Document:

Exhibit
10.2

 

 

AMENDED
AND RESTATED DEALER MANAGER AGREEMENT

 

November 21,
2003

 

Dividend Capital
Securities LLC

518 17th Street, 17th Floor

Denver, CO  80202

 

Ladies and
Gentlemen:

 

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

 

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

 

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

 

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

 

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

 

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

2

 

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

 

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

 

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

 

3.             Obligations
and Compensation of Dealer Manager.

 

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

 

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

 

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

 

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

 

3

 

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

 

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

 

4.             Indemnification.

 

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

 

4

 

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

 

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

 

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

 

5

 

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

 

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

 

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

 

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

 

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

 

6

 

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

 

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

 

8.             Successors
and Amendment.

 

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

 

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

 

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

 

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

 

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

 

12.           Submission
of Orders.

 

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

 

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

 

7

 

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

 

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

 

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

 

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

 

	
   

  	
  Very truly
  yours,

  
	
   

  	
   

  
	
   

  	
  DIVIDEND CAPITAL
  TRUST INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Evan Zucker

  	
   

  
	
   

  	
   

  	
  Evan Zucker,
  President

  	
   

  
	
   

  	
   

  
	
  Accepted and
  agreed to as of the

  	
   

  
	
  date first above
  written:

  	
   

  
	
   

  	
   

  
	
  DIVIDEND CAPITAL
  SECURITIES LLC

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ Mark Quam

  	
   

  	
   

  
	
   

  	
  Mark Quam,
  Designated Principal

  	
   

  
						

 

8Exhibit
10.3

 

 

FORM OF SELECTED
DEALER AGREEMENT

 

Ladies and
Gentlemen:

 

Dividend Capital Securities LLC, as the dealer manager
(“Dealer Manager”) for Dividend Capital Trust Inc. (the “Company”), a Maryland
corporation which will be taxed as a real estate investment trust, invites you
(the “Dealer”) to participate in the distribution of shares of common
stock  (“Shares”) of the Company subject
to the following terms:

 

I.                                         Dealer
Manager Agreement

 

The Dealer Manager has entered into a Amended and
Restated Dealer Manager Agreement with the Company dated November 21,
2003, in the form attached hereto as Exhibit “A.”  By your acceptance of this Agreement, you will become one of the
Dealers referred to in such Agreement between the Company and the Dealer
Manager and will be entitled and subject to the indemnification provisions
contained in such Agreement, including the provisions of Section 4 of such
Agreement wherein the Dealers severally agree to indemnify and hold harmless
the Company, the Dealer Manager and each officer and director thereof, and each
person, if any, who controls the Company and the Dealer Manager within the
meaning of the Securities Act of 1933, as amended.  Except as otherwise specifically stated herein, all terms used in
this Agreement have the meanings provided in the Dealer Manager Agreement.  The Shares are offered solely through
broker-dealers who are members of the National Association of Securities
Dealers, Inc. (“NASD”).

 

Dealer hereby agrees to use its best efforts to sell
the Shares for cash on the terms and conditions stated in the Prospectus.  Nothing in this Agreement shall be deemed or
construed to make Dealer an employee, agent, representative or partner of the
Dealer Manager or of the Company, and Dealer is not authorized to act for the
Dealer Manager or the Company or to make any representations on their behalf
except as set forth in the Prospectus and such other printed information
furnished to Dealer by the Dealer Manager or the Company to supplement the
Prospectus (“supplemental information”).

 

The Company has filed
with the Securities and Exchange Commission (the “Commission”) a registration
statement, including a prospectus (the “Prospectus”), for the registration of
the offering of the Shares under the Securities Act of 1933, as amended (the
“Securities Act”).  Such registration
statement has been declared effective by the Commission. The offering of the
shares has also been qualified in all fifty states of the United States, Puerto
Rico and the District of Columbia.  The
Dealer Manager will provide the Dealer as many copies of the Prospectus as the
Dealer may from time to time reasonably request.

 

II.                                     Submission
of Orders

 

Those persons who purchase Shares will be instructed
by the Dealer to make their checks payable to “Dividend Capital Trust
Inc.”  Any Dealer receiving a check not
conforming to the foregoing instructions shall return such check directly to
such subscriber not later than the end of the next business day following its
receipt.  Checks received by the Dealer
which conform to the foregoing instructions 

 

 

shall be transmitted for deposit pursuant to one of
the methods in this Article II. 
Transmittal of received investor funds will be made in accordance with
the following procedures:

 

Where, pursuant to the Dealer’s internal supervisory
procedures, internal supervisory review is conducted at the same location at
which subscription documents and checks are received from subscribers, checks
will be transmitted in care of the Dealer Manager by the end of the next
business day following receipt by the Dealer for deposit to Dividend Capital
Trust Inc.

 

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

 

III.                                 Pricing

 

Shares shall be offered to the public at the offering
price of $10.00 per Share payable in cash. 
Except as otherwise indicated in the Prospectus or in any letter or
memorandum sent to the Dealer by the Company or Dealer Manager, a minimum
initial purchase of 200 Shares is required. 
Except as otherwise indicated in the Prospectus, additional investments
may be made in cash in minimal increments of at least 10 Shares.  The Shares are nonassessable.  Dealer hereby agrees to place any order for
the full purchase price.

 

IV.                                 Dealers’
Commissions

 

Except for discounts described in or as otherwise
provided in the “Plan of Distribution” section of the Prospectus, the
Dealer’s selling commission applicable to the total public offering price of
Shares sold by Dealer which it is authorized to sell hereunder is 6.0% (or 7.0%
where the purchaser elects to pay a deferred commission) of the gross proceeds
of Shares sold by it and accepted and confirmed by the Company, which
commission will be paid by the Dealer Manager. 
For these purposes, a “sale of Shares” shall occur if and only if a
transaction has closed with a securities purchaser pursuant to all applicable
offering and subscription documents and the Company has thereafter distributed
the commission to the Dealer Manager in connection with such transaction.  The Dealer hereby waives any and all rights
to receive payment of commissions due until such time as the Dealer Manager is
in receipt of the commission from the Company. 
The Dealer affirms that the Dealer Manager’s liability for commissions
payable is limited solely to the proceeds of commissions receivable associated
therewith.  In addition, as set forth in
the Prospectus, the Dealer Manager may reallow out of its dealer manager fee
certain marketing fee and due diligence expense reimbursements based on the
gross proceeds of Shares sold by Dealers participating in the offering of
Shares, based on such factors as the number of Shares sold by such
participating Dealer, the assistance of such participating Dealer in marketing
the offering of Shares, and bona fide conference fees incurred.

 

The parties hereby agree that the foregoing commission
is not in excess of the usual and customary distributors’ or sellers’
commission received in the sale of securities similar to the Shares, that
Dealer’s interest in the offering is limited to such commission from the Dealer
Manager and Dealer’s indemnity referred to in Section 4 of the Dealer
Manager Agreement, that the Company is not liable or responsible for the direct
payment of such commission to the Dealer.

 

2

 

V.                                     Payment

 

Payments of selling commissions will be made by the
Dealer Manager (or by the Company as provided in the Dealer Manager Agreement)
to Dealer within 30 days of the receipt by the Dealer Manager of the gross
commission payments from the Company.

 

VI.                                 Right
to Reject Orders or Cancel Sales

 

All orders, whether initial or additional, are subject
to acceptance by and shall only become effective upon confirmation by the
Company, which reserves the right to reject any order.  Orders not accompanied by a Subscription
Agreement and Signature Page and the required check in payment for the Shares
may be rejected. Issuance and delivery of the Shares will be made only after
actual receipt of payment therefor. If any check is not paid upon presentment,
or if the Company is not in actual receipt of clearinghouse funds or cash,
certified or cashier’s check or the equivalent in payment for the Shares within
15 days of sale, the Company reserves the right to cancel the sale without
notice. In the event an order is rejected, canceled or rescinded for any
reason, the Dealer agrees to return to the Dealer Manager any commission
theretofore paid with respect to such order.

 

VII.                             Prospectus
and Supplemental Information

 

Dealer is not authorized or permitted to give and will
not give, any information or make any representation concerning the Shares
except as set forth in the Prospectus and any additional sales literature which
has been approved in advance in writing by the Dealer Manager (“Supplemental
Information”).  The Dealer Manager will
supply Dealer with reasonable quantities of the Prospectus, any supplements
thereto and any amended Prospectus, as well as any Supplemental Information,
for delivery to investors, and Dealer will deliver a copy of the Prospectus and
all supplements thereto and any amended Prospectus to each investor to whom an
offer is made prior to or simultaneously with the first solicitation of an
offer to sell the Shares to an investor. 
The Dealer agrees that it will not send or give any supplements thereto
and any amended Prospectus to that investor unless it has previously sent or
given a Prospectus and all supplements thereto and any amended Prospectus to
that investor or has simultaneously sent or given a Prospectus and all
supplements thereto and any amended Prospectus with such supplemental
information.  Dealer agrees that it will
not show or give to any investor or prospective investor or reproduce any
material or writing which is supplied to it by the Dealer Manager and marked
“dealer only” or otherwise bearing a legend denoting that it is not to be used
in connection with the sale of Shares to members of the public. Dealer agrees
that it will not use in connection with the offer or sale of Shares any
material or writing which relates to another Company supplied to it by the
Company or the Dealer Manager bearing a legend which states that such material
may not be used in connection with the offer or sale of any securities other
than the Company to which it relates. 
Dealer further agrees that it will not use in connection with the offer
or sale of Shares any materials or writings which have not been previously
approved by the Dealer Manager in writing. 
Each Dealer agrees, if the Dealer Manager so requests, to furnish a copy
of any revised preliminary Prospectus to each person to whom it has furnished a
copy of any previous preliminary Prospectus, and further agrees that it will
itself mail or otherwise deliver all preliminary and final Prospectuses
required for compliance with the provisions of Rule 15c2-8 under the Securities
Exchange Act of 1934.  Regardless of the
termination of this Agreement, Dealer will deliver a Prospectus in transactions
in the Shares for a period of 90 days from the effective date of the
Registration Statement or such longer period as may be required by the
Securities Exchange Act of 1934.  On
becoming a Dealer, and in offering and selling Shares, Dealer agrees to comply
with all the applicable requirements under the Securities Act of 1933, and the
Securities Exchange Act of 1934.

 

3

 

VIII.                         License
and Association Membership

 

Dealer’s
acceptance of this Agreement constitutes a representation to the Company and
the Dealer Manager that Dealer is a properly registered or licensed broker-dealer,
duly authorized to sell Shares under Federal and state securities laws and
regulations and in all states where it offers or sells Shares, and that it is a
member in good standing of the NASD. 
This Agreement shall automatically terminate if the Dealer ceases to be
a member in good standing of such association. 
Dealer agrees to notify the Dealer Manager immediately if Dealer ceases
to be a member in good standing of the NASD. 
The Dealer Manager also hereby agrees to abide by the Rules of Fair
Practice of the NASD and to comply with Rules 2730, 2740, 2420, 2440 and 2750
of the NASD Conduct Rules.

 

IX.                                Limitation
of Offer

 

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

 

X.                                    Termination

 

Dealer will suspend or terminate its offer and sale of
Shares upon the request of the Company or the Dealer Manager at any time and
will resume its offer and sale of Shares hereunder upon subsequent request of
the Company or the Dealer Manager.  Any
party may terminate this Agreement by written notice.  Such termination shall be effective 48 hours after the mailing of
such notice.  This Agreement is the
entire agreement of the parties and supersedes all prior agreements, if any,
between the parties hereto.

 

This Agreement may be amended at any time by the
Dealer Manager by written notice to the Dealer, and any such amendment shall be
deemed accepted by Dealer upon placing an order for sale of Shares after he has
received such notice.

 

XI.                                Notice

 

All notices will be in writing and will be duly given
to the Dealer Manager when mailed to 518 17th Street, 17th
Floor, Denver, Colorado 80202, and to Dealer when mailed to the address
specified by Dealer herein.

 

XII.                            Attorney’s
Fees and Applicable Law

 

In any action to enforce the provisions of this
Agreement or to secure damages for its breach, the prevailing party shall
recover its costs and reasonable attorney’s fees.  This Agreement shall be construed under the laws of the State of
Colorado and shall take effect when signed by Dealer and countersigned by the
Dealer Manager.

 

4

 

THE DEALER
MANAGER:

 

	
   

  	
  DIVIDEND CAPITAL
  SECURITIES LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Mark D. Quam

  
	
   

  	
  Managing
  Principal

  

 

We have read the
foregoing Agreement and we hereby accept and agree to the terms and conditions
therein set forth.  We hereby represent
that the list below of jurisdictions in which we are registered or licensed as
a broker or dealer and are fully authorized to sell securities is true and
correct, and we agree to advise you of any change in such list during the term
of this Agreement.

 

1.  IDENTITY OF DEALER:

 

	
  Company Name:

  
	
   

  	
   

  
	
  Type of entity:

  	
   

  	
   

  
	
   

  	
  (Corporation,
  Partnership or Proprietorship)

  
	
   

  	
   

  
	
  Organized in the
  State of:

  
	
   

  
	
  Licensed as
  broker-dealer all States: Yes         No
         

  
	
   

  
	
  If no, list all
  States licensed as broker-dealer:

  
				

 

 

Tax ID #:

 

2.  Person to receive notices delivered pursuant
to the Selected Dealer Agreement.

 

Name:

 

Company:

 

Address:                                               

 

City, State and
Zip:

 

Telephone:

 

Fax:

 

AGREED TO AND
ACCEPTED BY THE DEALER:

 

	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  (Dealer’s Firm
  Name)

  

 

5

 

	
  By:

  	
   

  	
   

  
	
   

  	
  Signature

  	
   

  
	
   

  	
   

  	
   

  
	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  

 

6

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