Document:

Exhibit 10.1

 

SECURITIES PURCHASE AGREEMENT

THIS SECURITIES PURCHASE AGREEMENT
(this “Agreement”), is made effective as of MAY 11, 2015 (the “Effective Date”), by
and among FLUX CARBON STARTER FUND LLC (“Buyer”) and PERVASIP CORP. (FKA eLEC COMMUNICATIONS
CORP.) (“Company”). Capitalized terms used herein and not otherwise defined herein shall have the respective
meanings set forth in that certain First Amended Security Agreement entered into on June 19, 2013, by and between Company and Buyer.

WITNESSETH

WHEREAS, the Company and the Buyer
are executing and delivering this Agreement in reliance upon an exemption from securities registration pursuant to Section 4(2),
Rule 506 of Regulation D (“Regulation D”), as promulgated by the U.S. Securities and Exchange Commission
(the “SEC”) under the Securities Act of 1933, as amended (the “Securities Act”);

WHEREAS, the parties desire that,
upon the terms and subject to the conditions contained herein, the Company shall issue and sell to the Buyer, as provided herein,
and the Buyer shall purchase the Securities, which shall be convertible into shares of the Company’s common stock, par value
$0.00001 (the “Common Stock” and, as converted, the “Conversion Shares”), in exchange for
certain consideration payable on the terms set forth herein (the “Purchase Price” and the “Subscription
Amount”).

NOW, THEREFORE, in consideration
of the mutual covenants and other agreements contained in this Agreement the Company and the Buyer hereby agree as follows:

1.               
PURCHASE AND SALE OF SECURITIES

(a)              
The Securities. Subject to the terms and conditions set forth in this Agreement, the Buyer shall purchase
from the Company and the Company shall issue to the Buyer a secured convertible debenture with an principal balance of $140,000.00
and in substantially the same form as the form of debenture attached hereto as Exhibit B (the “Securities” or the
“Debenture”), which shall be convertible into shares of common stock of the Company (the “Common Stock”).

(b)              
The Purchase Price. Buyer shall purchase the Debenture in exchange for the $68,000.00 in cash (the “Purchase
Price”), consisting of the amounts itemized in Schedule A hereto.

(c)              
The Closing. The Closing of the purchase and sale of the Securities shall take place
at 10:00 a.m. Eastern Standard Time on the second (2nd) business day following the date hereof, subject to notification
of satisfaction of the conditions to the Closing set forth herein and in Sections 6 and 7 below (or such later date as is mutually
agreed to by the Company and the Buyer) (the “Closing Date”). 

2.               
BUYER’S REPRESENTATIONS AND WARRANTIES

Buyer represents and warrants that:

(a)              
Investment Purpose. Buyer is acquiring the Securities and, upon conversion of Securities,
the Buyer will acquire the Conversion Shares then issuable, for its own account for investment only and not with a view towards,
or for resale in connection with, the public sale or distribution thereof, except pursuant to sales registered or exempted under
the Securities Act; provided, however, that by making the representations herein, such Buyer reserves the right to dispose of the
Conversion Shares at any time in accordance with or pursuant to an effective registration statement covering such Conversion Shares
or an available exemption under the Securities Act.

(b)              
Accredited Investor Status. Buyer is an “Accredited Investor” as
that term is defined in Rule 501(a)(3) of Regulation D.

(c)              
Information. Buyer and its advisors (and his or, its counsel), if any, have been furnished
with all materials relating to the business, finances and operations of the Company and information he deemed material to making
an informed investment decision regarding his purchase of the Securities and the Conversion Shares, which have been requested by
Buyer. Buyer and its advisors, if any, have been afforded the opportunity to ask questions of the Company and its management. Neither
such inquiries nor any other due diligence investigations conducted by Buyer or its advisors, if any, or its representatives shall
modify, amend or affect Buyer’s right to rely on the Company’s representations and warranties contained in Section
3 below. Buyer understands that its investment in the Securities and the Conversion Shares involves a high degree of risk. Buyer
is in a position regarding the Company, which, based upon employment, family relationship or economic bargaining power, enabled
and enables Buyer to obtain information from the Company in order to evaluate the merits and risks of this investment. Buyer has
sought such accounting, legal and

    	 

    	 

    

tax advice, as it has considered necessary to make an informed
investment decision with respect to its acquisition of the Securities and the Conversion Shares.

(d)              
Authorization, Enforcement. This Agreement has been duly and validly authorized, executed
and delivered on behalf of such Buyer and is a valid and binding agreement of Buyer enforceable in accordance with its terms, except
as such enforceability may be limited by general principles of equity or applicable bankruptcy, insolvency, reorganization, moratorium,
liquidation and other similar laws relating to, or affecting generally, the enforcement of applicable creditors’ rights and
remedies.

(e)              
Due Formation of Corporate and Other Buyer. Buyer has been formed and validly exists
and has not been organized for the specific purpose of purchasing the Securities and is not prohibited from doing so.

(f)              
No Short Sales. Neither the Buyer nor its affiliates has an open short position in
the Common Stock of the Company, and the Buyer agrees that it will not, and will cause its affiliates to not, engage in any Short
Sales of the Common Stock of the Company, as "Short Sale" is defined in Rule 200 of Regulation SHO under the Exchange
Act.

3.               
REPRESENTATIONS
AND WARRANTIES OF THE COMPANY

The Company represents and warrants to
the Buyer that, except as set forth in the SEC Documents (as defined herein):

(a)              
Organization and Qualification. The Company and its Active Subsidiaries are corporations
duly organized and validly existing in good standing under the laws of the jurisdiction in which they are incorporated, and have
the requisite corporate power to own their properties and to carry on their business as now being conducted. Each of the Company
and its Active Subsidiaries is duly qualified as a foreign corporation to do business and is in good standing in every jurisdiction
in which the nature of the business conducted by it makes such qualification necessary, except to the extent that the failure
to be so qualified or be in good standing would not have a material adverse effect on the Company and its Active Subsidiaries
taken as a whole.

(b)          
Authorization, Enforcement, Compliance with Other Instruments. (i) The Company
has the requisite corporate power and authority to enter into and perform this Agreement and the other Transaction Documents and
to issue the Securities and the Conversion Shares in accordance with the terms hereof and thereof, (ii) the execution and delivery
of the Transaction Documents by the Company and the consummation by it of the transactions contemplated hereby and thereby, including,
without limitation, the issuance of the Securities the Conversion Shares and the reservation for issuance and the issuance of the
Conversion Shares issuable upon conversion or exercise thereof, have been duly authorized by the Company’s Board of Directors
and no further consent or authorization is required by the Company, its Board of Directors or its stockholders, (iii) the Transaction
Documents have been duly executed and delivered by the Company, (iv) the Transaction Documents constitute the valid and binding
obligations of the Company enforceable against the Company in accordance with their terms, except as such enforceability may be
limited by general principles of equity or applicable bankruptcy, insolvency, reorganization, moratorium, liquidation or similar
laws relating to, or affecting generally, the enforcement of creditors’ rights and remedies. 

(c)          
Capitalization. The authorized capital stock of the Company consists of 8,978,999,990
shares of Common Stock, par value $0.00001 per share, of which about 4,702,630,209 shares of Common Stock are issued and outstanding
as of the date hereof. All of such outstanding shares have been validly issued and are fully paid and nonassessable. Except as
disclosed in the SEC Documents, no shares of Common Stock are subject to preemptive rights or any other similar rights or any liens
or encumbrances suffered or permitted by the Company. Except as disclosed in the SEC Documents, as of the date of this Agreement,
(i) there are no outstanding options, warrants, scrip, rights to subscribe to, calls or commitments of any character whatsoever
relating either to or rights convertible into any shares of capital stock of the Company or any of its subsidiaries, or contracts,
commitments, understandings or arrangements by which the Company or any of its subsidiaries is or may become bound to issue additional
shares of capital stock of the Company or any of its subsidiaries or options, warrants, scrip, rights to subscribe to, calls or
commitments of any character whatsoever relating to, or securities or rights convertible into, any shares of capital stock of the
Company or any of its subsidiaries, (ii) there are no agreements or arrangements under which the Company or any of its subsidiaries
is obligated to register the sale of any of their securities under the Securities Act (except pursuant to an S-8 Registration Statement)
and (iii) there are no outstanding registration statements (except for an S-8 Registration Statement and there are no outstanding
comment letters from the SEC or any other regulatory agency. There are no securities or instruments containing anti-dilution or
similar provisions that will be triggered by the issuance of the Securities as described in this Agreement. The Company has furnished
to the Buyer true and correct

    	 

    	 

    

copies of the Company’s Articles
of Incorporation, as amended and as in effect on the date hereof (the “Articles of Incorporation”), and the
Company’s By-laws, as in effect on the date hereof (the “By-laws”), and the terms of all securities convertible
into or exercisable for Common Stock and the material rights of the holders thereof in respect thereto other than stock options
issued to employees and consultants.

(d)          
Issuance of Securities. The Securities are duly authorized and, upon issuance in accordance
with the terms hereof, shall be duly issued, fully paid and nonassessable, are free from all taxes, liens and charges with respect
to the issue thereof. The Conversion Shares issuable upon conversion of the Securities have been duly authorized and reserved
for issuance. Upon conversion or exercise in accordance with the Securities the Conversion Shares will be duly issued, fully paid
and nonassessable.

(e)          
No Conflicts. Except as disclosed in the SEC Documents, the execution, delivery and
performance of the Transaction Documents by the Company and the consummation by the Company of the transactions contemplated hereby
will not (i) result in a violation of the Certificate of Incorporation, any certificate of designations of any outstanding series
of preferred stock of the Company or the By-laws or (ii) conflict with or constitute a default (or an event which with notice
or lapse of time or both would become a default) under, or give to others any rights of termination, amendment, acceleration or
cancellation of, any agreement, indenture or instrument to which the Company or any of its subsidiaries is a party, or result
in a violation of any law, rule, regulation, order, judgment or decree (including federal and state securities laws and regulations
and the rules and regulations of The National Association of Securities Dealers Inc.’s OTC Bulletin Board on which the Common
Stock is quoted) applicable to the Company or any of its subsidiaries or by which any property or asset of the Company or any
of its subsidiaries is bound or affected. Except as disclosed in the SEC Documents, neither the Company nor its subsidiaries is
in violation of any term of or in default under its Articles of Incorporation or By-laws or their organizational charter or by-laws,
respectively, or any material contract, agreement, mortgage, indebtedness, indenture, instrument, judgment, decree or order or
any statute, rule or regulation applicable to the Company or its subsidiaries. The business of the Company and its subsidiaries
is not being conducted, and shall not be conducted in violation of any material law, ordinance, or regulation of any governmental
entity. Except as specifically contemplated by this Agreement and as required under the Securities Act and any applicable state
securities laws, the Company is not required to obtain any consent, authorization or order of, or make any filing or registration
with, any court or governmental agency in order for it to execute, deliver or perform any of its obligations under or contemplated
by this Agreement in accordance with the terms hereof or thereof. Except as disclosed in the SEC Documents, all consents, authorizations,
orders, filings and registrations which the Company is required to obtain pursuant to the preceding sentence have been obtained
or effected on or prior to the date hereof. The Company and its subsidiaries are unaware of any facts or circumstance, which might
give rise to any of the foregoing.

(f)          
SEC Documents: Financial Statements. The Company shall file all reports, schedules,
forms, statements and other documents required to be filed by it with the SEC under of the Securities Exchange Act of 1934, as
amended (the “Exchange Act”) (all of the foregoing filed prior to the date hereof or amended after the date
hereof and all exhibits included therein and financial statements and schedules thereto and documents incorporated by reference
therein, being hereinafter referred to as the “SEC Documents”). The Company has delivered to the Buyer or their
representatives, or made available through the SEC’s website at http://www.sec.gov,
true and complete copies of the SEC Documents. As of their respective dates, the financial statements of the Company disclosed
in the SEC Documents (the “Financial Statements”) complied as to form in all material respects with applicable
accounting requirements and the published rules and regulations of the SEC with respect thereto. Such financial statements have
been prepared in accordance with generally accepted accounting principles, consistently applied, during the periods involved (except
(i) as may be otherwise indicated in such Financial Statements or the notes thereto, or (ii) in the case of unaudited interim
statements, to the extent they may exclude footnotes or may be condensed or summary statements) and, fairly present in all material
respects the financial position of the Company as of the dates thereof and the results of its operations and cash flows for the
periods then ended (subject, in the case of unaudited statements, to normal year-end audit adjustments). No other information
provided by or on behalf of the Company to the Buyer which is not included in the SEC Documents, including, without limitation,
information referred to in this Agreement, contains any untrue statement of a material fact or omits to state any material fact
necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading.

(g)          
10(b)-5. The SEC Documents do not include any untrue statements of material fact, nor
do they omit to state any material fact required to be stated therein necessary to make the statements made, in light of the circumstances
under which they were made, not misleading.

(h)          
Absence of Litigation. Except as disclosed in the SEC Documents, there is no action,
suit, proceeding, inquiry or investigation before or by any court, public board, government agency, self-regulatory organization
or body pending against or affecting the Company, the Common Stock or any of the Company’s

    	 

    	 

    

subsidiaries, wherein an unfavorable
decision, ruling or finding would (i) have a material adverse effect on the transactions contemplated hereby (ii) adversely affect
the validity or enforceability of, or the authority or ability of the Company to perform its obligations under, this Agreement
or any of the documents contemplated herein, or (iii) except as expressly disclosed in the SEC Documents, have a material adverse
effect on the business, operations, properties, financial condition or results of operations of the Company and its subsidiaries
taken as a whole.

(i)          
Acknowledgment Regarding Buyer’s Purchase of the Securities. The Company acknowledges
and agrees that the Buyer is acting solely in the capacity of an arm’s length purchaser with respect to this Agreement and
the transactions contemplated hereby. The Company further acknowledges that the Buyer is not acting as a financial advisor or fiduciary
of the Company (or in any similar capacity) with respect to this Agreement and the transactions contemplated hereby and any advice
given by the Buyer or any of their respective representatives or agents in connection with this Agreement and the transactions
contemplated hereby is merely incidental to such Buyer’s purchase of the Securities or the Conversion Shares. The Company
further represents to the Buyer that the Company’s decision to enter into this Agreement has been based solely on the independent
evaluation by the Company and its representatives.

(j)          
No General Solicitation. Neither the Company, nor any of its affiliates, nor any person
acting on its or their behalf, has engaged in any form of general solicitation or general advertising (within the meaning of Regulation
D under the Securities Act) in connection with the offer or sale of the Securities or the Conversion Shares.

(k)          
No Integrated Offering. Neither the Company, nor any of its affiliates, nor any person
acting on its or their behalf has, directly or indirectly, made any offers or sales of any security or solicited any offers to
buy any security, under circumstances that would require registration of the Securities or the Conversion Shares under the Securities
Act or cause this offering of the Securities or the Conversion Shares to be integrated with prior offerings by the Company for
purposes of the Securities Act.

(l)          
Internal Accounting Controls. Except as set forth in the SEC Documents, the Company
and each of its subsidiaries maintain a system of internal accounting controls sufficient to provide reasonable assurance that
(i) transactions are executed in accordance with management’s general or specific authorizations, (ii) transactions are recorded
as necessary to permit preparation of financial statements in conformity with generally accepted accounting principles and to maintain
asset accountability, and (iii) the recorded amounts for assets is compared with the existing assets at reasonable intervals and
appropriate action is taken with respect to any differences.

(m)          
No Material Adverse Breaches, etc. Except as set forth in the SEC Documents, neither
the Company nor any of its subsidiaries is subject to any charter, corporate or other legal restriction, or any judgment, decree,
order, rule or regulation which in the judgment of the Company’s officers has or is expected in the future to have a material
adverse effect on the business, properties, operations, financial condition, results of operations or prospects of the Company
or its subsidiaries. Except as set forth in the SEC Documents, neither the Company nor any of its subsidiaries is in breach of
any contract or agreement which breach, in the judgment of the Company’s officers, has or is expected to have a material
adverse effect on the business, properties, operations, financial condition, results of operations or prospects of the Company
or its subsidiaries.

(n)          
Tax Status. Except as set forth in the SEC Documents, the Company and each of its subsidiaries
has made and filed all federal and state income and all other tax returns, reports and declarations required by any jurisdiction
to which it is subject and (unless and only to the extent that the Company and each of its subsidiaries has set aside on its books
provisions reasonably adequate for the payment of all unpaid and unreported taxes) has paid all taxes and other governmental assessments
and charges that are material in amount, shown or determined to be due on such returns, reports and declarations, except those
being contested in good faith and has set aside on its books provision reasonably adequate for the payment of all taxes for periods
subsequent to the periods to which such returns, reports or declarations apply. There are no unpaid taxes in any material amount
claimed to be due by the taxing authority of any jurisdiction, and the officers of the Company know of no basis for any such claim.

(o)          
Certain Transactions. Except as set forth in the SEC Documents, and except for arm’s
length transactions pursuant to which the Company makes payments in the ordinary course of business upon terms no less favorable
than the Company could obtain from third parties and other than the grant of stock options disclosed in the SEC Documents, none
of the officers, directors, or employees of the Company is presently a party to any transaction with the Company (other than for
services as employees, officers and directors), including any contract, agreement or other arrangement providing for the furnishing
of services to or by, providing for rental of real or personal

    	 

    	 

    

property to or from, or otherwise requiring
payments to or from any officer, director or such employee or, to the knowledge of the Company, any corporation, partnership, trust
or other entity in which any officer, director, or any such employee has a substantial interest or is an officer, director, trustee
or partner.

(p)          
Fees and Rights of First Refusal. The Company is not obligated to offer the securities
offered hereunder on a right of first refusal basis or otherwise to any third parties including, but not limited to, current or
former shareholders of the Company, underwriters, brokers, agents or other third parties.

4.               
COVENANTS

(a)          
Best Efforts. Each party shall use its best efforts timely to satisfy each of the conditions
to be satisfied by it hereunder.

(b)          
Reporting Status. Until the earlier of (i) the date as of which the Buyer may sell
all of the Conversion Shares without restriction pursuant to Rule 144(k) promulgated under the Securities Act (or successor thereto),
or (ii) the date on which (A) the Buyer shall have sold all the Conversion Shares and (B) none of the Securities are outstanding
(the “Registration Period”), the Company shall file in a timely manner all reports required to be filed with
the SEC pursuant to the Exchange Act and the regulations of the SEC thereunder, and the Company shall not terminate its status
as an issuer required to file reports under the Exchange Act even if the Exchange Act or the rules and regulations thereunder would
otherwise permit such termination.

(c)          
Reservation of Shares. The Company shall issue no shares of Company Common Stock or
other class or series of Company capital stock (e.g., preferred stock) in the absence of the Buyer’s prior written consent,
which shall not unreasonably be withheld. Notwithstanding the foregoing, the Company shall take all action reasonably necessary
to at all times have authorized, and reserved for the purpose of issuance, such number of shares of Common Stock as shall be necessary
to effect the issuance of all of the Conversion Shares due to Buyer upon conversion of the Debenture (and any other Company debenture
held by Buyer); provided, however, that the Company shall take no action to increase its authorized shares of Common Stock, or
to implement a reverse or forward stock split, or to otherwise amend the Company’s Articles of Incorporation in respect of
any existing or new class of Company capital stock in the absence of the Buyer’s prior written consent, which shall not be
unreasonably withheld. 

(d)          
Listings or Quotation. The Company shall promptly secure the listing or quotation
of the Conversion Shares upon each national securities exchange, automated quotation system or The National Association of Securities
Dealers Inc.’s Over-The-Counter Marketplace (“OTCQB”) or other market, if any, upon which shares of Common
Stock are then listed or quoted (subject to official notice of issuance) and shall use its best efforts to maintain, so long as
any other shares of Common Stock shall be so listed, such listing of all Conversion Shares from time to time issuable under the
terms of this Agreement. The Company shall maintain the Common Stock’s authorization for quotation on the OTCQB.

(e)          
Corporate Existence. So long as any of the Securities remain outstanding, the Company
shall not directly or indirectly consummate any merger, reorganization, restructuring, reverse stock split, consolidation, sale
of all or substantially all of the Company’s assets or any similar transaction or related transactions (each such transaction,
an “Organizational Change”) unless, prior to the consummation an Organizational Change, the Company obtains
the written consent of the Buyer, which consent shall not be unreasonably withheld. In any such case, the Company shall make appropriate
provision with respect to Buyer’s rights and interests to insure that the provisions of the Transaction Documents will thereafter
be applicable to the Securities.

(f)          
Transactions With Affiliates. So long as any Securities are outstanding, the Company
shall not, and shall cause each of its subsidiaries not to, enter into, amend, modify or supplement, or permit any subsidiary to
enter into, amend, modify or supplement any agreement, transaction, commitment, or arrangement with any of its or any subsidiary’s
officers, directors, person who were officers or directors at any time during the previous two (2) years, stockholders who beneficially
own five percent (5%) or more of the Common Stock, or Affiliates (as defined below) or with any individual related by blood, marriage,
or adoption to any such individual or with any entity in which any such entity or individual owns a five percent (5%) or more beneficial
interest (each a “Related Party”), except for (a) customary employment arrangements and benefit programs on
reasonable terms, (b) any investment in an Affiliate of the Company, (c) any agreement, transaction, commitment, or arrangement
on an arms-length basis on terms no less favorable than terms which would have been obtainable from a person other than such Related
Party, (d) any agreement transaction, commitment, or arrangement which is approved by a majority of the disinterested directors
of the Company, for purposes hereof, any director who is also an officer of the Company or any subsidiary of the Company shall
not be a disinterested director with respect to any such agreement, transaction, commitment, or

    	 

    	 

    

arrangement. “Affiliate”
for purposes hereof means, with respect to any person or entity, another person or entity that, directly or indirectly, (i) has
a ten percent (10%) or more equity interest in that person or entity, (ii) has ten percent (10%) or more common ownership with
that person or entity, (iii) controls that person or entity, or (iv) shares common control with that person or entity. “Control”
or “controls” for purposes hereof means that a person or entity has the power, direct or indirect, to conduct
or govern the policies of another person or entity.

(g)          
Transfer Agent. The Company covenants and agrees that, in the event that the Company’s
agency relationship with the transfer agent should be terminated for any reason prior to a date which is two (2) years after the
Closing Date, the Company shall immediately appoint a new transfer agent and shall require that the new transfer agent execute
and agree to be bound by the terms of the Transfer Agent Instructions (as defined herein).

(h)          
Indebtedness. The Company shall not, in the absence of the Buyer’s prior written
consent, which consent shall not be unreasonably withheld, authorize, issue, agree to issue, give effect to any assignment of,
assume, guaranty, in any respect become obligated for, or make any payment of any kind against, under or in any manner in connection
with any Indebtedness. As used herein, the term “Indebtedness” shall mean any debt, note or other obligation
with the exception of any debt or other obligation held by or otherwise owing to Buyer, and unsecured trade credit obligations
incurred by the Company and/or any Subsidiary in the ordinary course of business. 

(i)          
Further Assurances; Cooperation. The Company shall use its best efforts to cooperate
with the Company and to diligently perform under the Transaction Documents. At and after the Closing, the Company shall execute
and deliver such further instruments of conveyance and transfer as Buyer may reasonably request to convey and transfer effectively
to Buyer the Securities and any and all amounts and shares of Common Stock due and payable thereunder.

5.               
TRANSFER AGENT INSTRUCTIONS

(a)          
The Company shall issue the Transfer Agent Instructions to its transfer agent in the form
attached hereto for the purpose of having certificates issued, registered in the name of the Buyer or its respective nominee(s),
for the Conversion Shares representing such amounts of Securities as specified from time to time by the Buyer to the Company upon
conversion of the Securities, for interest owed pursuant to the Securities, and for any and all Liquidated Damages. 

(b)          
The Company shall not change its transfer agent without the express written consent of the
Buyer, which may be withheld by the Buyer in its sole discretion. 

(c)          
The Company warrants that no instruction other than the Transfer Agent Instructions previously
executed in favor of Buyer will be given by the Company to its transfer agent and that the Conversion Shares shall otherwise be
freely transferable on the books and records of the Company as and to the extent provided in this Agreement. 

(d)          
Nothing in this Section 5 shall affect in any way the Buyer’s obligations and agreement
to comply with all applicable securities laws upon resale of Conversion Shares. If the Buyer provides the Company with an opinion
of counsel, in form, scope and substance customary for opinions of counsel in comparable transactions to the effect that registration
of a resale by the Buyer of any of the Conversion Shares is not required under the Securities Act, the Company shall within two
(2) business days instruct its transfer agent to issue one or more certificates in such name and in such denominations as specified
by the Buyer. 

(e)          
The Company acknowledges that a breach by it of its obligations hereunder will cause irreparable
harm to the Buyer by vitiating the intent and purpose of the transaction contemplated hereby. Accordingly, the Company acknowledges
that the remedy at law for a breach of its obligations under this Section 5 will be inadequate and agrees, in the event of a breach
or threatened breach by the Company of the provisions of this Section 5, that the Buyer shall be entitled, in addition to
all other available remedies, to an injunction restraining any breach and requiring immediate issuance and transfer, without the
necessity of showing economic loss and without any bond or other security being required.

2.               
CONDITIONS TO THE BUYER’S OBLIGATION TO PURCHASE

The obligation of
the Buyer hereunder to purchase the Securities and to pay the Purchase Price hereunder is subject to the satisfaction, at or before
the Closing Date or any Purchase Price payment date, of each of the following conditions:

    	 

    	 

    

(a)      
The representations and warranties of the Company shall be true and correct in all material respects as of the date when
made and as of the Closing Date as though made at that time (except for representations and warranties that speak as of a specific
date). The Company shall have performed, satisfied and complied in all material respects with the covenants, agreement and conditions
required by this Agreement and the Debenture to be performed, satisfied or complied with by the Company at or prior to the Closing
Date or any Purchase Price payment date, and through and including the date upon which the Debenture has been fully paid. If requested
by the Buyer, the Buyer shall have received a certificate, executed by the President of the Company to the foregoing effect and
as to such other matters as may be reasonably requested by the Buyer.

7.               
INDEMNIFICATION

In consideration of
the Buyer’s execution and delivery of this Agreement and acquiring the Securities and the Conversion Shares hereunder, and
in addition to all of the Company’s other obligations under this Agreement, the Company shall defend, protect, indemnify
and hold harmless the Buyer and each other holder of the Securities and the Conversion Shares, all of their officers, directors,
employees and agents (including, without limitation, those retained in connection with the transactions contemplated by this
Agreement), and any Designee (collectively, the “Buyer Indemnitees”) from and against any and all actions, causes
of action, suits, claims, losses, costs, penalties, fees, liabilities and damages, and expenses in connection therewith (irrespective
of whether any such Buyer Indemnitee is a party to the action for which indemnification hereunder is sought), and including reasonable
attorneys’ fees and disbursements (the “Indemnified Liabilities”), incurred by the Buyer Indemnitees or
any of them as a result of, or arising out of, or relating to (a) any misrepresentation or breach of any representation or warranty
made by the Company in this Agreement, the other Transaction Documents or any other certificate, instrument or document contemplated
hereby or thereby, (b) any breach of any covenant, agreement or obligation of the Company contained in this Agreement, the other
Transaction Documents or any other certificate, instrument or document contemplated hereby or thereby, or (c) any cause of action,
suit or claim brought or made against such Indemnitee and arising out of or resulting from the execution, delivery, performance
or enforcement of this Agreement or any other instrument, document or agreement executed pursuant hereto by any of the Indemnities,
any transaction financed or to be financed in whole or in part, directly or indirectly, with the proceeds of the issuance of the
Securities or the status of the Buyer or holder of the Securities the Conversion Shares, as a Buyer of Securities in the Company.
To the extent that the foregoing undertaking by the Company may be unenforceable for any reason, the Company shall make the maximum
contribution to the payment and satisfaction of each of the Indemnified Liabilities, which is permissible under applicable law.

8.               
GOVERNING LAW: MISCELLANEOUS

(a)          
Governing Law. This Agreement shall be governed by and interpreted in accordance with
the laws of the State of New Jersey, without regard to the principles of conflict of laws. The Company and the Buyer expressly
consent to the jurisdiction and venue of the Superior Court of New Jersey, Bergen County, for any litigation between the parties.

(b)          
Specific Performance. The parties hereto recognize that any breach of the terms this
Agreement may give rise to irreparable harm for which money damages would not be an adequate remedy, and accordingly agree that
any non-breaching party shall be entitled to enforce the terms of this Agreement by a decree of specific performance without the
necessity of proving the inadequacy as a remedy of money damages. If specific performance is elected as a remedy hereunder, such
remedy shall be in addition to any other remedies available at law or equity.

(c)          
Counterparts. This Agreement may be executed in two or more identical counterparts,
all of which shall be considered one and the same agreement and shall become effective when counterparts have been signed by each
party and delivered to the other party. In the event any signature page is delivered by facsimile transmission, the party using
such means of delivery shall cause four (4) additional original executed signature pages to be physically delivered to the other
party within five (5) days of the execution and delivery hereof.

(d)          
Headings; Severability. The headings of this Agreement are for convenience of reference
and shall not form part of, or affect the interpretation of, this Agreement. If any provision of this Agreement shall be invalid
or unenforceable in any jurisdiction, such invalidity or unenforceability shall not affect the validity or enforceability of the
remainder of this Agreement in that jurisdiction or the validity or enforceability of any provision of this Agreement in any other
jurisdiction.

(e)          
Entire Agreement, Amendments. This Agreement supersedes all other prior oral or written
agreements between the Buyer, the Company, their affiliates and persons acting on their behalf with respect to

    	 

    	 

    

the matters discussed herein, and this
Agreement and the instruments referenced herein contain the entire understanding of the parties with respect to the matters covered
herein and therein and, except as specifically set forth herein or therein, neither the Company nor any Buyer makes any representation,
warranty, covenant or undertaking with respect to such matters. No provision of this Agreement may be waived or amended other than
by an instrument in writing signed by the party to be charged with enforcement.

(f)          
Notices. Any notices, consents, waivers, or other communications required or permitted
to be given under the terms of this Agreement must be in writing and will be deemed to have been delivered (i) upon receipt, when
delivered personally; (ii) upon confirmation of receipt, when sent by facsimile; (iii) three (3) days after being sent by U.S.
certified mail, return receipt requested, or (iv) one (1) day after deposit with a nationally recognized overnight delivery service,
in each case properly addressed to the party to receive the same. Each party shall provide five (5) days’ prior written
notice to the other party of any change in address or facsimile number.

(g)          
Successors and Assigns. This Agreement shall be binding upon and inure to the benefit
of the parties and their respective successors and assigns. Neither the Company nor any Buyer shall assign this Agreement or any
rights or obligations hereunder without the prior written consent of the other party hereto.

(h)          
No Third Party Beneficiaries. This Agreement is intended for the benefit of the parties
hereto and their respective permitted successors and assigns, and is not for the benefit of, nor may any provision hereof be enforced
by, any other person.

(i)          
Publicity. The Company shall issue no press release or public disclosure involving
the Transaction Documents and/or the Financing in the absence of the Buyer’s prior written consent.

(j)          
Further Assurances. Each party shall do and perform, or cause to be done and performed,
all such further acts and things, and shall execute and deliver all such other agreements, certificates, instruments and documents,
as the other party may reasonably request in order to carry out the intent and accomplish the purposes of this Agreement and the
consummation of the transactions contemplated hereby.

(k)          
Termination. In the event that the Closing shall not have occurred with respect to
the Buyer on or before five (5) business days from the date hereof due to the Company’s failure to satisfy the conditions
set forth above (and the non-breaching party’s failure to waive such unsatisfied condition(s)), the non-breaching party shall
have the option to terminate this Agreement with respect to such breaching party at the close of business on such date without
liability of any party to any other party; provided, however, that if this Agreement is terminated by the Company, the Company
shall remain obligated to reimburse the Buyer for $5,000 in fees and expenses.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK

- SIGNATURE PAGE FOLLOWS]

    	 

    	 

    

IN WITNESS WHEREOF the parties
have duly executed, or caused their duly authorized representative, to execute this Securities Purchase Agreement.

	 	FLUX CARBON STARTER FUND LLC
	 	 
	 	 
	 	By:/s/ Mary Carroll
	 	Name:Mary Carroll
	 	Title:Manager
	 	 
	PERVASIP CORP.	 
	 	 
	 	 
	By:/s/ Paul Riss	 
	Name: Paul Riss	 
	Title:Chief Executive OfficerEX-10.1

 Exhibit 10.1 

SEVENTH AMENDED AND RESTATED ADVISORY AGREEMENT 

among 
 INDUSTRIAL
INCOME TRUST INC., 
 INDUSTRIAL INCOME OPERATING PARTNERSHIP LP 

and 
 INDUSTRIAL INCOME
ADVISORS LLC 

							
	1.		 DEFINITIONS
		 	1	  
			
	2.		 APPOINTMENT
		 	7	  
			
	3.		 DUTIES OF THE ADVISOR
		 	7	  
			
	4.		 AUTHORITY OF ADVISOR
		 	10	  
			
	5.		 BANK ACCOUNTS
		 	10	  
			
	6.		 RECORDS; ACCESS
		 	10	  
			
	7.		 LIMITATIONS ON ACTIVITIES
		 	11	  
			
	8.		 RELATIONSHIP WITH DIRECTORS
		 	11	  
			
	9.		 FEES
		 	11	  
			
	10.		 EXPENSES
		 	13	  
			
	11.		 OTHER SERVICES
		 	14	  
			
	12.		 REIMBURSEMENT TO THE ADVISOR
		 	14	  
			
	13.		 OTHER ACTIVITIES OF THE ADVISOR
		 	14	  
			
	14.		 TERM; TERMINATION OF AGREEMENT
		 	15	  
			
	15.		 TERMINATION BY THE PARTIES
		 	15	  
			
	16.		 ASSIGNMENT TO AN AFFILIATE
		 	15	  
			
	17.		 PAYMENTS TO AND DUTIES OF ADVISOR UPON TERMINATION
		 	16	  
			
	18.		 INDEMNIFICATION BY THE CORPORATION AND THE OPERATING PARTNERSHIP
		 	16	  
			
	19.		 INDEMNIFICATION BY ADVISOR
		 	16	  
			
	20.		 NOTICES
		 	17	  
			
	21.		 MODIFICATION
		 	17	  
			
	22.		 SEVERABILITY
		 	17	  
			
	23.		 CONSTRUCTION
		 	17	  
			
	24.		 ENTIRE AGREEMENT
		 	17	  
			
	25.		 INDULGENCES, NOT WAIVERS
		 	17	  
			
	26.		 GENDER
		 	17	  
			
	27.		 TITLES NOT TO AFFECT INTERPRETATION
		 	17	  
			
	28.		 EXECUTION IN COUNTERPARTS
		 	18	  
			
	29.		 INITIAL INVESTMENT
		 	18	  

  
 2 

 SEVENTH AMENDED AND RESTATED ADVISORY AGREEMENT 

THIS SEVENTH AMENDED AND RESTATED ADVISORY AGREEMENT, dated as of February 21, 2015 is among Industrial Income Trust Inc., a Maryland
corporation (the “Corporation”), Industrial Income Operating Partnership LP, a Delaware limited partnership (the “Operating Partnership”), and Industrial Income Advisors LLC, a Delaware limited liability company. 

W I T N E S S E T H 

WHEREAS, the Corporation has qualified as a REIT (as defined below), and invests its funds in investments permitted by the terms of Sections
856 through 860 of the Code (as defined below); 
 WHEREAS, the Corporation is the general partner of the Operating Partnership and conducts
all its business and makes all investments in Assets through the Operating Partnership; 
 WHEREAS, the Corporation and the Operating
Partnership desire to avail themselves of the experience, sources of information, advice, assistance and certain facilities of the Advisor and to have the Advisor undertake the duties and responsibilities hereinafter set forth, on behalf of, and
subject to the supervision of, the Board of Directors of the Corporation, all as provided herein; 
 WHEREAS, the Advisor is willing to
undertake to render such services, subject to the supervision of the Board of Directors, on the terms and conditions hereinafter set forth; 

WHEREAS, the Corporation, the Operating Partnership and the Advisor are parties to that certain Sixth Amended and Restated Advisory Agreement,
dated as of June 27, 2014, which is amended and restated in its entirety hereby. 
 NOW, THEREFORE, in consideration of the foregoing
and of the mutual covenants and agreements contained herein, the parties hereto agree as follows: 
 1. DEFINITIONS. As used in this Seventh
Amended and Restated Advisory Agreement (the “Agreement”), the following terms have the definitions hereinafter indicated: 

Acquisition Expenses. Any and all expenses, exclusive of Acquisition Fees, incurred by the Corporation, the Operating Partnership, the
Advisor, or any of their Affiliates in connection with the selection, acquisition, development or origination of any Asset, whether or not acquired, including, without limitation, legal fees and expenses, travel and communications expenses, costs of
appraisals, nonrefundable option payments on property not acquired, accounting fees and expenses, title insurance, and the costs of performing due diligence. 

Acquisition Fees. Any and all fees and commissions, exclusive of Acquisition Expenses, paid by any Person to any other Person
(including any fees or commissions paid by or to any Affiliate of the Corporation, the Operating Partnership or the Advisor) in connection with (i) the acquisition, development or construction of a Property, (ii) the acquisition of
interests in a real estate related entity or (iii) making or investing in Mortgages or the origination or acquisition of other debt or other investments, including real estate commissions, selection fees, Development Fees, Construction Fees, if
any, nonrecurring management fees, loan fees, points or any other fees of a similar nature. Excluded shall be development fees and construction fees paid to any Person not affiliated with the Sponsor in connection with the actual development and
construction of a project. 
 Advisor. Industrial Income Advisors LLC, a Delaware limited liability company, any successor advisor to
the Corporation, the Operating Partnership or any person or entity to which Industrial Income Advisors LLC or any successor advisor subcontracts substantially all of its functions. Notwithstanding the forgoing, a Person hired or retained by
Industrial Income Advisors LLC to perform property and securities management and related services for the Corporation or the Operating Partnership that is not hired or retained to perform substantially all of the functions of Industrial Income
Advisors LLC with respect to the Corporation or the Operating Partnership as a whole shall not be deemed to be an Advisor. 
 Affiliate
or Affiliated. 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, 

  
 3 

 
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. 

Asset. Any Property, Mortgage, other debt or other investment (other than investments in bank accounts, money market funds or other
current assets) owned by the Corporation, directly or indirectly through one or more of its Affiliates. 
 Asset Management Fee. A
fee paid to the Advisor as compensation for services rendered in connection with the management and Disposition of the Corporation’s Assets. 

Average Invested Assets. For a specified period, the average of the aggregate book value of the Assets invested, directly or
indirectly, in equity interests in and loans secured by or related to real estate (including, without limitation, equity interests in REITs, mortgage pools, commercial mortgage-backed securities, mezzanine loans and residential mortgage-backed
securities), before deducting depreciation, bad debts or other non-cash reserves, computed by taking the average of such values at the end of each month during such period. 

Board of Directors or Board. The persons holding such office, as of any particular time, under the Charter of the Corporation, whether
they be the Directors named therein or additional or successor Directors. 
 Bylaws. The bylaws of the Corporation, as the same are
in effect from time to time. 
 Cause. With respect to the termination of this Agreement, fraud, criminal conduct or willful
misconduct by the Advisor, or a material breach of this Agreement by the Advisor, which has not been cured within 30 days of such breach. 

Charter. The amended and restated articles of incorporation of the Corporation, as amended from time to time. 

Code. Internal Revenue Code of 1986, as amended from time to time, or any successor statute thereto. Reference to any provision of the
Code shall mean such provision as in effect from time to time, as the same may be amended, and any successor provision thereto, as interpreted by any applicable regulations as in effect from time to time. 

Construction Fees. The term “Construction Fees” shall have the meaning given such term in the Charter. 

Contract Purchase Price. The term “Contract Purchase Price” shall mean (i) the amount actually paid or allocated in
respect of the acquisition of a Property, (ii) the Corporation’s proportionate share of the amount actually paid or allocated in respect of the Real Property owned by any real estate related entity in which the Corporation acquires a
majority economic interest or which the Corporation consolidates for financial reporting purposes in accordance with generally accepted accounting principals, (iii) the amount actually paid or allocated in respect of an investment in any other
real estate related entity or (iv) the amount actually paid or allocated in respect of the origination or acquisition of Mortgages, other debt investments or other investments; in each case including any third party expenses, debt, whether
borrowed or assumed, and exclusive of Acquisition Fees and Acquisition Expenses. 
 Contract Sales Price. The total consideration
paid in connection with a Disposition, including without limitation, any debt or other liabilities assumed or taken subject to by an acquirer. Without limiting the generality of the foregoing, in any transaction involving the acquisition of the
equity of the Corporation, the Operating Partnership or other selling entity, the Contract Sales Price will be deemed to include (whether or not expressed in the net per share price), the value assigned by the applicable buyer to all assets (or the
value of such assets implied by such buyer’s offer) before subtracting liabilities to derive the net per share purchase price. 

Corporation. Corporation shall have the meaning set forth in the preamble of this Agreement. 

Dealer Manager. Dividend Capital Securities LLC, an Affiliate of the Advisor, or such other Person or entity selected by the Board of
Directors to act as the dealer manager for an Offering. Dividend Capital Securities LLC is a member of the Financial Industry Regulatory Authority, Inc. (“FINRA”). 

  
 4 

 Dealer Manager Fee. Up to 2.5% of Gross Proceeds from the sale of primary shares in the
Offering (not including Shares sold pursuant to the Corporation’s distribution reinvestment plan) payable to the Dealer Manager for serving as the dealer manager of the Offering. 

Director. A member of the Board of Directors of the Corporation. 

Disposition. The term “Disposition” shall include (A) a sale of one or more Assets, (B) a sale of one or more
Assets effectuated either directly or indirectly through the sale of any entity owning such Assets, including, without limitation, the Corporation or the Operating Partnership, or (C) a sale, merger or other transaction in which the
Stockholders either receive, or have the option to receive, cash, securities redeemable for cash, and/or securities of a publicly traded company. 

Distributions. Any distributions of money or other property by the Corporation to owners of Shares, including distributions that may
constitute a return of capital for federal income tax purposes. 
 Equity Shares. Transferable shares of beneficial interest of the
Corporation of any class or series, including common shares or preferred shares. 
 FINRA. Financial Industry Regulatory Authority,
Inc. 
 GAAP. Generally accepted accounting principles as in effect in the United States of America from time to time. 

Good Reason. With respect to the termination of this Agreement, (i) any failure to obtain a satisfactory agreement from any
successor to the Corporation and/or the Operating Partnership to assume and agree to perform the Corporation’s and/or the Operating Partnership’s obligations under this Agreement; or (ii) any uncured material breach of this Agreement
of any nature whatsoever by the Corporation and/or the Operating Partnership. 
 Gross Proceeds. The aggregate purchase price of all
Shares sold for the account of the Corporation through all Offerings, without deduction for Sales Commissions, Dealer Manager Fees, volume discounts, any marketing support and due diligence expense reimbursement or Organization and Offering
Expenses. For the purpose of computing Gross Proceeds, the purchase price of any Share for which reduced Sales Commissions or a Dealer Manager Fee are paid to the Dealer Manager or a Soliciting Dealer (where net proceeds to the Corporation are not
reduced) shall be deemed to be the full amount of the offering price per Share pursuant to the Prospectus for such Offering without reduction. 

Independent Director. Independent Director shall have the meaning set forth in the Charter. 

Independent Expert. A person or entity with no material current or prior business or personal relationship with the Advisor or the
Directors and who is engaged to a substantial extent in the business of rendering opinions regarding the value of assets of the type held by the Corporation. 

Joint Ventures. The joint venture, co-investment, co-ownership or partnership arrangements in which the Corporation or any of its
subsidiaries is a co-venturer, co-owner or general partner which are established to acquire or hold Assets. 
 Liquidity Event. The
term “Liquidity Event” shall include, but shall not be limited to, (i) a Listing, (ii) a sale, merger or other transaction in which the Stockholders either receive, or have the option to receive, cash, securities redeemable for
cash, and/or securities of a publicly traded company, and (iii) the sale of all or substantially all of the Corporation’s Assets where Stockholders either receive, or have the option to receive, cash or other consideration. 

Listing. The listing of the Shares on a national securities exchange or the receipt by the Corporation’s
stockholders of securities that are listed on a national securities exchange in exchange for the Corporation’s common stock. Upon such Listing, the Shares shall be deemed Listed. 

Mortgages. In connection with mortgage financing provided, invested in, participated in or purchased by the Corporation, all of the
notes, deeds of trust, security interests or other evidences of indebtedness or obligations, which are secured or collateralized by Real Property owned by the borrowers under such notes, deeds of trust, security interests or other evidences of
indebtedness or obligations. 

  
 5 

 NASAA REIT Guidelines. The Statement of Policy Regarding Real Estate Investment Trusts as
adopted by the members of the North American Securities Administrators Association, Inc. on May 7, 2007. 
 Net Income. For any
period, the Corporation’s total revenues applicable to such period, less the total expenses applicable to such period other than additions to reserves for depreciation, bad debts or other similar non-cash reserves and excluding any gain from
the sale of the Corporation’s Assets. 
 Offering. The public offering of Shares pursuant to a Prospectus. 

Operating Partnership. Operating Partnership shall have the meaning set forth in the preamble of this Agreement. 

Operating Partnership Agreement. The Operating Partnership Agreement among the Corporation, the Advisor, and Industrial Income Advisors
Group LLC. 
 OP Unit. Units of limited partnership interest in the Operating Partnership. 

Organization and Offering Expenses. Any and all costs and expenses, other than the Sales Commission and the Dealer Manager Fee,
incurred in connection with the formation of the Corporation and the qualification and registration of all its Offerings, and the marketing and distribution of Shares, including, without limitation, total underwriting and brokerage discounts and
commissions (including fees of the underwriters’ attorneys) payable to the Dealer Manager and Soliciting Dealers, expenses for printing and amending registration statements or supplementing prospectuses, mailing and distributing costs, salaries
of employees while engaged in sales activity, telephone and other telecommunications costs, all advertising and marketing expenses (including the costs related to investor and broker-dealer sales meetings), charges of transfer agents, registrars,
trustees, escrow holders, depositories and experts and fees, expenses and taxes related to the filing, registration and qualification of the sale of the Shares under federal and state laws, including accountants’ and attorneys’ fees. The
cumulative Organization and Offering Expense reimbursements paid by the Corporation will not exceed 1.75% of Gross Proceeds from the sales of Shares. 

Person. An individual, corporation, partnership, trust, joint venture, limited liability company or other entity. 

Property or Properties. All or a portion of the Real Property or Real Properties acquired by the Corporation, directly or indirectly
through joint venture or co-ownership arrangements or other partnership or investment entities. 
 Prospectus. Prospectus shall have
the meaning set forth in Section 2(10) of the Securities Act of 1933, as amended (the “Securities Act”), including a preliminary Prospectus, an offering circular as described in Rule 255 of the General Rules and Regulations under the
Securities Act or, in the case of an intrastate offering, any document by whatever name known, utilized for the purpose of offering and selling securities to the public. 

Real Estate Asset Value. The amount actually paid or allocated to the purchase, development, construction or improvement of a Real
Property, exclusive of Acquisition Fees and Acquisition Expenses. 
 Real Property. Land, rights in land (including leasehold
interests), and any buildings, structures, improvements, furnishings, fixtures and equipment located on or used in connection with land and rights or interests in land. Properties sold by the Corporation or any Affiliate to investors in
tenancy-in-common interests (or pursuant to a Delaware statutory trust) , beneficial interests in Delaware statutory trusts, and or similar interests shall be deemed Real Property for the purposes of this definition so long as (i) such
properties are being leased by the Corporation or any Affiliate from the tenancy-in-common (or Delaware statutory trust) investors, and (ii) such properties are reflected as Assets of the Corporation in accordance with GAAP. 

REIT. A “real estate investment trust” under Sections 856 through 860 of the Code or as may be amended. 

Sale or Sales. Any transaction or series of transactions whereby: (A) the Corporation or the Operating Partnership directly or
indirectly (except as described in other subsections of this definition) sells, grants, transfers, conveys, or relinquishes its ownership of any Property or portion thereof, including the lease of any Property consisting of a building only, and
including any event with respect to any Property which gives rise to a significant amount of insurance proceeds or condemnation awards; (B) the Corporation or the Operating Partnership directly or indirectly (except as described in other
subsections of this definition) sells, grants, transfers, conveys, or relinquishes 

  
 6 

 
its ownership of all or substantially all of the interest of the Corporation or the Operating Partnership in any Joint Venture in which it is a co-venturer or partner; (C) any Joint Venture
directly or indirectly (except as described in other subsections of this definition) in which the Corporation or the Operating Partnership as a co-venturer or partner sells, grants, transfers, conveys, or relinquishes its ownership of any Property
or portion thereof, including any event with respect to any Property which gives rise to insurance claims or condemnation awards; (D) the Corporation or the Operating Partnership directly or indirectly (except as described in other subsections
of this definition) sells, grants, conveys or relinquishes its interest in any Mortgage or portion thereof (including with respect to any Mortgage, all payments thereunder or in satisfaction thereof other than regularly scheduled interest payments)
of amounts owed pursuant to such Mortgage and any event which gives rise to a significant amount of insurance proceeds or similar awards; or (E) the Corporation or the Operating Partnership directly or indirectly (except as described in other
subsections of this definition) sells, grants, transfers, conveys, or relinquishes its ownership of any other Asset not previously described in this definition or any portion thereof, but (ii) not including any transaction or series of
transactions specified in clause (i) (A) through (E) above in which the proceeds of such transaction or series of transactions are reinvested by the Corporation in one or more Assets within 180 days thereafter. 

Sales Commission. Up to 7.0% of Gross Proceeds from the sale of primary shares in an Offering (not including Shares sold pursuant to
the Corporation’s distribution reinvestment plan) payable to the Dealer Manager and reallowable to Soliciting Dealers with respect to Shares sold by them. 

Securities. The term “Securities” shall mean any of the following issued by the Corporation, as the text requires: Equity
Shares, any other stock, shares or other evidences of equity or beneficial or other interests, voting trust certificates, bonds, debentures, notes or other evidences of indebtedness, secured or unsecured, convertible, subordinated or otherwise, or
in general any instruments commonly known as “securities” or any certificates of interest, shares or participations in, temporary or interim certificates for, receipts for, guarantees of, or warrants, options or rights to subscribe to,
purchase or acquire, any of the foregoing. 
 Shares. The shares of the common stock of the Corporation sold in the Offering. 

Soliciting Dealers. Broker-dealers who are members of FINRA, or that are exempt from broker-dealer registration, and who, in either
case, have executed selected dealer or other agreements with the Dealer Manager to sell Shares. 
 Special OP Units. The separate
series of limited partnership interests to be issued in accordance with Paragraph 9(c). 
 Sponsor. Any Person which (i) is
directly or indirectly instrumental in organizing, wholly or in part, the Corporation, (ii) will control, manage or participate in the management of the Corporation, and any Affiliate of any such Person, (iii) takes the initiative,
directly or indirectly, in founding or organizing the Corporation, either alone or in conjunction with one or more other Persons, (iv) receives a material participation in the Corporation in connection with the founding or organizing of the
business of the Corporation, in consideration of services or property, or both services and property, (v) has a substantial number of relationships and contacts with the Corporation, (vi) possesses significant rights to control Properties,
(vii) receives fees for providing services to the Corporation which are paid on a basis that is not customary in the industry, or (viii) provides goods or services to the Corporation on a basis which was not negotiated at arm’s-length
with the Corporation. “Sponsor” does not include any Person whose only relationship with the Corporation is that of an independent property manager and whose only compensation is as such, or wholly independent third parties such as
attorneys, accountants and underwriters whose only compensation is for professional services. 
 Stockholders. The registered holders
of the Corporation’s Shares. 
 Termination Date. The date of termination of this Agreement. 

Termination Event. The termination or nonrenewal of this Agreement (i) in connection with a merger, sale of Assets or transaction
involving the Corporation pursuant to which a majority of the Directors then in office are replaced or removed, (ii) by the Advisor for Good Reason or (iii) by the Corporation and the Operating Partnership other than for Cause. 

  
 7 

 Total Operating Expenses. All costs and expenses paid or incurred by the Corporation, as
determined under generally accepted accounting principles, that are in any way related to the operation of the Corporation or to corporate business, including Asset Management Fees and other operating fees paid to the Advisor, but excluding
(i) the expenses of raising capital such as Organization and Offering Expenses, (ii) interest payments, (iii) taxes, (iv) non-cash expenditures such as depreciation, amortization and bad debt reserves, (v) incentive fees,
(vi) Acquisition Fees and Acquisition Expenses, (vii) real estate commissions on the Sale of Property, (viii) distributions made with respect to interests in the Operating Partnership, and (ix) other fees and expenses connected
with the acquisition, Disposition, management and ownership of real estate interests, mortgage loans or other property (including the costs of foreclosure, insurance premiums, legal services, maintenance, repair, and improvement of property).
Notwithstanding the definition set forth above, any expense of the Corporation which is not part of Total Operating Expenses under the NASAA REIT Guidelines shall not be treated as part of Total Operating Expenses for purposes hereof. 

Total Project Cost. With regard to any Real Property acquired prior to or during the development, construction or improvement stages,
all hard and soft costs and expenses paid or incurred by or on behalf of the Corporation that are in any way related to the development, construction, improvement or stabilization (including tenant improvements) of such Real Property, including, but
not limited to, any debt, whether borrowed or assumed, land and construction costs. 
 2%/25% Guidelines. For any year in which the
Corporation qualifies as a REIT, the requirement pursuant to the NASAA REIT Guidelines that, in any 12 month period, Total Operating Expenses not exceed the greater of 2% of the Corporation’s Average Invested Assets during such 12 month period
or 25% of the Corporation’s Net Income over the same 12 month period. 
 2. APPOINTMENT. The Corporation and the Operating Partnership
hereby appoint the Advisor to serve as their advisor on the terms and conditions set forth in this Agreement, and the Advisor hereby accepts such appointment. 

3. DUTIES OF THE ADVISOR. The Advisor undertakes to use its reasonable efforts to present to the Corporation and the Operating Partnership
potential investment opportunities and to provide a continuing and suitable investment program consistent with the investment objectives and policies of the Corporation as determined and adopted from time to time by the Board of Directors. In
performance of this undertaking, subject to the supervision of the Board of Directors and consistent with the provisions of the Charter, the Bylaws and the Operating Partnership Agreement, and subject to the condition that any investment advisory
services provided with respect to securities shall be provided by a registered investment adviser, the Advisor shall, either directly or by engaging an Affiliated or non-Affiliated Person: 

(a) serve as the Corporation’s and the Operating Partnership’s investment and financial advisor and provide research and economic and
statistical data in connection with the Corporation’s assets and investment policies; 
 (b) manage and supervise the Offering process,
including, without limitation: (i) develop the product offering, including the determination of the specific terms of the Securities to be offered by the Corporation, prepare all offering and related documents, and obtain all required
regulatory approvals; (ii) along with the Dealer Manager, approve the Soliciting Dealers and negotiate the related selling agreements; (iii) coordinate the due diligence process for Soliciting Dealers and their review of any Prospectus and
other Offering and Corporation documents; (iv) assist in the preparation and approval of all marketing materials contemplated to be used by the Dealer Manager or others in the Offering of the Corporation’s Securities; (v) along with
the Dealer Manager, negotiate and coordinate with the transfer agent for the receipt, collection, processing and acceptance of subscription agreements and other administrative support functions; and (vi) manage and supervise all other services
related to any Offering; 
 (c) provide the daily management for the Corporation and the Operating Partnership and perform and supervise the
various administrative functions reasonably necessary for the management of the Corporation and the Operating Partnership, including, without limitation: (i) provide or arrange for administrative services and items, legal and other services,
office space, office furnishings, personnel and other items necessary and incidental to the Corporation’s business and operations; (ii) maintain accounting data and any other information requested concerning the activities of the
Corporation and the Operating Partnership as shall be required to prepare and to file all periodic 

  
 8 

 
financial reports with the Securities and Exchange Commission and any other regulatory agency, including annual financial statements; (iii) oversee tax and compliance services and risk
management services and coordinate with appropriate third parties, including independent accountants and other consultants, on related tax matters; (iv) manage and coordinate with the transfer agent the quarterly dividend process and payments
to Stockholders; (v) consult with and assist the Board of Directors in evaluating and obtaining adequate insurance coverage based upon risk management determinations; (vi) provide the Board of Directors with updates related to the overall
regulatory environment affecting the Corporation and the Operating Partnership, as well as managing compliance with such matters; (vii) consult with the Board of Directors with respect to the corporate governance structure and appropriate
policies and procedures related thereto; (viii) oversee all reporting, record keeping, internal controls and similar matters in a manner to allow the Corporation and the Operating Partnership to comply with applicable law, including the
Sarbanes-Oxley Act; (ix) manage communications with Stockholders, including answering phone calls, preparing and sending written and electronic reports and other communications; and (x) establish technology infrastructure to assist in
providing Stockholder support and service; 
 (d) investigate, select, and, on behalf of the Corporation and the Operating Partnership,
engage and conduct business with such Persons as the Advisor deems necessary to the proper performance of its obligations hereunder, including but not limited to consultants, accountants, correspondents, lenders, technical advisors, attorneys,
brokers, underwriters, corporate fiduciaries, escrow agents, depositaries, custodians, agents for collection, insurers, insurance agents, banks, builders, developers, property owners, real estate management companies, real estate operating
companies, securities investment advisors, mortgagors, and any and all agents for any of the foregoing, including Affiliates of the Advisor, and Persons acting in any other capacity deemed by the Advisor necessary or desirable for the performance of
any of the foregoing services, including but not limited to entering into contracts in the name of the Corporation and the Operating Partnership with any of the foregoing; 

(e) consult with the officers and Board of Directors of the Corporation and assist the Board of Directors in the formulation and implementation
of the Corporation’s financial policies, and, as necessary, furnish the Board of Directors with advice and recommendations with respect to the making of investments consistent with the investment objectives and policies of the Corporation and
in connection with any borrowings proposed to be undertaken by the Corporation and/or the Operating Partnership; 
 (f) subject to the
provisions of Paragraphs 3(h) and 4 hereof, (i) locate, analyze and select potential investments, (ii) structure and negotiate the terms and conditions of transactions pursuant to which investments will be made; (iii) make investments
on behalf of the Corporation and the Operating Partnership in compliance with the investment objectives and policies of the Corporation; (iv) oversee the due diligence process; (v) arrange for financing and refinancing and make other
changes in the asset or capital structure of, and dispose of, reinvest the proceeds from the sale of, or otherwise deal with, investments; and (vi) enter into leases and service contracts for Properties and, to the extent necessary, perform all
other operational functions for the maintenance and administration of such Properties; 
 (g) upon request, provide the Board of Directors
with periodic reports regarding prospective investments; 
 (h) obtain the prior approval of the Board, any particular Directors specified by
the Board or any committee of the Board, as the case may be, for any and all investments in and Dispositions of Real Properties; 
 (i) make
investments in and Dispositions of Assets within the discretionary limits and authority as granted by the Board; 
 (j) negotiate on behalf
of the Corporation and the Operating Partnership with banks or lenders for loans to be made to the Corporation and the Operating Partnership, and negotiate on behalf of the Corporation and the Operating Partnership with investment banking firms and
broker-dealers or negotiate private sales of Shares and Securities or obtain loans for the Corporation and the Operating Partnership, but in no event in such a way so that the Advisor shall be acting as broker-dealer or underwriter; and provided,
further, that any fees and costs payable to third parties incurred by the Advisor in connection with the foregoing shall be the responsibility of the Corporation or the Operating Partnership; 

  
 9 

 (k) obtain reports (which may but are not required to be prepared by the Advisor or its
Affiliates), where appropriate, concerning the value of investments or contemplated investments of the Corporation and/or the Operating Partnership in Assets; 

(l) from time to time, or at any time reasonably requested by the Board of Directors, make reports to the Board of Directors of its performance
of services to the Corporation and the Operating Partnership under this Agreement, including reports with respect to potential conflicts of interest involving the Advisor or any of its affiliates; 

(m) provide the Corporation and the Operating Partnership with all necessary cash management services; 

(n) consult with the Board of Directors and provide assistance with the evaluation and approval of potential Asset Dispositions, Sales or other
Liquidity Events; 
 (o) structure and negotiate the terms and conditions of transactions pursuant to which Dispositions may be made; 

(p) do all things necessary to assure its ability to render the services described in this Agreement; 

(q) deliver to or maintain on behalf of the Corporation copies of all appraisals obtained in connection with the investments in Real Properties
and all valuations of other Assets as may be required to be obtained by the Board; 
 (r) before such transactions are completed, notify and
obtain the approval of: (i) the Corporation’s investment committee or Board for all non-affiliated proposed acquisitions that have a Contract Purchase Price or Total Project Cost of $30 million or less; and (ii) the Board for all
proposed acquisitions that have a Contract Purchase Price or Total Project Cost of more than $30 million; 
 (s); before such transactions
are completed, notify and obtain the approval of: (i) the Corporation’s management committee for all non-affiliated Sales of Properties that have a Contract Sales Price of $20 million or less; (ii) the Corporation’s
investment committee or Board for Sales of Properties that have a Contract Sales Price between $20 million and $30 million; and (iii) the Board for Sales of Properties that have a Contract Sales Price of more than $30 million or
if the total approved Sales of Properties in any quarter by the management committee would exceed $50 million. 
 (t) before such
transactions are completed, notify and obtain the approval of a majority of the Board of Directors (including a majority of the Independent Directors) for all affiliated transactions before such transactions are completed; and 

(u) effect any private placement of OP Units, tenancy-in-common, Delaware statutory trust, or other interests in Real Properties as may be
approved by the Board. 
 Notwithstanding the foregoing, the Advisor may delegate any or all of the foregoing duties to any Person so long
as the Advisor or any Affiliate remains responsible for the performance of the duties set forth in this Paragraph 3, subject to the prior consent of the Corporation if all or substantially all of such duties are delegated to a Person that is not an
Affiliate. 
 4. AUTHORITY OF ADVISOR. 

(a) Pursuant to the terms of this Agreement (including the restrictions included in this Paragraph 4 and in Paragraph 7), and subject to the
continuing and exclusive authority of the Board of Directors over the management of the Corporation, the Board of Directors hereby delegates to the Advisor the authority to (1) locate, analyze and select investment opportunities,
(2) manage and supervise the offering process, (3) structure the terms and conditions of transactions pursuant to which investments will be made, acquired or disposed of for the Corporation and the Operating Partnership, (4) acquire
and dispose of investments in compliance with the investment objectives and policies of the Corporation, (5) arrange for financing or refinancing for Assets, (6) enter into leases and service contracts for Properties, (7) oversee
Affiliated and non-Affiliated property managers who perform services for the Corporation or the Operating Partnership, (8) oversee Affiliated and non-Affiliated Persons 

  
 10 

 
with whom the Advisor contracts to perform certain of the services required to be performed under this Agreement, (9) manage communications with Stockholders, and (10) manage public
reporting, internal controls, accounting and other record-keeping functions and general corporate services for the Corporation and the Operating Partnership. 

(b) Notwithstanding the foregoing, any investment in Real Properties, including any acquisition of Real Property by the Corporation or the
Operating Partnership (including any financing of such acquisition), will require the prior approval of the Board, any particular Directors specified by the Board or any committee of the Board, as the case may be. 

(c) In connection with a proposed transaction, the Advisor will deliver to the Board or to any delegated committee of the board or other group
of directors, as the case may be, all documents and other information required by them to properly evaluate the proposed transaction. 
 The
prior approval of a majority of the Board of Directors (including a majority of the Independent Directors) will be required for each transaction to which the Advisor or its Affiliates is a party. The Board of Directors may, at any time upon the
giving of written notice to the Advisor, modify or revoke the authority set forth in this Paragraph 4. If and to the extent the Board so modifies or revokes the authority contained herein, the Advisor shall henceforth submit to the Board for prior
approval such proposed transactions involving investments in Assets as thereafter require prior approval, provided however, that such modification or revocation shall be effective upon receipt by the Advisor and shall not be applicable to investment
transactions to which the Advisor has committed the Corporation prior to the date of receipt by the Advisor of such notification. 
 5. BANK
ACCOUNTS. The Advisor may establish and maintain one or more bank accounts in its own name for the account of the Corporation and/or the Operating Partnership or in the name of the Corporation and the Operating Partnership and may collect and
deposit into any such account or accounts, and disburse from any such account or accounts, any money on behalf of the Corporation and/or the Operating Partnership, under such terms and conditions as the Board of Directors may approve, provided that
no funds shall be commingled with the funds of the Advisor; and the Advisor shall from time to time render appropriate accountings of such collections and payments to the Board of Directors and to the auditors of the Corporation. 

6. RECORDS; ACCESS. The Advisor shall maintain appropriate records of all its activities hereunder and make such records available for
inspection by the Board of Directors and by counsel, auditors and authorized agents of the Corporation, at any time or from time to time during normal business hours. The Advisor shall at all reasonable times have access to the books and records of
the Corporation and the Operating Partnership. 
 7. LIMITATIONS ON ACTIVITIES. Anything else in this Agreement to the contrary
notwithstanding, the Advisor shall refrain from taking any action which, in its sole judgment made in good faith, would (a) adversely affect the status of the Corporation as a REIT, (b) subject the Corporation to regulation under the
Investment Corporation Act of 1940, as amended, or (c) violate any law, rule, regulation or statement of policy of any governmental body or agency having jurisdiction over the Corporation, its Shares or its Securities, or otherwise not be
permitted by the Charter or Bylaws of the Corporation, except if such action shall be ordered by the Board of Directors, in which case the Advisor shall notify promptly the Board of Directors of the Advisor’s judgment of the potential impact of
such action and shall refrain from taking such action until it receives further clarification or instructions from the Board of Directors. In such event the Advisor shall have no liability for acting in accordance with the specific instructions of
the Board of Directors so given. Notwithstanding the foregoing, the Advisor, its members, managers, directors, officers, employees and stockholders, and members, managers, stockholders, directors and officers of the Advisor’s Affiliates, shall
not be liable to the Corporation or to the Board of Directors or stockholders for any act or omission by the Advisor, its members, managers, directors, officers or employees, or stockholders, members, managers, directors or officers of the
Advisor’s Affiliates taken or omitted to be taken in the performance of their duties under this Agreement except as provided in Paragraphs 19 of this Agreement. 

8. RELATIONSHIP WITH DIRECTORS. Subject to Paragraph 7 of this Agreement and to restrictions advisable with respect to the qualification of
the Corporation as a REIT, members, managers, directors, officers and employees of the Advisor or an Affiliate of the Advisor or any corporate parents of an Affiliate, may serve as a Director and as officers of the Corporation, except that no
member, manager, director, officer or employee of the Advisor or its Affiliates who also is a Director or officer of the Corporation shall receive any compensation from the Corporation for serving as a Director or officer of the Corporation other
than reasonable reimbursement for travel 

  
 11 

 
and related expenses incurred in attending meetings of the Board of Directors and no such Director shall be deemed an Independent Director for purposes of satisfying the Director independence
requirement set forth in the Charter. 
 9. FEES. 

(a) Acquisition Fees. The Advisor shall receive Acquisition Fees in connection with each Asset acquired on the Corporation’s
behalf. For investments in Real Property, the Acquisition Fee will vary depending on whether, with respect to the Real Property acquired, the Advisor provides either Development Services (defined below) or Development Oversight Services (defined
below) either in connection with the acquisition of such Real Property (including, without limitation, forward commitment acquisitions), the stabilization of such Real Property (including, without limitation, development and value add transactions),
or both (any of the foregoing being “Development Real Properties). For each Real Property acquired for which the Advisor does not provide either Development Services or Development Oversight Services either in connection with the acquisition of
such Real Property, the stabilization of such Real Property, or both (the “Non-Development Real Properties”), the Acquisition Fee is an amount equal to 1.0% of the Contract Purchase Price of the Non-Development Real Property (or the
Corporation’s proportional interest therein), including Real Property held in Joint Ventures or other entities that are co-owned. In connection with providing services related to the development, construction, improvement or stabilization,
including tenant improvements, of Development Real Properties (collectively, “Development Services”) or overseeing the provision of these services by third parties on behalf of the Corporation (“Development Oversight Services”),
the Acquisition Fee (the “Development Acquisition Fee”) will be an amount that will equal up to 4.0% of Total Project Cost of such Development Real Property (or the Corporation’s proportional interest therein with respect to Real
Property held in Joint Ventures or other entities that are co-owned). If the Advisor engages a third party to provide Development Services directly to the Corporation, the third party will be compensated directly by the Corporation, and the Advisor
will receive the Development Acquisition Fee if it provides the Development Oversight Services. With respect to Non-Development Real Properties, the Advisor is also entitled to receive Acquisition Fees of (i) 1.0% of the Corporation’s
proportionate share of the Contract Purchase Price of the Real Property owned by any real estate related entity in which the Corporation acquires a majority economic interest or that the Corporation consolidates for financial reporting purposes in
accordance with GAAP and (ii) 1.0% of the Contract Purchase Price in connection with the acquisition of an interest in any other real estate related entity. Additionally, in connection with the acquisition or origination of any Mortgage, any
other type of debt investment or other investment, the Advisor is entitled to receive an Acquisition Fee of 1.0% of the Contract Purchase Price and any third-party expenses related to such investment. Acquisition Fees associated with a given Asset
shall be calculated in the currency used to acquire such Asset and payable in U.S. dollars. Acquisition Fees shall be paid at or after the closing of an investment. The total of all Acquisition Fees and Acquisition Expenses payable with respect to
any Asset, including any Development Acquisition Fees, shall not exceed 6% of the Contract Purchase Price or the Total Project Cost (as applicable) of such Asset unless fees in excess of such amount are approved by a majority of the Board of
Directors, including a majority of the Independent Directors. 
 (b) Asset Management Fee. The Advisor shall receive the Asset
Management Fee as partial compensation for services rendered in connection with the management and Disposition of the Corporation’s Assets. The Asset Management Fee shall be payable by the Corporation in cash or in Shares at the option of the
Advisor, and may be deferred, in whole or in part, from time to time, by the Advisor (without interest). The Asset Management Fee shall consist of (i) a monthly fee equal to one-twelfth of 0.80% of the aggregate cost (before non-cash reserves
and depreciation) of each Real Property (or the Corporation’s proportional interest therein with respect to Real Property held in Joint Ventures or real estate entities where the Corporation owns a majority economic interest or that the
Corporation consolidates for financial reporting purposes in accordance with GAAP); provided, that the Asset Management Fee with respect to each Real Property located outside of the United States that the Corporation owns, directly or indirectly,
will equal a monthly fee of one-twelfth of 1.20% of the aggregate cost (before non-cash reserves and depreciation) of each Real Property, (ii) a monthly fee equal to one-twelfth of 0.80% of the aggregate cost or investment with respect to an
acquisition of an interest in any other real estate related entity or an origination or acquisition of any Mortgage, any other type of debt investment or other investment, and (iii) in connection with a Disposition, a fee equal to 2.0% of the
Contract Sales Price. With the exception of any portion of the Asset Management Fee related to a Disposition, which shall be payable at the time of such Disposition, the Asset Management Fee shall be payable on the 1st day of each month. 

  
 12 

 (c) Operating Partnership Interests. The Advisor has made a capital contribution of
$200,000 to the Operating Partnership in exchange for OP Units, which it subsequently exchanged for 20,000 shares of common stock of the Corporation. The Sponsor or an Affiliate of the Sponsor has made a capital contribution of $1,000 to the
Operating Partnership in exchange for OP Units constituting a separate series of limited partnership interests (the “Special OP Units”). Upon the earliest to occur of the termination or nonrenewal of this Agreement for Cause, a Termination
Event, or a Liquidity Event, all of the Special OP Units shall be redeemed by the Operating Partnership in accordance with the terms of the Operating Partnership Agreement. 

(d) Loans from Affiliates. The Advisor or any Affiliate thereof may not make any loan to the Corporation or the Operating Partnership
unless a majority of the Board of Directors (including a majority of the Independent Directors) approve the loan as being fair, competitive, and commercially reasonable and no less favorable to the Corporation or the Operating Partnership than loans
between unaffiliated parties under the same circumstances. 
 (e) Exclusion of Certain Transactions. In the event the Corporation or
the Operating Partnership shall propose to enter into any transaction with the Sponsor, the Advisor, a Director or any Affiliate thereof, then such transaction shall be approved by a majority of the Board of Directors (including a majority of the
Independent Directors) as fair and reasonable to the Corporation. 
  

	10.	EXPENSES. 

 (a) In addition to the compensation paid to the Advisor pursuant to Paragraph 9
hereof and subject to the limitations below, the Corporation or the Operating Partnership shall pay directly or reimburse the Advisor for all of the expenses paid or incurred by the Advisor in connection with the services it provides to the
Corporation and the Operating Partnership pursuant to this Agreement, including, but not limited to: 
 (i) Up to 1.75% of Gross Proceeds
from all Offerings as Organization and Offering Expense reimbursements. The Advisor will use all or a portion of this reimbursement to pay for the Corporation’s Organization and Offering Expenses, including certain distribution-related expenses
of the Dealer Manager and Soliciting Dealers. The Advisor or an Affiliate of the Advisor will be responsible for the cumulative Organization and Offering Expenses to the extent that such expenses exceed the amount remaining from the 1.75%
Organization and Offering Expense reimbursements from all Offerings, without recourse against or reimbursement by the Corporation; 
 (ii)
Acquisition Expenses; 
 (iii) the actual cost of goods and services used by the Corporation and obtained from Persons not affiliated with
the Advisor, other than Acquisition Expenses, including brokerage fees paid in connection with the purchase and sale of any securities; 

(iv) interest and other costs for borrowed money, including discounts, points and other similar fees; 

(v) taxes and assessments on income of the Corporation or Assets and any other taxes otherwise imposed on the Corporation; 

(vi) costs associated with insurance required in connection with the business of the Corporation or by the officers and Directors; 

(vii) expenses of managing and operating Assets owned by the Corporation, whether payable to an Affiliate of the Corporation or a
non-affiliated Person; 
 (viii) all expenses in connection with payments to the Directors and meetings of the Directors and Stockholders;

 (ix) expenses associated with a Disposition or Liquidity Event; 

(x) expenses connected with payments of Distributions in cash or otherwise made or caused to be made by the Corporation to the Stockholders;

  
 13 

 (xi) expenses of organizing, revising, amending, converting, modifying, or terminating the
Corporation or the Charter; 
 (xii) expenses of maintaining communications with Stockholders, including the cost of preparation, printing,
and mailing annual reports and other Stockholder reports, proxy statements and other reports required by governmental entities; 
 (xiii)
administrative service expenses (including related personnel costs) relating to, among other things, the services set forth in Paragraph 3(c) hereof); provided, however, that no reimbursement shall be made for costs of personnel to the extent
that such personnel perform services in transactions for which the Advisor receives a separate fee; 
 (xiv) audit, accounting and legal
fees and other fees for professional services relating to the operations of the Corporation and all such fees incurred at the request, or on behalf of, the Independent Directors or any committee of the Board of Directors; 

(xv) out-of-pocket costs for the Corporation to comply with all applicable laws, regulations and ordinances; and 

(xvi) all other costs incurred by the Advisor in performing its duties hereunder. 

(b) Expenses incurred by the Advisor on behalf of the Corporation and the Operating Partnership and payable pursuant to this Paragraph 10
shall be reimbursed no less than monthly to the Advisor. The Advisor shall prepare a statement documenting the expenses of the Corporation and the Operating Partnership and the calculation of the Asset Management Fee during each quarter, and shall
deliver such statement to the Corporation and the Operating Partnership within 45 days after the end of each quarter. 
 11. OTHER SERVICES.
Should the Board of Directors request that the Advisor or any director, officer or employee thereof render services for the Corporation and the Operating Partnership other than set forth in Paragraph 3, such services shall be separately compensated
at such rates and in such amounts as are agreed by the Advisor and the Independent Directors of the Corporation, subject to the limitations contained in the Charter, and shall not be deemed to be services pursuant to the terms of this Agreement.

 12. REIMBURSEMENT TO THE ADVISOR. For any year in which the Corporation qualifies as a REIT, the Corporation shall not reimburse the
Advisor at the end of any fiscal quarter Total Operating Expenses that, in the four consecutive fiscal quarters then ended (the “Expense Year”) exceed (the “Excess Amount”) the greater of 2% of Average Invested Assets or 25% of
Net Income (the “2%/25% Guidelines”) for such year. Any Excess Amount paid to the Advisor during a fiscal quarter shall be repaid to the Corporation or, at the option of the Corporation, subtracted from the Total Operating Expenses
reimbursed during the subsequent fiscal quarter unless a majority of the Independent Directors determine that such excess was justified based on unusual and nonrecurring factors which they deem sufficient, then the Excess Amount may be paid and
within 60 days after the end of such Expense Year there shall be sent to the stockholders a written disclosure of such fact, together with an explanation of the factors the Independent Directors considered in determining that such excess expenses
were justified. Such determination shall be reflected in the minutes of the meetings of the Board of Directors. The Corporation will not reimburse the Advisor or its Affiliates for services for which the Advisor or its Affiliates are entitled to
compensation in the form of a separate fee. All figures used in the foregoing computation shall be determined in accordance with generally accepted accounting principles applied on a consistent basis. 

13. OTHER ACTIVITIES OF THE ADVISOR. Nothing herein contained shall prevent the Advisor or any of its Affiliates from engaging in or earning
fees from other activities, including, without limitation, the rendering of advice to other Persons (including other REITs) and the management of other programs advised, sponsored or organized by the Advisor or its Affiliates; nor shall this
Agreement limit or restrict the right of any member, manager, director, officer, employee, or stockholder of the Advisor or its Affiliates to engage in or earn fees from any other business or to render services of any kind to any other partnership,
corporation, firm, individual, trust or association and earn fees for rendering such services. The Advisor may, with respect to any investment in which the Corporation is a participant, also render advice and service to each and every other
participant therein, and earn fees for rendering such advice and service. It is contemplated that the Corporation may enter into joint ventures or other similar co-investment arrangements with certain Persons, and pursuant to the agreements
governing such joint 

  
 14 

 
ventures or arrangements, the Advisor may be engaged (directly or indirectly) to provide advice and service to such Persons, in which case the Advisor will earn fees for rendering such advice and
service. The parties to this Agreement hereby acknowledge that the Advisor may provide advice and render services to Persons that will compete with the Corporation for investments. 

The Advisor shall report to the Board the existence of any condition or circumstance, existing or anticipated, of which it has knowledge,
which creates or could create a conflict of interest between the Advisor’s obligations to the Corporation and its obligations to or its interest in any other partnership, corporation, limited liability company, firm, individual, trust or
association. The Advisor or its Affiliates shall promptly disclose to the Board knowledge of such condition or circumstance. If the Advisor, its members, managers, directors, employees or Affiliates thereof have sponsored other investment programs
with similar investment objectives which have investment funds available at the same time as the Corporation, it shall be the duty of the Independent Directors to ensure that the Advisor and its Affiliates follow the method approved by the
Independent Directors, by which investments are to be allocated to the competing investment entities and to use their reasonable efforts to ensure that such method is applied fairly to the Corporation. 

The Advisor shall be required to use commercially reasonable efforts to present a continuing and suitable investment program to the
Corporation which is consistent with the investment policies and objectives of the Corporation, but neither the Advisor nor any Affiliate of the Advisor shall be obligated generally to present any particular investment opportunity to the Corporation
even if the opportunity is of character which, if presented to the Corporation, could be taken by the Corporation. In the event an investment opportunity is located, the allocation procedure set forth under the caption “Conflicts of
Interest—Conflict Resolution Procedures” in any Prospectus (as such procedures may be amended from time to time by a majority of the Board, including the Independent Directors) shall govern the allocation of the opportunity among the
Corporation and Affiliates of the Advisor. 
 14. TERM; TERMINATION OF AGREEMENT. This Agreement shall continue in force until
February 21, 2016, subject to an unlimited number of successive one-year renewals upon mutual consent of the parties. It is the duty of the Independent Directors to evaluate the performance of the Advisor annually before renewing the Agreement,
and each such renewal shall be for a term of no more than one year. 
 15. TERMINATION BY THE PARTIES. This Agreement may be terminated
(i) immediately by the Corporation and/or the Operating Partnership for Cause (subject to any applicable cure period), (ii) upon 60 days written notice without Cause and without penalty by a majority of the Independent Directors of the
Corporation or by the Advisor, (iii) upon 60 days written notice with Good Reason by the Advisor or (iv) immediately by the Corporation and/or the Operating Partnership in connection with a merger, sale of Assets or transaction involving
the Corporation pursuant to which a majority of the Directors then in office are replaced or removed. 
 16. ASSIGNMENT TO AN AFFILIATE.
This Agreement may be assigned by the Advisor to an Affiliate or Affiliates with the approval of a majority of the Board of Directors (including a majority of the Independent Directors). The Advisor may assign any rights to receive fees or other
payments under this Agreement to any Person without obtaining the approval of the Board of Directors. This Agreement shall not be assigned by the Corporation or the Operating Partnership without the consent of the Advisor, except in the case of an
assignment by the Corporation or the Operating Partnership to a corporation, limited partnership or other organization which is a successor to all of the assets, rights and obligations of the Corporation or the Operating Partnership, in which case
such successor organization shall be bound hereunder and by the terms of said assignment in the same manner as the Corporation and the Operating Partnership are bound by this Agreement. 

 

	17.	PAYMENTS TO AND DUTIES OF ADVISOR UPON TERMINATION. 

 (a) After the Termination Date, the
Advisor shall not be entitled to compensation for further services hereunder except it shall be entitled to receive from the Corporation or the Operating Partnership within 30 days after the effective date of such termination all unpaid
reimbursements of expenses and all earned but unpaid fees payable to the Advisor prior to termination of this Agreement. In addition, in accordance with the provisions of Paragraph 12, the Advisor shall be entitled to receive any Excess Amount (as
defined in Paragraph 12) for which the Independent Directors determined (before or after the Termination Date) that there was justification based on unusual and nonrecurring factors. 

  
 15 

 (b) The Advisor shall promptly upon termination: 

(i) pay over to the Corporation and the Operating Partnership all money collected and held for the account of the Corporation and the
Operating Partnership pursuant to this Agreement, after deducting any accrued compensation and reimbursement for its expenses to which it is then entitled; 

(ii) deliver to the Board of Directors a full accounting, including a statement showing all payments collected by it and a statement of all
money held by it, covering the period following the date of the last accounting furnished to the Board of Directors; 
 (iii) deliver to the
Board of Directors all Assets and documents of the Corporation and the Operating Partnership then in the custody of the Advisor; and 
 (iv)
cooperate with the Corporation and the Operating Partnership to provide an orderly management transition. 
 18. INDEMNIFICATION BY THE
CORPORATION AND THE OPERATING PARTNERSHIP. The Corporation and the Operating Partnership shall indemnify and hold harmless the Advisor and its Affiliates, including their respective members, managers, officers, directors, partners and employees,
from all liability, claims, damages or losses arising in the performance of their duties hereunder, and related expenses, including reasonable attorneys’ fees, subject to any limitations imposed by the laws of the State of Maryland or the
Charter. 
 19. INDEMNIFICATION BY ADVISOR. The Advisor shall indemnify and hold harmless the Corporation and the Operating Partnership from
contract or other liability, claims, damages, taxes or losses and related expenses including attorneys’ fees, to the extent that such liability, claims, damages, taxes or losses and related expenses are incurred by reason of the Advisor’s
bad faith, fraud, willful misfeasance, gross misconduct, gross negligence or reckless disregard of its duties, but the Advisor shall not be held responsible for any action of the Board of Directors in following or declining to follow any advice or
recommendation given by the Advisor. 
 20. NOTICES. Any notice, report or other communication required or permitted to be given hereunder
shall be in writing unless some other method of giving such notice, report or other communication is required by the Charter, the Bylaws, or accepted by the party to whom it is given, and shall be given by being delivered by hand or by overnight
mail or other overnight delivery service to the addresses set forth herein: 
  

			
	 To the Directors and to the Corporation:
		 Industrial Income Trust Inc.
 518 17th Street
 17th Floor

Denver, CO 80202

		
	 To the Operating Partnership:
		 Industrial Income Operating Partnership LP

518 17th Street

17th Floor

Denver, CO 80202

		
	 To the Advisor:
		 Industrial Income Advisors LLC
 518 17th Street
 17th Floor

Denver, CO 80202

 Any party may at any time give notice in writing to the other parties of a change in its address for the
purposes of this Paragraph 20. 
 21. MODIFICATION. This Agreement shall not be changed, modified, terminated, or discharged, in whole or in
part, except by an instrument in writing signed by the parties hereto, or their respective successors or assignees. 
 22. SEVERABILITY. The
provisions of this Agreement are independent of and severable from each other, and no provision shall be affected or rendered invalid or unenforceable by virtue of the fact that for any reason any other or others of them may be invalid or
unenforceable in whole or in part. 

  
 16 

 23. CONSTRUCTION. The provisions of this Agreement shall be construed and interpreted in
accordance with the laws of the State of Colorado. 
 24. ENTIRE AGREEMENT. This Agreement contains the entire agreement and understanding
among the parties hereto with respect to the subject matter hereof, and supersedes all prior and contemporaneous agreements, understandings, inducements and conditions, express or implied, oral or written, of any nature whatsoever with respect to
the subject matter hereof. The express terms hereof control and supersede any course of performance and/or usage of the trade inconsistent with any of the terms hereof. This Agreement may not be modified or amended other than by an agreement in
writing. 
 25. INDULGENCES, NOT WAIVERS. Neither the failure nor any delay on the part of a party to exercise any right, remedy, power or
privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the same or of any other right, remedy, power or privilege,
nor shall any waiver of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence. No waiver shall be effective unless it is in
writing and is signed by the party asserted to have granted such waiver. 
 26. GENDER. Words used herein regardless of the number and
gender specifically used, shall be deemed and construed to include any other number, singular or plural, and any other gender, masculine, feminine or neuter, as the context requires. 

27. TITLES NOT TO AFFECT INTERPRETATION. 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. 
 28. EXECUTION IN
COUNTERPARTS. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original as against any party whose signature appears thereon, and all of which shall together constitute one and the same instrument.
This Agreement shall become binding when one or more counterparts hereof, individually or taken together, shall bear the signatures of all of the parties reflected hereon as the signatories. 

29. INITIAL INVESTMENT. The Advisor has made a capital contribution of $200,000 to the Operating Partnership in exchange for OP Units, which
it subsequently exchanged for shares of common stock of the Corporation. The Advisor may not sell any of such shares while the Advisor acts in such advisory capacity to the Corporation, provided, that such shares may be transferred to Affiliates of
the Advisor. The restrictions included above shall not apply to any other Securities acquired by the Advisor or its Affiliates. The Advisor shall not vote any Shares it now owns, or hereafter acquires, in any vote for the election of Directors, the
removal of the Advisor, or any vote regarding the approval or termination of any contract with the Advisor or any of its Affiliates. 

  
 17 

 IN WITNESS WHEREOF, the parties hereto have executed this Seventh Amended and Restated Advisory
Agreement as of the date and year first above written. 
  

			
	INDUSTRIAL INCOME TRUST INC.
		
	By:		/s/ THOMAS G. MCGONAGLE
	Name:		Thomas G. McGonagle
	Title:		Chief Financial Officer and Treasurer

  

			
	INDUSTRIAL INCOME OPERATING PARTNERSHIP LP
		
	By:		Industrial Income Trust Inc., its Sole General Partner
		
	By:		/s/ THOMAS G. MCGONAGLE
	Name:		Thomas G. McGonagle
	Title:		Chief Financial Officer and Treasurer

  

			
	INDUSTRIAL INCOME ADVISORS LLC
		
	By:		Industrial Income Advisors Group LLC, its Sole Member
		
	By:		/s/ EVAN ZUCKER
	Name:		Evan Zucker
	Title:		Manager

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