amount of cash, cash equivalents, and the agreed value of any Retained Property or other asset (net of liabilities secured by such contributed property that the Company is considered to assume or take subject to under Code
Section 752) contributed or deemed to be contributed, as the context requires, to the Company by such Member pursuant to the terms of this Agreement. Any reference to the “Capital Contribution” of a Member shall include the Capital
Contribution made by a predecessor holder of the Membership Interest of such Member.  
 “Carrying Value”
means, with respect to any asset of the Company, the asset’s adjusted net basis for federal income tax purposes or, in the case of any asset contributed to the Company, the fair market value of such asset at the time of contribution, reduced by
any amounts attributable to the inclusion of liabilities in basis pursuant to Section 752 of the Code, except that the Carrying Values of all assets may, at the discretion of the Managing Member, be adjusted to equal their respective fair
market values (as determined by the Managing Member), in accordance with the rules set forth in Regulations Section 1.704-1(b)(2)(iv)(f), as provided for in Section 3.4. In the case of any asset of the Partnership that has a
Carrying Value that differs from its adjusted tax basis, the Carrying Value shall be adjusted by the amount of depreciation, depletion and amortization calculated for purposes of the allocations of net Profit and net Loss pursuant to Article
4 hereof rather than the amount of depreciation, depletion and amortization determined for federal income tax purposes. 

“Certificate of Formation” has the meaning ascribed thereto in the Recitals to this Agreement. 

“Code” means the Internal Revenue Code of 1986, as amended (or any corresponding provision or provisions of any
succeeding law). 

  
 A-1 

 “Commission” means the Securities and Exchange Commission. 

“Common Interests” has the meaning ascribed thereto in the Recitals to this Agreement. 

“Company” has the meaning ascribed thereto in the Recitals to this Agreement. 

“Company Minimum Gain” has the meaning ascribed thereto in Regulations Section 1.704-2. 

“Company Property” means any assets of the Company, whether tangible or intangible, or any portion thereof. 

“Control” (and the correlative terms “controlled by”, “controlling” and “under common
control with”) of a Person means the possession, direct or indirect, of the power to direct or cause the direction of the business and affairs of such Person, whether through the ownership of Voting Stock, by contract or otherwise. 

“Delaware Act” has the meaning ascribed thereto in the Recitals to this Agreement. 

“Depreciation” means, for each Fiscal Year or other period, an amount equal to the depreciation,
amortization or other cost recovery deduction allowable with respect to Company Property for such Fiscal Year; provided, however, that if the Gross Asset Value of Company Property differs from its adjusted basis for federal income tax
purposes at the beginning of such Fiscal Year or period, Depreciation shall be an amount which bears the same ratio to such beginning Gross Asset Value as the federal income tax depreciation, amortization, or other cost recovery deduction for such
Fiscal Year or period bears to such beginning adjusted tax basis; provided further, however, that if the adjusted basis for federal income tax purposes of any Company Property at the beginning of such Fiscal Year is zero, Depreciation shall
be determined with reference to such beginning Gross Asset Value using any reasonable method selected by the TMP. 
 “Fiscal
Year” has the meaning ascribed thereto in Section 7.1. 
 “GAAP” means United States generally
accepted accounting principles, consistently applied. 
 “Gross Asset Value” means, with respect to any Company
Property, the Company Property’s adjusted basis for federal income tax purposes, except as follows: 
 (a) the initial Gross
Asset Value of any Retained Property contributed by a Member to the Company shall be the fair market value of such Retained Property as reasonably determined by the TMP and the contributing Member; 

(b) the Gross Asset Values of all Company Property shall be adjusted to equal their respective fair market values, as reasonably
determined by the TMP, as of the following times: (i) the acquisition of any additional interests in the Company by any new or existing Member in exchange for more than a de minimis Capital Contribution, (ii) the distribution by the
Company to a Member of more than a de minimis amount of Company Property as consideration for an interest in the Company, and (iii) the liquidation of the Company within the meaning of Regulations Section 1.704-1(b)(2)(ii)(g);
provided, however, that the adjustments pursuant to clauses (i) and (ii) above shall be made only if the TMP determines, in its reasonable discretion, that such adjustments are necessary or appropriate to reflect the relative
economic interests of the Members in the Company; 

  
 A-2 

 (c) the Gross Asset Value of any Company Property distributed to any Member shall be adjusted to
equal the fair market value, as reasonably determined by the TMP, of such Company Property on the date of distribution; and 
 (d)
the Gross Asset Value of each Company Property shall be increased (or decreased) to reflect any adjustments to the adjusted basis of such Company Property pursuant to Code Section 734(b) or Code Section 743(b), but only to the extent that
such adjustments are taken into account in determining Capital Accounts pursuant to Regulations Section 1.704-1(b)(2)(iv)(m); provided, however, that Gross Asset Value shall not be adjusted pursuant to this clause (d) to the extent
the TMP determines, in its reasonable discretion, that an adjustment pursuant to clause (b) is necessary or appropriate in connection with a transaction that would otherwise result in an adjustment pursuant to this clause (d). 

If the Gross Asset Value of any Company Property has been determined or adjusted pursuant to clauses (a), (b) or (d) of this definition, such Gross
Asset Value shall thereafter be adjusted by the Depreciation taken into account with respect to such Company Property for purposes of computing Profit and Losses. 

“IIT” has the meaning ascribed thereto in the Recitals to this Agreement. 

“Indemnitees” has the meaning ascribed thereto in Section 10.2(a) of this Agreement. 

“Initial LLC Agreement” has the meaning ascribed thereto in the Recitals to this Agreement. 

“Liquidating Trust” has the meaning ascribed thereto in the preamble to this Agreement. 

“Liquidating Trust Agreement” has the meaning ascribed thereto in the Recitals to this Agreement. 

“Liquidating Trust Expenses” means (i) costs and expenses relating to the formation and continuity of existence
and operation of the Liquidating Trust, including taxes, fees and assessments associated therewith, any and all costs, expenses or fees payable to any director, officer or employee of the Liquidating Trust, (ii) costs and expenses relating to
any public offering and registration, or private offering, of units of beneficial interest by the Liquidating Trust and all statements, reports, fees and expenses incidental thereto, and any costs and expenses associated with any claims made by any
holders of such units of beneficial interest, (iii) costs and expenses associated with any repurchase of any units of beneficial interest by the Liquidating Trust, (iv) costs and expenses associated with the preparation and filing of any
periodic or other reports and communications by the Liquidating Trust under U.S. federal, state or local laws or regulations, including filings with the Commission, (v) costs and expenses associated with compliance by the Liquidating Trust with
laws, rules and regulations promulgated by any regulatory body, including the Commission and any securities exchange, (vi) costs and expenses associated with any 401(k) plan, incentive plan, bonus plan or other plan providing for compensation
for the employees of the Liquidating Trust, (vii) costs and expenses incurred by the Liquidating Trust relating to the guarantee of any obligations of the Company or any of its Subsidiaries and (viii) all other operating or administrative
costs of the Liquidating Trust incurred in the ordinary course of its business on behalf of or in connection with the Company.  

“Managing Member” has the meaning ascribed thereto in the preamble to this Agreement. 

“Member Nonrecourse Debt” has the meaning ascribed thereto in Regulations Section 1.704-2(b)(4). 

  
 A-3 

 “Member Nonrecourse Debt Minimum Gain” means an amount, with respect to
each Member Nonrecourse Debt, equal to the Company Minimum Gain that would result if such Member Nonrecourse Debt were treated as a nonrecourse liability of the Company, determined in accordance with Regulations Sections 1.704-2(i)(2) and (3).

 “Member Nonrecourse Deductions” has the meaning ascribed thereto in Regulations Section 1.704-2(i)(2). 

“Members” means, collectively, all Persons who hold Membership Interests, each in such Person’s capacity as a
Member of the Company. Reference to a “Member” shall be to any one of the Members. 
 “Membership
Interest” means an ownership interest in the Company representing a Capital Contribution by a Member or its predecessor in interest and includes any and all benefits to which the holder of such a Membership Interest may be entitled as
provided in this Agreement, together with all obligations of such Person to comply with the terms and provisions of this Agreement.  

“Merger” has the meaning ascribed thereto in the Recitals to this Agreement. 

“Merger Agreement” has the meaning ascribed thereto in the Recitals to this Agreement. 

“Net Sales Proceeds” means, in the case of a transaction described in the definition of Sale, the proceeds of any such
transaction less the amount of selling expenses incurred by or on behalf of the Managing Member, the Company, or any Property Company, including all real estate commissions, closing costs and legal fees and expenses and all indebtedness secured by a
Retained Property or other asset that is the subject of such transaction and that is repaid or assumed in connection with such transaction. Net Sales Proceeds shall also include any amounts that the Managing Member determines, in its discretion, to
be economically equivalent to proceeds of a Sale, including proceeds of any mortgage loan secured, directly or indirectly, by the Retained Properties, that are available for distribution to the Members after payment of expenses associated with the
incurrence of such loan. Net Sales Proceeds shall not include any reserves established by the Managing Member in its sole discretion, unless and until such reserves are distributed to the Members. 

“Nonrecourse Deductions” has the meaning set forth in Regulations Section 1.704-2(b)(I), and the amount of
Nonrecourse Deductions for a Company taxable year shall be determined in accordance with the rules of Regulations Section 1.704-2(c). 

(i) adjusted as set forth in Section 3.4 for all contributions and distributions during such year, and 

“Person” means any individual, corporation, partnership, limited liability company, joint venture, association,
joint-stock company, unincorporated organization, governmental or regulatory body or other entity. 
 “Plan”
has the meaning ascribed thereto in the Recitals to this Agreement. 
 “Profits” or “Losses” means,
for each Fiscal Year or other period, an amount equal to the Company’s taxable income or loss for such year or other period, determined in accordance with Section 703(a) of the Code (including all items of income or loss required to be
stated separately under Section 703(a)(1) of the Code) with the following adjustments: 
 (a) Any expenditures of the Company
described in Section 705(a)(2)(B) of the Code or treated as Section 705(a)(2)(B) expenditures under Regulations Section 1.704-1(b)(2)(iv)(i) and not otherwise taken into account in computing Profits and Losses, will be considered an
item of expense; 

  
 A-4 

 (b) Gain or loss resulting from any disposition of any property of the Company as determined for
federal income tax purposes, and that is recognized for such purposes will be computed by reference to the Gross Asset Value of such property notwithstanding that the adjusted tax basis of such property may differ from its Gross Asset Value; 

(c) In lieu of depreciation, amortization or other cost recovery deductions taken into account in computing taxable income or loss, there will
be taken into account depreciation for the taxable year or other period; 
 (d) Any items of deduction or loss specially allocated pursuant
to Sections 4.2-4.5 shall not be considered in determining Profits or Losses; 
 (e) Any increase or decrease to Capital Accounts as a
result of any adjustment to the Gross Asset Value of a Company asset pursuant to Regulations Section 1.704-1(b)(2)(iv)(f) shall constitute an item of increase or loss, as the case may be; and 

(f) Any income of the Company that is exempt from federal income tax and not otherwise taken into account in computing Profits or Losses will
be added to taxable income or loss. 
 “Property Company” means any Subsidiary of the Company that owns, directly or
indirectly, an interest in one or more Retained Properties. 
 “Real Estate Holdco” has the meaning ascribed thereto
in the Recitals to this Agreement. 
 “Regulations” means the Federal income tax regulations promulgated by the
Treasury Department under the Code, as such regulations may be amended from time to time. All references herein to a specific Section of the Regulations shall be deemed also to refer to any corresponding provisions of succeeding Regulations.

 “Regulatory Allocations” has the meaning ascribed thereto in Section 4.1(g). 

“Reserves” means funds set aside by the Company as reserves in amounts that the Managing Member, in its sole
discretion, deems reasonably necessary or prudent for payment of expenses not likely to be covered out of any other account of the Company.  

“Retained Property” means any of the properties listed on Appendix B hereto. 

“Sale” means any transaction or series of transactions whereby the Company, directly or indirectly through a Property
Company, sells, grants, transfers, conveys, or relinquishes its ownership of any Retained Property or other material asset or portion thereof, including the lease of any Retained Property consisting of a building only, and including any event with
respect to any Retained Property or other material asset which gives rise to a significant amount of insurance proceeds or condemnation awards. 

“Special Interests” has the meaning ascribed thereto in the Recitals to this Agreement. 

“Sponsor Member” has the meaning ascribed thereto in the preamble to this Agreement. 

  
 A-5 

 “Subsidiary” means any entity that with respect to another entity, would
be treated as a consolidated subsidiary of such other entity according to GAAP. 
 “TMP” has the meaning ascribed
thereto in the Section 4.2. 
 “Trustees” has the meaning ascribed thereto in the Recitals to this Agreement.

 “Voting Stock” means capital stock issued by a corporation, partnership interests issued by a partnership,
membership interests issued by a limited liability company, or equivalent interests in any other Person, the holders of which are ordinarily, in the absence of contingencies, entitled to vote for the election of directors (or persons performing
similar functions) of such Person, even if the right so to vote has been suspended by the happening of such a contingency. 

  
 A-6 

 APPENDIX B 

RETAINED PROPERTIES 
  

											
	 Retained Property
	  	 Property Company
	  	 Location
	  	City	  	State	  	Zip
Code
						
	Bluegrass DC II	  	IIT Bluegrass DC II LLC	  	NW corner of McFarland Parkway and McGinnis Ferry Road	  	Alpharetta	  	GA	  	30005
						
	Redlands Distribution Center	  	IIT Redlands DC LP	  	NE Corner W. Lugonia and California St.	  	Redlands	  	CA	  	92374
						
	Cajon DC	  	IIT Cajon DC LP	  	6207 N. Cajon Boulevard	  	San Bernardino	  	CA	  	92407
						
	Lehigh Valley Crossing DC I	  	IIT Lehigh Valley Crossing DC I LLC	  	2929 Schoeneck Road	  	Macungie	  	PA	  	18062
						
	Lehigh Valley Crossing DC II	  	IIT Lehigh Valley Crossing DC II LLC	  	3100 Alburtis Rd	  	Macungie	  	PA	  	18062
						
	Lehigh Valley Crossing DC III	  	IIT Lehigh Valley Crossing DC III LLC	  	2918 Schoeneck Rd	  	Macungie	  	PA	  	18062
						
	Tamarac Commerce Center II	  	IIT Tamarac Commerce Center II LLC	  	6201 North Nob Hill Rd	  	Tamarac	  	FL	  	33321
						
	Tamarac Commerce Center III	  	IIT Tamarac Commerce Center III LLC	  	6900 Hiatus Rd	  	Tamarac	  	FL	  	33321
						
	Miami DC III	  	IIT Miami DC III LLC	  	11001 NW 124th St	  	Medley	  	FL	  	33178
						
	Miami DC III Land Bank	  	IIT Miami DC III Land LLC	  	10910 NW 124th St	  	Medley	  	FL	  	33178
						
	Miami DC IV	  	IIT Miami DC IV LLC	  	11040 NW 124th St	  	Medley	  	FL	  	33178

 EXHIBIT A 

MEMBERS 
  

					
	 Member

(Name and Address)
	  	 Class of 
Membership Interest
	  	 % of Class

	 DC Industrial Liquidating Trust

518 17th Street, 17th Floor

Denver, CO 80202

Attention: Dwight L. Merriman

Chief Executive Officer

Telephone No.: 303-226-9889

Facsimile No.: 303-869-4602
	  	Common	  	100%
			
	 With copy to:
	  		  	
			
	 DC Industrial Liquidating Trust

518 17th Street, 17th Floor

Denver, CO 80202

Attention: Josh Widoff

Executive Vice President and General Counsel

Telephone No.: 303-597-0483

Facsimile No.: 303-869-4602
	  		  	
			
	 Industrial Income Advisors Group LLC

518 17th Street, 17th Floor

Denver, CO 80202

Attention: Evan Zucker

Manager

Telephone No.: 303-869-4600

Facsimile No.: 303-869-4602
	  	Special	  	100%
			
	 With a copy to:
	  		  	
			
	 Industrial Income Advisors Group LLC

518 17th Street, 17th Floor

Denver, CO 80202

Attention: Gary Reiff

Executive Vice President and General Counsel

Telephone No.: 303-597-0483

Facsimile No.: 303-869-4602EX-10.4

 EXHIBIT 10.4 

INDEMNIFICATION AGREEMENT 

This INDEMNIFICATION AGREEMENT (this “Agreement”) is made as of the 3rd day of November, 2015, by and among DC Industrial
Liquidating Trust, a Maryland statutory trust (the “Trust”), and DC Liquidating Assets Holdco LLC, a Delaware limited liability company (“Holdco”), in favor of Industrial Income Trust Inc., a Maryland corporation
(the “Company”). The Trust, Holdco and Company are sometimes referred to herein as a “Party” or collectively as the “Parties.” 

W I T N E S S E T H 

WHEREAS, the Company, Western Logistics II LLC, a Delaware limited liability company (“Merger Sub”), and Western Logistics
LLC, a Delaware limited liability company (“Parent”), entered into that certain Agreement and Plan of Merger, dated July 28, 2015 (the “Merger Agreement”), providing for the merger of the Company with and into
the Merger Sub in accordance with the terms thereof (the “Merger”); 
 WHEREAS, the Merger Agreement provides that, prior
to consummation of the Merger, the Company will transfer its indirect ownership interests in the Retained Properties (as defined herein) to a limited liability company formed to complete, after the consummation of the transactions contemplated by
the Merger Agreement, the development, lease-up, sale and distribution of the proceeds of the sale of the Retained Properties; 
 WHEREAS,
the Company has caused the transfer to Holdco of its indirect ownership interests in the Retained Properties and, after certain contributions, distributions and assignments, the Company received a distribution of 100% of Holdco’s common
membership interests; 
 WHEREAS, concurrently with the execution of this Agreement, pursuant to a Bill of Sale, Assignment, Acceptance and
Assumption Agreement, the Company has transferred the Holdco common membership interests to the Trust and has received 100% of the units of beneficial interest in the Trust; 

WHEREAS, prior to consummation of the Merger, the Company will distribute the units of beneficial interests in the Trust to the Company’s
stockholders; and 
 WHEREAS, pursuant to Section 6.1(f) of the Merger Agreement, prior to the distribution of the units of beneficial
interest in the Trust to the Company’s stockholders, the Trust and Holdco are required to agree to indemnify and hold harmless the Company, the Company Subsidiaries (other than the Trust, Holdco, and its subsidiaries), and their respective
Representatives (other than the Trust, Holdco, and its subsidiaries) against certain claims, expenses, losses, damages, injury, penalties, settlement, award, obligation, Taxes, interest or any other liabilities (collectively,
“Losses”) as set forth in such Section 6.1(f) of the Merger Agreement. 

 NOW, THEREFORE, in consideration of the foregoing and of the covenants and agreements contained
in this Agreement and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged and agreed, and intending to be legally bound hereby, the Parties agree as follows: 

1. Certain Definitions. As used in this Agreement, the following terms have the definitions hereinafter indicated: 

“Retained Properties” means each real property (including all buildings, structures and other improvements and fixtures
located on or under such real property and all easements, rights and other appurtenances to such real property) set forth on Schedule A hereto. 

“Third-Party Claim” means any assertion by a Person, other than the Company, Parent, or any of their Affiliates, of any
claim, or the commencement by any such Person of any Action, against any Indemnified Party. 
 All other capitalized terms used without definition in this
Agreement shall have the same meaning as given to such terms in the Merger Agreement. 
 2. Indemnification. Each of the Trust and Holdco (each, an
“Indemnifying Party” and, collectively, the “Indemnifying Parties”), jointly and severally, shall indemnify and hold harmless the Company, the Company Subsidiaries (which, for the avoidance of doubt, do not include
the Trust, Holdco or its subsidiaries) and their respective Representatives (which, for the avoidance of doubt, do not include the Trust, Holdco or its subsidiaries) (each, an “Indemnified Party” and, collectively, the
“Indemnified Parties”) against any and all Losses relating to, arising from, or in connection with the Retained Properties, the Excluded Property Transactions and the other transactions contemplated by Section 6.1(f) of the
Merger Agreement. 
 3. Release. Each Indemnifying Party hereby unconditionally, irrevocably and forever releases, acquits and discharges the
Indemnified Parties from, and covenants not to sue any of the Indemnified Parties for, any Losses (whether direct or indirect, known or unknown, disclosed or undisclosed, matured or unmatured, accrued or unaccrued, asserted or unasserted, absolute
or contingent, determined or conditional, express or implied, fixed or variable and whether vicarious, derivative, joint, several or secondary) relating to the Retained Properties, the Excluded Property Transactions and the other transactions
contemplated by Section 6.1(f) of the Merger Agreement which such Indemnifying Party has or had or can, shall or may now or hereafter have against any of the Indemnified Parties. 

  
 2 

 4. Indemnification Procedures. 

(a) If any Indemnified Party shall receive notice or otherwise learn of a Third-Party Claim with respect to which an Indemnifying Party may be
obligated to provide indemnification to such Indemnified Party pursuant to this Agreement, such Indemnified Party shall give such Indemnifying Party written notice thereof demanding indemnification therefor as soon as reasonably practicable, but no
later than 30 days after becoming aware of such Third-Party Claim. Any such notice (a “Claim Notice”) shall describe the Third-Party Claim in reasonable detail. Notwithstanding the foregoing, the failure of any Indemnified Party to
give notice as provided in this Section 4(a) shall not relieve the related Indemnifying Party of its obligations under this Agreement, except to the extent that such Indemnifying Party is actually and materially prejudiced by such
failure to give notice. 
 (b) The Indemnifying Parties shall be entitled, at their sole option, by written notice to the Indemnified Party
(in accordance with Section 4) given within thirty (30) days after receipt of a Claim Notice, to assume the defense and control of such Third Party Claim; provided that (i) the assumption of the defense of any such Third
Party Claim by the Indemnifying Parties shall constitute assumption by the Indemnifying Parties of full responsibility for all Losses resulting from any such Third Party Claim and (ii) unless the Indemnified Party gives specific written
consent, the Indemnifying Party shall not be able to assume the defense of any Third Party Claim which involves (A) any claim to which the Indemnified Party reasonably believes could be detrimental to or injure the Indemnified Party’s
reputation or future business prospects, (B) any non-monetary relief, damages or claims, (C) criminal allegations, or (D) a Third Party Claim, which upon petition by the Indemnified Party, the appropriate court rules that the
Indemnifying Party failed or is failing to vigorously prosecute or defend. 
 (c) If the Indemnifying Parties elect to assume the defense
and control of a Third Party Claim, the Indemnified Party shall have the right to employ separate counsel and to participate in the defense of such Third Party Claim, but the fees and expenses of such counsel shall be at the expense of the
Indemnified Party, except to the extent that (i) the employment of such separate counsel shall have been authorized in writing by the Indemnifying Parties in connection with the defense of such action or claim, (ii) the Indemnifying
Parties shall not have delivered written notice of their intent to assume control of the defense of such Third Party Claim prior to the expiration of the thirty (30) day period, or (iii) such Indemnified Party shall have reasonably
concluded that there may be defenses available to it which are contrary to, or in conflict with, those available to the Indemnifying Parties, in any of which events such reasonable and documented out-of-pocket fees and expenses of outside counsel
for the Indemnified Party shall be borne by the Indemnifying Parties. Until such time as the Indemnifying Parties assume the defense and control of a Third Party Claim as provided in this Section 4, and if and to the extent the
Indemnifying Parties decline or are barred from assuming the defense of the Third Party Claim under this Section 4, the Indemnified Party shall have the right to defend such Third Party Claim in such manner as it may deem appropriate,
and the 

  
 3 

 
Indemnified Party’s fees, costs and expenses (including reasonable and documented out-of-pocket fees and expenses of outside counsel) in connection with such defense will be borne by the
Indemnifying Parties. Each of the Indemnified Party and the Indemnifying Parties shall, and shall cause each of its Affiliates and Representatives to, reasonably cooperate with the other in connection with any Third Party Claim. 

(d) If the Indemnifying Parties have assumed the defense of a Third Party Claim in accordance with this Section 4, the Indemnified
Party shall not admit any liability with respect to, or settle, compromise or discharge, such Third Party Claim. The Indemnifying Parties shall not settle, compromise or consent to the entry of any judgment in any actual or threatened Third Party
Claim in respect of which indemnification has been sought by an Indemnified Party hereunder unless such settlement, compromise or judgment (i) includes an unconditional release of such Indemnified Party from all liability arising out of such
Third Party Claim, (ii) could not lead to any liability or create any financial or other obligation on the part of the Indemnified Party for which the Indemnified Party is not entitled to indemnification hereunder or which admits any wrongdoing
or responsibility for such Third Party Claim on behalf of the Indemnified Party, or (iii) such Indemnified Party otherwise consents thereto. If the Indemnifying Parties do not elect to assume the defense and control of a Third Party Claim, the
Indemnified Party shall have the right to contest, settle or compromise the Third Party Claim in its sole discretion and shall not thereby waive any right to indemnity therefor pursuant to this Agreement. 

(e) With respect to any Indemnification Claim for any matter not involving a Third Party Claim, if any Indemnified Party incurs a Loss for
which it is entitled to be indemnified pursuant to Section 2, such Indemnified Party shall give a Claim Notice to each of the Indemnifying Parties as soon as reasonably practicable after the Indemnified Party becomes aware of the facts
giving rise to such claim for indemnification (an “Indemnification Claim”) demanding indemnification therefor, but no later than 30 days after becoming aware of such facts. Any such Claim Notice shall describe the Indemnification
Claim in reasonable detail. Notwithstanding the foregoing, the failure of any Indemnified Party to give notice as provided in this Section 3(e) shall not relieve the related Indemnifying Party of its obligations under this Agreement,
except to the extent that such Indemnifying Party is actually and materially prejudiced by such failure to give notice. 
 (f) With respect
to any Indemnification Claim for any matter not involving a Third Party Claim and for any Indemnification Claim involving a Third-Party Claim for which the Indemnifying Parties have not timely elected to assume the defense and responsibility, if the
Indemnifying Parties do not notify the Indemnified Party within thirty (30) days following the delivery of the applicable Claim Notice that the Indemnifying Parties dispute their liability to the Indemnified Party under Section 2,
such claim specified in the Claim Notice shall be conclusively deemed a liability of the 

  
 4 

 
Indemnifying Parties under Section 2, and the amount specified in the Claim Notice shall be payable by the Indemnifying Parties to the Indemnified Party on demand. If the Indemnifying
Parties have timely disputed their liability with respect to such claim by responding to the Indemnified Party within thirty (30) days of the delivery of the Claim Notice (specifying that the Indemnifying Parties dispute the claim described in
the Claim Notice and the basis of such dispute), the Indemnifying Parties and the Indemnified Party shall use commercially reasonable efforts to negotiate in good faith a resolution of such dispute for sixty (60) days after the conclusion of
the thirty (30)-day response period. If the Indemnifying Parties and the Indemnified Party are not able to reach an agreement regarding the applicable Indemnification Claim by the end of such sixty (60)-day negotiation period, the Indemnified Party
shall be free to pursue such remedies as may be available to such Party in accordance with Section 11 of this Agreement. 
 (g)
Any amounts payable by the Indemnifying Parties to the Indemnified Party shall be (i) paid by wire transfer within five (5) Business Days and (ii) treated for all Tax purposes as an adjustment to the Merger Consideration paid pursuant
to the Merger Agreement, unless otherwise required by applicable Law. 
 5. Notices. All notices, requests, claims, consents, demands and other
communications under this Agreement shall be in writing and shall be deemed given on the date of actual delivery if delivered personally, sent by overnight courier (providing proof of delivery) to the Parties or sent by e-mail with a pdf attachment
(providing confirmation of transmission) at the following addresses or e-mail addresses (or at such other address or e-mail addresses for a Party as shall be specified by like notice): 

If to the Trust: 
 DC Industrial
Liquidating Trust
 518 Seventeenth Street, 17th Floor 

Denver, CO 80202 
 Attention:
Thomas G. McGonagle 
 Email: tmcgonagle@industrialincome.com 

with copies (which shall not constitute notice) to: 

DC Industrial Liquidating Trust 

518 Seventeenth Street, 17th Floor 

Denver, CO 80202 
 Attention:
Joshua J. Widoff 
 Email: jwidoff@blackcreekcapital.com 

Facsimile: (303) 869-4602 

Hogan Lovells US LLP 
 555
Thirteenth Street, N.W. 
 Washington, DC 20004 

Phone: (202) 637-5868 

  
 5 

 Facsimile: (202) 637-5910 

Attn: David Bonser and Bruce Gilchrist 

email: david.bonser@hoganlovells.com 

bruce.gilchrist@hoganlovells.com 

If to Holdco: 
 DC
Liquidating Assets Holdco LLC 
 518 Seventeenth Street, 17th Floor 

Denver, CO 80202 
 Attention:
Thomas G. McGonagle 
 Email: tmcgonagle@industrialincome.com 

with copies (which shall not constitute notice) to: 

DC Liquidating Assets Holdco LLC 

518 Seventeenth Street, 17th Floor 

Denver, CO 80202 
 Attention:
Joshua J. Widoff 
 Email: jwidoff@blackcreekcapital.com 

Facsimile: (303) 869-4602 

Hogan Lovells US LLP 
 555
Thirteenth Street, N.W. 
 Washington, DC 20004 

Phone: (202) 637-5868 

Facsimile: (202) 637-5910 

Attn: David Bonser and Bruce Gilchrist 

email: david.bonser@hoganlovells.com 

bruce.gilchrist@hoganlovells.com 

If to the Company: 
 c/o
Global Logistic Properties Limited 
 501 Orchard Road #08-01 Wheelock Place 

Singapore 238880 
 Attn: Ralf
Wessel, Mark Tan & Alan Yang 
 email: rwessel@glprop.com; mhtan@glprop.com; ayang@glprop.com 

and 
 c/o GLP US Management LLC

 Two North Riverside Plaza, Suite 2350 

Chicago, IL 60606 
 Attn: Neil
Klein 
 email: nklein@glprop.com 

  
 6 

 with copies (which shall not constitute notice) to: 

Morrison & Foerster LLP 

2000 Pennsylvania Avenue, NW 

Washington, DC 20006-1888 
 Attn:
David P. Slotkin 
 email: DSlotkin@mofo.com 

and 
 Morrison &
Foerster (Singapore) LLP 
 50 Collyer Quay 

#12-01 OUE Bayfront 
 Singapore
049321 
 Attn: Eric J. Piesner 

email: EPiesner@mofo.com 
 6. Governing
Law. This Agreement, and all claims or causes of actions (whether at Law, in contract or in tort) that may be based upon, arise out of or related to this Agreement or the negotiation, execution or performance of this Agreement, shall be governed
by, and construed in accordance with, the Laws of the State of Delaware without giving effect to its conflicts of laws principles (whether the State of Delaware or any other jurisdiction that would cause the application of the Laws of any
jurisdiction other than the State of Delaware). 
 7. Amendments; Waivers. 

(a) Any provision of this Agreement may be amended or waived if, and only if, such amendment or waiver is in writing and signed, in the case of
an amendment, by all of the Parties, or in the case of a waiver, by the Party against whom the waiver is to be effective. 
 (b) No failure
or delay by any Party in exercising any right, power or privilege under this Agreement shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other
right, power or privilege. Except as otherwise provided herein, no action taken pursuant to this Agreement, including any investigation by or on behalf of any Party, shall be deemed to constitute a waiver by the Party taking such action of
compliance with any representations, warranties, covenants or agreements contained in this Agreement. Any term, covenant or condition of this Agreement may be waived at any time by the Party that is entitled to the benefit thereof, but only by a
written notice signed by such Party expressly waiving such term or condition. The waiver by any Party of a breach of any provision hereunder shall not operate or be construed as a waiver of any prior or subsequent breach of the same or any other
provision hereunder. 

  
 7 

 8. Entire Agreement. This Agreement, the Schedules hereto and the Merger Agreement constitute the entire
agreement among the Parties with respect to the subject matter hereof and supersede all prior agreements, understandings and negotiations, both written and oral, between the Parties with respect to the subject matter hereof. To the extent there is
an inconsistency between a provision in this Agreement and a provision in the Merger Agreement concerning the subject matter hereof, the provision of this Agreement controls. 

9. Successors and Assigns. The provisions of this Agreement shall be binding upon and inure to the benefit of the Parties and their respective
successors and permitted assigns. No Party may assign, delegate or otherwise transfer, directly or indirectly, in whole or in part, any of its rights or obligations under this Agreement without the prior written consent of the relevant other
Parties. Notwithstanding the foregoing, the Company may assign all or a portion of its rights or obligations under this Agreement to any Affiliate of Company or to any Person who acquires the Company and any Affiliate thereof; provided that
no assignment, delegation or other transfer of rights by any Party under this Agreement shall relieve the assignor of any liability or obligation hereunder. Any attempted assignment, delegation or transfer in violation of this Section 9
shall be void. 
 10. Third Party Beneficiaries. Except for the Indemnified Parties, who shall be third party beneficiaries of this Agreement, or as
otherwise provided herein, neither this Agreement nor any provision hereof is intended to confer upon any Person other than the Parties (and their successors and permitted assigns) any rights or remedies hereunder. 

11. Jurisdiction. Each Party irrevocably agrees (a) to submit itself to the exclusive jurisdiction of the Court of Chancery of the State of
Delaware (and appellate courts thereof) (the “Delaware Courts”) for the purpose of any Action (whether based on contract, tort or otherwise), directly or indirectly, arising out of or relating to this Agreement or the transactions
contemplated by this Agreement or the actions of the Parties in the negotiation, administration, performance and enforcement of this Agreement, (b) that it will not attempt to deny or defeat such jurisdiction by motion or other request for
leave from any such court, (c) that it will not bring any Action relating to this Agreement or the transactions contemplated by this Agreement or the actions of the parties hereto in the negotiation, administration, performance and enforcement
of this Agreement in any court other than the Delaware Courts, and (d) that a final judgment in any Action shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by Law. 

12. Severability. If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced under any present or future Law
or public policy in any jurisdiction, as to that jurisdiction, (a) such term or other provision shall be fully 

  
 8 

 
separable, (b) this Agreement shall be construed and enforced as if such invalid, illegal or unenforceable provision had never comprised a part hereof, (c) all other conditions and
provisions of this Agreement shall remain in full force and effect and shall not be affected by the illegal, invalid or, unenforceable term or other provision or by its severance herefrom so long as the economic or legal substance of the
transactions contemplated by this Agreement is not affected in any manner materially adverse to any Party, and (d) such terms or other provision shall not affect the validity or enforceability of any of the terms or provisions of this Agreement
in any other jurisdiction. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced in any jurisdiction, the Parties hereto shall negotiate in good faith to modify this Agreement so as to effect the
original intent of the Parties as closely as possible in a mutually acceptable manner in order that transactions contemplated by this Agreement be consummated as originally contemplated to the fullest extent possible. 

13. Titles. The titles of paragraphs and subparagraphs contained in this Agreement are for convenience only, and they neither form a part of this
Agreement nor are they to be used in the construction or interpretation hereof 
 14. Counterparts. This Agreement may be executed in counterparts,
each of which shall be deemed an original and all of which together shall be deemed one and the same agreement, and shall become effective when one or more counterparts have been signed by each of the parties and delivered (by telecopy, electronic
delivery or otherwise) to the other parties. Signatures to this Agreement transmitted by electronic mail in “portable document form” (“pdf”), or by any other electronic means intended to preserve the original graphic and
pictorial appearance of a document, will have the same effect as physical delivery of the paper document bearing the original signature. 

[Signature page follows] 

  
 9 

 IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date first written above.

  

			
	THE TRUST:
	
	DC INDUSTRIAL LIQUIDATING TRUST
		
	By:	 	/s/ Joshua J. Widoff
	Name: Joshua J. Widoff
	 Title:  Executive Vice President, Secretary & General Counsel

	
	HOLDCO:
	
	DC LIQUIDATING ASSETS HOLDCO LLC
	
	By: DC Industrial Liquidating Trust, its managing member
		
	By:	 	/s/ Joshua J. Widoff
	Name: Joshua J. Widoff
	 Title:  Executive Vice President, Secretary & General Counsel

	
	THE COMPANY:
	
	INDUSTRIAL INCOME TRUST INC.
		
	By:	 	/s/ Joshua J. Widoff
	Name: Joshua J. Widoff
	 Title:  Executive Vice President, Secretary & General Counsel

 Schedule A 

Retained Properties 
  

													
	 Property Name
	  	 Property
Owning Entity
	  	 Entities Being Transferred
	  	 Address Details

	Bluegrass DC II	  	IIT Bluegrass DC II LLC	  	IIT Bluegrass DC II LLC	  	NW corner of McFarland Parkway and McGinnis Ferry Road	  	Alpharetta	  	GA	  	30005
							
	Redlands Distribution Center	  	IIT Redlands DC LP	  	IIT Redlands DC LP & IIT Redlands DC GP LLC	  	NE Corner W. Lugonia and California St.	  	Redlands	  	CA	  	92374
							
	Cajon DC	  	IIT Cajon DC LP	  	IIT Cajon DC LP & IIT Cajon DC GP LLC	  	6207 N. Cajon Boulevard	  	San Bernardino	  	CA	  	92407
							
	Lehigh Valley Crossing DC I	  	IIT Lehigh Valley Crossing DC I LLC	  	IIT Lehigh Valley Crossing DC I LLC & IIT Lehigh Valley Crossing DC I Owner LLC & IIT Lehigh Valley Crossing DC I Owner Holdco LLC	  	2929 Schoeneck Road	  	Macungie	  	PA	  	18062
							
	Lehigh Valley Crossing DC II	  	IIT Lehigh Valley Crossing DC II LLC	  	IIT Lehigh Valley Crossing DC II LLC & IIT Lehigh Valley Crossing DC II Owner LLC & IIT Lehigh Valley Crossing DC II Owner Holdco LLC	  	3100 Alburtis Rd	  	Macungie	  	PA	  	18062
							
	Lehigh Valley Crossing DC III	  	IIT Lehigh Valley Crossing DC III LLC	  	IIT Lehigh Valley Crossing DC III LLC	  	2918 Schoeneck Rd	  	Macungie	  	PA	  	18062
							
	Tamarac Commerce Center II	  	IIT Tamarac Commerce Center II LLC	  	IIT Tamarac Commerce Center II LLC	  	6201 North Nob Hill Rd	  	Tamarac	  	FL	  	33321

													
							
	Tamarac Commerce Center III	  	IIT Tamarac Commerce Center III LLC	  	IIT Tamarac Commerce Center III LLC	  	6900 Hiatus Rd	  	Tamarac	  	FL	  	33321
							
	Miami DC III	  	IIT Miami DC III LLC	  	IIT Miami DC III LLC	  	11001 NW 124th St	  	Medley	  	FL	  	33178
							
	Miami DC III Land Bank	  	IIT Miami DC III Land LLC	  	IIT Miami DC III Land LLC	  	10910 NW 124th St	  	Medley	  	FL	  	33178
							
	Miami DC IV	  	IIT Miami DC IV LLC	  	IIT Miami DC IV LLC	  	11040 NW 124th St	  	Medley	  	FL	  	33178

  
 2

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